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  • MIL-OSI Economics: ADB to Help Improve Power Supply in West Bengal, India

    Source: Asia Development Bank

    MANILA, PHILIPPINES (22 October 2024) — The Asian Development Bank (ADB) has approved a $241.3 million loan to improve the distribution of power supply in West Bengal, India, which will help enhance people’s quality of life by ensuring they have access to reliable, quality, and sustainable power supply.

    “This ADB program is aligned with the government’s Revamped Distribution Sector Scheme, which aims to strengthen the operational efficiency of power distribution companies,” said ADB Principal Energy Specialist Roka Sanda. “Reliable and sustainable electricity distribution and service is essential to West Bengal’s growth and development.”

    The West Bengal Distribution System Strengthening Program will improve electricity distribution for 8.96 million consumers in seven districts in West Bengal. The program will replace low-tension overhead lines with aerial bundled cables, separate electricity feeders for agriculture and non-agriculture users, and develop an integrated information and operation management system for power supply quality, performance monitoring, and corporate financial management.

    The program will raise the operational efficiency of the West Bengal State Electricity Distribution Company Limited by building its capacity on asset and financial management, promotion and introduction of renewable energy, tariff rationalization, and on gender equity and social inclusion.

    ADB will help update relevant safety policies and manuals, while supplying health and safety equipment such as first aid kits and personal protective equipment. The program will contribute to awareness-building in communities, particularly on electrical safety, and train district technical and engineering staff on behavioral safety.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI Economics: New paths for clean energy in Asia-Pacific

    Source: Google

    The path to decarbonization — switching from the use of fossil fuels to renewable energy sources — cannot be treated as a one-size-fits all. Every area has its own energy landscape, geography and regulatory environment, meaning that electric decarbonization requires a tailored solution for each locale.

    In Asia-Pacific, the electricity grid and availability of clean energy resources can vary significantly from country to country. Our progress in the region to advance our 2030 goal for 24/7 carbon-free energy (CFE) has steadily been gaining momentum. Over the past year, we’ve announced long-term agreements for 275 megawatts of new clean energy generation capacity in the region, in addition to supporting the development of a 1 gigawatt pipeline of new solar capacity in Taiwan.

    Here are three ways we’re working to put more carbon-free energy onto our operated grids in Asia-Pacific.

    Challenges of local constraints

    In densely populated Japan, land for large-scale solar projects is limited. Here, we saw an opportunity to work with partners to develop a network of hundreds of small-scale solar plants on available plots of land across multiple prefectures. The energy aggregated from these small projects supports our data center, cloud region and office operations. This structure can serve as a model for other Asian markets facing similar land constraints.

    And in Singapore, where natural clean energy resources are limited, we worked with our industry partners to purchase power from a first-of-a-kind biomass power plant fueled by domestic waste resources and equipped with pilot technology to capture and use carbon dioxide. In land-constrained regions, ensuring high energy generation productivity is crucial. The annual electricity output from this project is approximately six times that of a comparably sized solar project in Singapore, delivering more power with less space.

    Partnerships for shared goals

    We know that we cannot achieve 24/7 CFE alone, and that industry collaboration is necessary for a sustainable digital future. In Australia and India, we’ve created unique contract structures involving multiple parties, expanding clean energy on each country’s grid and delivering carbon-free power to our cloud regions in Melbourne, Sydney, Mumbai and Delhi NCR.

    Our clean energy efforts also extend beyond our own operations. Through our partnership in Taiwan, we now have an opportunity to offer our semiconductor suppliers and manufacturers in the region a portion of this clean energy capacity so they, too, can advance their own sustainability goals. In turn, we’ll be able to reduce our Scope 3 emissions: the indirect emissions from our value chain.

    Policies for clean energy

    In tandem with our pursuit of new commercial solutions, we’re working to advance policies that promote cost-effective clean energy deployment and regional market integration. As a founding member of the Asia Clean Energy Coalition (ACEC), we’re uniting energy buyers, suppliers and policymakers to accelerate regional decarbonization efforts. ACEC supports regional interconnection through the ASEAN Power Grid, while advocating to expand clean energy supply and a broad portfolio of procurement options.

    As we continue driving progress on our 24/7 carbon-free goal, we’re proving that it’s possible to turn challenges into opportunities in Asia-Pacific and work together to power a cleaner future for everyone. To learn more, visit sustainability.google.

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on October 21, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 540,586.51 6.46 5.00-6.90
         I. Call Money 9,384.15 6.50 5.10-6.90
         II. Triparty Repo 373,248.65 6.46 6.30-6.85
         III. Market Repo 156,933.71 6.46 5.00-6.85
         IV. Repo in Corporate Bond 1,020.00 6.56 6.54-6.70
    B. Term Segment      
         I. Notice Money** 141.30 6.38 6.20-6.50
         II. Term Money@@ 567.50 6.65-6.95
         III. Triparty Repo 713.00 6.62 6.43-6.74
         IV. Market Repo 1,042.10 6.63 6.60-6.75
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 21/10/2024 1 Tue, 22/10/2024 18,597.00 6.75
    4. SDFΔ# Mon, 21/10/2024 1 Tue, 22/10/2024 88,775.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -70,178.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -9,310.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -79,488.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 21, 2024 992,200.52  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 21, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1349

    MIL OSI Economics

  • MIL-OSI Economics: AIIB Commits EUR150 Million to Türkiye North Marmara Highway Project

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has signed a EUR150 million (approximately USD167 million) loan agreement to cofinance the North Marmara Highway Nakkaş-Başakşehir BOT Project.

    The Project – aimed at enhancing Istanbul’s east-west connectivity, improving road safety and reducing congestion – is being implemented under a build-operate-transfer arrangement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

    “AIIB’s participation in this project not only enhances Türkiye’s transport infrastructure but also supports our mission to advance green finance and sustainable development,” said Konstantin Limitovskiy, AIIB Vice President for Investment Clients Region 2 and Project and Corporate Finance, Global. “By reducing emissions, improving road safety and fostering cross-border connectivity, the North Marmara Highway exemplifies the kind of ‘infrastructure for tomorrow’ that will deliver long-term positive impacts for the region and beyond.”

    “We’re proud to set a new standard for transportation in Türkiye with the Nakkaş-Başakşehir Project,” said Erman Ilıcak, President of Rönesans Holding. “We wish to thank our consortium partners, under the leadership of Samsung C&T Corporation, for their confidence in us throughout this project and their investment in Türkiye. Not only will the highway drastically cut travel times for individuals and businesses in Istanbul – it will also take the country’s sustainable development to the next level. This is a highway of the future, built with people, society and the environment in mind – elements we hope to see replicated across global infrastructure projects moving forward.”

    “This project is expected to enhance economic cooperation between the two countries,” said Se Chul Oh, President and CEO of Samsung C&T. “Moreover, it holds a great significance as K-Team produces meaningful outcomes with the technique of a Korean builder and policy support from public organizations including Korean Expressway Corporation, KIND and PIS Fund. We will keep this momentum going to create additional cooperative opportunities in Turkey, CIS and Eastern European markets beyond the successful partnership with Rönesans.”

    AIIB’s EUR150 million contribution is part of a wider EUR1.04 billion senior debt financing package. The project is cofinanced by AIIB, the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank Group as anchor lenders, along with an international consortium of commercial banks and export credit agencies.

    Key components of the project include advanced tolling systems and sustainable construction techniques. The highway is expected to benefit commuters, businesses and logistics operators by reducing travel times and transportation costs, as well as improving access to Istanbul’s New Airport. AIIB has been involved in the project since 2020 in partnership with EBRD, ensuring compliance with environmental and social standards (including the Environmental and Social Impact Assessment and Resettlement Action Plan).

    This is AIIB’s second road infrastructure project in Türkiye and marks a significant milestone in AIIB’s engagement in the country’s transport sector. Earlier this year, the Bank approved a USD200 million loan under its Emergency Road Rehabilitation and Reconstruction Project to support the country’s recovery from the February 2023 earthquakes.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About Rönesans Holding

    Rönesans Holding, a Turkish conglomerate headquartered in Ankara, is the 53rd-largest international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, Rönesans has been operating successfully for 30 years in construction, energy, healthcare, real estate development and industrial investments.

    About Samsung C&T Corporation

    Samsung C&T Corporation is a South Korean construction and trading company since 1977. It’s a part of the larger Samsung Group. C&T stands for Construction and Trading, reflecting its diverse business portfolio. The company is involved in various sectors, including engineering and construction, trading and investment, fashion and resorts. Samsung C&T has played a significant role in the development of South Korea’s infrastructure and has expanded its global presence with projects worldwide. Samsung C&T is the 16th largest international contracting company globally. Currently operating in 26 countries, Samsung C&T has successfully completed 510 civil infrastructure projects worldwide, with 23 ongoing projects.

    MIL OSI Economics

  • MIL-OSI Economics: Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Bank of America and RBC Capital Markets were the top mergers and acquisitions (M&A) financial advisers in the metals & mining sector during the Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Bank of America achieved the top position in terms of value by advising on $10.2 billion worth of deals. Meanwhile, RBC Capital Markets led in terms of volume by advising on a total of eight deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “RBC Capital Markets witnessed an improvement in the total volume of deals advised by it and consequently its ranking by volume took a significant leap from 51st position during Q1-Q3 2023 to the top position during Q1-Q3 2024.

    “Meanwhile, Bank of America went ahead from occupying the third position by value during Q1-Q3 2023 to top the chart during Q1-Q3 2024. Interestingly, despite registering a decline in the total value of deals advised by it, Bank of America was the only adviser to surpass the 10 billion deal value mark during Q1-Q3 2024.”

    BMO Capital Markets occupied the second position in terms of value, by advising on $9.8 billion worth of deals, followed by JP Morgan with $5.5 billion, Moelis & Company with $5.2 billion and Goldman Sachs with $4.9 billion.

    Meanwhile, BMO Capital Markets occupied the second position in terms of volume with seven deals, followed by Macquarie with seven deals, Cormark Securities with six deals and Bank of America with four deals.

    MIL OSI Economics

  • MIL-OSI Economics: Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top mergers and acquisitions (M&A) legal advisers in the metals & mining sector during Q1-Q3 2024 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Cravath Swaine & Moore achieved the top position in terms of value by advising on $9 billion worth of deals. Meanwhile, Fasken Martineau DuMoulin led in terms of volume by advising on a total of 19 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top advisers by value and volume during Q1-Q3 2023 and managed to retain their respective top positions during Q1-Q3 2024 as well. Despite both the firms registering decline in total value and volume, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023, they managed to maintain their top ranking.”

    Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $7.3 billion worth of deals, followed by Blake Cassels & Graydon with $7.1 billion, Stikeman Elliott with $6.6 billion and McCarthy Tetrault with $6.2 billion.

    Meanwhile, Cassels Brock & Blackwell occupied the second position in terms of volume with 17 deals, followed by McCarthy Tetrault with 13 deals, Blake Cassels & Graydon with 11 deals and Bennett Jones with nine deals.

    MIL OSI Economics

  • MIL-OSI Economics: Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Morgan Stanley and Stifel/KBW were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Morgan Stanley achieved the top position in terms of value by advising on $65 billion worth of deals. Meanwhile, Stifel/KBW led in terms of volume by advising on a total of 27 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Morgan Stanley and Stifel/KBW registered growth in the total value and volume of deals advised by them, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023. In fact, Morgan Stanley registered more than a five-fold jump in value of the deals it advised. Resultantly, its ranking by value improved from fifth position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Meanwhile, Stifel/KBW went ahead from occupying the seventh position by volume during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.”

    Barclays occupied the second position in terms of value, by advising on $49.2 billion worth of deals, followed by Goldman Sachs with $45.9 billion, JP Morgan with $43.6 billion and PJT Partners with $36.1 billion.

    Meanwhile, Goldman Sachs occupied the second position in terms of volume with 23 deals, followed by Piper Sandler with 23 deals, JP Morgan with 21 deals and Raymond James Financial with 21 deals.

    MIL OSI Economics

  • MIL-OSI Economics: Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the top position in terms of value by advising on $55.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 48 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and managed to retain its leadership position during Q1-Q3 2024 as well. Meanwhile, Wachtell, Lipton, Rosen & Katz registered a more than 10-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, its ranking by value also took a major leap from the 16th position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Seven of the eight deals advised by Wachtell, Lipton, Rosen & Katz during Q1-Q3 2024 were billion-dollar deals* including one mega deal valued at $35.3 billion. The involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register a massive jump in terms of value and its ranking by this metric.”

    Cravath Swaine & Moore occupied the second position in terms of value, by advising on $44.2 billion worth of deals, followed by Sullivan & Cromwell with $40.4 billion, Kirkland & Ellis with $38.3 billion and Paul, Weiss, Rifkind, Wharton & Garrison with $33.4 billion.

    Meanwhile, Alston & Bird occupied the second position in terms of volume with 26 deals, followed by Skadden, Arps, Slate, Meagher & Flom with 22 deals, Luse Gorman PC with 19 deals and White & Case with 18 deals.

    *≥ $1 billion

    MIL OSI Economics

  • MIL-OSI Reportage: To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans

    Source: BNZ statements

    BNZ says “To celebrate the BNZ Kāhu making women’s sporting history, it’s our shout.”

    Less than a week before women’s basketball season tips off, in a bid to increase access to the hotly contested Tauihi season, BNZ has announced that BNZ Kāhu fans attending home games in Auckland and Whangārei won’t have to pay for general admission tickets.

    Last week, the championship franchise revealed BNZ Kāhu’s all-female ownership team of Jo Caird, Jody Cameron, “Georgie” Paula George, Rachel Howard, and Dani Marshall, making New Zealand’s top women’s basketball team the first sports team in the world to be fully owned, managed, and coached by women.

    “The feedback we have been getting from across Aotearoa New Zealand has been extraordinary. Our mission is to celebrate and grow our passionate community of fans by making women’s sports more accessible and family-friendly,” says co-owner Jo Caird.

    “That all starts at home, where we want our fans to turn Eventfinda Stadium and Whangārei McKay Stadium Kensington into our fortresses. And what better way than a sold-out stadium stacked with screaming BNZ Kāhu fans,” says co-owner “Georgie” Paula George.

    Starting this Sunday, when BNZ Kāhu hosts Dunedin’s Southern Hoiho for the first game of the season, BNZ Kāhu fans will be “shouted” their tickets by the team’s naming sponsor, Bank of New Zealand.

    “We were already absolutely stoked to have BNZ as a key partner and supporter. And we were committed to welcoming overlooked communities and reimagining the possibilities. Turning that commitment into a reality is so much easier when you have partners like the team at BNZ who believe with you,” says co-owner Dani Marshall.

    “It’s an absolute no-brainer,” says BNZ’s Executive Corporate and Institutional Banking Penny Ford.

    “What better way to celebrate this groundbreaking team of leaders than by giving them and the brilliant players they support a home stadium filled with passionate fans – all season long,” she says.

    BNZ Kāhu fans who have already purchased general admission tickets will have the option to refund their purchase price or transfer that purchase into admission into a brand-new Kāhu Supporters Club.

    “Those early bird ticket holders will be some of our most passionate fans. We can’t wait to see them on Sunday,” says co-owner and coach Jody Cameron.

    • Sunday 6 October – BNZ Kāhu hosts Southern Hoiho at Eventfinda Stadium.
    • General Admission tickets to six BNZ Kāhu regular-season home games will be available for free at http://www.eventfinda.co.nz starting Tuesday 1 October.

    The post To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans appeared first on BNZ Debrief.

    MIL OSI Analysis

  • MIL-OSI Reportage: BNZ offers support for Otago customers affected by severe rainfall  

    Source: BNZ statements

    BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

    Available immediately, the assistance package includes:  

    • Ability to review home lending facilities on a case-by-case basis. 
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

    “We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

    “We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

    With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

    “It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

    BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

    Customers can check whether their local BNZ branch is open here: http://www.bnz.co.nz/locations 

    The post BNZ offers support for Otago customers affected by severe rainfall   appeared first on BNZ Debrief.

    MIL OSI Analysis

  • MIL-OSI Reportage: BNZ launches new anti-scam tool to lock scammers out of online banking

    Source: BNZ statements

    BNZ is rolling out its latest anti-scam and fraud measure, launching an ‘online banking lock’ feature which gives customers the ability to disable all online banking activity and lock access to their online banking if they suspect a scammer has gained access to their accounts.

    “BNZ is continually looking for new ways to enhance protection for customers and combat criminal scammers,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

    “While anyone who thinks they’re being scammed should call their bank straight away, this new tool – available in the BNZ app – gives customers the ability to lock their online banking while they’re making the call, potentially speeding up the process to lock their accounts and shut scammers out,” says Kai Fong.

    Once the online account lock is activated, it disables all current internet banking and BNZ mobile account activity and locks all access.

    To prevent scammers from regaining access, customers will need to verify their identity at a BNZ branch to regain access to their accounts.

    Customers will still be able to use their cards online, instore and at ATMs while their account is locked, unless they have also chosen to block their card. To minimise disruption, scheduled payments, like rent or mortgage payments, will still go out as scheduled.

    Kai Fong says BNZ invests tens of millions of dollars every year in scam and fraud protection measures.

    “While there is no silver bullet in the fight against scammers, this is another tool in the anti-scam and fraud toolbox to help protect our customers. It’s just one of a number of new features, BNZ has introduced, including:

    • introducing a way for customers to verify their identity through the BNZ app when prompted by a BNZ staff member to confirm it is the bank calling
    • introducing additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.
    • deploying ID readers in branch to help identify fraudulent documents

    Kai Fong says customers also have a role to play in keeping themselves safe from scams and fraud:

    • keeping account details, passwords and pin numbers safe
    • never clicking on links or attachments sent by someone you don’t know or that seem out of character for someone you do know
    • keeping your computer and phone security software up to date
    • contacting your bank as soon as possible if you think you’ve been scammed

    Top tips to stay scam savvy – BNZ will never:

    • email or text you links to online banking and ask you to log in
    • send you a text message with a link to a website, or link to call us
    • ask you for information about your PIN number, bank account number, or password
    • ask you to verbally share the authentication codes sent to you by text or email, even with a BNZ staff member
    • ask you to transfer money to help catch a scammer or a bank employee who is scamming customers
    • send you a text message about account issues with a link to log in
    • ask you to download software to access your Internet Banking remotely
    • use international phone numbers to call or send you notifications.

    The post BNZ launches new anti-scam tool to lock scammers out of online banking appeared first on BNZ Debrief.

    MIL OSI Analysis

  • MIL-OSI Reportage: BNZ to provide Confirmation of Payee to customers in November

    Source: BNZ statements

    BNZ will be one of the first New Zealand banks to provide Confirmation of Payee when it rolls out the service at the end of November.

    “At BNZ we’re continuously looking for new ways to help protect customers from scammers,” says BNZ CEO Dan Huggins.

    “We’re pleased to be able to deliver Confirmation of Payee as quickly as possible after it becomes available in New Zealand, adding it to the suite of tools to help our customers be safer online.”

    BNZ’s other recent anti-scam features include:
    • An ‘online banking lock’ feature in the BNZ banking app which allows customers to disable all internet banking and BNZ mobile app activity and lock access to their accounts if they suspect a scammer has gained access to their online accounts.
    • Additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.

    Confirmation of Payee will provide BNZ customers with an extra level of assurance when making payments from one bank account to another within New Zealand.

    It will help customers be confident that they are paying who they think they are before the payment is made, which will help reduce payment errors and stop some instances of scams and fraud.

    From next week, BNZ will start contacting customers to let them know Confirmation of Payee is coming, what it is and how it will work.

    “BNZ invests tens of millions of dollars in scam, fraud and anti-money laundering protection each year. As always, we encourage our customers to get in touch with us straight away if they think they may be being scammed,” says Huggins.

     

    The post BNZ to provide Confirmation of Payee to customers in November appeared first on BNZ Debrief.

    MIL OSI Analysis

  • MIL-Evening Report: I have hay fever. How can I tell what I’m allergic to?

    Source: The Conversation (Au and NZ) – By Ryan Mead-Hunter, Senior lecturer, School of Population Health, Curtin University

    Kaboompics.com/Pexels

    When we think of spring we think of warming weather, birdsong and flowers. But for many people, this also means the return of their seasonal hay fever symptoms.

    Around 24% of Australians get hay fever, with sneezing, a runny or blocked nose, and itchy or watery eyes the most common symptoms. In severe cases, this may impact sleep and concentration, or be linked to increased frequency of sinus infections.

    The exact timing of the symptoms depends on your exposure to an allergen – the thing you’re allergic to. Those impacted by tree pollen (from plane trees or cypress pine, for example) may experience symptoms at different times of the year than those impacted by grass pollen (such as rye grass). This will also vary around the country.

    In Perth, for example, tree pollen (cypress pine) is generally present in August to October, while grass pollen counts tend to be highest in October to November. Other cities and regions may have longer pollen seasons, which may extend further into summer.

    Remind me, how does hay fever impact the body?

    What we know colloquially as hay fever is called allergic rhinitis. Exposure to a specific allergen (or allergens) triggers an immune response in the body. This leads to inflammation and swelling of the tissue lining the nasal passages in the nose.

    A range of allergens may trigger such a response: pollen (from trees, grass or weeds), dust mites, pet fur, dander, mould and some air pollutants.

    Those with allergies that are only present for part of the year, such as pollen, experience what we call seasonal hay fever, while those with allergies that may be present at any time, such as dust mites and pet dander, experience perennial hay fever.

    Getting a diagnosis

    Many people with hay fever self-manage their symptoms by limiting exposure to allergens and using over-the-counter antihistamines and steroid nasal sprays.

    But this may require assistance from your GP and confirmation that what you’re experiencing is hay fever. Your GP can assess your symptoms and medical history, provide a diagnosis, and help with treating and managing your symptoms.

    Your GP may also be able help you identify potential allergens, based on when you experience symptoms and the environments to which you’re exposed.

    If symptoms persist, your GP may suggest allergy testing. They may refer you to a specialist called an immunologist, to determine what particular allergen is causing your symptoms, using skin prick tests or blood tests. Tests typically involve controlled exposure to small quantities of suspected allergens.

    But note, there are a number of tests marketed online that are unproven and not recommended by reputable bodies.

    How else can I work out what I’m allergic to?

    For those with seasonal hay fever, resources are available to help manage exposures, based on the flowering seasons for common allergy-related species or through pollen forecasting services.

    The Australian Society of Clinical Immunology and Allergy provides a useful pollen guide for each species and when they’re most likely to cause symptoms, broken down for each state and territory.

    Pollen monitoring and forecasting services – such as Perth Pollen, Melbourne Pollen and Sydney Pollen, as well as for other cities – can help you plan outdoor activities.

    There are also associated phone apps for these services, which can give notifications when the pollen count is high. You can down load these apps (such as AirRater, Perth Pollen, Melbourne Pollen and Sydney Pollen) from your preferred app store.

    Apps such as AirRater also allow you to enter information about your symptoms, which can then be matched to the environmental conditions at the time (pollen count, temperature, smoke, and so on).

    Using statistical modelling, the app may be able to establish a link between symptoms and exposure. If a sufficiently high correlation is established, the app can send you notifications when the exposure risk is high. This may prompt you to limit outdoor activities and have any medication readily available.


    Further information about managing allergic rhinitis is available from healthdirect and Allergy and Anaphylaxis Australia

    Ryan Mead-Hunter receives funding from the Department of Water and Environmental Regulation (WA) and the NHMRC. He is part of the Perth Pollen team.

    ref. I have hay fever. How can I tell what I’m allergic to? – https://theconversation.com/i-have-hay-fever-how-can-i-tell-what-im-allergic-to-240450

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: From Camilla to the ‘ugly’ Elizabeth of Austria: a problematic history of obsessing over royal women’s looks

    Source: The Conversation (Au and NZ) – By Darius von Guttner Sporzynski, Historian, Australian Catholic University

    Elizabeth of Austria and Casimir IV of Poland in the woodcut from the Łaski Statute. Archiwum Główne Akt Dawnych

    Throughout history, queens have often been judged on their looks. Beauty standards shaped early-modern queenship. Even today, royal women such as the UK royal family’s Camilla, Catherine and Meghan are scrutinised for their looks, while their male counterparts aren’t held to the same standard.

    One woman who faced particular scrutiny for her looks was Elizabeth of Austria (1436/37–1505). Known as the “mother of kings”, Elizabeth married Casimir IV of Poland and had 13 children, securing the Jagiellon dynasty’s future. Yet she is still remembered for her supposed lack of beauty.

    This obsession with her appearance overlooks what really mattered for queens in her time: fertility, motherhood, political alliances and dynastic stability.

    Beauty versus duty

    Elizabeth was a powerful queen consort of Poland who played a significant role in European politics. Yet for centuries, she has been chiefly labelled as unattractive. This narrative likely began as early as 50 years after her death, with commentators focusing on her supposed ugliness.

    But the foundation for these claims is shaky, at best. Medieval chroniclers, such as Jan Długosz, who documented the lives of Polish rulers and their families, made no mention of Elizabeth’s appearance.

    This omission is significant as Długosz often commented on the beauty, or lack thereof, of other royal women. The absence of such remarks in Elizabeth’s case suggests her physical appearance was not a matter of public concern during her lifetime.

    Later chroniclers such as Maciej of Miechów (1457–1523) and Marcin Bielski (1495–1575), who drew heavily from Długosz, also failed to comment on Elizabeth’s looks, further underscoring the lack of focus on her beauty.

    In 1548, Polish nobleman Andrzej Górka alleged in a rhetorical speech that King Casimir IV was disappointed by Elizabeth’s appearance and considered breaking off their engagement. Górka claimed the king expressed doubts about the impending marriage because of Elizabeth’s lack of beauty – and the only thing that persuaded him to wed was a sense of duty.

    However, Górka’s speech took place almost a century after the actual events. It was delivered in a political context where the goal was to influence Casimir’s grandson not to marry for love.

    This saga mirrors a well-known English story involving Henry VIII and Anne of Cleves. In 1540, Henry, eager to meet his new bride, rode in disguise to surprise her. The meeting didn’t go as planned. Henry’s disappointment in Anne’s appearance became notorious and the marriage was speedily annulled.

    Both of these stories reflect the pressure queens faced to meet idealistic beauty standards, often with serious consequences. Henry’s judgement of Anne based on her looks altered the course of their marriage and, by extension, future political alliances. His behaviour reinforced the idea that a queen’s worth was tied to her physical appearance, overshadowing her political or dynastic significance.

    Elizabeth as the ‘ugly queen’

    The primary role of a queen in early-modern Europe was to provide heirs and secure political alliances through marriage. Beauty was arguably not the most important factor.

    This 1454 painting depicts the marriage of Elizabeth of Austria to Casimir IV of Poland.
    Wikimedia

    Elizabeth of Austria’s marriage to Casimir IV of Poland was about strengthening ties between the Habsburg and Jagiellon dynasties, not about physical attraction. Of Elizabeth’s 13 children, several went on to become kings and queens across Europe. Her ancestry and status as a mother were the basis of her political influence – far more valuable than her looks.

    Around 1502, in anticipation of the birth of her grandchild, Elizabeth commissioned a treatise to provide practical advice on raising a future ruler. She believed a royal child should embody values, attitudes and behaviours befitting a future monarch.

    However, as history shows, the perception of a queen’s beauty could still end up influencing her legacy. While Elizabeth’s contemporaries didn’t seem to care about her appearance, later generations did.

    The myth of Elizabeth’s unattractiveness gained traction primarily after a 1973 investigation into the royal tombs at the Wawel Cathedral in Kraków. Skeletal remains identified as belonging to Elizabeth showed facial deformities, reinforcing the myth. However, there’s no solid proof these bones were even hers, and the findings have since been questioned.

    Nonetheless, the idea that a queen had to be beautiful to be politically capable took hold over time. Even though Elizabeth helped secure the future of one of Europe’s most powerful dynasties, her legacy is clouded by a narrative focused on her appearance.

    Royal beauty standards today

    Royal women in the 21st century continue to be haunted by the same narratives that plagued Anne of Cleves and Elizabeth of Austria. Queen Camilla, for instance, has been criticised for her looks throughout her public life, especially in comparison to the late Princess Diana.

    Kate Middleton and Meghan Markle also face intense media scrutiny over their appearance, with headlines dissecting everything from their fashion choices to their weight. Queen Mary of Denmark, Princess Charlene of Monaco and Queen Letizia of Spain face similar scrutiny.

    Sure, queens were and are aware of this. Many even weaponised beauty, ritual and fashion for their own gain. Cleopatra did this to hold onto power in ancient Egypt, and Marie Antoinette to protect herself from the hostile French court.

    A circa 1774 portrait of Marie Antoinette.
    Marie Antoinette, with her extravagant dresses, became as renowned for her fashion as her scandalous behaviour.
    British Museum, CC BY-NC-SA

    Elizabeth I’s reign in England gave rise to a concept of “Elizabethan beauty”, characterised by pale skin and rosy lips and cheeks. And the late Elizabeth II understood the need to dress the part.

    By reducing royal women to their looks – or framing them as fashion icons – we fail to reckon with their individual characters and influence in the world. Meanwhile, men such as King Charles, King Frederick of Denmark and King Felipe of Spain are more likely to be judged by their virility, actions and policies.

    Should beauty really matter when it comes to royal women? Shouldn’t we be more interested in their contributions to history, politics and society?

    It’s time to shift the conversation away from appearance and focus on what matters: the impact these women have on the world. Like their male counterparts, they are crucial figures in shaping history and politics, so we ought to think carefully about how we judge them.

    The Conversation

    Darius von Guttner Sporzynski receives funding from the National Science Centre, Poland as a partner investigator in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    Magdalena Biniaś-Szkopek receives funding from the National Science Centre, Poland, as the principal investigator in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    Robert Tomczak receives funding from the National Science Centre, Poland, as a post-doctoral fellow in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    ref. From Camilla to the ‘ugly’ Elizabeth of Austria: a problematic history of obsessing over royal women’s looks – https://theconversation.com/from-camilla-to-the-ugly-elizabeth-of-austria-a-problematic-history-of-obsessing-over-royal-womens-looks-241674

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Submissions: Universities – Conventional treatments just aren’t cutting it – Expert reaction to new draft guidelines on PFAS in Australia’s drinking water and importation ban – Flinders

    Source: Flinders University

    Dr Afrooz Bayat is an expert in systems and environmental engineering and has done research on waste and water treatment.

    “Starting in July 2025, the Federal Government will ban the production and importation of certain PFAS substances, including some everyday products. The National Health and Medical Council has also released draft guidelines on lower limits to four types of ‘forever chemicals’ in drinking water.

    “When PFAS chemicals get into the water, they can spread far and wide, contaminating many places, including South Australia and even Antarctica. This widespread issue calls for global action. Unfortunately, our current water treatment systems and home filters aren’t effective at removing PFAS because these chemicals are incredibly strong and dissolve easily in water.  

    “You’ll find PFAS in many everyday items like sunscreen, make-up, stain-resistant couches, and food packaging such as pizza boxes. This makes monitoring and reporting essential to identify contamination. However, many water utilities don’t regularly test for PFAS, so we need more testing, including more regular water testing, to keep track of these chemicals.

    “PFAS are linked with several health issues. There is evidence to support they cause issues that include increased cholesterol, levels low birth weight, thyroid disease, liver damage and kidney damage. There is also some evidence to suggest that PFAS may increase the risk of miscarriage, low birth rates and obesity.

    “The maximum allowable concentration of PFOS in drinking water is set at four drops per 20 Olympic-sized swimming pools (4.0 ppt) (WSAA, 2024) . Despite this, some guidelines for some PFAS chemicals are still much higher than international standards. For instance, the US has standards that are 50 times stricter than the new proposed standards in Australia.

    “To tackle these ‘forever chemicals’, we need more advanced engineering solutions, as conventional treatment methods just aren’t cutting it.”

    MIL OSI – Submitted News

  • MIL-OSI: Sandy Spring Bancorp Reports Third Quarter Earnings of $16.2 Million

    Source: GlobeNewswire (MIL-OSI)

    OLNEY, Md., Oct. 21, 2024 (GLOBE NEWSWIRE) — Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, reported net income of $16.2 million ($0.36 per diluted common share) for the quarter ended September 30, 2024, compared to net income of $22.8 million ($0.51 per diluted common share) for the second quarter of 2024 and $20.7 million ($0.46 per diluted common share) for the third quarter of 2023.

    Current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the quarter ended June 30, 2024 and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. Core earnings exclude the after-tax impact of amortization of intangibles, investment securities gains or losses and other non-recurring or extraordinary items. The current quarter’s decline in net income and core earnings as compared to the linked quarter was driven by higher provision for credit losses combined with higher non-interest expense, partially offset by higher net interest income. The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023.

    “We have a solid capital position and are seeing ongoing success with our core deposit strategies and our wealth management lines of business,” said Daniel J. Schrider, Chair, President & CEO of Sandy Spring Bank. “Our wealth teams – Sandy Spring Trust, and our subsidiaries, West Financial and RPJ – have an expanding number of referrals from current clients and work closely with business owners from early growth through maturity. The success of our wealth teams’ approach is reflected in our strong fee income results.”

    Third Quarter Highlights

    • Total assets at September 30, 2024 increased by 3% to $14.4 billion compared to $14.0 billion at June 30, 2024.
    • Total loans remained level at $11.5 billion as of September 30, 2024 compared to June 30, 2024. During the current quarter, AD&C and commercial business loans and lines increased by $71.3 million and $19.4 million, respectively, while the commercial investor real estate segment declined by $64.9 million. Total residential mortgage and consumer loan portfolios remained relatively unchanged during this period.
    • Deposits increased by $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024, as interest-bearing deposits increased $425.8 million, while noninterest-bearing deposits declined $28.3 million. Strong growth in the interest-bearing deposit categories was mainly experienced within money market, time deposits and savings accounts, which grew by $185.2 million, $151.5 million, and $66.1 million, respectively, compared to the linked quarter. The decline in noninterest-bearing deposit categories was driven by lower balances in personal and small business checking accounts. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and represented 94% of total deposits as of September 30, 2024.
    • The ratio of non-performing loans to total loans was 1.09% at September 30, 2024 compared to 0.81% at June 30, 2024 and 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan that was placed on non-accrual status during the current period. Net charge-offs for the current quarter totaled $0.7 million.
    • Net interest income for the third quarter of 2024 grew $1.1 million or 1% compared to the previous quarter and decreased by $3.7 million or 4% compared to the third quarter of 2023. Compared to the previous quarter, interest income increased by $5.0 million, while interest expense increased by $3.9 million.
    • The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. During the current quarter, the net interest margin was negatively impacted by a reversal of previously accrued uncollected interest income on a single large AD&C loan placed on a non-accrual status. Compared to the linked quarter, the rate paid on interest-bearing liabilities increased seven basis points, while the yield on interest-earning assets increased three basis points.
    • Provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million in the previous quarter and $3.2 million in the prior year quarter. The current quarter’s provision expense is mainly attributable to higher individual reserves on collateral-dependent loans, primarily related to a single AD&C loan due to the borrower-specific circumstances, partially offset by lower qualitative adjustments due to the reduction in commercial investor real estate loans. In addition, during the current quarter, the provision for unfunded commitments was insignificant compared to a credit of $1.9 million from the previous quarter.
    • Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The quarter-over-quarter increase was mainly driven by higher wealth management income and other income, generated by higher credit-related fees, which was fully offset by lower income from bank owned life insurance due to a receipt of one-time mortality proceeds during the prior quarter.
    • Non-interest expense for the third quarter of 2024 increased by $4.8 million compared to the second quarter of 2024 and $0.5 million compared to the prior year quarter. The quarterly increase in non-interest expense was primarily due to higher salaries and benefits along with an increase in professional fees and services.
    • Return on average assets (“ROA”) for the quarter ended September 30, 2024 was 0.46% and return on average tangible common equity (“ROTCE”) was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27%, respectively, for the previous quarter and 0.78% and 9.51%, respectively, for the third quarter of 2023.
    • The GAAP efficiency ratio was 72.12% for the third quarter of 2024, compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The non-GAAP efficiency ratio was 69.06% for the third quarter of 2024 compared to 65.31% for the second quarter of 2024 and 60.91% for the prior year quarter. The increase in non-GAAP efficiency ratio (reflecting a decrease in efficiency) in the current quarter compared to the previous quarter was the result of higher non-interest expense in the current quarter.

    Balance Sheet and Credit Quality

    Total assets were $14.4 billion at September 30, 2024, as compared to $14.0 billion at June 30, 2024. At September 30, 2024, total loans remained stable at $11.5 billion compared to the previous quarter. During this period, the growth in AD&C and commercial business loans and lines of $71.3 million or 6% and $19.4 million or 1%, respectively, were mostly offset by the decline in commercial investor real estate loans of $64.9 million or 1%. Total residential mortgage and consumer loan portfolios remained relatively unchanged.

    Deposits increased $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024. During this period, noninterest-bearing deposits decreased $28.3 million or 1%, while interest-bearing deposits increased $425.8 million or 5%. The slight decline in noninterest-bearing deposit categories was driven by decreases in personal and small business checking accounts, partially offset by an increase in commercial checking accounts. Growth in interest-bearing deposits was seen across all product categories, but most notably in money market and time deposit accounts which grew $185.2 million or 7% and $151.5 million or 6% during the current quarter, respectively. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and remained at 94% of the total deposits as of September 30, 2024 compared to June 30, 2024, reflecting continued strength and stability of the core deposit base. Total uninsured deposits at September 30, 2024 were approximately 37% of total deposits.

    Total borrowings decreased $54.1 million or 6% at September 30, 2024 as compared to the previous quarter, primarily driven by a $50.0 million pay down of FHLB advances. At September 30, 2024, available unused sources of liquidity, which consist of available FHLB borrowings, fed funds, funds through the Federal Reserve Bank’s discount window, as well as excess cash and unpledged investment securities, totaled $6.3 billion or 146% of uninsured deposits.

    The tangible common equity to tangible assets ratio declined slightly to 8.83% at September 30, 2024, compared to 8.85% at June 30, 2024.

    At September 30, 2024, the Company had a total risk-based capital ratio of 15.53%, a common equity tier 1 risk-based capital ratio of 11.27%, a tier 1 risk-based capital ratio of 11.27%, and a tier 1 leverage ratio of 9.59%. These risk-based capital ratios compare to a total risk-based capital ratio of 15.49%, a common equity tier 1 risk-based capital ratio of 11.28%, a tier 1 risk-based capital ratio of 11.28%, and a tier 1 leverage ratio of 9.70% at June 30, 2024. All of these ratios remain well in excess of the mandated minimum regulatory requirements.

    Non-performing loans include non-accrual loans and accruing loans 90 days or more past due. At September 30, 2024, non-performing loans totaled $125.3 million, compared to $93.0 million at June 30, 2024 and $51.8 million at September 30, 2023. The non-performing loans to total loans ratio was 1.09% compared to 0.81% on a linked quarter basis. These levels of non-performing loans compare to 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan with the total outstanding principal balance of $28.0 million, which was placed on a non-accrual status during the current period. Total net charge-offs for the current quarter amounted to $0.7 million compared to $0.2 million for the second quarter of 2024 and $0.1 million for the third quarter of 2023.

    At September 30, 2024, the allowance for credit losses was $131.4 million or 1.14% of outstanding loans and 105% of non-performing loans, compared to $125.9 million or 1.10% of outstanding loans and 135% of non-performing loans at the end of the previous quarter and $123.4 million or 1.09% of outstanding loans and 238% of non-performing loans at the end of the third quarter of 2023. The increase in the allowance for the current quarter compared to the previous quarter mainly reflects higher individual reserves on collateral-dependent non-accrual loans, primarily driven by the aforementioned AD&C lending relationship, partially offset by lower qualitative adjustments as a result of declines in commercial investor real estate loans.

    Income Statement Review

    Quarterly Results

    Net income was $16.2 million ($0.36 per diluted common share) for the three months ended September 30, 2024 compared to $22.8 million ($0.51 per diluted common share) for the three months ended June 30, 2024 and $20.7 million ($0.46 per diluted common share) for the prior year quarter. The current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the previous quarter and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. The decreases in the current quarter’s net income and core earnings compared to the previous quarter were driven primarily by higher provision for credit losses and non-interest expense.

    Net interest income for the third quarter of 2024 increased $1.1 million or 1% compared to the previous quarter and declined $3.7 million or 4% compared to the third quarter of 2023. During the current quarter, interest income increased $5.0 million, while interest expense increased $3.9 million. The rising interest rate environment was primarily responsible for a $7.7 million year-over-year increase in interest income. This growth in interest income was more than offset by the $11.4 million year-over-year growth in interest expense as funding costs have also risen in response to the rising rate environment and significant competition for deposits.

    The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. The decrease in the net interest margin during the current quarter was a result of a seven basis point increase in the rate paid on interest-bearing liabilities, while the yield earned on interest-earning assets rose three basis points. The current quarter’s net interest margin was negatively impacted by approximately three basis points due to the reversal of previously accrued uncollected interest income on a single large AD&C loan placed on non-accrual status during the period. As compared to the prior year quarter, the yield on interest-earning assets increased 23 basis points while the rate paid on interest-bearing liabilities rose 39 basis points, resulting in net interest margin compression of 11 basis points. The rate and yield increases year-over-year were driven by the higher interest rate environment, competition for deposits in the market, and customer movement of excess funds out of noninterest-bearing accounts into higher yielding products.

    The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023. The provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million for the second quarter of 2024 and $3.2 million for the third quarter of 2023. The current quarter’s provision is mainly a reflection of higher individual reserves on collateral-dependent non-accrual loans, primarily associated with the provision on a single AD&C lending relationship based on the current fair value of the collateral, partially offset by lower qualitative adjustments driven by an overall reduction in commercial investor real estate loan portfolio. In addition, during the current quarter, the reserve for unfunded commitments remained relatively stable at $1.5 million.

    Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The current quarter’s increase in non-interest income as compared to the previous quarter was mainly driven by the $0.4 million increase in other income, generated by credit-related fees, and $0.3 million increase in wealth management income, due to the $352.1 million or 6% growth in assets under management quarter-over-quarter and the overall favorable market performance, offset by $0.5 million decrease in BOLI income, due to the receipt of one-time death proceeds in the prior quarter.

    Non-interest expense for the third quarter of 2024 increased $4.8 million or 7% compared to the second quarter of 2024 and $0.5 million or 1% compared to the third quarter of 2023. The quarter-over-quarter increase is predominantly attributable to the $3.2 million increase in salaries and benefits, due to the increase in employee incentive compensation coupled with the $1.6 million increase in professional fees and services, mostly due to a one-time contract negotiation fee. The prior year quarter included $8.2 million of pension settlement expense related to the termination of the Company’s pension plan. Excluding this item, non-interest expense for the third quarter of 2024 increased $8.6 million or 13% compared to the third quarter of 2023.

    For the third quarter of 2024, the GAAP efficiency ratio was 72.12% compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The GAAP efficiency ratio rose from the prior year quarter primarily as a result of the 1% increase in GAAP non-interest expense coupled with the 1% decline in GAAP revenue. The non-GAAP efficiency ratio was 69.06% for the current quarter as compared to 65.31% for the second quarter of 2024 and 60.91% for the third quarter of 2023. The increase in the non-GAAP efficiency ratio (reflecting a decrease in efficiency) from the third quarter of the prior year to the current year quarter was primarily the result of the 12% increase in adjusted non-interest expense.

    ROA for the quarter ended September 30, 2024 was 0.46% and ROTCE was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27% for the second quarter of 2024 and 0.78% and 9.51%, respectively, for the third quarter of 2023.

    Year-to-Date Results

    The Company recorded net income of $59.4 million for the nine months ended September 30, 2024 compared to net income of $96.7 million for the same period in the prior year. Core earnings were $64.3 million for the nine months ended September 30, 2024 compared to $107.2 million for the same period in the prior year. Year-to-date net income and core earnings declined as a result of lower net interest income in combination with higher provision for credit losses, which was partially offset by higher non-interest income.

    For the nine months ended September 30, 2024, net interest income decreased $31.8 million compared to the prior year as a result of the $61.1 million increase in interest expense, partially offset by the $29.3 million increase in interest income. The increase in interest expense was driven by the interest expense on deposits, primarily associated with savings and time deposit accounts. The net interest margin declined to 2.44% for the nine months ended September 30, 2024, compared to 2.75% for the prior year, primarily as a result of higher funding costs due to the elevated interest rate environment and market competition for deposits during the period.

    The provision for credit losses for the nine months ended September 30, 2024 was $9.7 million as compared to a credit of $14.1 million for 2023. The provision for the nine months ended September 30, 2024 was primarily due to an increase in individual reserves on collateral-dependent non-accrual loans, as well as adjustments applied to specific industries within the commercial real estate segment during the first quarter of 2024. The prior year’s credit to provision was mainly attributable to the improving regional forecasted unemployment rate observed during the first half of 2023, and the declining probability of economic recession.

    For the nine months ended September 30, 2024, non-interest income increased 14% to $57.7 million compared to $50.5 million for 2023. During the current year, wealth management income increased $3.7 million or 14%, as assets under management increased $1.0 billion or 19% year-over-year. In addition, BOLI mortality-related income and service charges on deposit accounts increased $1.3 million and $1.1 million, respectively.

    Non-interest expense increased to $209.0 million for the nine months ended September 30, 2024, compared to $207.9 million for 2023. The drivers of the increase in non-interest expense were the $4.0 million increase in professional fees and services, $2.7 increase in amortization of intangible assets, $1.8 million increase in FDIC expense, and $1.2 million increase in outside data services. These year-over-year increases were offset by the $9.2 million decrease in compensation and benefits, as the prior year period included $8.2 million pension termination expense and $1.9 million of severance related expenses associated with staffing adjustments.

    For the nine months ended September 30, 2024, the GAAP efficiency ratio was 69.98% compared to 64.29% for the same period in 2023. The non-GAAP efficiency ratio for the current year was 67.04% compared to 59.42% for the prior year. The growth in the current year’s GAAP and non-GAAP efficiency ratios compared to the prior year, indicating a decline in efficiency, was the result of the declines in GAAP and non-GAAP revenues combined with the growth in GAAP and non-GAAP non-interest expenses.

    Explanation of Non-GAAP Financial Measures

    This news release contains financial information and performance measures determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s management believes that the supplemental non-GAAP information provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following:

    • Tangible common equity and related measures are non-GAAP measures that exclude the impact of goodwill and other intangible assets.
    • The non-GAAP efficiency ratio excludes amortization of intangible assets, investment securities gains/(losses), severance expense, contingent payment expense, and includes tax-equivalent income.
    • Core earnings and the related measures of core earnings per diluted common share, core return on average assets and core return on average tangible common equity reflect net income exclusive of amortization of intangible assets, investment securities gains/(losses) and other non-recurring or extraordinary items, on a net of tax basis.
    • Pre-tax pre-provision net income excludes income tax expense and the provision (credit) for credit losses.

    These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please refer to the non-GAAP Reconciliation tables included with this release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    Conference Call Cancelled

    As a result of today’s announcement that the Company has entered into a merger agreement with Atlantic Union Bankshares Corporation, the Company has cancelled its conference call scheduled for 2:00 p.m. ET today to discuss the Company’s results for the third quarter of 2024.

    About Sandy Spring Bancorp, Inc.

    Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

    Source: Sandy Spring Bancorp, Inc.
    Code: SASR-E

    Forward-Looking Statements

    Sandy Spring Bancorp’s forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These risks and uncertainties include, but are not limited to, the risks identified in our quarterly and annual reports and the following: changes in general business and economic conditions nationally or in the markets that we serve; changes in consumer and business confidence, investor sentiment, or consumer spending or savings behavior; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; the impact of the interest rate environment on our business, financial condition and results of operations; the impact of compliance with changes in laws, regulations and regulatory interpretations, including changes in income taxes; changes in credit ratings assigned to us or our subsidiaries; the ability to realize benefits and cost savings from, and limit any unexpected liabilities associated with, any business combinations; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the impact of changes in accounting policies, including the introduction of new accounting standards; the impact of judicial or regulatory proceedings; the impact of fiscal and governmental policies of the United States federal government; the impact of health emergencies, epidemics or pandemics; the effects of climate change; and the impact of natural disasters, extreme weather events, military conflict, terrorism or other geopolitical events. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at http://www.sec.gov.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    FINANCIAL HIGHLIGHTS – UNAUDITED

        Three Months Ended
    September 30,
          Nine Months Ended
    September 30,
       
    (Dollars in thousands, except per share data)     2024       2023     %
    Change
        2024       2023     %
    Change
    Results of operations:                        
    Net interest income   $ 81,412     $ 85,081     (4 )%   $ 241,040     $ 272,854     (12 )%
    Provision/ (credit) for credit losses     6,316       2,365     167 %     9,724       (14,116 )   N/M
    Non-interest income     19,715       17,391     13       57,669       50,518     14  
    Non-interest expense     72,937       72,471     1       209,047       207,912     1  
    Income before income tax expense     21,874       27,636     (21 )     79,938       129,576     (38 )
    Net income     16,209       20,746     (22 )     59,388       96,744     (39 )
                             
    Net income attributable to common shareholders   $ 16,205     $ 20,719     (22 )   $ 59,351     $ 96,552     (39 )
    Pre-tax pre-provision net income (1)   $ 28,190     $ 30,001     (6 )   $ 89,662     $ 115,460     (22 )
                             
    Return on average assets     0.46 %     0.58 %         0.56 %     0.92 %    
    Return on average common equity     4.01 %     5.35 %         4.99 %     8.50 %    
    Return on average tangible common equity (1)     5.88 %     7.42 %         7.17 %     11.67 %    
    Net interest margin     2.44 %     2.55 %         2.44 %     2.75 %    
    Efficiency ratio – GAAP basis (2)     72.12 %     70.72 %         69.98 %     64.29 %    
    Efficiency ratio – Non-GAAP basis (2)     69.06 %     60.91 %         67.04 %     59.42 %    
                             
    Per share data:                        
    Basic net income per common share   $ 0.36     $ 0.46     (22 )%   $ 1.32     $ 2.16     (39 )%
    Diluted net income per common share   $ 0.36     $ 0.46     (22 )   $ 1.31     $ 2.15     (39 )
    Weighted average diluted common shares     45,242,920       44,960,455     1       45,156,521       44,912,803     1  
    Dividends declared per share   $ 0.34     $ 0.34         $ 1.02     $ 1.02      
    Book value per common share   $ 36.10     $ 34.26     5     $ 36.10     $ 34.26     5  
    Tangible book value per common share (1)   $ 27.37     $ 25.80     6     $ 27.37     $ 25.80     6  
    Outstanding common shares     45,125,078       44,895,158     1       45,125,078       44,895,158     1  
                             
    Financial condition at period-end:                        
    Investment securities   $ 1,440,488     $ 1,392,078     3 %   $ 1,440,488     $ 1,392,078     3 %
    Loans     11,491,921       11,300,292     2       11,491,921       11,300,292     2  
    Assets     14,383,073       14,135,085     2       14,383,073       14,135,085     2  
    Deposits     11,737,694       11,151,012     5       11,737,694       11,151,012     5  
    Stockholders’ equity     1,628,837       1,537,914     6       1,628,837       1,537,914     6  
                             
    Capital ratios:                        
    Tier 1 leverage (3)     9.59 %     9.50 %         9.59 %     9.50 %    
    Common equity tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Total regulatory capital to risk-weighted assets (3)     15.53 %     14.85 %         15.53 %     14.85 %    
    Tangible common equity to tangible assets (4)     8.83 %     8.42 %         8.83 %     8.42 %    
    Average equity to average assets     11.37 %     10.92 %         11.32 %     10.84 %    
                             
    Credit quality ratios:                        
    Allowance for credit losses to loans     1.14 %     1.09 %         1.14 %     1.09 %    
    Non-performing loans to total loans     1.09 %     0.46 %         1.09 %     0.46 %    
    Non-performing assets to total assets     0.89 %     0.37 %         0.89 %     0.37 %    
    Allowance for credit losses to non-performing loans     104.92 %     238.32 %         104.92 %     238.32 %    
    Annualized net charge-offs/ (recoveries) to average loans (5)     0.03 %     %         0.02 %     0.02 %    
    N/M – not meaningful
    (1) Represents a non-GAAP measure.
    (2) The efficiency ratio – GAAP basis is non-interest expense divided by net interest income plus non-interest income from the Condensed Consolidated Statements of Income. The traditional efficiency ratio – Non-GAAP basis excludes intangible asset amortization, pension settlement expense, severance expense and contingent payment expense from non-interest expense; and investment securities gains/ (losses) from non-interest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights.
    (3) Estimated ratio at September 30, 2024.
    (4) The tangible common equity to tangible assets ratio is a non-GAAP ratio that divides assets excluding goodwill and other intangible assets into stockholders’ equity after deducting goodwill and other intangible assets. See the Reconciliation Table included with these Financial Highlights.
    (5) Calculation utilizes average loans, excluding residential mortgage loans held-for-sale.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED (CONTINUED)
    OPERATING EARNINGS – METRICS

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Core earnings (non-GAAP):                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments (net of tax)(1):                
    Amortization of intangible assets     1,727       932       4,864       2,851  
    Severance expense                       1,445  
    Pension settlement expense           6,088             6,088  
    Contingent payment expense                       27  
    Core earnings (Non-GAAP)   $ 17,936     $ 27,766     $ 64,252     $ 107,155  
                     
    Core earnings per diluted common share (non-GAAP):                
    Weighted average common shares outstanding – diluted (GAAP)     45,242,920       44,960,455       45,156,521       44,912,803  
                     
    Earnings per diluted common share (GAAP)   $ 0.36     $ 0.46     $ 1.31     $ 2.15  
    Core earnings per diluted common share (non-GAAP)   $ 0.40     $ 0.62     $ 1.42     $ 2.39  
                     
    Core return on average assets (non-GAAP):                
    Average assets (GAAP)   $ 14,136,037     $ 14,086,342     $ 14,051,722     $ 14,043,925  
                     
    Return on average assets (GAAP)     0.46 %     0.58 %     0.56 %     0.92 %
    Core return on average assets (non-GAAP)     0.50 %     0.78 %     0.61 %     1.02 %
                     
    Return/ Core return on average tangible common equity (non-GAAP):                
    Net Income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus: Amortization of intangible assets (net of tax)     1,727       932       4,864       2,851  
    Net income before amortization of intangible assets   $ 17,936     $ 21,678     $ 64,252     $ 99,595  
                     
    Average total stockholders’ equity (GAAP)   $ 1,607,377     $ 1,538,553     $ 1,590,682     $ 1,522,153  
    Average goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Average other intangible assets, net     (30,679 )     (16,777 )     (29,940 )     (18,068 )
    Average tangible common equity (non-GAAP)   $ 1,213,262     $ 1,158,340     $ 1,197,306     $ 1,140,649  
                     
    Return on average tangible common equity (non-GAAP)     5.88 %     7.42 %     7.17 %     11.67 %
    Core return on average tangible common equity (non-GAAP)     5.88 %     9.51 %     7.17 %     12.56 %
    (1) Tax adjustments have been determined using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Pre-tax pre-provision net income:                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments:                
    Income tax expense     5,665       6,890       20,550       32,832  
    Provision/ (credit) for credit losses     6,316       2,365       9,724       (14,116 )
    Pre-tax pre-provision net income (non-GAAP)   $ 28,190     $ 30,001     $ 89,662     $ 115,460  
                     
    Efficiency ratio (GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
                     
    Efficiency ratio (GAAP)     72.12 %     70.72 %     69.98 %     64.29 %
                     
    Efficiency ratio (Non-GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
    Less non-GAAP adjustments:                
    Amortization of intangible assets     2,323       1,245       6,527       3,820  
    Severance expense                       1,939  
    Pension settlement expense           8,157             8,157  
    Contingent payment expense                       36  
    Non-interest expense – as adjusted   $ 70,614     $ 63,069     $ 202,520     $ 193,960  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
    Plus non-GAAP adjustment:                
    Tax-equivalent income     1,121       1,068       3,359       3,044  
    Less/ (plus) non-GAAP adjustment:                
    Investment securities gains/ (losses)                        
    Net interest income plus non-interest income – as adjusted   $ 102,248     $ 103,540     $ 302,068     $ 326,416  
                     
    Efficiency ratio (Non-GAAP)     69.06 %     60.91 %     67.04 %     59.42 %
                     
    Tangible common equity ratio:                
    Total stockholders’ equity   $ 1,628,837     $ 1,537,914     $ 1,628,837     $ 1,537,914  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible common equity   $ 1,234,887     $ 1,158,443     $ 1,234,887     $ 1,158,443  
                     
    Total assets   $ 14,383,073     $ 14,135,085     $ 14,383,073     $ 14,135,085  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible assets   $ 13,989,123     $ 13,755,614     $ 13,989,123     $ 13,755,614  
                     
    Tangible common equity ratio     8.83 %     8.42 %     8.83 %     8.42 %
                     
    Outstanding common shares     45,125,078       44,895,158       45,125,078       44,895,158  
    Tangible book value per common share   $ 27.37     $ 25.80     $ 27.37     $ 25.80  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED

    (Dollars in thousands)   September 30,
    2024
      December 31,
    2023
    Assets        
    Cash and due from banks   $ 109,583     $ 82,257  
    Federal funds sold           245  
    Interest-bearing deposits with banks     640,763       463,396  
    Cash and cash equivalents     750,346       545,898  
    Residential mortgage loans held for sale (at fair value)     21,489       10,836  
    SBA loans held for sale     425        
    Investments held-to-maturity (fair values of $189,853 and $200,411 at September 30, 2024 and December 31, 2023, respectively)     220,296       236,165  
    Investments available-for-sale (at fair value)     1,149,056       1,102,681  
    Other investments, at cost     71,136       75,607  
    Total loans     11,491,921       11,366,989  
    Less: allowance for credit losses – loans     (131,428 )     (120,865 )
    Net loans     11,360,493       11,246,124  
    Premises and equipment, net     57,249       59,490  
    Other real estate owned     3,265        
    Accrued interest receivable     45,162       46,583  
    Goodwill     363,436       363,436  
    Other intangible assets, net     30,514       28,301  
    Other assets     310,206       313,051  
    Total assets   $ 14,383,073     $ 14,028,172  
             
    Liabilities        
    Noninterest-bearing deposits   $ 2,903,063     $ 2,914,161  
    Interest-bearing deposits     8,834,631       8,082,377  
    Total deposits     11,737,694       10,996,538  
    Securities sold under retail repurchase agreements     70,767       75,032  
    Federal Reserve Bank borrowings           300,000  
    Advances from FHLB     450,000       550,000  
    Subordinated debt     371,251       370,803  
    Total borrowings     892,018       1,295,835  
    Accrued interest payable and other liabilities     124,524       147,657  
    Total liabilities     12,754,236       12,440,030  
             
    Stockholders’ equity        
    Common stock — par value $1.00; shares authorized 100,000,000; shares issued and outstanding 45,125,078 and 44,913,561 at September 30, 2024 and December 31, 2023, respectively.     45,125       44,914  
    Additional paid in capital     748,202       742,243  
    Retained earnings     911,411       898,316  
    Accumulated other comprehensive loss     (75,901 )     (97,331 )
    Total stockholders’ equity     1,628,837       1,588,142  
    Total liabilities and stockholders’ equity   $ 14,383,073     $ 14,028,172  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)     2024     2023     2024     2023  
    Interest income:                
    Interest and fees on loans   $ 154,339   $ 147,304   $ 456,309   $ 431,305  
    Interest on mortgage loans held for sale     364     238     801     697  
    Interest on SBA loans held for sale     2         2      
    Interest on deposits with banks     6,191     6,371     17,401     13,979  
    Interest and dividend income on investment securities:                
    Taxable     7,440     6,682     21,319     20,538  
    Tax-advantaged     1,762     1,811     5,385     5,376  
    Interest on federal funds sold         5     8     13  
    Total interest income     170,098     162,411     501,225     471,908  
    Interest expense:                
    Interest on deposits     79,287     63,102     227,062     155,215  
    Interest on retail repurchase agreements and federal funds purchased     452     4,082     4,890     10,377  
    Interest on advances from FHLB     5,001     6,200     16,394     21,623  
    Interest on subordinated debt     3,946     3,946     11,839     11,839  
    Total interest expense     88,686     77,330     260,185     199,054  
    Net interest income     81,412     85,081     241,040     272,854  
    Provision/ (credit) for credit losses     6,316     2,365     9,724     (14,116 )
    Net interest income after provision/ (credit) for credit losses     75,096     82,716     231,316     286,970  
    Non-interest income:                
    Service charges on deposit accounts     3,009     2,704     8,765     7,698  
    Mortgage banking activities     1,529     1,682     4,524     4,744  
    Wealth management income     10,738     9,391     31,151     27,414  
    Income from bank owned life insurance     1,307     845     4,283     3,003  
    Bank card fees     435     450     1,293     1,315  
    Other income     2,697     2,319     7,653     6,344  
    Total non-interest income     19,715     17,391     57,669     50,518  
    Non-interest expense:                
    Salaries and employee benefits     41,030     44,853     115,549     124,710  
    Occupancy expense of premises     4,657     4,609     14,278     14,220  
    Equipment expenses     3,841     3,811     11,672     11,688  
    Marketing     1,320     729     3,350     3,861  
    Outside data services     3,025     2,819     9,414     8,186  
    FDIC insurance     2,773     2,333     8,635     6,846  
    Amortization of intangible assets     2,323     1,245     6,527     3,820  
    Professional fees and services     6,577     4,509     16,403     12,354  
    Other expenses     7,391     7,563     23,219     22,227  
    Total non-interest expense     72,937     72,471     209,047     207,912  
    Income before income tax expense     21,874     27,636     79,938     129,576  
    Income tax expense     5,665     6,890     20,550     32,832  
    Net income   $ 16,209   $ 20,746   $ 59,388   $ 96,744  
                     
    Net income per share amounts:                
    Basic net income per common share   $ 0.36   $ 0.46   $ 1.32   $ 2.16  
    Diluted net income per common share   $ 0.36   $ 0.46   $ 1.31   $ 2.15  
    Dividends declared per share   $ 0.34   $ 0.34   $ 1.02   $ 1.02  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Profitability for the quarter:                            
    Tax-equivalent interest income   $ 171,219     $ 166,252     $ 167,113     $ 166,729     $ 163,479     $ 159,156     $ 152,317  
    Interest expense     88,686       84,828       86,671       83,920       77,330       67,679       54,045  
    Tax-equivalent net interest income     82,533       81,424       80,442       82,809       86,149       91,477       98,272  
    Tax-equivalent adjustment     1,121       1,139       1,099       1,113       1,068       1,006       970  
    Provision/ (credit) for credit losses     6,316       1,020       2,388       (3,445 )     2,365       5,055       (21,536 )
    Non-interest income     19,715       19,587       18,367       16,560       17,391       17,176       15,951  
    Non-interest expense     72,937       68,104       68,006       67,142       72,471       69,136       66,305  
    Income before income tax expense     21,874       30,748       27,316       34,559       27,636       33,456       68,484  
    Income tax expense     5,665       7,941       6,944       8,459       6,890       8,711       17,231  
    Net income   $ 16,209     $ 22,807     $ 20,372     $ 26,100     $ 20,746     $ 24,745     $ 51,253  
    GAAP financial performance:                            
    Return on average assets     0.46 %     0.66 %     0.58 %     0.73 %     0.58 %     0.70 %     1.49 %
    Return on average common equity     4.01 %     5.81 %     5.17 %     6.70 %     5.35 %     6.46 %     13.93 %
    Return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     7.42 %     8.93 %     19.10 %
    Net interest margin     2.44 %     2.46 %     2.41 %     2.45 %     2.55 %     2.73 %     2.99 %
    Efficiency ratio – GAAP basis     72.12 %     68.19 %     69.60 %     68.33 %     70.72 %     64.22 %     58.55 %
    Non-GAAP financial performance:                            
    Pre-tax pre-provision net income   $ 28,190     $ 31,768     $ 29,704     $ 31,114     $ 30,001     $ 38,511     $ 46,948  
    Core after-tax earnings   $ 17,936     $ 24,400     $ 21,916     $ 27,147     $ 27,766     $ 27,136     $ 52,253  
    Core return on average assets     0.50 %     0.70 %     0.63 %     0.76 %     0.78 %     0.77 %     1.52 %
    Core return on average common equity     4.44 %     6.21 %     5.56 %     6.97 %     7.16 %     7.09 %     14.20 %
    Core return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     9.51 %     9.43 %     19.11 %
    Core earnings per diluted common share   $ 0.40     $ 0.54     $ 0.49     $ 0.60     $ 0.62     $ 0.60     $ 1.16  
    Efficiency ratio – Non-GAAP basis     69.06 %     65.31 %     66.73 %     66.16 %     60.91 %     60.68 %     56.87 %
    Per share data:                      
    Net income attributable to common shareholders   $ 16,205     $ 22,800     $ 20,346     $ 26,066     $ 20,719     $ 24,712     $ 51,084  
    Basic net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Diluted net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Weighted average diluted common shares     45,242,920       45,145,214       45,086,471       45,009,574       44,960,455       44,888,759       44,872,582  
    Dividends declared per share   $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34  
    Non-interest income:                            
    Service charges on deposit accounts     3,009       2,939       2,817       2,749       2,704       2,606       2,388  
    Mortgage banking activities     1,529       1,621       1,374       792       1,682       1,817       1,245  
    Wealth management income     10,738       10,455       9,958       9,219       9,391       9,031       8,992  
    Income from bank owned life insurance     1,307       1,816       1,160       1,207       845       1,251       907  
    Bank card fees     435       445       413       454       450       447       418  
    Other income     2,697       2,311       2,645       2,139       2,319       2,024       2,001  
    Total non-interest income   $ 19,715     $ 19,587     $ 18,367     $ 16,560     $ 17,391     $ 17,176     $ 15,951  
    Non-interest expense:                            
    Salaries and employee benefits   $ 41,030     $ 37,821     $ 36,698     $ 35,482     $ 44,853     $ 40,931     $ 38,926  
    Occupancy expense of premises     4,657       4,805       4,816       4,558       4,609       4,764       4,847  
    Equipment expenses     3,841       3,868       3,963       3,987       3,811       3,760       4,117  
    Marketing     1,320       1,288       742       1,242       729       1,589       1,543  
    Outside data services     3,025       3,286       3,103       3,000       2,819       2,853       2,514  
    FDIC insurance     2,773       2,951       2,911       2,615       2,333       2,375       2,138  
    Amortization of intangible assets     2,323       2,135       2,069       1,403       1,245       1,269       1,306  
    Professional fees and services     6,577       4,946       4,880       5,628       4,509       4,161       3,684  
    Other expenses     7,391       7,004       8,824       9,227       7,563       7,434       7,230  
    Total non-interest expense   $ 72,937     $ 68,104     $ 68,006     $ 67,142     $ 72,471     $ 69,136     $ 66,305  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Balance sheets at quarter end:                        
    Commercial investor real estate loans   $ 4,868,467     $ 4,933,329     $ 4,997,879     $ 5,104,425     $ 5,137,694     $ 5,131,210     $ 5,167,456  
    Commercial owner-occupied real estate loans     1,737,327       1,747,708       1,741,113       1,755,235       1,760,384       1,770,135       1,769,928  
    Commercial AD&C loans     1,255,609       1,184,296       1,090,259       988,967       938,673       1,045,742       1,046,665  
    Commercial business loans     1,620,926       1,601,510       1,509,592       1,504,880       1,454,709       1,423,614       1,437,478  
    Residential mortgage loans     1,529,786       1,521,890       1,511,624       1,474,521       1,432,051       1,385,743       1,328,524  
    Residential construction loans     53,639       78,027       97,685       121,419       160,345       190,690       223,456  
    Consumer loans     426,167       417,161       416,132       417,542       416,436       422,505       421,734  
    Total loans     11,491,921       11,483,921       11,364,284       11,366,989       11,300,292       11,369,639       11,395,241  
    Allowance for credit losses – loans     (131,428 )     (125,863 )     (123,096 )     (120,865 )     (123,360 )     (120,287 )     (117,613 )
    Residential mortgage loans held for sale     21,489       18,961       16,627       10,836       19,235       21,476       16,262  
    SBA loans held for sale     425                                      
    Investment securities     1,440,488       1,401,511       1,405,490       1,414,453       1,392,078       1,463,554       1,528,336  
    Total assets     14,383,073       14,008,343       13,888,133       14,028,172       14,135,085       13,994,545       14,129,007  
    Noninterest-bearing demand deposits     2,903,063       2,931,405       2,817,928       2,914,161       3,013,905       3,079,896       3,228,678  
    Total deposits     11,737,694       11,340,228       11,227,200       10,996,538       11,151,012       10,958,922       11,075,991  
    Customer repurchase agreements     70,767       75,038       71,529       75,032       66,581       74,510       47,627  
    Total stockholders’ equity     1,628,837       1,599,004       1,589,364       1,588,142       1,537,914       1,539,032       1,536,865  
    Quarterly average balance sheets:                        
    Commercial investor real estate loans   $ 4,874,003     $ 4,964,406     $ 5,057,334     $ 5,125,028     $ 5,125,459     $ 5,146,632     $ 5,136,204  
    Commercial owner-occupied real estate loans     1,741,663       1,734,106       1,746,042       1,755,048       1,769,717       1,773,039       1,769,680  
    Commercial AD&C loans     1,253,035       1,133,506       1,030,763       960,646       995,682       1,057,205       1,082,791  
    Commercial business loans     1,579,001       1,551,798       1,508,336       1,433,035       1,442,518       1,441,489       1,444,588  
    Residential mortgage loans     1,526,445       1,518,748       1,491,277       1,451,614       1,406,929       1,353,809       1,307,761  
    Residential construction loans     64,684       86,638       110,456       142,325       174,204       211,590       223,313  
    Consumer loans     421,003       417,206       417,539       419,299       421,189       423,306       424,122  
    Total loans     11,459,834       11,406,408       11,361,747       11,286,995       11,335,698       11,407,070       11,388,459  
    Residential mortgage loans held for sale     19,889       14,497       8,142       10,132       13,714       17,480       8,324  
    SBA loans held for sale     65                                      
    Investment securities     1,531,378       1,538,624       1,536,127       1,544,173       1,589,342       1,639,324       1,679,593  
    Interest-earning assets     13,474,697       13,292,995       13,411,810       13,462,583       13,444,117       13,423,589       13,316,165  
    Total assets     14,136,037       13,956,261       14,061,935       14,090,423       14,086,342       14,094,653       13,949,276  
    Noninterest-bearing demand deposits     2,783,906       2,790,620       2,730,295       2,958,254       3,041,101       3,137,971       3,480,433  
    Total deposits     11,483,524       11,245,476       11,086,145       11,089,587       11,076,724       10,928,038       11,049,991  
    Customer repurchase agreements     63,436       62,161       72,836       66,622       67,298       58,382       60,626  
    Total interest-bearing liabilities     9,600,905       9,441,015       9,583,074       9,418,666       9,332,617       9,257,652       8,806,720  
    Total stockholders’ equity     1,607,377       1,579,582       1,584,902       1,546,312       1,538,553       1,535,465       1,491,929  
    Financial measures:                            
    Average equity to average assets     11.37 %     11.32 %     11.27 %     10.97 %     10.92 %     10.89 %     10.70 %
    Average investment securities to average earning assets     11.36 %     11.57 %     11.45 %     11.47 %     11.82 %     12.21 %     12.61 %
    Average loans to average earning assets     85.05 %     85.81 %     84.71 %     83.84 %     84.32 %     84.98 %     85.52 %
    Loans to assets     79.90 %     81.98 %     81.83 %     81.03 %     79.94 %     81.24 %     80.65 %
    Loans to deposits     97.91 %     101.27 %     101.22 %     103.37 %     101.34 %     103.75 %     102.88 %
    Assets under management   $ 6,567,752     $ 6,215,697     $ 6,165,509     $ 5,999,520     $ 5,536,499     $ 5,742,888     $ 5,477,560  
    Capital measures:                            
    Tier 1 leverage (1)     9.59 %     9.70 %     9.56 %     9.51 %     9.50 %     9.42 %     9.44 %
    Common equity tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Total regulatory capital to risk-weighted assets (1)     15.53 %     15.49 %     15.05 %     14.92 %     14.85 %     14.60 %     14.43 %
    Book value per common share   $ 36.10     $ 35.45     $ 35.37     $ 35.36     $ 34.26     $ 34.31     $ 34.37  
    Outstanding common shares     45,125,078       45,109,671       44,940,147       44,913,561       44,895,158       44,862,369       44,712,497  

    (1) Estimated ratio at September 30, 2024.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    LOAN PORTFOLIO QUALITY DETAIL – UNAUDITED

          2024     2023
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31,
    Non-performing assets:                            
    Loans 90 days past due:                            
    Commercial real estate:                            
    Commercial investor real estate   $   $   $   $   $   $   $ 215
    Commercial owner-occupied real estate                            
    Commercial AD&C                            
    Commercial business             20     20     415     29     3,002
    Residential real estate:                            
    Residential mortgage     399     338     340     342         692     352
    Residential construction                            
    Consumer                            
    Total loans 90 days past due     399     338     360     362     415     721     3,569
    Non-accrual loans:                            
    Commercial real estate:                            
    Commercial investor real estate     57,578     55,498     55,579     58,658     20,108     20,381     15,451
    Commercial owner-occupied real estate     9,639     9,403     4,394     4,640     4,744     4,846     4,949
    Commercial AD&C     31,816     2,127     556     1,259     1,422     569    
    Commercial business     9,044     8,455     7,164     10,051     9,671     9,393     9,443
    Residential real estate:                            
    Residential mortgage     11,996     12,228     11,835     12,332     10,766     10,153     8,935
    Residential construction     539     539     542     443     449        
    Consumer     4,258     4,400     4,011     4,102     4,187     3,396     4,900
    Total non-accrual loans     124,870     92,650     84,081     91,485     51,347     48,738     43,678
    Total non-performing loans     125,269     92,988     84,441     91,847     51,762     49,459     47,247
    Other real estate owned (OREO)     3,265     2,700     2,700         261     611     645
    Total non-performing assets   $ 128,534   $ 95,688   $ 87,141   $ 91,847   $ 52,023   $ 50,070   $ 47,892
        For the Quarter Ended,
    (Dollars in thousands)   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      June 30,
    2023
      March 31,
    2023
    Analysis of non-accrual loan activity:                            
    Balance at beginning of period   $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678     $ 34,782  
    Non-accrual balances transferred to OREO     (565 )           (2,700 )                        
    Non-accrual balances charged-off     (787 )           (1,550 )           (183 )     (2,049 )     (126 )
    Net payments or draws     (3,095 )     (1,427 )     (4,017 )     (7,619 )     (1,545 )     (1,654 )     (10,212 )
    Loans placed on non-accrual     36,667       10,038       1,490       47,920       4,967       9,276       19,714  
    Non-accrual loans brought current           (42 )     (627 )     (163 )     (630 )     (513 )     (480 )
    Balance at end of period   $ 124,870     $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678  
                                 
    Analysis of allowance for credit losses – loans:                            
    Balance at beginning of period   $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613     $ 136,242  
    Provision/ (credit) for credit losses – loans     6,310       2,961       3,331       (2,574 )     3,171       4,454       (18,945 )
    Less loans charged-off, net of recoveries:                            
    Commercial real estate:                            
    Commercial investor real estate     397       (3 )     (2 )     (3 )     (3 )     (14 )     (5 )
    Commercial owner-occupied real estate     (27 )     (27 )     (27 )     (27 )     (25 )     (27 )     (26 )
    Commercial AD&C     111       (23 )     (283 )                        
    Commercial business     250       (28 )     1,550       (105 )     15       363       (127 )
    Residential real estate:                            
    Residential mortgage     (35 )     39       (6 )     (6 )     (4 )     35       21  
    Residential construction                                          
    Consumer     49       236       (132 )     62       115       1,423       (179 )
    Net charge-offs/ (recoveries)     745       194       1,100       (79 )     98       1,780       (316 )
    Balance at the end of period   $ 131,428     $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613  
                                 
    Asset quality ratios:                            
    Non-performing loans to total loans     1.09 %     0.81 %     0.74 %     0.81 %     0.46 %     0.44 %     0.41 %
    Non-performing assets to total assets     0.89 %     0.68 %     0.63 %     0.65 %     0.37 %     0.36 %     0.34 %
    Allowance for credit losses to loans     1.14 %     1.10 %     1.08 %     1.06 %     1.09 %     1.06 %     1.03 %
    Allowance for credit losses to non-performing loans     104.92 %     135.35 %     145.78 %     131.59 %     238.32 %     243.21 %     248.93 %
    Annualized net charge-offs/ (recoveries) to average loans     0.03 %     0.01 %     0.04 %     %     %     0.06 %   (0.01 )%

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Three Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
      Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,874,003     $ 58,133   4.74 %   $ 5,125,459     $ 60,482   4.68 %
    Commercial owner-occupied real estate loans     1,741,663       21,609   4.94       1,769,717       20,865   4.68  
    Commercial AD&C loans     1,253,035       24,553   7.80       995,682       20,503   8.17  
    Commercial business loans     1,579,001       26,953   6.79       1,442,518       23,343   6.42  
    Total commercial loans     9,447,702       131,248   5.53       9,333,376       125,193   5.32  
    Residential mortgage loans     1,526,445       14,223   3.73       1,406,929       12,550   3.57  
    Residential construction loans     64,684       876   5.39       174,204       1,680   3.83  
    Consumer loans     421,003       8,653   8.18       421,189       8,491   8.00  
    Total residential and consumer loans     2,012,132       23,752   4.71       2,002,322       22,721   4.52  
    Total loans (2)     11,459,834       155,000   5.38       11,335,698       147,914   5.18  
    Residential mortgage loans held for sale     19,889       364   7.32       13,714       238   6.93  
    SBA loans held for sale     65       2   11.28                
    Taxable securities     1,197,301       7,440   2.49       1,239,564       6,682   2.16  
    Tax-advantaged securities     334,077       2,222   2.66       349,778       2,269   2.59  
    Total investment securities (3)     1,531,378       9,662   2.52       1,589,342       8,951   2.25  
    Interest-bearing deposits with banks     463,531       6,191   5.31       505,017       6,371   5.00  
    Federal funds sold                   346       5   5.38  
    Total interest-earning assets     13,474,697       171,219   5.06       13,444,117       163,479   4.83  
                             
    Less: allowance for credit losses – loans     (125,962 )             (122,348 )        
    Cash and due from banks     82,172               93,354          
    Premises and equipment, net     58,035               71,956          
    Other assets     647,095               599,263          
    Total assets   $ 14,136,037             $ 14,086,342          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,427,739     $ 6,256   1.74 %   $ 1,419,934     $ 4,229   1.18 %
    Regular savings deposits     1,718,475       15,341   3.55       861,634       5,571   2.57  
    Money market savings deposits     3,018,799       28,999   3.82       2,866,744       25,122   3.48  
    Time deposits     2,534,605       28,691   4.50       2,887,311       28,180   3.87  
    Total interest-bearing deposits     8,699,618       79,287   3.63       8,035,623       63,102   3.12  
    Repurchase agreements     63,436       334   2.09       67,298       356   2.10  
    Federal funds purchased and Federal Reserve Bank borrowings     8,543       118   5.53       300,435       3,726   4.92  
    Advances from FHLB     458,152       5,001   4.34       558,696       6,200   4.40  
    Subordinated debt     371,156       3,946   4.25       370,565       3,946   4.26  
    Total borrowings     901,287       9,399   4.15       1,296,994       14,228   4.35  
    Total interest-bearing liabilities     9,600,905       88,686   3.68       9,332,617       77,330   3.29  
                             
    Noninterest-bearing demand deposits     2,783,906               3,041,101          
    Other liabilities     143,849               174,071          
    Stockholders’ equity     1,607,377               1,538,553          
    Total liabilities and stockholders’ equity   $ 14,136,037             $ 14,086,342          
                             
    Tax-equivalent net interest income and spread       $ 82,533   1.38 %       $ 86,149   1.54 %
    Less: tax-equivalent adjustment         1,121             1,068    
    Net interest income       $ 81,412           $ 85,081    
                             
    Interest income/earning assets           5.06 %           4.83 %
    Interest expense/earning assets           2.62             2.28  
    Net interest margin           2.44 %           2.55 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.1 million and $1.1 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Nine Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
      Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,964,914     $ 176,504   4.75 %   $ 5,136,059     $ 177,067   4.61 %
    Commercial owner-occupied real estate loans     1,740,608       63,090   4.84       1,770,812       61,038   4.61  
    Commercial AD&C loans     1,139,517       68,779   8.06       1,044,907       61,005   7.81  
    Commercial business loans     1,546,498       79,026   6.83       1,442,858       68,258   6.33  
    Total commercial loans     9,391,537       387,399   5.51       9,394,636       367,368   5.23  
    Residential mortgage loans     1,512,209       41,968   3.70       1,356,530       35,925   3.53  
    Residential construction loans     87,177       3,208   4.92       202,856       5,302   3.49  
    Consumer loans     418,591       25,693   8.20       422,861       24,403   7.72  
    Total residential and consumer loans     2,017,977       70,869   4.69       1,982,247       65,630   4.42  
    Total loans (2)     11,409,514       458,268   5.36       11,376,883       432,998   5.09  
    Residential mortgage loans held for sale     14,197       801   7.52       13,192       697   7.04  
    SBA loans held for sale     22       2   11.28                
    Taxable securities     1,195,481       21,319   2.38       1,275,407       20,538   2.15  
    Tax-advantaged securities     339,881       6,785   2.66       360,348       6,727   2.49  
    Total investment securities (3)     1,535,362       28,104   2.44       1,635,755       27,265   2.22  
    Interest-bearing deposits with banks     434,083       17,401   5.35       368,829       13,979   5.07  
    Federal funds sold     288       8   3.79       433       13   4.00  
    Total interest-earning assets     13,393,466       504,584   5.03       13,395,092       474,952   4.74  
                             
    Less: allowance for credit losses – loans     (122,971 )             (125,558 )        
    Cash and due from banks     83,265               94,960          
    Premises and equipment, net     59,124               70,130          
    Other assets     638,838               609,301          
    Total assets   $ 14,051,722             $ 14,043,925          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,467,517     $ 18,858   1.72 %   $ 1,413,876     $ 10,465   0.99 %
    Regular savings deposits     1,602,997       42,597   3.55       660,211       7,831   1.59  
    Money market savings deposits     2,847,006       79,190   3.72       3,067,810       68,976   3.01  
    Time deposits     2,586,639       86,417   4.46       2,658,225       67,943   3.42  
    Total interest-bearing deposits     8,504,159       227,062   3.57       7,800,122       155,215   2.66  
    Repurchase agreements     66,134       1,043   2.11       62,126       561   1.21  
    Federal funds purchased and Federal Reserve Bank borrowings     99,303       3,847   5.17       264,580       9,816   4.96  
    Advances from FHLB     501,277       16,394   4.37       637,015       21,623   4.54  
    Subordinated debt     371,009       11,839   4.25       370,412       11,839   4.26  
    Total borrowings     1,037,723       33,123   4.26       1,334,133       43,839   4.39  
    Total interest-bearing liabilities     9,541,882       260,185   3.64       9,134,255       199,054   2.91  
                             
    Noninterest-bearing demand deposits     2,768,331               3,218,226          
    Other liabilities     150,827               169,291          
    Stockholders’ equity     1,590,682               1,522,153          
    Total liabilities and stockholders’ equity   $ 14,051,722             $ 14,043,925          
                             
    Tax-equivalent net interest income and spread       $ 244,399   1.39 %       $ 275,898   1.83 %
    Less: tax-equivalent adjustment         3,359             3,044    
    Net interest income       $ 241,040           $ 272,854    
                             
    Interest income/earning assets           5.03 %           4.74 %
    Interest expense/earning assets           2.59             1.99  
    Net interest margin           2.44 %           2.75 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $3.4 million and $3.0 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    The MIL Network

  • MIL-OSI Video: Palestine – Security Council Media Stakeout | United Nations

    Source: United Nations (Video News)

    Comments to the Media by Riyad Mansour, Permanent Observer of the State of Palestine to the United Nations & others on the latest situation in Palestine.

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

    MIL OSI Video

  • MIL-OSI Asia-Pac: Tender of 3-year HKD HKSAR Institutional Government Bonds to be held on October 23

    Source: Hong Kong Government special administrative region

    Tender of 3-year HKD HKSAR Institutional Government Bonds to be held on October 23
    Tender of 3-year HKD HKSAR Institutional Government Bonds to be held on October 23
    **********************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced today (October 21) that a tender of 3-year HKD Institutional Government Bonds (Bonds) under the Infrastructure Bond Programme will be held on Wednesday, October 23, 2024, for settlement on Thursday, October 24, 2024.           A total of HK$5.5 billion 3-year HKD Bonds will be tendered. The Bonds will mature on October 25, 2027 and will carry interest at the rate of 2.89 per cent per annum payable semi-annually in arrear.           Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at http://www.hkgb.gov.hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof.            Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK ) and Refinitiv (HKGBINDEX). The publication time is expected to be no later than 3pm on the tender day. HKSAR Institutional Government Bonds tender information—————————————————————–     Tender information of 3-year HKD HKSAR Institutional Government Bonds: 

    Issue Number
    :
    03GB2710001

    Stock Code
    :
    4283 (HKGB 2.89 2710)

    Tender Date and Time
    :
    Wednesday, October 23, 20249.30am to 10.30am

    Issue and Settlement Date
    :
    Thursday, October 24, 2024

    Amount on Offer
    :
    HK$5.5 billion

    Maturity
    :
    3 years

    Maturity Date
    :
    Monday, October 25, 2027

    Interest Rate
    :
    2.89 per cent p.a. payable semi-annually in arrear

    Interest Payment Dates
    :
    April 24 and October 24 in each year, commencing on the Issue Date up to and including the Maturity Date, subject to adjustment in accordance with the terms of the Institutional Issuances Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.

    Method of Tender
    :
    Competitive tender

    Tender Amount
    :
    Each competitive tender must be for an amount of HK$50,000 or integral multiples thereof. Any tender applications for the Bonds must be submitted through a Primary Dealer on the latest published list.

    Other Details
    :
    Please see the Information Memorandum available on the Hong Kong Government Bonds website or approach Primary Dealers.

    Expected commencement date of dealing on the Stock Exchange of Hong Kong Limited
    :
    Friday, October 25, 2024

    Use of Proceeds
    :
    The Bonds will be issued under the institutional part of the Infrastructure Bond Programme. Proceeds will be invested in infrastructure projects in accordance with the Infrastructure Bond Framework published on the Hong Kong Government Bonds website.

     
    Ends/Monday, October 21, 2024Issued at HKT 18:15

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Tender of 3-year RMB HKSAR Institutional Government Bonds to be held on October 24

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced today (October 21) that a tender of 3-year RMB Institutional Government Bonds (Bonds) under the Infrastructure Bond Programme will be held on Thursday, October 24, 2024, for settlement on Monday, October 28, 2024.
          
         A total of RMB1.0 billion 3-year RMB Bonds will be tendered. The Bonds will mature on October 28, 2027 and will carry interest at the rate of 2.13 per cent per annum payable semi-annually in arrear.
          
         Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at http://www.hkgb.gov.hk. Each tender must be for an amount of RMB50,000 or integral multiples thereof.
          
         Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK ) and Refinitiv (HKGBINDEX). The publication time is expected to be no later than 3pm on the tender day.

    HKSAR Institutional Government Bonds tender information
    —————————————————————–
         Tender information of 3-year RMB HKSAR Institutional Government Bonds:
     

    Issue Number
    :
    03GB2710002

    Stock Code
    :
    84574 (HKGB 2.13 2710-R)

    Tender Date and Time
    :
    Thursday, October 24, 2024
    9.30am to 10.30am

    Issue and Settlement Date
    :
    Monday, October 28, 2024

    Amount on Offer
    :
    RMB1.0 billion

    Maturity
    :
    3 years

    Maturity Date
    :
    Thursday, October 28, 2027

    Interest Rate
    :
    2.13 per cent p.a. payable semi-annually in arrear

    Interest Payment Dates
    :
    April 28 and October 28 in each year, commencing on the Issue Date up to and including the Maturity Date, subject to adjustment in accordance with the terms of the Institutional Issuances Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.

    Method of Tender
    :
    Competitive tender

    Tender Amount
    :
    Each competitive tender must be for an amount of RMB50,000 or integral multiples thereof. Any tender applications for the Bonds must be submitted through a Primary Dealer on the latest published list.

    Other Details
    :
    Please see the Information Memorandum available on the Hong Kong Government Bonds website or approach Primary Dealers.

    Expected commencement date of dealing on
    the Stock Exchange
    of Hong Kong Limited
    :
    Tuesday, October 29, 2024

    Use of Proceeds
    :
    The Bonds will be issued under the institutional part of the Infrastructure Bond Programme. Proceeds will be invested in infrastructure projects in accordance with the Infrastructure Bond Framework published on the Hong Kong Government Bonds website.

    MIL OSI Asia Pacific News

  • MIL-OSI Video: FEMA Administrator Deanne Criswell Daily Press Briefing – October 18th, 2024

    Source: United States of America – Federal Government Departments (video statements)

    FEMA Administrator Deanne Criswell hosts a press briefing to provide an update on the ongoing federal and local response and recovery efforts from Hurricane Helene and Hurricane Milton.

    https://www.youtube.com/watch?v=1kpnwboddsE

    MIL OSI Video

  • MIL-OSI Video: Yesenia’s Story

    Source: United States of America – Federal Government Departments (video statements)

    Yesenia tells her story about joining the health workforce, the financial support that was made possible with help from HHS, and the impact she is having on her community.

    U.S. Department of Health and Human Services (HHS) | http://www.hhs.gov | HHS Privacy Policy | http://www.hhs.gov/Privacy.html

    https://www.youtube.com/watch?v=SWYI_XA9TJ8

    MIL OSI Video

  • MIL-OSI Europe: Written question – Disastrous balance sheet of the EU Trust Fund for Africa – E-001982/2024

    Source: European Parliament

    Question for written answer  E-001982/2024
    to the Commission
    Rule 144
    Mathilde Androuët (PfE)

    The European Court of Auditors’ latest report lambasts the balance sheet of the EU Emergency Trust Fund for Africa (EUTF). It refers to support for projects that is not directly related to their purpose, in particular in the field of migration crisis management, repeated support for phantom projects, unused funded equipment, local authorities that failed to comply with the established agreements but still pocketed the allocated funds, and artificially inflated achievements. The Court of Auditors noted that ‘33 out of the 115 investments (businesses, constructions and equipment) […] examined were no longer operational at the time of our visit, and a further 66 risked becoming unsustainable’[1].

    In a very vague reply, the Commission promises to ‘better target’ the aid and confesses that ‘the sustainability of the actions financed […] is highly dependent on many external factors beyond the Commission’s control’[2].

    In light of the need for transparency and in the interest of accountability for European taxpayers, is the Commission able or does it intend to put into numbers the percentage of the billions pointlessly squandered in the eight years of the EU Trust Fund for Africa’s activity?

    Submitted: 8.10.2024

    Last updated: 21 October 2024

    MIL OSI Europe News

  • MIL-OSI Banking: Stealer here, stealer there, stealers everywhere!

    Source: Securelist – Kaspersky

    Headline: Stealer here, stealer there, stealers everywhere!

    Introduction

    Information stealers, which are used to collect credentials to then sell them on the dark web or use in subsequent cyberattacks, are actively distributed by cybercriminals. Some of them are available through a monthly subscription model, thus attracting novice cybercriminals. According to Kaspersky Digital Footprint Intelligence, almost 10 million devices, both personal and corporate, were attacked by information stealers in 2023. That said, the real number of the attacked devices may be even higher, as not all stealer operators publish all their logs immediately after stealing data.

    This year, we analyzed quite a few previously known and new stealers, which we described in detail in our private reports. You will find a few excerpts from these below. To learn more about our crimeware reporting service, contact us at crimewareintel@kaspersky.com.

    Kral

    In mid-2023, we discovered the Kral downloader which, back then, downloaded the notorious Aurora stealer. This changed in February this year when we discovered a new Kral stealer, which we believe is part of the same malware family as the downloader due to certain code similarities.

    The Kral stealer is delivered solely by the Kral downloader. The downloader itself sneaks onto the user’s device when a potential victim visits an adult website that embeds malicious ads. These redirect the victim to a phishing page which offers them to download a file. That file is the Kral downloader. Back in 2023, the downloader was written in a combination of C++ and Delphi, which resulted in relatively large samples. These days, the downloader is solely written in C++, which has shrunk the size of the payload tenfold.

    The Kral stealer has quite some similarities with the downloader. Both are signed and both use the same function for binary integrity verification ( WinVerifyTrust()). Also, they both use the same key for string encryption. Last but not least, the Kral name is used in the PDB paths to both binaries.

    In terms of functionality, the stealer is particularly interested in cryptocurrency wallets and browser data. A random folder is created in C:ProgramData, where stolen data, as well as information about the system (local time, time zone, CPU, etc) are stored. The folder is then zipped and sent to the C2 via the COM interface of the Background Intelligent Transfer Service (BITS). The stealer only collects data once. However, if the user launches it again, it will steal once more.

    AMOS

    The AMOS stealer targeting macOS was first identified in early 2023. In June 2024, we discovered a new domain delivering this malware. The website impersonated the Homebrew package manager. Following a deeper investigation, we found out that users ended up on this site through malvertising.

    Homebrew fake website

    As you can see from the image above, there are two options to install the malware. First, there is an option to download the infected DMG image directly, while the second option is to use an installation script.

    The installation script is fairly simple. It downloads the malicious image and installs it, after which it downloads and installs the legitimate Homebrew package. In the other case, when the user downloads the image, the following screen is displayed:

    DMG file with nested files

    As can be seen, the user is tricked into thinking that they have launched the Homebrew app and opening the AMOS stealer. When the malware is executed, multiple instances of the Terminal and bash processes are started. These processes start collecting system information and creating new hidden session history files. The stealer also embeds a specific trick to collect the macOS user password. Instead of logging keystrokes, the malware displays deceptive dialog boxes requesting the user’s credentials.

    Vidar / ACR

    The actors behind Vidar spread it by adding comments on YouTube that contain links to a ZIP or RAR archive hosted on a file-sharing platform which is changing every week. The archive is password protected, but the password is found at the same URL as the archive.

    Contents of the cloud storage

    The downloaded archive contains another password-protected archive, which contains the following files:

    1. converter.exe: legitimate ImageMagick application;
    2. vcomp100.dll: malicious DLL used for DLL hijacking;
    3. bake.docx: encrypted first stage loader;
    4. blindworm.avi: IDAT loader, the second stage payload.

    The legitimate converter.exe loads vcomp100.dll as the former is vulnerable to DLL hijacking. Next, the malicious DLL reads the encrypted “bake.docx” file, gets the payload and the key from a specified offset, and decodes the payload. That payload is a variant of the Penguish downloader containing an IDAT packed sample. This means we can use the IDAT loader extractor to extract the final payload, which is the Vidar stealer.

    What is interesting here is that instead of stealing data, Vidar actually downloads the ACR stealer. The latter, like many stealers these days, is interested in browser data and wallets. Vidar, too, normally targets the same types of data, however in this case, it uses the ACR Stealer as an exfiltration module.

    According to our telemetry data, most victims are found in Brazil.

    Conclusion

    Stealers are found everywhere, and they are popular among cybercriminals. Stolen data can be either leveraged for further attacks by the attackers themselves or sold on the dark web. Although stealers implement extensive support for snatching crypto-related data, the harvesting of credentials can be just as damaging – or even more so. This is especially true for credentials that provide access to corporate networks which can then be leveraged to deploy ransomware attacks.

    Relatively simple measures, such as 2FA, choosing unique passwords, downloading software only from official websites, and double-checking the website before downloading, can complicate this kind of attacks.

    If you would like to stay up to date on the latest TTPs being used by criminals, or if you have questions about our private reports, contact us at crimewareintel@kaspersky.com.

    Indicators of compromise

    Kral
    02c168aebb26daafe43a0cccd85397b2
    039bebb6ccc2c447c879eb71cd7a5ba8
    0509cc53472b265f8c3fc57008e31dbe

    Amos
    ec7f737de77d8aa8eece7e355e4f49b9
    dd2832f4bf8f9c429f23ebb35195c791

    Vidar
    6f9d3babdeea3275489589ee69bc3f31

    MIL OSI Global Banks

  • MIL-OSI Russia: Rosneft Improves Carbon Management System

    MILES AXLE Translation. Region: Russian Federation –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The 7th scientific and practical conference “Environmental Safety. Current Issues of Law Enforcement Practice and Improvement of Activities in the Sphere of Environmental Protection” was held in Samara. The conference was organized by the Rosneft Scientific Institute.

    The event was attended by more than 120 representatives of industrial enterprises and research institutes, higher education institutions, large engineering and manufacturing companies.

    Traditionally, one of the most important areas of work of the scientific forum is the development of carbon management in the oil and gas industry.

    Since 2021, the Company’s Samara scientific institute has been conducting an inventory of greenhouse gas emissions; during this time, work has been completed for more than 50 Rosneft enterprises.

    Samara specialists are creating a database of low-carbon technologies and decarbonization methods, conducting research and development work and feasibility studies of measures to reduce greenhouse gas emissions. The institute has proposed a number of solutions to reduce methane emissions at flare units to minimize the impact of technological processes at oil and gas producing enterprises on the environment.

    Responsible attitude to the environment is an integral part of the corporate culture and one of the key principles of Rosneft. The Company’s strategic focus is to achieve net carbon neutrality by 2050. The strategy’s goals are planned to be achieved through measures to reduce emissions, use low-carbon generation, develop energy-saving technologies, carbon capture and storage technologies, use the potential of natural absorption, and others.

    The scientific conference also considered issues of land reclamation, waste disposal, and practical aspects of obtaining permits in the field of environmental protection. The company is constantly improving approaches to managing environmental protection activities, increasing the scale of environmental measures and providing the necessary investments. Rosneft is focused not only on improving the environmental friendliness of its business and minimizing its impact on the environment, but also on achieving a total positive impact on ecosystems.

    Reference:

    Since 2016, a specialized expert center has been operating on the basis of the Rosneft Scientific Institute in Samara, which is engaged in the development and implementation of relevant environmental protection design products for Rosneft enterprises.

    Department of Information and Advertising of PJSC NK Rosneft October 21, 2024

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.rosneft.ru/press/nevs/item/220930/

    MIL OSI Russia News

  • MIL-OSI Russia: Moscow Healthcare Professionals Gain Access to Innovative Online Tracking Tool

    Source: Center for Diagnostics and Medicine

    Medical professionals in Moscow now have access to an advanced online service for tracking the utilization of diagnostic equipment. Developed by experts at the Center for Diagnostics and Telemedicine, this tool will be available to all outpatient departments. It facilitates the analysis of medical equipment usage dynamics, assesses operational efficiency, and enables more effective redistribution of workloads. This announcement was made by Yuri Vasilev, Senior Consultant in Radiology and CEO of the Center for Diagnostics and Telemedicine under the Moscow Healthcare Department.

     “The recent years have witnessed transformative advancements in the digitalization of healthcare in Moscow. We continue to expand our portfolio of digital services. Our team at the Center for Diagnostics and Telemedicine has created an information dashboard that enables the analysis and monitoring of diagnostic equipment utilization. This dashboard integrates data from all digital diagnostic equipment linked to the EMIAS Unified Radiology Information Service, which is accessible to 155 medical organizations in the Moscow Healthcare Department. Now, specialists in outpatient departments can independently access real-time data on the utilization of both their own devices and those in other medical centers, facilitating improved planning, load redistribution, patient flow management, and informed decision-making. This initiative enhances the accessibility of radiological diagnostics,” stated Yuri Vasilev.

     The service includes customizable filtering options by medical organization, imaging studies type, district, and device type. Data is processed across more than 20 parameters, including equipment utilization percentage, number of studies, shift details, as well as information regarding the medical organization and specific devices. Users can also view utilization data in tabular format for specified periods, with updates being made regularly. To ensure optimal service operation, a feedback for users has been integrated.

     The new tracking service was developed by the Center for Diagnostics and Telemedicine under the Moscow Healthcare Department. Radiologist here currently interpret over 100,000 imaging studies weekly, with a reported 11% increase in studies conducted in the first half of 2024 compared to the same period last year. In response to this growing volume, various analytical dashboards are being developed, with approximately 75 already in place.

     The Center for Diagnostics and Telemedicine is a leading scientific organization within the Moscow Healthcare Department. It specializes in interpretation imaging studies, coordinates radiology departments management, and enhances the quality of diagnostic studies through standardization efforts. Furthermore, the Center plays a vital role in disseminating best medical practices and implementing innovative technologies across healthcare facilities, not only in Moscow but throughout Russia.

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Shri Vikram Dev Dutt, 1993-batch IAS officer (AGMUT cadre) assumes charge as Coal Secretary

    Source: Government of India (2)

    Posted On: 21 OCT 2024 1:39PM by PIB Delhi

    Shri Vikram Dev Dutt assumed the charge as the Secretary of the Ministry of Coal today. A 1993-batch IAS officer of the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre, Shri Dutt previously served as the Director General of the Directorate General of Civil Aviation (DGCA).

    He succeeds Shri VL Kantha Rao, who currently serves as the Secretary of the Ministry of Mines and holds additional charge of the Ministry of Coal. Prior to Shri Rao, Shri Amrit Lal Meena served as the Secretary of the Ministry of Coal.

     

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    ST

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  • MIL-OSI Asia-Pac: Shri Dharmendra Pradhan meets Singapore’s Prime Minister H.E. Lawrence Wong: India and Singapore strengthening partnership through ‘Talent, Resource & Market’

    Source: Government of India

    Shri Dharmendra Pradhan meets Singapore’s Prime Minister H.E. Lawrence Wong: India and Singapore strengthening partnership through ‘Talent, Resource & Market’

    Indian Education Minister pushes for Overseas Internships and Research Collaboration with Singapore

    Shri Dharmendra Pradhan strengthens India-Singapore ties, sets stage for educational collaborations and internships

    India looks at Singapore as trusted knowledge partner in furthering mutual priorities – Shri Dharmendra Pradhan

    Posted On: 21 OCT 2024 2:46PM by PIB Delhi

    Union Minister for Education, Shri Dharmendra Pradhan met the Prime Minister of Singapore, H.E. Lawrence Wong today.

    The Ministers had meaningful conversations on elevating and expanding the bilateral cooperation in school education, vocational education and research, between the two nations. The discussions focused on strengthening the partnership through three key pillars—‘Talent, Resource & Market.’

     

    Shri Pradhan emphasized that India views Singapore as a trusted knowledge partner, particularly in advancing deep tech, startups, and innovation ecosystems. 

     

    Shri Pradhan also highlighted that Prime Minister Narendra Modi and Prime Minister Mr. Wong have outlined a robust framework to elevate India-Singapore cooperation into a comprehensive partnership, including collaboration in critical and emerging sectors.

    Earlier in the day, Shri Pradhan met his counterpart, Singapore’s Minister for Education, Mr. Chan Chun Sing, to discuss strengthening bilateral cooperation across various areas of education. Shri Pradhan emphasized the significance of the National Education Policy 2020 in facilitating the internationalization of India’s education system. The two ministers explored avenues for overseas internship programs, allowing Indian students to gain practical experience in Singaporean companies.

     

    To further strengthen cultural connect between students of both countries the possibility of twinning of schools in India and Singapore was discussed. Joint Research collaboration in areas of mutual interest like deep tech, medicine, advance materials, etc. was also discussed.

    They also deliberated on fostering academic and research collaboration through the twinning of schools and universities in both countries. Shri Pradhan highlighted opportunities for collaboration between Singapore’s National Institute of Education and NCERT in areas such as curriculum development, pedagogy, and teacher capacity-building.

    Extending an invitation to Minister Chan to visit India, Shri Pradhan expressed his commitment to advancing shared goals and enhancing educational ties between the two nations.

     

    Shri Pradhan also met with Singapore’s Minister for Foreign Affairs, Mr. Vivian Balakrishnan, to discuss deepening the India-Singapore Knowledge Partnership.

     

     

    Both leaders emphasized the importance of working closely to elevate bilateral cooperation in education and expand collaborative efforts to achieve shared objectives.

    Shri Pradhan also visited the National University of Singapore and met with Prof. Tan Eng Chye, President of the university. They discussed leveraging complementary strengths to build knowledge bridges, strengthen academic and research collaborations, and deepen engagements between NUS and top Indian higher education institutions across all academic fronts.

     

     

    Shri Pradhan emphasized that NUS and Indian HEIs can collaborate to create value in areas such as deep start-ups, healthcare, advanced materials, digitalization, and sustainability, among others. The Minister also highlighted that a key focus area of NEP 2020 is enhancing access to quality higher education for the youth of India and the internationalization of its education system.

    On the first day of his visit on 20th October 2024, Shri Pradhan had engaged with the members of the Indian diaspora in Singapore. He highlighted NEP 2020’s role in upskilling India’s youth and the enormous scale and magnitude of education in India.

    The Minister’s visit to Singapore, followed by a trip to Australia, from 20 to 26 October 2024, aims to foster collaboration, participation, and synergy in critical areas of mutual interest in education.

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  • MIL-OSI Asia-Pac: Text of Vice-President’s address at the first convocation ceremony of Raja Mahendra Pratap Singh State University, Aligarh, Uttar Pradesh (Excerpts)

    Source: Government of India (2)

    Posted On: 21 OCT 2024 2:21PM by PIB Delhi

    Smt. Anandiben Patel, Hon’ble Governor of Uttar Pradesh, and chancellor of this university, Raja Mahendra Pratap Singh State University. The Governor exemplifies passionate commitment to education. She has brought about big change and I have seen one here, names and certificates and mark sheets all electronically uploaded.

    She is very forward looking and handheld me when I was governor of West Bengal, when it came to the role of Chancellor. The Hon’ble Governor defines the role of chancellor with exemplification of highest virtuosity and commitment. She has been here twice and the state of Uttar Pradesh is lucky to have such an educationist, such a motivational, inspirational governor, particularly for the field of education.

    When I stepped into the premises हमने सबसे पहले एक काम किया महामहिम राज्यपाल ने और मैने ‘मां के नाम एक पेड़’ और जब यहां आकर देखा how thoughtful it was, Vedic chanting related to environment.

    हमें याद रखना पड़ेगा हमारे पास रहने के लिए पृथ्वी के अलावा कोई दूसरी जगह नहीं है इसी का सृजन करना पड़ेगा

    I therefore appeal to every student, every member of the staff, member of the faculty, everyone present here इस premises के अंदर इस प्रांगण में मां के नाम पेड जरूर लगाए यहां देखा है मैंने सब ठीक उन्नति के ऊपर है पर यह पक्ष कमजोर है यह अति शीघ्र होना चाहिए climate change time bomb is ticking we have to act while there is a time.

    Friends, it is an honour to be present at this convocation and for a very special reason. It is named after Raja Mahendra Pratap Singh, a patriot, national hero and freedom fighter. Another very fascinating aspect is being in Brijbhoomi is always spiritually rewarding. My congratulations to all the graduating students, medalists their proud parents also and more importantly, my greetings and congratulations to the members of the faculty.

    My young friends, your high academic qualifications are an asset to the country. In whatever field you work, and the number of fields is now increasing day by day, you will be part of India’s developing growth story. This story of Bharat is full of promises. The next 25 years are with immense potential which you all are required to exploit.

    Friends, the most important component of our youth with high qualifications like you are our spinal strength.

    Our national ambitions are well defined. Our national ambition is well set out and that is to be a developed nation, develop Bharat by 2047.

    Young minds are the most vital stakeholders in this journey. You will define this journey, you will fuel this journey and you will make everyone proud. You are the future leaders, you are the creators of positive change, driving economic, technological and social progress.

    Our national ambitions are well defined, our national ambition is well set out, and that is to be a developed nation, developed part at 2047. Young minds are the most vital stakeholders in this journey, you will define this journey, you will fuel this journey and we will make everyone proud. You are the future leaders, you are the creators of positive change, driving economic, technological, and social progress. You have to be the change you believe in. Don’t be swept by the change. Bring about the change you want as per your aptitude and attitude.

    Friends it is a testament present governance that this university has emerged so well in a such short time with the foundation stone being led by our visionary Prime Minister just 3 years ago.

    This achievement alongside exemplary law and order, highways, infrastructure august well for its northward progress and rise.

    it is a historical fact – Civilizations survive by institutions and ordering their heroes. Imagine in the field of education, Nalanda, Takshashila and many more global beacon of knowledge and education. This university establishment is a step in the right direction to befittingly immortalise Raja Mahendra Pratap Singh, a hero like others who ought to have been given space in our independence movement history, he should have occupied huge space. In 1915, he established first provisional Government of India in Kabul that was two decades before the Britishers could even imagine of the 1935 Government of India Act. It was a very great attempt. It was a thought to proclaim freedom, which we got later on and he had the good occasion to be a Member of Parliament. We thrive in an independent environment today because of sacrifices made by heroes like him.

    These inspiring stories of such great heroes unfortunately have had so far brief or no mention in our textbooks. A painful aberration is the history of independence was manipulated with credit being denied to those undeterred.

    It is our bounden ordainment to make aware our youth of our real heroes of freedom struggle. The next generation of historians should ensure that the sacrifice of multitude freedom fighters inspired this generation. It is soothing in recent times, vigorously we are celebrating all over the country our unsung heroes or well sung heroes.

    Belated conferment of the highest civilian award to Bharat Ratan to Dr. B.R. Ambedkar in 1990, to Chaudhary Charan Singh and Karpoori Thakur in 2023 are steps in the right direction. I was privileged on both the occasions to be in the theatre of parliament. In 1990 I was a union minister and now Vice-President, Chairman Rajya Sabha.

    I feel blessed but a cause of concern. Why it took us so long to recognise our heroes?

    Similarly, very good developments have taken place recently. We celebrate 15th November Janjatiya Gaurav Divas to pay tributes to Bhagwan Birsa Munda on his birth anniversary. A great tribal freedom fighter, know about him. You will be enthused, motivated, inspired. In the prime of youth he went away but left indelible mark on our freedom movement struggle. The day is dedicated to the memory of brave tribal freedom fighters so that our coming generations and this generation know about their sacrifices, about this country.

    Similarly, another great hero who was denied rightful space. Netaji Subhash Chandra Bose, gifted with indomitable spirit and selfless service to the nation. The government has decided to celebrate his birthday 23rd January every year as Prakram Diwas and rightly so. I was again privileged and honoured when the main function was held.

    In Kolkata, I happened to be governor of the state of West Bengal. The honourable Prime Minister inaugurated this great day remembering one of the finest human beings, finest souls, visionary who laid down everything, all comforts to serve the nation.

    Friends, our youth must always remember The fortitude these people exhibited in the face of grave adversity, this will infuse in all of you a fervour for nationalism.

    “शहीदों की चिताओं पर जुड़ेंगे हर बरस मेले।

    वतन पर मरनेवालों का यही बाक़ी निशाँ होगा॥

    कभी वह दिन भी आएगा जब अपना राज देखेंगे।

    जब अपनी ही ज़मीं होगी और अपना आसमाँ होगा॥“

    यह आज चरितार्थ हो रहा है आजादी के लंबे समय बाद इसको हर पल महसूस किया जा रहा है हर दृष्टि से किया जा रहा है।

    My young friends, I have adverted to some of such recent steps to remind you all that our commitment to nationalism should ever be unflinching and uppermost. राष्ट्र से ऊपर कुछ नहीं है। राष्ट्रवाद हमारा धर्म है, निजी हित या कोई भी हित हो राष्ट्रहित से ऊपर नहीं रख सकते यही हमारा संकल्प होना चाहिए, यही हमारी संस्कृति का निचोड़ है।

    Raja Mahendra Pratap Singh was also a visionary educationist who foresaw the need for technical education establishing the Prem Mahavidyalaya.

    Friends, history is proof of it. No country has excelled without being at the forefront of technological revolution. If we want to see Pax Indica becoming a reality, we must lead in technology.

    We are living virtually in the fourth industrial revolution where information is key to all our activities, from agriculture to education to communication. Everything is around communication these days. Technology is a game-changer.

    In our country, it has affected very fortunately, much-needed, transparent, accountable governance, ease of service delivery, and accomplishment of the last in the row, getting benefits.

    As we march towards Viksit Bharat@2047, driven by a knowledge economy, our goal should be to create institutions of excellence, rivalling the best in the world. Because this country had institutions of global excellence and eminence, people from all over the planet swarmed to get enlightenment.

    I appeal to industries and corporates to invest in India’s educational ecosystem. Investment in education is investment in your present, investment in your future, investment for economic growth, investment for peace, investment for harmony.

    This endeavour should be driven, now here is a word of caution by me. I can call it a caveat. We should never make education a commodity, we should never make education commerce. This endeavour, this enterprise, this spirit should not be driven by commodification and commercialisation of education but it should align with our traditional Gurukul system. गुरुकुल में क्या होता था कोई फीस नहीं होती थी, कोई रोक-टोक नहीं होती थी और यही कारण है कि भारत के संविधान निर्माता ने बहुत सोच समझकर जो 22 चित्र संविधान में रखे हैं आपसे अपील करूंगा उन चित्रों का आप अध्ययन कीजिए। आजकल सोशल मीडिया गूगल सब आपकी मदद करेगा उसमें जहां सिटीजनशिप है वहां गुरुकुल का चित्र है, शिक्षा को क्या इंपोर्टेंस दी गई है। They have to be crucibles of character formation, they have to inflame us with the spirit of commitment to our Bharat.

    To those shaping curricula, those who are devising curricula, the members of the faculty, I urge you to make the National Education Policy a success. The honourable Governor and myself have been associated at various stages in the evolution of National Education Policy. Thousands of stakeholders’ inputs have been considered. We have it after more than three decades, it presents a visionary roadmap for transforming our education system. It promotes multidisciplinary learning, skill development, innovation. It does not need a great emphasis on degrees. I want every teacher, every professor, every person associated with education to please go through National Education Policy. You can’t implement it unless you understand it, you have to understand it with a mindset to implement it.

    Our Bharat today, fortunately, and a great development for the world, is emerging as an intellectual powerhouse in terms of technology. My young friends, boys and girls, will know about it.  We rank fifth in terms of patents filed. You know the importance of patents, you know its economic results.  You can realise how it’s a soft diplomatic weapon also and with a significant increase of 25% year-on-year growth, our annual growth in terms of filing patents is 25%.

    In artificial intelligence, India with its dense human interaction and deep technological penetration is poised to lead data set creation. As a matter of fact, our digitisation, our technological penetration, utilisation for service delivery has been accoladed by global institutions, the World Bank, that India is a role model when it comes to service delivery by digitisation but India’s accomplishments in six years are normally not attainable even in more than four decades.

    Friends, we are entering the Amrit Kaal of technological revolution. That has to be driven by young minds, ignited minds like yours. Be the change makers, lead innovation, and find Indian solutions to Indian problems and make available also to the global fraternity.

    To the graduating class of 2024, congratulations on your success. Be inspired by heroes like Radha Mahendra Pratap Singh, who placed national interest above everything else. Exploit the opportunities that new Bharat presents, use your education wisely and for greater good.

    Friends, as you enter and step into the world, you will have challenges, you will have serious challenges, you might get some setbacks also all these are natural.

    It will not be a dream entry for you, it will be fiercely competitive and it should be. Never fear failure. Any failure is a stepping stone to success, if you get a good idea in your mind, don’t harbour it, act on it.

    To the affiliated colleges and academics, my appeal is ensure your activities, prepare graduates for this emerging technological world. Imbibe in them a spirit of nationalism.

    It is no good, you may be brilliant, you may be technologically genius, you may be admired but if your attachment to the nationalism is fragile,

    ‘काट्यो काट्यो कपास हो जाए’ कपास को जब काटते हैं तो धागा बनता है, तो थोड़ा भी मिस डायरेक्शन हो तो वापस कपास बन जाता है। Your efforts go in vain.

    Friends, India, home to one-sixth of humanity, the oldest civilisation on the planet, with exponential economic surge. दुनिया का कोई भी देश 7.5% से 8%, GDP ग्रोथ के साथ आगे नहीं बढ़ रहा है।

    आंखों से देख रहे हैं जिसका सपना लेते हुए भी डर लगता था मेरी उम्र के लोगों को। World class infrastructure of rail, road, connectivity, waterways, digitisation all over the country is happening in this nation.

    It is time for our youth, now my special appeal to you, you are in silos. लगता है नौकरी सरकार की ही है लगता है नौकरियां कहां है थोड़ा सा देखोगे तो पता लगेगा की जो Basket of Opportunities है is enlarging.

    एक जानकारी के अनुसार सिर्फ 10% छात्रों को ही पता है कि कहां संभावनाएं हैं, 90% को नहीं पता है। Please come out of the silos.

    भारत को यदि अगर आज के दिन International Monetary Fund कह रहा है कि it’s a land of opportunity, destination and investment, क्यों? नौकरी के लिए तो नहीं कह रहा। Make most of it, look around you will find your talent can be used in blue economy in the sea, in a space economy.

    चाणक्य के शब्द बताता हूं आपको और चाणक्य का नाम आते ही चाणक्य का नाम लेते ही एक नई ऊर्जा अपने में आ जाती है जो चाणक्य का रोल करते हो वह कैसे बोलते हैं, लगता है चाणक्य कितना महान था। चाणक्य ने कहा था “Education is the best friend, an educated person is respected everywhere.”

    और स्वामी विवेकानंद जी ने कहा था “Arise, awake, and stop not until the goal is reached.” that you should never forget

    To those who are outgoing, stepping out, the cohort and the current students, my very best wishes. You couldn’t be more lucky with an ecosystem and the ecosystem is that you can fully exploit your talent and potential to realise your dreams and aspirations.

    To those who have got degrees today, my one appeal, you are in a very distinguished category, you are the first alumni of this institution. You should take a place to be ever attached to this institution, be in connect with this institution, make annual contributions. Amount does not matter, financial contribution, quantum is immaterial, making financial contribution is all important. Do it. You will find over the years, this will grow like a balloon and help students in need. This will be a great service to the field of education and your institution.

    अंत में एक बात कहूंगा आपको सदैव सचेत रहने के लिए एक सिख दे रहा हूं उसी को सदा याद रखना ‘नायमात्मा बलहीनेन लभ्यः’

    इसका अर्थ है अंग्रेजी में self realisation cannot be achieved by weak willed. हम रिलाइज करना चाहते हैं पर अगर weak willed हैं तो हम नहीं कर पाएंगे। so be strong willed, never be in fear of failure, never suffer from stress and tension because of the fear of failure. It is the earnestness and commitment in efforts that is all important and that was the lesson imparted by Lord Krishna to Arjun at Kurukshetra that should be guiding star for your future working.

    I am honoured to deliver the first lecture, the first convocation address. It will ever be etched in my memory. It is an occasion for me to pay tribute to one of the greatest sons of this soil.

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  • MIL-OSI Asia-Pac: A 1993-batch IAS officer (AGMUT) cadre, Shri Vikram Dev Dutt assumes Charge as Coal Secretary

    Source: Government of India

    Posted On: 21 OCT 2024 1:39PM by PIB Delhi

    Shri Vikram Dev Dutt assumed the charge as the Secretary of the Ministry of Coal today. A 1993-batch IAS officer of the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre, Shri Dutt previously served as the Director General of the Directorate General of Civil Aviation (DGCA).

    He succeeds Shri VL Kantha Rao, who currently serves as the Secretary of the Ministry of Mines and holds additional charge of the Ministry of Coal. Prior to Shri Rao, Shri Amrit Lal Meena served as the Secretary of the Ministry of Coal.

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi pays tribute to police personnel on Police Commemoration Day

    Source: Government of India

    Posted On: 21 OCT 2024 12:36PM by PIB Delhi

    The Prime Minister Shri Narendra Modi paid tributes to the valiant police personnel on the occasion of the Police Commemoration Day today. 

    The Prime Minister posted on X:

    “Today, on Police Commemoration Day, we honour the bravery and sacrifice of our police personnel. Their unwavering dedication ensures the safety of our people. They exemplify courage and determination. Their proactive efforts and assistance during humanitarian challenges are equally commendable.”

     

     

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    MJPS/RT

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