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Category: Agriculture

  • MIL-OSI New Zealand: The State of the Nation

    Source: ACT Party

    The Haps

    Public hearings for the Treaty Principles Bill have begun. David Seymour kicked off proceedings, throwing down the gauntlet on equal rights and fielding questions from hostile MPs. His submission to the Justice Committee is a must-watch.

    Even people who say there should be no bill seem to want the debate. The hearings are a major milestone for New Zealand, it is now possible for ordinary people to go to Parliament and say they are equal.

    The State of the Nation

    David Seymour’s 2025 State of the Nation speech has been overwhelmed with praise from those who attended and watched it online. If you missed it, the video is here and we have reproduced the text below.

    Thank you, Brooke, for your kind introduction. I’m biased, but I think you’re the Government’s most quietly effective Minister. Your labour law reforms are making it easier to employ workers and to be employed. Your minimum wage increases are announced early to give business certainty, and relief. You are taking on two of the hardest chestnuts in the workplace – holiday pay and health and safety – by listening to the people affected. You’ve put together an honest Royal Commission on COVID-19, and got wait times down for new passports and Citizenships. All the while you attract growing respect as a hard-working local MP here in Tamaki.

    It’s easy to forget Brooke’s 32. She has the biggest future in New Zealand politics.

    The only problem with mentioning one ACT MP is they’re all kicking goals with both feet, so you have to mention the lot. Nicole McKee is speeding up the court system, rewriting the entire Arms Act to make New Zealand safer, and reforming anti-money laundering laws so people can business done.

    Andrew Hoggard handles the country’s biosecurity, managing would-be outbreaks with steady hands. He is also dealing to Significant Natural Areas that erode farmers’ property rights and correcting the naïve treatment of methane that punishes the whole country.

    He’s able to do that in large part because of the work Mark Cameron did, and continues to do. From 2020 onwards he scared the bejesus out of every other party in rural New Zealand. He shifted the whole political spectrum right on the split gas approach, SNAs, and freshwater laws. Now the Government is changing those policies. As Chair of the Primary Production Committee, Mark stays in the headlines championing rural New Zealand every week. He is the definition of an effective MP.

    Karen Chhour is the embodiment of ACT values. Her life gives her more excuses than anyone in Parliament, but she makes none, and she accepts none. She is reforming the government department that let her down when she was small. If every New Zealander had Karen’s attitude and values, we’d be a country with no problems.

    Perhaps the biggest single policy problem we face is the Resource Management Act. Somone once said you can fill a town hall to stop anything in this country, but you can’t fill a telephone box to get something started. In steps Simon Court who, with Chris Bishop, is designing new resource management laws based on property rights. That’s an ACT policy designed to unleash the latent wealth our country has by letting people develop and use the property they own.

    Our new MPs that you helped elect last year are also making their marks. Todd Stephenson has picked up the End of Life Choice baton, with a bill to extend compassion and choice to those who suffer the most: those with long-term, degenerative illnesses. Parmjeet Parmar is one of the hardest working MPs I have seen, and a great chair of the Economic Development, Science and Innovation Committee. Cam Luxton and Laura McClure speak to a new generation of young parents who want their children to grow up in a free society.

    If you gave your Party Vote to ACT last year, you can be proud of the New Zealanders you put in Parliament to represent you. I am proud to lead this team of free thinkers in our House of Representatives, and I think we can all be proud of their efforts.

    New Zealand’s origin story: a nation of immigrants

    The summer is a good time to think about the state of our nation, and I got to thinking about who we are and how we got here. Whatever troubles we may face today, I couldn’t help coming back to something that unites New Zealand.

    Our country at its best is a place that welcomes hopeful people from all over the earth. People with different languages, religions and cultures united by one thing. When you look at the map it jumps out at you. We are the most remote country on Earth. If you’ve never stood at Cape Reinga and looked out to see wide open spaces for 10,000 kilometres, you owe it to yourself just once.

    It shows that one thing makes us all different from the rest of the world. No matter when or where you came from, you or your ancestors once travelled farther than anyone to give your children and theirs a better tomorrow.

    That is the true Kiwi spirit. Taking a leap into the unknown for a chance at better. Compared with what divides us, our spirit as a nation of pioneers unites us ten times over. Migrating from oppression and poverty for freedom and prosperity is what it means to be Kiwi.

    If that bright and optimistic side of our psyche, got half as much time as the whinging, we would all be better off. We would see ourselves as people unafraid of challenges, freed from conformity, with the power to decide our best days are always ahead of us.

    New Zealand’s inherent tension: two tribes

    I got to wondering why that isn’t a more popular story. Why do we cut down tall poppies? Why do we value conformity over truth? Why do people who came here for a better life grow up disappointed and move away again?

    I believe our nation is dominated by two invisible tribes. One, I call ‘Change Makers’. People who act out the pioneering spirit that built our country every day. We don’t just believe it is possible to make a difference in our own lives; we believe it’s an obligation.

    Change makers load up their mortgage to start a business and give other people jobs. They work the land to feed the world. They save up and buy a home that they maintain for someone else to live in. They study hard to extend themselves. They volunteer and help out where they can. They take each person as they find them. They don’t need to know your ancestry before they know how to treat you.

    Too often, they get vilified for all of the above. I know there’s many people like that in this room today. ACT people are Change Makers; we carry the pioneering spirit in our hearts.

    Then there’s the other tribe – people building a Majority for Mediocrity. They would love nothing more than to go into lockdown again, make some more sourdough, and worry about the billions in debt another day.

    They blame one of the most successful societies in history for every problem they have. They believe that ancestry is destiny. They believe people are responsible for things that happened before they were born, but criminals aren’t responsible for what they did last week.

    Far from believing people can make a difference in their own lives, they believe that their troubles are caused by other people’s success. They look for politicians who’ll cut tall poppies down – politicians who say to young New Zealanders ‘if you study hard, get good grades, get a good job, save money, and invest wisely, we’ll tax you harder’.

    I wasn’t kidding about the lockdowns; they were a litmus test. In early 2022, after this city had been locked down for months, and the borders had been closed for two years, a pollster asked New Zealanders if they’d like to be locked down again for Omicron.

    Now, I know it’s painful to think back, but bear with me. Omicron spread more easily than any earlier variant. It was also less harmful if you caught it. That was especially so because we were then among the most vaccinated nations on earth. The damage to business, education, non-COVID healthcare, and the government’s books was already massive and painful.

    And yet, 48 per cent of New Zealanders wanted another lockdown for Omicron. 46 per cent didn’t. That for me put the tribes into sharp relief. If you were a business owner who needed to open, a parent worried about missed education, a migrant missing their family, or just someone who wanted their life back, you wanted to open.

    When the Government finally lifted restrictions, many of those people left. Real estate agents report people selling because they’re moving to Australia every day. This is where the balance between these two invisible tribes comes into focus.

    Remember the gap in that poll was two per cent. Since the borders opened a net 116,000 citizens have left New Zealand. That’s a touch over two per cent.

    A tipping point

    The more people with get up and go choose to get up and leave, the less attractive it is for motivated people to stay here.

    Muldoon once quipped, ‘New Zealanders who leave for Australia raise the IQ of both countries.’ Actually, New Zealanders who leave for Australia  are tipping us towards a Majority for Mediocrity. Motivated New Zealanders leaving is good news for the shoplifters, conspiracy theorists, and hollow men who make up the political opposition.

    A few more good people leaving is all they need for their Majority of Mediocrity. The more that aspirational, hardworking people get up and leave New Zealand, the more likely it is we’ll get left-wing governments in the future.

    That’s why I say we’re at a tipping point.

    There’s another reason why the mediocrity majority is growing, young people feel betrayed and disillusioned.

    A new generation looks at the housing market and sees little hope. Imagine you’re someone who’s done it all right, you listened to your teacher and did your homework. You studied for a tertiary education like everyone told you. Now you have $34,000 in debt, you start on $60,000, and you see the average house is 900,000 or fifteen times your (before tax) income.

    Nobody can blame a young person for wondering if they aren’t better off overseas. Many decide they are. Those who stay are infected  by universities  with the woke mind viruses of identity politics, Marxism, and post-modernism.

    Feeling like you’ll never own your own capital asset at the same time as some professor left over from the Cold War tells you about Marx is a dangerous combination.

    This is the other political tipping point that risks manufacturing a majority for mediocrity. A bad housing market and a woke education system combined are a production line for left-wing voters.

    The hard left prey on young New Zealanders. They tell them that their problems are caused by others’ success. That they are held back by their identity, but if they embrace identity politics, they can take back what’s theirs. Their mechanism is a new tax on wealth.

    These are the opposite of the spirit brings New Zealanders to our shores in the first place. The state of our nation is that we’re at a tipping point , and what we do in the next few years will decide which way we go.

    The short-term outlook is sunny, but only because Labour was so bad.

    We can afford to hope that this year will be better than 2024. By that standard, 2025 will be a success. Interest rates will be lower. The Government will have stopped wasting borrowed money, banning things, punishing employers, landlords, farmers, and anyone else trying to make a difference, with another layer of red tape.

    In fact, we have a Government that’s saving money, cutting red tape, and paring back identity politics. With those changes we will see more hope than we’ve seen in years, and hopefully a slowdown in citizens leaving. That is good, it’s welcome, and ACT is proud to be part of the coalition Government that’s doing it.

    ACT is needed to be brave, articulate, and patriotic

    The truth is, though, it’s easy to do a better job of Labour over 12 months. It’s much harder to muster the courage to keep making difficult decisions over several years, even if they’re not immediately popular. Our nation is in a century of decline. Just stopping one Government’s stupid stuff and waiting for a cyclical recovery won’t change the long-term trend. We need to be honest about the challenges we face and the changes needed to overcome them.

    We need to act like a country at risk of reaching a tipping point and losing its first world status. We are facing some tough times, and tough times require tough choices to be made.

    ACT’s goal is to keep the Government, and make it better. We may have gone into Government, but we never went into groupthink. It’s the role of ACT to be the squeaky wheel, pointing out where the Government needs to do better.

    The Government cannot measure itself by just being better than Labour. Instead, we need to ask ourselves, is this policy good enough to make New Zealand a first world country that people want to stay in?

    It’s easy to have big plans, we are the world, but charity begins at home. We need to focus only on what the government does, and ensure it does it well.

    We need to think carefully about three areas of government activity: spending, owning, and regulating. There is nothing the government does that doesn’t come down to one of those three things.

    Why government spends a dollar it has taxed or borrowed, and whether the benefits of that outweigh the costs.

    Why government owns an asset, and whether the benefits to citizens outweigh the costs to taxpayers of owning it.

    Why a restriction is placed on the use and exchange of private property, and whether the benefits of that regulation outweigh the costs on the property owner.

    When it comes to spending, we have a burning platform.

    Last year the economy shrunk by one per cent, even as the population grew slightly thanks to births and inbound migration. This year the Government is planning to borrow $17 billion, about $10 billion is for interest on debt, and we’ll have to pay interest on that debt the following year. Next year, government debt will exceed $200 billion.

    There lots of reasons why this situation will get harder.

    We’ve claimed an exclusive economic zone of four million square kilometres by drawing a circle around every offshore island we could name. We spend less than one per cent of GDP defending it, while our only ally, across the ditch, spends twice that.

    Put another way, we’re a country whose government gives out $45 billion in payments each year but spends only $3.2 billion defending the place. Does that sound prudent to you? Doubling defense would cost another $3.2 billion per year, effectively paying more for what we already have. We may face pressure to do just that thanks to US foreign policy.

    There’s a tail wind on balancing the books, and it’s affecting every developed country, our population is ageing faster than it’s growing.

    Every year around 60,000 people turn sixty-five and become eligible for a pension. To the taxpayer, superannuation expenses increase by $1.4 billion each year.

    Healthcare spending has gone from $20 billion to $30 billion in five years, but people are so dissatisfied that healthcare is now the third biggest political issue. Put it another way, we are now spending nearly $6,000 per citizen on healthcare.

    How many people here would give up their right to the public healthcare system if they got $6,000 for their own private insurance? Should we allow people to opt out of the public healthcare system, and take their portion of funding with them so they can go private?

    Education is similar. We spend $20 billion of taxpayer money every year, and every year 60,000 children are born. By my count that’s $333,000 of lifetime education spending for each citizen.

    How many people would take their $333,000 and pay for their own education? How many young New Zealanders would be better off if they did it that way?

    Instead of spending next year because we did it this year, we need to ask ourselves, if we want to remain a first world country, then do New Zealanders get a return on this spending that justifies taking the money off taxpayers in the first place? If spending doesn’t stack up, it should stop so we can repay debt or spend the money on something that does.

    Then there’s the $570 billion, over half a trillion dollars of assets, the government owns. The one thing we know from state houses, hospital projects, and farms with high levels of animal death, is that the government is hopeless at owning things.

    But did you know you own Quotable Value, a property valuation company chaired by a former race relations conciliator that contracts to the government of New South Wales?

    What about 60,000 homes? The government doesn’t need to own a home to house someone. We know this because it also spends billions subsidising people to live in homes it doesn’t own. On the other hand, the taxpayer is paying $10 billion a year servicing debt, and the KiwiBuild and Kainga Ora debacles show the government should do as little in housing as possible.

    There are greater needs for government capital. We haven’t built a harbour crossing for nearly seven decades. Four hundred people die every year on a substandard road network. Beaches around here get closed thanks to sewerage overflow, but we need more core infrastructure. Sections of this city are being red zoned from having more homes built because the council cannot afford the pipes and pumping stations.

    We need to get past squeamishness about privatisation and ask a simple question: if we want to be a first world country, then are we making the best use of the government’s half a trillion dollars’ plus worth of assets? If something isn’t getting a return, the government should sell it so we can afford to buy something that does.

    Finally, there’s regulation. That is placing restrictions on the use and exchange of property that the government doesn’t own or hasn’t taxed off the people who earned it already. That is, your property. Bad regulation is killing our prosperity in three ways.

    It adds costs to the things we do. It’s the delays, the paperwork, and the fees that make too many activities cost more than they ought to. It’s the builder saying it takes longer to get the consent than it took to build the thing. It’s the anti-money laundering palaver that ties people in knots doing basic things but somehow doesn’t stop criminals bringing in half a billion dollars of P each year. It’s the daycare centre that took four years to open because different departments couldn’t agree about the road noise outside. I could go on all afternoon.

    Then there’s the things that just don’t happen because people decide the costs don’t add up once the red tape is factored in.

    Then there’s the big one that goes to the heart of our identity and culture. It’s all the kids who grow up in a country where people gave up or weren’t allowed to try. It’s the climbing wall at Sir Edmund Hillary’s old school with signs saying don’t climb. It’s the lack of nightlife because it’s too hard to get a license. It’s the fear that comes from worrying WorkSafe or some other regulator will come and shut you down. You can’t measure it, but we all know it’s there.

    The Kiwi spirit we are so proud of is being chipped away and killing our vibe. Nobody migrated here to be compliant, but compliance is infantilising our culture, and I haven’t even mentioned orange cones yet.

    If we want to remain first world, we need to change how we regulate. No law should be passed without showing what problem is being solved, whether the benefits outweigh the costs, and who pays the costs and gets the benefits. These are the basic principles of the Regulatory Standards Bill that the Government will pass this year.

    Conclusion

    Of course, the Government IS doing many things that will change how it operates. There is a drive to reduce waste. There is a drive to get more money from overseas investment. The Regulatory Standards Bill will change how we regulate. The Resource Management Act is being replaced. Anti-money laundering laws are being simplified. Charter schools are opening, more roads are being built. These are all good things.

    But make no mistake, our country has always been the site of a battle between two tribes. The effect of emigration, and the world faced by young New Zealanders risks creating a permanent majority for mediocrity. Our country is at a tipping point.

    We need honest conversations about why government spends, owns, and regulates, and whether those policies are good enough to secure our future as a first world nation.

    You may have seen the ACT Party has been involved in a battle to define the principles of the Treaty democratically. It’s caused quite a stir. If you missed it, please check out treaty.nz where we outline what it’s about. It may still succeed this time, or it may be one of those bills that simply breaks the ground so something like it can proceed in the future.

    Either way, the tribe of change makers has a voice. People who want equal rights for all New Zealanders to be treated with respect and dignity because they’re citizens have a position that others need to refute. Good luck to them arguing against equal rights.

    It also shows something else, that ACT is the party prepared to stand up when it’s not easy and it’s not popular. That’s exactly the type of party our country needs in our Government.

    To all the Change Makers who proudly put us there, thank you, and no matter how daunting this tipping point may feel, together we can ensure our best days are still ahead of us.

    MIL OSI New Zealand News –

    January 28, 2025

  • MIL-OSI: Capital Bancorp, Inc. Announces 4Q and Full Year 2024 Results; Successful Close of the IFH Acquisition; Robust Organic Loan and Deposit Growth; Diversified Business Model Drives Strong Performance

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Results

    • Net Income of $7.5 million, or $0.45 per share, and return on average assets of 0.96%
      • Net Income of $15.5 million, or $0.92 per share, and return on average assets of 1.97% as adjusted to exclude the impact of merger-related expenses, initial Integrated Financial Holdings, Inc. (“IFH”) Allowance for Credit Losses (“ACL”) provision, and a non-recurring legacy IFH equity and debt investment write-down (non-GAAP)(1)
    • Tangible Book Value Per Share(1) of $18.77, decreased 6.8%, or $1.36 as compared to $20.13 (3Q 2024), resulting from the acquisition of IFH and related purchase accounting impacts
    • Return on average equity of 8.50%, and return on average tangible common equity(1) of 9.47%
      • Core return on average equity(1) of 17.68%, and core return on average tangible common equity(1) of 19.19%
    • Net Interest Income increased $6.0 million, or 15.6% (not annualized), from 3Q 2024
    • Net Interest Margin (“NIM”) decreased to 5.87% as compared to 6.41% (3Q 2024)
      • Core NIM, as adjusted to exclude the impact of credit card loans (non-GAAP)(1) decreased to 4.05% as compared to 4.08% (3Q 2024)
      • Net purchase accounting accretion of $0.7 million for 4Q 2024 accounted for 9 basis points of the reported 5.87% NIM and 10 basis points of the reported 4.05% core NIM, respectively
    • Fee Revenue (noninterest income) totaled $11.9 million, or 21.2% of total revenue for 4Q 2024
      • Core Fee Revenue of $14.5 million, or 24.7% of total core revenue, increased $7.9 million from 3Q 2024, excluding a non-recurring equity and debt investment write-down of $2.6 million (non-GAAP)(1), primarily due to the acquisition of IFH
    • Gross Loan Growth in the quarter of $522.6 million includes $373.5 million from the acquisition of IFH, and $149.1 million from organic growth, or 28.2% annualized for 4Q 2024
      • Commercial and industrial loans of $554.6 million, or 21.0% of total gross loans at December 31, 2024 increased $282.7 million from September 30, 2024
    • Total Deposit Growth in the quarter of $575.7 million includes $459.0 million from the acquisition of IFH, and $116.7 million from organic growth, or 21.2% annualized for 4Q 2024
      • Noninterest bearing deposits increased $92.8 million, or 51.4% annualized from 3Q 2024
    • The ratio of allowance for credit losses to total loans equaled 1.85% at December 31, 2024 including 1.44% for the legacy Capital Bank portfolio, down 7 basis points from 3Q. The additional ACL coverage results from the initial $15.5 million impact from the acquisition of the IFH portfolio.
    • Cash Dividend of $0.10 per share declared by the Board of Directors

    ROCKVILLE, Md., Jan. 27, 2025 (GLOBE NEWSWIRE) — Capital Bancorp, Inc. (the “Company”) (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the “Bank”), today reported net income of $7.5 million, or $0.45 per diluted share, for the fourth quarter 2024, compared to net income of $8.7 million, or $0.62 per diluted share, for the third quarter 2024, and $9.0 million, or $0.65 per diluted share, for the fourth quarter 2023. On October 1, 2024, the Company successfully completed its previously announced merger with IFH. Net income for the fourth quarter 2024 would have been $15.5 million, or $0.92 per diluted share if adjusted to exclude the impact of merger-related expenses, the initial IFH ACL provision, and a non-recurring equity and debt investment write down (non-GAAP)(1), compared to $9.2 million, or $0.66 per diluted share, for the third quarter 2024.

    The Company also declared a cash dividend on its common stock of $0.10 per share. The dividend is payable on February 26, 2025 to shareholders of record on February 10, 2025.

    “We are pleased to have successfully closed our acquisition of Integrated Financial Holdings, and we are now focused on merger integration and executing on the opportunities from our complementary lines of business,” said Ed Barry, CEO of the Company and the Bank. “We continue to benefit from our diversified business model which is driving growth across our platforms.”

    “The really strong performance of the commercial bank during the quarter was highlighted by record loan growth, solid deposit growth, and stable core net interest margin. I am particularly pleased by the growth of our commercial and industrial loans,” said Steven J. Schwartz, Chairman of the Company. “This outstanding organic growth is expected to continue to be a major contributing factor in our overall earnings growth in 2025 and beyond. The acquisition of IFH, while creating a lot of noise in the financial results of the 4th quarter, provides us with a new line of business – loan servicing, processing, and packaging – and a significant expansion of our government-guaranteed lending platform.”

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

    Acquisition of Integrated Financial Holdings, Inc.
    On October 1, 2024, the Company successfully completed its previously announced merger with IFH. Pursuant to the terms of the Merger Agreement, each share of IFH’s common stock, par value $1.00 per share (“IFH Common Stock”) was converted into the right to receive (a) 1.115 shares of common stock of the Company, par value $0.01 per share (“Capital Common Stock”); and (b) $5.36 in cash per share of IFH Common Stock held immediately prior to the Effective Time, in addition to cash in lieu of fractional shares. In addition, each stock option granted by IFH to purchase shares of IFH Common Stock, whether vested or unvested, outstanding immediately prior to the Effective Time, was assumed by the Company and converted into an equivalent option to purchase Capital Common Stock, with the same terms and conditions as applied to the IFH stock option.

    Total assets, including purchase accounting adjustments, of $559.4 million acquired in connection with the IFH acquisition included gross loans of $373.5 million, loans held for sale of $41.7 million and total deposits of $459.0 million at October 1, 2024.

    During 2024, the Company incurred pre-tax merger-related expenses of $3.9 million, including expenses totaling $2.6 million for the fourth quarter 2024, generally consistent with modeled expectations.

    The fourth quarter earnings were also impacted by pre-tax provision credit losses on acquired loans of $4.2 million (“Initial IFH ACL Provision”) along with a non-recurring $2.6 million write-down of a legacy IFH equity and debt investment in a start-up. The net remaining value of the equity and debt investment is $0.2 million at December 31, 2024.

    The following table provides a reconciliation of the Company’s net income under GAAP to non-GAAP results excluding merger-related expenses, Initial IFH ACL Provision, and the non-recurring equity and debt write-down.

      Fourth Quarter 2024   Third Quarter 2024
    (in thousands, except per share data) Income Before Income Taxes   Income Tax Expense   Net Income   Diluted Earnings per Share   Income Before Income Taxes   Income Tax Expense(Benefit)   Net Income   Diluted Earnings per Share
    GAAP Earnings $ 10,776     $ 3,243     $ 7,533     $ 0.45     $ 11,499     $ 2,827     $ 8,672     $ 0.62  
    Add: Merger-Related Expenses   2,615       464       2,151           520       (37 )     557      
    Add: Non-recurring Equity and Debt Investment Write-Down   2,620       —       2,620           —       —       —      
    Add: Initial IFH ACL Provision   4,194       1,025       3,169           —       —       —      
    Non-GAAP Earnings $ 20,205     $ 4,732     $ 15,473     $ 0.92     $ 12,019     $ 2,790     $ 9,229     $ 0.66  
      Year Ended December 31, 2024
    (in thousands, except per share data) Income Before Income Taxes   Income Tax Expense   Net Income   Diluted Earnings per Share
    GAAP Earnings $ 41,832     $ 10,860     $ 30,972     $ 2.11  
    Add: Merger-Related Expenses   3,930       622       3,308      
    Add: Non-recurring Equity and Debt Investment Write-Down   2,620       —       2,620      
    Add: Initial IFH ACL Provision   4,194       1,025       3,169      
    Non-GAAP Earnings $ 52,576     $ 12,507     $ 40,069     $ 2.73  
                                   

    Note: The tax benefit associated with merger-related expenses has been adjusted to reflect the estimated nondeductible portion of the expenses.

    Fourth Quarter 2024 Highlights

    Earnings Summary

    Net income of $7.5 million, or $0.45 per diluted share, decreased $1.1 million compared to $8.7 million, or $0.62 per diluted share, for the third quarter 2024. Net income of $15.5 million, or $0.92 per diluted share, as adjusted to exclude the impact of merger-related expenses, Initial IFH ACL Provision and a $2.6 million non-recurring equity and debt investment write-down (non-GAAP)(1) for the fourth quarter 2024 compared to $9.2 million, or $0.66 per diluted share, for the third quarter 2024.

    • Net interest income of $44.3 million increased $6.0 million, or 15.6%, compared to the third quarter 2024.
      • Interest income of $61.7 million increased $9.1 million, or 17.3%, over the third quarter 2024, primarily from $7.9 million in portfolio loan interest income, as growth in average balances increased $539.3 million. Interest income from interest-bearing deposits held at other financial institutions increased $0.3 million, as average balances increased $49.1 million to $140.2 million. Interest income included $0.7 million from net purchase accounting amortization.
      • Interest expense of $17.4 million increased $3.1 million, or 21.9% over the third quarter 2024 due to increases in time deposits and borrowed funds of $2.7 million and $0.6 million, respectively, offset by a decrease in customer money market deposits of $0.3 million. Average balances increased $367.8 million, $53.5 million and $65.3 million, respectively. Interest expense included $1.4 million from net purchase accounting accretion.
    • The provision for credit losses was $7.8 million, an increase of $4.1 million from the third quarter 2024, which included the Initial IFH ACL Provision of $4.2 million, $2.4 million from organic commercial portfolio loan growth and $1.2 million from OpenSky provision in the quarter. Net charge-offs totaled $2.4 million, a $0.2 million decrease over the third quarter 2024, including $2.1 million from credit card related loans. At December 31, 2024, the allowance for credit losses to total loans ratio was 1.85%, up 34 basis points from the ratio at September 30, 2024 due to the initial purchase credit deteriorated (“PCD”) credit mark and initial non-PCD ACL provision. Excluding IFH, legacy Capital Bank ACL coverage ratio was 1.44%, a decrease of 7 basis points from the third quarter 2024.

    Earnings Summary (Continued)

    • Noninterest income of $11.9 million increased $5.3 million as compared to the third quarter 2024 primarily due to contributions from the IFH acquisition. Government loan servicing revenue (Windsor) totaled $4.0 million, government lending revenue totaled $2.3 million and loan servicing rights totaled $1.0 million, offset by a non-recurring equity and debt write-down of $2.6 million related to an IFH investment. Other income increased $1.0 million including $0.9 million related to an investment in an SBIC, while credit card fees declined $0.3 million.
    • Noninterest expense of $37.5 million increased $7.8 million as compared to the third quarter 2024, primarily from the IFH acquisition. Noninterest expense of $34.9 million, excluding merger-related expenses of $2.6 million, increased $5.7 million as compared to the third quarter 2024. Highlights include:
      • The fourth quarter 2024 includes $0.3 million of intangible amortization resulting from the transaction.
      • Salaries and employee benefits expenses of $16.5 million increased $3.2 million, primarily related to the acquisition of IFH.
      • Occupancy and equipment expenses of $3.0 million increased $1.2 million, primarily related to increased contract expense from the IFH acquisition of $0.5 million and software depreciation of $0.4 million.
      • Estimated total cost synergies resulting from the acquisition totaled $1.5 million in the fourth quarter 2024, generally consistent with modeled expectations.
    • Income tax expense of $3.2 million, or 30.1% of pre-tax income for the fourth quarter 2024, increased $0.4 million from $2.8 million, or 24.6% of pre-tax income for the third quarter 2024. The elevated tax rate in the quarter resulted from non-deductibility of an equity and debt write-down along with some merger-related expenses. Excluding merger-related expenses and the non-recurring equity and debt write-down, the effective income tax rate for the fourth quarter 2024 would have been 22.6%.

    Balance Sheet

    Total assets of $3.2 billion at December 31, 2024 increased $646.1 million, or 25.2% (not annualized), from September 30, 2024. Total assets, including $559.4 million acquired with the IFH acquisition, net of purchase accounting, included gross loans of $373.5 million, loans held for sale of $41.7 million and total deposits of $459.0 million at October 1, 2024.

    • Cash and cash equivalents of $205.3 million at December 31, 2024 increased $48.6 million from September 30, 2024.
    • Total portfolio loans of $2.6 billion at December 31, 2024 increased $522.6 million, or 24.8% (not annualized) from September 30, 2024. Total average loans increased $539.3 million quarter over quarter.
      • Owner-occupied commercial real estate loans increased $88.6 million, or 25.2% (not annualized) from September 30, 2024.
      • The average portfolio loans-to-deposit ratio of 99.27% for the three months ended December 31, 2024 remained stable.
    • Total deposits of $2.8 billion at December 31, 2024 increased $575.7 million, or 26.3% (not annualized), from September 30, 2024. The increase includes $190.6 million of customer time deposits, $92.8 million of noninterest-bearing deposits primarily related to growth in title company deposit balances, $130.2 million of growth in customer money market deposits and $180.0 million of growth in brokered time deposits, partially offset by a decrease in interest-bearing demand accounts of $27.6 million.
      • Insured and protected deposits were approximately $1.6 billion as of December 31, 2024, representing 57.1% of the Company’s deposit portfolio.
      • Low and no interest bearing deposits of $1.1 billion, 38.5% of deposits, increased $74.9 million, or 7.6% (not annualized) from September 30, 2024. Average noninterest-bearing deposits of $729.9 million increased $49.2 million, or 7.2% (not annualized), and represented 27.9% of total average deposits at December 31, 2024.
    • The investment securities portfolio continues to be classified as available-for-sale and had a fair market value of $223.6 million, or 7.0% of total assets, an effective duration of 3.0 years, with U.S. Treasury Securities representing 57% of the overall investment portfolio at December 31, 2024. The accumulated other comprehensive income (loss) on the investment securities portfolio increased $2.9 million during the quarter to ($11.5 million) as of December 31, 2024, which represents 3.2% of total stockholders’ equity. The Company does not have a held-to-maturity investment securities portfolio.
    • Liquidity – The Company maintains stable and reliable sources of available borrowings, generally consistent with prior quarter. Sources of available borrowings at December 31, 2024 totaled $803.0 million, including available collateralized lines of credit of $595.7 million, unsecured lines of credit with other banks of $76.0 million and unpledged investment securities available as collateral for potential additional borrowings of $131.4 million.
    • Capital Positions – As of December 31, 2024, the Company reported a common equity tier 1 capital ratio of 13.74%, compared to 14.78% at September 30, 2024. At December 31, 2024, the Company and the Bank maintain regulatory capital ratios that exceed all capital adequacy requirements.

    Financial Metrics

    Net Interest Margin – Net interest margin decreased 54 basis points to 5.87% for the three months ended December 31, 2024, compared to prior quarter. Core net interest margin, as adjusted to exclude the impact of OpenSky™ credit card loans (non-GAAP)(1), decreased 3 basis points to 4.05% as compared to prior quarter. Net purchase accounting accretion for the fourth quarter 2024 was 9 basis points and 10 basis points for NIM and core NIM, respectively.

    • The average yield on interest earning assets of 8.17% decreased 62 basis points compared to the prior quarter, including 40 basis points from inclusion of IFH commercial assets. The yield on portfolio loans, as adjusted to exclude the impact of OpenSky™ credit card loans (non-GAAP)(1), of 6.98% for the fourth quarter 2024, decreased 17 basis points, primarily as a consequence of reduced market interest rates.
    • The total cost of deposits decreased 14 basis points to 2.50% for the fourth quarter 2024 as compared to the prior quarter. The total cost of interest-bearing deposits decreased 46 basis points to 3.46% for the fourth quarter 2024 as compared to the prior quarter.

    Efficiency Ratios – The efficiency ratio was 66.7% for the three months ended December 31, 2024, compared to 66.1% for the three months ended September 30, 2024. The efficiency ratio was 59.3%, as adjusted to exclude the impact of merger-related expenses and a non-recurring equity and debt investment write-down (non-GAAP)(1), for the three months ended December 31, 2024 compared to 64.9% for the three months ended September 30, 2024.

    Credit Metrics and Asset Quality – The ratio of allowance for credit losses to total loans equaled 1.85% at December 31, 2024, an increase of 34 basis points from September 20, 2024, which includes a 1.44% ACL coverage ratio for the legacy Capital Bank portfolio, down 7 basis points from 3Q. The additional ACL coverage results from the initial $15.5 million reserve on the $373.5 million IFH loan portfolio. Underlying credit performance and metrics were relatively stable and consistent with prior quarter when excluding the impact of the combination with IFH.

    Nonperforming assets increased 34 basis points to 0.94% of total assets at December 31, 2024 as compared to September 30, 2024. Total nonaccrual loans at December 31, 2024 increased $14.8 million to $30.2 million compared to September 30, 2024. At December 31, 2024, special mention loans totaled $60.0 million, or 2.3% of total portfolio loans, as compared to $20.3 million, or 1.0% of total portfolio loans, at September 30, 2024. At December 31, 2024, substandard loans totaled $48.4 million, or 1.8% of total portfolio loans, as compared to $23.8 million, or 1.1% of total portfolio loans, at September 30, 2024.

    Performance Ratios – Annualized return on average assets (“ROAA”) and annualized return on average equity (“ROAE”), and ROATCE were 0.96%, 8.50%, and 9.47% respectively, for the three months ended December 31, 2024, compared to 1.42%, 12.59%, and 12.59% respectively, for the three months ended September 30, 2024.

    • Annualized ROAA, annualized ROAE, and annualized ROATCE were 1.97%, 17.46%, and 19.19% respectively, as adjusted to exclude the impact of merger-related expenses, Initial IFH ACL Provision, and a non-recurring equity and debt investment write-down (non-GAAP)(1), for the three months ended December 31, 2024, compared to 1.51%, 13.40%, and 13.40% respectively, for the three months ended September 30, 2024.

    Tangible Book Value – Book value per common share of $21.31 at December 31, 2024 increased $1.19 when compared to September 30, 2024. Tangible book value per common share(1) decreased $1.36, or 6.8%, to $18.77 at December 31, 2024 when compared to September 30, 2024. Tangible book value was impacted by the purchase accounting adjustments made in consequence of the IFH acquisition. The Company did not have goodwill or other intangible assets prior to the fourth quarter 2024. Therefore, tangible book value per share(1) was equal to book value per share for periods prior to the fourth quarter 2024.

    Commercial Bank

    Continued Portfolio Loan Growth – Gross portfolio loans, excluding OpenSky™ credit card loans, increased $522.9 million, to $2.5 billion, at December 31, 2024 compared to September 30, 2024.

    The $522.9 million gross portfolio loan growth includes commercial real estate loans of $156.4 million, residential real estate loans of $64.9 million and commercial and industrial loans of $282.7 million. Historical gross portfolio loan balances are disclosed in the Composition of Loans table within the Historical Financial Highlights.

    Net Interest Income – Interest income of $45.2 million increased $9.4 million from prior quarter, driven by loan growth and higher loan yields. Interest expense of $17.1 million increased $3.1 million, driven by an increase in average balances in the fourth quarter 2024.

    Credit Metrics – Nonperforming assets, comprised solely of nonaccrual loans, increased 34 basis point to 0.94% of total assets at December 31, 2024 compared to September 30, 2024. Total nonaccrual loans at December 31, 2024 increased to $30.2 million compared to $15.5 million at September 30, 2024 due primarily to the acquisition of IFH.

    Classified and Criticized Loans – At December 31, 2024, special mention loans totaled $60.0 million, or 2.3% of total portfolio loans, as compared to $20.3 million, or 1.0% of total portfolio loans, at September 30, 2024. At December 31, 2024, substandard loans totaled $48.4 million, or 1.8% of total portfolio loans, as compared to $23.8 million, or 1.1% of total portfolio loans, at September 30, 2024.

    OpenSky™

    Revenues – Total revenue of $19.2 million decreased $0.5 million from the prior quarter. Interest income of $15.5 million decreased $0.2 million from the prior quarter. Average OpenSky™ credit card loan balances, net of reserves and deferred fees of $121.0 million for the fourth quarter 2024, increased $1.5 million, or 1.3% (not annualized), compared to prior quarter. Noninterest income of $3.7 million decreased $0.4 million as compared to the prior quarter, primarily related to lower annual fee income.

    Noninterest Expense – Total noninterest expense of $12.6 million decreased $0.7 million, primarily related to a reduction in quarterly advertising expense.

    Loan and Deposit Balances – Loan balances, net of reserves, of $127.8 million at December 31, 2024 increased by $0.7 million, or 0.5%, compared to $127.1 million at September 30, 2024. Corresponding deposit balances of $166.4 million at December 31, 2024 decreased $4.4 million, or 2.6%, compared to $170.8 million at September 30, 2024. Gross unsecured loan balances of $42.4 million at December 31, 2024 increased $2.7 million, or 6.8%, compared to $39.7 million at September 30, 2024. During the fourth quarter 2024, the number of credit card accounts increased by 3,614 to 552,566 from September 30, 2024.

    OpenSky™Credit – Portfolio credit metrics continue to be generally consistent with modeled expectations during the fourth quarter 2024. The provision for credit losses of $1.2 million decreased $1.1 million when compared to the prior quarter.

    Capital Bank Home Loans

    Originations of loans held for sale totaled $90.0 million during the fourth quarter, with $77.4 million of mortgage loans sold resulting in a gain on sale of loans of $1.9 million, representing a 2.45% of gain on sale as a percentage of total loans sold.

    Windsor Advantage

    Windsor Advantage is a loan service provider that offers community banks and credit unions with a comprehensive outsourced U.S. Small Business Association (“SBA”) 7(a) and U.S. Department of Agriculture (“USDA”) lending platform. Windsor Advantage generates fee income for the Company in connection with its servicing, processing and packaging of such loans for its financial institution clients.

    Fee Income – Gross government loan servicing revenue totaled $4.6 million, including $0.5 million of Capital Bank related servicing fees, during the fourth quarter 2024. Windsor’s total servicing portfolio was $2.5 billion at December 31, 2024.

    COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited            
                               
      Quarter Ended   4Q24 vs 3Q24   4Q24 vs 4Q23
    (in thousands, except per share data) December 31, 2024   September 30, 2024   December 31, 2023   $ Change   % Change   $ Change   % Change
    Earnings Summary                          
    Interest income $ 61,707     $ 52,610     $ 46,969     $ 9,097     17.3 %   $ 14,738     31.4 %
    Interest expense   17,380       14,256       12,080       3,124     21.9 %     5,300     43.9 %
    Net interest income   44,327       38,354       34,889       5,973     15.6 %     9,438     27.1 %
    Provision for credit losses   7,828       3,748       2,808       4,080     108.9 %     5,020     178.8 %
    Provision for (release of) credit losses on unfunded commitments   122       17       (106 )     105     617.6 %     228     (215.1 )%
    Noninterest income   11,913       6,635       5,936       5,278     79.5 %     5,977     100.7 %
    Noninterest expense   37,514       29,725       26,907       7,789     26.2 %     10,607     39.4 %
    Income before income taxes   10,776       11,499       11,216       (723 )   (6.3 )%     (440 )   (3.9 )%
    Income tax expense   3,243       2,827       2,186       416     14.7 %     1,057     48.4 %
    Net income $ 7,533     $ 8,672     $ 9,030     $ (1,139 )   (13.1 )%   $ (1,497 )   (16.6 )%
                                       
    Pre-tax pre-provision net revenue (“PPNR”) (1) $ 18,726     $ 15,264     $ 13,918     $ 3,462     22.7 %   $ 4,808     34.5 %
    PPNR, as adjusted(1) $ 23,961     $ 15,784     $ 13,918     $ 8,177     51.8 %   $ 10,043     72.2 %
                                       
    Common Share Data                                  
    Earnings per share – Basic $ 0.45     $ 0.62     $ 0.65     $ (0.17 )   (27.4 )%   $ (0.20 )   (30.8 )%
    Earnings per share – Diluted $ 0.45     $ 0.62     $ 0.65     $ (0.17 )   (27.4 )%   $ (0.20 )   (30.8 )%
    Earnings per share – Diluted, as adjusted(1) $ 0.92     $ 0.66     $ 0.65     $ 0.26     39.4 %   $ 0.27     41.5 %
    Weighted average common shares – Basic   16,595       13,914       13,897                  
    Weighted average common shares – Diluted   16,729       13,951       13,989                  
                               
    Return Ratios                          
    Return on average assets (annualized)   0.96 %     1.42 %     1.63 %                
    Return on average assets, as adjusted (annualized)(1)   1.97 %     1.51 %     1.63 %                
    Return on average equity (annualized)   8.50 %     12.59 %     14.44 %                
    Return on average equity, as adjusted (annualized)(1)   17.46 %     13.40 %     14.44 %                
    Return on average tangible common equity (annualized)(1)   9.47 %     12.59 %     14.44 %                
    Core return on average equity, as adjusted (annualized)(1)   17.68 %     13.40 %     14.44 %                
    Core return on average tangible common equity, as adjusted (annualized)(1)   19.19 %     13.40 %     14.44 %                

    ______________
    (1) Refer to Appendix for reconciliation of non-GAAP measures.

    COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited (Continued)  
                   
      Year Ended        
      December 31,        
    (in thousands, except per share data)   2024       2023     $ Change   % Change
    Earnings Summary              
    Interest income $ 213,301     $ 183,206     $ 30,095     16.4 %
    Interest expense   58,555       41,680       16,875     40.5 %
    Net interest income   154,746       141,526       13,220     9.3 %
    Provision for credit losses   17,720       9,610       8,110     84.4 %
    Provision for (release of) credit losses on unfunded commitments   385       (101 )     486     (481.2 )%
    Noninterest income   31,410       24,975       6,435     25.8 %
    Noninterest expense   126,219       110,767       15,452     14.0 %
    Income before income taxes   41,832       46,225       (4,393 )   (9.5 )%
    Income tax expense   10,860       10,354       506     4.9 %
    Net income $ 30,972     $ 35,871     $ (4,899 )   (13.7 )%
                     
    Pre-tax pre-provision net revenue (“PPNR”) (1) $ 59,937     $ 55,734     $ 4,203     7.5 %
    PPNR, as adjusted(1) $ 66,487     $ 55,734     $ 10,753     19.3 %
                     
    Common Share Data                
    Earnings per share – Basic $ 2.12     $ 2.56     $ (0.44 )   (17.2 )%
    Earnings per share – Diluted $ 2.11     $ 2.55     $ (0.44 )   (17.3 )%
    Earnings per share – Diluted, as adjusted(1) $ 2.73     $ 2.55          
    Weighted average common shares – Basic   14,584       14,003          
    Weighted average common shares – Diluted   14,660       14,081          
                   
    Return Ratios              
    Return on average assets (annualized)   1.21 %     1.64 %        
    Return on average assets, as adjusted (annualized)(1)   1.57 %     1.64 %        
    Return on average equity (annualized)   10.78 %     14.91 %        
    Return on average equity, as adjusted (annualized)(1)   13.94 %     14.91 %        

    ______________
    (1) Refer to Appendix for reconciliation of non-GAAP measures.

    COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited (Continued)        
                           
      Quarter Ended       Quarter Ended
      December 31,     September 30,   June 30,   March 31,
    (in thousands, except per share data)   2024       2023     % Change     2024       2024       2024  
    Balance Sheet Highlights                      
    Assets $ 3,206,911     $ 2,226,176       44.1 %   $ 2,560,788     $ 2,438,583     $ 2,324,238  
    Investment securities available-for-sale   223,630       208,329       7.3 %     208,700       207,917       202,254  
    Mortgage loans held for sale   21,270       7,481       184.3 %     19,554       19,219       10,303  
    Portfolio loans receivable (2)   2,630,163       1,903,288       38.2 %     2,107,522       2,021,588       1,964,525  
    Allowance for credit losses   48,652       28,610       70.1 %     31,925       30,832       29,350  
    Deposits   2,761,939       1,895,996       45.7 %     2,186,224       2,100,428       2,005,695  
    FHLB borrowings   22,000       22,000       — %     52,000       32,000       22,000  
    Other borrowed funds   12,062       27,062       (55.4 )%     12,062       12,062       12,062  
    Total stockholders’ equity   355,139       254,860       39.3 %     280,111       267,854       259,465  
    Tangible common equity (1)   312,685       254,860       22.7 %     280,111       267,854       259,465  
                           
    Common shares outstanding   16,662       13,923       19.7 %     13,918       13,910       13,890  
    Book value per share $ 21.31     $ 18.31       16.4 %   $ 20.13     $ 19.26     $ 18.68  
    Tangible book value per share (1) $ 18.77     $ 18.31       2.5 %   $ 20.13     $ 19.26     $ 18.68  
    Dividends per share $ 0.10     $ 0.08       25.0 %   $ 0.10     $ 0.08     $ 0.08  

    ______________
    (1) Refer to Appendix for reconciliation of non-GAAP measures.
    (2) Loans are reflected net of deferred fees and costs.

    Consolidated Statements of Income (Unaudited)        
      Three Months Ended Year Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Interest income                          
    Loans, including fees $ 58,602     $ 50,047     $ 48,275     $ 45,991     $ 45,109     $ 202,915     $ 174,760  
    Investment securities available-for-sale   1,539       1,343       1,308       1,251       1,083       5,441       4,815  
    Federal funds sold and other   1,566       1,220       1,032       1,127       777       4,945       3,631  
    Total interest income   61,707       52,610       50,615       48,369       46,969       213,301       183,206  
                               
    Interest expense                          
    Deposits   16,385       13,902       13,050       12,833       11,759       56,170       39,625  
    Borrowed funds   995       354       508       528       321       2,385       2,055  
    Total interest expense   17,380       14,256       13,558       13,361       12,080       58,555       41,680  
                               
    Net interest income   44,327       38,354       37,057       35,008       34,889       154,746       141,526  
    Provision for credit losses   7,828       3,748       3,417       2,727       2,808       17,720       9,610  
    Provision for (release of) credit losses on unfunded commitments   122       17       104       142       (106 )     385       (101 )
    Net interest income after provision for credit losses   36,377       34,589       33,536       32,139       32,187       136,641       132,017  
    Noninterest income                          
    Service charges on deposits   241       235       200       207       240       883       964  
    Credit card fees   3,733       4,055       4,330       3,881       3,970       15,999       17,273  
    Mortgage banking revenue   1,821       1,882       1,990       1,453       1,166       7,146       4,896  
    Government lending revenue   2,301       —       —       —       —       2,301       —  
    Government loan servicing revenue   3,993       —       —       —       —       3,993       —  
    Loan servicing rights (government guaranteed)   1,013       —       —       —       —       1,013       —  
    Non-recurring equity and debt investment write-down   (2,620 )     —       —       —       —       (2,620 )     —  
    Other income   1,431       463       370       431       560       2,695       1,842  
    Total noninterest income   11,913       6,635       6,890       5,972       5,936       31,410       24,975  
    Noninterest expenses                          
    Salaries and employee benefits   16,513       13,345       13,272       12,907       11,638       56,037       48,754  
    Occupancy and equipment   2,976       1,791       1,864       1,613       1,573       8,244       5,673  
    Professional fees   2,150       1,980       1,769       1,947       1,930       7,846       9,270  
    Data processing   7,210       6,930       6,788       6,761       6,128       27,689       25,686  
    Advertising   1,032       1,223       2,072       2,032       1,433       6,359       6,161  
    Loan processing   969       615       476       371       198       2,431       1,633  
    Foreclosed real estate expenses, net   —       1       —       1       —       2       7  
    Merger-related expenses   2,615       520       83       712       —       3,930       —  
    Operational losses   993       1,008       782       931       1,490       3,714       4,613  
    Other operating   3,056       2,312       2,387       2,212       2,517       9,967       8,970  
    Total noninterest expenses   37,514       29,725       29,493       29,487       26,907       126,219       110,767  
    Income before income taxes   10,776       11,499       10,933       8,624       11,216       41,832       46,225  
    Income tax expense   3,243       2,827       2,728       2,062       2,186       10,860       10,354  
    Net income $ 7,533     $ 8,672     $ 8,205     $ 6,562     $ 9,030     $ 30,972     $ 35,871  
                                                           
    Consolidated Balance Sheets                  
      (unaudited)   (unaudited)   (unaudited)   (unaudited)   (audited)
    (in thousands, except share data) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Assets                  
    Cash and due from banks $ 25,433     $ 23,462     $ 19,294     $ 12,361     $ 14,513  
    Interest-bearing deposits at other financial institutions   179,841       133,180       117,160       72,787       39,044  
    Federal funds sold   58       58       57       56       407  
    Total cash and cash equivalents   205,332       156,700       136,511       85,204       53,964  
    Investment securities available-for-sale   223,630       208,700       207,917       202,254       208,329  
    Restricted investments   4,479       5,895       4,930       4,441       4,353  
    Loans held for sale   21,270       19,554       19,219       10,303       7,481  
    Portfolio loans receivable, net of deferred fees and costs   2,630,163       2,107,522       2,021,588       1,964,525       1,903,288  
    Less allowance for credit losses   (48,652 )     (31,925 )     (30,832 )     (29,350 )     (28,610 )
    Total portfolio loans held for investment, net   2,581,511       2,075,597       1,990,756       1,935,175       1,874,678  
    Premises and equipment, net   15,525       5,959       5,551       4,500       5,069  
    Accrued interest receivable   16,664       12,468       12,162       12,258       11,494  
    Goodwill   21,126       —       —       —       —  
    Intangible assets   14,072       —       —       —       —  
    Loan servicing assets   5,511       —       —       —       —  
    Deferred tax asset   16,670       10,748       12,150       12,311       12,252  
    Bank owned life insurance   43,956       38,779       38,414       38,062       37,711  
    Other assets   37,165       26,388       10,973       19,730       10,845  
    Total assets $ 3,206,911     $ 2,560,788     $ 2,438,583     $ 2,324,238     $ 2,226,176  
                       
    Liabilities                  
    Deposits                  
    Noninterest-bearing $ 810,928     $ 718,120     $ 684,574     $ 665,812     $ 617,373  
    Interest-bearing   1,951,011       1,468,104       1,415,854       1,339,883       1,278,623  
    Total deposits   2,761,939       2,186,224       2,100,428       2,005,695       1,895,996  
    Federal Home Loan Bank advances   22,000       52,000       32,000       22,000       22,000  
    Other borrowed funds   12,062       12,062       12,062       12,062       27,062  
    Accrued interest payable   9,393       8,503       6,573       6,009       5,583  
    Other liabilities   46,378       21,888       19,666       19,007       20,675  
    Total liabilities   2,851,772       2,280,677       2,170,729       2,064,773       1,971,316  
                       
    Stockholders’ equity                  
    Common stock   167       139       139       139       139  
    Additional paid-in capital   128,598       55,585       55,005       54,229       54,473  
    Retained earnings   237,843       232,995       225,824       218,731       213,345  
    Accumulated other comprehensive loss   (11,469 )     (8,608 )     (13,114 )     (13,634 )     (13,097 )
    Total stockholders’ equity   355,139       280,111       267,854       259,465       254,860  
    Total liabilities and stockholders’ equity $ 3,206,911     $ 2,560,788     $ 2,438,583     $ 2,324,238     $ 2,226,176  
                                           

    The following tables show the average outstanding balance of each principal category of our assets, liabilities and stockholders’ equity, together with the average yields on our assets and the average costs of our liabilities for the periods indicated. Such yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the same period.

      Three Months Ended
    December 31, 2024    		   Three Months Ended
    September 30, 2024    		   Three Months Ended
    December 31, 2023
      Average
    Outstanding
    Balance    		   Interest Income/
    Expense    		   Average
    Yield/
    Rate(1)    		   Average
    Outstanding
    Balance    		   Interest Income/
    Expense    		   Average
    Yield/
    Rate(1)    		   Average
    Outstanding
    Balance    		   Interest Income/
    Expense    		   Average
    Yield/
    Rate(1)
      (in thousands)
    Assets                                  
    Interest earning assets:                                  
    Interest-bearing deposits $ 140,206     $ 1,446       4.10 %   $ 91,089     $ 1,137       4.97 %   $ 65,336     $ 680       4.13 %
    Federal funds sold   58       —       —       57       1       6.98       1,574       21       5.29  
    Investment securities available-for-sale   236,951       1,539       2.58       221,303       1,343       2.41       223,132       1,083       1.93  
    Restricted investments   7,292       120       6.55       4,911       82       6.64       4,518       76       6.67  
    Loans held for sale   25,614       193       3.00       9,967       161       6.43       4,601       83       7.16  
    Portfolio loans receivable(2)(3)   2,592,960       58,409       8.96       2,053,619       49,886       9.66       1,863,298       45,026       9.59  
    Total interest earning assets   3,003,081       61,707       8.17       2,380,946       52,610       8.79       2,162,459       46,969       8.62  
    Noninterest earning assets   117,026               56,924               40,020          
    Total assets $ 3,120,107             $ 2,437,870             $ 2,202,479          
                                       
    Liabilities and Stockholders’ Equity                                  
    Interest-bearing liabilities:                                  
    Interest-bearing demand accounts $ 257,446       424       0.66     $ 228,365       321       0.56     $ 195,539       90       0.18  
    Savings   13,497       20       0.59       4,135       5       0.48       5,184       2       0.15  
    Money market accounts   763,526       7,131       3.72       698,239       7,442       4.24       680,697       7,139       4.16  
    Time deposits   847,618       8,810       4.13       479,824       6,134       5.09       380,731       4,528       4.72  
    Borrowed funds   97,116       995       4.08       43,655       354       3.23       41,823       321       3.05  
    Total interest-bearing liabilities   1,979,203       17,380       3.49       1,454,218       14,256       3.90       1,303,974       12,080       3.68  
    Noninterest-bearing liabilities:                                  
    Noninterest-bearing liabilities   58,460               28,834               27,529          
    Noninterest-bearing deposits   729,907               680,731               622,941          
    Stockholders’ equity   352,537               274,087               248,035          
    Total liabilities and stockholders’ equity $ 3,120,107             $ 2,437,870             $ 2,202,479          
                                       
    Net interest spread           4.68 %             4.89 %             4.94 %
    Net interest income     $ 44,327             $ 38,354             $ 34,889      
    Net interest margin(4)           5.87 %             6.41 %             6.40 %

    _______________
    (1)   Annualized.
    (2)   Includes nonaccrual loans.
    (3)   For the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, collectively, portfolio loans yield excluding credit card loans was 6.98%, 7.15% and 6.89%, respectively.
    (4)   For the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, collectively, credit card loans accounted for 182, 233 and 248 basis points of the reported net interest margin, respectively.

      Year Ended December 31,
        2024       2023  
      Average
    Outstanding
    Balance    		   Interest Income/
    Expense    		   Average
    Yield/
    Rate(1)    		   Average
    Outstanding
    Balance    		   Interest Income/
    Expense    		   Average
    Yield/
    Rate(1)
      (in thousands)
    Assets                      
    Interest earning assets:                      
    Interest-bearing deposits $ 98,319     $ 4,569       4.65 %   $ 70,407     $ 3,211       4.56 %
    Federal funds sold   57       3       5.26       1,597       74       4.63  
    Investment securities available-for-sale   228,909       5,441       2.38       245,466       4,815       1.96  
    Restricted investments   5,563       373       6.71       5,016       346       6.90  
    Loans held for sale   12,121       569       4.69       5,755       382       6.64  
    Portfolio loans receivable(2)(3)   2,142,638       202,346       9.44       1,816,968       174,378       9.60  
    Total interest earning assets   2,487,607       213,301       8.57       2,145,209       183,206       8.54  
    Noninterest earning assets   66,442               43,090          
    Total assets $ 2,554,049             $ 2,188,299          
                           
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing demand accounts $ 221,437     $ 1,003       0.45 %   $ 201,194     $ 298       0.15 %
    Savings   6,732       27       0.40       5,768       8       0.14  
    Money market accounts   704,002       28,741       4.08       642,013       23,510       3.66  
    Time deposits   561,369       26,399       4.70       360,464       15,809       4.39  
    Borrowed funds   63,686       2,385       3.74       59,302       2,055       3.47  
    Total interest-bearing liabilities   1,557,226       58,555       3.76       1,268,741       41,680       3.29  
    Noninterest-bearing liabilities:                      
    Noninterest-bearing liabilities   34,043               24,026          
    Noninterest-bearing deposits   675,360               655,013          
    Stockholders’ equity   287,420               240,519          
    Total liabilities and stockholders’ equity $ 2,554,049             $ 2,188,299          
                           
    Net interest spread           4.81 %             5.25 %
    Net interest income     $ 154,746             $ 141,526      
    Net interest margin(4)           6.22 %             6.60 %

    (1)   Annualized.
    (2)   Includes nonaccrual loans.
    (3)   For the years ended December 31, 2024 and 2023, collectively, portfolio loans yield excluding credit card loans was 7.03% and 6.65%, respectively.
    (4)   For the years ended December 31, 2024 and 2023, collectively, credit card loans accounted for 222 and 264 basis points of the reported net interest margin, respectively.

    The Company’s reportable segments represent business units with discrete financial information whose results are regularly reviewed by management. The five segments include Commercial Banking, Capital Bank Home Loans (the Company’s mortgage loan division), OpenSky™ (the Company’s credit card division), Windsor Advantage and the Corporate Office.

    Effective January 1, 2024, the Company allocated certain expenses previously recorded directly to the Commercial Bank segment to the other segments. These expenses are for shared services also consumed by OpenSky™, CBHL, and Corporate. The Company performs an allocation process based on several metrics the Company believes more accurately ascribe shared service overhead to each segment. The Company believes this reflects the cost of support for each segment that should be considered in assessing segment performance. Historical information has been recast to reflect financial information consistently with the 2024 presentation.

    The following schedule presents financial information for the periods indicated. Total assets are presented as of December 31, 2024, September 30, 2024, and December 31, 2023.

    Segments                            
    For the three months ended December 31, 2024                
    (in thousands)   Commercial Bank   CBHL   OpenSky™   Windsor Advantage   Corporate(2)   Eliminations   Consolidated
    Interest income   $ 45,195     $ 192     $ 15,454     $ —     $ 874     $ (8 )   $ 61,707  
    Interest expense     17,086       131       —       —       171       (8 )     17,380  
    Net interest income     28,109       61       15,454       —       703       —       44,327  
    Provision for credit losses     6,651       —       1,177       —       —       —       7,828  
    Provision for credit losses on unfunded commitments     122       —       —       —       —       —       122  
    Net interest income after provision     21,336       61       14,277       —       703       —       36,377  
    Noninterest income (loss)     4,547       1,676       3,743       4,566       (2,619 )     —       11,913  
    Noninterest expense(1)     16,539       2,377       12,595       2,670       3,333       —       37,514  
    Net income (loss) before taxes   $ 9,344     $ (640 )   $ 5,425     $ 1,896     $ (5,249 )   $ —     $ 10,776  
                                 
    Total assets   $ 2,994,356     $ 21,691     $ 125,913     $ 7,922     $ 376,930     $ (319,901 )   $ 3,206,911  
                                 
    For the three months ended September 30, 2024                
    (in thousands)   Commercial Bank   CBHL   OpenSky™   Windsor Advantage   Corporate(2)   Eliminations   Consolidated
    Interest income   $ 35,805     $ 161     $ 15,625     $ —     $ 1,049     $ (30 )   $ 52,610  
    Interest expense     13,984       108       —       —       194       (30 )     14,256  
    Net interest income     21,821       53       15,625       —       855       —       38,354  
    Provision for credit losses     1,453       —       2,294       —       1       —       3,748  
    Provision for credit losses on unfunded commitments     17       —       —       —       —       —       17  
    Net interest income after provision     20,351       53       13,331       —       854       —       34,589  
    Noninterest income     726       1,811       4,096       —       2       —       6,635  
    Noninterest expense(1)     12,422       2,395       13,276       —       1,632       —       29,725  
    Net income (loss) before taxes   $ 8,655     $ (531 )   $ 4,151     $ —     $ (776 )   $ —     $ 11,499  
                                 
    Total assets   $ 2,358,555     $ 19,831     $ 121,587     $ —     $ 300,325     $ (239,510 )   $ 2,560,788  
                                 
    For the three months ended December 31, 2023                
    (in thousands)   Commercial Bank   CBHL   OpenSky™   Windsor Advantage   Corporate(2)   Eliminations   Consolidated
    Interest income   $ 30,957     $ 83     $ 15,035     $ —     $ 964     $ (70 )   $ 46,969  
    Interest expense     11,884       31       —       —       235       (70 )     12,080  
    Net interest income     19,073       52       15,035       —       729       —       34,889  
    Provision for (release of) credit losses     691       —       2,125       —       (8 )     —       2,808  
    Release of credit losses on unfunded commitments     (106 )     —       —       —       —       —       (106 )
    Net interest income after provision     18,488       52       12,910       —       737       —       32,187  
    Noninterest income     773       1,166       3,996       —       1       —       5,936  
    Noninterest expense(1)     12,303       1,617       12,669       —       318       —       26,907  
    Net income (loss) before taxes   $ 6,958     $ (399 )   $ 4,237     $ —     $ 420     $ —     $ 11,216  
                                 
    Total assets   $ 2,051,945     $ 8,589     $ 117,477     $ —     $ 277,565     $ (229,400 )   $ 2,226,176  

    ________________________
    (1) Noninterest expense includes $6.3 million, $6.2 million, and $5.7 million in data processing expense in OpenSky’s™ segment for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
    (2) The Corporate segment invests idle cash in revenue-producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.

    Segments                            
    For the year ended December 31, 2024                
    (in thousands)   Commercial Bank   CBHL   OpenSky™   Windsor Advantage   Corporate(2)   Eliminations   Consolidated
    Interest income   $ 147,464     $ 568     $ 61,785     $ —     $ 3,646     $ (162 )   $ 213,301  
    Interest expense     57,536       363       —       —       818       (162 )     58,555  
    Net interest income     89,928       205       61,785       —       2,828       —       154,746  
    Provision for credit losses     10,331       —       7,329       —       60       —       17,720  
    Provision for credit losses on unfunded commitments     385       —       —       —       —       —       385  
    Net interest income after provision     79,212       205       54,456       —       2,768       —       136,641  
    Noninterest income (loss)     6,654       6,684       16,122       4,566       (2,616 )     —       31,410  
    Noninterest expense(1)     53,429       9,377       53,245       2,670       7,498       —       126,219  
    Net income (loss) before taxes   $ 32,437     $ (2,488 )   $ 17,333     $ 1,896     $ (7,346 )   $ —     $ 41,832  
                                 
    Total assets   $ 2,994,356     $ 21,691     $ 125,913     $ 7,922     $ 376,930     $ (319,901 )   $ 3,206,911  
                                 
    For the year ended December 31, 2023                
    (in thousands)   Commercial Bank   CBHL   OpenSky™   Windsor Advantage   Corporate(2)   Eliminations   Consolidated
    Interest income   $ 116,408     $ 382     $ 62,476     $ —     $ 4,238     $ (298 )   $ 183,206  
    Interest expense     40,896       135       —       —       947       (298 )     41,680  
    Net interest income     75,512       247       62,476       —       3,291       —       141,526  
    Provision for credit losses     1,540       —       7,948       —       122       —       9,610  
    Release of credit losses on unfunded commitments     (101 )     —       —       —       —       —       (101 )
    Net interest income after provision     74,073       247       54,528       —       3,169       —       132,017  
    Noninterest income     2,737       4,909       17,325       —       4       —       24,975  
    Noninterest expense(1)     48,347       8,155       52,752       —       1,513       —       110,767  
    Net income (loss) before taxes   $ 28,463     $ (2,999 )   $ 19,101     $ —     $ 1,660     $ —     $ 46,225  
                                 
    Total assets   $ 2,051,945     $ 8,589     $ 117,477     $ —     $ 277,565     $ (229,400 )   $ 2,226,176  

    (1) Noninterest expense includes $24.9 million and $23.7 million in data processing expense in OpenSky’s™ segment for the years ended December 31, 2024 and 2023, respectively.
    (2) The Corporate segment invests idle cash in revenue-producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.

    HISTORICAL FINANCIAL HIGHLIGHTS – Unaudited
        Quarter Ended
    (in thousands, except per share data)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Earnings:                    
    Net income   $ 7,533     $ 8,672     $ 8,205     $ 6,562     $ 9,030  
    Earnings per common share, diluted     0.45       0.62       0.59       0.47       0.65  
    Net interest margin     5.87 %     6.41 %     6.46 %     6.24 %     6.40 %
    Net interest margin, excluding credit card loans (1)     4.05 %     4.08 %     4.00 %     3.85 %     3.92 %
    Return on average assets(2)     0.96 %     1.42 %     1.40 %     1.15 %     1.63 %
    Return on average equity(2)     8.50 %     12.59 %     12.53 %     10.19 %     14.44 %
    Efficiency ratio     66.70 %     66.07 %     67.11 %     71.95 %     65.91 %
                         
    Balance Sheet:                    
    Total portfolio loans receivable, net deferred fees   $ 2,630,163     $ 2,107,522     $ 2,021,588     $ 1,964,525     $ 1,902,643  
    Total deposits     2,761,939       2,186,224       2,100,428       2,005,695       1,895,996  
    Total assets     3,206,911       2,560,788       2,438,583       2,324,238       2,226,176  
    Total stockholders’ equity     355,139       280,111       267,854       259,465       254,860  
    Total average portfolio loans receivable, net deferred fees     2,592,960       2,053,619       1,992,630       1,927,372       1,863,298  
    Total average deposits     2,611,994       2,091,294       2,010,736       1,957,559       1,885,092  
    Portfolio loans-to-deposit ratio (period-end balances)     95.23 %     96.40 %     96.25 %     97.95 %     100.35 %
    Portfolio loans-to-deposit ratio (average balances)     99.27 %     98.20 %     99.10 %     98.46 %     98.84 %
                         
    Asset Quality Ratios:                    
    Nonperforming assets to total assets     0.94 %     0.60 %     0.58 %     0.62 %     0.72 %
    Nonperforming loans to total loans     1.15 %     0.73 %     0.70 %     0.73 %     0.84 %
    Net charge-offs to average portfolio loans (2)     0.37 %     0.51 %     0.39 %     0.41 %     0.53 %
    Allowance for credit losses to total loans     1.85 %     1.51 %     1.53 %     1.49 %     1.50 %
    Allowance for credit losses to non-performing loans     160.88 %     206.50 %     219.40 %     204.37 %     178.34 %
                         
    Bank Capital Ratios:                    
    Total risk based capital ratio     12.82 %     13.76 %     14.51 %     14.36 %     14.81 %
    Tier 1 risk based capital ratio     11.56 %     12.50 %     13.25 %     13.10 %     13.56 %
    Leverage ratio     9.12 %     9.84 %     10.36 %     10.29 %     10.51 %
    Common equity Tier 1 capital ratio     11.56 %     12.50 %     13.25 %     13.10 %     13.56 %
    Tangible common equity     9.31 %     9.12 %     9.53 %     9.66 %     9.91 %
    Holding Company Capital Ratios:                    
    Total risk based capital ratio     15.48 %     16.65 %     16.98 %     16.83 %     17.38 %
    Tier 1 risk based capital ratio     13.83 %     14.88 %     15.19 %     15.03 %     15.55 %
    Leverage ratio     11.07 %     11.85 %     11.93 %     11.87 %     12.14 %
    Common equity Tier 1 capital ratio     13.74 %     14.78 %     15.08 %     14.92 %     15.43 %
    Tangible common equity     11.07 %     10.94 %     10.98 %     11.16 %     11.45 %

    _______________
    (1) Refer to Appendix for reconciliation of non-GAAP measures.
    (2) Annualized.

    HISTORICAL FINANCIAL HIGHLIGHTS – Unaudited (Continued)
        Quarter Ended
    (in thousands, except per share data)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Composition of Loans:                    
    Commercial real estate, non owner-occupied   $ 471,329     $ 403,487     $ 397,080     $ 377,224     $ 351,116  
    Commercial real estate, owner-occupied     440,026       351,462       319,370       330,840       307,911  
    Residential real estate     688,552       623,684       601,312       577,112       573,104  
    Construction real estate     321,252       301,909       294,489       290,016       290,108  
    Commercial and industrial     554,550       271,811       255,686       254,577       239,208  
    Lender finance     28,574       29,546       33,294       13,484       11,085  
    Business equity lines of credit     3,090       2,663       2,989       14,768       14,117  
    Credit card, net of reserve(3)     127,766       127,098       122,217       111,898       123,331  
    Other consumer loans     2,089       2,045       1,930       738       950  
    Portfolio loans receivable   $ 2,637,228     $ 2,113,705     $ 2,028,367     $ 1,970,657     $ 1,910,930  
    Deferred origination fees, net     (7,065 )     (6,183 )     (6,779 )     (6,132 )     (7,642 )
    Portfolio loans receivable, net   $ 2,630,163     $ 2,107,522     $ 2,021,588     $ 1,964,525     $ 1,903,288  
                         
    Composition of Deposits:                    
    Noninterest-bearing   $ 810,928     $ 718,120     $ 684,574     $ 665,812     $ 617,373  
    Interest-bearing demand     238,881       266,493       266,070       193,963       199,308  
    Savings     13,488       3,763       4,270       4,525       5,211  
    Money markets     816,708       686,526       672,455       678,435       663,129  
    Customer time deposits     548,901       358,300       317,911       302,319       268,619  
    Brokered time deposits     333,033       153,022       155,148       160,641       142,356  
    Total deposits   $ 2,761,939     $ 2,186,224     $ 2,100,428     $ 2,005,695     $ 1,895,996  
                         
    Capital Bank Home Loan Metrics:                    
    Origination of loans held for sale   $ 89,998     $ 74,690     $ 82,363     $ 52,080     $ 45,152  
    Mortgage loans sold     77,399       67,296       66,417       40,377       34,140  
    Gain on sale of loans     1,897       1,644       1,732       1,238       1,015  
    Purchase volume as a % of originations     90.42 %     90.98 %     96.48 %     97.83 %     89.99 %
    Gain on sale as a % of loans sold(4)     2.45 %     2.44 %     2.61 %     3.07 %     2.97 %
    Mortgage commissions   $ 620     $ 598     $ 582     $ 490     $ 465  
                         
    OpenSky™Portfolio Metrics:                    
    Open customer accounts     552,566       548,952       537,734       526,950       525,314  
    Secured credit card loans, gross   $ 87,226     $ 89,641     $ 90,961     $ 85,663     $ 95,300  
    Unsecured credit card loans, gross     42,430       39,730       33,560       28,508       30,817  
    Noninterest secured credit card deposits     166,355       170,750       173,499       171,771       173,857  

    _______________
    (3) Credit card loans are presented net of reserve for interest and fees.
    (4) Gain on sale percentage is calculated as gain on sale of loans divided by mortgage loans sold.  

    Appendix

    Reconciliation of Non-GAAP Measures
     

    The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

    Earnings Metrics, as Adjusted Quarter Ended
    (in thousands, except per share data) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
                       
    Net Income $ 7,533     $ 8,672     $ 8,205     $ 6,562     $ 9,030  
    Add: Merger-Related Expenses, net of tax   2,151       557       62       538       —  
    Add: Non-recurring equity and debt investment write-down   2,620       —       —       —       —  
    Add: IFH ACL Provision, net of tax   3,169       —       —       —       —  
    Net Income, as Adjusted $ 15,473     $ 9,229     $ 8,267     $ 7,100     $ 9,030  
                       
    Weighted Average Common Shares – Diluted   16,729       13,951       13,895       13,919       13,989  
    Earnings per Share – Diluted $ 0.45     $ 0.62     $ 0.59     $ 0.47     $ 0.65  
    Earnings per Share – Diluted, as Adjusted $ 0.92     $ 0.66     $ 0.59     $ 0.51     $ 0.65  
                       
    Average Assets $ 3,120,107     $ 2,437,870     $ 2,353,868     $ 2,299,234     $ 2,202,479  
    Return on Average Assets(1)   0.96 %     1.42 %     1.40 %     1.15 %     1.63 %
    Return on Average Assets, as Adjusted(1)   1.97 %     1.51 %     1.41 %     1.24 %     1.63 %
                       
    Average Equity $ 352,537     $ 274,087     $ 263,425     $ 258,892     $ 248,035  
    Return on Average Equity(1)   8.50 %     12.59 %     12.53 %     10.19 %     14.44 %
    Return on Average Equity, as Adjusted(1)   17.46 %     13.40 %     12.62 %     11.03 %     14.44 %
                       
    Net Interest Income (a) $ 44,327     $ 38,354     $ 37,057     $ 35,008     $ 34,889  
    Noninterest Income   11,913       6,635       6,890       5,972       5,936  
    Total Revenue $ 56,240     $ 44,989     $ 43,947     $ 40,980     $ 40,825  
    Noninterest Expense $ 37,514     $ 29,725     $ 29,493     $ 29,487     $ 26,907  
    Efficiency Ratio(2)   66.70 %     66.07 %     67.11 %     71.95 %     65.91 %
                       
    Noninterest Income $ 11,913     $ 6,635     $ 6,890     $ 5,972     $ 5,936  
    Add: Non-recurring equity and debt investment write-down   2,620       —       —       —       —  
    Noninterest Income, as Adjusted (b) $ 14,533     $ 6,635     $ 6,890     $ 5,972     $ 5,936  
    Total Revenue, as Adjusted (a) + (b) $ 58,860     $ 44,989     $ 43,947     $ 40,980     $ 40,825  
                       
    Noninterest Expense $ 37,514     $ 29,725     $ 29,493     $ 29,487     $ 26,907  
    Less: Merger-Related Expenses   2,615       520       83       712       —  
    Noninterest Expense, as Adjusted $ 34,899     $ 29,205     $ 29,410     $ 28,775     $ 26,907  
    Efficiency Ratio, as Adjusted(2)   59.29 %     64.92 %     66.92 %     70.22 %     65.91 %

    _______________
    (1) Annualized.
    (2) The efficiency ratio is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income).

    Earnings Metrics, as Adjusted Year Ended
    (in thousands, except per share data) December 31, 2024   December 31, 2023
           
    Net Income $ 30,972     $ 35,871  
    Add: Merger-Related Expenses, net of tax   3,308       —  
    Add: Non-recurring equity and debt investment write-down   2,620       —  
    Add: IFH ACL Provision, net of tax   3,169       —  
    Net Income, as Adjusted $ 40,069     $ 35,871  
           
    Weighted average common shares – Diluted   14,660       14,081  
    Earnings per share – Diluted $ 2.11     $ 2.55  
    Earnings per share – Diluted, as Adjusted $ 2.73     $ 2.55  
           
    Average Assets $ 2,554,049     $ 2,188,299  
    Return on Average Assets(1)   1.21 %     1.64 %
    Return on Average Assets, as Adjusted(1)   1.57 %     1.64 %
           
    Average Equity $ 287,420     $ 240,519  
    Return on Average Equity(1)   10.78 %     14.91 %
    Return on Average Equity, as Adjusted(1)   13.94 %     14.91 %
           
    Net Interest Income (a) $ 154,746     $ 141,526  
    Noninterest Income   31,410       24,975  
    Total Revenue $ 186,156     $ 166,501  
    Noninterest Expense $ 126,219     $ 110,767  
    Efficiency Ratio(2)   67.80 %     66.53 %
           
    Noninterest Income $ 31,410     $ 24,975  
    Add: Non-recurring equity and debt investment write-down   2,620       —  
    Noninterest Income, as Adjusted (b) $ 34,030     $ 24,975  
    Total Revenue, as Adjusted (a) + (b) $ 188,776     $ 166,501  
           
    Noninterest Expense $ 126,219     $ 110,767  
    Less: Merger-Related Expenses   3,930       —  
    Noninterest Expense, as Adjusted $ 122,289     $ 110,767  
    Efficiency Ratio, as Adjusted(2)   64.78 %     66.53 %

    _______________
    (1) Annualized.
    (2) The efficiency ratio is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income).

    Net Interest Margin, as Adjusted Quarter Ended
    (in thousands) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
                       
    Net Interest Income $ 44,327     $ 38,354     $ 37,057     $ 35,008     $ 34,889  
    Less: Credit Card Loan Income   15,022       15,137       15,205       14,457       14,677  
    Net Interest Income, as Adjusted $ 29,305     $ 23,217     $ 21,852     $ 20,551     $ 20,212  
    Average Interest Earning Assets   3,003,081       2,380,946       2,307,070       2,254,663       2,162,459  
    Less: Average Credit Card Loans   120,993       119,458       111,288       110,483       114,551  
    Total Average Interest Earning Assets, as Adjusted $ 2,882,088     $ 2,261,488     $ 2,195,782     $ 2,144,180     $ 2,047,908  
    Net Interest Margin, as Adjusted   4.05 %     4.08 %     4.00 %     3.85 %     3.92 %
           
    Net Interest Margin, as Adjusted Year Ended
    (in thousands) December 31,
    2024    		   December 31,
    2023
           
    Net Interest Income $ 154,746     $ 141,526  
    Less: Credit Card Loan Income   59,821       61,096  
    Net Interest Income, as Adjusted $ 94,925     $ 80,430  
    Average Interest Earning Assets   2,487,607       2,145,209  
    Less: Average Credit Card Loans   115,581       114,450  
    Total Average Interest Earning Assets, as Adjusted $ 2,372,026     $ 2,030,759  
    Net Interest Margin, as Adjusted   4.00 %     3.96 %
                   
    Portfolio Loans Receivable Yield, as Adjusted Quarter Ended
    (in thousands) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
                       
    Portfolio Loans Receivable Interest Income $ 58,409     $ 49,886     $ 48,143     $ 45,908     $ 45,026  
    Less: Credit Card Loan Income   15,022       15,137       15,205       14,457       14,677  
    Portfolio Loans Receivable Interest Income, as Adjusted $ 43,387     $ 34,749     $ 32,938     $ 31,451     $ 30,349  
    Average Portfolio Loans Receivable   2,592,960       2,053,619       1,992,630       1,927,372       1,863,298  
    Less: Average Credit Card Loans   120,993       119,458       111,288       110,483       114,551  
    Total Average Portfolio Loans Receivable, as Adjusted $ 2,471,967     $ 1,934,161     $ 1,881,342     $ 1,816,889     $ 1,748,747  
    Portfolio Loans Receivable Yield, as Adjusted   6.98 %     7.15 %     7.04 %     6.96 %     6.89 %
           
    Portfolio Loans Receivable Yield, as Adjusted Year Ended
    (in thousands) December 31, 2024   December 31, 2023
           
    Portfolio Loans Receivable Interest Income $ 202,346     $ 174,378  
    Less: Credit Card Loan Income   59,821       61,096  
    Portfolio Loans Receivable Interest Income, as Adjusted $ 142,525     $ 113,282  
    Average Portfolio Loans Receivable   2,142,638       1,816,968  
    Less: Average Credit Card Loans   115,581       114,450  
    Total Average Portfolio Loans Receivable, as Adjusted $ 2,027,057     $ 1,702,518  
    Portfolio Loans Receivable Yield, as Adjusted   7.03 %     6.65 %
                   
    Pre-tax, Pre-Provision Net Revenue (“PPNR”) Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Net Income $ 7,533     $ 8,672     $ 8,205     $ 6,562     $ 9,030  
    Add: Income Tax Expense   3,243       2,827       2,728       2,062       2,186  
    Add: Provision for Credit Losses   7,828       3,748       3,417       2,727       2,808  
    Add: Provision for (Release of) Credit Losses on Unfunded Commitments   122       17       104       142       (106 )
    Pre-tax, Pre-Provision Net Revenue (“PPNR”) $ 18,726     $ 15,264     $ 14,454     $ 11,493     $ 13,918  
                                           
           
    Pre-tax, Pre-Provision Net Revenue (“PPNR”) Year Ended
    (in thousands) December 31, 2024   December 31, 2023
           
    Net Income $ 30,972     $ 35,871  
    Add: Income Tax Expense   10,860       10,354  
    Add: Provision for Credit Losses   17,720       9,610  
    Add: Provision for (Release of) Credit Losses on Unfunded Commitments   385       (101 )
    Pre-tax, Pre-Provision Net Revenue (“PPNR”) $ 59,937     $ 55,734  
                   
    PPNR, as Adjusted Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Net Income $ 7,533     $ 8,672     $ 8,205     $ 6,562     $ 9,030  
    Add: Income Tax Expense   3,243       2,827       2,728       2,062       2,186  
    Add: Provision for Credit Losses   7,828       3,748       3,417       2,727       2,808  
    Add: Provision for (Release of) Credit Losses on Unfunded Commitments   122       17       104       142       (106 )
    Add: Merger-Related Expenses   2,615       520       83       712       —  
    Add: Non-recurring equity and debt investment write-down   2,620       —       —       —       —  
    PPNR, as Adjusted $ 23,961     $ 15,784     $ 14,537     $ 12,205     $ 13,918  
                                           
           
    PPNR, as Adjusted Year Ended
    (in thousands) December 31, 2024   December 31, 2023
           
    Net Income $ 30,972     $ 35,871  
    Add: Income Tax Expense   10,860       10,354  
    Add: Provision for Credit Losses   17,720       9,610  
    Add: Provision for (Release of) Credit Losses on Unfunded Commitments   385       (101 )
    Add: Merger-Related Expenses   3,930       —  
    Add: Non-recurring equity and debt investment write-down   2,620       —  
    PPNR, as Adjusted $ 66,487     $ 55,734  
                   
    Allowance for Credit Losses to Total Portfolio Loans Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Allowance for Credit Losses $ 48,652     $ 31,925     $ 30,832     $ 29,350     $ 28,610  
    Total Portfolio Loans   2,630,163       2,107,522       2,021,588       1,964,525       1,903,288  
    Allowance for Credit Losses to Total Portfolio Loans   1.85 %     1.51 %     1.53 %     1.49 %     1.50 %
                                           
    Nonperforming Assets to Total Assets Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Total Nonperforming Assets $ 30,241     $ 15,460     $ 14,053     $ 14,361     $ 16,042  
    Total Assets   3,206,911       2,560,788       2,438,583       2,324,238       2,226,176  
    Nonperforming Assets to Total Assets   0.94 %     0.60 %     0.58 %     0.62 %     0.72 %
                                           
    Nonperforming Loans to Total Portfolio Loans Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Total Nonperforming Loans $ 30,241     $ 15,460     $ 14,053     $ 14,361     $ 16,042  
    Total Portfolio Loans   2,630,163       2,107,522       2,021,588       1,964,525       1,903,288  
    Nonperforming Loans to Total Portfolio Loans   1.15 %     0.73 %     0.70 %     0.73 %     0.84 %
                                           
    Net Charge-Offs to Average Portfolio Loans Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Total Net Charge-Offs $ 2,427     $ 2,655     $ 1,935     $ 1,987     $ 2,477  
    Total Average Portfolio Loans   2,592,960       2,053,619       1,992,630       1,927,372       1,863,298  
    Net Charge-Offs to Average Portfolio Loans, Annualized   0.37 %     0.51 %     0.39 %     0.41 %     0.53 %
                                           
    Net Charge-offs to Average Portfolio Loans Year Ended
    (in thousands) December 31, 2024   December 31, 2023
           
    Total Net Charge-Offs $ 9,004     $ 8,473  
    Total Average Portfolio Loans   2,142,638       1,816,968  
    Net Charge-Offs to Average Portfolio Loans, Annualized   0.42 %     0.47 %
                   
    Tangible Book Value per Share Quarter Ended
    (in thousands, except share and per share data) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Total Stockholders’ Equity $ 355,139     $ 280,111     $ 267,854     $ 259,465     $ 254,860  
    Less: Preferred Equity   —       —       —       —       —  
    Less: Intangible Assets   42,454       —       —       —       —  
    Tangible Common Equity $ 312,685     $ 280,111     $ 267,854     $ 259,465     $ 254,860  
    Period End Shares Outstanding   16,662,405       13,917,891       13,910,467       13,889,563       13,922,532  
    Tangible Book Value per Share $ 18.77     $ 20.13     $ 19.26     $ 18.68     $ 18.31  
                                           
    Return on Average Tangible Common Equity Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Net Income $ 7,533     $ 8,672     $ 8,205     $ 6,562     $ 9,030  
    Add: Intangible Amortization, Net of Tax   198       —       —       —       —  
    Net Tangible Income $ 7,731     $ 8,672     $ 8,205     $ 6,562     $ 9,030  
    Average Equity   352,537       274,087       263,425       258,892       248,035  
    Less: Average Intangible Assets   27,653       —       —       —       —  
    Net Average Tangible Common Equity $ 324,884     $ 274,087     $ 263,425     $ 258,892     $ 248,035  
    Return on Average Equity   8.50 %     12.59 %     12.53 %     10.19 %     14.44 %
    Return on Average Tangible Common Equity   9.47 %     12.59 %     12.53 %     10.19 %     14.44 %
                                           
    Core Return on Average Tangible Common Equity Quarter Ended
    (in thousands) December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
                       
    Net Income, as Adjusted $ 15,473     $ 9,229     $ 8,267     $ 7,100     $ 9,030  
    Add: Intangible Amortization, Net of Tax   198       —       —       —       —  
    Net Tangible Income, as Adjusted $ 15,671     $ 9,229     $ 8,267     $ 7,100     $ 9,030  
    Core Return on Average Equity, as Adjusted   17.68 %     13.40 %     12.62 %     11.03 %     14.44 %
    Core Return on Average Tangible Common Equity, as Adjusted   19.19 %     13.40 %     12.62 %     11.03 %     14.44 %
                                           

    ABOUT CAPITAL BANCORP, INC.

    Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in six locations in the greater Washington, D.C. and Baltimore, Maryland markets, one bank branch in Fort Lauderdale, Florida and one bank branch in Chicago, Illinois. Capital Bancorp had assets of approximately $3.2 billion at December 31, 2024 and its common stock is traded in the NASDAQ Global Market under the symbol “CBNK.” More information can be found at the Company’s website www.CapitalBankMD.com under its investor relations page.

    FORWARD-LOOKING STATEMENTS

    This earnings release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “optimistic,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements.  Accordingly, we caution you that any such forward-looking statements are not a guarantee of future performance and that actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors. For details on some of the factors that could affect these expectations, see risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K and other periodic and current reports filed with the Securities and Exchange Commission.

    While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; geopolitical concerns, including the ongoing wars in Ukraine and in the Middle East; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market, and monetary fluctuations; volatility and disruptions in global capital and credit markets; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the impact of changes in financial services policies, laws, and regulations, including those concerning taxes, banking, securities, and insurance, and the application thereof by regulatory bodies; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national, or global level; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; the expected cost savings, synergies and other financial benefits from the acquisition of IFH or any other acquisition the Company has made or may make might not be realized within the expected time frames or at all; the effect of acquisitions we have made or may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target into our operations; and other factors that may affect our future results.

    These forward-looking statements are made as of the date of this communication, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by law.

    FINANCIAL CONTACT: Dominic Canuso (301) 468-8848 x1403

    MEDIA CONTACT: Ed Barry (240) 283-1912

    WEB SITE: www.CapitalBankMD.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI USA: State of Colorado and United Kingdom Sign Agreement to Foster Trade and Investment

    Source: US State of Colorado

    DENVER – Today, Colorado Governor Jared Polis and British Consul General Richard Hyde signed a Memorandum of Understanding (MOU) between Colorado and the United Kingdom (U.K.) to foster cooperation on economic relations, trade, and investment. This exciting new partnership will develop and promote shared opportunities between Colorado and the U.K. in clean energy, climate smart agriculture, quantum technologies, space technology, tourism, and artificial intelligence – all important economic drivers for both economies. 

    “In Colorado we are focused on saving people money and increasing affordability. Solidifying and strengthening our long-standing relationship with the United Kingdom helps create more pathways for investments into Colorado businesses, expands good jobs in Colorado’s key economic sectors, and establishes a strong and lasting trade partnership with our friends in the U.K.,” said Governor Polis. 

    “This agreement marks a great step forward in our trade relationship with Colorado. We’re unlocking investment for businesses, creating new job opportunities and strengthening the bonds of friendship and cooperation between the U.K. and Colorado,” said Consul General Hyde. 

    The Governor welcomed Consul General Hyde at the Colorado State Capitol in Denver for a bilateral meeting and MoU signing ceremony. Following the signing, the State of Colorado and the U.K. will form a steering committee to oversee the implementation of the partnership, which will highlight opportunities to reduce barriers to trade and investment between the two regions and elevate new business development opportunities. 

    The MoU builds on a strong economic partnership between the two regions. In 2023, Colorado exported $214 million in goods to the U.K., while importing $260 million. The U.K. is also Colorado’s number one source of foreign investment. Over the last five years, British companies invested $1.5 billion in capital expenditures and provided an estimated 19,400 jobs in Colorado. Also over the last five years, Colorado companies invested an estimated $1.3 billion in capital expenditure and created an estimated 3,765 jobs in the U.K. 

    The state also routinely welcomes British business delegations interested in Colorado’s business ecosystem in areas such as aerospace, agriculture, quantum technology, and renewable energy. Additionally, the British Government keeps an office in Denver to facilitate trade and investment. The Colorado Department of Agriculture, the Colorado Department of Health and Environment, the Colorado Energy Office (CEO) and the Colorado Office of Economic Development and International Trade (OEDIT) supported the development of the MoU. 

    “The U.K is a top economic partner for Colorado. We are thrilled to strengthen this relationship and work together to identify new trade and investment opportunities that benefit Colorado businesses and create jobs in some of our state’s leading industries, including clean energy, quantum, space technology and tourism,” said Eve Lieberman, OEDIT Executive Director. 

    “Colorado and agricultural organizations in the UK have many shared goals and areas of common interest. From research opportunities to climate smart initiatives, and from helping small businesses to co-manufacturing collaboration, we look forward to continuing our close relationship that this signing has memorialized,” said Colorado Commissioner of Agriculture Kate Greenberg. 

    “International partnerships such as this are essential to ensure the quick and affordable adoption of clean energy technologies to achieve global climate goals. As Colorado moves closer to achieving our own state goals of 100% clean energy by 2040 and net-zero emissions by 2050, we are pleased to collaborate with our U.K. partners to share lessons learned and help advance the market for clean energy around the world,” said CEO Executive Director Will Toor. 

    “This agreement underscores the critical importance of international collaboration in addressing shared challenges like climate change and advancing public health initiatives. By partnering with the U.K., Colorado is poised to leverage innovative solutions in clean energy, climate-smart agriculture, and technology to create healthier communities and a more sustainable future. We are excited to support this partnership and look forward to the opportunities it will bring for both our state and global progress,” said Jill Hunsaker Ryan, Executive Director of CDPHE: 

    About OEDIT’s Global Business Development Division 

    Global Business Development (GBD) is a division of the Colorado Office of Economic Development and International Trade. GBD supports Colorado businesses and communities by using a data-driven approach to recruit, support, and retain businesses that contribute to a robust and diversified economy. We align our portfolio of programs, services, and incentives with industries that benefit Colorado companies and elevate the state’s national and international competitiveness. GBD also hosts foreign delegations and participates in trade and investment missions around the world to strengthen global awareness of Colorado. With a highly educated and motivated workforce, a thriving innovation economy, and nation-leading entrepreneurial spirit, Colorado is a top market for business development. 

    About the Colorado Office of Economic Development and International Trade 

    The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT. 

    ###

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI: Diginex Limited Announces Underwriters’ Full Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Jan. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), incorporated in the Cayman Islands, is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action, today announced that on January 27, 2025, the underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 337,500 ordinary shares of the Company at the public offering price of $4.10 per share, resulting in additional gross proceeds of $1.38 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of ordinary shares sold by the Company in the Offering increased to 2,587,500 ordinary shares and the gross proceeds increased to $10.61 million, before deducting underwriting discounts and other related expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market under the symbol “DGNX” on January 22, 2025.

    The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.

    Dominari Securities, LLC acted as the representative of the underwriters to the Offering, and Revere Securities LLC was a co-underwriter. Loeb & Loeb LLP acted as U.S. and Hong Kong counsel to the Company, and Robinson & Cole LLP acted as U.S. counsel to Dominari Securities LLC and Revere Securities LLC in connection with this Offering.

    A registration statement on Form F-1 (File No. 333-282027) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 20, 2024. A final prospectus relating to the Offering was filed with the SEC on January 23, 2025 and available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this Offering may be obtained from Dominari Securities LLC, 725 5th Ave, 23rd Floor, New York, NY 10022, Telephone: (212) 393-4500; Email: investmentbanking@dominarisecurities.com.

    Before you invest, you should read the registration statement (including the post-effective amendment) and the preliminary prospectus contained therein, the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s Offering and the use of proceeds. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

    January 28, 2025

  • MIL-OSI Europe: Written question – Digital transformation in the agriculture sector as a means of meeting the EU’s climate objectives – E-000134/2025

    Source: European Parliament

    Question for written answer  E-000134/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    The digitalisation of the agriculture sector in Europe and its modernisation with cutting-edge technologies have significant potential to reduce the environmental footprint of agriculture and achieve the EU’s climate objectives, as well as to improve the efficiency and competitiveness of the agriculture sector. However, the implementation of such projects is hampered by implementation costs – especially for small-scale farmers – the lack of resources and skills and imperfect interoperability between different systems.

    In view of the above:

    • 1.How does the Commission plan to help address these challenges, with a focus on small-scale farmers?
    • 2.Is it considering drawing on best practices and encouraging their adoption in order to boost productivity and make agricultural production and the agriculture sector in general more sustainable?

    Submitted: 15.1.2025

    Last updated: 27 January 2025

    MIL OSI Europe News –

    January 28, 2025

  • MIL-OSI USA: Relief Still Available to West Virginia: Private Nonprofits Hit by April Storms

    Source: United States Small Business Administration

    TLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in West Virginia of the Feb. 24 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2-6, 2024. 

    The disaster declaration covers the counties of Brooke, Hancock, Marshall, Ohio, Preston, Tyler and Wetzel. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  

    “When disasters strike, businesses and nonprofits face significant challenges,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These SBA loans provide the financial support they need to manage costs and continue moving forward.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.  

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

    The deadline to return economic injury applications is Feb. 24, 2025. 

    # # # 

    About the U.S. Small Business Administration 

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

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI Asia-Pac: Rabi crop sowing exceeds 655.88 lakh hectares

    Source: Government of India

    Rabi crop sowing exceeds 655.88 lakh hectares

    35.15 lakh ha area coverage under Paddy has been reported

    324.38 lakh ha area coverage under Wheat has been reported as compared to 315.63 lakh ha during the corresponding period of last year

    142.49 lakh ha area coverage under Pulses has been reported compared to 139.29 lakh ha during the corresponding period of last year

    55.67 lakh ha area coverage under Shri Anna & Coarse Cereals has been reported

    Posted On: 27 JAN 2025 5:48PM by PIB Delhi

    The Department of Agriculture & Farmers’ Welfare has released progress of area coverage under Rabi crops as on 27th January 2025.

    Area:  In lakh hactare

    S.

    No.

     

    Crop

    Normal Area (DES) (2018-19 –

    2022-23)

    Area Sown

    2024-25

    2023-24

    1

    Wheat

    312.35

    324.38

    315.63

    2

    Rice/Paddy

    42.02

    35.15

    30.38

    3

    Pulses

    140.44

    142.49

    139.29

    a

    Gram

    100.99

    98.55

    95.87

    b

    Lentil

    15.13

    17.43

    17.76

    c

    Fieldpea

    6.50

    8.94

    8.98

    d

    Kulthi

    1.98

    3.13

    3.13

    e

    Urd Bean

    6.15

    5.60

    5.12

    f

    Moong Bean

    1.44

    1.27

    1.08

    g

    Lathyrus

    2.79

    3.12

    3.32

    h

    Other Pulses

    5.46

    4.45

    4.04

    4

    Shri Anna & Coarse cereals

    53.46

    55.67

    55.89

    a

    Jowar

    24.37

    24.35

    26.60

    b

    Bajra

    0.37

    0.14

    0.17

    c

    Ragi

    0.74

    0.73

    0.68

    d

    Small Millets

    0.15

    0.16

    0.00

    e

    Maize

    22.11

    23.67

    21.75

    f

    Barley

    5.72

    6.62

    6.70

    5

    Oilseeds

    87.02

    98.18

    102.52

    a

    Rapeseed & Mustard

    79.16

    89.30

    93.73

    b

    Groundnut

    3.82

    3.65

    3.42

    c

    Safflower

    0.72

    0.71

    0.77

    d

    Sunflower

    0.81

    0.74

    0.43

    e

    Sesamum

    0.58

    0.34

    0.52

    f

    Linseed

    1.93

    3.07

    3.32

    g

    Other Oilseeds

    0.00

    0.38

    0.34

    Total Crops

    635.30

    655.88

    643.72

     

    *****

    MG/KSR

    (Release ID: 2096743) Visitor Counter : 9

    MIL OSI Asia Pacific News –

    January 28, 2025

  • MIL-OSI Asia-Pac: Padma Shri for Hariman Sharma: The Apple Man of India

    Source: Government of India (2)

    Posted On: 27 JAN 2025 4:16PM by PIB Delhi

    Shri Hariman Sharma, a visionary farmer from Himachal Pradesh, has been honored with Padma Shri, the highest Civilian Award for his transformative contribution to Indian agriculture.  He developed an innovative, self- pollinating, low chilling apple variety called HRMN – 99, that has revolutionized the apple cultivation landscape in the country and brought a juicy nutritive variety more within reach in terms of geography and affordability.  

    Unlike commercial apple varieties that require temperate climates and extended chilling hours, HRMN-99 thrives in tropical, sub-tropical, and plain regions with summer temperatures reaching 40-45°C, enabling apple farming in areas where it was previously considered unviable.

    Orphaned during childhood, Hariman Sharma’s journey from the mountainous lanes of his tiny hamlet Paniala, located in Bilaspur (HP) to the great halls of Rashtrapati Bhavan is truly inspirational not only for the farming community, but also for the students, researchers and horticulturists of the country. Despite all odds, Shri Sharma completed his education till matric and pursued his passion for farming and pomology.

    The story of the HRMN-99 apple variety began in 1998 when Hariman Sharma planted a few seeds from discarded apples used for household consumption in his backyard. Remarkably, one of these seeds sprouted the following year, and by 2001, the plant bore fruit despite the warm climate of Paniala, situated at an elevation of 1,800 feet. Realizing its potential, he carefully tended to the mother plant and propagated it through grafting, eventually establishing a flourishing apple orchard.  Over the following decade, he focused on expanding his orchards by experimenting with various scions, grafting techniques and refining his innovative apple variety. Despite his efforts to share this breakthrough with regions having similar climatic conditions, his work initially garnered limited attention from both the farming and scientific communities.

    In 2012, the National Innovation Foundation (NIF) – India, an autonomous institute of the Department of Science and Technology (DST), Government of India, scouted this innovation. NIF verified the distinctness of the variety and supported its validation by facilitating molecular studies, fruit quality testing, and multi-location trials in collaboration with ICAR institutions, Krishi Vigyan Kendras (KVKs), agricultural universities, state agriculture departments, farmers and volunteers spread across the country. Through these collaborative efforts, the variety has expanded to 29 states and UTs, including Bihar, Jharkhand, Manipur, Madhya Pradesh, Chhattisgarh, Uttar Pradesh, Maharashtra, Gujarat, Dadra, and Nagar Haveli, Karnataka, Haryana, Rajasthan, Jammu & Kashmir, Punjab, Kerala, Uttarakhand, Telangana, Andhra Pradesh, West Bengal, Orissa, Pondicherry, Himachal Pradesh as well as planted at Rashtrapati Bhavan, New Delhi. NIF also facilitated the registration of the variety at the Protection of Plant Varieties and Farmers’ Rights Authority, New Delhi.

    For his innovation, Shri Hariman Sharma was conferred the National Award in 2017 during the 9th National Biennial Grassroots Innovation and Outstanding Traditional Knowledge Awards by then Hon’ble President of India Shri Pranab Mukherjee. He also has several accolades to his credit including the National Innovative Farmer Award by Agriculture and Farmers Welfare Ministry, GoI (2016), IARI Fellow Award (2017), Kisan Vaigyanik Upadhi by DDG, ICAR (2017), National Best Farmer Award (2018), Rashtriya Krishak Samrat Samman (2018) Jagjivan Ram Krishi Abhinav Award (2019) and several state and central government awards. He also represented India in the 4th ASEAN India Grassroots Innovation Forum (AIGIF) held during November 2023 in Malaysia.

    The HRMN-99 variety, characterized by its striped red-over-yellow skin, soft and juicy pulp, and ability to produce up to 75 kg of fruit per plant annually, has empowered thousands of farmers across India. NIF also supported its commercial adoption, establishing apple orchards and providing training to in collaboration with the State Agriculture Departments and the North Eastern Region Community Resource Management Project (NERCORMP) under North Eastern Council (NEC), Ministry of DoNER, Govt of India to transplant the variety through the North-eastern states at large scale, resulting over one lakhs of saplings of the variety have been planted in all NE states for providing an additional source of income to the farmers.

    Shri Hariman Sharma’s exceptional innovation has not only transformed apple cultivation in India but has also inspired innumerable farmers with additional income and better nutritional access. Through his efforts, the apple once considered rich man’s diet is in the reach of common man. Recognition of his efforts through the Padma Shri Award, stands as a testament to the transformative power of grassroots innovations in addressing national challenges and creating sustainable livelihoods, aligning with the sustainable development goals (SDGs).

     

     

    *****

    NKR/PSM

    (Release ID: 2096693) Visitor Counter : 23

    MIL OSI Asia Pacific News –

    January 28, 2025

  • MIL-OSI Asia-Pac: India’s Petroleum Industry

    Source: Government of India

    India’s Petroleum Industry

    Fueling Growth and Innovation

    Posted On: 27 JAN 2025 8:22PM by PIB Delhi

    Introduction

    India’s petroleum industry is a comprehensive sector encompassing exploration, production, refining, distribution, and marketing of petroleum and its by-products. This includes upstream activities like extraction of crude oil and natural gas, midstream activities such as transportation and storage, and downstream processes including refining and distribution of fuels like petrol, diesel, LPG, and kerosene. A critical contributor to India’s energy basket, the petroleum industry ensures energy security and underpins various economic activities.

    At present, India has nineteen Public-Sector Undertaking (PSU) refineries, three Private-Sector refineries, and one Joint Venture refinery. The country’s refining capacity increased from 215.066 Million Metric Tons per annum (MMTPA) in April 2014 to 256.816 MMTPA in April 2024.

     

    Origin and Brief History

    The roots of India’s petroleum industry trace back to 1867 when the first oil well was drilled in Digboi, Assam. This discovery marked the inception of the country’s exploration and production activities. The establishment of the Indian Oil Corporation in 1959 heralded a structured approach to refining and distribution. Over the decades, the sector witnessed significant expansion, from small-scale refineries to a robust network capable of meeting domestic and export demands. Today, India’s petroleum industry stands as a symbol of resilience and innovation, evolving in response to global and domestic energy challenges.

    Industry Development and Evolution

    The Indian petroleum industry has evolved significantly, driven by technological advancements and policy reforms. The 1990s marked a pivotal era with economic liberalization, leading to increased private and foreign investment. Public sector undertakings (PSUs) like ONGC and Indian Oil Corporation have played a crucial role in exploration and refining. Establishing state-of-the-art refineries, such as Jamnagar Refinery in Gujarat, has bolstered refining capacities, making India a refining hub in Asia. Furthermore, government initiatives like the National Exploration Licensing Policy (NELP) have incentivized exploration activities.

    India’s energy landscape is rapidly evolving. The country boasts 651.8 million metric tons of recoverable crude oil reserves and 1,138.6 billion cubic meters of recoverable natural gas reserves within its sedimentary basins.

    Here are some recent updates in India’s petroleum industry:

    1. India is on track to increase its exploration acreage to 1million square kilometers by 2030, with a 16% increase expected in 2025.
    2. The price of a domestic LPG cylinder in India is among the lowest worldwide, with costs as low as Rs. 803 per 14.2 Kg cylinder. For PMUY households, after a targeted subsidy of Rs 300 per cylinder, the effective price is Rs 503/ cylinder.
    3. The approval process for exploration and production activities in the petroleum industry has now been simplified, reducing 37 approval processes to just 18, of which nine are now available for self-certification.
    4. Introducing the Oilfields (Regulation and Development) Amendment Bill in 2024 ensures policy stability for oil and gas producers, and enables single license for all hydrocarbons. This bill was recently passed by the Rajya Sabha on December 3, 2024.

     

    Foreign trade of Petroleum

    India has witnessed a remarkable surge in petroleum product exports over the last decade. The country’s refining capacity, now exceeding 250 million metric tonnes per annum (MMTPA), has enabled it to cater to global markets.

    Key export destinations include South Asian, African, and European countries. The government’s emphasis on export-oriented growth and establishing Special Economic Zones (SEZs) for refineries have further boosted this trend. Exports not only contribute to foreign exchange reserves but also enhance India’s stature as a global energy supplier.

    Source: https://ppac.gov.in/

     

    Share in GDP

    As per the information provided by the Ministry of Statistics and Programme Implementation, Gross Value Addition (GVA) of manufacture of Coke and Refined Petroleum Products has increased from Rs.1.56 lakh Crore in 2012-13 to Rs. 2.12 lakh Crore in 2022-23 (as per first revised estimates) which has also contributed in increase of All India GDP from Rs.99.44 lakh Crore to Rs. 269.49 lakh Crore in the corresponding period, at current prices. This industry also provides direct and indirect employment to millions, spanning exploration, refining, distribution, and retail sectors. The industry’s value chain supports ancillary industries such as petrochemicals, logistics, and manufacturing. The sector enhances socio-economic stability by fostering skill development and offering diverse career opportunities.

    Global Ranking in Refining and Supply

    India ranks among the top five refining nations globally, thanks to its robust infrastructure and strategic geographic location. The country is the seventh-largest exporter of refined petroleum products. Facilities like the Jamnagar refinery, one of the world’s largest, underscore India’s dominance in the refining sector. This global standing enhances India’s energy security and positions it as a key player in international energy markets. International Energy Agency (IEA) in February 2024 assessed that India will become the largest source of global oil demand growth between now and 2030. India is the second-largest economy in biofuel blending, following Brazil.

     

    Metric

    India’s Global Rank

    Exporter of Refined Products

    7th

    Ethanol Blending in Petrol

    2nd

    BioFuel Producer

    3rd

    LNG Terminal Capacity

    4th

    Refining Capacity (MMTPA)

    4th

     

    Technological Advancements in Petroleum Industry

    Adopting cutting-edge technologies has been pivotal to the petroleum industry’s growth. Enhanced Oil Recovery (EOR) techniques, digitalization, and the use of artificial intelligence (AI) have optimized exploration and production processes. Refineries are increasingly adopting green technologies to minimize environmental impact. Projects such as bio-refineries and the development of alternative fuels like compressed bio-gas (CBG) showcase the industry’s commitment to sustainability and innovation.

    Government Initiatives

    The Indian government has launched several initiatives to bolster the petroleum sector. Here are some key schemes:

    1. Pradhan Mantri JI-VAN Yojana: Supporting bio-ethanol projects such as second generation and third generation plants for sustainable fuel production.
    2. Strategic Petroleum Reserves: Enhancing energy security through storage facilities. In India, the SPR is primarily located at three underground storage facilities in Visakhapatnam, Mangalore, and Padur (Karnataka), with a total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil managed by the Indian Strategic Petroleum Reserve Limited (ISPRL).
    3. Ethanol Blending Program: Promoting biofuels to reduce dependence on fossil fuels and curb emissions. The government has a target of achieving 20% ethanol blending in petrol by 2025-26. Since the inception of the EBP Programme, ethanol blending has increased from 38 crore litres in the Ethanol Supply Year (ESY) 2013-14 to over 707.4 crore litres in ESY 2023-24.
    4. City Gas Distribution Network Expansion: Expanding piped natural gas (PNG) and compressed natural gas (CNG) infrastructure by covering 733 districts in 34 states/UTs covering almost 100% of the mainland area and almost 100% of total geographical area of the country.
    5. Energy Security Initiatives: Investing in overseas exploration and acquisition of oil blocks.

    Moving towards Greener Fuels

    1. SATAT Initiative (Sustainable Alternative Towards Affordable Transportation): The SATAT initiative invites potential investors to set up Compressed Biogas (CBG) production plants. The aim is to make better use of agricultural residue, cattle dung, and municipal solid waste, and provide farmers with an additional source of revenue.
    2. Mission Green Hydrogen: Promoting green hydrogen production to reduce carbon footprint. According to the Ministry of New and Renewable Energy, a global demand of over 100 MMT of Green Hydrogen and its derivatives like Green Ammonia is expected to emerge by 2030. Aiming at about 10% of the global market, India can potentially export about 10 MMT Green Hydrogen/Green Ammonia per annum. The production capacity targeted by 2030 is likely to leverage over ₹8 lakh crore in total investments and create over 6 lakh jobs. Nearly 50 MMT per annum of CO2 emissions are expected to be averted as a result of the various Green Hydrogen initiatives under the Mission. Achievement of Mission targets is expected to contribute to India’s energy security and reduce a cumulative ₹1 lakh crore worth of fossil fuel imports by 2030 .
    3.  National Bio-Energy Programme: Focused on bio-energy production and reducing waste.
    4. Hydrocarbon Exploration and Licensing Policy (HELP): Encouraging private investment in exploration and production.

     

    Implications for India’s Growth and Development

    The petroleum industry’s expansion has multifaceted implications. Economically, it boosts GDP, foreign exchange earnings, and industrial growth. Politically, energy independence strengthens India’s global standing and reduces strategic vulnerabilities. Socially, the industry’s growth promotes rural development through improved energy access and employment.

     

    Future Prospects

    India’s petroleum industry faces a dynamic future, shaped by global energy transitions and domestic demand. Increasing investments in exploration, expanding refining capacities, and embracing renewable energy sources will define its trajectory. Initiatives like green hydrogen production and carbon capture technologies highlight the sector’s adaptability. With a focus on sustainability and energy efficiency, India is poised to maintain its leadership in the global energy landscape while aligning with its climate commitments.

     

    Key Area

    Future Target

    Refining Capacity

    309.5 MMTPA by 2030

    Ethanol Blending

    20% by 2025-26

    Green Hydrogen Production

    5 MMTPA by 2030

    Exploration Acreage

    1 million sq. kms. by 2030

     

    References

    https://www.isprlindia.com/aboutus.asp

    https://mopng.gov.in/

    https://nghm.mnre.gov.in/overviews.php

    https://ongcindia.com/web/eng/about-ongc/ongc-at-a-glance/oil-and-gas-industry

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043042

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2038435

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1940265

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1946408

    https://www.pib.gov.in/PressReleasePage.aspx?PRID=2003519

    https://pib.gov.in/PressNoteDetails.aspx?NoteId=152007&ModuleId=3&reg=3&lang=1

    https://pib.gov.in/newsite/pmreleases.aspx?mincode=20

    https://ppac.gov.in/import-export

    https://ppac.gov.in/infrastructure/installed-refinery-capacity

    https://pmuy.gov.in/

    https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/jan/doc202413295811.pdf

    Click here to see PDF.

    ******

    Santosh Kumar/ Ritu Kataria/ Rishita Aggarwal

     

    Annexure 1

    Refineries in India:

    Refinery Location

    Name of the Company

    Name Plate Capacity (MMTPA)

     

    PSU Refineries

    		  

    Digboi – 1901

    Indian Oil Corporation Ltd.

    0.650

    Guwahati – 1962

    Indian Oil Corporation Ltd.

    1.200

    Barauni – 1964

    Indian Oil Corporation Ltd.

    6.000

    Koyali – 1965

    Indian Oil Corporation Ltd.

    13.700

    Bongaigaon – 1974

    Indian Oil Corporation Ltd.

    2.700

    Haldia – 1975

    Indian Oil Corporation Ltd.

    8.000

    Mathura – 1982

    Indian Oil Corporation Ltd.

    8.000

    Panipat – 1998

    Indian Oil Corporation Ltd.

    15.000

    Paradip – 2016

    Indian Oil Corporation Ltd.

    15.000

    Manali – 1965

    Chennai Petroleum Corporation Ltd.

    10.500

    Cauvery Basin* – 1993

    Chennai Petroleum Corporation Ltd.

    0.000

    Mumbai – 1954

    Hindustan Petroleum Corporation Ltd.

    9.500

    Vizag – 1957

    Hindustan Petroleum Corporation Ltd.

    13.700

    Mumbai – 1955

    Bharat Petroleum Corporation Ltd.

    12.000

    Bina^ – 2011

    Bharat Petroleum Corporation Ltd.

    7.800

    Kochi – 1963

    Bharat Petroleum Corporation Ltd.

    15.500

    Numaligarh – 2000

    Numaligarh Refinery Ltd.

    3.000

    Mangalore – 1996

    Mangalore Refinery and Petrochemicals Ltd.

    15.000

    Tatipaka, AP – 2001

    Oil and Natural Gas Corporation Ltd.

    0.066

    Total PSU Refineries

    		  

    157.316

     

     

     
     

    JV Refineries

    		  

    Bathinda – 2012

    HPCL Mittal Energy Ltd.

    11.300

    Total JV Refineries

    		  

    11.300

     

     

     

     

    Private Sector Refineries

    		  

    DTA-Jamnagar – 1999

    Reliance Industries Ltd.

    33.000

    SEZ-Jamnagar – 2008

    Reliance Industries Ltd.

    35.200

    Vadinar – 2006

    Nayara Energy (Formerly Essar Oil Ltd.)

    20.000

    Total Private Sector

    		  

    88.200

    Grand Total

    		  

    256.816

     

     

    * The Cauvery Basin refinery is under capacity augmentation.

    ^The Bina oil refinery, in the year 2021, become wholly owned subsidiary of Bharat Petroleum Corporation Limited – a ‘Maharatna’ PSU of Government of India.

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    January 28, 2025

  • MIL-OSI Asia-Pac: A Convergence of Flagship Initiatives Driving Regional Growth, says Dr. Jitendra Singh at North East Aroma Conclave 2025

    Source: Government of India

    A Convergence of Flagship Initiatives Driving Regional Growth, says Dr. Jitendra Singh at North East Aroma Conclave 2025

    Both the Northeast region as well as Jammu & Kashmir have been on the priority of Prime Minister Narendra Modi and the Aroma Mission launched by the government headed by him in J&K is now picking up in the Northeast

    North East Set to Mirror Lavender Revolution: Minister Hails Aroma Mission’s Role in Empowering Startups and Driving Innovation

    Dr. Jitendra Singh Inaugurates Incubation & Innovation Complex (IICON), Paving the Way for Startup Growth in North East

    Posted On: 27 JAN 2025 6:42PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that both the Northeast region as well as Jammu & Kashmir have been on the priority of Prime Minister Narendra Modi and the Aroma Mission launched by the government headed by him in J&K is now picking up in the Northeast.

    Both these regions have abundant natural resources which have in the past remained unexplored but can be a vital value addition to India’s economy, said the Minister.

     

    Speaking virtually at the inauguration of the Incubation & Innovation Complex (IICON) of CSIR-NEIST, Dr Jitendra Singh underscored the transformative potential of the Aroma Mission at the north East Aroma Conclave 2025, highlighting how the initiative integrates multiple flagship schemes of the Government to empower the region.

     

    The Minister called It a model of the “whole-of-government” approach, aligning programs such as StartUp India, MSME support, agricultural advancements, and rural development.

    “This single initiative represents the spirit of convergence that the Modi Government has championed,” Dr. Jitendra Singh said. He noted that the Aroma Mission is not just an agricultural or scientific initiative but a platform fostering startups, self-help groups, and micro, small, and medium enterprises (MSMEs) while simultaneously contributing to farmers’ income and promoting employment.The event witnessed the distribution of agreements to 25 startups, entrepreneurs, NGOs, and self-help groups, empowering them to utilize the advanced facilities at IICON and contribute to the region’s economic growth and innovation.

    Dr. Jitendra Singh further elaborated that this mission has drawn strength from the Prime Minister’s vision of inclusive development of regions like the North East and Jammu & Kashmir. “Through the Aroma Mission, we are addressing the untapped potential of these biodiverse regions, enabling them to contribute significantly to India’s economy,” he said.

    The mission’s outcomes have been promising. Over 27 facilities established at CSIR-NEIST are being utilized by entrepreneurs, self-help groups, and startups. These efforts are creating new opportunities for employment and innovation in sectors such as essential oils and medicinal plants, with North East India poised to replicate the success of lavender cultivation in Jammu & Kashmir.

    Dr. Jitendra Singh highlighted how the initiative ties into broader priorities such as doubling farmers’ income and fostering women’s empowerment. He praised the Rural Women Technology Park developed under the mission, describing it as a template for replication in other parts of the country.

    The Minister also pointed to the broader vision of transforming the North East into a hub of connectivity, innovation, and collaboration. “From being regions with minimal connectivity, states in the North East now boast robust rail, air, and water networks, opening avenues for industrial partnerships and exports,” he remarked.

    Dr. Jitendra Singh expressed confidence that the Aroma Mission will not only bring prosperity to the North East but also bolster India’s bio-economy and biotechnology sectors. With the recently launched Bio-E3 policy and new collaborations in place, the region is set to emerge as a key contributor to India’s growth story, paving the way for achieving the vision of India@2047.

    The North East Aroma Conclave 2025, with its blend of innovation, entrepreneurship, and sustainable development, stands as a beacon of how integrated government initiatives can drive regional progress and national aspirations.

    Dr. Jitendra Singh underscored the significance of IICON, calling it a “one-stop solution” for entrepreneurs, farmers, and artisans. The state-of-the-art facility offers 27 advanced technologies to support startups and MSMEs, fostering innovation and skill development while reducing business risks. Selected entrepreneurs and self-help groups will have access to the incubation facilities for up to two years, allowing them to refine production and marketing strategies before launching their independent ventures.

    The Minister commended the CSIR-North East Institute of Science and Technology (CSIR-NEIST) for translating research into impactful solutions for rural communities. Through the Aroma Mission and Floriculture Mission, CSIR-NEIST has successfully introduced aromatic crops like citronella, lemongrass, patchouli, and chamomile across more than 5,000 hectares in the North East, benefiting over 10,000 farmers. Additionally, the institute has established 39 essential oil distillation units and plans to distribute 1 lakh agarwood saplings in the coming year, paving the way for the region to emerge as a major player in the aromatic plants industry.

    Dr. Jitendra Singh concluded by stressing the importance of leveraging the North East’s natural and human resources to achieve the vision of India@2047. With initiatives like the Aroma Mission, IICON, and the Government’s Act East Policy, the North East is poised to become a gateway for trade and innovation, fostering regional prosperity and strengthening India’s position on the global stage.

    ****

    NKR/PSM

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    January 28, 2025

  • MIL-OSI Asia-Pac: IFAD Associate Vice President Shri Donal Brown meets Agriculture Secretary Shri Devesh Chaturvedi

    Source: Government of India

    IFAD Associate Vice President Shri Donal Brown meets Agriculture Secretary Shri Devesh Chaturvedi

    Shri Donal Brown appreciates the role India’s role as founding member of IFAD

    Agri Secretary highlights the importance of ensuring the sustainability of Farmer Producer Organizations

    Posted On: 27 JAN 2025 6:40PM by PIB Delhi

    Mr. Donal Brown, Associate Vice President of the International Fund for Agricultural Development (IFAD), called on Dr. Devesh Chaturvedi, Secretary of Department of Agriculture and Farmers Welfare (DA&FW) at Krishi Bhawan in New Delhi today. During the meeting, Mr Brown appreciated India’s role as a founding member of IFAD, and longstanding and productive partnership with IFAD. Mr. Brown briefed the Secretary about IFAD’s collaborative projects with state governments, particularly in the North Eastern and Himalayan regions, focusing on building climate-resilient agricultural value chains; empowering women, youth, tribal communities; supporting marginalized farmers; and strengthening rural infrastructure.

    During the meeting Agriculture Secretary Shri Devesh Chaturvedi highlighted the Ministry’s key priorities, including food and nutritional security, climate-resilient agriculture, sustainable farming practices, and improving farmer incomes. He also stressed the importance of ensuring the sustainability of Farmer Producer Organizations (FPOs), utilizing Self-Help Groups (SHGs) to support agriculture, promoting integrated farming systems, and fostering agricultural entrepreneurship through scaling up innovative, cost-effective solutions. He also noted IFAD’s continued support for integrated farming models, FPOs engagement, entrepreneurship development and co-financing initiatives.

    Discussion were held to identify further area of collaboration based on Ministry’s key priorities to prepare the Country Strategy Plan of IFAD.

    The IFAD delegation included Ms. Pieternel Marianne Boogaard, Managing Director, Office of Technical Delivery; Mr. Abdelkarim Sma, Country Director, Ms. Meera Mishra, Country Programme Coordinator; and Ms. Elisabeth Steinmayr, Programme Officer. The Indian side included Ms. Maninder Kaur Dwivedi, Additional Secretary (DA&FW), the Joint Secretary (IC), Joint Secretary (Marketing) and representatives from NABARD.

    *****

    MG/KSR

    (Release ID: 2096770) Visitor Counter : 57

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    January 28, 2025

  • MIL-OSI Asia-Pac: Research and Innovation are Essential for Progressing in the World: Dr. Mansukh Mandaviya

    Source: Government of India

    Research and Innovation are Essential for Progressing in the World: Dr. Mansukh Mandaviya

    PM Modi has said that we will host Olympics in 2036, which will symbolize India’s growing strength: Dr. Mansukh Mandaviya

    India’s Pathway to the 2036 Olympics; Rashtriya Raksha University Hosts First International Olympic Research Conference

    Over 60 research papers to be presented by experts from around the world during this four-day conference

    Posted On: 27 JAN 2025 6:34PM by PIB Delhi

    The first International Olympic Research Conference was inaugurated today by the Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya, at Rashtriya Raksha University. The four-day conference aims to establish India as a significant player in the global Olympic ecosystem, focusing on financial sustainability, strategic planning and collaborative networks to bolster India’s bid for the 2036 Olympics.

    In his inaugural address, Dr. Mansukh Mandaviya emphasized that the research and innovation at Rashtriya Raksha University reflect the transformation and progress of the nation under the leadership of Prime Minister Narendra Modi. He stated, “The university represents the changing face of India. I would call the B-CORE initiative of the university the ‘core of India’ because the nation is prioritizing research and innovation in this era of transformation. We must advance, progress, and strive to achieve our goals, for which research and innovation play a crucial role. Without research or the implementation of new ideas, one cannot stay ahead in the world. If we want to lead, we must prioritize research and innovation.” He highlighted that Rashtriya Raksha University has taken a significant step by focusing on research in sports and the Olympics.

    Dr. Mandaviya remarked that the Olympics are not just competitions but a symbol of sports and their integral role in our lifestyle. He said sports can provide solutions to numerous challenges, which is why Prime Minister Modi initiated major campaigns like Khelo India and Fit India to keep the nation fit. He further added, “PM Modi has envisioned hosting the Olympics in 2036, which symbolizes India’s growing strength. As we move toward a developed India, the nation will celebrate its centenary of independence in 2047. By then, India will be among the developed nations. The role of Fit India is crucial in ensuring not just physical fitness but also mental fitness among citizens. A mentally and physically fit person contributes to building an ideal society, which paves the way for a prosperous nation. Hence, sports are a symbol of our rising strength. By 2036, Modi Ji has set the goal for India to rank among the top 10 nations in sports, and by the centenary year of independence, we aim to rank among the top 5. To achieve this, we must step onto the field, compete, and win. Those who win leave their mark and convert their victories into medals. Sports science plays a vital role in enhancing our medal tally. Therefore, when we talk about Olympic research, it involves studying its social, youth, exposure, and international perception impacts, which together create comprehensive Olympic research.”

    He further stated, “This conference is not a small event; over 60 research papers will be presented here. Researchers from many countries conducting research on the Olympics are participating in this conference. This is the first such conference in South Asia, and it will have a significant impact not only on our nation but globally. This will take sports one step further.”

    Dr. Thomas Bach, President of the International Olympic Committee (IOC), conveyed a powerful message emphasizing the integration of sports and education to create a holistic approach to youth development and nation-building.

    The Vice Chancellor of RRU, Prof. (Dr.) Bimal N. Patel, expressed pride in hosting this landmark event, highlighting the anticipated publication of over 60 research papers post-conference. He emphasized the significance of sports in shaping the youth and transformative impact on the country’s development.

    A high-level panel discussion featured prominent personalities, including Dr. Utsav Chaware, Director of BCORE, Shri (Dr.) Mansukh Mandaviya, Prof. (Dr.) Bimal N. Patel VC Rru,Prof. (Dr.) Kalpesh H. Wandra, Pro Vice-Chancellor Rru,Prasanth Shanthakumaran Partner KPMG in India and Mr. Lambis Konstantinidis, Executive Director of Planning and Coordination for Paris 2024 Olympics. The panel deliberated on India’s bid for the 2036 Olympics, potential challenges from other bidders, sustainable infrastructure planning, and the importance of avoiding mistakes on the global stage. Mr. Konstantinidis highlighted critical aspects India must address, including sustainability, technical planning, and creating a compelling narrative that showcases India’s uniqueness and readiness to host the Games.

    Shri Harsh Sanghavi, Hon’ble State Minister of Sports, Gujarat, highlighted the state’s grassroots sports initiatives, particularly the record-breaking participation in the Khel Mahakumbh. He emphasized aligning sports with youth education and underscored the critical role of a strong sports culture in preparing India’s youth for international platforms.

    The day concluded with a keynote presentation by Mr. Lambis Konstantinidis, offering an insightful roadmap for India’s Olympic preparations. He stressed the importance of sustainable development, strong leadership, and technical expertise to ensure the success of the sports. He posed five thought-provoking questions for India’s strategic planning, including what the Games can offer India, what India can contribute to the Olympics, and the long-term legacy of hosting the event.

    The conference, set to run until January 30, 2025, is poised to leave a lasting impact on India’s Olympic ambitions, bringing together policymakers, academicians, and global experts to create a sustainable, innovative, and collaborative pathway to the 2036 Olympics.

    *****

    Himanshu Pathak

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    MIL OSI Asia Pacific News –

    January 28, 2025

  • MIL-Evening Report: Fermented clothing? Here’s how the biofilm on kombucha can be turned into green textiles

    Source: The Conversation (Au and NZ) – By Rajkishore Nayak, Associate Professor , RMIT University Vietnam

    A SCOBY biofilm atop kombucha l i g h t p o e t/Shutterstock

    If you’ve ever made kombucha, you will be familiar with the term SCOBY – a symbiotic culture of bacteria and yeast. It’s impossible to miss – it’s the floating biofilm on top of your delicious drink.

    While a SCOBY looks gross, it is remarkably versatile. If you feed it on sugar and tea or coffee in large vats, it grows rapidly. The reason you need tea or coffee is because caffeine contains nitrogen, which stimulates microorganism growth. Species of bacteria in the SCOBY such as komagataeibacter xylinus have the curious ability to eat sugars and produce bacterial cellulose.

    The reason we and other researchers are focused on this unusual substance is because cellulose is extremely useful. Cotton is largely cellulose, as is flax, which we use to produce linen. Cellulose from bacteria has the advantage of being about ten times stronger than cotton.

    Traditional methods of making the world’s clothes comes at a large environmental cost. If we can scale up production of bacterial cellulose using common materials such as sugar and tea, we might produce a new kind of versatile, sustainable textile. In our new research, we use this cellulose to make wallets and canvases for painting.

    What’s so good about bacterial cellulose?

    Deriving cellulose from bacteria isn’t new. It was first discovered back in 1886. Since then, the main use we’ve found for it has been in food and drink.

    Kombucha – sometimes known as tea-mushroom – is thought to have been invented in China. In the Philippines, people have long fermented pineapple juice or coconut water to produce enough SCOBY to make chewy, gelatinous desserts. But this source of cellulose could be used for much more.

    In recent years, researchers have looked into using food waste to make this cellulose.

    Bacterial cellulose is made by cultivating a SCOBY in sugared tea, just like kombucha. But instead of the drink, what we are after is the SCOBY itself. As the microbes feed on the sugar, they spin out cellulose fibre and form a dense mat able to be harvested and processed.

    Despite not being from plants, the bacterial cellulose is remarkably similar to cellulose from cotton. In some ways, it might be better – it is incredibly pure, highly absorbent and boasts impressive tensile strength. It’s natural, nontoxic, has a low environmental footprint and is biodegradable.

    These traits make it potentially suitable for a range of uses, from clothing through to biomedical use in gauze bandages due to natural antibacterial properties. It can be dyed, sewed and treated to make different textures. It can be used to replace leather in clothing, footwear and accessories.

    Bacterial cellulose can be used to make gauze bandages.
    Kallayanee Naloka/Shutterstock

    But clothing is the main game. Researchers have found ways of growing this cellulose in moulds shaped like pieces of clothing to avoid the 15-20% of material wasted by cutting fabric.

    Bacterial cellulose might offer a way to reduce our reliance on the fibres we use to make clothes, which come with substantial environmental costs regardless of whether they are natural or synthetic.

    Farming cotton requires huge volumes of water and plentiful pesticides and insecticides. To make one kilo of cotton fibre requires between 8,000 and 22,000 litres of fresh water. Synthetic fabrics such as polyester and nylon are made from oil, a fossil fuel.

    The textile industry is highly polluting, consuming vast amounts of water and energy. As fashion gets ever faster, many of these clothes have a short lifespan before becoming waste. Synthetic fibres shed huge volumes of microplastics at every step of their lifespans.

    The challenge of fermentation

    In recent years, there’s been great interest in precision fermentation – using the rapid growth rate of microbes to produce foods and materials we want, such as milk grown without cows.

    One of the big challenges with these approaches is scale. Bacterial cellulose is a similar form of fermentation. As a result, it faces similar challenges around scalability and efficiency. While the material has promise, the question is whether it can be produced cheaply and at scale.

    To date, we haven’t yet found how to scale bacterial cellulose up to the level needed to meet the demand of large clothing manufacturers. And at present, the fermentation process is water intensive. Fermentation makes the water acidic, meaning it can’t be easily reused.

    This fibre could readily replace cotton, but doesn’t have the same extreme durability and elasticity as some synthetic fibres.

    Which way forward?

    The way we currently make clothes comes at a huge environmental cost. Bacterial cellulose could offer one way to make clothes at vastly lower cost to the planet.

    While there are still questions over whether it’s possible to make it competitive, researchers in several countries – including our research group – are coming at the problem from different angles. If they succeed, we might one day see a future where clothes and shoes come from sugar and tea.

    Rajkishore Nayak works for RMIT University Vietnam. We received Tier II funding from the the office of Research & Innovation at RMIT University Vietnam & CSIRO Australia.

    Donna Cleveland works for RMIT University Vietnam. She received funding from a Tier II grant from the the office of Research & Innovation at RMIT University Vietnam & CSIRO Australia..

    – ref. Fermented clothing? Here’s how the biofilm on kombucha can be turned into green textiles – https://theconversation.com/fermented-clothing-heres-how-the-biofilm-on-kombucha-can-be-turned-into-green-textiles-228904

    MIL OSI Analysis – EveningReport.nz –

    January 28, 2025

  • MIL-Evening Report: What’s the difference between Hass and Shepard avocados? It’s not just the colour

    Source: The Conversation (Au and NZ) – By Yasmine Probst, Professor, School of Medical, Indigenous and Health Sciences, University of Wollongong

    Stepanenco Valeria/Unsplash

    Whether with crumbled feta or poached eggs, you’d be challenged to find a cafe in Australia or farther afield that doesn’t have avocado somewhere on the menu.

    This fruit (yep, it’s a fruit from a tree, not a vegetable) is widely associated with brunch culture and other trendy eating habits.

    The Australian avocado industry developed in the 1960s, 30 years after the start of the first large-scale production in California. Orchards producing avocados now span all parts of Australia, except Tasmania, Australian Capital Territory and the Northern Territory.

    Avocados are considered a monoculture crop: they’re grown on the same land each year, making them more susceptible to pests and creating a need for increased fertiliser use. The carbon footprint of avos is almost twice as high as that of apples, but much lower than many animal food sources.

    There are now over 50 different avocado types globally, but only a few are grown commercially.

    Not all avos are the same

    You may not notice a difference when you get your avocado toast at a cafe. But at the shops or the market, a striking difference occurs each year in Australia.

    In autumn, the familiar dark purple Hass avocado disappears and is replaced with the lighter green Shepard variety. In Australia, this typically happens between February and May.

    If you don’t know the difference between the two, you may expect Shepard avos to perform the same way as Hass – and be left disappointed. There are some important differences.

    Hass avocados

    Hass avocado skin is very dark when ripe.
    Nungning20/Shutterstock

    Hass avocados are known for their dark, pebbly-looking skin that appears almost black when ripe. They have an ovoid shape with a slight pear-like appearance. The thick skin can be a challenge to peel, often requiring a sharp knife or avocado slicer.

    Hass avocado flavour is rich, creamy and buttery, with nutty undertones. Their texture is ideal for mashing, blending and spreading, creating a creamy texture in dips, guacamole and smoothies.

    Hass avocados ripen – and darken in colour – slowly over several days. They remain firm to the touch when ripe, and will feel squishy when overripe. A slight give when pressed confirms Hass avos are ready to eat.

    Available in Australia from May to January, Hass are the dominant variety of commercially grown avocado worldwide. They were cultivated by horticulturalist Rudolph Hass in California in the 1920s.

    Shepard avocados

    Shepard avocados have smooth, green skin that remains green even when they are fully ripe. They are round to slightly oblong in shape and have a slightly milder and sweeter taste, with less pronounced nutty undertones.

    Shepard avocados ripen more quickly than Hass, but you won’t be able to tell that by the colour. Instead, check for softness – Shepard avocados are very soft when ripe. What might feel overripe when handling a Hass will likely be ideal ripeness if it’s a Shepard. The thin, smooth skin makes them easy to peel by hand or with a gentle squeeze.

    Their buttery soft texture is firm and creamy, and they hold their shape well when cut, making them ideal for slicing, dicing and spreading despite being structurally firm.

    Interestingly, Shepard avocados brown much more slowly than Hass, making them perfect for garnishes. Their milder flavour also makes Shepard avos well suited to sweet dishes, such as chocolate mousse.

    Shepard avos account for approximately 10–15% of Australian avocados and are in season from February to April each year while there is a gap in the Hass season.

    Australia is the only country in the world that grows Shepard avocados commercially. (They are grown in Queensland.)

    Avocados and our health

    As avocados contain 59% fat, people wishing to lose weight were previously advised to avoid or limit eating them.

    We now know that a majority of this fat is oleic acid, a monounsaturated (healthy) fat that helps to reduce cholesterol and improve heart health.

    Additionally, only 1% of an avocado is made up of carbohydrates, making the fruit popular with people following a ketogenic (keto) diet of low carbs and high fat.

    People who consume avos also tend to follow a better pattern of eating in general. They eat more whole grains, fruit and vegetables and fewer discretionary or takeaway foods.

    As an energy-dense food, consuming a whole avocado is about the same as eating 2.5 whole apples. Per 100 grams, avocado actually gives you less energy than an equivalent amount of cooked white rice.

    As avocado dishes are visually appealing and often featured in food photography, they have become a symbol of modern eating habits.

    Yasmine Probst receives funding from Multiple Sclerosis Australia and has previously received funding from various industry groups including the Hass Avocado Board. She is presently affiliated with the National Health and Medical Research Council, Multiple Sclerosis Plus and Multiple Sclerosis Limited.

    Karen Zoszak receives funding from MS Australia.

    – ref. What’s the difference between Hass and Shepard avocados? It’s not just the colour – https://theconversation.com/whats-the-difference-between-hass-and-shepard-avocados-its-not-just-the-colour-233243

    MIL OSI Analysis – EveningReport.nz –

    January 28, 2025

  • MIL-OSI USA: Senator Marshall joins NewsNation: The Hill to Discuss President Trump’s First Week in Office

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined NewsNation: The Hill to discuss President Trump’s first week in office, promises made and promises kept, and Cabinet confirmation hearings, including RFK. Jr who will be testifying this week in front of both the Finance Committee and Health, Education, Labor, and Pensions (HELP) Committee. Senator Marshall sits on both committees, and has been an advocate for RFK Jr. and Making America Health Again.
    You may click HERE or on the image above to watch Senator Marshall’s full interview. 
    Highlights from Senator Marshall’s interview include:
    On Trump’s Removal of Inspectors General: 
    “First of all, remind everybody President Reagan did basically the same thing. Look, these inspector generals have lost their way, and this is part of President Trump’s promises made, promises kept. He said he was going to drain the swamp over the past several years, record amounts of improper payments from the federal government – $250 billion of improper payments. The inspector generals have turned from a watchdog into somebody who’s protecting the agency. So he’s cleaning house, he’s starting over, and I think it’s a great move.” 
    “There are some really good people there, right? But I think when you sit there trying to sort out the good guys from the bad guys, sometimes you have to let them all go, and then, like President Reagan, maybe you rehire some of them as well, but we’ll get the reports eventually. But we need people working for the American people, not for the agency.”
    On RFK Jr. Path Forward for Confirmation: 
    “Farmers and ranchers, just like Bobby Kennedy and myself, want America to be healthy again, and they’re all in. I think that Bobby would share with you is that the farmers and ranchers are indeed the heroes. I think that Bobby recognizes that 90% of rural America supported President Trump. Every time I see President Trump, the first thing he asks me is, Roger, how are your farmers and ranchers doing.”
    “We’re already doing so many of the things that Bobby is talking about. Precision agriculture is not a dream anymore, that we are growing more with less. We’re growing more food with less fertilizers, with less pesticides. Soil health we’re embracing, that nobody more than sorghum is in the sorghum industry… We’re doing regenerative soil practices already.”
    “Last point I’ll make is this- President Trump ran on two things, I think. He ran on making America more prosperous, and then on security. And one of the things he said is grocery prices, so we can’t do anything that’s inflationary. So we got to thread this needle. We need more innovation, but we don’t need inflation. And you know, my job is to help bridge that gap, and I’m just all in with Bobby to help Make America Healthy Again. 60% of Americans with a chronic disease right now, and I think a lot of that’s impacted by what they eat and the toxins exposed to.”
    “I think Bobby, like myself, believes in the sanctity of the relationship between the patient and the doctor, and I want to make sure that we provide the mom, whether it’s my daughter or my daughter in law… We want to make sure that they have the right information, and I don’t think the CDC has done a good job on providing us that information… mostly there’s not enough transparency around it. A little common sense is going to go a long way. And I think Bobby Kennedy will thread the needle… I think the priority will be nutrition and the toxins that we are exposed to.”
    “I think what you’re going to hear Bobby say is the President’s policies are my policies. Bobby and I don’t agree on everything, but we agree that we want to Make America Healthy Again. We share the same goals. He’s a game changer. I think that, and more importantly, is this, there is an army, a groundswell of people out there that are supporting him.”
    On Kansas Troops Deployed to Southern Border:
    “So I’m very grateful for those people that volunteered to wear the uniform, realizing that the southern border is a national security issue, if anybody understands and appreciates their families. I served my dad, served my brother, served my son is serving. I appreciate them, and some 300 soldiers are going to be going to that border.” 
    “But what I’m upset about is this summer, 3,000 soldiers from Fort Riley are going to Europe next year, another 5,000 soldiers from Fort Riley going to Europe. Why do we need 100,000 soldiers from the United States in Europe?”

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI United Kingdom: Storm Éowyn recovery

    Source: Scottish Government

    Impacts continue to be felt.

    The Scottish Government’s Resilience Room (SGORR) met this afternoon to hear about further progress to reconnect power and reopen rail lines and schools following Storm Éowyn.

    It heard:

    • 5,900 properties are without power, with the vast majority expected to be reconnected in the course of today or tomorrow
    • Network Rail has restored enough infrastructure to allow around 75% of services to resume, and is working at pace to open up the remaining lines
    • At least two schools are confirmed to be closed tomorrow

    Justice and Home Affairs Secretary Angela Constance said:

    “Three days after the worst of Storm Éowyn, we can see how the sheer scale of the damage continues to impact Scotland’s return to normal. I want to thank everyone who is playing their part, day and night, to get services back up and running.

    “Utilities companies are working as fast as possible, in often challenging in weather conditions, and have reconnected over 280,000 properties. Around 5,900 properties are still without power and companies are in touch with those households to estimate restoration times and offer welfare or other support.

    “While trunk roads and ferries are largely operating as normal, the railway continues to recover and Network Rail has experienced over 500 incidents. ScotRail were scheduled to operate 50% of services today but this has increased to around 73% over the course of today. We can however expect continued disruption on some lines to last until later this week, so I would ask passengers to be patient and check ScotRail and Network Rail information before they travel. 

    “A very small number of schools will be closed tomorrow and relevant councils will be in touch with parents and pupils where appropriate.”

    Background 

    SGoRR was chaired by Justice and Home Affairs Secretary Angela Constance and attended by Transport Secretary Fiona Hyslop, Education Secretary Jenny Gilruth, Rural Affairs and Islands Secretary Mairi Gougeon and Minister for Agriculture and Connectivity Jim Fairlie. They were joined by representatives from the Met Office, Police Scotland, Transport Scotland, SEPA, transport and utilities companies and resilience partners.

    Met Office weather warnings are available on the Met Office website. 

    Flood alerts are issued by the Scottish Environmental Protection Agency and can be viewed on their website. 

    Advice on preparing for severe weather can be found on the Ready Scotland website.

    MIL OSI United Kingdom –

    January 28, 2025

  • MIL-OSI Security: ‘LA Dank DMV’ Crew Leader Sentenced for Sophisticated High-Grade Marijuana Distribution Conspiracy

    Source: Office of United States Attorneys

    The Crew Was Armed with Machine Guns and Mass Marketed on 3 Dedicated Websites and Social Media Platforms

                WASHINGTON –Abubakr Banire, 27, of Washington D.C, was sentenced today to 111 months in prison for leading the “LA Dank DMV Crew,” a sophisticated drug trafficking conspiracy that was responsible for bringing hundreds of pounds of high-grade marijuana from California to the metropolitan area, announced U.S. Attorney Edward R. Martin Jr. and FBI Special Agent in Charge Sean Ryan of the Washington Field Office’s Criminal and Cyber Division.

                Banire, aka “Swave,” pleaded guilty on September 29, 2023, to conspiracy to distribute marijuana; unlawful possession of a machine gun; unlawful possession of a firearm by a felon; and possession of a firearm in furtherance of a drug trafficking offense.

                In addition to the 111-month prison term, U.S. District Court Judge Colleen Kollar-Kotelly ordered Banire to serve three years of supervised release. As part of Banire’s guilty plea, he admitted to operating as a leader of the drug distribution conspiracy.

               As part of their distribution scheme, members of the crew relied heavily on mass marketing through three dedicated LA Dank websites, as well as social media platforms like Instagram where individual crew members would advertise the LA Dank brand and LA Dank branded marijuana for sale. Crew members also used rental properties to set up stash houses or points of sale that were used to conduct drug distribution operations for a short period of time before moving on to different locations. 

               The crew is known, and was found to possess numerous firearms, including semi-automatic and fully automatic machine guns, and devices used to convert semi-automatic firearms into fully automatic machine guns. Certain members of the crew also plead guilty to the possession of firearms in furtherance of their drug trafficking operations. In total, approximately 122 pounds of marijuana, 19 firearms, and 10 machine gun conversion devices were recovered.  Three of these nineteen firearms were discovered to be operational machine guns that had been modified with machinegun conversion devices. Seven of these machine gun conversion devices were found in an “LA Dank” branded bag. Two of these firearms were privately made AR-pistol style machine guns, sometimes referred to as “ghost guns.”

               Ledgers and receipts show that the crew trafficked well over 100 kilograms of marijuana into the DMV area for distribution.

               This case was investigated by the FBI’s Washington Field Office, in partnership with the Metropolitan Police Department, Prince George’s County Police Department, and Anne Arundel County Police Department.

     

    LA DANK DMV

    		  

    Defendant

    		  

    Sentence
    Abubakr Banire, aka “Swave,” of Los Angeles, CA Pleaded guilty September 29, 2023, to conspiracy to distribute marijuana; unlawful possession of a machine gun; unlawful possession of a firearm by a felon; and possession of a firearm in furtherance of a drug trafficking offense. Sentenced Jan. 27, 2025, to 111 months in federal prison.
    Christopher Akinduro aka “Oshay,” of Upper Marlboro, MD Pleaded guilty October 3, 2023, to conspiracy to distribute 100 kilos or more of marijuana. Sentenced Jan. 17. 2024, to 74 months in federal prison.
    Issac Akinduro, aka “Black,” of Washington D.C. Pleaded guilty October 11, 2023, to conspiracy to distribute 100 kilos or more of marijuana. Sentenced March 14, 2024, to 41 months in federal prison.
    Kavon Duncan, aka “Babyk,” of Upper Marlboro, MD Pleaded guilty October 3, 2023, to conspiracy to distribute 100 kilos or more of marijuana and possession with intent to distribute marijuana. Sentenced Jan 26, 2024, to 71 months in federal prison.
    Avery Bost, aka “Avenue” and “Left,” of Brandywine, MD Pleaded guilty October 27, 2023, to possession with intent to distribute marijuana. Sentenced May 22, 2024, to 37 months in federal prison.
    Joe Blyther, aka “Hawk,” of Bowie, MD Pleaded guilty November 8, 2023, to conspiracy to distribute marijuana; possession of a firearm in furtherance of a drug trafficking offense; possession of a machine gun; and possession of a firearm and ammunition by a felon. Sentenced May 22, 2024, to 120 months in federal prison.
    Randall Lance, aka “Mike Lambo,” of Washington D.C. Pleaded guilty May 23, 2023, to conspiracy to distribute more than 100 kilograms of marijuana. Sentenced Oct. 10, 2023, to 63 months in federal prison.
    Omar Butler, aka “O,” of Washington D.C. Pleaded guilty Nov. 3, 2023, to conspiracy to distribute marijuana. Sentenced March 4, 2024, to 18 months in federal prison.

                This case was prosecuted by Assistant United States Attorneys Justin F. Song and Meredith E. Mayer-Dempsey of the Federal Major Crimes Section and Thomas Strong of the Violence Reduction and Trafficking Offenses Section of the U.S. Attorney’s Office for the District of Columbia.

    22cr83

    MIL Security OSI –

    January 28, 2025

  • MIL-OSI USA: Vermont Congressional Delegation and Governor Scott Announce $3.8 Million in Northern Border Regional Commission Grants for Vermont Communities

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    MONTPELIER, VT – Today, the Vermont Congressional Delegation, Senators Bernie Sanders (I-Vt.), Peter Welch (D-Vt.), and Representative Becca Balint (VT-At Large), along with Vermont Governor Phil Scott and the Northern Border Regional Commission (NBRC) announced the recipients of the NBRC’s Fall 2024 Catalyst Program and Forest Economy Program Awards. Seven projects in Vermont will receive a cumulative $3.88 million in funding, which will support projects including early childhood education, a new surplus crop processing center and food hub, and rural health care clinic upgrades. 
    Established in 2008, the NBRC is a Federal-State partnership in northern Maine, New Hampshire, Vermont, and New York designed to stimulate economic growth and inspire collaboration to improve rural economic vitality across the four-state NBRC region. NBRC encourages projects that take a creative approach to accomplishing those goals. 
    “The Northern Border Regional Commission plays a major role in fostering long-term economic development in communities across Vermont. These new investments from the NBRC will support seven projects that benefit folks in every corner of the Green Mountain State–from building new child care centers to making energy-efficient upgrades to purchasing new classroom supplies,” said the Vermont Congressional Delegation. “We’ll continue to work alongside state and local partners to support the growth and success of rural communities in Vermont.” 
    “These infrastructure, economic and community development projects make important investments across Vermont,” said Governor Scott. “These projects will help revitalize our rural communities and I want to thank our Congressional Delegation for their support.” 
    When evaluating potential projects, the Catalyst Program considers project readiness, economic impacts, impacts on Vermont’s skilled workforce, project location, regional input and priorities, and the project’s transformational nature. Awarded projects in the 2024 Catalyst Fall Competition will help pay for start-up costs—including classroom supplies and furniture for the Orange County Parent Child Center—implement new energy-efficient facilities at the Carlos G. Otis Health Care Center, transform a vacant facility into a child care center in the Northeast Kingdom, expand water and sewer infrastructure throughout the Town of Essex, and more.   
     The 2024 Catalyst Fall Competition Awardees include:  
    Carlos G. Otis Heath Care Center (Windham County) – $1,000,000:  
    Replace two aging, inefficient structures with a new energy-efficient facility that will increase patient privacy and enhance accessibility.  
    Orange County Parent Child Center (Orange County) – $379,124.82:  
    Funding for furniture, playground equipment and classroom supplies, as well as start-up operations costs towards launching the early childhood education program.  
    Northeast Kingdom Community Action (Essex County) – $62,888:  
    Convert a facility previously utilized as a health clinic into a childcare center providing 8 to 10 new Early Childhood Education spots.  
    Salvation Farms (Lamoille County) – $469,621.30:  
    Establish a 6,100 square foot Surplus Crop Processing Center & Food Hub.  
    Town of Essex (Chittenden County) – $500,000:  
    Planning and design to support the expansion of water and sewer infrastructure throughout the Essex Town Center area where proposed municipal facilities, fire station, library, and community space are planned.  
    Vermont Council on Rural Development (Addison, Bennington, Caledonia, Orleans, Rutland, Washington, Windham, and Windsor Counties) – $472,192.28:  
    Provide 9 rural communities with targeted, holistic capacity building services and support for long term economic development success. This project will scale up services to meet the overwhelming demand for facilitated community-led prioritization, technical assistance, leadership coaching, and resource guiding. 
    Read more from NBRC here.  Pre-applications for the 2025 Catalyst Program are due February 28. 

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI Russia: “You need to have the knowledge, skills and competencies to build a successful business in the Eastern markets”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Mikhail Dmitriev / Higher School of Economics

    HSE Expert Club “Eastern perspective» held its first event — a business session dedicated to launching and developing a successful business in India. The club was created by HSE experts to discuss tools, trends and insights on cooperation between Russia and the countries of Southeast Asia, the Near and Middle East, and North Africa. The participants were addressed by experts with many years of successful experience working in the Indian market in the interests of the world’s largest corporations.

    It is no coincidence that the first event of the Eastern Perspective was dedicated to India. Today, this country is the fastest growing economy in the world among the G20 countries with more than 7 percent annual GDP growth, a growing consumer market and high rates of technological progress. This opens up unique opportunities for Russian companies, emphasized the moderator of the event, Deputy Director for Marketing Communications at the National Research University Higher School of Economics Dmitry Chubarov.

    India is one of the most promising countries for entrepreneurs planning to start or grow their business.

    Leading world experts today call this country a “market of billions of chances,” said the associate professor Schools of Oriental Studies Faculty of World Economy and World Politics HSE University Olga Kharina. “Many countries want to have India as a partner, and Western countries are already doing this successfully. Therefore, we also need to use this chance in our own interests – the interests of business and, of course, the state,” she noted.

    Today, the dynamics of the development of Indian industries are as follows: the share of industrial products in the import structure reaches 50%, the annual growth of the beauty industry is 76%, the share of fintech in the volume of attracted financing among startups is 40%, and the share of e-commerce in the volume of attracted financing among startups is 20%. The average age of the population of this country is 28 years, which makes it one of the largest labor markets in the world. About 70% of the population is young people under 35 years old.

    In 2023, India accounted for more than 40% of all smartphone sales in Asia. The number of internet users in India is expected to reach 700 million by 2025. There are already about 450 million, and 1.2 billion mobile users. The Indian smartphone market is the fastest growing in the world. In addition, in 2020, a $ 1.4 trillion transport infrastructure plan was adopted, which includes improving roads, railways and airports. Textile exports are expected to reach $ 100 billion by 2027. India is the second largest producer of crude steel in the world, and the third largest aviation market. The value of the chemical and petrochemical industry reaches $ 1,178 billion, and auto component exports are worth $ 13.3 billion.

    Olga Kharina reviewed several cases related to the development of business of Russian entrepreneurs in India. Their experience showed that obtaining all the necessary permits for work in this country is a more complicated process than expected. It is also important to take into account the specifics of working with local regulatory authorities and carefully study the legislation and tax procedures.

    Olga Kharina also presented a “treasure map” of Indian states, each of which has its own economic characteristics and laws. Thus, the state of Maharashtra (where the financial center of Mumbai is located) is the largest taxpayer and an important center for business. The state of Uttar Pradesh is the most populous (more than 220 million people), but the economy is mainly agricultural. The state of Gujarat is a leader in the production and export of such goods as chemicals, petrochemicals and textiles.

    “India is located in the center of South Asia and has a strategic position as a gateway between East and West Asia. With access to the Indian Ocean, it plays a key role in trade and transport between the countries of Central Asia, the Middle East, Southeast Asia and East Africa. Russia and India maintain close economic ties that are strengthening every year. In recent years, various agreements have been signed on mutual trade, as well as on strategic partnership in the fields of energy, defense and technology,” the speaker emphasized.

    As for the most promising areas for business, India is one of the largest consumers of energy resources, and Russian companies can develop their activities in the field of oil and gas supplies, as well as participate in energy projects. Russia can also offer its developments in the field of IT and innovative technologies, especially in the field of artificial intelligence, machine learning and blockchain. In addition, India is an important importer of agricultural products, and Russian companies can supply there grain, fish, meat, dairy products. At the same time, Indian technologies in agribusiness can be useful for Russian farmers.

    The Indian government actively supports the “Make in India” program, which is aimed at developing manufacturing and stimulating foreign investment in the country.

    “You need to have the knowledge, skills and competencies to build a successful business in new markets, which we now call the Global East – friendly markets that are supported by both Russia and other countries,” emphasized Natalia Guseva, professor at the Faculty of World Economy and World Politics at the HSE and head of the HSE educational programs “Business with the East.”

    She presented the educational programs “Eastern Perspective” for entrepreneurs working with countries of the Near and Middle East, North Africa, and the Indo-Pacific region.

    The university currently offers three such programs. The flagship five-month program isEastern Perspective: Strategy and Tactics for Building a Business” combines the experience and practices of entering new markets in developed countries of the Global East. Intensive three-month program “Eastern Perspective: The Basics of Building a Business” is aimed at obtaining practical knowledge on business development, launching international projects in various sectors of the economy with the countries of the Global East. The three-week program “Eastern Perspective: The Practice of Building a Business in India” focuses on knowledge, strategies and practices for building a successful business in India.

    “You will have a clear understanding of the potential and specifics of Eastern markets depending on what company you work for or what startup you plan to do. When entering new markets, offering your products and services, you must have a clear understanding of the vectors and potentials of development, the features of the financial and tax systems. You also need to understand the main political trends, the features of the local society. You need to clearly assess the export potential, due to which you will compete. Most Russian companies that had experience in international business were mainly focused on the European markets, and that competition strategy was mainly based on low prices, but in the Eastern markets this strategy will be ineffective,” Natalia Guseva emphasized.

    Expert in developing GR tools and strategies for promoting companies on the Indian market, representative of the media conglomerate The Times of India Group in Russia Nair Devadathan spoke about the country’s features that businessmen entering this market should pay attention to. Thus, according to him, caste, religiosity and beliefs are very important in Indian society (for example, entrepreneurs build relationships with partners based on astrological horoscopes). Business connections are also of great importance: to enter the market, it is necessary to find a partner from among local residents – this way the company will be able to receive many preferences and more favorable conditions. “India should be understood as Bollywood,” he said. At the same time, this country loves Russian culture, especially theater and film adaptations.

    According to Nair Devadathan, not only large companies and medium-sized businesses can succeed in this country, but also small production facilities and even individual entrepreneurs – such examples already exist. At the same time, Indian consumers may be interested in absolutely any product, including those subject to sanctions, or services – for example, from the beauty industry or the arts, education or tourism.

    “Promoting Russia is a business in itself. All our young people use social networks, so you need to pay attention to this,” he is convinced.

    In conclusion, Dmitry Chubarov invited the business session participants to take the HSE educational programs dedicated to the East. “The expertise, experience and cases that will be discussed will not be based on abstract textbooks, but on the daily successful practice of both Russian and international companies that are currently operating in the Indian market,” he summed up.

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

    MIL OSI Russia News –

    January 28, 2025

  • MIL-OSI United Kingdom: New £2m project to save UK from food shortages

    Source: Anglia Ruskin University

    Anglia Ruskin University (ARU) is leading a new £2 million initiative to help prevent food shortages that could potentially trigger civil unrest in the UK.

    The project, called Backcasting to Increase Food System Resilience in the UK, is being led by experts from Anglia Ruskin’s Global Sustainability Institute and has received £2,048,461 in funding from the Biotechnology and Biological Sciences Research Council, part of UK Research and Innovation (UKRI).

    Building on recent research that found that over 40% of food experts believe widespread civil unrest linked to food shortages, such as demonstrations and violent looting, is possible or likely in the UK within the next 10 years, the new project aims to urgently address vulnerabilities in the nation’s food supply.

    The UK’s food system is currently optimised for efficiency rather than resilience, relying heavily on imports, seasonal labour, and just-in-time supply chains.

    This makes it particularly susceptible to disruptions that could lead to a collapse, defined as a situation where the public lack access to affordable food, resulting in economic productivity losses, disease outbreaks, extreme hunger, malnutrition, or civil unrest.

    Potential causes of such a collapse include geopolitical instability and conflict around the world, pandemics, extreme weather events exacerbated by climate change, and trade tariffs.

    The project aims to identify and find ways of mitigating the potential tipping points that could lead to a collapse and prioritise the areas within the UK food system that urgently need to strengthen their resilience to likely risks and shocks.

    To achieve these goals, the researchers will work closely with key stakeholders including food producers, importers, distributers and retailers.

    A “backcasting” mapping exercise will be carried out to identify the most likely pathways leading to civil unrest with a focus on addressing problems at the early stages of these pathways, well before any unrest arises.

    Anglia Ruskin University is leading the project in partnership with experts from the University of York, the London School of Hygiene & Tropical Medicine, the University of the West of England and the Royal Agricultural University.

    Other partners include WTW, the Food Farming & Countryside Commission, the Food Ethics Council, WRAP, DEFRA, Trussell, Sustain, Better Food Traders, Samworth Brothers, the Food Standards Agency, the Institute of Grocery Distributors and WWF.

    “The Backcasting to Increase Food System Resilience in the UK project is a major investment into understanding how future shocks could significantly impact the UK food system and how we can build resilience to these.

    “The food system is exposed to various risks from climate change and biodiversity loss to geopolitical events, such as wars or cyberterrorism. Supporting the UK’s food system stakeholders from farmers through to retail, by working with them to build on their knowledge to deliver a transformation towards resilience, is vital.

    “The project will also involve placements inside organisations focusing on food system challenges, to better understand the interventions that may be possible, and allow wider lessons to be captured and shared. These placements will be open to PhDs from across the UK and will be announced in 2026.”

    Professor Aled Jones, Director of the Global Sustainability Institute at Anglia Ruskin University (ARU)

    MIL OSI United Kingdom –

    January 28, 2025

  • MIL-OSI Global: Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits

    Source: The Conversation – USA – By Benjamin Chrisinger, Assistant Professor of Community Health, Tufts University

    More than 41 million Americans use SNAP benefits to buy groceries. Brandon Bell/Getty Images

    President Donald Trump’s pick for director of the Health and Human Services Department, Robert F. Kennedy Jr., has announced a bold plan. He wants to “Make America Healthy Again.”

    Kennedy’s strategy has gotten a lot of attention for its oddities, such as his opposition to vaccine mandates and support for raw milk. But it includes some concepts that many public health experts consider sensible, such as calling for a stronger focus on chronic disease prevention and seeking more restrictions on prescription drug advertising aimed at consumers.

    But he’s also demanding a ban on junk food from the Supplemental Nutrition Assistance Program. Banning junk food from SNAP is something that has divided public health experts for years.

    As public health researchers, we’ve devoted our careers to helping reduce chronic diseases. We agree with Kennedy that a healthy diet and sound nutrition are important ways to improve the nation’s health. We also know from our own research that safety net programs, including SNAP benefits – which are still sometimes called food stamps – are staving off hunger and food insecurity for millions of Americans.

    And we’re certain that adding to the restrictions that already limit access to SNAP benefits do little to make Americans healthier.

    What is SNAP?

    Over 42.1 million Americans, about 13% of all families, receive SNAP benefits. More than 1 in 4 of the households enrolled in the program include someone who is earning at least some income.

    More than 4 in 5 families getting SNAP benefits include a child, someone over 65 or someone with a disability. These benefits are distributed on a monthly basis through an electronic benefits transfer card that looks and works like a credit or debit card and can be used at supermarkets and other approved retailers. The federal government has spent more than US$110 billion annually on this program in recent years.

    Benefits help get food on the table but typically don’t cover everything a family needs to eat. The average monthly benefit is $195 per person.

    Americans who earn less than 130% of the poverty line are eligible for SNAP. In the 2025 fiscal year, a family of three can’t make more than $2,152 a month in net income or have assets of more than $4,500 if a household includes someone over 60, and $3,000 if it doesn’t.

    Adults without children or disabilities can’t get these benefits for more than three months every three years unless they meet the program’s work requirements by being employed or spending at least 20 hours weekly in a training program. People who are on strike and foreigners living in the U.S. without authorization are ineligible. People with prior drug-related felony convictions are federally banned from SNAP for life, but states can waive this rule. This program is federally funded but administered by the states, which have some leeway in determining eligibility.

    People enrolled in SNAP already face some restrictions on what they can buy with their benefits. They can’t use SNAP to purchase premade or restaurant meals, alcohol, tobacco, or things such as diapers, vitamins and toilet paper.

    Why restrict SNAP?

    Since SNAP is administered by the U.S. Department of Agriculture, Kennedy would have very little power to change SNAP’s rules should the Senate approve his nomination following the controversial politician’s upcoming confirmation hearing on Jan. 29, 2025.

    Still, we’re concerned that his support for new restrictions could help sway the authorities who would be responsible for such a policy change.

    Proposals to ban particular foods from SNAP have been floated many times by state legislators and members of Congress over the years.

    These bills have generally been designed to exclude supposedly luxury items, such as steak and seafood, or aimed at barring purchases from a different supermarket aisle: candy, soda and other junk foods.

    States can’t make this kind of modification without the USDA’s authorization. And so far, the USDA has rebuffed calls for it to allow such measures. Even without the agency’s support, Congress can make changes to these policies in the Farm Bill, which could in the future force the USDA to allow these restrictions in states that ask for them.

    The Trump administration, including Kennedy, has signaled its interest in these kinds of restrictions.

    Why SNAP restrictions won’t make America healthier

    While improving the American diet is a worthy goal, research that we and other scholars have done makes it clear that adding new restrictions to SNAP will do little to help us become a healthier nation.

    First, many studies have found that nearly all Americans could eat healthier.

    The rich and the poor alike consume unhealthy food in the U.S.

    Studies show that while lower-income Americans often spend more of their food budget on unhealthy stuff than more affluent people do, families in the middle and at the top of the income ladder still purchase lots of junk food.

    Unsurprisingly, those purchases reflect what we’re eating: Americans at all income levels have diets that don’t satisfy federal dietary guidelines. Spotlighting the poor food choices of SNAP participants would be a distraction from these facts and would risk further stigmatizing a successful anti-hunger program.

    Maintaining a good diet is not cheap or straightforward, especially on a low income. The poorest communities have far more inexpensive fast-food chains and dollar stores than their wealthier neighbors, as well as more ads for unhealthy products. Even when they get SNAP benefits, many Americans still struggle to make ends meet, and studies show how this negatively affects the quality of their diets.

    Another reason SNAP restrictions wouldn’t make America healthier is that diet is just one of many contributors to chronic diseases. Your level of physical activity, exposure to pollution, stress and genetics, among other things, shape your risk of getting heart disease, diabetes or other chronic diseases.

    Flexible but don’t cover all needs

    SNAP benefits are fairly flexible, covering just about anything people might want to eat, even if they have dietary restrictions due to their culture or health conditions. The program helps Americans afford most of their basic necessities, although it fails to pay for all the groceries most people who rely on the program need to buy in the course of a month.

    SNAP’s main function is preventing the worst effects of hunger and food insecurity for the more than 41 million people relying on it.

    There are other ways for the government to help make Americans healthier besides the imposition of stigmatizing restrictions on SNAP. For example, it can create matching programs for SNAP dollars spent on fruits and vegetables, which would give retailers incentives to offer more produce and make it easier for people who get SNAP benefits to buy more healthy food. The USDA has begun to support this kind of effort in several states.

    Benjamin Chrisinger receives funding from The Research Innovation and Development Grants in Economics (RIDGE) Partnership.

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

    – ref. Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits – https://theconversation.com/why-government-cant-make-america-healthier-by-micromanaging-groceries-purchased-with-snap-benefits-246462

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.73 Per Share for Q4 2024; Twelve Month 2024 Earnings up 10% to $2.37 per Share

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported fourth quarter earnings ending December 31, 2024 of $0.73 per common share on net income of $3.0 million, compared to $0.69 per common share on net income of $2.9 million during the third quarter ending September 30, 2024, and $0.55 per common share on net income of $2.3 million during the fourth quarter ending December 31, 2023. For the fiscal year ended December 31, 2024, PSB reported earnings of $2.37 per common share on net income of $9.8 million compared to $2.16 per common share on earnings of $9.1 million for the fiscal year ended December 31, 2023.

    PSB’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) higher net interest income supported by a net interest margin increase of six basis points; (2) lower non-interest income due primarily to a loss on the sale of securities; (3) slightly lower non-interest expenses due to lower salaries and employee benefit expenses; and (4) loan growth of 2% during the quarter.

    “We are pleased with our results for the fourth quarter and fiscal 2024. We continue to maintain strong asset quality and controlled expenses, and expect to see continued expansion in our net interest margin as loan products continue to reset to higher yields and funding costs stabilize or decline. Additionally, we expect to see stronger loan growth in fiscal 2025. We are focused on delivering strong returns to shareholders through capital growth, payment of dividends and supporting our stock price through stock repurchases, when economically appropriate,” stated Scott Cattanach, President and CEO.

    December 31, 2024, Highlights:

    • Net interest income increased to $10.4 million for the quarter ended December 31, 2024, from $9.9 million for the quarter ended September 30, 2024. Asset and loan yields increased while funding costs declined slightly.
    • Noninterest income decreased $566,000 to $1.3 million for the quarter ended December 31, 2024, compared to $1.8 million the prior quarter due primarily to a loss on the sale of securities.
    • Noninterest expenses decreased to $8.0 million during the quarter ended December 31, 2024 from $8.2 million for the quarter ended September 30, 2024, reflecting lower salary and benefit expenses.
    • Loans increased $20.2 million, or 2% in the fourth quarter ended December 31, 2024, to $1.08 billion largely due to new commercial real estate and construction and development loans. Allowance for credit losses was 1.13% of gross loans.
    • Non-performing assets remained unchanged at $10.4 million, or 0.71% of total assets at December 31, 2024 compared to the previous quarter.
    • Total deposits increased slightly to $1.15 billion at December 31, 2024 from $1.14 billion at September 30, 2024, with the increase largely consisting of interest-bearing demand and savings deposits.
    • Return on average tangible common equity was 11.07% for the quarter ended December 31, 2024, compared to 10.96% the prior quarter and 9.64% in the year ago quarter.
    • Tangible book value per common share was up 9.0% over the past year to $25.98 at December 31, 2024, compared to $23.84 at December 31, 2023. Additionally, PSB paid dividends totaling $0.64 per share during 2024, up 6.7% over the prior year.
    • On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

    Balance Sheet and Asset Quality Review

    Total assets decreased $10.0 million during the fourth quarter to $1.47 billion at December 31, 2024, compared to September 30, 2024. Cash and cash equivalents decreased $46.6 million to $40.5 million at December 31, 2024 from $87.1 million at September 30, 2024 as funds were used to originate new loans and pay down FHLB advances. Cash and cash equivalents increased $12.7 million from one year earlier. Investment securities available for sale increased $14.2 million to $189.1 million at December 31, 2024, from $174.9 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $349 million at December 31, 2024, with an additional $354 million that could be raised in a short time frame from the brokered CDs market.

    Total loans receivable increased $20.2 million to $1.08 billion at December 31, 2024, compared to one quarter earlier, due primarily to increased commercial non-real estate, commercial real estate and construction lending. Commercial non-real estate loans increased $5.1 million to $144.2 million at December 31, 2024, from $139.0 million one quarter earlier. Commercial real estate loans increased $10.1 million to $551.6 million at December 31, 2024 and construction and development lending increased $18.4 million to $79.4 million at December 31, 2024, compared to one quarter earlier. Offsetting gross loan growth, loans in process of disbursement increased $10.0 million to $27.8 million as new construction and development loans have not been fully funded. Residential real estate loans decreased $3.9 million from the prior quarter to $337.5 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.5% of gross loans, followed by residential real estate loans at 30.2% of gross loans, commercial non-real estate loans at 12.9% and consumer loans at 0.4%.

    The allowance for credit losses decreased slightly to 1.13% of gross loans at December 31, 2024, from 1.18% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended December 31, 2024. Non-performing assets remained at 0.71% of total assets at December 31, 2024 and totaled $10.4 million. Approximately 71% of the non-performing assets consisted of three loan relationships. For the eighth consecutive quarter, the Bank did not own any foreclosed real estate.

    Total deposits increased $8.2 million to $1.15 billion at December 31, 2024, from $1.14 billion at September 30, 2024. The increase in deposits reflects a $12.9 million increase in interest-bearing demand and savings deposits and a $3.3 million increase in retail and local time deposits greater than $250,000, offset by a $1.5 million decrease in money market deposits, a $5.6 million decrease in non-interest bearing deposits and a $0.9 million decrease in retail and local time deposits less than $250,000.

    At December 31, 2024, non-interest bearing demand deposits decreased to 22.6% of total deposits from 23.3% the prior quarter, while interest-bearing demand and savings deposits increased to 29.4% of deposits, compared to 28.4% at September 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at December 31, 2024, from 21.7% of total deposits at September 30, 2024.

    FHLB advances decreased $19.0 million to $162.3 million at December 31, 2024, compared to $181.3 million at September 30, 2024.

    Tangible stockholder equity as a percent of total tangible assets was 7.76% at December 31, 2024, compared to 7.85% at September 30, 2024, and 7.49% at December 31, 2023.

    Tangible net book value per common share increased $2.14 to $25.98, at December 31, 2024, compared to $23.84 one year earlier, an increase of 9.0% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.41, tangible net book value per common share decreased primarily due to a fair market value decrease in the investment portfolios and payment of dividends. The accumulated other comprehensive loss on the investment portfolio was $19.3 million at December 31, 2024, compared to $15.8 million one quarter earlier.

    Operations Review

    Net interest income increased to $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, from $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the fourth quarter of 2023. Earning asset yields remained flat at 5.29% during the fourth quarter of 2024, while interest bearing deposit and borrowing costs decreased seven basis points to 3.06% compared to 3.13% during the third quarter of 2024. Relative to one year earlier, earning asset yields were up 30 basis points while interest bearing deposit and borrowing costs increased 27 basis points.

    The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the fourth quarter of 2024 to 5.80% from 5.78% for the third quarter of 2024. Taxable security yields were 3.16% for the quarter ended December 31, 2024, compared to 3.01% for the quarter ended September 30, 2024, while tax-exempt security yields were flat at 3.31% for the quarter ended December 31, 2024. The increase in taxable security yields reflect the rise in interest rates and security restructuring activity from security sales.

    The cost of all deposits declined to 2.08% for the quarter ended December 31, 2024, compared to 2.11% the prior quarter, while the overall cost of funds decreased seven basis points to 3.06% from 3.13% during the same time period. Deposit costs for all deposit categories decreased during the fourth quarter with time deposits decreasing two basis points to 4.02%, money market deposits decreasing 13 basis points to 2.56% and savings and demand deposits decreasing two basis points to 2.56%. FHLB advances also declined four basis points to 4.40% for the quarter ended December 31, 2024.

    Total noninterest income decreased during the fourth quarter of 2024 to $1.28 million, from $1.84 million for the third quarter of 2024 due primarily to a net loss on sale of securities. Mortgage banking income decreased slightly to $414,000 in the fourth quarter from $433,000 the prior quarter while various decreases in nominal revenue sources accounted for the remaining decline in noninterest income. At December 31, 2024, the Bank serviced $373.5 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses decreased $149,000 to $8.0 million for the fourth quarter of 2024, compared to $8.2 million for the third quarter of 2024 and increased $644,000 from $7.4 million for the fourth quarter of 2023. Relative to one year earlier, salary and benefit cost increased $447,000, or 10.5% to $4.7 million for the quarter ended December 31, 2024, compared to $4.2 million for the fourth quarter ended December 31, 2023.

    Taxes decreased $69,000 during the fourth quarter to $524,000, from $593,000 one quarter earlier. The effective tax rate for the quarter ended December 31, 2024, was 14.4% compared to 16.6% for the third quarter ended September 30, 2024, and 26.7% for the fourth quarter ended December 31, 2023.

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

               
               
    PSB Holdings, Inc.     
    Consolidated Balance Sheets     
    December 31, September 30, June 30, and March 31, 2024, unaudited, December 31, 2023 derived from audited financial statements 
               
      Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands, except per share data)   2024     2024     2024     2024     2023  
               
    Assets          
               
    Cash and due from banks $ 21,414   $ 23,554   $ 16,475   $ 13,340   $ 20,887  
    Interest-bearing deposits   3,724     5,126     251     105     1,431  
    Federal funds sold   15,360     58,434     69,249     2,439     5,462  
               
    Cash and cash equivalents   40,498     87,114     85,975     15,884     27,780  
    Securities available for sale (at fair value)   189,086     174,911     165,177     165,566     164,024  
    Securities held to maturity (fair values of $79,654, $82,389, $79,993, $81,234 and        
      $82,514 respectively)   86,748     86,847     86,825     87,104     87,081  
    Equity securities   2,782     1,752     1,661     1,474     1,474  
    Loans held for sale   217     –     2,268     865     230  
    Loans receivable, net (allowance for credit losses of $12,342, $12,598, $12,597,        
     $12,494 and $12,302 respectively)   1,078,204     1,057,974     1,074,844     1,081,394     1,078,475  
    Accrued interest receivable   5,042     4,837     5,046     5,467     5,136  
    Foreclosed assets   –     –     –     –     –  
    Premises and equipment, net   13,805     14,065     14,048     13,427     13,098  
    Mortgage servicing rights, net   1,742     1,727     1,688     1,657     1,664  
    Federal Home Loan Bank stock (at cost)   8,825     8,825     8,825     7,006     6,373  
    Cash surrender value of bank-owned life insurance   24,732     24,565     24,401     24,242     24,085  
    Core deposit intangible   195     212     229     249     273  
    Goodwill   2,541     2,541     2,541     2,541     2,541  
    Other assets   11,539     10,598     12,111     11,682     11,866  
               
    TOTAL ASSETS $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    Liabilities          
               
    Non-interest-bearing deposits $ 259,515   $ 265,078   $ 250,435   $ 247,608   $ 266,829  
    Interest-bearing deposits   887,834     874,035     901,886     865,744     874,973  
               
       Total deposits   1,147,349     1,139,113     1,152,321     1,113,352     1,141,802  
               
    Federal Home Loan Bank advances   162,250     181,250     184,900     158,250     134,000  
    Other borrowings   6,872     6,128     5,775     8,096     8,058  
    Senior subordinated notes   4,781     4,779     4,778     4,776     4,774  
    Junior subordinated debentures   13,023     12,998     12,972     12,947     12,921  
    Allowance for credit losses on unfunded commitments   672     477     477     477     577  
    Accrued expenses and other liabilities   14,723     12,850     13,069     10,247     12,681  
               
       Total liabilities   1,349,670     1,357,595     1,374,292     1,308,145     1,314,813  
               
    Stockholders’ equity          
               
    Preferred stock – no par value:          
       Authorized – 30,000 shares; no shares issued or outstanding          
       Outstanding – 7,200 shares, respectively   7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:          
       Authorized – 18,000,000 shares; Issued – 5,490,798 shares          
       Outstanding – 4,092,977, 4,105,594, 4,128,382, 4,147,649 and          
         4,164,735 shares, respectively   1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital   8,610     8,567     8,527     8,466     8,460  
    Retained earnings   139,838     138,142     135,276     134,271     132,666  
    Accumulated other comprehensive income (loss), net of tax   (19,314 )   (15,814 )   (20,503 )   (20,775 )   (20,689 )
    Treasury stock, at cost – 1,397,821, 1,385,204, 1,362,416, 1,343,149 and          
      1,326,063 shares, respectively   (21,878 )   (21,552 )   (20,983 )   (20,579 )   (20,180 )
               
       Total stockholders’ equity   116,286     118,373     111,347     110,413     109,287  
               
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    PSB Holdings, Inc.        
    Consolidated Statements of Income            
                            Quarter Ended     Years Ended
    (dollars in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,   December
    except per share data – unaudited)   2024     2024   2024   2024     2023       2024     2023  
                       
    Interest and dividend income:                
       Loans, including fees $ 15,646   $ 15,634 $ 15,433 $ 15,109   $ 14,888     $ 61,822   $ 53,633  
       Securities:                
          Taxable   1,545     1,345   1,295   1,197     1,147       5,382     4,919  
          Tax-exempt   522     522   521   526     532       2,091     2,137  
       Other interest and dividends   948     699   265   343     320       2,255     851  
                       
             Total interest and dividend income   18,661     18,200   17,514   17,175     16,887       71,550     61,540  
                       
    Interest expense:                
       Deposits   6,027     5,905   5,838   6,082     5,526       23,852     16,993  
       FHLB advances   1,890     2,038   1,860   1,450     1,349       7,238     4,417  
       Other borrowings   57     57   58   60     54       232     215  
       Senior subordinated notes   59     59   58   59     59       235     238  
       Junior subordinated debentures   252     252   255   251     254       1,010     985  
                       
             Total interest expense   8,285     8,311   8,069   7,902     7,242       32,567     22,848  
                       
    Net interest income   10,376     9,889   9,445   9,273     9,645       38,983     38,692  
    Provision for credit losses   –     –   100   95     100       195     450  
                       
    Net interest income after provision for credit losses     10,376     9,889   9,345   9,178     9,545       38,788     38,242  
                       
    Noninterest income:                
       Service fees   362     367   350   336     360       1,415     1,448  
       Mortgage banking income   414     433   433   308     247       1,588     1,228  
       Investment and insurance sales commissions   226     230   222   121     100       799     910  
       Net loss on sale of securities   (511 )   –   –   (495 )   (297 )     (1,006 )   (576 )
       Increase in cash surrender value of life insurance     166     165   159   157     154       647     615  
       Life insurance death benefit   –     –   –   –     –       –     533  
       Other noninterest income   620     648   742   617     540       2,627     2,562  
                       
             Total noninterest income   1,277     1,843   1,906   1,044     1,104       6,070     6,720  
                       
    Noninterest expense:                
       Salaries and employee benefits   4,691     4,771   5,167   5,123     4,244       19,752     18,648  
       Occupancy and facilities   691     757   733   721     675       2,902     2,761  
       Loss (gain) on foreclosed assets   –     1   –   –     1       1     (45 )
       Data processing and other office operations   1,111     1,104   1,047   1,022     1,001       4,284     3,785  
       Advertising and promotion   141     164   171   129     244       605     733  
       Core deposit intangible amortization   17     17   20   24     24       78     109  
       Other noninterest expenses   1,351     1,337   1,257   1,306     1,169       5,251     4,557  
                       
            Total noninterest expense   8,002     8,151   8,395   8,325     7,358       32,873     30,548  
                       
    Income before provision for income taxes   3,651     3,581   2,856   1,897     3,291       11,985     14,414  
    Provision for income taxes   524     593   410   169     878       1,696     4,845  
                       
    Net income $ 3,127   $ 2,988 $ 2,446 $ 1,728   $ 2,413     $ 10,289   $ 9,569  
    Preferred stock dividends declared $ 122   $ 122 $ 122 $ 122   $ 122     $ 486   $ 486  
                       
    Net income available to common shareholders $ 3,005   $ 2,866 $ 2,324 $ 1,606   $ 2,291     $ 9,803   $ 9,083  
    Basic earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
    Diluted earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
                       
    PSB Holdings, Inc.
    Quarterly Financial Summary
    (dollars in thousands, except per share data) Quarter ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    Earnings and dividends:     2024     2024     2024     2024     2023  
                   
      Interest income   $ 18,661   $ 18,200   $ 17,514   $ 17,175   $ 16,887  
      Interest expense   $ 8,285   $ 8,311   $ 8,069   $ 7,902   $ 7,242  
      Net interest income   $ 10,376   $ 9,889   $ 9,445   $ 9,273   $ 9,645  
      Provision for credit losses   $ –   $ –   $ 100   $ 95   $ 100  
      Other noninterest income   $ 1,277   $ 1,843   $ 1,906   $ 1,044   $ 1,104  
      Other noninterest expense   $ 8,002   $ 8,151   $ 8,395   $ 8,325   $ 7,358  
      Net income available to common shareholders $ 3,005   $ 2,866   $ 2,324   $ 1,606   $ 2,291  
                   
      Basic earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Diluted earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Dividends declared per common share (3) $ 0.32   $ –   $ 0.32   $ –   $ 0.30  
      Tangible net book value per common share (4) $ 25.98   $ 26.41   $ 24.55   $ 24.21   $ 23.84  
                   
      Semi-annual dividend payout ratio     23.27 %   n/a     33.61 %   n/a     38.14 %
      Average common shares outstanding   4,094,360     4,132,218     4,139,456     4,154,702     4,168,924  
                   
                   
    Balance sheet – average balances:            
      Loans receivable, net of allowances for credit loss   $ 1,064,619   $ 1,066,795   $ 1,088,013   $ 1,081,936   $ 1,081,851  
      Assets   $ 1,479,812   $ 1,445,613   $ 1,433,749   $ 1,429,437   $ 1,424,240  
      Deposits   $ 1,151,450   $ 1,110,854   $ 1,111,240   $ 1,138,010   $ 1,148,399  
      Stockholders’ equity   $ 118,396   $ 114,458   $ 110,726   $ 109,473   $ 105,060  
                   
                   
    Performance ratios:            
      Return on average assets (1)     0.84 %   0.82 %   0.69 %   0.49 %   0.67 %
      Return on average common stockholders’ equity (1)     10.75 %   10.63 %   9.03 %   6.32 %   9.29 %
      Return on average tangible common          
        stockholders’ equity (1)(4)     11.07 %   10.96 %   9.34 %   6.57 %   9.64 %
      Net loan charge-offs to average loans (1)   0.02 %   0.00 %   0.00 %   0.00 %   0.00 %
      Nonperforming loans to gross loans     0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
      Nonperforming assets to total assets     0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
      Allowance for credit losses to gross loans   1.13 %   1.18 %   1.16 %   1.14 %   1.13 %
      Nonperforming assets to tangible equity          
        plus the allowance for credit losses (4)   8.85 %   8.71 %   11.09 %   10.59 %   5.38 %
      Net interest rate margin (1)(2)     2.96 %   2.90 %   2.84 %   2.80 %   2.88 %
      Net interest rate spread (1)(2)     2.23 %   2.16 %   2.15 %   2.12 %   2.20 %
      Service fee revenue as a percent of            
        average demand deposits (1)     0.53 %   0.56 %   0.56 %   0.54 %   0.52 %
      Noninterest income as a percent            
        of gross revenue     6.40 %   9.20 %   9.81 %   5.73 %   6.14 %
      Efficiency ratio (2)     67.59 %   68.43 %   72.52 %   78.93 %   67.04 %
      Noninterest expenses to average assets (1)   2.15 %   2.24 %   2.35 %   2.34 %   2.05 %
      Average stockholders’ equity less accumulated          
        other comprehensive income (loss) to          
        average assets     9.08 %   9.06 %   9.03 %   8.98 %   8.88 %
      Tangible equity to tangible assets (4)   7.76 %   7.85 %   7.32 %   7.60 %   7.49 %
                   
    Stock price information:            
                   
      High   $ 27.90   $ 25.00   $ 21.40   $ 22.50   $ 22.30  
      Low   $ 25.00   $ 20.30   $ 19.75   $ 20.05   $ 20.10  
      Last trade value at quarter-end   $ 26.50   $ 25.00   $ 20.40   $ 21.25   $ 22.11  
                   
    (1) Annualized            
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.  
    (4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.      
               
    PSB Holdings, Inc.          
    Consolidated Statements of Comprehensive Income        
                   
          Quarter Ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands – unaudited)   2024     2024     2024     2024     2023  
                   
    Net income $ 3,127   $ 2,988   $ 2,446   $ 1,728   $ 2,413  
                   
    Other comprehensive income:          
                   
      Unrealized gain (loss) on securities available for sale, net of tax      (3,955 )   4,738     184     (615 )   5,278  
                 
      Reclassification adjustment for security  loss included in net income, net of tax     404     –     –     391     280  
                   
      Accretion of unrealized loss included in net  income on securities available for sale deferred tax adjustment for Wisconsin Act 19     (76 )   –     –     (35 )   –  
                   
      Amortization of unrealized loss included in net  income on securities available for sale transferred to securities held to maturity, net of tax     90     90     89     91     91  
                   
      Unrealized gain (loss) on interest rate swap, net of tax     65     (101 )   39     122     (109 )
                   
      Reclassification adjustment of interest rate swap settlements included in earnings, net of tax     (27 )   (38 )   (40 )   (41 )   (39 )
                   
                   
    Other comprehensive income (loss)   (3,499 )   4,689     272     (87 )   5,501  
                   
    Comprehensive income (loss) $ (372 ) $ 7,677   $ 2,718   $ 1,641   $ 7,914  
                   
    PSB Holdings, Inc.        
    Nonperforming Assets as of:        
      Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
               
    Nonaccrual loans (excluding restructured loans) $ 10,109   $ 10,116   $ 12,184   $ 11,498   $ 5,596  
    Nonaccrual restructured loans   18     25     28     30     34  
    Restructured loans not on nonaccrual   286     292     299     304     310  
    Accruing loans past due 90 days or more   –     –     –     –     –  
               
    Total nonperforming loans   10,413     10,433     12,511     11,832     5,940  
    Other real estate owned   –     –     –     –     –  
               
    Total nonperforming assets $ 10,413   $ 10,433   $ 12,511   $ 11,832   $ 5,940  
               
    Nonperforming loans as a % of gross loans receivable   0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
    Total nonperforming assets as a % of total assets   0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
    Allowance for credit losses as a % of nonperforming loans   118.52 %   120.75 %   100.69 %   105.59 %   207.10 %
               
    PSB Holdings, Inc.     
    Nonperforming Assets >= $500,000 net book value before specific reserves    
    At December 31, 2024     
    (dollars in thousands)     
        Gross Specific
    Collateral Description Asset Type Principal Reserves
           
    Real estate – Recreational Facility Nonaccrual $ 4,126   $ 151  
    Real estate – Independent Auto Repair Nonaccrual   538     –  
    Real estate – Dealership Nonaccrual   2,708     560  
           
           
    Total listed nonperforming assets   $ 7,372   $ 711  
    Total bank wide nonperforming assets   $ 10,413   $ 1,043  
    Listed assets as a % of total nonperforming assets     71 %   68 %
           
    PSB Holding, Inc.          
    Loan Composition by Collateral Type          
    Quarter-ended (dollars in thousands) Dec 31,
    2024    		 Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
               
    Commercial:          
    Commercial and industrial $ 116,864   $ 115,234   $ 125,508   $ 118,821   $ 117,207  
    Agriculture   11,568     11,203     11,480     12,081     12,304  
    Municipal   15,733     12,596     11,190     28,842     31,530  
               
    Total Commercial   144,165     139,033     148,178     159,744     161,041  
               
    Commercial Real Estate:          
    Commercial real estate   551,641     541,577     544,171     546,257     536,209  
    Construction and development   79,377     60,952     70,540     63,375     81,701  
               
    Total Commercial Real Estate   631,018     602,529     614,711     609,632     617,910  
               
    Residential real estate:          
    Residential   271,643     269,954     270,944     274,300     274,453  
    Construction and development   28,959     34,655     36,129     34,158     33,960  
    HELOC   36,887     36,734     33,838     31,357     29,766  
               
    Total Residential Real Estate   337,489     341,343     340,911     339,815     338,179  
               
    Consumer installment   5,060     4,770     4,423     4,867     4,357  
               
    Subtotals – Gross loans   1,117,732     1,087,675     1,108,223     1,114,058     1,121,487  
    Loans in process of disbursement   (27,791 )   (17,836 )   (21,484 )   (20,839 )   (31,359 )
               
    Subtotals – Disbursed loans   1,089,941     1,069,839     1,086,739     1,093,219     1,090,128  
    Net deferred loan costs   605     733     702     669     649  
    Allowance for credit losses   (12,342 )   (12,598 )   (12,597 )   (12,494 )   (12,302 )
               
    Total loans receivable $ 1,078,204   $ 1,057,974   $ 1,074,844   $ 1,081,394   $ 1,078,475  
               
    PSB Holding, Inc.                       
    Selected Commercial Real Estate Loans by Purpose                  
      Dec 31,   Sept 30,   June 30,   Mar 31,   Dec 31,
     (dollars in thousands)  2024     2024     2024     2024     2023 
                                 
      Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)
    Multi Family $ 140,087 14.0 %   $ 140,307 14.7 %   $ 146,873 15.2 %   $ 142,001 14.4 %   $ 132,386 13.2 %
    Industrial and Warehousing   88,297 8.8       86,818 9.1       86,025 8.9       85,409 8.6       83,817 8.3  
    Retail   33,991 3.4       33,020 3.5       34,846 3.6       33,177 3.4       35,419 3.5  
    Hotels   31,101 3.1       31,611 3.3       34,613 3.6       35,105 3.6       36,100 3.6  
    Office   6,234 0.6       6,378 0.7       6,518 0.7       6,655 0.7       6,701 0.7  
                                 
    (1) Percentage of commercial and commercial real estate portfolio and commitments.              
                   
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Insured and Collateralized Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 204,167 17.8 % $ 210,534 18.5 % $ 202,343 17.5 % $ 199,076 17.8 % $ 197,571 17.3 %
    Interest-bearing demand and savings   315,900 27.6 %   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %   317,984 27.8 %
    Money market deposits   141,024 12.3 %   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %   142,887 12.5 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   816,190 71.2 %   810,529 71.2 %   793,670 69.0 %   809,320 72.7 %   807,587 70.7 %
    Retail and local time deposits > $250   25,500 2.2 %   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %   23,000 2.0 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 899,095 78.4 % $ 891,434 78.3 % $ 873,988 76.0 % $ 897,809 80.7 % $ 904,077 79.1 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 55,348 4.8 % $ 54,544 4.8 % $ 48,092 4.1 % $ 48,532 4.4 % $ 69,258 6.1 %
    Interest-bearing demand and savings   20,934 1.8 %   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %   20,316 1.8 %
    Money market deposits   153,334 13.4 %   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %   124,518 10.9 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   229,616 20.0 %   230,350 20.2 %   258,720 22.3 %   193,833 17.4 %   214,092 18.8 %
    Retail and local time deposits > $250   18,638 1.6 %   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %   23,633 2.1 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 248,254 21.6 % $ 247,679 21.7 % $ 278,333 24.0 % $ 215,543 19.3 % $ 237,725 20.9 %
                         
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 259,515 22.6 % $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 % $ 266,829 23.4 %
    Interest-bearing demand and savings   336,834 29.4 %   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %   338,300 29.6 %
    Money market deposits   294,358 25.7 %   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %   267,405 23.4 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   1,045,806 91.2 %   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %   1,021,679 89.5 %
    Retail and local time deposits > $250   44,138 3.8 %   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %   46,633 4.1 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 1,147,349 100.0 % $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 % $ 1,141,802 100.0 %
                         
    PSB Holdings, Inc. 
    Average Balances ($000) and Interest Rates         
    (dollars in thousands)           
                           
                           
      Quarter ended December 31, 2024   Quarter ended September 30, 2024   Quarter ended December 31, 2023
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
       Loans (1)(2) $ 1,077,242   $ 15,693 5.80 %   $ 1,079,393   $ 15,674 5.78 %   $ 1,094,152   $ 14,974 5.43 %
       Taxable securities   194,272     1,545 3.16 %     177,520     1,345 3.01 %     167,366     1,147 2.72 %
       Tax-exempt securities (2)   79,475     661 3.31 %     79,472     661 3.31 %     80,922     673 3.30 %
       FHLB stock   8,825     227 10.23 %     8,825     176 7.93 %     6,373     158 9.84 %
       Other   58,405     721 4.91 %     36,680     523 5.67 %     11,846     162 5.43 %
                           
       Total (2)   1,418,219     18,847 5.29 %     1,381,890     18,379 5.29 %     1,360,659     17,114 4.99 %
                           
    Non-interest-earning assets:                    
       Cash and due from banks   15,500           17,162           16,243      
       Premises and equipment,                    
          net   14,001           14,216           13,243      
       Cash surrender value ins   24,625           24,458           23,990      
       Other assets   20,090           20,485           22,406      
       Allowance for credit                      
          losses   (12,623 )         (12,598 )         (12,301 )    
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Liabilities & stockholders’ equity                    
    Interest-bearing liabilities:                    
       Savings and demand                      
          deposits $ 319,777   $ 1,479 1.84 %   $ 323,841   $ 1,515 1.86 %   $ 327,036   $ 1,296 1.57 %
       Money market deposits   304,897     1,961 2.56 %     277,884     1,876 2.69 %     272,087     1,820 2.65 %
       Time deposits   256,201     2,587 4.02 %     247,296     2,514 4.04 %     273,332     2,410 3.50 %
       FHLB borrowings   170,701     1,890 4.40 %     182,414     2,038 4.44 %     133,560     1,349 4.01 %
       Other borrowings   6,848     57 3.31 %     6,702     57 3.38 %     6,999     54 3.06 %
       Senior sub. notes    4,780     59 4.91 %     4,779     59 4.91 %     4,773     59 4.90 %
       Junior sub. debentures   13,011     252 7.71 %     12,985     252 7.72 %     12,909     254 7.81 %
                           
       Total   1,076,215     8,285 3.06 %     1,055,901     8,311 3.13 %     1,030,696     7,242 2.79 %
                           
    Non-interest-bearing liabilities:                    
       Demand deposits   270,575           261,833           275,944      
       Other liabilities   14,626           13,421           12,540      
       Stockholders’ equity   118,396           114,458           105,060      
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Net interest income   $ 10,562       $ 10,068       $ 9,872  
    Rate spread     2.23 %       2.16 %       2.20 %
    Net yield on interest-earning assets   2.96 %       2.90 %       2.88 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.     
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. 
                           
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)       
          Year ended December 31, 2024   Year ended December 31, 2023
          Average   Yield/   Average   Yield/
          Balance Interest Rate   Balance Interest Rate
    Assets                
    Interest-earning assets:              
       Loans (1)(2) $ 1,087,816   $ 62,085 5.71 %   $ 1,043,144   $ 53,824 5.16 %
       Taxable securities   179,074     5,382 3.01 %     183,984     4,919 2.67 %
       Tax-exempt securities (2)   79,735     2,647 3.32 %     81,481     2,705 3.32 %
       FHLB stock   8,024     750 9.35 %     5,304     386 7.28 %
       Other     29,153     1,505 5.16 %     9,073     465 5.13 %
                       
       Total (2)     1,383,802     72,369 5.23 %     1,322,986     62,299 4.71 %
                       
    Non-interest-earning assets:              
       Cash and due from banks   16,841           17,110      
       Premises and equipment, net     13,834           13,294      
       Cash surrender value ins   24,382           24,331      
       Other assets   20,911           23,136      
                     
       Allowance for credit losses     (12,528 )         (12,079 )    
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Liabilities & stockholders’ equity            
    Interest-bearing liabilities:              
       Savings and demand deposits   $ 331,411   $ 6,133 1.85 %   $ 344,906   $ 4,582 1.33 %
       Money market deposits   281,828     7,569 2.69 %     249,079     5,328 2.14 %
       Time deposits   256,265     10,150 3.96 %     261,595     7,083 2.71 %
       FHLB borrowings   167,708     7,238 4.32 %     116,282     4,417 3.80 %
       Other borrowings   7,241     232 3.20 %     7,061     215 3.04 %
       Senior sub. notes      4,778     235 4.92 %     4,927     238 4.83 %
       Junior sub. debentures   12,972     1,010 7.79 %     12,870     985 7.65 %
                       
       Total     1,062,203     32,567 3.07 %     996,720     22,848 2.29 %
                       
    Non-interest-bearing liabilities:            
       Demand deposits   258,173           274,273      
       Other liabilities   13,475           12,397      
       Stockholders’ equity   113,391           105,388      
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Net interest income   $ 39,802       $ 39,451  
    Rate spread       2.16 %       2.42 %
    Net yield on interest-earning assets   2.88 %       2.98 %
                       
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.  
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
                       

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI USA: Warren, McGovern, Lawmakers Blast Trump’s Inaction on High Egg Prices

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    January 27, 2025
    Lawmakers lay out six executive actions that could lower costs.
    “We urge you to make good on your campaign promise to lower food prices for American families.”
    Text of Letter (PDF)
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jim McGovern (D-Mass.) led 19 of their colleagues, writing to President Donald Trump, pushing him to take meaningful steps to lower the prices of eggs and other groceries—a problem he largely ignored during his entire first week in office. 
    During his campaign for president, Mr. Trump repeatedly promised he would lower food prices “immediately” if elected. Trump even told the press, “I won on groceries.” But during his first week, he instead focused on attempting to end birthright citizenship, firing inspectors general, and pardoning January 6 attackers, including those who assaulted Capitol police officers. 
    “Your sole action on costs was an executive order that contained only the barest mention of food prices and not a single specific policy to reduce them,” wrote the lawmakers. “You have tools you can use to lower grocery costs and crack down on corporate profiteering, and we write to ask if you will commit to using those tools to make good on your promises to the American people.”
    “To make food more affordable, you should look to the dominant food and grocery companies that have made record profits on the backs of working families who have had to pay higher prices,” continued the lawmakers. 
    For example, last year a Kroger executive admitted in federal court that the company raised the price of eggs and milk “significantly higher than the cost of inflation” in the years following the COVID-19 pandemic. In 2023, a federal court found that the country’s largest egg producers had engaged in a price-fixing conspiracy in the mid-2000s as well. Now, egg producers and grocery stores may leverage the current avian flu outbreak as an opportunity to further constrain supply or hike up egg prices to increase profits.
    “If you are indeed committed to lowering food prices, we stand ready to work with you,” wrote the lawmakers. 
    The lawmakers laid out six recommendations for executive actions to lower prices by encouraging competition and fighting price-gouging at each level of the food supply chain:
    Encourage the Federal Trade Commission (FTC) and U.S. Department of Agriculture (USDA) to prohibit exclusionary contracting by dominant firms in the food industry, making it harder for major retailers and food brands to shut out smaller suppliers and drive up prices at smaller stores.
    Encourage the FTC to issue guidance on potential violations of the Robinson Patman Act and Section 5 of the FTC Act within the food industry and take enforcement action where merited. 
    Work with the USDA to increase the number of government contract recipients that are very small businesses and to ensure that government contracting considers the long-term costs of food sector consolidation. 
    Help the Department of Justice (DOJ) and FTC scrutinize, and where appropriate, block mergers and acquisitions in the food and agricultural sectors.
    Encourage the DOJ to prosecute actors in the agricultural and food sectors for price-fixing and other anticompetitive behavior.
    Direct the Commodity Futures Trading Commission (CFTC) and FTC to form a joint task force to investigate food price manipulation throughout the supply chain. 
    “Americans are looking to you to lower food prices. Instead of working to lower their grocery bills, however, you have used the first week of your administration on attempting to end birthright citizenship, pardoning individuals who attacked the U.S. Capitol on January 6, and renaming a mountain,” concluded the lawmakers. “We urge you to make good on your campaign promise to lower food prices for American families.”

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI: Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support

    Source: GlobeNewswire (MIL-OSI)

    • Forbion’s BioEconomy Fund I has raised €164.5 million to date, exceeding its €150 million target in just over a year, since launching in November 2023.
    • Institutional investors, include KfW Capital, Novo Holdings, Rentenbank, Aurae Impact and most recently ABN AMRO Bank and EIFO.
    • The fund focuses on biotech-enabled, B2B solutions that deliver sustainability at price parity or better across Food, Agriculture, Materials, and Environmental Technologies.

    NAARDEN, The Netherlands, Jan. 27, 2025 (GLOBE NEWSWIRE) — Forbion, a leading venture capital firm with deep biotech expertise in Europe and the US, announces that its BioEconomy Fund I has raised €164.5 million. This exceeds the fund’s €150 million target, underscoring growing investor interest in the commercial potential of biotech innovations that address global sustainability challenges.

    BioEconomy Fund I is supported by top-tier institutional investors, including KfW Capital, Novo Holdings, Rentenbank, and Aurae Impact, alongside new backers ABN AMRO Bank and EIFO. The BioEconomy Fund I anticipates a final close at or close to the hard cap of €200 million, demonstrating the growing confidence in biotech innovations that address global sustainability challenges.

    Launched in November 2023, the Forbion BioEconomy Fund I is a planetary health fund that targets business-to-business (B2B) solutions that replace unsustainable products with scalable, cost-effective alternatives. A key pillar of the fund’s strategy is ensuring these innovations achieve price parity with incumbent solutions, enabling wide-scale adoption across the fund’s four target sectors: Food, Agriculture, Materials, and Environmental Technologies industries.

    Sander Slootweg, Managing Partner and co-founder of Forbion, stated, “Exceeding €150 million in just over a year reflects the strength of our team and strategy and the confidence our investors have in our ability to execute. Their support for BioEconomy Fund I demonstrates the growing demand for scalable, cost-competitive biotech solutions that deliver both sustainability and strong returns.”

    Alex Hoffmann, General Partner, added, “Investors recognize the transformative potential of scalable biotech solutions to meet the needs of industries seeking to adopt sustainable practices. Their support empowers us to help companies scale and deliver meaningful change.”

    About Forbion BioEconomy Fund I
    BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion announced the first close of BioEconomy Fund I at €75 million on 20 June 2024.

    About Forbion
    Forbion is a leading global venture capital firm with deep expertise in Europe and the US with offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

    For more information, please contact:

    Forbion Investor Relations
    Email: Robbert.van.de.Griendt@forbion.com
    General Partner IR & Impact

    Forbion Communications
    Email: laura.asbjornsen@forbion.com
    Head of Communications

    The MIL Network –

    January 28, 2025

  • MIL-OSI Europe: ASIA/PHILIPPINES – A cap on the price of rice: the government’s measure to prevent speculation

    Source: Agenzia Fides – MIL OSI

    Manila (Agenzia Fides) – In an effort to curb the rise in rice prices, the Manila government has set a limit of 58 pesos per kilogram for imported rice, after carrying out “extensive consultations” with importers, retailers and government agencies. The measure, which came into effect on January 20, provides for a gradual reduction in the cost of rice. The Minister of Agriculture, Francisco Tiu Laurel Jr., explained that the initial recommended selling price will be 58 pesos per kilo, focused mainly on containing prices in the metropolitan area of Manila. Subsequently, the price will be reduced progressively: to 55 pesos on February 5, to 52 pesos on February 15 and, finally, to 50 pesos on March 1, with the expectation of reaching 49 pesos if international prices remain stable.According to Minister Laurel, “the gradual reduction will allow for an orderly transition in the market, avoiding destabilization of the rice sector and ensuring that companies can adapt without major disruption.” The recommended price of the staple food will be reviewed every month to take into account new factors affecting cereal prices. On the one hand, the Government wants to ensure that “the price of rice is fair and affordable”; on the other, it wants to ensure that the rice industry remains profitable, but avoiding speculation: “We cannot allow the greed of a few to endanger the well-being of an entire nation,” he said. The Agriculture Minister has reiterated plans to distribute subsidies to rice farmers during the planting season to increase local production of palay (unhulled rice) by 2025. The “Rice Competitiveness Enhancement Fund” is a government fund dedicated to rice farmers, the amount of which has been tripled to reach 30 billion pesos by 2025. This has come about following the Rice Tariff Law, enacted in 2018 and amended by Congress last December, to expand funding for the modernization of the rice industry. About 6 billion of the initial 10 billion will go to agricultural mechanization, and 4 billion to seeds. Other components to be funded include solar irrigation, diversification and financial aid to rice farmers. The aim is to help farmers get agricultural support during the planting season, including timely delivery of seeds and fertilizers, which will ensure efficient planting and increase productivity. National rice production this year is expected to be 20 million tons, compared to the 19.3 million tons estimated for the end of 2024. In the Philippines, rice production is a key aspect of the country’s food supply and economy. There are an estimated 2.4 million rice farmers in the country. “They are the backbone of the country and provide basic food for everyone. It is important to protect their work and ensure that the population can benefit from rice at a fair price,” explain the priests of the Diocese of San Jose, in the province of Nueva Ecija, in the north of the Philippines. They point out that “if rice is overpriced, it is above all the poor and the less well-off who suffer.” In the area, known as the “rice field of the Philippines”, the local Catholic Church has always supported farmers and, in recent years, has also launched training programs to teach organic farming techniques. (PA) (Agenzia Fides, 27/1/2024)
    Share:

    MIL OSI Europe News –

    January 28, 2025

  • MIL-OSI USA: Sustainable Plant and Soil Systems Major Becomes Plant Science in 2025

    Source: US State of Connecticut

    The sustainable plant and soil systems major offered by the College of Agriculture, Health and Natural Resources (CAHNR) will be renamed “plant science” beginning in the summer 2025 semester.

    This change comes after an in-depth market analysis of employment opportunities, benchmarking against other universities and programs across the nation, and a survey of students, faculty, and staff in the Department of Plant Science and Landscape Architecture. These activities indicated a desire for a major name that was more aligned with industry needs and for better understanding by prospective students.

    “There are a variety of career options when graduating with a degree in plant science,” says Sydney Everhart, department head. “Both the name and program were thoughtfully redesigned to enhance recognition of the degree by employers, prospective students, and those who might consider national rankings. This is an exciting time to be considering coming to UConn for plant science.”

    A cornerstone of the plant science program is the opportunity to gain practical, hands-on experience through courses with labs, field studies, and internships. The degree prepares students to tackle real world challenges in plant systems, from topics like bioremediation, environmental restoration, and sustainable agricultural plant production practices in the greenhouse, field, and across landscapes.

    The core focus of the degree will remain learning about plant science, plant production, biotechnology, and cultivation. Graduates will have a foundational understanding of plant biology and soil management, learning how to optimize plant growth and health in a variety of environments. The program emphasizes hands-on skills, teaching students how to identify and manage pests, diseases, and weeds, and apply sustainable practices to improve agricultural and horticultural systems.

    Students in the renamed plant science major will continue to be able to take courses towards a concentration in environmental horticulture, sustainable agriculture, or turfgrass science.

    Students with a plant science degree may also have an easier time navigating the post-graduation employment landscape, as this is a broad degree name that provides flexible alignment with a variety of plant science affiliated careers and fields.

    “The move away from SPSS is going to be good for the department. Most students, including myself, find it hard to explain what SPSS is to people outside of the major,” says Robert Eselby ’25 (CAHNR). “This name change will help realign the identity of the major with the focuses of the students within it.”

    This name change will also allow UConn’s program to be recognized in national rankings of plant science programs. This was not possible in the past as the unique major name did not allow UConn’s graduates to be included in elements necessary for the rankings.

    Students currently enrolled in the sustainable plant and soil systems major will have the name of their degree updated for degrees awarded in fall 2025 and moving forward.

    “After over 100 years with ‘plant science’ in the name of our department, it is exciting to have everything align – including the bachelor’s degree name, graduate program, and associate’s degree program,” says Everhart. “With many new faculty in our department, we have bold plans to offer new concentrations and courses in the next couple of years that will continue to provide graduates of our program with a strong foundation and cutting-edge skills to equip them to succeed in their careers.”

    Follow UConn CAHNR on social media

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI: Blackford Capital Acquires Ace Controls, Expanding PACIV, its Industrial Automation Platform

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Jan. 27, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today the acquisition of Ace Controls, a Houston, Texas-based company renowned for designing and building industrial control panels. This acquisition diversifies Blackford’s Industrial Automation Platform, PACIV, to service a broader range of customers. Terms of the transaction are not being disclosed.

    Ace Controls is the third acquisition for the PACIV platform since its establishment in June 2023, following its add-on acquisitions of Data Science Automation in January 2024, and Eight12 Automation in May 2024. PACIV has already established a strong presence in the healthcare and life science industries, and the addition of Ace Controls brings a new focus on industrial applications in the water and wastewater industry, and also further expands the platform’s control panel capabilities. Ace Controls has a 95% repeat business rate from its customers, who represent the equipment manufacturing, electrical contracting, and general contracting sectors.

    Martin Stein, Founder and Managing Director of Blackford Capital, said, “Entering an additional highly regulated, strict tolerance end market with high entry barriers will enable PACIV to scale and diversify its business. Our PACIV platform thesis is to be a multi-dimensional industrial automation enterprise catering to life sciences, food and beverage, and water and wastewater companies.”

    Ace Controls President Agmed Aguirre founded the company in 2005 with a vision to serve the water and wastewater industries by building and distributing high-quality wholesale control panels designed with the end user in mind. Under his leadership over the past 20 years, Ace Controls has flourished, earning recognition as an industry leader. Agmed’s wife Lindsey Aguirre joined the business in 2006, playing a crucial role in administration and bookkeeping, which has helped to build a solid foundation for the company. The entire management team and all employees will remain with the PACIV platform post-acquisition.

    “We are excited to join the PACIV platform and are eager to gain access to new customers, receive additional services, and collaboratively achieve significant growth,” said Mr. Aguirre.

    Jeff Johnson, Managing Director and Chairman of the Board of PACIV, said, “We welcome the Ace Controls team to PACIV, who impressed us with their strong culture of continuous improvement, dedication to cost control, and customer service. We believe that by expanding PACIV’s control panel offerings we can achieve our ’one-stop’ goal for the platform and create a truly synergistic portfolio company.”

    The platform is headquartered in ​San Juan, Puerto Rico with offices in Indiana, Pennsylvania, California, Ireland, and now Texas.

    Generational Group served as exclusive financial advisor and Lancaster | Helling served as legal advisor to Ace Controls. Varnum LLP served as legal advisor and RSM US LLP served as the financial and tax advisor to Blackford and PACIV. Mercantile Bank provided debt financing, and Rush Street Capital provided financing advisory services in support of the transaction.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

    About Ace Controls
    Established in January 2005, Ace Controls leverages over 30 years of combined expertise in control panel design, fabrication, and integration to deliver reliable and cost-effective solutions. Serving the water and wastewater industries, as well as the oil and gas industries, Ace Controls caters to manufacturers of process equipment such as pumps, compressors, blowers, conveyors, mixers, and clarifiers, making Ace Controls a trusted partner in these critical sectors.

    Media Contact:
    Lambert by LLYC
    Jennifer Hurson
    (845) 729-3100
    jhurson@lambert.com

    Jackson Lin
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72daeb91-d04c-4f9e-a1d3-5374ce84b9fb

    The MIL Network –

    January 28, 2025

  • MIL-OSI USA: Welch Votes for Disaster Aid Package to Support Vermont’s Flood-Impacted Communities 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    Welch-championed disaster package will support Vermont’s flood-impacted communities, fund the government
    WASHINGTON, D.C. — Tonight, the U.S. Senate passed a comprehensive disaster aid package shaped by U.S. Senator Peter Welch (D-Vt.), which will help states like Vermont recover from extreme weather and climate disasters by delivering more than $100.4 billion of relief. The American Relief Act, 2025 will also fund the government through March 14, 2025. It now goes to President Biden’s desk for his signature. 
    Senator Welch released the following statement after the vote: 
    “As I said in the days after Vermont’s catastrophic flooding in July 2023 and again in July 2024, it is the federal government’s job to stand up and help our neighbors when—through no fault of their own—a disaster hits. Senator Sanders, Congresswoman Balint and I have worked with our colleagues in other disaster-impacted states, across the aisle, and across the Capitol to get comprehensive disaster aid to President Biden’s desk. This bill will help communities in Vermont recover stronger and more resiliently than before the floods—and help so many other communities across America that are also recovering from extreme weather disasters.  
    “This bill will help Vermont’s homeowners get the buyout they’re waiting for, farmers and small businesses access the assistance they need, and provide communities flexible recovery funding. It will replenish FEMA’s Disaster Relief Fund, rebuild our highways and bridges, reimburse states for the repairs made after storms, and so much more. It will also, importantly, keep the government funded—something that shouldn’t be up for debate, and shouldn’t be used as a political football in the 11th hour. 
    “I promised we would not abandon Vermonters. I promised we would do everything possible to help Americans who were caught in the path of terrible storms. I’m proud that a bipartisan group of my colleagues found a way to work together, through the chaos of the past week, to get this over the finish line for families counting on this relief. I look forward to President Biden signing our bill for flood-impacted Vermonters.”  
    Senator Welch and the Vermont Congressional Delegation have advocated for disaster aid funding since Vermont’s catastrophic floods of July 2023. It contains many of his top priorities for the State: dedicated help for Vermont’s flood-impacted farmers, flexible spending through the Community Development Block Grant-Disaster Relief fund, money for FEMA’s Disaster Relief Fund, and support for businesses through the U.S. Small Business Administration (SBA), among so much more. 
    In addition to helping disaster victims the bill will fund the will also fund the government through March 14, 2025, extend portions of the Farm Bill, help farmers with emergency economic assistance, and renews some expiring public health and Medicare programs. 
    Senator Welch spoke on the Senate floor last night about the need to work together to pass disaster aid for Vermont and communities across America. Watch Senator Welch’s remarks here:  

    Background on the Comprehensive Disaster Aid in the Continuing Resolution:   
    $100.4 billion in disaster aid:   

    $29 billion will fund FEMA’s Disaster Relief Fund (DRF) 
    More than $33 billion is dedicated to supporting agriculture, which includes:   

    $21 billion for disaster assistance to farmers and producers, including dedicated funding set aside via block grants for Vermont disaster victims who experiences crop, timber, livestock and on-farm infrastructure losses for 2023-2024;   
    $920 million for the Emergency Watershed Protection Program, to provide financial assistance to support debris removal and watershed restoration;  
    $362.5 million for the Rural Disaster Assistance Fund, to allow USDA Rural Development to quickly and flexibly address disasters-related needs using its existing programs, tailored to the specific needs of affected communities; and  
    $25 million in commodity assistance, which can help states with nutrition assistance.  

    The disaster aid funding also includes other funding:  

    $12 billion in Community Development Block Grant-Disaster Relief funds to help communities recover with flexible funding;   
    $8 billion for the Federal Highways Administration emergency relief to reimburse states impacted by natural disasters; and  
    $2.25 billion for SBA loans. 

    MIL OSI USA News –

    January 27, 2025

  • MIL-OSI United Kingdom: New protections for British food and drink in Japan

    Source: United Kingdom – Executive Government & Departments

    UK secures special protected status as geographical indications for a further 39 British food and drink products in Japan.

    Woman shopping for vegetables

    Diners in Japan will be tucking into authentic UK products this festive period after the country granted special protected status to nearly 40 British food and drink products.   

    Festive favourites such as Single Malt Welsh Whisky and Beacon Fell Traditional Lancashire Cheese are just some of the products to receive the status, which means British businesses can export to Japan with confidence that their products are protected against imitation.  

    The news has been welcomed as an early Christmas present by food and drink businesses across the UK and could see a boost to British exports in Japan.

    Japan’s population of 124 million has a strong appetite for international food and drink and the country’s status as the world’s fourth largest economy in 2023 highlights the strength of its consumer market and the commercial opportunities for premium British products. 

    39 distinctive products from England, Scotland, Wales and Northern Ireland, already protected and celebrated by the UK Government as geographical indications (GIs), have formally gained protection following the completion of Japanese scrutiny processes.  

    These protections will safeguard British food and drink products with a distinct local identity, supporting jobs and tourism in mainly rural areas and boosting local growth, as part of the government’s Plan for Change.  

    The latest batch of GIs follows 37 that gained protection in the country earlier this year, including Cornish Pasties and Anglesey Sea Salt.    

    Minister for Food Security Daniel Zeichner said:

     I’m thrilled to see there’s a taste for authentic British food and drink in Japan. We are committed to growing trade opportunities for British producers around the world as part of our Plan for Change, boosting growth and benefitting businesses across the country. 

    The UK is home to a feast of flavours from every corner of the British Isles. With the new agreement between the UK and Japan, consumers will now be able to chew over their choices with confidence, knowing they’re getting the quality and reputation that British food is known for – it’s the perfect recipe for success.

    Trade Minister Douglas Alexander said: 

    Iconic UK products such as Ayrshire New Potatoes and Carmarthen Ham will now benefit from protected status in Japan. From Sussex to Armagh we are securing protections for unique British food and drink products, ensuring Japanese consumers can rest assured that they are receiving authentic, high-quality British produce.

    This early Christmas present to British producers will give them confidence when exporting to Japan, helping them sell more, grow their business and ultimately drive economic growth.” 

    Co-founder of Rathfinny Wine Estate, Mark Driver said:

    We launched Rathfinny’s Traditional Method Sussex sparkling wines in Japan in 2023 and are delighted that the Sussex PDO will now be afforded protection in Japan. The Sussex PDO is a mark of both provenance and quality, ensuring any wine with ‘Sussex’ on the label has had to pass a stringent blind tasting and high analytical standards.

    Rathfinny’s Traditional Method Sussex sparkling wines are produced on a single-site vineyard, in the iconic South Downs near the Seven Sisters in East Sussex. They are now available across Japan through the specialist wine importer, Vin Passion.

    Chief Executive Officer of Penderyn Distillery, Stephen Davies said:     

    Japan is an important market for world-class single malt whisky, making it a key target market for Penderyn Single Malt Welsh Whisky.      

    We have a great partner (Whisk-E) and together we plan to build awareness and reputation for our unique brand from Wales. The establishment of the geographical indication for Single Malt Welsh Whisky in 2022 was an important milestone in the development of the whisky industry in Wales and to have recognition in Japan will be a great achievement to support our export strategy.

    Co-Founder and Managing Director of Halen Môn, Alison Lea-Wilson said:   

    We are proud to have the name and method of Halen Môn recognised in Japan as authentic and possessing the special qualities that set it apart from other salts.   

    GI status offers brands such as Halen Môn protection against passing off and another way of differentiating ourselves from our competitors. We know that Japanese consumers recognise the premium quality of British brands and are keen to buy the authentic product, so it’s great to hear that Japan is recognising further GIs from the UK.

    Further British GIs have been recognised across the world in recent months, with fourteen UK GIs including Welsh Laverbread, Vale of Evesham Asparagus and London Cure Smoked Salmon granted protection in Iceland on 4 December under the Free Trade Agreement between the UK and Iceland, the Principality of Liechtenstein, and the Kingdom of Norway.  

    This followed new protections for Scotch Whisky in Brazil, South America’s largest economy, in August, tackling counterfeits and giving distillers the confidence to up their exports to Brazil.

    Further information 

    Geographical Indications 

    • A Geographical indication (GI) is an intellectual property right used on products that have qualities or characteristics attributable to a specific geographical origin. Examples include Scotch Whisky, Welsh Lamb and Melton Mowbray Pork Pies. 
    • Food, drink and agricultural products with a geographical connection or that are made using traditional methods can be registered and protected as intellectual property. 
    • Geographical indications protect the authenticity of many of our most prestigious food and drink products and give consumers confidence that international GI products are genuine articles. 
    • The UK’s annual GI exports are estimated to be worth over £6 billion and account for 25% of UK food and drink exports’ value.  

    UK food, drink, and agricultural products to be protected in Japan include:  

    • Armagh Bramley Apples
    • Ayrshire New Potatoes/Ayrshire Earlies
    • Beacon Fell Traditional Lancashire Cheese
    • Bonchester Cheese
    • Buxton Blue
    • Cambrian Mountains Lamb
    • Carmarthen Ham
    • Cornish Sardines
    • Darnibole
    • Dovedale Cheese
    • Fal Oysters
    • Fenland Celery
    • Gloucestershire Cider
    • Gloucestershire Perry
    • Gower Salt Marsh Lamb
    • Lakeland Herdwick
    • New Season Comber Potatoes / Comber Earlies Potatoes
    • Newmarket Sausage
    • Orkney Beef
    • Orkney Lamb
    • Rutland Bitter
    • Scottish Wild Salmon
    • Shetland Lamb
    • Sussex Wine
    • Swaledale Ewes Cheese
    • Teviotdale Cheese
    • The Vale of Clwyd Denbigh Plum
    • Traditional Welsh Cider
    • Traditional Welsh Perry
    • Vale of Evesham Asparagus
    • West Wales Coracle Caught Salmon
    • West Wales Coracle Caught Sewin
    • Whitstable Oysters
    • Worcestershire Cider
    • Worcestershire Perry
    • Yorkshire Forced Rhubarb
    • New Forest Pannage Ham
    • Welsh Leeks
    • Welsh Whisky

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    Updates to this page

    Published 22 December 2024

    MIL OSI United Kingdom –

    January 27, 2025

  • MIL-OSI Europe: Þorgerður Katrín Gunnarsdóttir assumes role as Minister for Foreign Affairs

    Source: Government of Iceland

    Þorgerður Katrín Gunnarsdóttir assumed the role of Minister for Foreign Affairs today, succeeding Þórdís Kolbrún Reykfjörð Gylfadóttir, the outgoing Minister. Þorgerður Katrín becomes the the fifth woman to hold this position. 

    Þorgerður Katrín is the chair of the Liberal Reform Party and has served in parliament for the party since 2016. She first took a seat in parliament in 1999 and was Minister of Education from 2003 to 2009 and Minister of Fisheries and Agriculture from 11 January to 30 November 2017.

    Þorgerður Katrín was born in Reykjavík on 4 October 1965. Her husband is Kristján Arason and their children are Gunnar Ari, Gísli Þorgeir and Katrín Erla.
    Þorgerður Katrín is the 26th Minister of Foreign Affairs of Iceland and the fifth woman to hold the position, as mentioned earlier.

    Þorgerður Katrín‘s Parliamentary career on the Alþingi website.

    MIL OSI Europe News –

    January 27, 2025
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