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  • MIL-OSI: First Northwest Bancorp Reports Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., Jan. 29, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported a net loss of $2.8 million for the fourth quarter of 2024, compared to a net loss of $2.0 million for the third quarter of 2024 and a net loss of $5.5 million for the fourth quarter of 2023. Basic and diluted loss per share were $0.32 for the fourth quarter of 2024, compared to basic and diluted loss per share of $0.23 for the third quarter of 2024 and basic and diluted loss per share of $0.62 for the fourth quarter of 2023.

    In the fourth quarter of 2024, the Company recorded adjusted pre-tax, pre-provision net revenue (“PPNR”)(1) of $1.2 million, compared to a $49,000 adjusted PPNR loss for the preceding quarter and adjusted PPNR of $327,000 for the fourth quarter of 2023.

    The Board of Directors of First Northwest declared a quarterly cash dividend of $0.07 per common share, payable on February 28, 2025, to shareholders of record as of the close of business on February 14, 2025.

    Quote from First Northwest President and CEO, Matthew P. Deines:
    “Although financial results in 2024 were adversely impacted by elevated credit costs, we are optimistic for continued improvement in asset quality in early 2025. During the fourth quarter, our pre-provision net revenue (1) grew to $1.2 million with modest margin improvement as we successfully reduced FHLB borrowings. As we look ahead to 2025, we are laser focused on growing core commercial and retail customer relationships while resolving problem assets, improving profitability and maintaining our strong capital position. Highlights for 2024 include the termination of our compliance Consent Order with the FDIC, reduction of core operating expenses and improvement in our liquidity position with the loan to deposit ratio below 100% at year-end. I’d like to thank all our employees for their efforts and contributions in 2024, and for making a positive impact in the communities we serve.”

    Key Points for Fourth Quarter and Going Forward

    Provision for credit losses:

    • The Company recorded a $3.8 million provision for credit losses on loans in the fourth quarter of 2024, primarily due to charge-offs of six commercial business loans. This compares to loan credit loss provisions of $3.1 million for the preceding quarter and $1.2 million for the fourth quarter of 2023. 
    • We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers. The provision for credit losses on loans had a significant negative impact on net income for the fourth quarter of 2024.

    First Fed Bank’s (“First Fed” or the “Bank”) balance sheet restructure continues to have a positive impact:

    • The fair value hedge on loans, tied to the compounded overnight index swap using the secured overnight financing rate index, which was established in the first quarter of 2024, added $1.1 million to interest income for the year. The hedge successfully reduced the Bank’s liability sensitivity, and lowered the overall interest rate risk profile. The hedge also enhanced earnings due to a favorable contract position during the 2024 interest rate environment. The Bank expects to maintain a positive carry on its derivative for up to an additional 25-basis points of rate cuts. 
    • During 2024, bank-owned life insurance policies (“BOLI”) were reinvested into higher yielding products. In the fourth quarter of 2024, a $8.5 million policy was surrendered and reinvested into a policy earning 6.01% and a $922,000 policy earning 1.64% was exchanged and reinvested into a policy earning 3.99%. Total policy conversions during 2024 increased the annual pre-tax net yield earned on the total BOLI portfolio by 74-basis points. The remaining surrender transaction is expected to be completed during the first quarter of 2025. 
    • Investment security purchases during the fourth quarter of 2024 totaled $47.1 million, carrying a weighted-average yield of 6.7% at purchase and a weighted-average life of 3.1 years. The annualized interest income on these securities is anticipated to provide $2.6 million in revenue for 2025.

    (1) See reconciliation of Non-GAAP Financial Measures later in this release.

    Selected Quarterly Financial Ratios:

      As of or For the Quarter Ended  
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Performance ratios: (1)                              
    Return on average assets   -0.51 %   -0.36 %   -0.40 %   0.07 %   -1.03 %
    Adjusted PPNR return on average assets (2)   0.22     -0.01     0.10     0.34     -0.06  
    Return on average equity   -6.92     -4.91     -5.47     0.98     -14.05  
    Net interest margin (3)   2.73     2.70     2.76     2.76     2.84  
    Efficiency ratio (4)   92.2     100.3     72.3     88.8     150.8  
    Equity to total assets   6.89     7.13     7.17     7.17     7.42  
    Book value per common share $ 16.45   $ 17.17   $ 16.81   $ 17.00   $ 16.99  
    Tangible performance ratios: (1)                              
    Tangible common equity to tangible assets (2)   6.83 %   7.06 %   7.10 %   7.10 %   7.35 %
    Return on average tangible common equity (2)   -6.99     -4.96     -5.53     0.99     -14.20  
    Tangible book value per common share (2) $ 16.29   $ 17.00   $ 16.64   $ 16.83   $ 16.83  
    Capital ratios (First Fed): (5)                              
    Tier 1 leverage   9.4 %   9.4 %   9.4 %   9.7 %   9.9 %
    Common equity Tier 1 capital   12.4     12.2     12.4     12.6     13.1  
    Total risk-based   13.6     13.4     13.5     13.6     14.1  
    (1 ) Performance ratios are annualized, where appropriate.
    (2 ) See reconciliation of Non-GAAP Financial Measures later in this release.
    (3 ) Net interest income divided by average interest-earning assets.
    (4 ) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (5 ) Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.


    Adjusted Pre-tax, Pre-Provision Net Revenue     (1)

    Adjusted PPNR for the fourth quarter of 2024 increased $1.3 million to $1.2 million, compared to an adjusted PPNR loss of $49,000 for the preceding quarter, and increased $1.5 million from an adjusted PPNR $327,000 loss in the fourth quarter one year ago.

        For the Quarter Ended   For the Year Ended  
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
    Net interest income   $ 14,137   $ 14,020   $ 14,235   $ 13,928   $ 14,195   $ 56,320   $ 61,432  
    Total noninterest income     1,300     1,779     7,347     2,188     (2,929 )   12,614     4,020  
    Total revenue     15,437     15,799     21,582     16,116     11,266     68,934     65,452  
    Total noninterest expense     14,233     15,848     15,609     14,303     16,990     59,993     61,454  
    PPNR (1)     1,204     (49 )   5,973     1,813     (5,724 )   8,941     3,998  
    Selected nonrecurring adjustments to PPNR                                            
    Less: Net gain on sale of premises and equipment     —     —     7,919     —     —     7,919     —  
    Sale leaseback taxes and assessments included in occupancy and equipment     —     —     (359 )   —     —     (359 )   —  
    Net loss on sale of investment securities     —     —     (2,117 )   —     (5,397 )   (2,117 )   (5,397 )
    Adjusted PPNR (1)   $ 1,204   $ (49 ) $ 530   $ 1,813   $ (327 ) $ 3,498   $ 9,395  

    (1) See reconciliation of Non-GAAP Financial Measures later in this release.

    • Total interest income was relatively unchanged at $28.2 million for the fourth quarter of 2024, compared to the previous quarter, and increased $1.9 million compared to $26.3 million in the fourth quarter of 2023. Interest income decreased in the fourth quarter of 2024 primarily due to a decrease in the income earned on the securities derivative combined with lower FHLB dividends and reduced interest income received on Company deposit accounts. Higher yields on performing loans during the fourth quarter of 2024 were partially offset by nonaccrual interest adjustments totaling $46,000. Interest and fees on loans increased year-over-year as the loan portfolio grew. Loan yields increased over the prior year due to higher rates on new originations as well as the repricing of variable and adjustable-rate loans.
    • The net interest margin increased to 2.73% for the fourth quarter of 2024, from 2.70% for the prior quarter, and decreased 11-basis points from 2.84% for the fourth quarter of 2023. The Company reported reduced rates and declining volume of borrowings during the quarter which lowered costs; however, these savings were partially offset by an increase in cost due to a higher volume of customer deposits. The decrease in net interest margin from the same quarter one year ago is due to higher funding costs for deposits and borrowed funds. 
    • Noninterest income included a $1.8 million write down on an equity investment in an organization that is involved in a lawsuit, partially offset by a $1.5 million BOLI death benefit payment received due to the passing of an employee. 
    • Noninterest expense for the fourth quarter of 2024 decreased mainly due to a $1.2 million reduction in compensation related to nonrecurring payouts in the previous quarter combined with a reduced incentive accrual and lower headcount in the fourth quarter of 2024. FDIC assessment, state taxes, advertising and other discretionary spending also decreased from the previous quarter.

    Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality

    The allowance for credit losses on loans (“ACLL”) decreased $1.5 million to $20.5 million at December 31, 2024, from $22.0 million at September 30, 2024. The ACLL as a percentage of total loans was 1.21% at December 31, 2024, a decrease from 1.27% at September 30, 2024, and an increase from 1.05% one year earlier. The pooled loan reserve decreased $1.5 million during the fourth quarter of 2024, primarily due to the decreases in multi-family, construction, and consumer loan balances combined with decreases resulting from lower loss factors applied to commercial business and commercial real estate loans, partially offset by higher loss factors applied to one-to-four family and other consumer loans.

    Nonperforming loans totaled $30.5 million at December 31, 2024, an increase of $139,000 from September 30, 2024. ACLL to nonperforming loans decreased to 67% at December 31, 2024, from 72% at September 30, 2024, and 94% at December 31, 2023. This ratio continued to decline as higher balances of real estate loans are included in nonperforming assets with no significant corresponding increase to the ACLL as these collateral dependent loans were considered adequately reserved for based on information available at each period end.

    Classified loans decreased $4.4 million to $42.5 million at December 31, 2024, from $46.9 million at September 30, 2024, primarily due to charge-offs totaling $3.9 million on six commercial business loans during the fourth quarter. An $11.4 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; an $8.1 million commercial construction loan relationship, which became classified in the second quarter of 2024; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 61% of the classified loan balance at December 31, 2024. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 15 loans totaling $2.2 million included in classified loans at December 31, 2024, and an additional eight loans totaling $2.8 million included in the special mention risk grading category.

      For the Quarter Ended  
    ACLL ($ in thousands) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Balance at beginning of period $ 21,970   $ 19,343   $ 17,958   $ 17,510   $ 16,945  
    Charge-offs:                              
    Construction and land   (411 )   —     (3,978 )   —     —  
    Home equity   —     —     —     —     1  
    Auto and other consumer   (364 )   (492 )   (832 )   (806 )   (655 )
    Commercial business   (4,596 )   (24 )   (2,643 )   (33 )   —  
    Total charge-offs   (5,371 )   (516 )   (7,453 )   (839 )   (654 )
    Recoveries:                              
    One-to-four family   —     42     —     2     5  
    Commercial real estate   2     —     —     —     —  
    Home equity   —     —     —     —     10  
    Auto and other consumer   52     24     198     46     42  
    Commercial business   36     —     —     —     —  
    Total recoveries   90     66     198     48     57  
    Net loan charge-offs   (5,281 )   (450 )   (7,255 )   (791 )   (597 )
    Provision for credit losses   3,760     3,077     8,640     1,239     1,162  
    Balance at end of period $ 20,449   $ 21,970   $ 19,343   $ 17,958   $ 17,510  
                                   
    Average total loans   1,708,232     1,718,402     1,717,830     1,678,656     1,645,418  
    Annualized net charge-offs to average outstanding loans   1.23 %   0.10 %   1.70 %   0.19 %   0.14 %
    Asset Quality ($ in thousands) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Nonaccrual loans:                              
    One-to-four family $ 1,477   $ 1,631   $ 1,750   $ 1,237   $ 1,844  
    Multi-family   —     —     708     708     —  
    Commercial real estate   5,598     5,634     14     22     28  
    Construction and land   19,544     19,382     19,292     14,440     14,986  
    Home equity   55     116     118     121     123  
    Auto and other consumer   700     894     746     1,012     786  
    Commercial business   3,141     2,719     1,003     1,941     877  
    Total nonaccrual loans   30,515     30,376     23,631     19,481     18,644  
    Other real estate owned   —     —     —     —     —  
    Total nonperforming assets $ 30,515   $ 30,376   $ 23,631   $ 19,481   $ 18,644  
                                   
    Nonaccrual loans as a % of total loans (1)   1.80 %   1.75 %   1.39 %   1.14 %   1.12 %
    Nonperforming assets as a % of total assets (2)   1.37     1.35     1.07     0.87     0.85  
    ACLL as a % of total loans   1.21     1.27     1.14     1.05     1.05  
    ACLL as a % of nonaccrual loans   67.01     72.33     81.85     92.18     93.92  
    Total past due loans to total loans   1.98     1.92     1.45     1.91     0.94  
    (1 ) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
    (2 ) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.


    Financial Condition and Capital

    Investment securities increased $29.5 million, or 9.5%, to $340.3 million at December 31, 2024, compared to $310.9 million three months earlier, and increased $44.7 million compared to $295.6 million at December 31, 2023. The market value of the portfolio decreased $5.8 million during the fourth quarter of 2024. The estimated average life of the securities portfolio was approximately 6.9 years at December 31, 2024, 7.4 years at the prior quarter end and 7.7 years at the end of the fourth quarter of 2023. The effective duration of the portfolio was approximately 3.9 years at December 31, 2024, compared to 3.9 years at the prior quarter end and 4.8 years at the end of the fourth quarter of 2023. Investment purchases at the beginning of 2024 were primarily floating rate securities to take advantage of higher short-term rates above those offered on cash at that time and to reduce our liability sensitivity. Purchases in the fourth quarter were primarily fixed to rebalance our securities portfolio position for 2025.

    Investment Securities ($ in thousands)  December 31,
    2024    		    September 30,
    2024    		    December 31,
    2023    		   Three Month
    % Change    		   One Year
    % Change    		  
    Available for Sale at Fair Value                          
    Municipal bonds $ 77,876   $ 81,363   $ 87,761   -4.3 % -11.3 %
    U.S. government agency issued asset-backed securities (ABS agency)   12,876     13,296     11,782   -3.2   9.3  
    Corporate issued asset-backed securities (ABS corporate)   16,122     16,391     5,286   -1.6   205.0  
    Corporate issued debt securities (Corporate debt)   54,491     54,058     51,454   0.8   5.9  
    U.S. Small Business Administration securities (SBA)   8,666     9,317     —   -7.0   100.0  
    Mortgage-backed securities:                          
    U.S. government agency issued mortgage-backed securities (MBS agency)   98,697     78,549     63,247   25.7   56.1  
    Non-agency issued mortgage-backed securities (MBS non-agency)   71,616     57,886     76,093   23.7   -5.9  
    Total securities available for sale $ 340,344   $ 310,860   $ 295,623   9.5   15.1  

    Net loans, excluding loans held for sale, decreased $39.2 million, or 2.3%, to $1.68 billion at December 31, 2024, from $1.71 billion at September 30, 2024, and increased $32.7 million, or 2.0%, from $1.64 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $18.3 million. Loan payoffs of $73.9 million, regular payments of $35.3 million and charge-offs totaling $5.3 million outpaced new loan funding totaling $55.6 million and draws on existing loans totaling $19.7 million.

    Loans ($ in thousands)  December 31,
    2024    		    September 30,
    2024    		    December 31,
    2023    		   Three Month
    % Change    		   One Year
    % Change    		  
    Real Estate:                          
    One-to-four family $ 395,315   $ 395,792   $ 378,432   -0.1 % 4.5 %
    Multi-family   332,596     353,813     333,094   -6.0   -0.1  
    Commercial real estate   390,379     376,008     387,983   3.8   0.6  
    Construction and land   78,110     95,709     129,691   -18.4   -39.8  
    Total real estate loans   1,196,400     1,221,322     1,229,200   -2.0   -2.7  
    Consumer:                          
    Home equity   79,054     76,960     69,403   2.7   13.9  
    Auto and other consumer   268,876     281,198     249,130   -4.4   7.9  
    Total consumer loans   347,930     358,158     318,533   -2.9   9.2  
    Commercial business   151,493     155,327     112,295   -2.5   34.9  
    Total loans receivable   1,695,823     1,734,807     1,660,028   -2.2   2.2  
    Less:                          
    Derivative basis adjustment   188     (1,579 )   —   111.9   100.0  
    Allowance for credit losses on loans   20,449     21,970     17,510   -6.9   16.8  
    Total loans receivable, net $ 1,675,186   $ 1,714,416   $ 1,642,518   -2.3   2.0  

    Total deposits decreased $23.6 million to $1.69 billion at December 31, 2024, compared to $1.71 billion at September 30, 2024, and increased $11.1 million, or 0.7%, compared to $1.68 billion one year ago. During the fourth quarter of 2024, total customer deposit balances decreased $2.8 million and brokered deposit balances decreased $20.8 million. Overall, the current rate environment continues to contribute to greater competition for deposits. As a result, the Bank continues offering deposit rate specials to attract new funds.

    Deposits ($ in thousands)  December 31,
    2024    		    September 30,
    2024    		    December 31,
    2023    		   Three Month
    % Change    		   One Year
    % Change    		  
    Noninterest-bearing demand deposits $ 256,416   $ 252,999   $ 252,083   1.4 % 1.7 %
    Interest-bearing demand deposits   164,891     167,202     169,418   -1.4   -2.7  
    Money market accounts   413,822     433,307     362,205   -4.5   14.3  
    Savings accounts   205,055     212,763     242,148   -3.6   -15.3  
    Certificates of deposit, customer   464,928     441,665     443,412   5.3   4.9  
    Certificates of deposit, brokered   182,914     203,705     207,626   -10.2   -11.9  
    Total deposits $ 1,688,026   $ 1,711,641   $ 1,676,892   -1.4   0.7  

    Total shareholders’ equity decreased to $153.9 million at December 31, 2024, compared to $160.8 million three months earlier, due to a decrease in the after-tax fair market values of the available-for-sale investment securities portfolio of $4.5 million, a net loss of $2.8 million and dividends declared of $656,000, partially offset by an increase in the after-tax fair market values of derivatives of $952,000.

    Capital levels for both the Company and its operating bank, First Fed, remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at December 31, 2024. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at December 31, 2024, were 12.4% and 13.6%, respectively.

    First Northwest continued to return capital to our shareholders through cash dividends during the fourth quarter of 2024. The Company paid cash dividends totaling $656,000 in the fourth quarter of 2024. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (“Repurchase Plan”) during the quarter ended December 31, 2024. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

    Awards/Recognition
    The Company received several accolades as a leader in the community in the last year.

    In September 2024, the First Fed team was recognized in the 2024 Best of Olympic Peninsula surveys, winning Best Bank and Best Lender in Clallam County; Best Bank and Best Financial Advisor in the West End; and Best Lender in Jefferson County. First Fed was also a finalist for Best Bank, Best Customer Service, Best Employer and Best Financial Advisor in Jefferson County; Best Customer Service, Best Employer and Best Financial Advisor in Clallam County; and Best Customer Service and Best Employer in the West End.
    In May 2024, First Fed, along with the First Fed Community Foundation, were honored to be ranked second on the Puget Sound Business Journal Midsize Corporate Philanthropists list.
    In October 2023, the First Fed team was honored to bring home the Gold for Best Bank in the Best of the Northwest survey hosted by Bellingham Alive for the second year in a row.
    In September 2023, the First Fed team was recognized in the 2023 Best of Olympic Peninsula surveys as a finalist for Best Employer in Kitsap County and Best Bank and Best Financial Institution in Bainbridge.


    We recommend reading this earnings release in conjunction with the Fourth Quarter 2024 Investor Presentation, located at http://investor.ourfirstfed.com/quarterly-reports and included as an exhibit to our January 29, 2025, Current Report on Form 8-K.

    About the Company
    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

    Forward-Looking Statements
    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2024 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

    For More Information Contact:
    Matthew P. Deines, President and Chief Executive Officer
    Geri Bullard, EVP, Chief Financial Officer and Chief Operating Officer
    IRGroup@ourfirstfed.com
    360-457-0461

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data) (Unaudited)
     
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    ASSETS                                
    Cash and due from banks   $ 16,811   $ 17,953   $ 19,184   $ 15,562   $ 19,845  
    Interest-earning deposits in banks     55,637     64,769     63,995     61,784     103,324  
    Investment securities available for sale, at fair value     340,344     310,860     306,714     325,955     295,623  
    Loans held for sale     472     378     1,086     988     753  
    Loans receivable (net of allowance for credit losses on loans $20,449, $21,970, $19,343, $17,958, and $17,510)     1,675,186     1,714,416     1,677,764     1,692,774     1,642,518  
    Federal Home Loan Bank (FHLB) stock, at cost     14,435     14,435     13,086     15,876     13,664  
    Accrued interest receivable     8,159     8,939     9,466     8,909     7,894  
    Premises held for sale, net     —     —     —     6,751     18,049  
    Premises and equipment, net     10,129     10,436     10,714     11,028     —  
    Servicing rights on sold loans, at fair value     3,281     3,584     3,740     3,820     3,793  
    Bank-owned life insurance, net     41,150     41,429     41,113     34,681     40,578  
    Equity and partnership investments     13,229     14,912     15,085     15,121     14,794  
    Goodwill and other intangible assets, net     1,082     1,083     1,084     1,085     1,086  
    Deferred tax asset, net     13,738     10,802     12,216     12,704     13,001  
    Right-of-use (“ROU”) asset, net     17,001     17,315     17,627     5,841     6,047  
    Prepaid expenses and other assets     21,352     24,175     23,088     27,141     20,828  
    Total assets   $ 2,232,006   $ 2,255,486   $ 2,215,962   $ 2,240,020   $ 2,201,797  
                                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                
    Deposits   $ 1,688,026   $ 1,711,641   $ 1,708,288   $ 1,666,624   $ 1,676,892  
    Borrowings     336,014     334,994     302,575     371,455     320,936  
    Accrued interest payable     3,295     2,153     3,143     2,830     3,396  
    Lease liability, net     17,535     17,799     18,054     6,227     6,428  
    Accrued expenses and other liabilities     31,770     25,625     23,717     29,980     29,545  
    Advances from borrowers for taxes and insurance     1,484     2,485     1,304     2,398     1,260  
    Total liabilities     2,078,124     2,094,697     2,057,081     2,079,514     2,038,457  
                                     
    Shareholders’ Equity                                
    Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding     —     —     —     —     —  
    Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,353,348; 9,365,979; 9,453,247; 9,442,796; and 9,611,876     93     94     94     94     96  
    Additional paid-in capital     93,357     93,218     93,985     93,763     95,784  
    Retained earnings     97,198     100,660     103,322     106,202     107,349  
    Accumulated other comprehensive loss, net of tax     (30,172 )   (26,424 )   (31,597 )   (32,465 )   (32,636 )
    Unearned employee stock ownership plan (ESOP) shares     (6,594 )   (6,759 )   (6,923 )   (7,088 )   (7,253 )
    Total shareholders’ equity     153,882     160,789     158,881     160,506     163,340  
    Total liabilities and shareholders’ equity   $ 2,232,006   $ 2,255,486   $ 2,215,962   $ 2,240,020   $ 2,201,797  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)
     
        For the Quarter Ended   For the Year Ended  
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
    INTEREST INCOME                                            
    Interest and fees on loans receivable   $ 23,716   $ 23,536   $ 23,733   $ 22,767   $ 22,083   $ 93,752   $ 84,614  
    Interest on investment securities     3,658     3,786     3,949     3,632     3,393     15,025     13,279  
    Interest on deposits in banks     550     582     571     645     581     2,348     2,126  
    FHLB dividends     273     302     358     282     252     1,215     880  
    Total interest income     28,197     28,206     28,611     27,326     26,309     112,340     100,899  
    INTEREST EXPENSE                                            
    Deposits     11,175     10,960     10,180     10,112     8,758     42,427     27,019  
    Borrowings     2,885     3,226     4,196     3,286     3,356     13,593     12,448  
    Total interest expense     14,060     14,186     14,376     13,398     12,114     56,020     39,467  
    Net interest income     14,137     14,020     14,235     13,928     14,195     56,320     61,432  
    PROVISION FOR CREDIT LOSSES                                            
    Provision for credit losses on loans     3,760     3,077     8,640     1,239     1,162     16,716     2,357  
    (Recapture of) provision for credit losses on unfunded commitments     (105 )   57     99     (269 )   (10 )   (218 )   (1,034 )
    Provision for credit losses     3,655     3,134     8,739     970     1,152     16,498     1,323  
    Net interest income after provision for credit losses     10,482     10,886     5,496     12,958     13,043     39,822     60,109  
    NONINTEREST INCOME                                            
    Loan and deposit service fees     1,054     1,059     1,076     1,102     1,068     4,291     4,341  
    Sold loan servicing fees and servicing rights mark-to-market     (115 )   10     74     219     276     188     676  
    Net gain on sale of loans     52     58     150     52     33     312     438  
    Net loss on sale of investment securities     —     —     (2,117 )   —     (5,397 )   (2,117 )   (5,397 )
    Net gain on sale of premises and equipment     —     —     7,919     —     —     7,919     —  
    Increase in cash surrender value of bank-owned life insurance     328     315     293     243     260     1,179     928  
    Income from death benefit on bank-owned life insurance, net     1,536     —     —     —     —     1,536     —  
    Other (loss) income     (1,555 )   337     (48 )   572     831     (694 )   3,034  
    Total noninterest income     1,300     1,779     7,347     2,188     (2,929 )   12,614     4,020  
    NONINTEREST EXPENSE                                            
    Compensation and benefits     7,367     8,582     8,588     8,128     7,397     32,665     31,209  
    Data processing     2,065     2,085     2,008     1,944     2,107     8,102     8,170  
    Occupancy and equipment     1,559     1,553     1,799     1,240     1,262     6,151     4,858  
    Supplies, postage, and telephone     296     360     317     293     351     1,266     1,433  
    Regulatory assessments and state taxes     460     548     457     513     376     1,978     1,635  
    Advertising     362     409     377     309     235     1,457     2,706  
    Professional fees     813     698     684     910     1,119     3,105     3,738  
    FDIC insurance premium     491     533     473     386     418     1,883     1,357  
    Other expense     820     1,080     906     580     3,725     3,386     6,348  
    Total noninterest expense     14,233     15,848     15,609     14,303     16,990     59,993     61,454  
    Loss before provision (benefit) for income taxes     (2,451 )   (3,183 )   (2,766 )   843     (6,876 )   (7,557 )   2,675  
    Provision (benefit) for income taxes     359     (1,203 )   (547 )   447     (1,354 )   (944 )   549  
    Net (loss) income   $ (2,810 ) $ (1,980 ) $ (2,219 ) $ 396   $ (5,522 ) $ (6,613 ) $ 2,286  
                                                 
    Basic and diluted (loss) earnings per common share   $ (0.32 ) $ (0.23 ) $ (0.25 ) $ 0.04   $ (0.62 ) $ (0.75 ) $ 0.26  
                                                 
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Selected Loan Detail   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Construction and land loans breakout                                
    1-4 Family construction   $ 39,319   $ 43,125   $ 56,514   $ 69,075   $ 68,029  
    Multifamily construction     15,407     29,109     43,341     45,776     50,431  
    Nonresidential construction     16,857     17,500     1,015     3,374     3,756  
    Land and development     6,527     5,975     6,403     7,122     7,475  
    Total construction and land loans   $ 78,110   $ 95,709   $ 107,273   $ 125,347   $ 129,691  
                                     
    Auto and other consumer loans breakout                                
    Triad Manufactured Home loans   $ 128,231   $ 129,600   $ 110,510   $ 105,525   $ 105,057  
    Woodside auto loans     117,968     126,129     131,151     128,072     124,401  
    First Help auto loans     14,283     15,971     17,427     8,326     4,516  
    Other auto loans     1,647     2,064     2,690     3,313     4,158  
    Other consumer loans     6,747     7,434     23,845     23,598     10,998  
    Total auto and other consumer loans   $ 268,876   $ 281,198   $ 285,623   $ 268,834   $ 249,130  
                                     
    Commercial business loans breakout                                
    Northpointe Bank MPP   $ 36,230   $ 38,155   $ 9,150   $ 15,047   $ 9,502  
    Secured lines of credit     35,701     37,686     28,862     41,014     35,815  
    Unsecured lines of credit     1,717     1,571     1,133     1,001     456  
    SBA loans     7,044     7,219     7,146     8,944     9,115  
    Other commercial business loans     70,801     70,696     70,803     70,291     57,407  
    Total commercial business loans   $ 151,493   $ 155,327   $ 117,094   $ 136,297   $ 112,295  
    Loans by Collateral and Unfunded Commitments   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    One-to-four family construction   $ 44,468   $ 51,607   $ 49,440   $ 70,100   $ 60,211  
    All other construction and land     34,290     45,166     58,346     55,286     69,484  
    One-to-four family first mortgage     466,046     469,053     434,840     436,543     426,159  
    One-to-four family junior liens     15,090     14,701     13,706     12,608     12,250  
    One-to-four family revolving open-end     51,481     48,459     44,803     45,536     42,479  
    Commercial real estate, owner occupied:                                
    Health care     29,129     29,407     29,678     29,946     22,523  
    Office     17,756     17,901     19,215     17,951     18,468  
    Warehouse     14,948     11,645     14,613     14,683     14,758  
    Other     78,170     64,535     56,292     55,063     61,304  
    Commercial real estate, non-owner occupied:                                
    Office     49,417     49,770     50,158     53,099     53,548  
    Retail     49,591     49,717     50,101     50,478     51,384  
    Hospitality     61,919     62,282     62,628     66,982     67,332  
    Other     81,640     82,573     84,428     93,040     94,822  
    Multi-family residential     333,419     354,118     350,382     339,907     333,428  
    Commercial business loans     77,381     86,904     79,055     90,781     76,920  
    Commercial agriculture and fishing loans     21,833     15,369     14,411     10,200     5,422  
    State and political subdivision obligations     369     404     405     405     405  
    Consumer automobile loans     133,789     144,036     151,121     139,524     132,877  
    Consumer loans secured by other assets     131,429     132,749     129,293     122,895     108,542  
    Consumer loans unsecured     3,658     4,411     5,209     6,415     7,712  
    Total loans   $ 1,695,823   $ 1,734,807   $ 1,698,124   $ 1,711,442   $ 1,660,028  
                                     
    Unfunded commitments under lines of credit or existing loans   $ 163,827   $ 166,446   $ 155,005   $ 148,736   $ 149,631  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    NET INTEREST MARGIN ANALYSIS
    (Dollars in thousands) (Unaudited)
     
        Three Months Ended December 31,  
        2024   2023  
        Average   Interest         Average   Interest        
        Balance   Earned/   Yield/   Balance   Earned/   Yield/  
        Outstanding   Paid   Rate   Outstanding   Paid   Rate  
        (Dollars in thousands)  
    Interest-earning assets:                                      
    Loans receivable, net (1) (2)   $ 1,688,239   $ 23,716     5.59 % $ 1,628,718   $ 22,083     5.38 %
    Investment securities     313,759     3,658     4.64     297,020     3,393     4.53  
    FHLB dividends     11,762     273     9.23     12,514     252     7.99  
    Interest-earning deposits in banks     45,358     550     4.82     41,974     581     5.49  
    Total interest-earning assets (3)     2,059,118     28,197     5.45     1,980,226     26,309     5.27  
    Noninterest-earning assets     146,384                 147,429              
    Total average assets   $ 2,205,502               $ 2,127,655              
    Interest-bearing liabilities:                                      
    Interest-bearing demand deposits   $ 162,954   $ 210     0.51   $ 172,013   $ 197     0.45  
    Money market accounts     442,481     2,773     2.49     362,366     1,351     1.48  
    Savings accounts     206,605     721     1.39     247,744     963     1.54  
    Certificates of deposit, customer     461,136     4,925     4.25     424,722     4,197     3.92  
    Certificates of deposit, brokered     192,018     2,546     5.27     172,214     2,050     4.72  
    Total interest-bearing deposits (4)     1,465,194     11,175     3.03     1,379,059     8,758     2.52  
    Advances     236,576     2,491     4.19     256,560     2,962     4.58  
    Subordinated debt     39,504     394     3.97     39,425     394     3.96  
    Total interest-bearing liabilities     1,741,274     14,060     3.21     1,675,044     12,114     2.87  
    Noninterest-bearing deposits (4)     256,715                 259,845              
    Other noninterest-bearing liabilities     45,953                 36,795              
    Total average liabilities     2,043,942                 1,971,684              
    Average equity     161,560                 155,971              
    Total average liabilities and equity   $ 2,205,502               $ 2,127,655              
                                           
    Net interest income         $ 14,137               $ 14,195        
    Net interest rate spread                 2.24                 2.40  
    Net earning assets   $ 317,844               $ 305,182              
    Net interest margin (5)                 2.73                 2.84  
    Average interest-earning assets to average interest-bearing liabilities     118.3 %               118.2 %            

    (1) The average loans receivable, net balances include nonaccrual loans.
    (2) Interest earned on loans receivable includes net deferred fees (costs) of $103,000 and ($151,000) for the three months ended December 31, 2024 and 2023, respectively.
    (3) Includes interest-earning deposits (cash) at other financial institutions.
    (4) Cost of all deposits, including noninterest-bearing demand deposits, was 2.58% and 2.12% for the three months ended December 31, 2024 and 2023, respectively.
    (5) Net interest income divided by average interest-earning assets.

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

    Non-GAAP Financial Measures
    This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

    Calculations Based on PPNR and Adjusted PPNR:

        For the Quarter Ended   For the Year Ended  
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
    Net (loss) income   $ (2,810 ) $ (1,980 ) $ (2,219 ) $ 396   $ (5,522 ) $ (6,613 ) $ 2,286  
    Plus: provision for credit losses     3,655     3,134     8,739     970     1,152     16,498     1,323  
    Provision (benefit) for income taxes     359     (1,203 )   (547 )   447     (1,354 )   (944 )   549  
    PPNR (1)     1,204     (49 )   5,973     1,813     (5,724 )   8,941     4,158  
    Selected nonrecurring adjustments to PPNR                                            
    Less: Net gain on sale of premises and equipment     —     —     7,919     —     —     7,919     —  
    Sale leaseback taxes and assessments included in occupancy and equipment     —     —     (359 )   —     —     (359 )   —  
    Net loss on sale of investment securities     —     —     (2,117 )   —     (5,397 )   (2,117 )   (5,397 )
    Adjusted PPNR (1)   $ 1,204   $ (49 ) $ 530   $ 1,813   $ (327 ) $ 3,498   $ 9,555  
                                                 
    Average total assets   $ 2,205,502   $ 2,209,333   $ 2,219,370   $ 2,166,187   $ 2,127,655   $ 2,200,138   $ 2,109,200  
    Return on average assets (GAAP)     -0.51 %   -0.36 %   -0.40 %   0.07 %   -1.03 %   -0.30 %   0.11 %
    Adjusted PPNR return on average assets (Non-GAAP) (1)     0.22 %   -0.01 %   0.10 %   0.34 %   -0.06 %   0.16 %   0.45 %
    (1) We believe these non-GAAP metrics are useful to evaluate the relative strength of the Company’s performance.
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Calculations Based on Tangible Common Equity:
     
        For the Quarter Ended   For the Year Ended  
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
        (Dollars in thousands, except per share data)  
    Total shareholders’ equity   $ 153,882   $ 160,789   $ 158,881   $ 160,506   $ 163,340   $ 153,882   $ 163,340  
    Less: Goodwill and other intangible assets     1,082     1,083     1,084     1,085     1,086     1,082     1,086  
    Disallowed non-mortgage loan servicing rights     423     489     517     489     481     423     481  
    Total tangible common equity   $ 152,377   $ 159,217   $ 157,280   $ 158,932   $ 161,773   $ 152,377   $ 161,773  
                                                 
    Total assets   $ 2,232,006   $ 2,255,486   $ 2,215,962   $ 2,240,020   $ 2,201,797   $ 2,232,006   $ 2,201,797  
    Less: Goodwill and other intangible assets     1,082     1,083     1,084     1,085     1,086     1,082     1,086  
    Disallowed non-mortgage loan servicing rights     423     489     517     489     481     423     481  
    Total tangible assets   $ 2,230,501   $ 2,253,914   $ 2,214,361   $ 2,238,446   $ 2,200,230   $ 2,230,501   $ 2,200,230  
                                                 
    Average shareholders’ equity   $ 161,560   $ 160,479   $ 163,079   $ 161,867   $ 155,971   $ 161,742   $ 159,413  
    Less: Average goodwill and other intangible assets     1,083     1,084     1,085     1,085     1,086     1,084     1,087  
    Average disallowed non-mortgage loan servicing rights     489     517     489     481     608     494     670  
    Total average tangible common equity   $ 159,988   $ 158,878   $ 161,505   $ 160,301   $ 154,277   $ 160,164   $ 157,656  
                                                 
    Net (loss) income   $ (2,810 ) $ (1,980 ) $ (2,219 ) $ 396   $ (5,522 ) $ (6,613 ) $ 2,286  
    Common shares outstanding     9,353,348     9,365,979     9,453,247     9,442,796     9,611,876     9,353,348     9,611,876  
    GAAP Ratios:                                            
    Equity to total assets     6.89 %   7.13 %   7.17 %   7.17 %   7.42 %   6.89 %   7.42 %
    Return on average equity     -6.92 %   -4.91 %   -5.47 %   0.98 %   -14.05 %   -4.09 %   1.43 %
    Book value per common share   $ 16.45   $ 17.17   $ 16.81   $ 17.00   $ 16.99   $ 16.45   $ 16.99  
    Non-GAAP Ratios:                                            
    Tangible common equity to tangible assets (1)     6.83 %   7.06 %   7.10 %   7.10 %   7.35 %   6.83 %   7.35 %
    Return on average tangible common equity (1)     -6.99 %   -4.96 %   -5.53 %   0.99 %   -14.20 %   -4.13 %   1.45 %
    Tangible book value per common share (1)   $ 16.29   $ 17.00   $ 16.64   $ 16.83   $ 16.83   $ 16.29   $ 16.83  
    (1 ) We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

    The MIL Network –

  • MIL-OSI: Stifel Reports Fourth Quarter and Full Year Results

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.36 billion for the three months ended December 31, 2024, compared with $1.15 billion a year ago. Net income available to common shareholders of $234.7 million, or $2.09 per diluted common share, compared with $153.2 million, or $1.38 per diluted common share for the fourth quarter of 2023. Non-GAAP net income available to common shareholders of $249.7 million, or $2.23 per diluted common share for the fourth quarter of 2024.

    Net revenues of $4.97 billion for the year ended December 31, 2024 compared to $4.35 billion a year ago. Net income available to common shareholders of $694.1 million, or $6.25 per diluted common share, compared with $485.3 million, or $4.28 per diluted common share in 2023. Non-GAAP net income available to common shareholders of $755.9 million, or $6.81 per diluted common share in 2024.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel generated record net revenue and the second highest earnings per share in our history in 2024. The fact that we accomplished this level of performance in a year when our Institutional segment was rebounding from a very difficult operating environment in 2023 is a testament to the strength and diversity of our business model. Given our long history of profitable growth, Stifel is well positioned to capitalize on improving market conditions in 2025 and to achieve our short and long term targets.”

    Full Year Highlights

    • The Company reported record net revenues of $4.97 billion driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.
    • Non-GAAP net income available to common shareholders of $6.81.
    • Record asset management revenues, up 18% over 2023.
    • Record client assets of $501.4 billion, up 13% over 2023.
    • Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors.
    • Non-GAAP pre-tax margin of 20%.
    • Return on average tangible common equity (ROTCE) (5) of 23%.
    • Tangible book value per common share (7) of $34.99, up 12% from prior year.


    Fourth Quarter Highlights

    • Quarterly record net revenues of $1.36 billion.
    • Non-GAAP net income available to common shareholders of $2.23.
    • Investment banking revenue increased 48% over the year-ago quarter, driven by higher advisory and capital raising revenues.
      • Capital raising revenues increased 50% over the year-ago quarter.
      • Advisory revenues increased 47% over the year-ago quarter.
    • Non-GAAP pre-tax margin of 21%.
    • Annualized ROTCE (5) of 28%.

    Other Highlights

    • Board of Directors authorized a 10% increase in common stock dividend starting in the first quarter of 2025.
    • Announced the acquisition of Bryan, Garnier, & Co.
    Financial Summary (Unaudited)
    (000s) 4Q 2024 4Q 2023 FY 2024 FY 2023
    GAAP Financial Highlights:      
    Net revenues $1,364,682   $1,146,379   $4,970,320   $4,348,944  
    Net income (1) $234,685   $153,164   $694,098   $485,255  
    Diluted EPS (1) $2.09   $1.38   $6.25   $4.28  
    Comp. ratio 58.3%   58.8%   58.7%   58.7%  
    Non-comp. ratio 22.2%   23.2%   22.6%   25.1%  
    Pre-tax margin 19.5%   18.0%   18.7%   16.2%  
    Non-GAAP Financial Highlights:      
    Net revenues $1,364,721   $1,146,419   $4,971,051   $4,348,958  
    Net income (1)(2) $249,710   $166,587   $755,896   $531,524  
    Diluted EPS (1) (2) $2.23   $1.50   $6.81   $4.68  
    Comp. ratio (2) 58.0%   58.0%   58.0%   58.0%  
    Non-comp. ratio (2) 21.3%   22.6%   21.9%   24.3%  
    Pre-tax margin (3) 20.7%   19.4%   20.1%   17.7%  
    ROCE (4) 20.1%   14.6%   15.9%   11.5%  
    ROTCE (5) 28.3%   21.3%   22.7%   16.6%  
    Global Wealth Management (assets and loans in millions)  
    Net revenues $865,209   $766,028   $3,283,960   $3,049,962  
    Pre-tax net income $316,318   $301,360   $1,207,942   $1,215,822  
    Total client assets $501,402   $444,318      
    Fee-based client assets $192,705   $165,301      
    Bank loans, net (6) $21,311   $19,730      
    Institutional Group        
    Net revenues $478,335   $359,292   $1,592,833   $1,226,317  
    Equity $280,159   $200,915   $926,729   $709,286  
    Fixed Income $198,176   $158,377   $666,104   $517,031  
    Pre-tax net income $95,681   $7,771   $223,400   $2,100  

    Global Wealth Management

    Fourth Quarter Results

    Global Wealth Management reported record net revenues of $865.2 million for the three months ended December 31, 2024 compared with $766.0 million during the fourth quarter of 2023. Pre-tax net income was $316.3 million compared with $301.4 million in the fourth quarter of 2023.

    Highlights

    • Client assets of $501.4 billion, up 13% over the year-ago quarter.
    • Fee-based client assets of $192.7 billion, up 17% over the year-ago quarter.
    • Recruited 8 financial advisors during the quarter, including 4 experienced employee advisors with total trailing 12 month production of $8 million.

    Net revenues increased 13% from a year ago:

    • Transactional revenues increased 18% over the year-ago quarter reflecting an increase in client activity.
    • Asset management revenues increased 23% over the year-ago quarter reflecting higher asset values as a result of improved market conditions and net cash inflows.
    • Net interest income decreased 1% from the year-ago quarter primarily as a result of lower rates, partially offset by balance sheet growth.

    Total Expenses:

    • Compensation expense as percent of net revenues increased to 48.5% primarily as a result of higher compensable revenues.
    • Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.
    • Non-compensation operating expenses as a percent of net revenues increased to 14.9% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth.
    Summary Results of Operations  
    (000s) 4Q 2024 4Q 2023  
    Net revenues $865,209   $766,028    
    Transactional revenues   200,564     169,471    
    Asset management   405,800     330,498    
    Net interest income   254,337     257,920    
    Investment banking   5,198     4,562    
    Other income   (690)     3,577    
    Total expenses $548,891   $464,668    
    Compensation expense   419,466     359,376    
    Provision for credit losses   11,893     (37)    
    Non-comp. opex   117,532     105,329    
    Pre-tax net income $316,318   $301,360    
    Compensation ratio   48.5%     46.9%    
    Non-compensation ratio   14.9%     13.8%    
    Pre-tax margin   36.6%     39.3%    

    Institutional Group

    Fourth Quarter Results

    Institutional Group reported net revenues of $478.3 million for the three months ended December 31, 2024 compared with $359.3 million during the fourth quarter of 2023. Pre-tax net income was $95.7 million compared with $7.8 million in the fourth quarter of 2023.

    Highlights

    Investment banking revenues increased 49% from a year ago:

    • Advisory revenues of $189.9 million increased 47% from the year-ago quarter driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues increased 53% over the year-ago quarter primarily driven by higher bond issuances.
    • Equity capital raising revenues increased 52% over the year-ago quarter driven by higher volumes.

    Fixed income transactional revenues increased 16% from a year ago:

    • Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and realized trading gains.

    Equity transactional revenues increased 5% from a year ago:

    • Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

    Total Expenses:

    • Compensation expense as a percent of net revenues decreased to 58.6% primarily as a result of higher revenues.
    • Non-compensation operating expenses as a percent of net revenues decreased to 21.4% primarily as a result of revenue growth.
    Summary Results of Operations  
    (000s)  4Q 2024  4Q 2023  
    Net revenues $478,335   $359,292    
    Investment banking   299,221     201,102    
    Advisory   189,912     129,378    
    Fixed income capital raising   61,424     40,214    
    Equity capital raising   47,885     31,510    
    Fixed income transactional   118,700     102,019    
    Equity transactional   59,409     56,501    
    Other   1,005     (330)    
    Total expenses $382,654   $351,521    
    Compensation expense   280,261     248,970    
    Non-comp. opex.   102,393     102,551    
    Pre-tax net income $95,681   $7,771    
    Compensation ratio   58.6%     69.3%    
    Non-compensation ratio   21.4%     28.5%    
    Pre-tax margin   20.0%     2.2%    

    Global Wealth Management

    Full Year Results

    Global Wealth Management reported record net revenues of $3.3 billion for the year ended December 31, 2024 compared with $3.0 billion in 2023. Pre-tax net income of $1.2 billion decreased 1% from 2023.

    Highlights

    • Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors with total trailing 12 month production of $37 million.

    Net revenues increased 8% from prior year:

    • Transactional revenues increased 15% from prior year reflecting an increase in client activity.
    • Asset management revenues increased 18% from prior year reflecting higher asset values as a result of improved market conditions and net cash inflows.
    • Net interest income decreased 11% from prior year primarily driven by changes in the deposit mix, partially offset by lending growth and higher rates.

    Total Expenses:

    • Compensation expense as a percent of net revenues increased to 48.9% primarily as a result of higher compensable revenues.
    • Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.
    • Non-compensation operating expenses as a percent of net revenues increased to 14.3% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth.
    Summary Results of Operations  
    (000s) FY 2024 FY 2023  
    Net revenues $3,283,960   $3,049,962    
    Transactional revenues   752,352     654,231    
    Asset management   1,536,296     1,299,361    
    Net interest income   967,712     1,086,628    
    Investment banking   21,475     16,680    
    Other income   6,125     (6,938)    
    Total expenses $2,076,018   $1,834,140    
    Compensation expense   1,605,148     1,415,210    
    Provision for credit losses   25,102     22,699    
    Non-comp. opex   445,768     396,231    
    Pre-tax net income $1,207,942   $1,215,822    
    Compensation ratio   48.9%     46.4%    
    Non-compensation ratio   14.3%     13.7%    
    Pre-tax margin   36.8%     39.9%    

    Institutional Group

    Full Year Results

    Institutional Group reported net revenues of $1.6 billion for the year ended December 31, 2024 compared with $1.2 billion in 2023. Pre-tax net income was $223.4 million compared with $2.1 million in 2023.

    Highlights

    Investment banking revenues increased 36% from prior year:

    • Advisory revenues of $577.4 million increased 24% from prior year driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues increased 48% from prior year driven by an increase in our corporate debt issuance business.
    • Equity capital raising revenues increased 74% from prior year driven by higher volumes.

    Fixed income transactional revenues increased 27% from prior year:

    • Fixed income transactional revenues increased from prior year driven by improved client engagement, market volatility, and realized trading gains.

    Equity transactional revenues increased 7% from prior year:

    • Equity transactional revenues increased from prior year driven by an increase in equities trading commissions.

    Total Expenses:

    • Compensation expense as a percent of net revenues decreased to 60.2% primarily as a result of higher revenues.
    • Non-compensation operating expenses as a percent of net revenues decreased to 25.8% as a result of revenue growth and expense discipline.
    Summary Results of Operations  
    (000s)  FY 2024 FY 2023  
    Net revenues $1,592,833   $1,226,317    
    Investment banking   973,356     714,575    
    Advisory   577,432     465,588    
    Fixed income capital raising   209,047     141,647    
    Equity capital raising   186,877     107,340    
    Fixed income transactional   393,013     308,393    
    Equity transactional   215,223     201,413    
    Other   11,241     1,936    
    Total expenses $1,369,433   $1,224,217    
    Compensation expense   959,602     841,671    
    Non-comp. opex.   409,831     382,546    
    Pre-tax net income $223,400   $2,100    
    Compensation ratio   60.2%     68.6%    
    Non-compensation ratio   25.8%     31.2%    
    Pre-tax margin   14.0%     0.2%    

    Other Matters

    Highlights

    • Total assets increased $2.1 billion, or 6%, over the year-ago quarter.
    • The Board of Directors approved a 10% increase in the quarterly dividend to $0.46 per common share starting in the first quarter of 2025.
    • The Company repurchased $45.5 million of its outstanding common stock during the fourth quarter. During 2024, the Company repurchased $242.6 million of its outstanding common stock.
    • Weighted average diluted shares outstanding increased from the year-ago quarter as a result of the increase in share price and a decrease in share repurchases over the comparable period.
    • The effective tax rate was primarily impacted by the benefit related to the tax impact on stock-based compensation.
    • The Board of Directors declared a $0.42 quarterly dividend per share payable on December 16, 2024 to common shareholders of record on December 2, 2024.
    • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 16, 2024 to shareholders of record on December 2, 2024.
      4Q 2024 4Q 2023 FY 2024 FY 2023
    Common stock repurchases      
    Repurchases (000s) $45,461   $141,138   $242,628   $518,296  
    Number of shares (000s)   408     2,345     3,140     8,475  
    Average price $111.30   $60.18   $77.28   $61.16  
    Period end shares (000s)   102,171     101,062     102,171     101,062  
    Weighted average diluted shares outstanding (000s)   112,089     111,330     110,975     113,453  
    Effective tax rate   8.3%     21.1%     21.2%     26.1%  
    Stifel Financial Corp. (8)
    Tier 1 common capital ratio   15.4%     14.2%      
    Tier 1 risk based capital ratio   18.2%     17.2%      
    Tier 1 leverage capital ratio   11.4%     10.5%      
    Tier 1 capital (MM) $4,331   $3,916      
    Risk weighted assets (MM) $23,742   $22,748      
    Average assets (MM) $38,073   $37,451      
    Quarter end assets (MM) $39,896   $37,727      
    Agency Rating Outlook    
    Fitch Ratings BBB+ Stable    
    S&P Global Ratings BBB Stable    

    Conference Call Information

    Stifel Financial Corp. will host its fourth quarter and full year 2024 financial results conference call on Wednesday, January 29, 2025, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

    A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

    The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

    Cautionary Note Regarding Forward-Looking Statements

    This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

    Summary Results of Operations (Unaudited)

      Three Months Ended   Year Ended
    (000s, except per share amounts) 12/31/2024 12/31/2023 % Change 9/30/2024 % Change 12/31/2024 12/31/2023 % Change
    Revenues:                
    Commissions $ 203,786 $ 173,614 17.4   $ 183,445 11.1   $ 756,024 $ 673,597 12.2  
    Principal transactions   174,887   154,377 13.3     137,089 27.6     604,564   490,440 23.3  
    Investment banking   304,419   205,664 48.0     243,182 25.2     994,831   731,255 36.0  
    Asset management   405,825   330,536 22.8     382,616 6.1     1,536,674   1,299,496 18.3  
    Other income   3,294   9,687 (66.0 )   18,705 (82.4 )   43,129   8,747 393.1  
    Operating revenues   1,092,211   873,878 25.0     965,037 13.2     3,935,222   3,203,535 22.8  
    Interest revenue   500,661   516,213 (3.0 )   510,823 (2.0 )   2,016,464   1,955,745 3.1  
    Total revenues   1,592,872   1,390,091 14.6     1,475,860 7.9     5,951,686   5,159,280 15.4  
    Interest expense   228,190   243,712 (6.4 )   251,192 (9.2 )   981,366   810,336 21.1  
    Net revenues   1,364,682   1,146,379 19.0     1,224,668 11.4     4,970,320   4,348,944 14.3  
    Non-interest expenses:                
    Compensation and benefits   795,750   674,437 18.0     718,065 10.8     2,916,229   2,554,581 14.2  
    Non-compensation operating expenses   302,731   265,947 13.8     289,945 4.4     1,125,647   1,087,671 3.5  
    Total non-interest expenses   1,098,481   940,384 16.8     1,008,010 9.0     4,041,876   3,642,252 11.0  
    Income before income taxes   266,201   205,995 29.2     216,658 22.9     928,444   706,692 31.4  
    Provision for income taxes   22,196   43,511 (49.0 )   58,153 (61.8 )   197,065   184,156 7.0  
    Net income   244,005   162,484 50.2     158,505 53.9     731,379   522,536 40.0  
    Preferred dividends   9,320   9,320 0.0     9,320 0.0     37,281   37,281 0.0  
    Net income available to common shareholders $ 234,685 $ 153,164 53.2   $ 149,185 57.3   $ 694,098 $ 485,255 43.0  
    Earnings per common share:                
    Basic $ 2.26 $ 1.47 53.7   $ 1.43 58.0   $ 6.67 $ 4.55 46.6  
    Diluted $ 2.09 $ 1.38 51.4   $ 1.34 56.0   $ 6.25 $ 4.28 46.0  
    Cash dividends declared per common share $ 0.42 $ 0.36 16.7   $ 0.42 0.0   $ 1.68 $ 1.44 16.7  
    Weighted average number of common shares outstanding:          
    Basic   103,856   103,934 (0.1 )   103,966 (0.1 )   104,066   106,661 (2.4 )
    Diluted   112,089   111,330 0.7     110,994 1.0     110,975   113,453 (2.2 )

    Non-GAAP Financial Measures (9)

      Three Months Ended Year Ended
    (000s, except per share amounts) 12/31/2024 12/31/2023 12/31/2024 12/31/2023
    GAAP net income $244,005   $162,484   $731,379   $522,536  
    Preferred dividend   9,320     9,320     37,281     37,281  
    Net income available to common shareholders   234,685     153,164     694,098     485,255  
             
    Non-GAAP adjustments:        
    Merger-related (10)   16,820     16,921     60,745     63,222  
    Restructuring and severance (11)   (430)     —     10,792     —  
    Provision for income taxes (12)   (1,365)     (3,498)     (9,739)     (16,953)  
    Total non-GAAP adjustments   15,025     13,423     61,798     46,269  
    Non-GAAP net income available to common shareholders $249,710   $166,587   $755,896   $531,524  
             
    Weighted average diluted shares outstanding   112,089     111,330     110,975     113,453  
             
    GAAP earnings per diluted common share $2.18   $1.46   $6.59   $4.61  
    Non-GAAP adjustments   0.14     0.12     0.56     0.40  
    Non-GAAP earnings per diluted common share $2.32   $1.58   $7.15   $5.01  
             
    GAAP earnings per diluted common share available to common shareholders $2.09   $1.38   $6.25   $4.28  
    Non-GAAP adjustments   0.14     0.12     0.56     0.40  
    Non-GAAP earnings per diluted common share available to common shareholders $2.23   $1.50   $6.81   $4.68  


    GAAP to Non-GAAP Reconciliation     (9)

      Three Months Ended Year Ended
    (000s) 12/31/2024 12/31/2023 12/31/2024 12/31/2023
    GAAP compensation and benefits $795,750   $674,437   $2,916,229   $2,554,581  
    As a percentage of net revenues   58.3%     58.8%     58.7%     58.7%  
    Non-GAAP adjustments:        
    Merger-related (10)   (4,641)     (9,203)     (22,039)     (32,150)  
    Restructuring and severance (11)   430     —     (10,792)     —  
    Total non-GAAP adjustments   (4,211)     (9,203)     (32,831)     (32,150)  
    Non-GAAP compensation and benefits $791,539   $665,234   $2,883,398   $2,522,431  
    As a percentage of non-GAAP net revenues   58.0%     58.0%     58.0%     58.0%  
             
    GAAP non-compensation expenses $302,731   $265,947   $1,125,647   $1,087,671  
    As a percentage of net revenues   22.2%     23.2%     22.6%     25.1%  
    Non-GAAP adjustments:        
    Merger-related (10)   (12,140)     (7,678)     (37,975)     (31,058)  
    Non-GAAP non-compensation expenses $290,591   $258,269   $1,087,672   $1,056,613  
    As a percentage of non-GAAP net revenues   21.3%     22.6%     21.9%     24.3%  
    Total adjustments $16,390   $16,921   $71,537   $63,222  

    Footnotes

    (1)   Represents available to common shareholders.

    (2)   Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

    (3)   Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

    (4)   Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

    (5)   Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $80.3 million and $71.1 million as of December 31, 2024 and 2023, respectively.

    (6)   Includes loans held for sale.

    (7)   Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

    (8)   Capital ratios are estimates at time of the Company’s earnings release, January 29, 2025.

    (9)   The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

    (10)   Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

    (11)   The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

    (12)   Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations 

    The MIL Network –

  • MIL-OSI Economics: W&T Offshore Announces Initial Results of Cash Tender Offer and Consent Solicitation

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Initial Results of Cash Tender Offer and Consent Solicitation

    HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) announced today the initial results of its previously announced cash tender offer (the “Tender Offer”) relating to any and all of its outstanding 11.750% senior second lien notes due 2026 (the “2026 Senior Second Lien Notes”) pursuant to its Offer to Purchase and Consent Solicitation dated January 13, 2025 (the “Offer to Purchase”). In conjunction with the Tender Offer, the Company also solicited consents (the “Consent Solicitation”) from the holders of the 2026 Senior Second Lien Notes for the adoption of proposed amendments (the “Proposed Amendments”), which, among other things, eliminated substantially all of the restrictive covenants, as well as various events of default and related provisions contained in the indenture governing the 2026 Senior Second Lien Notes (the “Indenture”).

    As of 5:00 p.m. (New York City time) on January 27, 2025, the Company had received the requisite tenders and consents to the Proposed Amendments. The Proposed Amendments became effective on January 27, 2025 upon execution of a supplemental indenture to the indenture governing the 2026 Senior Second Lien Notes.

    On January 28, 2025 (the “Early Settlement Date”), the Company accepted and purchased $269,741,000 aggregate principal amount of the outstanding 2026 Senior Second Lien Notes (or approximately 98.09% of the outstanding principal amount of 2026 Senior Second Lien Notes) for a purchase price equal to $1,036.25, plus accrued and unpaid interest, for each $1,000 principal amount of the 2026 Senior Second Lien Notes purchased. After giving effect to the purchase of 2026 Senior Second Lien Notes on the Early Settlement Date, an aggregate $5,259,000 principal amount of the 2026 Senior Second Lien Notes will remain outstanding.

    W&T’s tender offer for the 2026 Senior Second Lien Notes will expire at 5:00 p.m. (New York City time) on February 11, 2025, unless the Tender Offer is extended by the Company in its sole discretion (the “Expiration Time”). Holders of the 2026 Senior Second Lien Notes who validly tender their 2026 Senior Second Lien Notes on or prior to the Expiration Time, and whose 2026 Senior Second Lien Notes are accepted for purchase, will receive consideration of $1,006.25 per $1,000 principal amount of the 2026 Senior Second Lien Notes tendered. In addition, the Company will pay accrued and unpaid interest on the principal amount of 2026 Senior Second Lien Notes accepted for purchase from the most recent interest payment date on the 2026 Senior Second Lien Notes to, but not including, February 13, 2025, the final settlement date.

    Also on January 28, 2025, the Company mailed a notice of redemption to each remaining holder of 2026 Senior Second Lien Notes. The notice of redemption calls for the redemption of any 2026 Senior Second Lien Notes that remain outstanding on August 1, 2025. Such redemption is being made in accordance with the “optional redemption” provision of the Indenture, at a redemption price equal to 100.000% of the aggregate principal amount of the 2026 Senior Second Lien Notes, plus accrued and unpaid interest up to, but excluding, the date of redemption.

    Because the withdrawal deadline of 5:00 p.m. (New York City time) on January 27, 2025 has passed, previously tendered 2026 Senior Second Lien Notes may no longer be withdrawn, and holders who tender 2026 Senior Second Lien Notes after the withdrawal deadline will not have withdrawal rights.

    W&T engaged Morgan Stanley & Co. LLC to act as dealer manager for the Tender Offer and as solicitation agent for the Consent Solicitation and can be contacted at (212) 761-1057 (collect) or (800) 624-1808 (toll-free) with questions regarding the Tender Offer and Consent Solicitation.

    Copies of the Offer to Purchase are available to holders of 2026 Second Senior Lien Notes from D.F. King & Co., Inc., the information agent and tender agent for the Tender Offer and the Consent Solicitation. Requests for copies of the Offer to Purchase should be directed to D.F. King at (866) 620-2535 (toll free), (212) 269-5550 (banks and brokers) or wtoffshore@dfking.com

    Neither the Offer to Purchase nor any related documents have been filed with the U.S. Securities and Exchange Commission (“SEC”), nor have any such documents been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.

    The Tender Offer and the Consent Solicitation were made solely on the terms and conditions set forth in the Offer to Purchase. Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell the 2026 Second Senior Lien Notes or any other securities of the Company or any of its subsidiaries. The Tender Offer and the Consent Solicitation are not being made to, nor will the Company accept tenders of 2026 Second Senior Lien Notes or deliveries of consents from, holders in any jurisdiction in which the Tender Offer and the Consent Solicitation or the acceptance thereof would not be in compliance with the securities of blue sky laws of such jurisdiction. This press release also is not a solicitation of consents to the Proposed Amendments to the indenture governing the 2026 Second Senior Lien Notes. No recommendation is made as to whether holders should tender their 2026 Second Senior Lien Notes or deliver their consents with respect to the 2026 Second Senior Lien Notes. Holders should carefully read the Offer to Purchase because it contains important information, including the terms and conditions of the Tender Offer and the Consent Solicitation.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of September 30, 2024, the Company had working interests in 53 producing offshore fields in federal and state waters (which include 46 fields in federal waters and seven in state waters). The Company has under lease approximately 673,100 gross acres (515,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 514,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding the Company’s financial position, operating and financial performance, timing and completion of the Tender Offer and Consent Solicitation are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

    Disclaimer

    This press release must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Tender Offer and the Consent Solicitation. If any holder of 2026 Senior Second Lien Notes is in any doubt as to the actions it should take, it is recommended to seek its own legal, tax, accounting and financial advice, including as to any tax consequences, immediately from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose 2026 Senior Second Lien Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offer to Purchase. None of the Company, the dealer manager and solicitation agent, the information agent and tender agent and any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether holders of 2026 Senior Second Lien Notes should participate in the Tender Offer.

         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released January 29, 2025

    MIL OSI Economics –

  • MIL-OSI USA: Wismettac Asian Foods Issues Allergy Alert on Undeclared Milk in Curvee Puffs Corn Puff Snack

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Food & Beverages
    Snack Food Item
    Allergens
    Reason for Announcement:

    Recall Reason Description

    Undeclared milk.

    Company Name:
    Wismettac Asian Foods, Inc.
    Brand Name:

    Brand Name(s)

    Shirakiku

    Product Description:

    Product Description

    Snack foods-Corn Puffs

    Company Announcement

    Wismettac Asian Foods, Inc., Santa Fe Springs, CA is expanding its January 17, 2025 recall of 2.46 oz packages of Shirakiku brand Curvee Puffs Corn Puff Snack Curry Flavor. The expansion now includes two additional flavors; Sea Salt & Umami Flavor and Corn Potage Flavor. The product contains the undeclared milk. People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume those products.

    The product was distributed nationwide in AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, MS, NC, NE, NJ, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI through retail stores, restaurants, online business. The product was also exported to Mexico and Peru.

    The product is packaged in a 2.46 oz flexible bag. The UPC for the product is located on the back right side of the product package. This issue affected all lot codes or date codes.

    The contamination was discovered after samples were collected from a store in Baltimore, Maryland and subsequent analysis by State of Maryland Department of Health Laboratories Administration revealed the presence of Listeria Monocytogenes in some 200g packages of Daily Veggies Enoki Mushroom form Korea. Remaining products in the warehouse had been destroyed.

    Consumers who have purchased 200g packages of Daily Veggies Enoki Mushroom from October to November of 2024 are urged to destroy the products immediately or return them to the place of purchase for a full refund. Consumers with questions may contact the company at 718-808-1018.

    Consumers who have purchased Dynacare Baby Powder (see products/lots below) should discontinue use immediately and return it for a full refund.

    Item Number 

    Item Description 

    Packing Size 

    UPC Code 

    #78512

    SNACK CURVEE PUFF CURRY SK

    20/ 2.46 OZ

    074410785123

    #65155

    SNACK CURVEE PUFFS SEA SALT & UMAMI SK

    20/ 2.46 OZ

    074410651558

    #65156

    SNACK CURVEE PUFFS CORN POTAGE SK

    20/ 2.46 OZ

    074410651565

    No illnesses have been reported to date in connection with this issue.

    The recall was initiated after discovering that the product contained an undeclared allergen (milk). The last distribution of the product in the marketplace was on January 10, 2025.

    Consumers who have purchased the product are urged to return them to the place of purchase for a full refund.

    Consumers with questions may contact the company at recall@wismettacusa.com.

    Link to Initial Press Release

    Company Contact Information

    Product Photos

    MIL OSI USA News –

  • MIL-OSI Europe: Joint Statement: Colombia-Sweden Bilateral Partnership

    Source: Government of Sweden

    At the invitation of Colombian Minister of Foreign Affairs Luis Gilberto Murillo, Swedish Minister for Foreign Affairs Maria Malmer Stenergard is making an official visit to Colombia on 28–29 February 2025.

    “In a conversation I had with Ms Malmer Stenergard last November, we agreed to hold the first High-Level Dialogue between Colombia and Sweden during her visit to Colombia, thereby putting the Bilateral Partnership established by President of Colombia Gustavo Petro and the Prime Minister of Sweden in June 2024 into practice. During this meeting, we will identify this Partnership’s concrete benefits for our populations, and we will task our teams with implementing the lines of action to continue moving forward as partners,” said Mr Murillo. 

    In view of the above and in the framework of Ms Malmer Stenergard’s official visit, the first High-Level Dialogue between Colombia and Sweden is taking place at the San Carlos Palace, chaired by Colombia’s Acting Minister of Foreign Affairs Paola Vásquez and with more than 30 institutions from both countries present. 

    Sweden and Colombia are partners for peace. Colombia is grateful for Sweden’s invaluable support for its efforts for peace with a territorial emphasis. Both countries share the values of democracy and respect for human rights, and we reaffirm the importance of multilateralism, international cooperation, respect for international law and support for the UN Charter.

    For the implementation of the Colombia-Sweden Bilateral Partnership, a High-Level Dialogue was agreed between the two Governments, in accordance with the declaration signed during Colombian President Gustavo Petro’s visit to Sweden on 12–14 June 2024 and as part of the commemoration of the 150th anniversary of the establishment of diplomatic relations between the two countries. 

    This first High-Level Dialogue will result in a report on progress of the thematic working groups that form a part of the Agreement, namely: (i) cooperation for peace (with a territorial emphasis), human rights, human security and strengthening institutions; and (ii) economic opportunities, science, innovation and sustainable development. 

    The progress includes:   

    1. Sweden’s addition of USD 1 million to the agreement with UN Women to strengthen collaboration with the private sector for women’s economic empowerment and the implementation of the Action Plan on women, peace and security.
    2. The addition of SEK 2 million to the ongoing agreement with the UN Office of the High Commissioner for Human Rights to promote its work in Colombia. With this addition, Sweden’s contribution totals SEK 49 million. These efforts emphasise the protection of leaders in conflict-affected areas, the Ethnic Chapter’s accompaniment of the peace agreement with the FARC, reconnaissance activities and responsibilities in the framework of the conflict, etc.
    3. The addition of SEK 6 million to the regional agreement with the Nonprofit Enterprise and Self-Sustainability Team to identify, accompany and help accelerate the work of small businesses that can create green and sustainable jobs in the most vulnerable and conflict-affected areas in Colombia.
    4. The launch of the ‘legacy’ project that was initiated at COP16 in Cali with a contribution of USD 5 million with the Colombian NGO Fondo Acción, to support the implementation of the Ministry of the Environment and Sustainable Development’s restoration plan in the Colombian Pacific region. This agreement also supports local Colombian organisations to ensure sustainability of protected areas through conservation and sustainable management of natural resources.
    5. The funding of a study to produce and create a biogas value chain for the transport sector in Bogotá. Sweden has completed the first phase of the study with an investment of USD 700 000, and the second phase will begin during the first half of 2025, with a value of USD 800 000, making a total of USD 1.5 million. This project is financed by Swedfund.
    6. An investment of more than USD 80 million by EQT, a Swedish investment organisation, and Zelestra, which will lead the development of the ‘Wimke’ solar photovoltaic project in San Juan del Cesar in the La Guajira department. ‘Wimke’ joins the ‘La Unión’ and ‘La Mata’ projects, with capacities of 100 MW and 80 MW respectively, strengthening Zelestra’s presence as a leader in the Colombian solar photovoltaic generation sector and its commitment to sustainability and energy transition.
    7. The realisation of the Memorandum of Understanding on law enforcement cooperation between the Colombian Ministries of Defence and Justice and the Swedish Government.
    8. In the area of sustainable mining, Colombia is part of the ‘MARS’ programme for responsible and sustainable mining, a form of cooperation between Sweden and the Latin America and Caribbean region to promote sustainable and responsible mining.  USD 1.3 million is being allocated for a Colombian component of this programme. 
    9. The implementation of a sustainable transport model for the small-scale fishing supply chain in Guapi, in the Cauca department, by the National University of Colombia, the Royal Institute of Technology and Lund University.

    Ms Malmer Stenergard was accompanied by a large business delegation, with the opportunity to discuss and develop the socio-ecological transition portfolio in Colombia and identify the many opportunities for Swedish investors.

    Ms Malmer Stenergard is also visiting Chocó, joined by Vice-Minister for Women at the Colombian Ministry of Equality and Equity Tamara Ospina and others, which will be an opportunity to hold meetings with civil society organisations and the general public, as well as to reaffirm support to initiatives and projects to promote peace and gender equality with territorial impact.  

    Bogotá, 28 January 2025 

    MIL OSI Europe News –

  • MIL-OSI Canada: Government of Yukon approves new regulation for psychologists

    Source: Government of Canada regional news

    Government of Yukon approves new regulation for psychologists
    jlutz

    The Government of Yukon has approved a new regulation for psychologists under the Health Professions Act, improving local access to licensed, qualified psychological practitioners and supporting a transparent process for those seeking to become regulated health professionals in the territory.

    As a result, Yukoners will have access to psychological care from licensed and qualified practitioners who meet established professional standards. Yukoners seeking mental wellness or psychological services from psychologists will now be eligible to benefit from federal tax deductions.

    This new regulation aligns the profession with other Yukon regulated health professionals, national standards and practices for psychologists. This regulation also provides a formal process to register complaints if they are dissatisfied with the quality of services they receive.

    Psychologists practising in the Yukon will now need to meet qualification standards and follow standards of practice to be registered to practice in the territory. Psychologists may contact psychologists@yukon.ca to register effective February 1, 2025.

    The psychologists regulation under the Health Professions Act is a significant step forward in ensuring that Yukoners receive care from highly qualified and ethical professionals. By setting clear standards and strengthening accountability, this regulation not only improves access to registered psychologists but also fosters trust and transparency in mental health services. It creates a supportive framework for aspiring professionals while enhancing the overall quality of care available to Yukoners.

    Minister of Community Services Richard Mostyn

    This regulation ensures that Yukoners will have better access to high quality mental health care, governed by professional standards, more accountability and better support. It’s our government’s goal to have a health care system that is both accessible and culturally safe and this is the latest step in that direction. I encourage all Yukoners to participate in the ongoing review of the Health Professions Act to ensure that your voices are heard about how we can continue this important work.

    Minister of Health and Social Services Tracy-Anne McPhee

    Quick facts

    • The regulation sets out clear processes if someone has a complaint or there needs to be disciplinary action. 

    • To become a registered psychologist in the Yukon, prospective psychologists must contact psychologists@yukon.ca to register.

    Media contact

    Jordan Owens
    Cabinet Communications
    867-332-0615
    jordan.owens@yukon.ca

    John Tonin
    Communications, Community Services
    867-334-5816
    john.tonin@yukon.ca 

    News release #:
    25-026
    Related information:
    How to register as a psychologist
    Lines 33099 and 33199 – Eligible medical expenses you can claim on your tax ret…
    Review of the Health Professions Act

    MIL OSI Canada News –

  • MIL-OSI Canada: Statement from Premier Pillai on International Holocaust Remembrance Day

    Source: Government of Canada regional news

    Statement from Premier Pillai on International Holocaust Remembrance Day
    jlutz

    Premier Ranj Pillai has issued the following statement:

    “Today, I invite Yukoners to join people around the world in solemnly remembering the six million Jewish lives lost during the Holocaust – known in Hebrew as the Shoah – along with the millions of others persecuted by the Nazi regime for their ethnicity, sexuality, disability and religious or political beliefs.

    “Today we mark the 80th anniversary of the liberation of Auschwitz-Birkenau during the Vistula-Oder offensive on the Eastern Front of World War II. Today, this concentration camp serves as a reminder of the devastating consequences of hatred, bigotry and indifference.

    “We mourn the victims of the Holocaust. We honour the resilience of those who survived. Their courage and determination to rebuild their lives in the face of unimaginable loss serves as a testament to the strength of the human spirit.

    “We cannot reflect on the atrocities of the Holocaust without acknowledging and confronting the rise of antisemitism and other forms of hatred occurring today. We must uphold the promise of ‘never again’ by educating ourselves and our children, challenging prejudice wherever it appears and standing united against all forms of injustice and discrimination. Here in the Yukon, we are incorporating Holocaust education into the Grade 10 curriculum and working to make the territory a place where everyone is safe, valued and appreciated and where people are not afraid to stand up for what is right.

    “The Jim Smith Building in Whitehorse will be illuminated to honour the victims of the Holocaust. Today, and every day, we renew our vow: never again.”

    Media contact

    Jordan Owens
    Cabinet Communications
    867-332-0615
    jordan.owens@yukon.ca

    News release #:
    25-023

    MIL OSI Canada News –

  • MIL-OSI Canada: Statement from Minister Mostyn on Data Privacy Day

    Source: Government of Canada regional news

    Statement from Minister Mostyn on Data Privacy Day
    jlutz

    Acting Minister of Highways and Public Works Richard Mostyn has issued the following statement:

    “Today, on Data Privacy Day, we join Yukoners and people around the world in emphasizing the importance of protecting personal information in an ever-evolving digital age. Here in the Yukon, safeguarding personal data remains a top priority, guided by the principles of the Access to Information and Protection of Privacy Act.

    “With the rise in cyber threats and data breaches, the need to protect sensitive information has never been more critical. Data Privacy Day is a valuable reminder for all of us – individuals, organizations and governments alike – to take responsibility for securing personal data and adopting best practices to keep it safe.

    “The Government of Yukon is committed to upholding these principles in all our operations. Protecting personal information is central to what we do and we are continuously improving the systems and practices designed to keep it safe. I encourage Yukoners to take a few simple but effective steps to protect their privacy: review the information you share online, update your privacy settings on digital platforms and use strong security measures to protect your accounts.

    “On this Data Privacy Day, let’s reaffirm our shared commitment to respecting and protecting privacy. By staying informed and vigilant, we can foster trust and create a safer digital environment for everyone.”
     

    Media contact

    Jordan Owens
    Cabinet Communications
    867-332-0615
    jordan.owens@yukon.ca 

    Brittany Cross
    Communications, Highways and Public Works
    867-332-4601
    brittany.cross@yukon.ca 

    News release #:
    25-025
    Related information:
    Yukon privacy resources from the Yukon Information and Privacy Commissioner
    Data Privacy Week information, Office of the Privacy Commissioner of Canada

    MIL OSI Canada News –

  • MIL-OSI Canada: Governments of Canada and Yukon announce funding to support private investment in Yukon businesses

    Source: Government of Canada regional news

    Governments of Canada and Yukon announce funding to support private investment in Yukon businesses

    jlutz

    This is a joint news release between the Government of Canada and the Government of Yukon.

    Small- and medium-sized businesses are key drivers of innovation and opportunity in their communities. Access to private investment allows them to expand, diversify and strengthen local economies, creating dynamic economic networks.

    Yesterday, the Yukon’s Premier and Minister of Economic Development Ranj Pillai and Member of Parliament for the Yukon Brendan Hanley, on behalf of Minister of Crown-Indigenous Relations and Northern Affairs and Minister responsible for the Canadian Northern Economic Development Agency Gary Anandasangaree, announced a joint contribution of up to $558,800 over three years supporting the Yukon Venture Angels’ (YVA) Yukon Private Capital Ecosystem Development Project.

    This funding will help YVA build a Yukon angel investor ecosystem to provide entrepreneurs across the territory with financial backing, mentorship, access to networks and strategic guidance. Through this project the non-profit organization will develop a strategic plan, create and deliver investor and founder training and build a fund management structure to facilitate private investments.

    Supporting projects like this one aligns with CanNor’s priority to support small- and medium-sized businesses and create economic growth and innovation in northern and remote communities. This agreement also supports objectives outlined in the Government of Yukon’s innovation strategy. Enhancing investment opportunities helps create jobs, stimulate local industries and contributes to sustainable and diversified economic development in the territory.

    Angel investors are vital to the growth and success of our local entrepreneurs and startups. Not only do they provide essential funding, they also create valuable mentorship opportunities and help Yukon innovators establish key partnerships in global markets. This funding agreement reflects our government’s strategic innovation goals of expanding market access for small- and medium-sized businesses while cultivating a diverse and collaborative investment ecosystem. 

    Premier and Minister of Economic Development Ranj Pillai

    Entrepreneurs are a key part of our economy. By supporting the development of an angel investing ecosystem, our government is helping to ensure that they have access to the resources they need to turn innovative ideas into successful businesses. This investment will help create jobs, drive long-term economic prosperity and open new opportunities for talented Yukoners to bring their ideas to market.

    Minister of Crown-Indigenous Relations and Northern Affairs, and Minister responsible for CanNor Gary Anandasangaree

    The Yukon is home to a vibrant and growing community of entrepreneurs who are driving innovation and economic development in the region. With a high number of local businesses across diverse industries, the territory has become a hub for creativity and entrepreneurial spirit. We are proud to support these entrepreneurs who embody Yukon’s culture of innovation and provide them with the resources they need to succeed and grow.

    Member of Parliament for the Yukon Dr. Brendan Hanley

    Yukon Venture Angels is filling a critically important niche in Yukon’s economic ecosystem, working to unleash the private capital investment potential of Yukoners. Our mission is to establish Yukon as a competitive hub for angel investing and start-ups by facilitating investment opportunities and expanding private investment networks, while at the same time enhancing angel investor knowledge and competence. The outcome will be a more economically resilient and prosperous Yukon.

    Yukon Venture Angels President Barrett Horne

    Quick facts

    • CanNor is contributing $286,800 towards this project through its Regional Economic Growth through Innovation (REGI) Fund, which supports the economic growth of businesses and regions through innovation.

    • The Government of Yukon is contributing $272,000 over three years as a core project of the Innovation, Industry and Business Development Branch, in alignment with objectives outlined in the Yukon’s innovation strategy.

    • Yukon Venture Angels is creating opportunities for Yukon angels to invest, provide education programs to enhance their skills and build a thriving network of local investors. This network will foster collaboration, knowledge sharing and resource pooling, driving a significant increase in private capital investment in the Yukon.

    Media contact

    Jordan Owens
    Cabinet Communications  
    867-332-0615
    jordan.owens@yukon.ca

    Jennifer Hackwell
    Communications, Economic Development
    867-332-1795
    jennifer.hackwell@yukon.ca 

    Kyle Allen
    Office of the Minister of Crown-Indigenous Relations, Northern Affairs and CanNor
    kyle.allen@rcaanc-cirnac.gc.ca

    Greg Frame 
    Press Secretary, Office of the Minister of Crown-Indigenous Relations, Northern Affairs and CanNor
    gregory.frame@rcaanc-cirnac.gc.ca

    Leighann Chalykoff  
    Communications Advisor, Yukon Region, Canadian Northern Economic Development Agency (CanNor) 
    leighann.chalykoff@cannor.gc.ca

    Ceara Crawford
    CEO, Yukon Venture Angels
    ceara@yukonventureangels.ca 

    News release #:
    25-024
    Related information:
    To find out more about CanNor’s programs and services, visit cannor.gc.ca.
    Innovation Yukon: Bringing Northern Ingenuity to the World
    Yukon Venture Angels

    MIL OSI Canada News –

  • MIL-OSI Canada: Superintendent Lindsay Ellis is appointed as Commanding Officer of the Yukon RCMP

    Superintendent Lindsay Ellis is appointed as Commanding Officer of the Yukon RCMP
    jlutz

    This is a joint news release between the Government of Yukon and the Yukon Royal Canadian Mounted Police.

    The Commissioner of the RCMP, Mike Duheme, has appointed Superintendent Lindsay Ellis to the role of Commanding Officer of the Yukon. This change takes effect immediately and brings Superintendent Ellis to the rank of Chief Superintendent.

    Both the Government of Yukon and the RCMP would like to extend their congratulations to Chief Superintendent Ellis on her new role.

    Chief Superintendent Ellis has a rich history of policing in the Yukon for over 12 years and was promoted to Superintendent in 2022 as the Criminal Operations Officer of M Division. During this time, her focus on public safety, modernization of policing services for frontline and specialized units and increased policing accountability has strengthened and enhanced policing across the territory.

    Chief Superintendent Ellis has fostered genuine relationships with Yukon First Nations and diverse groups while promoting collaboration, inclusion and communication across business lines. Her work, relationships and dedication to policing in the territory has resulted in great success under Criminal Operations and the Division increasing Yukoners’ trust in the RCMP.

    Chief Superintendent Ellis has been acting as the Commanding Officer of the Yukon RCMP since September 2024.

    The Government of Yukon and the RCMP would also like to thank Chief Superintendent Scott Sheppard for his many outstanding years of service as the Commanding Officer of the Yukon.

    MIL OSI Canada News –

  • MIL-OSI Security: Nigerian who defrauded U.S. pandemic aid programs of more than $1 million sentenced to 54 months in prison

    Source: United States Department of Justice (National Center for Disaster Fraud)

    Defendant defrauded Americans for a decade with trove of over 14,000 stolen identities

    Tacoma – The second of two Nigerian men residing in Canada who defrauded pandemic aid programs of millions was sentenced today in U.S. District Court in Tacoma to 54 months in prison for wire fraud and aggravated identity theft announced U.S. Attorney Tessa M. Gorman. Fatiu Ismaila Lawal, 46, was extradited from Canada last July, and pleaded guilty in September 2024. At today’s sentencing hearing U.S. District Judge Tiffany M. Cartwright said, the crime required substantial planning. “This took advantage of programs designed to help people who were really struggling in an international emergency,” Judge Cartwright said.

    “This defendant made it his full-time job to defraud the U.S. for years before the pandemic, but he kicked it into high gear once critical aid to Americans workers was flowing,” said U.S. Attorney Gorman. “His fraud included using stolen identities of Washington residents to file dozens of unemployment claims in the first few weeks of the pandemic, contributing to the flood of fraudulent claims that caused the state to pause all unemployment payments. In this way his fraud harmed all Washingtonians who desperately needed assistance at the onset of the pandemic.”

    According to records filed in the case, Lawal, and codefendant Sakiru Olanrewaju Ambali, 46, used the stolen identities of thousands of workers to submit over 1,700 claims for pandemic unemployment benefits to over 25 different states, including Washington State. In total, the claims sought approximately $25 million, but the conspirators obtained approximately $2.7 million, primarily from pandemic unemployment benefits. Lawal admits that he personally submitted claims for $1,345,472.

    Lawal personally submitted at least 790 unemployment claims using the stolen identities of 790 workers. He submitted claims for pandemic unemployment benefits to New York, Maryland, Michigan, Nevada, California, Washington and some 19 other states. Lawal also established four internet domain names that were subsequently used for fraud – creating some 800 different email addresses that were used in this scheme.

    Additionally, between 2018 and November 2022, Lawal used stolen personal information to submit 3,000 income tax returns for $7.5 million in refunds. The IRS detected the fraud and paid just $30,000.

    “While Mr. Lawal may not have secured the $7.5 million he sought from fraudulent tax refunds, each of the 3,000 returns he filed represents a life he disrupted,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office.

    Lawal and co-defendant Ambali also attempted to use the stolen American identities for Economic Injury Disaster Loans (EIDL) to defraud the Small Business Administration (SBA). The pair submitted some 38 applications, but SBA caught most of the fraud and paid only $2,500.

    Lawal and Ambali had the proceeds of their fraud sent to cash cards or to “money mules” who transferred the funds according to instructions given by the co-conspirators. They also allegedly used stolen identities to open bank accounts and have the money deposited directly into those accounts for their use.

    Evidence gathered in the case shows that Lawal personally received a substantial portion of the criminal proceeds. Lawal was ordered to pay restitution of $1,345,472.

    Co-defendant Ambali was sentenced to 42 months in prison in March 2024.

    In asking for a 65-month prison sentence, the government argued, “During major disasters and nationwide emergencies, it is particularly importantfor the government to be able to disburse aid quickly to real victims to mitigate the impact of the crisis. The actual monetary loss to the government comes secondary to the fact that a real person or business behind each stolen identity had difficulty accessing assistance because a fraudulent claim was already paid in their identity. These difficulties were further compounded by the onslaught of fraudulent claims that clogged the infrastructure in place to distribute the aid. The estimated loss from these fraudulent pandemic unemployment claims is over $100 billion.”

    The National Unemployment Fraud Task Force provided a lead on this case to the investigative team in Western Washington. The case was investigated by the FBI with assistance from U.S. Postal Inspection Service (USPIS) and the Department of Labor Office of Inspector General (DOL-OIG). Also contributing to the investigation were Internal Revenue Service Criminal Investigation (IRS-CI), Washington State Employment Security Division (ESD), and the Small Business Administration (SBA).

    The case was prosecuted by Assistant United States Attorney Cindy Chang of the Western District of Washington. DOJ’s Office of International Affairs assisted with extradition on this matter.

    The COVID-19 Fraud Enforcement Task Force was established to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    Anyone with information about allegations of attempted fraud related to COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. 

    MIL Security OSI –

  • MIL-OSI United Kingdom: Coventry honours Holocaust Memorial Day and marks the 80th anniversary of the liberation of Auschwitz-Birkenau

    Source: City of Coventry

    The people of Coventry came together this week (27 January) to honour the annual Holocaust Memorial Day, which this year fell on the 80th anniversary of the liberation of Auschwitz-Birkenau.

    The event was held at the Belgrade Theatre, and a large audience heard from city leaders and guest speakers, as well as schoolchildren and students from the city. 
     
    Cllr Abdul Salam Khan, Deputy Leader of Coventry City Council, hosted the service, with speeches from Lord Mayor, Cllr Mal Mutton and Council Chief Executive, Julie Nugent.  
     
    The main speaker was Lesley Urbach, from Generation 2 Generation, a Holocaust education charity, who told the story of her mother Eva Urbach and aunt Ulli Adler, who escaped to Britain and Argentina in 1938 and 1939.  
     
    The talk focused on what happened to their parents left behind in Germany, who were murdered at Auschwitz. 
     
    There was also a performance by actors from Time Will Tell Theatre, who enacted first-hand accounts of the liberation of Bergen-Belsen, which will also mark its 80th anniversary this year. 
     
    The audience also heard music from Coventry Music Brass Quintet and Bluecoat School Choir, readings from students from the University of Warwick, and pupils from Cardinal Newman Catholic School talked about their personal experiences of conflict and the importance of learning about the Holocaust. 
     
    A candle was lit as the city remembered the victims of the Holocaust and other genocides including Cambodia, Rwanda, Bosnia, Darfur, Afghanistan and Syria. 

    This year’s theme was ‘For a Better Future’, and Cllr Khan told the audience: “It is something our city works for continually, both here at home, and around the world, and it is a call for action that we can all be a part of. 

    “There are many things we can do to create a better future. We can speak out and stand up for others and we can challenge prejudice. We can learn from our past and from the Holocaust, genocides, and wars, and we can tell our stories and remember those we have lost to hatred and prejudice – as we do today. 
     
    “If we can all leave here with the determination to take one action or change one thing, then together, we can make a difference and help to build that better future.” 
     

    To learn more about HMD, visit the website. 

    Wednesday, 29th January 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Senator Murray Comments on Illegal Trump Administration Directives to Withhold Vast Swaths of Congressionally-Approved Federal Funding

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray: “The scope of this illegal action is unprecedented and could have devastating consequences across the country for real people. We could see a screeching halt to resources for child care, housing, police officers, opioid addiction treatment, rebuilding roads and bridges, and even disaster relief efforts.”

    Murray: “I am also urging Senate Budget Committee Chairman Lindsey Graham—a fellow appropriator—to hold Russ Vought’s nomination. Republicans should not advance this nomination out of committee until the Trump administration follows the law.”

    ***VIDEO HERE***

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senate Democratic Leader Chuck Schumer (D-NY), and Senators Amy Klobuchar (D-MN), Chris Murphy (D-CT), and Andy Kim (D-NJ) for a press conference raising the alarm on the Office of Management and Budget (OMB) memo issued by the Trump administration last night that directs agencies to freeze vast swaths of federal funding passed into law by Republicans and Democrats alike.

    Last night, Murray and House Appropriations Committee Ranking Member Rosa DeLauro sent a letter to Acting OMB Director Matthew J. Vaeth raising the alarm on President Trump’s unlawful executive orders and the new memoranda issued by OMB on Monday directing agencies to withhold vast swaths of approved federal funding.

    A fact sheet on the issue of the impoundment is available HERE.

    Senator Murray’s remarks, as delivered, are below:

    “Look, we were coming here to discuss a very simple resolution on a different kind of lawlessness by the President in response to him pardoning violent criminals and insurrectionists who attacked police officers.

    “That resolution—so you know—read very simply, in its entirety: ‘RESOLVED: that the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.’ You’ll hear more from me and others regarding this resolution later on the floor.

    “But we are here today to respond to the OMB memo issued by the Trump administration last night.

    “In a brazen and illegal move, the Trump administration is working to freeze vast swaths of federal funding passed into law by Republicans and Democrats alike.

    “The scope of this illegal action is unprecedented and could have devastating consequences across the country for real people.

    “We could see a screeching halt to resources for child care, housing, police officers, opioid addiction treatment, rebuilding roads and bridges, and even disaster relief efforts. Trump was just in California to witness the devastation and now he is holding back that aid.

    “Trump’s actions would wreak havoc in red and blue communities. This is funding that communities are expecting, and this memo has sown chaos and confusion about whether these resources will be available to them.

    “Entire budgets and payrolls across the country are carefully hinging on these resources—we are talking about small towns, our cities, our school districts, our universities, and a lot more.

    “Will local Head Start facilities get their funding? Will grantees at any of our local universities get the funding they need to continue clinical trials? What does this mean for homeless veterans we are working to get housed? 

    “Americans should ask themselves: is it woke to fund cancer research or to rebuild unsafe bridges?

    “All of these critical priorities are funded by the grants that the Trump administration would pause tonight.

    “This illegal move is a massive, massive overreach by the Trump administration. The American people did not vote for this kind of senseless chaos.

    “So, I am also urging Senate Budget Committee Chairman Lindsey Graham—a fellow appropriator—to hold Russ Vought’s nomination that was supposed to move this Thursday. Republicans should not advance this nomination out of committee until the Trump administration follows the law. 

    “The law is the law—the Trump administration must immediately reverse course, follow the requirements of the law, and ensure the nation’s spending laws are implemented as Congress intended.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Statement on Voting Against Sean Duffy for Secretary of Transportation

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, released the following statement after voting no on the nomination of Sean Duffy to serve as Secretary of Transportation:

    “Right now, the Trump administration is illegally withholding funding to rebuild roads and bridges, to upgrade our ports, to expand public transit, and so much more. Towns, cities, and entire state departments of transportation are in upheaval right now as they try to understand what this illegal seizure of federal funds means for their budgets and payrolls.

    “So today I voted NO to confirm Sean Duffy as Secretary of Transportation to register my firm opposition to a lawless administration that is illegally ripping away funding that communities and families across America are counting on. I was glad to have a productive meeting with Mr. Duffy last week, but as I said then, I will be keeping a close eye to make sure he faithfully executes the law—and I could not in good faith vote to confirm his nomination while the Trump administration blatantly violates the law.

    “The law is the law—the Trump administration must immediately reverse course, follow the requirements of the law, and ensure the nation’s spending laws are implemented as Congress intended.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Blasts Trump Admin for Illegally Blocking Funding for Communities, Comments on Latest OMB Update & Continued Chaos Nationwide

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray: “In a brazen and illegal move, the Trump administration is working to freeze huge chunks of federal funding passed into law—by Republicans and Democrats alike.  Now, not even 24 hours later, they are issuing new guidance trying to clean up the massive mess they have made, saying: ‘Wait, we don’t actually know what we are doing….’ but still leaving needless uncertainty about what actually is happening—and they are still—let me make that clear: still—withholding approved funding all across government.”

    ***VIDEO HERE***

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senate Democrats’ weekly press conference and discussed the Trump administration’s unprecedented and illegal directives to withhold vast chunks of federal funding that were signed into law by Republicans and Democrats alike. She also touched on the recent update the Trump administration sent on its orders, as well as Senate Democrats’ resolution condemning President Trump’s pardons for violent insurrectionists.

    Earlier today, Senator Murray joined colleagues in raising the alarm on the Office of Management and Budget (OMB) memo issued by the Trump administration last night directing agencies to withhold federal funding and creating mass chaos and confusion in the process.

    Last night, Senator Murray and House Appropriations Committee Ranking Member Rosa DeLauro sent a letter to Acting OMB Director Matthew J. Vaeth raising the alarm on President Trump’s unlawful executive orders and the new memoranda issued by OMB on Monday directing agencies to withhold vast swaths of approved federal funding.

    A fact sheet on the issue of the impoundment is available HERE.

    Senator Murray’s remarks, as delivered, are below:

    “Every one of us in this building owes a huge debt to our Capitol Police. Considering all they sacrifice to keep us safe, we should be able to say—with one voice—that if you violently assault a Capitol Police officer, you should not get a pardon. You should not get off scot free. I will have more to say later on the floor—but from Trump pardoning violent insurrectionists to issuing blatantly unconstitutional executive orders to lawlessly blocking bipartisan funding, we have a lot more ground to cover. And today I want to talk about the OMB guidance the Trump administration issued in the dead of night.

    “In a brazen and illegal move, the Trump administration is working to freeze huge chunks of federal funding passed into law—by Republicans and Democrats alike.

    “Now, not even 24 hours later, they are issuing new guidance trying to clean up the massive mess they have made, saying: ‘Wait, we don’t actually know what we are doing….’ But still leaving needless uncertainty about what actually is happening—and they are still—let me make that clear: still—withholding approved funding all across government.

    “Meanwhile, this chaos is already hurting people, causing confusion, and causing devastating delays. I mean where do we start here? There are a lot of urgent questions but precious few answers—and the answers keep changing.

    “What about grants for public safety? Grants for firefighters and for police departments, or that prevent violence against women—those aren’t direct to individuals—are they still halted?

    “Or health care? What about community health centers that millions rely on—including in rural areas?

    “Or money fighting the opioid crisis—grants that go to states, communities, and non-profits? Are they stopping funding for addiction treatment and prevention?

    “Or clinical studies. Scientists at the University of Washington and Washington State University are deeply alarmed—this is not theoretical; research projects will collapse and staff will be furloughed or laid off.

    “Tribes in my state are deeply alarmed that they will see severe cuts across health care, education, law enforcement, housing—practically every aspect of daily life on Indian land.

    “And of course, what about disaster relief that could be derailed? In Eastern Washington, in my home state, $44 million to help Spokane County rebuild after wildfires—money that was announced weeks ago—is that still on pause? Last week Trump visited communities in North Carolina and California still reeling from disaster; now he is throwing the aid those communities need into chaos.

    “Schools that need Title I payments are worried they may not get the funds that Congress has allocated and voted on.

    “Suddenly, we don’t know: How will Meals on Wheels feed seniors who depend on them? Or what this means for homeless veterans we are working to get housed?

    “Entire budgets and payrolls across the country are carefully hinging on these resources—we’re talking about small towns, cities, rural America, school districts, universities, and much more.

    “And look—saying, ‘just kidding’ not even 24 hours later—is not a solution.

    “You can’t pretend you had no idea it would cause chaos despite all the warnings. That is not believable, and even if it was true, it’s not a good reason for the damage caused.

    “Even despite what we’ve heard from the administration in the last hour or so, they are still illegally withholding funding owed to all of our states—that basic truth has not changed.

    “So I am urging my fellow Republicans to open your eyes to just how bad this is and will be for your states and your communities and speak out. I know reports say the White House is trying to silence members who have done that—but stand up. We are talking about your constituents.

    “And specifically, I am urging my Republican colleagues on the Senate Budget Committee to vote against Russ Vought’s nomination. Republicans should not advance this nomination out of committee until the Trump administration follows the law. 

    “And I am warning the Trump Administration—the law is the law. You need to reverse course, follow the requirements of the law, ensure the nation’s spending laws are implemented as Congress intended, and avoid this pointless, damaging chaos.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Statement on Trump Illegally Firing EEOC Commissioners and NLRB Members

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, released the following statement on the illegal firings of Equal Employment Opportunity Commission (EEOC) Commissioners Charlotte Burrows and Jocelyn Samuels and National Labor Relations Board (NLRB) Member Gwynne Wilcox, as well as the firing of EEOC General Counsel Karla Gilbride and NLRB General Counsel Jennifer Abruzzo.

    “I am extremely alarmed by the unprecedented firings of EEOC Commissioners and NLRB Members without cause—these are yet more lawless actions by a president who thinks he is above the law and clearly could not care less about the rights of workers.

    “Congress intended for the EEOC to be bipartisan, for commissioners from both parties to work together to defend workers’ rights and create fairer workplaces—and the NLRB plays an absolutely vital role in safeguarding employees’ rights to organize for better wages and working conditions, and preventing unfair labor practices. These brazen firings undermine not only the will of Congress but these agencies’ critical work fighting on behalf of workers across the country.

    “President Trump has been in office barely a week and already he is taking an axe to longstanding civil rights protections—from illegally firing EEOC commissioners and NLRB members to dismantling a 60-year agency charged with protecting federal contract workers from illegal discrimination. Trump and Republicans are hell-bent on launching an all-out assault on working people and their rights—they’re just hoping we don’t notice.”

    Throughout her career, including as the top Democrat on the Senate Labor Committee from 2015-2022, Senator Murray has championed the vital work and mission of the EEOC and the NLRB, including working to quickly confirm Jocelyn Samuels to the EEOC and Gwynne Wilcox to the NLRB, and promptly considering and advancing out of committee Kalpana Kotagal’s nomination to the EEOC.

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Democrats Speak Out After Republicans Block Simple Resolution Condemning Pardons of Individuals Found Guilty of Assaulting Capitol Police Officers

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ICYMI: Schumer, Murphy, Kim Lead 47 Senators in Introducing Resolution Condemning Pardons of Individuals Found Guilty of Assaulting Capitol Police Officers

    Murray: “Trump is showing every day, with nearly every action—that he has zero regard for the laws of our country. From pardoning, en masse, violent insurrectionists, to illegally firing government watchdogs charged with holding him accountable, to issuing blatantly unconstitutional executive orders, to asking OMB to halt funding Congress passed—something that is causing serious chaos and harm to red states and blue states alike.”

    ***VIDEO HERE of Senator Murray’s floor speech***

    Washington, D.C. — Today, Republicans senselessly blocked a one-line resolution offered by U.S. Senator Patty Murray (D-WA) and her Democratic colleagues that simply condemns the pardons of individuals found guilty of assaulting Capitol Police Officers. After Republican John Barrasso (R-WY) blocked the resolution, Murray and Senate Democrats took to the Senate floor to speak out against Trump’s move to grant full, complete, and unconditional pardons to violent criminals who assaulted U.S. Capitol Police officers and call out Republicans for refusing to stand up for the Capitol Police who put their lives on the line—and suffered severe injuries—protecting senators’ lives on January 6th.

    All 47 Members of the Senate Democratic Caucus are cosponsors of the resolution, which simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” A PDF of the resolution is HERE.

    On the Senate floor today, Senator Murray made clear that the throughline of the first week of the Trump administration has been lawlessness—with Trump, “showing every day, with nearly every action, that he has zero regard for the laws of our country. From pardoning, en masse, violent insurrectionists, to illegally firing government watchdogs charged with holding him accountable, to issuing blatantly unconstitutional executive orders, to asking OMB to HALT funding Congress passed— something that is now causing serious chaos and harm to red states and blue states.”

    “I will not sit back and allow President Trump to rewrite the history of the January 6th insurrection,” Murray continued. “Officers here sacrificed tremendously to keep senators safe, Republicans and Democrats alike—and we have the footage, photos, and police reports that clearly show the crimes and the violence committed… President Trump’s decision to pardon, en masse, 1,500 people charged in the insurrection is a truly unthinkable attempt to erase the facts of that day, and undermine our democracy. But it is especially heinous that he chose to pardon individuals who violently attacked our Capitol Police officers… It is a betrayal of the law enforcement that protected us all that day and a dangerous endorsement of political violence—telling criminals that you can beat cops within an inch of their lives as long as it’s in service to Donald Trump.”

    According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in Court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves. During the siege of the Capitol on January 6th, 2021, over 80 U.S. Capitol Police Officers were assaulted.

    Senator Murray’s full remarks, as delivered, are below and video is HERE:

    “Mr. President, we are a week into the Trump Administration, and it can be summed up in one word: lawlessness. Trump is showing every day, with nearly every action, that he has zero regard for the laws of this country.

    “From pardoning, en masse, violent insurrectionists, to illegally firing government watchdogs charged with holding him accountable, to issuing blatantly unconstitutional executive orders, to asking OMB to halt funding Congress passed—something that is now causing serious chaos and harm to red states and blue states.

    “We are not going to let his strategy of overwhelming chaos win the day. We are fighting each of the actions, and will not stop asserting our power as an equal branch of the government.

    “But right now, today, we are going to focus on one issue in particular—one that is not just alarming, but actually personal to all of us here in the Senate, because it concerns the Capitol Police each of us walk by every single day.

    “I have made it clear, I will not sit back and allow President Trump to rewrite the history of the January 6th insurrection. Already, his Justice Department has taken down the public database that laid out the thousands of investigations—he is literally trying to erase the evidence from public memory!

    “But no President can rewrite history—not unless we stand by and let him. And that is absolutely not going to happen. We will not forget what really happened here on January 6th, 2021.

    “As we all remember, as the American people witnessed in real time, armed insurrectionists—egged on by the sitting president—broke into the U.S. Capitol and violently assaulted Capitol Police officers in their attempt to overturn a free and fair election.

    “You do not have to take my word for it—though, like many of my colleagues, I have a first-person account of that day. The reality is well documented in videos, in photos, in case documents from thousands of people charged with felonies after that day—including assault.

    “We know, as a matter of fact, some insurrectionists brought knives, tasers, axes, hatchets, pepper spray, zip ties and more.

    “We know, as a matter of fact, some assaulted officers with flagpoles, stun guns, fire extinguishers, and bear spray.

    “We know as a matter of fact, that Capitol Police officers suffered severe injuries as a result—including cracked ribs, smashed spinal disks, brain injuries, and even the loss of an eye.

    “Officers here sacrificed tremendously to keep senators safe, Republicans and Democrats alike—and we have the footage, photos, police reports that clearly show the crimes and the violence that was committed.

    “So Mr. President, President Trump’s decision to pardon—en masse—1,500 people charged in the insurrection is truly an unthinkable attempt to erase the facts of that day, and undermine our democracy.

    “But it is especially heinous that he chose to pardon individuals who violently attacked our Capitol Police officers. Not to mention commuting the sentences of 14 others: people found guilty of seditious conspiracy, people like Enrique Tarrio, leader of the Proud Boys, and Stewart Rhodes, leader of the Oath Keepers.

    “It is a betrayal of the law enforcement that protected all of that day, and a dangerous endorsement of political violence—telling criminals that you can beat cops within an inch of their lives as long as it’s in service to Donald Trump.

    “Every one of us here owes a tremendous debt of gratitude to our Capitol Police. They protected our lives, and they protected our democracy. That is why we are here today to pass a resolution today, that makes clear the U.S. Senate stands with our Capitol Police officers—by disapproving the pardon of those who violently attacked the officers who keep us safe.

    “It is a very simple, modest resolution—its reads, in its entirety: ‘Resolved: that the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.’

    “It is that simple. We aren’t relitigating every case—this is only about people guilty of assaulting Capitol Police.

    “I made sure this was short and clear—something we can pass unanimously. Because a message like this really should be unanimous.

    “In fact, Mr. President, just to underscore how straightforward this is—I want to read it in its entirety once again: ‘Resolved: that the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.’

    “That’s it. The entire thing. I don’t really think there is anything here for anyone to disagree with.

    Senator Murray’s remarks, as delivered, after Republicans blocked the resolution:

    “Mr. President, I am deeply frustrated that is the response we got today. We cannot agree on something as simple as standing by the officers who keep this building safe?! Officers every one of us walk by every day?

    “There are officers standing just outside the floor right now keeping watch as we are forced to debate whether it was not was okay to pardon the people that violently attacked them.

    “I don’t know how my colleagues who oppose this simple resolution can look them in the eye!

    “It is insulting enough that Speaker Johnson—someone who has a dedicated, 24/7 detail—has refused to put up the plaque honoring the brave officers who kept us safe four years ago.

    “But the fact we can’t pass a resolution as simple as the one I presented today—the fact we can’t all agree that we should side with the people who keep us safe, over the people who are attacking us, is disgraceful.

    “It is unworthy of this body, and unworthy of the sacrifice our Capitol Police have demonstrated time and again. We owe them better.

    “I will not going to stop pushing to make sure we show them we understand that.

    “The President may be able to grant pardons, commute sentences, release criminals, delete databases… but I will tell you here, he can take no action he takes can erase the past, unless we let him.

    “And as long as I can stand, as long as I can speak, as long as I am here—I will not let him, or anyone, rewrite the history of the January 6th insurrection or erase the important lessons that we must learn from it.”

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Kim, NJ Non-Profits Warn of Severe Disruptions to Vital Community Services Following Trump OMB Guidance

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker

    NEWARK, NJ –– This afternoon, Senators Cory Booker (D-NJ) and Andy Kim (D-NJ) joined New Jersey non-profit service providers to warn of the immediate and tangible negative effects the Trump-Vance administration’s January 27 Office of Management and Budget (OMB) memorandum will have on communities across the Garden State.

    Requiring all executive departments and agencies “to identify and review all Federal financial assistance,” OMB’s memorandum pauses all grant, loan, and other congressionally apportioned financial assistance programs to municipalities and critical service providers across the country, including funding for veterans’ assistance groups, police, firefighters, and local first responders, early childhood education centers, older adult service providers, and domestic violence survivor organizations. 

    Condemning these pauses, Senator Cory Booker, Senator Andy Kim, and local and state-wide service providers warned:

    “Once again, President Trump has made clear his willingness to inflict pain upon communities across the country, including at home in New Jersey. OMB’s latest guidance has produced immense uncertainty across our state’s municipalities and critical service providers. My office has heard from veterans’ assistance groups, local first responders, and domestic violence survivor organizations, and they’re all telling us the same thing. Their operational integrity and the wellbeing of those they serve are in jeopardy. These are the actions of a callous president––one wholly unconcerned by the day-to-day realities of the majority of Americans and New Jerseyans. While President Trump continues to ignore families who want to see actions that lower costs and make their lives better, I’ll continue to work to guarantee New Jerseyans––from Sussex County to Cumberland County and everywhere in between––have the resources they need to get ahead,” said Senator Cory Booker.

    “President Trump and his administration continue to serve their own power first, not caring that local communities are the collateral damage to their incompetence. OMB’s decision disregards the basic functions of our federal government and how it meets critical needs in communities across our country. We want Donald Trump to know exactly what these decisions and loss of funding could mean for New Jersey: it places independent living centers on the brink, risks vital Meals on Wheels for our seniors, and threatens crucial Head Start services for our families. These are just a couple examples from the calls and messages coming into my office today.  At a moment of such distrust between people and their government, this isn’t simply a disregard for our Constitution, this is a cruel attack hurting families all across this nation. We will look at all possible actions to force the Trump administration to honor Congress’ power of the purse and ensure these funds reach our communities,” said Senator Kim.

    “The new executive order pausing the release of federal grant funding impacts sexual violence services, putting individuals who have been assaulted and their loved ones at greater risk. With reduced funding, service providers face the challenge of maintaining critical support systems, including the availability of advocates to answer hotlines, provide accompaniments to forensic exams, navigate the court system, and offer counseling and other critical services.  Often, there is no duplication of services supporting survivors, and our data show that there are already existing waitlists for them. Interruptions in funding will only exacerbate an already strained system and delay access to care. This increase in wait times will not only heighten the immediate danger of further harm but also prolong the impact on survivors’ healing,” said Robert Baran and Denise Rodriguez, Co-Directors, New Jersey Coalition Against Sexual Assault.

    “We have worked with Senator Booker countless times to be sure we have secured these much needed dollars to Fire Departments across New Jersey. These dollars have offset costs for manpower, training, and equipment. All of which have provided a safer workplace for our members while we protect the residents and visitors of our great State. We urge the President to release these funds Congress has appropriated for AFG and SAFER grants,” said Eddie Donnelly, President, New Jersey State Firefighters’ Mutual Benevolent Association (FMBA).

    “A pause in federal funding of any length will impact our ability to serve our homeless veteran population. This is not just the case for our program but for similar programs throughout the nation. The effects of this pause will be immediate and grave. For example, they will imperil the support families enrolled in the VA’s Support Services for Veterans Families (SSVF) programs receive, including rental assistance. And, as rents come due in a matter of days, this raises the specter of evictions and increased veteran homelessness. Additionally, a pause in the federal funding we receive will immediately affect our ability to purchase and prepare food for our 100+ housed veterans, prevent us from taking in, and providing services, for additional homeless veterans in New Jersey, halts our ability to pay leases on vehicles used for support services, and jeopardizes the jobs of nearly 200 employees dedicated to serving our nation’s veterans, many of whom are veterans or were once unhoused veterans themselves. While we will continue to provide those who rely on us with the dignity and care they deserve, OMB’s memorandum seriously endangers the wellbeing of an already vulnerable population,” said Bruce Buckley, Chief Executive Officer, Soldier On.

    “The recent pause in funds has produced considerable concern across the Rutgers University community, which prides itself on the federally supported research and service it carries out to promote the common good and serve the national interest. The federal government is a critical partner to Rutgers, with federal funding for student aid, research, and public service initiatives accounting for about $1 billion of the university’s $5.6 billion budget. As we work across the university to understand the impact of the federal pauses and to provide guidance to our community during these uncertain times, Rutgers remains profoundly committed to our public mission of research, teaching, and service, and to our students’ success,” said Jonathan Holloway, President, Rutgers University.

    “A freeze to the release of federal funds will impact all victims and survivors of domestic violence. The vast majority of our 33 domestic violence providers in NJ rely on federal funding to ensure that every county has a domestic violence shelter, legal advocacy, counseling and other critical services that survivors need. A freeze in funding will increase barriers for survivors seeking safety, and will cause many to stay in abusive situations, increasing the danger and harm they will experience. The federal government must act accordingly, and not hastily, to ensure victims and survivors have the services they need in their community when they need them” said Adrienne Gantz and Nicole Morella, Co-Executive Directors, New Jersey Coalition to End Domestic Violence.

    “Just a few days into their term, the Trump-Vance Administration has imposed an unprecedented freeze on federally funded programs, including programs that benefit more than 578,000 New Jerseyans, who rely on community health centers for vital, cost-efficient and life-saving care. For a majority of our state’s community health centers, this freeze in federal funding will cause them to shutter, leaving hundreds of thousands of New Jerseyans without access to healthcare. These freezes come asemerging public health risks––like bird flu and other infectious diseases––continue to pose dangers to our communities. Our health centers are already struggling financially, and many are facing the likelihood of not making payroll in the next few weeks, dealing a death blow to centers that are already having difficulty in retaining an adequate workforce for the services they provide,” said Selina Haq, Ph.D., President/Chief Executive Officer, New Jersey Primary Care Association.

    “Boys & Girls Club of Newark has six funding sources that may be impacted by the federal spending freeze. These funds represent more than 10% of our annual budget of $5M and could affect funding for 35-50 team members in direct service with youth. The kinds of programs that could be affected are meal service at our after-school programs, food distribution to families, mentorship for at-risk youth, and critical funding related to safety at our facility. We believe these services are of vital importance to the work we do in our community. Our hope is to see funding restored to ensure our constituents can receive these services that they rely on for their well-being,” said Ameer Washington, Chief Executive Officer, Boys & Girls Club Newark.

    “The freeze in federal funding, which has been imposed, will undoubtedly have a devastating impact on Centers for Independent Living throughout the country. These centers provide crucial support and assistance to individuals with disabilities, allowing them to live independently and fully participate in their communities. With this ban in place, these centers may be forced to put vital services on hold, leaving many individuals without the necessary resources and support they rely on. Furthermore, the ban may also result in significant financial strain for these centers, potentially leading to payrolls being put on hold and difficulty paying rent. This could ultimately jeopardize the ability of these centers to continue operating and providing essential services to those in need. The impact of this ban will not only be felt by the centers themselves, but also by the individuals they serve, creating a ripple effect throughout the disability community. It is essential that this ban be reconsidered and alternative solutions be explored to ensure that Centers for Independent Living can continue their important work without interruption,” said Carole Tonks, Executive Director, Alliance Center for Independence – Edison, NJ.

    “This order to halt federal funding will have devastating consequences for millions of New Jerseyans, including many that New Jersey Citizen Action directly serves. Federal grants enable many organizations like ours to help New Jerseyans to save themselves from foreclosures, afford first-time homebuyer loans, protect themselves from housing discrimination, file their taxes for free, navigate essential social safety-net programs, and achieve financial stability. These key investments have allowed New Jersey to build stronger communities and healthier, thriving families. The order would also affect the entire New Jersey nonprofit sector dedicated to serving our state’s most vulnerable populations.  These include organizations that provide services for seniors, people with disabilities, children, women, victims of domestic violence, and organizations in the field of mental health. It’s unconscionable that the Trump administration should halt these investments—which have already been approved by Congress—for American taxpayers while considering further tax cuts for billionaires and corporations,” said Dena Mottola, Executive Director, New Jersey Citizen Action.

    “The work that we do along with other nonprofit public health agencies is vital to the health of our communities. We know that maternal child health is critical to the health of our nation and limiting or cutting funding that states, agencies and programs like ours receive will have negative long-term consequences on the women, children and families that we serve,” said Robyn D’Oria MA, RNC, APN, Chief Executive Officer, Central Jersey Family Health Consortium. 

    Additional programs and initiatives adversely impacted by OMB’s memorandum include but are not limited to:

    Head Start

    Click here for a state-by-state table of FY 2024 funding for Head Start, which funds comprehensive early childhood education, or here for state-by-state fact sheets that use the same funding data.  

    VAWA Grants

    Click here for state level totals of FY 2024 grant funding from the Office of Violence Against Women.    

    Community Health Center

    Click here for a 2023 table of state-by-state Section 330 grant funding for community health centers, which provide affordable care for millions of Americans. 

    IDEA and Other Department of Education Grant Programs

    Click here for a state-by-state table of IDEA Grants (which help children with disabilities) from FY 2023, and data on other grant programs through the Department of Education that could be impacted by the freeze.  

    COPS Grants

    The Community Oriented Policing Services (COPS) program is a Department of Justice grant program for law enforcement. More info here, and many of the links include state-by-state fact sheets. This link here includes FY 2024 grant amounts for the COPS Hiring Program (CHP). These are divided up by state but you may have to calculate your state’s total separately.  

    State Opioid Response Grants

    Click here for total state awards from FY 2024 for the State Opioid Response Grantsprogram, which funds addiction prevention, treatment, and recovery services.  

    SBA Loans to Small Business

    Click here for a dashboard of approved SBA loans by state for recent fiscal years including FY 2024. State totals for both the 7(a) program and 504 program are available. Copying values from the dashboard does not always work, but the Download Data option is a good other way to access the numbers.  

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Kim Statement Opposing Confirmation of Secretary Duffy

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker

    Senators Cory Booker (D-NJ) and Andy Kim (D-NJ) issued the following joint statement opposing the confirmation of Sean Duffy as Secretary of Transportation:

    “While we otherwise would have supported Secretary Duffy due to the commitments he made to critical New Jersey priorities, including the Gateway Program, the actions we have seen in the past 24 hours from the Trump Administration to cut off funding for New Jersey families and carelessly delay infrastructure projects have led us to oppose his nomination. Donald Trump needs to know that if he’s going to use the levers of government to harm working families, we’re going to stand in his way. People will be hurt because this administration simply doesn’t care about them. We will continue to stand up and work to make sure the support that New Jersey needs is delivered and not blocked by President Trump’s illegal and unconstitutional actions.”

    MIL OSI USA News –

  • MIL-OSI Banking: Cannabis users’ consumption behavior and product choices are different from other consumers, presenting a key knowledge gap for food and beverages brand strategy, according to new GlobalData study

    Source: GlobalData

    The study looks at how the use of cannabis is impacting consumption in key food and beverage categories in key markets.

    GlobalData’s new “Hot Topics” cannabis study on the claimed consumption behavior of cannabis users compared to non-users highlights that this is a large and growing consumer group, who are behaving differently to the general population, in ways that brand owners and their stakeholders may not fully realise.

    Jenny Questier, Consumer Analysis Director at GlobalData, commented: “Currently, there is little research data or analysis available to help companies understand the impact of a new cohort of cannabis users in consumer packaged goods markets where the drug has been legalized. While this study’s findings are indicative, they could apply to any market where cannabis use is prevalent as they do provide some useful insights into the impact that cannabis users consumption behavior could have on product choices being made in key food and beverage categories and which demographics are important in future product development and positioning.”

    The study entitled, “Hot Topics Report: Impact of cannabis use on consumption in key markets”, provides a top-line indication of how consumers who claim to use cannabis, describe their use of the drug in five key markets which have legalized the recreational use of the cannabis, namely: the US, South Africa, Canada, Mexico and Germany, and the claimed impact this may have on consumer consumption in the alcoholic drinks, non-alcoholic drinks, savory snacks, and chocolate and confectionary categories in each of these markets.

    The study reveals that cannabis users have a tendency to stay at home more, are more concerned about their physical and mental health, spend more time online, and perhaps as a consequence of this, order more food online, when compared to non-cannabis users. Interestingly, the known side effects of cannabis use of increasing hunger and thirst are significantly impacting on consumers’ net consumption of non-alcoholic beverages, savory snacks and chocolate and confectionary, however, the drug’s use currently seems to have a limited impact on alcohol consumption overall.

    This is an important cohort for consumer packaged goods companies because the number of recreational cannabis users is already significant and is set to grow further. In the US, cannabis is legal for recreational use in 24 out of 50 states, according to the *Pew Research Centre. In the US, there were an estimated 17.7 million daily cannabis users recorded in 2022, according to research published in the journal Addiction, based on data collected by the National Survey on Drug Use and Health.

    Questier continued, “In the coming decade, the number of cannabis users is set to grow globally as more US states are likely to legalize recreational cannabis use, public support may lead more countries to do the same, and more people are likely to take up the habit as a means of relaxation, enjoyment, and for perceived health benefits. It is imperative that brands and manufacturers of food and beverages understand what this may mean for future innovation and target consumer groups.”

    Here are some of the top-line indicative findings from the study for each food and beverages category surveyed in each market:

    Alcoholic and Non-alcoholic Drinks

    Cannabis use does not appear to have a significant impact on alcoholic drinks sales!

    Claimed alcohol consumption remains largely unchanged overall as a result of cannabis use, generally holding steady at a plus or minus 1% net change in most markets. Canada and Mexico have a small net decline in alcohol consumption with Germany’s high +10% net change attributed to a smaller sample size as cannabis has only recently been legalized in the country, and reported use remains relatively low.

    An assumption that alcohol sales overall might suffer from the increased use of cheaper cannabis products as the stimulant effects are similar is not evident from this study. However, that’s not to say that the alcoholic drinks market isn’t changing; female cannabis users are drinking less alcohol, but males are drinking more.

    Cannabis use makes you thirsty for non-alcoholic drinks!

    All markets in this study saw a significant rise in the consumption of non-alcoholic drinks by cannabis users. In some markets, this rise occurred among all demographics, in other markets younger consumers dominated.

    Savory Snacks and Chocolate & Confectionary

    Cannabis use gives you the munchies, boosting savory snacks sales!

    All markets saw a rise in savory snack consumption due to cannabis use; North American markets had particularly large rises. Unlike beverages, Gen Z do not dominate savory snack sales, instead it is older Gen Y and Gen X consumers.

    Cannabis use gives you a sweet tooth, increasing chocolate & confectionery sales!

    Cannabis use drives a significant rise in chocolate and confectionery consumption in most markets, although the demographic leading this varies from market to market.

    Questier adds: “The top-line results from this indicative study show that cannabis users’ consumption behavior is different from other consumers. Consumption of soft drinks, savory snacks and chocolate and confectionery is significantly increased, with the balance between male and female, and young and old consumers shifting in each market. Whilst there is limited claimed impact from cannabis users on total alcohol consumption, the demographic make-up of this market is nevertheless changed by the presence of cannabis.

    “With little research conducted into this area to date, the study’s indicative findings suggest that the implications of cannabis use for consumer packaged goods companies and their stakeholders could be significant for brand strategy, consumer targeting, portfolio management, innovation, sales, advertising, and marketing. Further research by brand, category, and geography could be required to ensure that these implications are understood and appropriate strategies devised to manage them.”

    Free sample pages from the “Hot Topics Report: Impact of cannabis use on consumption in key markets”, are available here

    * Source: Pew Research Centre: here

    GlobalData Consumer Custom Solutions offers sector-level expertise in the Consumer Packaged Goods, Food, Beverages, Foodservice, Retail, Apparel, Packaging, Agribusiness, and Automotive industries. We use our unique data, insights and analytics to answer your bespoke questions with a tailored approach and deliverables.​ To learn more about this press release or have a chat, please drop us an email consulting@globaldata.com or contact us here and we’ll get in touch!

    MIL OSI Global Banks –

  • MIL-OSI: Riber: 2024 business growth in line with guidance 

    Source: GlobeNewswire (MIL-OSI)

    2024 business growth in line with guidance 

    Revenues up +5% to €41.2m
    Order book at end-2024: €21.7m

    Bezons (France), January 29, 2025 – 8:00 am (CET) – RIBER, a global market leader for MBE equipment serving the semiconductor industry, is reporting its full-year revenues for 2024.

    Change in revenues

    €m 2024 2023 Change
    First quarter 4.5 3.7 +20%
    Second quarter 9.3 8.5 +10%
    Third quarter 4.7 4.0 +19%
    Fourth quarter 22.7 23.1 -2%
    Full year 41.2 39.2 +5%
           
    €m 2024 2023 Change
    Systems 31.0 29.0 +7%
    Services and accessories 10.2 10.3 -1%
    Full year 41.2 39.2 +5%

    2024 full-year revenues amounted to €41.2m, up 5% from 2023. This performance is fully aligned with the announced ambitions. In the fourth quarter of 2024, business remained strong, with revenues remaining steady despite a high basis of comparison with the fourth quarter of 2023.

    This commercial dynamism demonstrates the strengthening of RIBER’s positions in the MBE market for both research and industrial production.

    MBE systems revenues reached €31.0m, up 7%. A total of 12 systems were delivered over the year, compared with 13 in 2023.

    Revenues for services and accessories came to €10.2m, virtually unchanged from 2023.

    The geographical breakdown of revenues for 2024 full-year was as follows: Asia 57.3%, Europe 35.7%, and North America 7.1%.

    Order book developments

    At December 31 (€m) 2024 2023 Change
    Systems 16,7 20.2 -17%1
    Services and accessories 5,0 6.1 -18%
    Full year 21,7 26.3 -17%

    At December 31, 2024, the consolidated order book remained at a solid level of €21.7m, reflecting the sustained deliveries at the end of the year.

    The order book for MBE systems came to €16.7m with a total of 7 systems, including 5 production machines. It increases after factoring in the two orders announced in January 2025 for a production system in Europe and a research system in the USA, both scheduled for delivery in 2025.

    Orders for services and accessories amounted to €5.0m.

    Outlook

    Given its solid revenue growth, RIBER reaffirms its objective of achieving further earnings growth in 2024.

    In an environment marked by accelerating technological innovation and growing demand for advanced semiconductor materials, RIBER is pursuing its ambitious growth strategy based on enhancing its technological leadership and expanding its markets through the integration of the silicon photonics sector and the development of high value-added solutions for quantum materials.

    For 2025, given the composition of the order book at December 31, 2024, and the outlook for orders to be delivered this year, RIBER is forecasting further growth in revenues compared with 2024.

    Next date: RIBER will announce its 2024 full-year earnings on April 9, 2025 (before start of trading).

    About RIBER

    Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry, and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels.
    Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductor systems that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing.

    RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954).
    www.riber.com

    Contacts

    RIBER : Annie Geoffroy| tel: +33 (0)1 39 96 65 00 | invest@riber.com
    CALYPTUS : Cyril Combe | tel: +33 (0)1 53 65 68 68 | cyril.combe@calyptus.net

    1 Increasing when factoring in the two orders recorded in January 2025.

    Attachment

    The MIL Network –

  • MIL-OSI: Ice Open Network Launches Mainnet with 200 Validators

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, Jan. 29, 2025 (GLOBE NEWSWIRE) — Ice Open Network (ION), a high-performance, privacy-focused Layer-1 blockchain, today announced its official mainnet launch after reaching a 200 validator headcount. This milestone follows an extensive development and testing phase, accompanied by significant ecosystem expansion, which saw ION amass a 40-million community. Crucially, it paves the way for ION’s hotly anticipated social media platform and decentralized application (dApp) builder.

    “This is a testament to the strength and conviction of our community,” said Alexandru Iulian Florea, Founder and CEO of Ice Open Network. “We initially aimed for 100 validators at launch – to see that number double underscores the trust and enthusiasm surrounding ION. It’s a resounding vote of confidence in our vision to redefine the Internet through decentralization.”

    ION’s unique architecture allows it to scale horizontally as its network participants increase, with the capacity to accommodate billions of users without compromising their privacy and security, nor the chain’s ability to process millions of transactions per second. Combining efficiency with a human-first approach, the ION framework is designed to decentralize and secure the core elements of digital interaction – user identity, content storage and delivery, and social engagement. The result is a robust, yet highly versatile dApp infrastructure with real-world utility, purpose-built to bring the Internet’s 5.5 billion users on-chain.

    Following the mainnet launch is the arrival of Online+ – an integrated social media dApp showcasing the blockchain’s capabilities that serves both as a hub for ION’s community, and a blueprint for dApp developers wishing to build on ION’s framework. Ice Open Network’s flagship no-code, drag-and-drop dApp-building tool, which will allow anyone, regardless of technical expertise, to create decentralized applications on ION from scratch, is next in line and due for release in 2025.

    The ION blockchain mainnet rollout began in November 2024, and is accompanied by the deployment of the ION Bridge, which enables the migration of the network’s native ICE coin from Binance Smart Chain (BSC) to the ION blockchain. Currently, the network’s 200 validators have staked over 15% of the 6.8 billion ICE in circulation – a percentage set to increase as Online+ goes live.

    About Ice Open Network

    Ice Open Network (ION) is the blueprint for a new Internet rooted in privacy, data ownership, and user autonomy. Powered by a high-performance Layer-1 blockchain and an unwavering commitment to digital sovereignty, it is designed to give decentralized applications (dApps) real-world, human-centric utility at unprecedented breadth and scale.

    Founded in 2022, ION serves a dApp ecosystem of over 40 million users. It is engineered to process millions of transactions per second and scale horizontally and infinitely as its network participants increase. Combining this unparalleled efficiency with a comprehensive dApp toolkit purpose-built for intuitive, privacy-preserving user experiences, ION is on a mission to onboard the world to a new, decentralized Internet.

    For more information, please visit https://ice.io

    For media inquiries:
    Mia Agova
    Ice Open Network
    Email: media@ice.io

    Disclaimer: This content is provided by Ice Open Network. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2cb40b77-cddf-4936-bdb1-803bb4f17bcf

    The MIL Network –

  • MIL-OSI: ASML reports €28.3 billion total net sales and €7.6 billion net income in 2024

    Source: GlobeNewswire (MIL-OSI)

    ASML reports €28.3 billion total net sales and €7.6 billion net income in 2024
    2025 total net sales expected to be between €30 billion and €35 billion

    VELDHOVEN, the Netherlands, January 29, 2025 – Today, ASML Holding NV (ASML) has published its 2024 fourth-quarter and full-year results.  

    • Q4 total net sales of €9.3 billion, gross margin of 51.7%, net income of €2.7 billion
    • Quarterly net bookings in Q4 of €7.1 billion2 of which €3.0 billion is EUV
    • 2024 total net sales of €28.3 billion, gross margin of 51.3%, net income of €7.6 billion
    • ASML expects Q1 2025 total net sales between €7.5 billion and €8.0 billion, and a gross margin between 52% and 53%
    • ASML expects 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53%
    (Figures in millions of euros unless otherwise indicated) Q3 2024   Q4 2024   FY 2023   FY 2024  
    Total net sales 7,467   9,263   27,559   28,263  
    …of which Installed Base Management sales1 1,541   2,147   5,620   6,494  
                     
    New lithography systems sold (units) 106   119   421   380  
    Used lithography systems sold (units) 10   13   28   38  
                     
    Net bookings2 2,633   7,088   20,040 3 18,899 3
                     
    Gross profit 3,793   4,790   14,136   14,492  
    Gross margin (%) 50.8   51.7   51.3   51.3  
                     
    Net income 2,077   2,693   7,839   7,572  
    EPS (basic; in euros) 5.28   6.85   19.91   19.25  
                     
    End-quarter cash and cash equivalents and short-term investments 4,985   12,741   7,010   12,741  

    (1) Installed Base Management sales equals our net service and field option sales.
    (2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
    (3) The sum of quarterly net bookings over the full year.

    Numbers have been rounded for readers’ convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com.

    CEO statement and outlook
    “Our fourth-quarter was a record in terms of revenue, with total net sales coming in at €9.3 billion, and a gross margin of 51.7%, both above our guidance. This was primarily driven by additional upgrades. We also recognized revenue on two High NA EUV systems. We shipped a third High NA EUV system to a customer in the fourth quarter.

    “ASML achieved another record year, ending with total net sales for 2024 of €28.3 billion, and a gross margin of 51.3%.

    “We expect first-quarter total net sales between €7.5 billion and €8.0 billion, with a gross margin between 52% and 53%. ASML expects R&D costs of around €1,140 million and SG&A costs of around €290 million. As we communicated last October, we expect total net sales for the year between €30 billion and €35 billion, with a gross margin between 51% and 53%.

    “Consistent with our view from the last quarter, the growth in artificial intelligence is the key driver for growth in our industry. It has created a shift in the market dynamics that is not benefiting all of our customers equally, which creates both opportunities and risks as reflected in our 2025 revenue range,” said ASML President and Chief Executive Officer Christophe Fouquet.

      
    Update dividend and share buyback program
    ASML intends to declare a total dividend for the year 2024 of €6.40 per ordinary share, which is a 4.9% increase compared to 2023. An interim dividend of €1.52 per ordinary share will be made payable on February 19, 2025. Recognizing this interim dividend and the two interim dividends of €1.52 per ordinary share paid in 2024, this leads to a final dividend proposal to the General Meeting of €1.84 per ordinary share.

    In the fourth quarter, we did not purchase any shares under the current 2022-2025 share buyback program.

    Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML’s website (www.asml.com/investors).

    Media Relations contacts Investor Relations contacts
    Monique Mols +31 6 5284 4418 Jim Kavanagh +31 6 1524 9925
    Sarah de Crescenzo +1 925 899 8985 Pete Convertito +1 203 919 1714
    Karen Lo +886 9 397 88635 Peter Cheang +886 3 659 6771

    Quarterly video interview, annual press conference and investor call
    With this press release, ASML is publishing a video interview in which CEO Christophe Fouquet and CFO Roger Dassen discuss the 2024 fourth-quarter and full-year results and outlook for 2025. This video and the video transcript can be viewed on www.asml.com shortly after the publication of this press release.

    CEO Christophe Fouquet and CFO Roger Dassen will host a press conference in Veldhoven on January 29, 2025, at 11:00 Central European Time, which will also be accessible via a live webcast on www.asml.com.

    An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on January 29, 2025 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.

    About ASML
    ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity’s toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 44,000 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com.

    US GAAP and IFRS Financial Reporting
    ASML’s primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly Summary US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com.

    The consolidated balance sheets of ASML Holding N.V. as of December 31, 2024, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and twelve months ended December 31, 2024 as presented in this press release are unaudited.

    In addition to reporting financial figures in accordance with US GAAP, ASML also reports financial figures in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS’) for statutory purposes. The most significant recurring differences between US GAAP and IFRS that affect ASML concerns the capitalization of certain product development costs and accounting for income taxes.

    2024 Annual Reports
    ASML will publish its 2024 Annual Report based on US GAAP and its 2024 Annual Report based on IFRS on March 5, 2025. Both reports will include sustainability statements in accordance with the Corporate Sustainability Reporting Directive. The reports and introductory video with CFO Roger Dassen will be published on our website, www.asml.com.

    Regulated information
    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Forward Looking Statements
    This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, backlog, outlook of market segments, outlook and expected financial results including expected results for Q1 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin and estimated annualized effective tax rate, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, including the amount of shares that may be repurchased thereunder and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans and other non- historical statements. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2023 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.

    Attachments

    The MIL Network –

  • MIL-OSI USA: On the Senate Floor, Cortez Masto Calls Out Trump’s Anti-Law Enforcement Pardons

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    “Earlier today, my Democratic colleagues and I co-sponsored a resolution to condemn these pardons. One would think that my Republican colleagues who claim to be pro-law enforcement would sign onto this resolution and stand against any action that harms our police.”
    Washington, D.C. – U.S. Senator Cortez Masto (D-Nev.) blasted President Trump on the Senate floor for pardoning a drug trafficking kingpin and the violent criminals who assaulted police officers on January 6, 2021. A former prosecutor and Nevada attorney general, Cortez Masto urged her supposedly pro-law enforcement Republican colleagues to join her resolution condemning these pardons.
    Below are her remarks as prepared for delivery:
    Mr. President, I’m so appreciative of my colleagues coming down here to talk about not only the January 6 pardons that President Trump has done but to stand with the men and women in law enforcement.
    When I’m home, quite often I will hear at times that “well, Democrats don’t support law enforcement, they don’t support the men and women who keep our communities safe.” And that’s just not true, as you can see today.
    But here’s what I know, and this is why this was devastating to so many men and women who not only are Capitol Police officers right here, who defended our Capitol on January 6, who stand to protect us, but for all of the men and women in law enforcement across this country who are paying attention and watching what this president does.
    Will he have their back when the time comes? Will he be there to truly support them in their time of need when they’re doing their job like he says he will?
    Now, we’ve spent the last decade hearing Donald Trump talk about “law and order” and cracking down on crime. Last fall, on a national podcast, he called for giving our law enforcement their “dignity back”. Just last week at a White House press conference, he claimed to be a friend of the police.
    Well, Donald Trump has been in office for just one week, and already his actions are making it clear that he doesn’t mean what he says. In fact, from his actions we’ve seen so far, he’s actively working against our men and women in law enforcement – not only here who work at this Capitol, but across this country.
    Let me put this in starker terms that I think my Republican colleagues will understand. Mr. President, Nevada families across my state have been torn apart by dangerous drugs like methamphetamines and opioids. And that’s true for so many families across the country.
    It doesn’t matter if they’re Democrats, Republicans, Libertarians, or independents – illicit drug trafficking is impacting everyone in this country.
    But last week, Donald Trump pardoned the founder of Silk Road, an underground internet site that oversaw the trafficking of $200 million in illegal drugs and other illicit trade.
    The founder was convicted by a jury of his peers and sentenced to life in prison for participating in a criminal organization and distributing narcotics on the internet.
    Americans died after purchasing illicit drugs on his website. A website that was specifically designed to skirt the law and support criminal activity.
    But now, this founder is walking free because of Donald Trump.
    Donald Trump giving a full, unconditional pardon to this drug dealer and criminal profiteer is a slap in the face to the victims of this crisis, and to law enforcement who work to protect our communities and to take drug traffickers like him off our streets.
    What Donald Trump has done is not law and order, it’s chaos.
    And it’s not just with this one pardon.
    Donald Trump has also pardoned more than 130 individuals who were convicted of assaulting police officers right here at the Capitol on January 6, 2021.
    I was here that day. I remember running into a Capitol Police officer who was pepper-sprayed by a rioter in Donald Trump’s mob. And at the same time that he was washing out his eyes, he was saying to us senators, “Don’t worry. I’ve got your back, and I am standing guard.” And he ran back out to the front of the Capitol. He was doing his job.
    That day, those rioters and insurrectionists brought weapons and zip ties to the Capitol, they used WD-40 and bear spray on our officers, and they assaulted Capitol Police with American flags.
    This isn’t some political conspiracy – these insurrectionists posted videos online of themselves shoving, punching, and attacking our law enforcement.
    And now, instead of serving their time and facing the consequences for the dangerous actions they committed against our police officers, Donald Trump is telling them that not only were they wrongfully punished, but in fact, their behavior on that day is encouraged – as long as they’re doing his bidding.
    Criminals convicted of attacking law enforcement are giving TV interviews saying that President Trump’s pardons have vindicated their actions.
    This is an endorsement of political violence, and it’s an insult to the men and women who risk their lives every day to keep our families safe.
    I know many law enforcement officers personally. As a former prosecutor and attorney general of the state of Nevada, I’ve spent most of my life working with some great men and women in law enforcement.
    And by the way, I’m married to one. My husband worked in federal law enforcement his entire career. His priority was doing his job and keeping people safe, because that’s what our law enforcement is trained to do. To put their lives on the line every single time to keep our communities safe.
    And it’s not just about the officers – it’s about their families. When you are the spouse or the loved one of an officer who gets that call, sometimes in the middle of the night, and they leave to address some crime or issue and keep your community safe, you don’t know if they’re coming back.
    There are two calls that are the worst kind you can get as the spouse of a law enforcement officer. The first one is from your spouse saying “I’m in the hospital, but don’t worry, everything’s okay.” The second one is not from your spouse, but it’s from another law enforcement officer telling you that your husband or wife went out on a call and didn’t come back.
    The sacrifices of not only our officers but their loved ones need to be considered. And if we truly believe in law and order and we truly believe that we should support them because they put their lives on the line every single day, then we should have their backs. No matter your politics, we should always be there to support them.
    I will always stand up for law enforcement.
    I’ve passed legislation to support public safety under administrations of both parties. And I will always speak out when our leaders act against law enforcement, whether they’re a Democrat or a Republican.
    I disagreed with President Biden granting pardons to his family, I disagreed when he granted clemency for Leonard Peltier, who was convicted of murdering two FBI agents. And I disagree with President Biden in commuting the sentence of Adrian Peeler, who was convicted of drug trafficking and murder.
    I also spoke out when President Biden nominated Adeel Mangi to be a federal judge. I did not support him because of his affiliation with a group that wanted to let cop killers out of prison.
    That was me standing up for law enforcement.
    So believe me when I say, this is not partisan; this is about standing up for the men and women who put their lives on the line for us every day.
    This shouldn’t be hard. You commit a violent crime in our community, you should face the consequences.
    Don’t take my word for it – the Fraternal Order of Police, which is the largest organization of sworn law enforcement officers in the world, has condemned Trump’s pardoning of those who assaulted Capitol Police officers on January 6.
    But there are too many members of this body, who had the benefit of those Capitol Police officers on January 6 protecting their lives, who have been oddly silent.
    Earlier today, my Democratic colleagues and I co-sponsored a resolution to condemn these pardons. One would think that my Republican colleagues who claim to be pro-law enforcement would sign onto this resolution and stand against any action that harms our police.
    If we truly believe in law and order and we want to work together to keep our communities safe, we have to not only talk about it, we have to act.
    Because the American people deserve better. The American people deserve a president who isn’t going to release violent criminals back into our communities. The American people deserve safety – and our law enforcement, who maintain that safety, deserve to know we have their backs.

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar Statement on Office of Management and Budget Order to Freeze Federal Loan and Grant Programs

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Committee on Agriculture, Nutrition, & Forestry, released the following statement in response to the Office of Management and Budget ordering agencies to withhold approved federal funding. While the freeze is currently on hold due to a temporary emergency federal court order, the proposed cuts are of great concern to rural America.
    “At a time when rural America is already dealing with the uncertainty of proposed tariffs, workforce issues, input costs, and the recent spread of avian flu, the last thing our rural constituents need right now is more chaos and confusion. This proposed freeze could affect everything from rural hospitals to farm loans to crop insurance and biofuels to animal disease prevention to conservation and nutrition programs. Our farmers and ranchers and rural constituents work hard and they need certainty, not chaos from this Administration. As the courts consider this reckless action, I will do all I can to make sure that there is appropriate congressional oversight, that the laws are complied with, and that loans and grant funding continue to rural America.”

    MIL OSI USA News –

  • MIL-OSI USA: Murphy: Donald Trump Is Throwing Law And Order Out The Window

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy
    [embedded content]
    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Tuesday spoke on the U.S. Senate floor to condemn President Trump’s recent actions—including pardoning violent January 6th rioters and announcing a sweeping freeze on federal grants and loans—as a direct threat to democracy and public safety. Murphy warned these moves send a dangerous signal that political violence will be excused if it serves Trump’s interests, undermining the rule of law and putting the country’s democratic institutions at risk.
    “Today you are fundamentally less likely to be attacked, to be murdered, by a neighbor, by somebody that you have a contest with, than you were centuries ago. Donald Trump is throwing that out the window,” said Murphy. “Donald Trump is throwing out the window the idea that we only advance ourselves politically or economically or socially through nonviolent means. Because what happened last week is that Donald Trump said to this country, ‘If you use violence on my behalf, you’re off the hook. If you beat the hell out of police officers, if you pound them over the head with metal poles, if you yank them by the neck and drag them into a crowd, hold them down so that people can stomp on them, if you taser police officers to the point that they suffer a heart attack, as long as you are doing that to advance my political power, you’re off the hook.’”
    Murphy slammed Trump’s illegal freeze on federal grants and loans as a corrupt attack on American democracy: “What happened last night is part of a story. The president can’t be the only person in charge of who gets money or not in this country. That’s corrupt because then the president can dole out money to his political friends or the friends of his billionaire friends, can dole out money to states with senators that are loyal to him and can punish companies that are competitors with his billionaire friends or punish states represented by people who are disloyal to him. That’s not how our democracy works. We’re in charge of making sure that taxpayer money is spread out evenly, that it has nothing to do with loyalty or disloyalty to the leader.” 
    He continued: “A couple of days ago, all the inspectors general got fired. That’s illegal, but they all got fired. Why? Because if you’re going to engage in corruption inside these agencies, you don’t want anybody to be watching. And so you’ve got to put this next to each other. You’ve got to understand the story. If you’re trying to transition our democracy to a government in which only one person is in charge, you permit people to engage in violence on your behalf so as to intimidate the opposition into being silent, and I’m just going to tell you, if you don’t believe this, there are a lot of folks who don’t support Donald Trump who are not going to show up to rallies, who are not going to participate in politics because they just learned that if they do and somebody hurts them, that person might be let off the hook. You excuse violence, you arrange government so that you can operate in darkness, and you rig the rules so that nobody is in charge of dispensing money except for you. Violence is a legitimate tool of politics. One person in charge of doling out money. Government decisions made in secret. That’s not a democracy. That is a recipe for corruption.”
    Murphy concluded: “And so, yes, I am fuming mad about how my Republican colleagues talk about law and order and then mostly, with a few exceptions, either remain silent when the most violent January 6 protesters get pardoned or celebrate those pardons. But I also want to be clear that it stands in a context, a context of actions taken during this first week, that are undermining our democracy to the point of putting it on the brink of possible extinction as a means for fundamental corruption to take place inside our government. That should be unacceptable. That is unacceptable. And I’m thankful to Senator Murray and others for bringing us down to the floor to raise this alarm bell. I yield the floor.”
    A full transcript of his remarks can be found below:
    MURPHY: “Thank you Mr. President. You know, the murder rate in the United States, the global murder rate, today, is infinitesimal; a fraction of what it was 200 years ago, 400 years ago, 600 years ago; a fraction of what it likely was in the bronze age or in the days when native tribes patrolled this land. What we’ve seen over the course of global history is that human beings have decided that instead of advancing our social power or our economic power or our political power through violence, instead we are going to have law and order. We’re going to have economies that reward merit. We’re going to punish people who disobey those laws to protect the rest of us.
    “And that served us really, really well. Today you are fundamentally less likely to be attacked, to be murdered, by a neighbor, by somebody that you have a contest with, than you were centuries ago. Donald Trump is throwing that out the window. Donald Trump is throwing out the window the idea that we only advance ourselves politically or economically or socially through nonviolent means. Because what happened last week is that Donald Trump said to this country, ‘If you use violence on my behalf, you’re off the hook. If you beat the hell out of police officers, if you pound them over the head with metal poles, if you yank them by the neck and drag them into a crowd, hold them down so that people can stomp on them, if you taser police officers to the point that they suffer a heart attack, as long as you are doing that to advance my political power, you’re off the hook.’
    “The people that walked out of jail last week were convicted of viciously violent crimes. And, yes, there were plenty of people who were convicted who didn’t engage in that horrific violence, but I was here in this chamber that day. I remember all of my Republican colleagues running out the door just like Democrats did. I don’t remember any of my Republican colleagues staying in the chamber to greet the tourists. Everybody knew that our safety was in jeopardy. Democrats certainly knew our safety was in jeopardy because as we found out, many of those protesters were looking for Democrats. One of the most violent protesters who was let out of jail last week in the middle of his sentence, after he had beaten up police officers, went to the gallows, went to the noose that was constructed, and posted on social media, “Too bad no Democrats here.’
    “If you beat up a police officer for reasons other than perpetuating Donald Trump’s power, you’re still in jail. The only people who beat up police officers in the year 2021 that got let out of jail last week—the only ones—were the ones that beat up police officers to help Donald Trump. That sends a clear signal: that your violence is excused if it’s for Donald Trump’s political purposes. And that puts all of our lives in jeopardy. That puts our democracy in jeopardy, when violence is excused.
    “What we are learning in the days following that unconscionable executive order, pardoning the rioters— not some of the rioters, everybody— is that it’s part of a plan. Listen, I have done a lot of work across the aisle. I have such respect for my Republican colleagues. I spent hours, weeks, days sitting in rooms negotiating immigration bills and voting bills and public safety bills. But, man, you are watching this president try to seize power right now, try to make us irrelevant, try to suppress political dissent.
    “What happened last night is part of a story. The president can’t be the only person in charge of who gets money or not in this country. That’s corrupt because then the president can dole out money to his political friends or the friends of his billionaire friends, can dole out money to states with senators that are loyal to him and can punish companies that are competitors with his billionaire friends or punish states represented by people who are disloyal to him. 
    “That’s not how our democracy works. We’re in charge of making sure that taxpayer money is spread out evenly, that it has nothing to do with loyalty or disloyalty to the leader. A couple of days ago, all the inspectors general got fired. That’s illegal, but they all got fired. Why? Because if you’re going to engage in corruption inside these agencies, you don’t want anybody to be watching. And so you’ve got to put this next to each other. You’ve got to understand the story. If you’re trying to transition our democracy to a government in which only one person is in charge, you permit people to engage in violence on your behalf so as to intimidate the opposition into being silent, and I’m just going to tell you, if you don’t believe this, there are a lot of folks who don’t support Donald Trump who are not going to show up to rallies, who are not going to participate in politics because they just learned that if they do and somebody hurts them, that person might be let off the hook. 
    “You excuse violence, you arrange government so that you can operate in darkness, and you rig the rules so that nobody is in charge of dispensing money except for you. Violence is a legitimate tool of politics. One person in charge of doling out money. Government decisions made in secret. That’s not a democracy. That is a recipe for corruption. For corruption. 
    “And so, yes, I am fuming mad about how my Republican colleagues talk about law and order and then mostly, with a few exceptions, either remain silent when the most violent January 6 protesters get pardoned or celebrate those pardons. But I also want to be clear that it stands in a context, a context of actions taken during this first week, that are undermining our democracy to the point of putting it on the brink of possible extinction as a means for fundamental corruption to take place inside our government. That should be unacceptable. That is unacceptable. And I’m thankful to Senator Murray and others for bringing us down to the floor to raise this alarm bell. I yield the floor.”

    MIL OSI USA News –

  • MIL-OSI USA: Reed Rebukes Trump’s Disruptive Blanket Suspension of Federal Funds for RI

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    WASHINGTON, DC – Today, U.S. Senator Jack Reed, who, along with his colleagues in the Rhode Island Congressional delegation, was among the first lawmakers to sound the alarm about President Donald Trump unilaterally directing a halt to federal grant funding for Rhode Island and states nationwide, issued the following statement as the fallout from Trump’s freeze metastasizes:
    “President Trump’s disruptive blanket suspension of these federal funds threatens real harm to Americans everywhere.  Trump’s directive is already sewing confusion and chaos with respect to health care, education, housing, disaster aid, and more.  Legal action by organizations and several states, including Rhode Island, is being initiated.  But there is a much quicker, less costly solution here: President Trump should immediately rescind this reckless and unconstitutional directive.  He needs to do it fast because every day this drags on the impacts grow worse.  He should stop wasting taxpayers’ money and putting people, communities, and essential services at risk.
    “I will continue working to halt this irresponsible freeze and ensure federal resources are administered in accordance with the law.”

    MIL OSI USA News –

  • MIL-OSI Global: Global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species

    Source: The Conversation – USA – By Michael Tlusty, Professor of Sustainability and Food Solutions, UMass Boston

    U.S. Fish and Wildlife agents inspect a shipment of reptiles at the Port of Miami. U.S. GAO

    When people think of wildlife trade, they often picture smugglers sneaking in rare and endangered species from far-off countries. Yet most wildlife trade is actually legal, and the United States is one of the world’s biggest wildlife importers.

    New research that we and a team of colleagues published in the Proceedings of the National Academy of Sciences shows that, over the last 22 years, people in the U.S. legally imported nearly 2.85 billion individual animals representing almost 30,000 species.

    Some of these wild animals become pets, such as reptiles, spiders, clownfish, chimpanzees and even tigers. Thousands end up in zoos and aquariums, where many species on display come directly from the wild.

    Medical research uses macaque monkeys and imports up to 39,000 of them every year. The fashion trade imports around 1 million to 2 million crocodile skins every year. Hunting trophies are also included in wildlife.

    How many species are legally traded worldwide?
    Benjamin Marshall, et al., 2024, PNAS, CC BY-SA

    The largest number of imported species are birds – 4,985 different species are imported each year, led by Muscovy ducks, with over 6 million imported. Reptiles are next, with 3,048 species, led by iguanas and royal pythons. These largely become pets.

    Not all wildlife are wild

    We found that just over half of the animals imported into the U.S. come from the wild.

    Capturing wildlife to sell to exporters can be an important income source for rural communities around the world, especially in Africa. However, wild imported species can also spread diseases or parasites or become invasive. In fact, these risks are so worrying that many imported animals are classed as “injurious wildlife” due to their potential role in transmitting diseases to native species.

    Captive breeding has played an increasingly dominant role in recent years as a way to limit the impact on wild populations and to try to reduce disease spread.

    However over half the individual animals from most groups of species, such as amphibians or mammals, still come from the wild, and there is no data on the impact of the wildlife trade on most wild populations.

    Trade may pose a particular risk when species are already rare or have small ranges. Where studies have been done, the wild populations of traded species decreased by an average of 62% across the periods monitored.

    Sustainable wildlife trade is possible, but it relies on careful monitoring to balance wild harvest and captive breeding.

    Data is thin in many ways

    For most species in the wildlife trade, there is still a lot that remains unknown, including even the number of species traded.

    With so many species and shipments, wildlife inspectors are overwhelmed. Trade data may not include the full species name for groups like butterflies or fish. The values in many customs databases are reported by companies but never verified.

    Macaques, used in medical research, are the most-traded primates globally, according to an analysis of U.S. Fish and Wildlife data.
    Davidvraju, CC BY-SA

    In our study, we relied on the U.S. Fish and Wildlife Service’s Law Enforcement Management Information System, a wildlife import-export data collection system. However, few countries collate and release data in such a standardized way; meaning that for the majority of species legally traded around the world there is no available data.

    For example, millions of Tokay geckos are imported as pets and for medicine, and are often reported to be bred in captivity. However, investigators cannot confirm that they weren’t actually caught in the wild.

    Why tracking the wildlife trade is important

    Biodiversity has a great number of economic and ecological benefits. There are also risks to importing wildlife. Understanding the many species and number of animals entering the country, and whether they were once wild or farmed, is important, because imported wildlife can cause health and ecological problems.

    Wildlife can spread diseases to humans and to other animals. Wild-caught monkeys imported for medical research may carry diseases, including ones of particular risk to humans. Those with diseases are more likely to be wild than captive-bred.

    The most-traded mammals worldwide are minks, which are valued for their fur but can spread viruses to humans and other species. About 48 million minks are legally traded annually, about 2.8% wild-caught and the majority raised, according to U.S. Fish and Wildlife data.
    Colin Canterbury/USFWS

    Species that aren’t native to the U.S. may also escape or be released into the wild. Invasive species can cause billions of dollars in damage by consuming and outcompeting native wildlife and spreading diseases.

    We believe better data on the wildlife trade could be used to set management goals, such as harvest quotas or no-take policies for those species in their country of origin.

    What’s next

    The researchers involved in this study come from institutes around the world and are all interested in improving data systems for wildlife trade.

    Some of us focus on how e-commerce platforms such as Etsy and Instagram have become hotspots of wildlife trade and can be challenging to monitor without automation. Esty announced in 2024 that it would remove listings of endangered or threatened species. Others build tools to help wildlife inspectors process the large number of shipments in real time. Many of us examine the problems imported species cause when they become invasive.

    In the age of machine learning, artificial intelligence and big data, it’s possible to better understand the wildlife trade. Consumers can help by buying less, and making informed decisions.

    Michael Tlusty is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data..

    Andrew Rhyne is currently on sabbatical funded by the Canada Border Services Agency (CBSA), focused on the wildlife trade data. He is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data.

    Alice Catherine Hughes 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. Global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species – https://theconversation.com/global-wildlife-trade-is-an-enormous-market-the-us-imports-billions-of-animals-from-nearly-30-000-species-247197

    MIL OSI – Global Reports –

  • MIL-OSI USA: Lummis Introduces Congressional Award Program Reauthorization Act  

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    January 28, 2025

    WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) introduced the Congressional Award Program Reauthorization Act, which would reauthorize the Congressional Award Program. The program is an incredibly high honor for citizens aged 14 to 23 and is authorized by Congress every five years. The program encourages young Americans to pursue goals focused on volunteerism, character development, and fitness.
    “For over four decades, the Congressional Award has inspired young Americans nationwide to dedicate their lives to bettering themselves and their communities,” said Lummis. “This tradition was first established in 1979 by Wyoming Senator Malcolm Wallop, and since then, it has empowered generations of leaders and world-shakers. It is my honor to continue this program that has had such a profound impact on our nation.” 
    To read the bill, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Lummis Files Second Circuit Amicus Brief Pushing Back on SEC Overreach

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    January 28, 2025

    WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) filed an amicus curiae brief on Friday, January 24, 2025 in Coinbase v. Securities and Exchange Commission in the U.S. Court of Appeals for the Second Circuit, pushing back on the failed legislation-by-enforcement strategy of the Securities and Exchange Commission (SEC) under former Chair Gary Gensler and the Biden Administration.
    “The SEC’s approach under the Biden administration was to aggressively reinterpret case law governing Howey and investment contracts, keep those interpretations secret, and then demand compliance from digital asset exchanges,” said Lummis. “Such an approach is un-American. It is the job of Congress to provide a legislative framework that clearly draws the line between a security and a commodity.”
    A copy of the brief can be found here.

    MIL OSI USA News –