Category: Americas

MIL-OSI: Five Star Bancorp Announces Quarterly and Annual Results

Source: GlobeNewswire (MIL-OSI)

RANCHO CORDOVA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024 and $10.8 million for the three months ended December 31, 2023. Net income for the year ended December 31, 2024 was $45.7 million, as compared to $47.7 million for the year ended December 31, 2023.

Financial and Other Highlights

Performance highlights and other developments for the Company for the periods noted below included the following:

	Three months ended
(in thousands, except per share and share data)	December 31, 2024			September 30, 2024			December 31, 2023
Return on average assets (“ROAA”)		1.31	%		1.18	%		1.26	%
Return on average equity (“ROAE”)		13.48	%		11.31	%		15.45	%
Pre-tax income	$	19,367		$	15,241		$	15,151
Pre-tax, pre-provision income⁽¹⁾	$	20,667		$	17,991		$	15,951
Net income	$	13,317		$	10,941		$	10,799
Basic earnings per common share	$	0.63		$	0.52		$	0.63
Diluted earnings per common share	$	0.63		$	0.52		$	0.63
Weighted average basic common shares outstanding		21,182,143			21,182,143			17,175,445
Weighted average diluted common shares outstanding		21,235,318			21,232,758			17,193,114
Shares outstanding at end of period		21,319,083			21,319,583			17,256,989

	Year ended
(in thousands, except per share and share data)	December 31, 2024			December 31, 2023
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Pre-tax income	$	64,721		$	66,616
Pre-tax, pre-provision income⁽¹⁾	$	71,671		$	70,616
Net income	$	45,671		$	47,734
Basic earnings per common share	$	2.26		$	2.78
Diluted earnings per common share	$	2.26		$	2.78
Weighted average basic common shares outstanding		20,154,385			17,166,592
Weighted average diluted common shares outstanding		20,205,440			17,187,969
Shares outstanding at end of period		21,319,083			17,256,989

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

“While we focus on the future and maintaining a position of distinction and respect in the markets we serve, we proudly look back at 2024 as another outstanding year of achievement. We experienced consistent, strong financial performance with year-over-year growth in loans and deposits, a consistent shareholder dividend, and stable net interest margin. We also continued our successful execution of our San Francisco market expansion and now have 27 employees in the San Francisco Bay Area who contributed $229.5 million in deposits from June 5, 2023 to December 31, 2024. We have managed expenses and executed on conservative underwriting practices, which are foundational to our success.

Five Star Bank consistently executes on client and community-focused initiatives, and in 2024, we received a Super Premier rating from Findley Reports, an IDC Superior rating, and a Bauer Financial rating of 5 stars (out of five). We were also awarded the prestigious 2023 Raymond James Community Bankers Cup, were among S&P Global Market Intelligence’s 2023 Top 20 Best-Performing Community banks in the nation (with assets between $3 billion and $10 billion), and were ranked fifth on the 2024 Bank Director Magazine (RankingBanking) Best U.S. Banks with assets less than $5 billion. We also received the Greater Sacramento Economic Council’s Sustainability Award recognizing a company that has supported industry growth in the Greater Sacramento region.

In 2024, our senior leadership was recognized by the Sacramento Business Journal with a C-Suite Award, a Women Who Mean Business honor, a 40 Under 40 recognition, and placement on the Power 100 list. Our senior leadership was also recognized on the San Francisco Business Times’ Newsmaker 100 list, as part of the Independent Community Bankers of America’s 40 Under 40: Emerging Community Bank Leaders, among the Association of Latino Professionals for America’s 50 Most Powerful Latinas, and with a National Association of Women Business Owners’ Sacramento Valley Outstanding Women Leaders’ Executive Woman award.

Being recognized as community leaders ensures Five Star Bank remains top of mind in the markets we serve as we continue to build-out our market presence. I am humbled and proud of our team’s accomplishments and look forward to the future.”

Financial highlights included the following:

The San Francisco Bay Area team, which increased from 24 to 27 employees during the three months ended December 31, 2024, generated deposit balances totaling $229.5 million at December 31, 2024, an increase of $40.4 million from September 30, 2024.
Cash and cash equivalents were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 7.38% at September 30, 2024.
Total deposits increased by $158.0 million, or 4.65%, during the three months ended December 31, 2024, due to increases in both non-wholesale and wholesale deposits, which the Company defines as brokered deposits and public time deposits. During the three months ended December 31, 2024, non-wholesale deposits increased by $8.0 million, or 0.27%, and wholesale deposits increased by $150.0 million, or 36.59%.
Consistent, disciplined management of expenses contributed to our efficiency ratio of 41.21% for the three months ended December 31, 2024, as compared to 43.37% for the three months ended September 30, 2024.
For the three months ended December 31, 2024, net interest margin was 3.36%, as compared to 3.37% for the three months ended September 30, 2024 and 3.19% for the three months ended December 31, 2023. For the year ended December 31, 2024, net interest margin was 3.32%, as compared to 3.42% for the year ended December 31, 2023. The effective Federal Funds rate fell to 4.33% as of December 31, 2024 from 4.83% as of September 30, 2024 and 5.33% as of December 31, 2023.
Other comprehensive loss was $2.6 million during the three months ended December 31, 2024. Unrealized losses, net of tax effect, on available-for-sale securities were $12.4 million as of December 31, 2024. Total carrying value of held-to-maturity and available-for-sale securities represented 0.07% and 2.48% of total interest-earning assets, respectively, as of December 31, 2024.
The Company’s common equity Tier 1 capital ratio was 11.02% and 10.93% as of December 31, 2024 and September 30, 2024, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
Loan and deposit growth in the three and twelve months ended December 31, 2024 was as follows:

(in thousands)	December 31, 2024		September 30, 2024		$ Change		% Change
Loans held for investment	$	3,532,686	$	3,460,565	$	72,121	2.08	%
Non-interest-bearing deposits		922,629		906,939		15,690	1.73	%
Interest-bearing deposits		2,635,365		2,493,040		142,325	5.71	%

(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Loans held for investment	$	3,532,686	$	3,081,719	$	450,967	14.63	%
Non-interest-bearing deposits		922,629		831,101		91,528	11.01	%
Interest-bearing deposits		2,635,365		2,195,795		439,570	20.02	%

The ratio of nonperforming loans to loans held for investment at period end decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024.
The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended December 31, 2024. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on January 16, 2025, which the Company expects to pay on February 10, 2025 to shareholders of record as of February 3, 2025.

Summary Results

Three months ended December 31, 2024, as compared to three months ended September 30, 2024

The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024. Net interest income increased by $3.1 million, primarily due to an increase in interest income driven by a larger average balance of interest-earning assets, partially offset by an increase in interest expense due to a larger average balance of deposits, as compared to September 30, 2024. The provision for credit losses decreased by $1.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended September 30, 2024. Non-interest income increased by $0.3 million, primarily due to income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a loss from equity investments in venture-backed funds during the three months ended September 30, 2024. Non-interest expense increased by $0.7 million, primarily due to: (i) increased salaries and employee benefits mainly resulting from increased loan production driving higher commissions expense period-over-period; and (ii) increased advertising and promotional expenses due to a larger number of events sponsored and attended period-over-period.

Three months ended December 31, 2024, as compared to three months ended December 31, 2023

The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.8 million for the three months ended December 31, 2023. Net interest income increased by $6.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $0.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Non-interest income decreased by $0.3 million, primarily due to lower swap referral and rate lock fees during the three months ended December 31, 2024 compared to the same quarter of the prior year. Non-interest expense increased by $1.8 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

Year ended December 31, 2024, as compared to year ended December 31, 2023

The Company’s net income was $45.7 million for the year ended December 31, 2024, as compared to $47.7 million for the year ended December 31, 2023. Net interest income increased by $8.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $3.0 million, or 73.75%, as loan originations in the year ended December 31, 2024 were almost double those for the year ended December 31, 2023. Non-interest income decreased by $1.1 million, primarily due to lower income received on equity investments in venture-backed funds during the year ended December 31, 2024 than during the year ended December 31, 2023. Non-interest expense increased by $6.7 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	December 31, 2024			September 30, 2024			$ Change			% Change
Selected operating data:
Net interest income	$	33,489		$	30,386		$	3,103		10.21	%
Provision for credit losses		1,300			2,750			(1,450	)	(52.73)	%
Non-interest income		1,666			1,381			285		20.64	%
Non-interest expense		14,488			13,776			712		5.17	%
Pre-tax income		19,367			15,241			4,126		27.07	%
Provision for income taxes		6,050			4,300			1,750		40.70	%
Net income	$	13,317		$	10,941		$	2,376		21.72	%
Earnings per common share:
Basic	$	0.63		$	0.52		$	0.11		21.15	%
Diluted	$	0.63		$	0.52		$	0.11		21.15	%
Performance and other financial ratios:
ROAA		1.31	%		1.18	%
ROAE		13.48	%		11.31	%
Net interest margin		3.36	%		3.37	%
Cost of funds		2.65	%		2.72	%
Efficiency ratio		41.21	%		43.37	%

	Three months ended
(in thousands, except per share data)	December 31, 2024			December 31, 2023			$ Change			% Change
Selected operating data:
Net interest income	$	33,489		$	26,678		$	6,811		25.53	%
Provision for credit losses		1,300			800			500		62.50	%
Non-interest income		1,666			1,936			(270	)	(13.95)	%
Non-interest expense		14,488			12,663			1,825		14.41	%
Pre-tax income		19,367			15,151			4,216		27.83	%
Provision for income taxes		6,050			4,352			1,698		39.02	%
Net income	$	13,317		$	10,799		$	2,518		23.32	%
Earnings per common share:
Basic	$	0.63		$	0.63		$	—		—	%
Diluted	$	0.63		$	0.63		$	—		—	%
Performance and other financial ratios:
ROAA		1.31	%		1.26	%
ROAE		13.48	%		15.45	%
Net interest margin		3.36	%		3.19	%
Cost of funds		2.65	%		2.50	%
Efficiency ratio		41.21	%		44.25	%

	Year ended
(in thousands, except per share data)	December 31, 2024			December 31, 2023			$ Change			% Change
Selected operating data:
Net interest income	$	119,711		$	110,880		$	8,831		7.96	%
Provision for credit losses		6,950			4,000			2,950		73.75	%
Non-interest income		6,453			7,511			(1,058	)	(14.09)	%
Non-interest expense		54,493			47,775			6,718		14.06	%
Pre-tax income		64,721			66,616			(1,895	)	(2.84)	%
Provision for income taxes		19,050			18,882			168		0.89	%
Net income	$	45,671		$	47,734		$	(2,063	)	(4.32)	%
Earnings per common share:
Basic	$	2.26		$	2.78		$	(0.52	)	(18.71)	%
Diluted	$	2.26		$	2.78		$	(0.52	)	(18.71)	%
Performance and other financial ratios:
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Net interest margin		3.32	%		3.42	%
Cost of funds		2.64	%		2.10	%
Efficiency ratio		43.19	%		40.35	%

Balance Sheet Summary

(in thousands)	December 31, 2024		December 31, 2023		$ Change			% Change
Selected financial condition data:
Total assets	$	4,053,278	$	3,593,125	$	460,153		12.81	%
Cash and cash equivalents		352,343		321,576		30,767		9.57	%
Total loans held for investment		3,532,686		3,081,719		450,967		14.63	%
Total investments		100,914		111,160		(10,246	)	(9.22)	%
Total liabilities		3,656,654		3,307,351		349,303		10.56	%
Total deposits		3,557,994		3,026,896		531,098		17.55	%
Subordinated notes, net		73,895		73,749		146		0.20	%
Total shareholders’ equity		396,624		285,774		110,850		38.79	%

Insured and collateralized deposits were approximately $2.4 billion, representing 66.92% of total deposits as of December 31, 2024. Net uninsured and uncollateralized deposits were approximately $1.2 billion as of December 31, 2024.
Commercial and consumer deposit accounts constituted 77.00% of total deposits. Deposit relationships of greater than $5 million represented 61.13% of total deposits and had an average age of approximately 9.28 years as of December 31, 2024.
Cash and cash equivalents as of December 31, 2024 were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 10.62% as of December 31, 2023.
Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $1.9 billion as of December 31, 2024.

	December 31, 2024
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,212,209	$	701,500	$	—	$	510,709
Federal Reserve Discount Window		862,136		—		—		862,136
Correspondent bank lines of credit		175,000		—		—		175,000
Cash and cash equivalents		—		—		—		352,343
Total	$	2,249,345	$	701,500	$	—	$	1,900,188

The increase in total assets from December 31, 2023 to December 31, 2024 was primarily due to a $451.0 million increase in total loans held for investment and a $30.8 million increase in cash and cash equivalents, partially offset by a $10.2 million decrease in investments. The $451.0 million increase in total loans held for investment between December 31, 2023 and December 31, 2024 was the result of $1.1 billion in loan originations, partially offset by $263.0 million and $423.0 million in loan payoffs and paydowns, respectively. The $451.0 million increase in total loans held for investment included $281.4 million in purchased loans within the consumer concentration of the loan portfolio. The $30.8 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $425.7 million and $52.3 million, respectively, partially offset by net cash outflows related to investing activities of $447.3 million.

The increase in total liabilities from December 31, 2023 to December 31, 2024 was primarily attributable to an increase in deposits of $531.1 million, partially offset by a decrease in other borrowings of $170.0 million. The $531.1 million increase in deposits was largely due to increases in money market, time, and non-interest-bearing demand deposits of $242.9 million, $203.6 million, and $91.5 million, respectively, partially offset by decreases in interest-bearing demand and savings deposits of $5.1 million and $1.8 million, respectively.

The increase in total shareholders’ equity from December 31, 2023 to December 31, 2024 was primarily a result of $80.9 million of additional common stock issued during the year and net income recognized of $45.7 million, partially offset by $16.2 million in cash dividends paid during the period.

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024			September 30, 2024			$ Change		% Change
Interest and fee income	$	57,745		$	52,667		$	5,078	9.64	%
Interest expense		24,256			22,281			1,975	8.86	%
Net interest income	$	33,489		$	30,386		$	3,103	10.21	%
Net interest margin		3.36	%		3.37	%

	Three months ended
(in thousands)	December 31, 2024			December 31, 2023			$ Change		% Change
Interest and fee income	$	57,745		$	46,180		$	11,565	25.04	%
Interest expense		24,256			19,502			4,754	24.38	%
Net interest income	$	33,489		$	26,678		$	6,811	25.53	%
Net interest margin		3.36	%		3.19	%

	Year ended
(in thousands)	December 31, 2024			December 31, 2023			$ Change		% Change
Interest and fee income	$	206,951		$	174,382		$	32,569	18.68	%
Interest expense		87,240			63,502			23,738	37.38	%
Net interest income	$	119,711		$	110,880		$	8,831	7.96	%
Net interest margin		3.32	%		3.42	%

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	December 31, 2024						September 30, 2024						December 31, 2023
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	363,828	$	4,335	4.74	%	$	126,266	$	1,657	5.22	%	$	157,775	$	2,100	5.28	%
Investment securities		103,930		607	2.33	%		106,256		620	2.32	%		106,483		651	2.43	%
Loans held for investment and sale		3,498,109		52,803	6.01	%		3,354,050		50,390	5.98	%		3,055,042		43,429	5.64	%
Total interest-earning assets		3,965,867		57,745	5.79	%		3,586,572		52,667	5.84	%		3,319,300		46,180	5.52	%
Interest receivable and other assets, net		91,736						91,965						80,360
Total assets	$	4,057,603					$	3,678,537					$	3,399,660

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	298,518	$	1,249	1.66	%	$	302,188	$	1,237	1.63	%	$	291,967	$	1,091	1.48	%
Savings accounts		127,298		887	2.77	%		124,851		979	3.12	%		130,915		891	2.70	%
Money market accounts		1,596,116		13,520	3.37	%		1,578,244		14,688	3.70	%		1,347,111		10,824	3.19	%
Time accounts		617,596		7,438	4.79	%		326,640		4,172	5.08	%		417,434		5,322	5.06	%
Subordinated notes and other borrowings		73,872		1,162	6.25	%		76,988		1,205	6.23	%		88,401		1,374	6.16	%
Total interest-bearing liabilities		2,713,400		24,256	3.56	%		2,408,911		22,281	3.68	%		2,275,828		19,502	3.40	%
Demand accounts		921,881						852,872						821,651
Interest payable and other liabilities		29,234						32,062						24,886
Shareholders’ equity		393,088						384,692						277,295
Total liabilities & shareholders’ equity	$	4,057,603					$	3,678,537					$	3,399,660

Net interest spread					2.23	%					2.16	%					2.12	%
Net interest income/margin			$	33,489	3.36	%			$	30,386	3.37	%			$	26,678	3.19	%

Net interest income during the three months ended December 31, 2024 increased $3.1 million, or 10.21%, to $33.5 million compared to $30.4 million during the three months ended September 30, 2024. Net interest margin totaled 3.36% for the three months ended December 31, 2024, a decrease of one basis point compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $5.1 million in interest income due to a $379.3 million, or 10.58%, increase in the average balance of interest-earning assets during the three months ended December 31, 2024 compared to the prior quarter. The increase in interest income was partially offset by a $2.0 million increase in deposit interest expense due to a $376.6 million, or 11.83%, increase in the average balance of deposits during the three months ended December 31, 2024 compared to the prior quarter.

As compared to the three months ended December 31, 2023, net interest income increased $6.8 million, or 25.53%, to $33.5 million compared to $26.7 million. Net interest margin totaled 3.36% for the three months ended December 31, 2024, an increase of 17 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $9.4 million in loan interest income due to a $443.1 million, or 14.50%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans during the three months ended December 31, 2024 compared to the same quarter of the prior year. The increase in interest income was partially offset by a $5.0 million increase in deposit interest expense due to a $552.3 million, or 18.36%, increase in the average balance of deposits and a 19 basis point increase in the average cost of deposits during the three months ended December 31, 2024 compared to the same quarter of the prior year.

The following table shows the components of net interest income and net interest margin for the annual periods indicated:

	Year ended
	December 31, 2024						December 31, 2023
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	218,156	$	11,080	5.08	%	$	184,103	$	9,069	4.93	%
Investment securities		106,289		2,530	2.38	%		113,515		2,600	2.29	%
Loans held for investment and sale		3,283,874		193,341	5.89	%		2,947,603		162,713	5.52	%
Total interest-earning assets		3,608,319		206,951	5.74	%		3,245,221		174,382	5.37	%
Interest receivable and other assets, net		90,061						75,741
Total assets	$	3,698,380					$	3,320,962

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	298,137	$	4,716	1.58	%	$	312,944	$	3,321	1.06	%
Savings accounts		124,208		3,584	2.89	%		140,060		3,073	2.19	%
Money market accounts		1,533,405		53,750	3.51	%		1,263,539		33,932	2.69	%
Time accounts		412,007		20,348	4.94	%		372,557		17,535	4.71	%
Subordinated notes and other borrowings		77,335		4,842	6.26	%		93,279		5,641	6.05	%
Total interest-bearing liabilities		2,445,092		87,240	3.57	%		2,182,379		63,502	2.91	%
Demand accounts		858,789						844,057
Interest payable and other liabilities		35,331						27,127
Shareholders’ equity		359,168						267,399
Total liabilities & shareholders’ equity	$	3,698,380					$	3,320,962

Net interest spread					2.17	%					2.46	%
Net interest income/margin			$	119,711	3.32	%			$	110,880	3.42	%

Net interest income during the year ended December 31, 2024 increased $8.8 million, or 7.96%, to $119.7 million compared to $110.9 million during the year ended December 31, 2023. Net interest margin totaled 3.32% for the year ended December 31, 2024, a decrease of 10 basis points compared to the prior year. The increase in net interest income is primarily attributable to an additional $30.6 million in loan interest income due to a $336.3 million, or 11.41%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans as compared to the prior year. The increase in interest income was partially offset by an additional $24.5 million in deposit interest expense due to a $293.4 million, or 10.00%, increase in the average balance of deposits and a 58 basis point increase in the average cost of deposits compared to the prior year.

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of December 31, 2024:

(in thousands)
Real estate:
Commercial	$	2,857,173
Commercial land and development		3,849
Commercial construction		111,318
Residential construction		4,561
Residential		32,774
Farmland		47,241
Commercial:
Secured		170,548
Unsecured		27,558
Consumer and other		279,584
Net deferred loan fees		(1,920	)
Total loans held for investment	$	3,532,686

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of December 31, 2024:

(in thousands)
Interest-bearing demand accounts	$	315,217
Money market accounts		1,525,293
Savings accounts		124,702
Time accounts		670,153
Total interest-bearing deposits	$	2,635,365

Asset Quality

Allowance for Credit Losses

At December 31, 2024, the Company’s allowance for credit losses was $37.8 million, as compared to $34.4 million at December 31, 2023. The $3.4 million increase in the allowance is due to a $7.5 million provision for credit losses recorded during the twelve months ended December 31, 2024, partially offset by net charge-offs of $4.1 million, mainly attributable to commercial and industrial loans, during the same period.

The Company’s ratio of nonperforming loans to loans held for investment decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024. Loans designated as watch increased from $39.6 million to $123.4 million between December 31, 2023 and December 31, 2024. Loans designated as substandard increased from $2.0 million to $2.6 million between December 31, 2023 and December 31, 2024. There were no loans with doubtful risk grades at December 31, 2024 or December 31, 2023.

A summary of the allowance for credit losses by loan class is as follows:

	December 31, 2024				December 31, 2023
(in thousands)	Amount		% of Total		Amount		% of Total
Real estate:
Commercial	$	25,864	68.44	%	$	29,015	84.27	%
Commercial land and development		78	0.21	%		178	0.52	%
Commercial construction		2,268	6.00	%		718	2.08	%
Residential construction		64	0.17	%		89	0.26	%
Residential		270	0.71	%		151	0.44	%
Farmland		607	1.61	%		399	1.16	%
		29,151	77.14	%		30,550	88.73	%
Commercial:
Secured		5,866	15.52	%		3,314	9.62	%
Unsecured		278	0.74	%		189	0.55	%
		6,144	16.26	%		3,503	10.17	%
Consumer and other		2,496	6.60	%		378	1.10	%
Total allowance for credit losses	$	37,791	100.00	%	$	34,431	100.00	%

The ratio of allowance for credit losses to loans held for investment was 1.07% at December 31, 2024, as compared to 1.12% at December 31, 2023.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		$ Change			% Change
Service charges on deposit accounts	$	179	$	165	$	14		8.48	%
Gain on sale of loans		150		306		(156	)	(50.98)	%
Loan-related fees		400		406		(6	)	(1.48)	%
FHLB stock dividends		332		327		5		1.53	%
Earnings on bank-owned life insurance		182		162		20		12.35	%
Other income		423		15		408		2,720.00	%
Total non-interest income	$	1,666	$	1,381	$	285		20.64	%

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $4.4 million of loans sold with an effective yield of 7.03% during the three months ended September 30, 2024.

Other income. The increase resulted primarily from $0.3 million of income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a $0.1 million loss from equity investments in venture-backed funds during the three months ended September 30, 2024.

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		December 31, 2023			$ Change			% Change
Service charges on deposit accounts	$	179	$	165		$	14		8.48	%
Net gain (loss) on sale of securities		—		(167	)		167		(100.00)	%
Gain on sale of loans		150		317			(167	)	(52.68)	%
Loan-related fees		400		667			(267	)	(40.03)	%
FHLB stock dividends		332		314			18		5.73	%
Earnings on bank-owned life insurance		182		155			27		17.42	%
Other income		423		485			(62	)	(12.78)	%
Total non-interest income	$	1,666	$	1,936		$	(270	)	(13.95)	%

Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities related to the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the three months ended December 31, 2023, with no sales occurring during the three months ended December 31, 2024.

Gain on sale of loans. The decrease resulted from an overall decline in the volume of loans sold during the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $5.9 million of loans sold with an effective yield of 5.41% during the three months ended December 31, 2023.

Loan-related fees. The decrease resulted from the recognition of $0.2 million lower rate lock fees and $0.1 million lower swap referral fees during the three months ended December 31, 2024 than the three months ended December 31, 2023.

Non-interest income for the periods indicated:

	Year ended
(in thousands)	December 31, 2024		December 31, 2023			$ Change			% Change
Service charges on deposit accounts	$	721	$	575		$	146		25.39	%
Net gain (loss) on sale of securities		—		(167	)		167		(100.00)	%
Gain on sale of loans		1,274		1,952			(678	)	(34.73)	%
Loan-related fees		1,605		1,719			(114	)	(6.63)	%
FHLB stock dividends		1,320		970			350		36.08	%
Earnings on bank-owned life insurance		644		510			134		26.27	%
Other income		889		1,952			(1,063	)	(54.46)	%
Total non-interest income	$	6,453	$	7,511		$	(1,058	)	(14.09)	%

Service charges on deposit accounts. The increase resulted primarily from a $0.2 million increase in wire transfer fees recognized, partially offset by a small decrease in other fees recognized during the year ended December 31, 2024 compared to the year ended December 31, 2023.

Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities resulted from the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the year ended December 31, 2023, with no sales occurring during the year ended December 31, 2024.

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the year ended December 31, 2024 compared to the year ended December 31, 2023. During the year ended December 31, 2024, approximately $18.3 million of loans were sold with an effective yield of 6.96%, as compared to approximately $36.5 million of loans sold with an effective yield of 5.35% during the year ended December 31, 2023.

Loan-related fees. The decrease was primarily a result of a $0.2 million net decrease in income earned from the credit card program, partially offset by a small increase in loan fee income earned on various loan types and services.

FHLB stock dividends. The increase primarily relates to a 50 basis point increase in the annualized dividend rate earned year-over-year, while the average shares outstanding remained consistent.

Earnings on bank-owned life insurance. The increase was primarily due to additional policies purchased between December 31, 2024 and December 31, 2023.

Other income. The decrease resulted primarily from $0.5 million in income received on equity investments in venture-backed funds during the year ended December 31, 2024, as compared to $1.7 million in income received on equity investments in venture-back funds during the year ended December 31, 2023.

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		$ Change			% Change
Salaries and employee benefits	$	8,360	$	7,969	$	391		4.91	%
Occupancy and equipment		649		626		23		3.67	%
Data processing and software		1,369		1,327		42		3.17	%
Federal Deposit Insurance Corporation (“FDIC”) insurance		440		405		35		8.64	%
Professional services		774		830		(56	)	(6.75)	%
Advertising and promotional		752		584		168		28.77	%
Loan-related expenses		321		292		29		9.93	%
Other operating expenses		1,823		1,743		80		4.59	%
Total non-interest expense	$	14,488	$	13,776	$	712		5.17	%

Salaries and employee benefits. The increase was primarily a result of: (i) a $0.1 million increase in salaries, benefits, and bonus expense; and (ii) a $0.5 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.2 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Advertising and promotional. The increase was primarily due to the timing of events sponsored and attended during the three months ended December 31, 2024 compared to the three months ended September 30, 2024.

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Salaries and employee benefits	$	8,360	$	7,182	$	1,178	16.40	%
Occupancy and equipment		649		583		66	11.32	%
Data processing and software		1,369		1,110		259	23.33	%
FDIC insurance		440		370		70	18.92	%
Professional services		774		658		116	17.63	%
Advertising and promotional		752		717		35	4.88	%
Loan-related expenses		321		268		53	19.78	%
Other operating expenses		1,823		1,775		48	2.70	%
Total non-interest expense	$	14,488	$	12,663	$	1,825	14.41	%

Salaries and employee benefits. The increase was primarily a result of: (i) a $1.0 million increase in salaries, benefits, and bonus expense, of which approximately $0.8 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $0.7 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.5 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was primarily due to increased audit and examination fees for services provided for the three months ended December 31, 2024 compared to the three months ended December 31, 2023.

The following table presents the key components of non-interest expense for the periods indicated:

	Year ended
(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Salaries and employee benefits	$	31,709	$	27,097	$	4,612	17.02	%
Occupancy and equipment		2,547		2,218		329	14.83	%
Data processing and software		5,088		4,015		1,073	26.72	%
FDIC insurance		1,635		1,557		78	5.01	%
Professional services		3,078		2,575		503	19.53	%
Advertising and promotional		2,411		2,403		8	0.33	%
Loan-related expenses		1,207		1,192		15	1.26	%
Other operating expenses		6,818		6,718		100	1.49	%
Total non-interest expense	$	54,493	$	47,775	$	6,718	14.06	%

Salaries and employee benefits. The increase was the result of: (i) a $3.5 million increase in salaries, benefits, and bonus, of which approximately $3.3 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $1.4 million increase in commissions paid, primarily to employees in the San Francisco Bay Area. The increase was partially offset by a $0.3 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Occupancy and equipment. The increase related to rent expense for the San Francisco branch office and a new office lease to support back office staff during the year ended December 31, 2024, which did not exist for the full year ended December 31, 2023.

Data processing and software. The increase related to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was due to an increase in audit, IT support, and other consulting fees for services provided for the year ended December 31, 2024 compared to the year ended December 31, 2023.

Other operating expenses. The increase is primarily related to a $0.2 million increase in IntraFi Network fees resulting from an overall increase in balances carried in the network, partially offset by a $0.1 million decrease in conference and training expenses.

Provision for Income Taxes

Three months ended December 31, 2024, as compared to the three months ended September 30, 2024

Provision for income taxes for the quarter ended December 31, 2024 increased by $1.8 million, or 40.70%, to $6.1 million, as compared to $4.3 million for the quarter ended September 30, 2024, which was primarily due to: (i) the increase in taxable income recognized during the three months ended December 31, 2024; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended September 30, 2024. The effective tax rate was 31.24% and 28.21% for the three months ended December 31, 2024 and September 30, 2024, respectively.

Three months ended December 31, 2024, as compared to the three months ended December 31, 2023

Provision for income taxes increased by $1.7 million, or 39.02%, to $6.1 million for the three months ended December 31, 2024, as compared to $4.4 million for the three months ended December 31, 2023. This increase is due to: (i) the increase in taxable income for the three months ended December 31, 2024 compared to the three months ended December 31, 2023; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended December 31, 2023. The effective tax rate was 31.24% and 28.72% for the three months ended December 31, 2024 and December 31, 2023, respectively.

Year ended December 31, 2024, as compared to the year ended December 31, 2023

Provision for income taxes increased by $0.2 million, or 0.89%, to $19.1 million for the year ended December 31, 2024, as compared to $18.9 million for the year ended December 31, 2023. This increase is due to a $0.6 million provision to return true-up recorded during the year ended December 31, 2024, partially offset by a decline in taxable income year-over-year. The effective tax rate was 29.43% and 28.34% for the years ended December 31, 2024 and December 31, 2023, respectively.

Webcast Details

Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, January 28, 2025, at 1:00 pm ET (10:00 am PT), to discuss its fourth quarter and annual financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	December 31, 2024			September 30, 2024			December 31, 2023
Revenue and Expense Data
Interest and fee income	$	57,745		$	52,667		$	46,180
Interest expense		24,256			22,281			19,502
Net interest income		33,489			30,386			26,678
Provision for credit losses		1,300			2,750			800
Net interest income after provision		32,189			27,636			25,878
Non-interest income:
Service charges on deposit accounts		179			165			165
Net gain (loss) on sale of securities		—			—			(167	)
Gain on sale of loans		150			306			317
Loan-related fees		400			406			667
FHLB stock dividends		332			327			314
Earnings on bank-owned life insurance		182			162			155
Other income		423			15			485
Total non-interest income		1,666			1,381			1,936
Non-interest expense:
Salaries and employee benefits		8,360			7,969			7,182
Occupancy and equipment		649			626			583
Data processing and software		1,369			1,327			1,110
FDIC insurance		440			405			370
Professional services		774			830			658
Advertising and promotional		752			584			717
Loan-related expenses		321			292			268
Other operating expenses		1,823			1,743			1,775
Total non-interest expense		14,488			13,776			12,663
Income before provision for income taxes		19,367			15,241			15,151
Provision for income taxes		6,050			4,300			4,352
Net income	$	13,317		$	10,941		$	10,799

Comprehensive Income
Net income	$	13,317		$	10,941		$	10,799
Net unrealized holding (loss) gain on securities available-for-sale during the period		(3,747	)		3,549			5,744
Reclassification for net loss on sale of securities included in net income		—			—			167
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(1,108	)		1,049			1,747
Other comprehensive (loss) income		(2,639	)		2,500			4,164
Total comprehensive income	$	10,678		$	13,441		$	14,963

Share and Per Share Data
Earnings per common share:
Basic	$	0.63		$	0.52		$	0.63
Diluted	$	0.63		$	0.52		$	0.63
Book value per share	$	18.60		$	18.29		$	16.56
Tangible book value per share⁽¹⁾	$	18.60		$	18.29		$	16.56
Weighted average basic common shares outstanding		21,182,143			21,182,143			17,175,445
Weighted average diluted common shares outstanding		21,235,318			21,232,758			17,193,114
Shares outstanding at end of period		21,319,083			21,319,583			17,256,989

Credit Quality
Allowance for credit losses to period end nonperforming loans		2,101.78	%		2,041.44	%		1,752.70	%
Nonperforming loans to loans held for investment		0.05	%		0.05	%		0.06	%
Nonperforming assets to total assets		0.05	%		0.05	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.05	%		0.05	%		0.06	%

Selected Financial Ratios
ROAA		1.31	%		1.18	%		1.26	%
ROAE		13.48	%		11.31	%		15.45	%
Net interest margin		3.36	%		3.37	%		3.19	%
Loan to deposit		99.38	%		101.87	%		102.19	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

	Year ended
(in thousands, except per share and share data)	December 31, 2024			December 31, 2023
Revenue and Expense Data
Interest and fee income	$	206,951		$	174,382
Interest expense		87,240			63,502
Net interest income		119,711			110,880
Provision for credit losses		6,950			4,000
Net interest income after provision		112,761			106,880
Non-interest income:
Service charges on deposit accounts		721			575
Net gain (loss) on sale of securities		—			(167	)
Gain on sale of loans		1,274			1,952
Loan-related fees		1,605			1,719
FHLB stock dividends		1,320			970
Earnings on bank-owned life insurance		644			510
Other income		889			1,952
Total non-interest income		6,453			7,511
Non-interest expense:
Salaries and employee benefits		31,709			27,097
Occupancy and equipment		2,547			2,218
Data processing and software		5,088			4,015
FDIC insurance		1,635			1,557
Professional services		3,078			2,575
Advertising and promotional		2,411			2,403
Loan-related expenses		1,207			1,192
Other operating expenses		6,818			6,718
Total non-interest expense		54,493			47,775
Income before provision for income taxes		64,721			66,616
Provision for income taxes		19,050			18,882
Net income	$	45,671		$	47,734

Comprehensive Income
Net income	$	45,671		$	47,734
Net unrealized holding (loss) gain on securities available-for-sale during the period		(858	)		2,228
Reclassification for net loss on sale of securities included in net income		—			167
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(254	)		708
Other comprehensive (loss) income		(604	)		1,687
Total comprehensive income	$	45,067		$	49,421

Share and Per Share Data
Earnings per common share:
Basic	$	2.26		$	2.78
Diluted	$	2.26		$	2.78
Book value per share	$	18.60		$	16.56
Tangible book value per share⁽¹⁾	$	18.60		$	16.56
Weighted average basic common shares outstanding		20,154,385			17,166,592
Weighted average diluted common shares outstanding		20,205,440			17,187,969
Shares outstanding at end of period		21,319,083			17,256,989

Credit Quality
Allowance for credit losses to period end nonperforming loans		2,101.78	%		1,752.70	%
Nonperforming loans to loans held for investment		0.05	%		0.06	%
Nonperforming assets to total assets		0.05	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.05	%		0.06	%

Selected Financial Ratios
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Net interest margin		3.32	%		3.42	%
Loan to deposit		99.38	%		102.19	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

(in thousands)	December 31, 2024			September 30, 2024			December 31, 2023
Balance Sheet Data
Cash and due from financial institutions	$	33,882		$	44,531		$	26,986
Interest-bearing deposits in banks		318,461			206,321			294,590
Time deposits in banks		4,121			4,118			5,858
Securities – available-for-sale, at fair value		98,194			104,238			108,083
Securities – held-to-maturity, at amortized cost		2,720			2,720			3,077
Loans held for sale		3,247			2,910			11,464
Loans held for investment		3,532,686			3,460,565			3,081,719
Allowance for credit losses		(37,791	)		(37,583	)		(34,431	)
Loans held for investment, net of allowance for credit losses		3,494,895			3,422,982			3,047,288
FHLB stock		15,000			15,000			15,000
Operating leases, right-of-use asset		6,245			6,590			5,284
Premises and equipment, net		1,584			1,657			1,623
Bank-owned life insurance		19,375			19,192			17,180
Interest receivable and other assets		55,554			56,745			56,692
Total assets	$	4,053,278		$	3,887,004		$	3,593,125

Non-interest-bearing deposits	$	922,629		$	906,939		$	831,101
Interest-bearing deposits		2,635,365			2,493,040			2,195,795
Total deposits		3,557,994			3,399,979			3,026,896
Subordinated notes, net		73,895			73,859			73,749
Other borrowings		—			—			170,000
Operating lease liability		6,857			7,101			5,603
Interest payable and other liabilities		17,908			16,135			31,103
Total liabilities		3,656,654			3,497,074			3,307,351

Common stock		302,531			302,251			220,505
Retained earnings		106,464			97,411			77,036
Accumulated other comprehensive loss, net of taxes		(12,371	)		(9,732	)		(11,767	)
Total shareholders’ equity		396,624			389,930			285,774
Total liabilities and shareholders’ equity	$	4,053,278		$	3,887,004		$	3,593,125

Quarterly Average Balance Data
Average loans held for investment and sale	$	3,498,109		$	3,354,050		$	3,055,042
Average interest-earning assets		3,965,867			3,586,572			3,319,300
Average total assets		4,057,603			3,678,537			3,399,660
Average deposits		3,561,409			3,184,795			3,009,078
Average total equity		393,088			384,692			277,295

Capital Ratios
Total shareholders’ equity to total assets		9.79	%		10.03	%		7.95	%
Tangible shareholders’ equity to tangible assets⁽¹⁾		9.79	%		10.03	%		7.95	%
Total capital (to risk-weighted assets)		13.99	%		13.94	%		12.30	%
Tier 1 capital (to risk-weighted assets)		11.02	%		10.93	%		9.07	%
Common equity Tier 1 capital (to risk-weighted assets)		11.02	%		10.93	%		9.07	%
Tier 1 leverage ratio		10.05	%		10.83	%		8.73	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

Non-GAAP Reconciliation (Unaudited)

The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. 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.

Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income.

The following reconciliation tables provide a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		December 31, 2023
Pre-tax, pre-provision income
Pre-tax income	$	19,367	$	15,241	$	15,151
Add: provision for credit losses		1,300		2,750		800
Pre-tax, pre-provision income	$	20,667	$	17,991	$	15,951

	Year ended
(in thousands)	December 31, 2024		December 31, 2023
Pre-tax, pre-provision income
Pre-tax income	$	64,721	$	66,616
Add: provision for credit losses		6,950		4,000
Pre-tax, pre-provision income	$	71,671	$	70,616

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

The MIL Network –

January 28, 2025

MIL-OSI USA: Welch Commemorates International Holocaust Remembrance Day, 80 Years Since the Liberation of Auschwitz-Birkenau

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today released the following statement on International Holocaust Remembrance Day, 80 years since the liberation of the Auschwitz concentration camp:
“As we mark International Holocaust Remembrance Day, 80 years since the liberation of Auschwitz, we grieve the six million Jews and millions of other innocent victims murdered at the hands of Nazi regime and those who enabled their hate. We pay respect to the victims and survivors and recognize the incredible bravery of all who fought against unspeakable evils and horrific injustice. As antisemitism rises and survivors of the Holocaust’s terror become fewer, we must honor their legacy by keeping our vow to never forget, and by rejecting hate, always.”

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Welch Convenes Businesses, State Officials to Talk Trump’s Tariffs Threats and the Impact on Vermont’s Local Economy, Hardworking Families

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
ST. ALBANS, VT – Today, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, convened Vermont businesses and state and local leaders for a roundtable discussion on President Trump’s threats to reignite a trade war with Canada and other U.S. trade allies by imposing dramatic tariffs on goods imported from Canada. Senator Welch advocated for a ‘Do No Harm’ policy approach and warned against imposing tariffs that get passed on to the consumer—Vermont families.
“We saw the harmful impact of the Trump Tariffs during his first term, and we can’t accept a return to that chaotic trade policy. Canada is Vermont’s biggest trading partner, and one of our most important allies nationally. Our trade relationship needs to be strong, because the success of hardworking families, businesses, farms, and manufacturers depends on it,” said Senator Welch. “President Trump’s plans are still unknown, but what we do know today is that a trade war is not the answer. We need a ‘Do No Harm’ policy. This is about jobs, and this is about the consistency Vermont businesses deserve. I’ll advocate in Washington for Vermonters, and push for open markets, which are necessary to keep our economy strong.”
Senator Welch was joined by leaders in the technology, agriculture, energy, services, construction and manufacturing industries. Participants talked about the importance of Canada as an economic partner for Vermont’s local communities, and how the proposed Trump Tariffs could be detrimental to the state’s businesses, farms, and manufacturers, leading to higher costs for hardworking families.
View photos from the event below:
Sen. Welch was joined today by the Vermont Chamber of Commerce; the Vermont Association of General Contractors; Manufacturing Solutions, Inc.; H20 Innovation; A.N. Deringer, Inc.; Poulin Grain; Green Mountain Power; Vermont State Treasurer Mike Pieciak; Brett Long, Deputy Commissioner, Vermont Department of Economic Development; and Tim Smith, Mayor, St. Albans.
Attendees at the roundtable spoke about the impact of the tariffs on their businesses and their concerns regarding President Trump’s rhetoric regarding trade since taking office last week. In many cases, Vermont manufacturers buy inputs from Canada to manufacture into products. However, the ability of Vermont’s small manufacturing businesses to absorb a 25% increase in costs on parts or raw materials is limited. If President Trump follows through on his threats of a 25% tariff on Canada and Mexico, Vermonters could see higher homebuilding costs, increased costs of grain for farmers, more expensive equipment for maple producers, and costlier electricity.
The tariffs could also further exacerbate inequalities found within the current U.S. tax system. As trade wars accelerate, some families—especially those with young children—end up being disproportionately impacted by high tariffs, as the U.S. imports 97% of clothing, and infant formulas are hit by tariffs of 17.5%.

MIL OSI USA News –

January 28, 2025
MIL-OSI Security: Two Memphis Men Sentenced to Federal Prison for Possession of Machineguns

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

Memphis, TN – Jermaine Brown, 19, and Alvin McGee, 23, both of Memphis, have each been sentenced to federal prison for possession of a machinegun. Acting United States Attorney Reagan Fondren, announced the sentences today.

According to the information presented in court, on July 10, 2023, Memphis Police Department officers observed Brown and McGee driving in a stolen Hyundai Sonata through the Kensington Manor apartment complex and attempted to stop the vehicle. When the vehicle reached a dead end, the driver, Jermaine Brown, and front passenger, Alvin McGee, both jumped out of the moving vehicle, which crashed into a dumpster. Brown had a Glock .40 caliber pistol with an attached Machinegun Conversion Device (commonly referred to as a “switch”) that was loaded with 17 rounds. Brown threw the machinegun after a short foot pursuit. McGee had a Radical Firearms AR-15 style .223 caliber rifle with approximately 60 rounds and a “drop-in auto sear,” which turns the rifle into a machinegun, and he also fled from the police. Officers apprehended McGee quickly.

Brown and McGee were indicted in December 2023 for possession of machineguns.

On July 12, 2024, Brown pled guilty before Senior United States District Judge Jon Phipps McCalla and was sentenced on November 8, 2024 to 27 months in federal prison, to be followed by three years of supervised release.

On October 18, 2024, McGee pled guilty before Judge McCalla and was sentenced on January 24, 2025 to 41 months in federal prison, to be followed by three years of supervised release.

There is no parole in the federal system.

This case was investigated by the Memphis Police Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

Assistant United States Attorney Greg Wagner prosecuted this case on behalf of the government. Acting United States Attorney Fondren thanked the law enforcement partners who assisted in this case.

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For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

MIL Security OSI –

January 28, 2025
MIL-OSI USA: Hickenlooper, Colleagues Reintroduce Bill to Curb AI Deepfakes, Protect Our Children

US Senate News:

Source: United States Senator for Colorado John Hickenlooper
TAKE IT DOWN Act would crack down on malicious uses of AI and protect victims of “deepfake porn”
WASHINGTON – Last week, U.S. Senator John Hickenlooper joined a bipartisan group of Senate colleagues to reintroduce the Tools to Address Known Exploitation by Immobilizing Technological Deepfakes on Websites and Networks (TAKE IT DOWN) Act. The legislation would criminalize the publication of non-consensual, intimate imagery (NCII), including AI-generated “deepfakes,” and require social media platforms and online sites to remove NCII within 48 hours of notice.
“It’s too easy for someone to misuse AI to generate harmful fake images depicting real people – including minors,” said Hickenlooper. “This bill will protect our children’s privacy and safety.”
New generative artificial intelligence tools are able to create lifelike, but fake, imagery depicting real people, known as deepfakes. Deepfakes have recently been used to target minors, including incidents where classmates used AI tools to create sexually explicit images of other classmates that they then shared on social media.
The TAKE IT DOWN Act protects Americans by making it unlawful for a person to knowingly publish sexually explicit deepfake images of an identifiable individual, and requiring social media companies and websites to remove the images promptly.
Specifically, the TAKE IT DOWN Act would:
Criminalize the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
Protect good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement, in narrow cases.
Require websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The FTC is charged with enforcement of this section.
Protect lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without barring lawful speech. The bill respects first amendment protections by requiring that computer-generated NCII meet a “reasonable person” test. Meaning, it must appear to realistically depict an individual.
Hickenlooper previously cosponsored the bill in the 118th Congress. Last Congress, the TAKE IT DOWN Act passed both the Senate Commerce Committee and the full Senate. It has widespread support from over 100 organizations, including victim advocacy groups, law enforcement, and tech industry leaders.
Full text of the bill available HERE.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Tuberville Gets Gavel to Key Armed Services Subcommittee

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) was announced as Chairman of the Senate Armed Services Subcommittee on Personnel. As the leader of this subcommittee, Sen. Tuberville will lead the charge on staffing key Department of Defense (DOD) military and civilian personnel, policies, compensation and benefits, and military nominations. He will provide oversight on a wide range of military budget accounts and various DOD offices and agencies. His work will ensure servicemembers are taken care of both while in service and in the years following.
Alabama is home to over 13,000 active-duty military members, over 25,000 National Guard and reserve members, nearly 400,000 veterans, and five military bases. As Chairman, he will be an advocate for these servicemembers by ensuring they have the best resources and care possible.
Sen. Tuberville made the following statement about his appointment as Chairman of the Subcommittee on Personnel:
“As Alabama’s voice on the Senate Armed Services Committee, I’m honored to be the Chairman of the Subcommittee on Personnel. As the son of a World War II veteran, I know firsthand the sacrifices that our men and women in uniform make for our country. I will see to it that military personnel are well-compensated and get the benefits they deserve—it’s the least we can do. As Pete Hegseth assembles his team at the Pentagon, we will work tirelessly to make sure they have the support and personnel they need to implement President Trump’s America First agenda and restore peace through strength. As Chairman, I will be laser-focused on enhancing the quality of life for our brave military personnel both during and after their time in service so we can ensure our military remains the most lethal fighting force in the world.”
Subcommittee on Sea Power:
As a member of the Subcommittee on Seapower, Sen. Tuberville will continue his work to restore America’s naval superiority and promote Alabama’s shipbuilding and maritime industries. The United States Constitution charges Congress with providing and maintaining a Navy, which our founders saw as critical to the nation’s economic power and the freedoms we enjoy.
Sen. Tuberville’s position on these subcommittees will enable him to work on these Alabama-related issues:
Bolstering Alabama’s maritime investment in the Port of Mobile.
Advancing his work to build our Navy fleet to compete with foreign adversaries.
Utilizing key shipbuilding industries like Austal in Mobile.
Subcommittee on Strategic Forces:Since the Subcommittee on Strategic Forces has jurisdiction over U.S. Space Command (SPACECOM), retaining his role on this subcommittee was one of Sen. Tuberville’s top priorities. Sen. Tuberville has led calls for the U.S. Air Force to act on its recommendation to place SPACECOM at Redstone Arsenal in Huntsville, and he is well-positioned to lead the entire Alabama delegation in supporting a smooth transition. This subcommittee also oversees America’s Missile Defense Agency, a responsibility Sen. Tuberville will leverage to protect every American.
Responsibilities: Nuclear and strategic forces; arms control and non-proliferation programs; space programs; Department of Energy defense nuclear and defense environmental management programs; and ballistic missile defense.
Oversight of budget accounts: Procurement and RDT&E for DOD nuclear and strategic forces, missile defense, space systems, Department of Energy defense and non-proliferation programs.
Oversight of DOD and DOE officials: Assistant Secretary of Defense for Nuclear and Chemical and Biological Defense Programs; National Nuclear Security Administration; and Assistant Secretary of Energy (Environmental Management).
Oversight of agencies, commands, and activities: U.S. Strategic Command; U.S. Space Command, U.S. Space Force as well as other components of the military departments; Space Development Agency; Missile Defense Agency; National Nuclear Security Administration; Defense Nuclear Facilities Safety Board; and Defense Threat Reduction Agency.
Sen. Tuberville’s service on all three subcommittees will be crucial in empowering Alabama’s military installations across the state.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Chairman Mast Issues Statement on Situation in Eastern DRC

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast issued the following statement.

“I demand accountability for the deaths of peacekeepers in Eastern DRC. Continued instability only benefits those who see currency in the region’s chaos and emboldens the recruitment efforts of the ISIS-affiliated Islamist rebel group ADF. In order for there to be stability in Eastern DRC, the parties must address the root causes of the conflict. I call on all sides to immediately return to the negotiating table.”

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MIL OSI USA News –

January 28, 2025
MIL-OSI Global: Carrying the spirit and intent of Murray Sinclair’s vision forward in Treaty 7 territory

Source: The Conversation – Canada – By Tiffany Dionne Prete, Assistant Professor, Sociology Department, University of Lethbridge

For nearly three decades, I have immersed myself in archival work to uncover the histories of my People, the Kainai (Blood Tribe) in Treaty 7 territory, in Alberta. What began in childhood as a search for photographs of my ancestors has evolved into a lifelong pursuit of understanding through records and Tribal narratives.

Unlike my peers who had photo albums of their ancestors, I had none. Cameras were rare in Indigenous communities during the 1800s and early 1900s, leaving few family photographs. Instead, I turned to online archives, hoping to find even a single image. This archival work became a means of reconnecting with my ancestors.

During my graduate studies at the University of Alberta, this passion for archival research deepened.

As a research assistant for the Aboriginal Healing through Language and Culture project, I was part of a project that partnered with Roman Catholic Oblate missionaries to view historical records of Indigenous Peoples in the North West, which included my People.

‘Indigenous Research: Walking the Path of my Ancestors’ video by Tiffany Prete.

However, ongoing litigation related to the Residential School Settlement class-action suit limited my access. While I was granted permission to view specific materials, many documents remained restricted, and photocopying was often prohibited. This experience highlighted the persistent barriers Indigenous researchers face when reclaiming their histories and underscored the importance of equitable access to archival records.

Documenting Survivor testimonies

Growing up, conversations about residential schools were notably absent in my community. My family and fellow Tribal members rarely spoke of their experiences, and my public education glossed over their existence, perpetuating a widely held belief across Canada that residential schools were benevolent and necessary for Indigenous Peoples’ “advancement.”

As the child of a residential school Survivor, I grew up with a profound sense of something unspoken yet deeply impactful in our collective history. Silence reflected the profound harm inflicted by the Canadian government and religious organizations operating these schools, leaving scars not just on individuals but across generations. Despite Survivors’ efforts to share their truths, the dominant Canadian narrative continued to portray residential schools as positive contributions to the nation’s development.

The Truth and Reconciliation Commission (TRC) was pivotal in challenging this false narrative. By documenting Survivor testimonies and exposing the systemic abuses within these institutions, the TRC dismantled the myth of their benevolence. This was more than a historical reckoning; it was a vital step toward acknowledging the truth of Canada’s colonial history and its lasting impact on Indigenous Peoples.

TRC Calls: 15 years ago

Fifteen years ago this June, on the day the 94 Calls to Action were released, Murray Sinclair, former chair of the Truth and Reconciliation Commission, stated: “The Survivors need to know before they leave this Earth that people understand what happened and what the schools did to them.”

Sinclair’s words, coupled with one call in particular, ignited within me a deep commitment to create a program of work that would reclaim and document my Blood People’s history — stories that had long been excluded from Canada’s historical consciousness in favour of a whitewashed, generalized narrative. This commitment responded to Call to Action No. 78 which called upon Canada to commit funding to assist communities to research and produce histories of their own residential school experience and their involvement in truth, healing and reconciliation.

The work I have been engaged in focuses on using archival records and partnering with Blood Tribe Elders, who are residential school Survivors, to together reinterpret these records. Together, we sought to tell our history through our own lens, using our voices to articulate the policies and experiences of the Stolen Children Era — the era covering over a century and a half where the Canadian government used multiple colonial models of schooling to assimilate Indigenous children.

‘The Kinai Stolen Children Era’ talk with Tiffany Prete.

While conducting research in recent years leading up to an exhibit focusing on experiences of the Stolen Children Era, I noticed some improvements in access to archival materials, but significant barriers remain.

Processes for accessing restricted documents vary widely, with some archives lacking clear pathways. Policies around documentation also differ — some allow photography under strict guidelines, while others prohibit duplication, limiting researchers to handwritten notes. These challenges, and others, underscore the ongoing need for systemic efforts to ensure Indigenous communities can reclaim their histories and preserve cultural narratives.

Enduring strength of our people

Through my archival work, the intentions behind Canada’s residential school system became clear. The education system for Indigenous children sought to create passive, obedient individuals stripped of agency and identity as Indigenous Peoples.

Yet, within these oppressive records, I have found powerful stories of courage, resistance and resilience.

These acts, combined with the wisdom of Elders, reflect the enduring strength of our People. Among the greatest examples of collective resistance and resilience is the work of the Truth and Reconciliation Commission.

I deeply admire the Survivors who broke the silence, initiating the class-action lawsuit that led to the TRC. Their bravery, along with the work of TRC leaders, resulted in powerful reports and the transformative Calls to Action. They remind us of the importance of reclaiming our power and affirm that we, as the Indigenous Peoples of this land, are deserving of dignity and justice.

Sinclair’s clarity, strength, commitment

Among those I hold in high regard is the late Sinclair, whose leadership during the TRC was defined by clarity, strength and commitment. He spoke candidly about Canada’s colonial policies and charted a clear path forward.

In 1988, he became the first Indigenous judge in Manitoba. And he held those responsible for the operations of the schools accountable. His firm approach to justice and reconciliation inspires me, as an intergenerational Survivor, to confront challenges rooted in colonization with strength and resolve.

As we move forward, let us band together with a shared commitment to treat all people with the dignity and respect they deserve as human beings.

Reconciliation is not a solitary journey but a collective effort — a promise to do better and honour the truths of our shared history.

Together, we must right the wrongs of the past, confronting injustice with courage and compassion. Let us carry the spirit and intent of Sinclair’s vision forward, ensuring that the path of reconciliation becomes not just a goal, but a way of living that defines us as a nation.

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

– ref. Carrying the spirit and intent of Murray Sinclair’s vision forward in Treaty 7 territory – https://theconversation.com/carrying-the-spirit-and-intent-of-murray-sinclairs-vision-forward-in-treaty-7-territory-247617

MIL OSI – Global Reports –

January 28, 2025
MIL-OSI USA: Department of Revenue plans events in Prineville, Pendleton, The Dalles to help taxpayers e-file their taxes for free
Source: US State of Oregon

alem, OR—Oregonians looking to file their taxes for free could find help as close as their local library.

Volunteers from the Oregon Department of Revenue will be traveling to libraries in 18 different communities across the state in February, March, and April to assist taxpayers in using the free combination of IRS Direct File and Direct File Oregon to complete their returns.

Upcoming stops include:

February 4

Crook County Library

175 NW Meadow Lakes Drive, Prineville, OR 97754

8 a.m. to 8 p.m.

February 5

Pendleton Public Library

502 SW Dorion Ave, Pendleton, OR 97801

8 a.m. to 7 p.m.

February 6

The Dalles Wasco County Library

722 Court Street, The Dalles, OR 97058

10 a.m. to 7 p.m.

Taxpayers can find more information on the department’s Free Direct File assistance at local libraries webpage.

The IRS estimates that 640,000 Oregon taxpayers will be able to e-file both their federal and state returns for free in 2025 using the combination of IRS Direct File and Direct File Oregon.

The department believes that offering free assistance will help maximize the number of Oregonians who choose to use the new free option and make it possible for many who don’t have a filing requirement to file and claim significant federal and state tax credits for low-income families.

For example, the IRS estimates that one in five Oregon taxpayers eligible to claim the federal Earned Income Tax Credit are not doing so. One Oregon organization estimates that the unclaimed credits have totaled nearly $100 million in recent years.

Taxpayers should use the IRS eligibility checker to see if they’ll be able to use IRS Direct File and Direct File Oregon. Eligible taxpayers should set up an IRS online account and an account with Oregon’s Revenue Online before they come to an event. Taxpayers attending an event should bring the following information with them.

Identification documents
- Social security card or ITIN for everyone on your tax return
- Government picture ID for taxpayer and spouse if filing jointly (such as driver’s license or passport)
Common income and tax documents
- Forms W2 (wages from a job)
- Forms 1099 (other kinds of income)
- Form SSA-1099 (Social Security Benefits)
Optional documents
- Canceled check or bank routing and account numbers for direct deposit
- Last year’s tax return
Taxpayers can signup for the new “Oregon Tax Tips” direct email newsletter to keep up with information about tax return filing and how to claim helpful tax credits.

MIL OSI USA News –
January 28, 2025
MIL-OSI USA: On Holocaust Remembrance Day, Governor Newsom’s Council on Holocaust and Genocide Education releases findings and recommendations
Source: US State of California Governor
Jan 27, 2025
What you need to know: The Council was tasked with assessing the status of Holocaust and genocide education in California, making recommendations for how to improve that education, and promoting best practices for educators, schools, and organizations and sponsor Holocaust and genocide remembrance.

Sacramento, California – On International Holocaust Remembrance Day, Governor Gavin Newsom’s Council on Holocaust and Genocide Education today released the “Holocaust and Genocide Education in California: A Study of Statewide Context and Local Implementation.” In 2021, following a disturbing increase in antisemitic hate, Governor Newsom established the Governor’s Council on Holocaust and Genocide Education to identify instructional resources to teach students across California about the Holocaust and other acts of genocide and provide young people with the tools necessary to recognize and respond to instances of antisemitism and bigotry.

Read the full study HERE.

“In California, hate is unacceptable, and the shocking decline in awareness among young people about the Holocaust and other acts of genocide is especially alarming. I was proud to establish the Council on Holocaust and Genocide Education and grateful for their work on this comprehensive report. I look forward to reviewing the Council’s recommendations and ensuring that California continues to be a beacon for tolerance, empathy, and education.”

Governor Gavin Newsom

How we got here

The Council assessed the status of Holocaust and genocide education in California, made recommendations for how to improve Holocaust and genocide education in our schools, and will now work to promote best practices for educators, schools and organizations and sponsor Holocaust and genocide remembrance. The Council is co-chaired by State Senator Henry Stern, Attorney General Rob Bonta, State Superintendent of Public Instruction Tony Thurmond and Dr. Anita Friedman, Executive Director, Jewish Family and Children’s Services/Northern California.

Dr. Anita Friedman, Executive Director, Jewish Family and Children’s Services (JFCS)/Northern California: “California leads the nation in support for state-of-the art Holocaust and Genocide Education. As a result, our State is systematically creating a more unified society and a more informed, morally courageous and socially responsible next generation. We are inspired by the enthusiastic cooperation of educators, communities and students in this common cause.”

State Senator Henry Stern: “On this Yom HaShoah, or Holocaust Remembrance Day, we reaffirm the plea to ‘Never Forget.’ Never forget our ancestors, the unimaginable horrors endured, and the systemic failures that allowed such atrocities to unfold. We remember not only to honor our ancestors but to safeguard against history repeating itself. Understanding the patterns of genocide that occurred to numerous groups worldwide, is essential in fostering empathy, combatting hate, and upholding our collective moral responsibility. We have to ensure that our students are learning this complex subject matter so they are equipped to enter a society increasingly rife with misinformation. I’m proud that this critical report will allow us to invest in the resources, teacher training, and curriculum necessary to equip our students with factual information to break the cycle of history repeating itself.”

Attorney General Rob Bonta: “There is no place for hate in California. The California Department of Justice is committed to combatting all forms of hate and bigotry, and to building a more just, empathetic society for our children. Acknowledging the truth and teaching our youth are crucial steps toward ensuring that we don’t repeat the atrocities of our past. I’m grateful to our state partners and the Council on Holocaust and Genocide Education for their work and recommendations to continue fighting antisemitism and intolerance through education and beyond.”

State Superintendent of Public Instruction Tony Thurmond: “We must counter hate wherever and whenever it rears its head, and especially in our schools. Every child must feel safe to learn, and every child should feel that they belong on their school campus. It takes strong leaders to end hate and foster understanding. I am proud to stand alongside nearly 100 school and district leaders and antibias practitioners as we commit to use the power of education to end hate across California.”

“I’m grateful for the work of the Governor’s Council Holocaust and Genocide Education for identifying gaps in education on the Holocaust and other genocides. This education is vital as history often repeats itself if unchecked. Young people are our future leaders, and this education equips them with the tools to recognize and respond to antisemitism and bigotry in all forms. California must always stand for love, tolerance, and understanding. Securing that future begins with a strong foundation of empathy and understanding amongst our youth population.”

First Partner Jennifer Siebel Newsom

Key findings

Key findings of the study released today show that while some districts have developed robust programs, the overall landscape remains fragmented, with success often dependent on individual educator initiative. Local Educational Agency (LEA) representatives emphasized the need for state-level support – ultimately pointing to the necessity of a systematic, state-supported approach to ensure the kind of equitable, high-quality Holocaust and genocide education statewide that the Council envisions.

Respondents highlighted increased student knowledge, heightened empathy, and higher levels of engagement as key successes of their Holocaust and genocide education efforts. However, the study uncovered significant gaps in implementation support. The majority of respondents shared that their LEAs did not provide professional development focused on Holocaust and genocide education.

The California-focused analysis revealed that while the state has made significant strides, including recent legislation and funding allocations, there are opportunities to further align and amplify these efforts.

Recommendations

Drawing on these comprehensive findings, this report offers 10 recommendations to strengthen Holocaust and genocide education in California:

Communicate California’s Vision for Holocaust and Genocide Education

Revise the California History–Social Science Content Standards

Revise the History–Social Science Framework for California Public Schools

Update, Distribute, and Provide Guidance for the Model Curriculum for Human Rights and Genocide

Continue to Create a Vetted Central Clearinghouse for Curriculum, Instruction, Assessment, and Professional Learning

Increase Direct Funding to Districts and Schools for Holocaust and Genocide Education

Expand Existing Statewide Professional Learning on Holocaust and Genocide Education

Monitor and Evaluate Educational Outcomes

Continue to Conduct Additional Research to Inform the Council’s Future Actions

Expand, Publicize, and Strengthen the Role of the Governor’s Council on Holocaust and Genocide Education

Fighting hate

Governor Newsom has long made the eradication of discrimination and hate a priority. Working with the Jewish Caucus and Legislature, the Newsom administration successfully secured millions of dollars to ensure that future generations of Californians never forget the lessons of past genocides, including millions of dollars to develop curriculum resources related to Holocaust and genocide education, such the Holocaust Museum LA, the JFCS Holocaust Center, the Museum of Tolerance, and the California Teachers Collaborative for Holocaust and Genocide Education.
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MIL OSI USA News –
January 28, 2025
MIL-OSI USA: Graham Statement on New Army Corps Funding for South Carolina Water Infrastructure Projects

US Senate News:

Source: United States Senator for South Carolina Lindsey Graham
WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after the U.S. Army Corps of Engineers announced it will provide $28 million in funding for a North Myrtle Beach project to help prevent flooding and improve water quality, $7.9 million for the Lakes Marion and Moultrie water infrastructure project, and $7.6 million for stormwater and drainage systems in Charleston. These funds were allocated from the recent disaster supplemental, American Relief Act of 2025, which Senator Graham advocated for and supported.
Graham said, “I appreciate the U.S. Army Corps of Engineers listening to South Carolina’s needs. Each of these projects will be necessary and beneficial when it comes to defending our state against natural disasters and improving water quality and infrastructure.”
Graham recently led a letter to the Assistant Secretary of the Army for Civil Works encouraging them to prioritize funding for the North Myrtle Beach project. Graham is also a long-standing supporter of the other projects that will receive funding. As a member of the Senate Appropriations Committee, over the years he has made several congressionally directed spending requests to fund the projects in the City of Charleston and Orangeburg County.
The U.S. Army Corps of Engineers announced it will fund the following projects:
$28 million for North Myrtle Beach and vicinity to initiate and complete design and construction of the Ocean Outfalls and Stormwater Mitigation Project (Phase I).
$7.9 million for Orangeburg County to initiate and complete design and construction of the Lodge Hall Reach Water Transmission Pipeline for the Lakes Marion and Moultrie water infrastructure project.
$7.6 million for the City of Charleston to initiate and complete design and construction to rehabilitate the Brick Arches Stormwater System and Dupont Wapoo Drainage Outlet.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Fischer Introduces Legislation to Strengthen U.S. Telecommunications Against Foreign Adversaries

US Senate News:

Source: United States Senator for Nebraska Deb Fischer
Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee, introduced the Foreign Adversary Communications Transparency (FACT) Act.
The legislation would require the Federal Communications Commission (FCC) to publicly identify entities that hold FCC licenses, authorizations, or other grants of authority that are owned, wholly or partially, by foreign adversarial governments. This includes the governments of China, Russia, Iran, and North Korea.
U.S. Senators Jacky Rosen (D-Nev.), John Cornyn (R-Texas), and Ben Ray Luján (D-N.M.) joined Senator Fischer as original cosponsors of the bipartisan bill.
U.S. Representatives Thomas Kean (NJ-07), Rob Wittman (VA-01), Kathy Castor (FL-14), and Ro Khanna (CA-17) will lead companion legislation in the House.
“Authoritarian regimes like China and Russia are actively working to undermine the security of our domestic communications. My bill will better position the FCC to evaluate the risks foreign ties pose to America’s national security so that we can respond to these network infrastructure threats,” said Senator Fischer.
“The U.S. must protect our telecommunications systems from global adversaries that are trying to do us harm,” said Senator Rosen. “That’s why I’m helping to introduce this bipartisan bill to increase transparency and publicly keep track of companies with influence from adversaries, including China, Russia, and Iran. I’ll always work to support our national security.”
“It’s no secret that foreign adversaries threaten our national security by exploiting both legal and illegal access to technology and communication infrastructure,” said Senator Cornyn. “The FACT Act would shine light on these vulnerabilities by identifying foreign entities that hold FCC licenses, helping to reduce national security risks and strengthen oversight.”
“Securing our telecommunications systems is crucial for our country’s national security,” said Senator Luján. “The FACT Act is a critical step to promote transparency and boost the FCC’s ability to detect risks posed by our adversaries. I’m proud to introduce this bipartisan bill with my colleagues to safeguard our telecommunications networks.”
Background:Until now, there has been no mandated public disclosure of companies linked to foreign adversaries operating within U.S. technology and telecommunication markets.
Although the FCC is prohibited from granting licenses or authorizations deemed a national security threat, some entities with ties to adversarial foreign governments continue to hold certain approvals. As a result, more transparency is necessary.
Click
here to read the text of the bill.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Senators Reverend Warnock, Ossoff, Colleagues Condemn Pardons of January 6 Capitol Attackers

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senators Reverend Warnock, Ossoff, Colleagues Condemn Pardons of January 6 Capitol Attackers

The resolution condemning the pardons comes after Trump pardoned over 1,500 Jan 6 insurrectionists – including those convicted of violently assaulting police officers
The Senators will seek unanimous consent to pass the resolution this week
Senator Reverend Warnock: “Pardoning violent criminals who carried out this unabashed and unembarrassed assault on our democracy is not only an immense injustice but blatant disrespect to the courageous law enforcement officers who protected our Capitol and fought to preserve our republic that day”
Senator Ossoff: “I condemn in the strongest terms President Trump’s disgraceful pardon of more than 1,000 criminals, many of them violent, who overran the U.S. Capitol, desecrated the seat of our democracy, and assaulted law enforcement in their failed attempt to prevent the peaceful transfer of power”
Washington, D.C. — Today, U.S. Senators Reverend Raphael Warnock (D-GA), Jon Ossoff (D-GA), and 45 colleagues introduced a new resolution condemning the pardons of individuals who were found guilty of assaulting U.S. Capitol Police Officers.
The resolution follows President Trump’s decision to, on the first day of his second term, grant full, complete, and unconditional pardons to over 1,500 people charged with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers, far-right militias. Among those pardoned by Trump were 169 people who pled guilty to assaulting police officers on January 6th. During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.
“Pardoning violent criminals who carried out this unabashed and unembarrassed assault on our democracy is not only an immense injustice but blatant disrespect to the courageous law enforcement officers who protected our Capitol and fought to preserve our republic that day,” said Senator Reverend Warnock. “These pardons create a permission structure to excuse political violence and further endanger our law enforcement.”
“I condemn in the strongest terms President Trump’s disgraceful pardon of more than 1,000 criminals, many of them violent, who overran the U.S. Capitol, desecrated the seat of our democracy, and assaulted law enforcement in their failed attempt to prevent the peaceful transfer of power,” Senator Ossoff said.
The senators’ resolution, Condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” The Senators will seek unanimous consent on the Senate floor this week to pass the resolution.
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.
In addition to Senators Warnock and Ossoff, the resolution was authored by Democratic Leader Chuck Schumer (D-NY), Senators Patty Murray (D-WA), Chris Murphy (D-CT), and Andy Kim (D-NJ), and cosponsored by Senators Angela Alsobrooks (D-MD), Tammy Baldwin (D-WI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), Ruben Gallego (D-AZ), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Angus King (I-ME), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Ed Markey (D-MA), Jeff Merkley (D-OR), Alex Padilla (D-CA), Gary Peters (D-MI), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR). In total 47 senators signed the resolution.
The resolution can be viewed HERE.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: WATCH: Senator Reverend Warnock Pushes for Key Commitments from Agriculture Nominee to Support Georgia Farmers and Families

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

WATCH: Senator Reverend Warnock Pushes for Key Commitments from Agriculture Nominee to Support Georgia Farmers and Families

At today’s Senate Agriculture committee hearing, Senator Reverend Warnock questioned Brooke Rollins, President Trump’s nominee to run the United States Department of Agriculture (USDA)
Senator Reverend Warnock pushed for key commitments to ensure disaster assistance is distributed both swiftly and equitably, Georgia farmers are protected from the high costs associated with trade wars, and more
Following the catastrophic damage of Hurricane Helene in September 2024, Senator Reverend Warnock helped secure nearly $21 billion in disaster relief funding for farmers as well as $10 billion in economic assistance for row crops farmers, including cotton and peanut farmers in Georgia; if confirmed, Ms. Rollins will oversee the distribution of this funding
Senator Reverend Warnock also pushed Rollins on how she would protect Georgia farmers from high costs associated with trade wars and expanding market access
Senator Reverend Warnock: “Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?”
Senator Reverend Warnock: “Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us”

Watch Senator Reverend Warnock at Thursday’s Agriculture nominee hearing HERE and HERE
Washington, D.C. – Today, during a U.S. Senate Agriculture committee hearing on the nomination of Brooke Rollins to lead the United States Department of Agriculture (USDA), U.S. Senator Reverend Raphael Warnock (D-GA) pushed for key commitments from Rollins to ensure disaster assistance is distributed both swiftly and equitably, Georgia farmers are protected from the high costs associated with trade wars, and more. The Senator also pushed Rollins to commit to protecting Fort Valley State’s partnership with USDA and to removing red tape from low-income children and families receiving nutrition benefits.
If confirmed, Rollins would oversee USDA’s rollout of disaster funding for farmers Senator Warnock secured in December. Following the catastrophic damage of Hurricane Helene in September 2024, Senator Warnock fought for the inclusion of agricultural disaster funding in any end-of-year government funding package, which included nearly $21 billion in disaster relief funding for farmers as well as $10 billion in economic assistance for row crops farmers, including cotton and peanut farmers in Georgia.
“Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?,” Senator Reverend Warnock asked.
As a veteran member of the Senate committee overseeing federal agriculture policies, and as a senator representing a state with a proud and prosperous history of agriculture excellence, Senator Warnock is vigilant in defending programs that help Georgia farmers keep more profits in their pockets and keep the industry at the frontlines of Georgia’s success.
“Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us. If confirmed, what will you do from your position at USDA to ensure that Georgia’s farmers and families aren’t caught up in a trade war? It’s something I have worked on with Republicans, helping to get our farmers’ goods to market, it’s something we think about a lot,” said Senator Reverend Warnock.
Watch the first part of the Senator’s remarks HERE and the second part HERE.
See below a transcript of key exchanges between Senator Warnock and USDA nominee Brooke Rollins (remarks have been lightly edited for clarity):
On federal disaster assistance for Georgia farmers
SRW: Last year I worked hard with my colleagues in a bipartisan manner to provide $21 billion to help farmers recover from natural disasters like Hurricane Helene. Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?
Brooke Rollins (BR): Yes sir, thank you, and I’ll try to answer quickly so we can go on. The day I got the call from President Trump, it was Saturday, November 23rd. We were in our motorhome traveling across the country to an Aggie football game. Within a few hours of accepting the nomination, I began to immediately pivot to how we distribute this disaster and so important economic aid working with a few of the senators on this committee. Clearly I am not confirmed yet, so this is going to await my arrival. But in the meantime, sir, we’ve already announced the undersecretary who worked on this in the last Trump administration who is already building the team who distributed these funds so they know what they’re doing. We’re not reinventing the wheel.
SRW: Will you work with our state agriculture commissioner to ensure Georgia producers, including our foresters, have the support they need from USDA to get that assistance without having to jump through a bunch of bureaucratic hoops?
BR: Of course.
SRW: And will you also commit to equitably getting that assistance to all eligible farmers, all eligible farmers, including those who’ve been historically left out of USDA assistance, often due to discrimination.
BR: Sir, we will follow the law and ensure that that is the case.
SRW: Is that a yes or a no?
BR: Yes.
On protecting Georgia farmers from costs of trade wars
SRW: Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us. If confirmed, what will you do from your position at USDA to ensure that Georgia’s farmers and families aren’t caught up in a trade war? It’s something I have worked on with Republicans, helping to get our farmers’ goods to market, it’s something we think about a lot.
BR: When I was in your office last month we talked about your commitment to your farmers and what a priority this was to you. Georgia is a very important agricultural state. You’re obviously pastoring in a church and in the United States Senate, but I was impressed at your commitment to your ag community in your state and look forward to continuing to work with you. It’s very clear the coming tariffs, and I think there is no doubt President Trump has been very transparent that he believes this is an extremely important tool in his toolkit to put America first, to revive the economy, to get us back to a place where he believes we need to be, and I agree with him and hope to help him execute that vision. But it also should not be surprising that his heart and his commitment to our farmers and our agriculture community was certainly clear in the last administration. The number one answer from my perspective is working around the clock to expand market access and working on new trade deals and getting new partners from around the world. I already have an undersecretary named, hopefully get him confirmed, so we can begin to build those teams. The president is a consummate dealmaker, and I feel very confident we will be able to expand those markets, begin to peel back the trade deficit, and get back to trade surpluses. But immediately moving into the distribution of disaster relief, economic relief, the new farm bill that’s coming out, I’ve already announced the undersecretary and put the team in place to be able to deploy that.
SRW: I agree with you that access to farm markets is critical and in Georgia we’ve got a lot of sectors that are relying on strong export markets: timber, poultry, pecans. Are you concerned that isolationist trade practices may harm our abilities, our farmers’ ability to access these foreign markets?
BR: I have full confidence in President Trump’s ability to lead us on this, and, and hopefully he and many of you have confidence in my ability to help from the ag perspective.
On supporting 1890 land grant institutions
SRW: Ms. Rollins, good morning and welcome to you and to your family and all those who are here to support you and congratulations on your nomination. I enjoyed meeting with you last month to discuss your nomination and plans for USDA, and this morning I’d just like to follow up on some of the issues, many of which we’ve already discussed. But first, it has come to my attention that a recent executive order has led to the potential termination of USDA’s liaisons to our 1890 land grant institutions, institutions like Fort Valley State University in Fort Valley, Georgia. There’s strong bipartisan support for these institutions. They’ve done an incredible job, often doing so much for so many with so very little for such a long time that it’s lost on people the work these institutions do every day. I’m deeply concerned about this and the actions to shut out their voices at USDA. Ms. Rollins, if you are confirmed, will you commit to supporting our 1890 institutions?
BR: I am not familiar with exactly what you’re speaking of, but my commitment to you is to find out and to continue a really important discussion and to learn more about the issue.
SRW: Well the executive order could lead to the potential termination of USDA’s liaisons to these 1890 institutions which helped them to navigate their relationship with the USDA. Can I have your commitment to protect those who serve these institutions at the USDA?
BR: Again, sir, I would want to know more and understand more before I can make that commitment, but clearly, those institutions are important. They are bipartisan supported, and you have my commitment to have a very robust dialogue at any moment, any time of day or night, to ensure that we have all the data as we’re making any decisions.
SRW: I appreciate that. I’ve had good relationships and good work, bipartisan work, supporting these institutions, and I hope you’ll keep your eye on that issue.
BR: I will.
On fighting hunger and protecting nutritional benefits
SRW: Fighting hunger has long been a part of my life’s work long before I was elected to the Senate. As you know, I’m a pastor, and the one miracle story that’s in all the gospels, all four, is the feeding of the 5000. And so I constantly hear from Georgia families about how their dollar just doesn’t go as far at the grocery store as it used to. The average Georgian participating in SNAP, a food assistance program that provides critical nutrition, aid to our most vulnerable families, has about $6.15 a day to spend on food. In your view, is $6.15 a day adequate to avoid hunger for Georgia families.
BR: Sir, this is a supplemental program. I am just getting my arms around it. There are few that will be in my role, if confirmed, that have a passion for this more than I do. Serving those who are most in need, as you and I discussed in your office, is a driving force of my entire life. It almost sent me to seminary, but I ended up in public policy instead, so you have my wholehearted commitment to look and ensure that the people who need this the most are receiving it in the best way possible, but at the same time ensuring that all of the tax dollars that are spent on it are also spent in the best way possible.
SRW: One of the things as these families struggle, one of the things that I’m concerned about are proposals to slash this critical assistance and create additional work verification red tape for families participating in these programs. Do you think creating more bureaucratic red tape for families will help them purchase nutritious food?
BR: I think it’s extremely important that we take a wholesale look at every one of these programs and ensure that they are serving the people that are needing the programs and that they are the safety net that they truly set out to be. Obviously I do not like the words bureaucracy or red tape, but ensuring that we have set up the appropriate lifelines and the appropriate structure so that we can get these resources to the families that need them the most.
SRW: As we talk about work requirements, and I support work, I was raised by a father and a mother who had a serious work ethic, but we want to help these families have a basic safety net. Most poor people are children. I think it’s important to remember that most poor people are children. SNAP lifts children, seniors, veterans, and folks with disabilities out of poverty, and it’s proven to reduce health care costs and stimulate our local economies. If you’re confirmed, I hope we can find ways to work together to ensure our most vulnerable families and our neighbors can afford groceries. I think, as someone who preaches the miracle of the feeding of 5000, I think it’s the right thing to do, but I also think it’s a smart thing to do.
BR: Yes sir, you have my commitment.
On combating the history of racial discrimination in USDA
SRW: USDA has a long documented and unfortunate history of racial discrimination, even recent history. I was proud to have secured funding in the Inflation Reduction Act to provide financial assistance to farmers who had previously experienced discrimination at the hands of their USDA farm lending programs. This was a meaningful step in rebuilding trust. However, USDA still has a lot of work to do and this will only be more difficult following the new administration’s executive order aimed at rolling back all of this progress. I was proud Congress passed my legislation in 2021 to require USDA to create an equity commission, and the commission’s final report provides an excellent road map for continuing this work. Chair Boozman, without objection, I would like to enter the USDA’s 2024 equity report into the record. Thank you so much. When we met last month, you promised to read the equity report. Have you gotten a chance to read it yet?
BR: 90 pages and 66 recommendations. Yes, sir. Now that has been about a little over a month ago, so please don’t ask me to quote page 66, but yes.
SRW: I’m glad you got a chance to read it. I understand it’s been removed from the website or there’s no access to it. I’m glad you got a chance to read it. Will you seriously consider the recommendations of the equity commission’s report if you’re confirmed?
BR: Senator, let me answer this way. I was really appreciative of the conversation. For me, more knowledge is always best, understanding where everyone comes from, whether I agree or disagree, recognizing what’s in the past is important, but also realizing the path ahead and how we forge the path…
SRW: Will you consider the recommendations?
BR: Sir, I will consider anything that’s on the table. I think that’s only fair, but also, President Trump won on the concept of removing the diversity, equity and inclusion, making sure that we are basing our decisions on merit, and I obviously support that 100% as well, but I look forward, Senator, to continuing to talk about this. My friend Alveda has long talked to me about the plight of black farmers in Georgia and other places around the country, and I’m always open to discussions, always, and may I say there is no room for racism at the United States Department of Agriculture.
SRW: In that regard, will you commit to recruiting more diverse employees who understand these communities, have relationships with these communities, so that we build trust between these communities and the lending office?
BR: Sir, my commitment is to recruit the best workforce in the history of the United States Department of Agriculture, period, full stop. I believe that will include many members of all different corners of our country.
SRW: Do you think a diverse workforce and a high-quality workforce are somehow oppositional objectives?
BR: I think always hiring based on who is the best person for the job, who is gonna do the most excellent service, who is best equipped to execute on all of the promises is the promise of America, but I also believe to your point and have long held that ensuring that we give all people a chance to succeed and to thrive and for equal opportunity is a bedrock foundational principle of America.

MIL OSI USA News –

January 28, 2025
MIL-OSI: Drugs Made In America Acquisition Corp. Announces Pricing of $200,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

Fort Lauderdale, FL , Jan. 27, 2025 (GLOBE NEWSWIRE) — Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) (the “Company”) announced today the pricing of its initial public offering of 20,000,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “DMAAU” beginning January 28, 2025. Each unit consists of one ordinary share and one right to receive one-eighth (1/8) of an ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “DMAA” and “DMAAR”, respectively. The underwriter has been granted a 45-day option to purchase up to an additional 3,000,000 units offered by the Company to cover over-allotments, if any. The offering is expected to close on January 29, 2025, subject to customary closing conditions.

Clear Street is acting as the sole book-running manager in the offering. Loeb & Loeb LLP is serving as legal counsel to the Company. Winston & Strawn LLP is serving as legal counsel to Clear Street.

A registration statement on Form S-1 (333-281170) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective on January 7, 2025, and a post-effective amendment to the registration statement was declared effective on January 27, 2025. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, by email at ecm@clearstreet.io, or from the SEC website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Drugs Made In America Acquisition Corp.
The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. It has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination. While the Company may pursue a business combination target in any business, industry or geographical location, it intends to focus its search for businesses in the pharmaceutical industry. The Company believes that it is possible to mitigate risks in the U.S. medical supply chain by investing in companies that will reduce America’s overreliance on production of pharmaceuticals from concentrated geographic regions through investments in strategic on-shoring of advanced domestic manufacturing technologies for critical drugs.

Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related preliminary prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

Contact Information
Drugs Made In America Acquisition Corp.
1 East Broward Boulevard, Suite 700
Fort Lauderdale, FL 33301
Lynn Stockwell
Chief Executive Officer and Executive Chair
Email: executive@dmaacorp.com
Phone: (954) 870-3099

The MIL Network –

January 28, 2025
MIL-OSI USA: Capito, Hickenlooper Reintroduce Bipartisan Bill to Protect Small Businesses Against Cyberattacks

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
WASHINGTON, D.C. – Today, U.S. Senators Shelley Moore Capito (R-W.Va.) and John Hickenlooper (D-Colo.) reintroduced their bipartisan Insure Cybersecurity Actto protect consumers and small businesses against cyberattacks by providing clearer information surrounding cyber insurance policies. Specifically, the bill directs the National Telecommunications and Information Administration (NTIA) to create a dedicated working group to develop information for issuers, agents, brokers, and customers to improve communication over cybersecurity insurance coverage levels. It also directs the NTIA to publish resources on cybersecurity insurance that prospective customers can easily understand.
“Cyberattacks across the world continue to grow in scope and scale, and it’s critical that we do what we can to identify and prevent them from occurring,” Senator Capito said. “I was glad to team up with Senator Hickenlooper once again to put forth a commonsense solution to this problem by reintroducing our Insure Cybersecurity Act. This legislation will assist businesses in better understanding the complex cyber insurance environment. It will also help lower the cost burden victims must bear when they are attacked by cyber-criminals so businesses can continue operations and pay their workers if they are targeted.”
“Small businesses need cyber insurance to protect their businesses and guard their data. Unclear policies and ambiguous language can leave businesses stranded after a cyberattack,” Senator Hickenlooper said. “Easy to understand cyber insurance resources will help make sure businesses are secure, covered, and resilient.”
“This legislation remains absolutely consistent with the Cyberspace Solarium Commission recommendations, and I believe the Working Group proposed in this legislation can help tackle some of the insurance industries’ underlying problems in cyber policies like a lack of standard terminology and lack of clarity in coverage limits,” Mark Montgomery, Executive Director of CSC 2.0 and Former Executive Director of the Cyberspace Solarium Commission (CSC), said.
BACKGROUND:
Cyberattacks can target anyone, from individuals to large organizations to small businesses. Cyber insurance is one tool that businesses can use to lower their risk from threats including ransomware, data theft, denial of service, and intellectual property theft. In the event of a successful attack, cyber insurance policies can help provide the necessary resources for a business to quickly recover and return to normal operations.
However, the details of cyber insurance coverage are often hard to understand. A 2021 Government Accountability Office report found that ambiguity in policy language can result in misunderstandings and litigation between issuers and policyholders and that many customers, especially smaller businesses, may underestimate the coverage they need to protect against cyber risks. The Insure Cybersecurity Act would help clarify cybersecurity insurance for everyone involved.
Senators Capito and Hickenlooper previously introduced the legislation in the 118th Congress.
Full text of the bill can be found here.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: ICYMI: WSJ Editorial Highlights Trump’s ‘Unleashing Alaska’ Executive Order

US Senate News:

Source: United States Senator for Alaska Dan Sullivan
01.27.25
‘Mr. Biden treated America’s largest state worse than he did Iran’
WASHINGTON—The Wall Street Journal published an editorial recently highlighting President Trump’s Alaska-specific executive order (EO) rescinding a number of the Biden administration’s 70 executive orders and actions targeting Alaska, which amounted to an “assault” on Alaska’s economy, and reinstating many policies and actions of the first Trump administration. Senator Dan Sullivan (R-Alaska), who worked closely with the Trump administration on this executive order, thanked President Trump for recognizing Alaska as a great strategic asset for the country and for sending the message to Alaskans, the rest of the country, and the world that unleashing Alaska’s energy and resources will be a top priority of his administration.
____________

Editorial: Trump Lifts Sanctions on Alaska
His executive order reverses Biden’s plan to make the state a natural museum.
By: The Editorial Board
January 24, 2025
Speaking of sanctions (see nearby), one of President Trump’s good deeds this week was lifting Joe Biden’s economic punishment for Alaska. Mr. Biden treated America’s largest state worse than he did Iran. Mr. Trump on Monday signed an executive order to unlock the Last Frontier State’s “extraordinary resource potential.”
That potential has been under wraps since Mr. Biden’s first day in office when he targeted the state with no fewer than six executive orders taking aim at drilling, roadbuilding and hunting.
Over his term, he suspended and stymied Congressionally mandated lease sales in the Arctic National Wildlife Refuge, blocked oil and gas development in nearly half the National Petroleum Reserve, banned drilling in the northern Bering Sea, canceled lease sales in the Cook Inlet, slapped a roadless rule on millions of acres of forest, choked off mining projects, and denied Alaska Native veterans promised land allotments. Alaska’s GOP Sen. Dan Sullivan counts 70 Biden assaults on the state’s economy.
….
Progressives want Alaska to be a natural museum untouched by humans. But the people who live in the state know that resource development is compatible with environmental stewardship. They also have the most to lose if the land is despoiled. Mr. Trump’s order seeks to restore this policy balance that Mr. Biden tried to erase.
Click here to read the full editorial.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Cornyn, McCaul Op-Ed: President Trump Must Focus on CHIPS Act for Texas, U.S. Manufacturing Success

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senator John Cornyn (R-TX) and Congressman Michael McCaul (TX-10) authored the following op-ed in the Austin American-Statesman highlighting the opportunity to strengthen and reclaim the nation’s CHIPS program created through their Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, which was signed into law in 2022, to restore semiconductor manufacturing back to American soil.
President Trump must focus on CHIPS act for Texas, U.S. manufacturing success
Senator Cornyn and Congressman McCaul
Austin American-Statesman
January 27, 2025
https://www.statesman.com/story/opinion/columns/guest/2025/01/27/trump-must-keep-focus-on-chips-act-to-fulfill-promise-opinion/77880435007/
As President Donald Trump retakes the White House alongside Republican majorities in both chambers of Congress, the roadmap of policy priorities is quickly taking shape. One of his golden opportunities is to strengthen and reclaim the successful CHIPS program, a brainchild of his first administration that has transformed Texas and our national security posture.
We were proud to lead the Chips for America Act, which was signed into law as part of the Fiscal Year 2021 National Defense Authorization Act. This legislation created programs to bring the production of advanced semiconductors back to American soil after decades of decline. In 2022, we successfully secured funding for the programs in the larger CHIPS & Science Act. Since then, Texas cities, colleges, and universities and companies, including Texas Instruments, Samsung, GlobalWafers, X Fab, IntelliEPI and Sumika, along with thousands of Texas workers, have seen immense benefits.
The economic rewards from this law were so profound that the Texas Legislature followed suit. In 2023, Gov. Greg Abbott signed the Texas CHIPS Act, which builds on the law to further invest in semiconductor manufacturing capacity and expertise in the Lone Star State. This state law established the Texas Semiconductor Innovation Consortium (TSIC) and the Texas Semiconductor Innovation Fund (TSIF), important, complementary programs that incentivize Texas investment in the semiconductor industry. A recent study indicates the technology industry contributes more than $469 billion to the Texas economy. Today, Texas has the second largest semiconductor workforce in the nation totaling more than 42,000 Texans with more to come thanks to our joint efforts.
As we see Texas companies, workers and communities benefit from this program, it would be a mistake to forget the impetus for this critical initiative. The vision for these successful programs originated in President Trump’s White House, and it was President Trump’s own national security team that first identified semiconductor chips as a vulnerability in American supply chains. Approximately 92% of the most advanced semiconductors are currently manufactured in Taiwan. Back in 1990, the United States produced nearly 40% of the world’s semiconductors. But by 2021, this figure decreased to 12%, and in 2024, our share represented only 8%. As demand for electronic goods dramatically increased during the pandemic, our supply chain vulnerabilities became more apparent.
In response to the threat of the Chinese Communist Party, and to address vulnerabilities in U.S. supply chains, the first Trump administration asked Congress to address the chips issue with legislation and we took up this mantle. As part of this effort, President Trump’s team successfully persuaded Taiwan Semiconductor Manufacturing Co. to bring their major operations back to the U.S.
Four years later, with President Trump back in the White House and with Republicans in control of Congress, we have an opportunity to refocus the implementation of CHIPS and reclaim rightful credit for its successes. President Biden prioritized partisanship at every turn at the expense of national security during the law’s implementation, from divisive DEI requirements for grant recipients to endless red tape on environmental impact requirements for new projects. The Trump administration can roll back criteria for grant recipients and reprioritize funding for the best and most efficient manufacturing facilities, many of which are in Texas. In addition, by streamlining the stringent regulatory requirements on new projects, America will be better positioned to increase our production capacity for semiconductors at an even faster speed, making sure this critical supply chain is not subject to the whims of our adversaries overseas.
We cannot let this program that has been so revolutionary for Texas job creators fall by the wayside. While President Biden’s misguided approach to implementation of the CHIPS and Science Act fell short of everything the law could be, we are optimistic that with President Trump back at the helm, Republicans can Make America Great Again by continuing to strengthen our investments in CHIPS.
By reclaiming CHIPS, President Trump has an opportunity to fulfill a core campaign promise: increase domestic manufacturing and decrease our reliance on China. By continuing to prioritize domestic manufacturing of semiconductors, we can increase manufacturing jobs in the United States and strengthen America’s edge in our strategic competition with China.

MIL OSI USA News –

January 28, 2025
MIL-OSI Video: President Trump Gives Remarks to GOP Members of Congress

Source: United States of America – The White House (video statements)

Miami, FL

https://www.youtube.com/watch?v=x6yJB5MVIEE

MIL OSI Video –

January 28, 2025
MIL-OSI United Nations: DR Congo: Battle for Goma continues as ‘volatile’ crisis unfolds

Source: United Nations 4

27 January 2025 Peace and Security

As fighting intensifies between the Rwanda-backed M23 rebel group and Congolese forces, UN chief of Peace Operations Jean-Pierre Lacroix underscored the critical state of the battle for eastern DRC’s regional capital Goma, describing the crisis as “volatile and dangerous”.

In a briefing on Monday, Mr. Lacroix told journalists in New York that some staff from the UN’s Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) was forced to seek shelter for a few hours due to the ongoing conflict.

He explained that this had “limited their ability to have the full level of information that they would have gotten if they had not been sheltering”, making it difficult to assess the fast-evolving situation.

Mr. Lacroix said that peacekeepers remain in their positions but noted that safety was “paramount” for non-essential personnel and their dependents, who have been relocated away from Goma.

He confirmed that MONUSCO personnel would continue to deliver on their mandate to the best of their ability, including protecting civilians and disarming combatants in accordance with international humanitarian law.

“The fate of the millions of civilians living in Goma or having been displaced is really the priority, along with the safety and security of UN personnel,” Mr. Lacroix said.

Humanitarian catastrophe

Bruno Lemarquis, UN Deputy Special Representative, Resident Coordinator and Humanitarian Coordinator in the DRC, briefed the press from the ground and painted a grim picture of the humanitarian crisis.

“What is unfolding in Goma is coming on top of already one of the most protracted, complex, serious humanitarian crises on Earth, with close to 6.5 million displaced people in the country, including close to three million displaced people in North Kivu,” he said.

He described scenes of mass displacement and violence: “Civilians are taking the brunt of the escalating hostilities”, with heavy artillery fire “directed at the city centre” including a maternity hospital.

“For example, several shells struck the Charity Maternity Hospital in central Goma, killing and injuring civilians, including newborn and pregnant women,” he emphasised.

“[Hospitals] are struggling to manage the influx of wounded people,” he said, noting that basic services, including water, electricity and internet, are severely disrupted.

Mr. Lemarquis called for temporary humanitarian pauses to facilitate the safe evacuation of civilians and ensure aid delivery. “We must act now to prevent further loss of life and alleviate the suffering of the people of Goma,” he urged.

Rwanda’s role

Responding to questions about Rwanda’s involvement, Mr. Lacroix confirmed the presence of Rwandan troops supporting M23 in Goma, citing significant troop numbers.

He condemned the killing of peacekeepers, noting that three had died, including two from South Africa and one from Uruguay, with 12 others injured.

The Under-Secretary-General reiterated the UN’s call for all parties, including Rwanda, to respect the safety and security of UN personnel.

Regarding Rwanda’s role as a leading troop-contributing country to UN missions, Mr. Lacroix stated, “At this moment, we have to focus on the emergency, with saving as many lives as possible, and trying to bring about the cessation of hostilities.”

Diplomatic efforts

Mr Lacroix reaffirmed the UN’s commitment to supporting regional peace initiatives, welcoming the East African Community’s plan for a summit on 28 January and an African Union Peace and Security Council session on Tuesday.

Both officials stressed the urgency of international engagement, with Mr. Lemarquis highlighting a recent $70 million allocation from the Central Emergency Response Fund to support humanitarian efforts.

The press conference concluded with a stark message from Mr. Lacroix: “I urge the international community to intensify its engagement to prevent the bloodshed and to support the humanitarian response. We must act now.”

MIL OSI United Nations News –

January 28, 2025
MIL-OSI USA: New York Wholesale Group Recalls Zaarah Herbals Shatavari Powder Because of Possible Health Risk
Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:

January 27, 2025

FDA Publish Date:

January 27, 2025

Product Type:

Food & Beverages
Contaminants

Reason for Announcement:

Recall Reason Description

Product may be contaminated with elevated levels of lead.

Company Name:

New York Wholesale Group

Brand Name:

Brand Name(s)

Zaarah Herbals

Product Description:

Product Description

Shatavari Powder

Company Announcement

New York Wholesale Group of Hicksville, NY is recalling Zaarah Herbals Shatavari Powder, to the consumer/user level because it has the potential to be contaminated with elevated levels of lead. Short term exposures to very low levels of lead may not elicit any symptoms. It is possible that increased blood lead levels may be the only apparent sign of lead exposure. Additional overt signs and symptoms of lead exposure are more likely with acute exposure to higher levels of lead. While lead can affect nearly every bodily system, its effects depend upon the amount and duration of lead exposure and age/ body weight. If a fetus is exposed to enough lead for a protracted period of time (e.g., weeks to months) permanent damage to the central nervous system may occur. This can result in learning disorders, developmental defects, and other long-term health problems. For adults, chronic lead exposure is associated with kidney dysfunction, hypertension, increased risk of mortality from cardiovascular disease, and neurocognitive effects.

Zaarah Herbals Shatavari Powder was distributed to retailers located in New York, New Jersey, and Connecticut between 10/21/2022 and 04/15/2024.

Product is packaged in clear 100g (3.5oz) jars with a gold lid. The name ZAARAH HERBALS SHATAVARI POWDER prominently displayed on the front of the jar. The UPC is 63502899940. Product codes included in the recall are Batch No: SR 04 Mfd. Date: JULY/2022 and can be found on the back panel of the bottle.

No illnesses have been reported to date.

The recall is the result of an analysis conducted by Connecticut Department of Consumer Protection; Food & Standards Division that revealed the product contained elevated levels of lead.

Consumers who have purchased this product should not consume it and can return to the place of purchase for a full refund. Consumers with questions may contact the company at 1-800-516-7606 Monday through Friday from 10:00am to 6:00pm EST.

Company Contact Information

Consumers:

1-800-516-7606

Product Photos
Content current as of:

01/27/2025

Regulated Product(s)

Topic(s)

Follow FDA
MIL OSI USA News –
January 28, 2025
MIL-OSI Security: Crimestoppers GNO and U.S. Marshals New Orleans Task Force Operation Boo Dat Concludes with Over 50 Arrests and an Endangered Teen Recovery

Source: US Marshals Service

New Orleans, LA – Crimestoppers Greater New Orleans (GNO) and the U.S. Marshals Service New Orleans Task Force sponsored their annual Operation Boo Dat 2024 from Oct. 22, 2024, to Jan. 18, 2025. The operation was a partnership between New Orleans Police Department, Orleans Parish Sheriff’s Office, Jefferson Parish Sheriff’s Office, Kenner Police Department, St. Bernard Parish Sheriff’s Office, St. Tammany Parish Sheriff’s Office, Louisiana Probation and Parole, Homeland Security Investigations, and USMS New Orleans Task Force resulted in 51 arrests, with 16 of the arrests being for felony sex offender registration violations. A missing/endangered 13-year-old female was also recovered for NOPD during the operation and that recovery led to an immigration violation arrest of a 16-year-old male who was believed to have been involved in juvenile gang activity across the New Orleans metro area. Twenty-one of the 51 arrested fugitives were arrested during the operation on felony warrants related to open sex-based offenses. Crimestoppers GNO provided critical support during the operation to include a media released photo spread of 31 fugitives. The photo spread resulted in the arrests or clearing of 11 of the photo spread targets. The 20 remaining targets are still at large and Crimestoppers GNO rewards are available for information that leads to their arrest.

During the operation, sex offender compliance checks were also conducted in Orleans, Jefferson, St. Bernard, and St. Tammany parishes. These compliance checks require law enforcement officers to physically visit the sex offender’s reported address of residence to verify that the offender still lives at the provided address. Countless hours of follow-up investigative work are often required during and after a compliance check. The compliance checks led to the arrests of 16 fugitives wanted for violating their sex offender registration (Failure to Register or Update as a Sex Offender—FTR). Several of the FTR arrests were based off Crimestoppers GNO tips.

Highlights of Operation Boo Dat 2024 included:

— The Nov. 1, 2024, arrest of Kevin Dubon-Carrasco, who was wanted by JPSO on an October 2024 warrant for sexual battery, indecent behavior with juveniles, and domestic abuse battery-child endangerment. The alleged victim was an 8-year-old child. Dubon-Carrasco was arrested in the 3300 block of Green Acres, Metairie, and later rebooked with immigration violations.

— The Nov. 6, 2024, arrest of Michael K. Brooks on an August 2024 NOPD warrant for aggravated battery by shooting, home invasion, and first-degree rape. He was also wanted out of Fort Smith, Arkansas, on an active warrant for aggravated assault. After an almost three-hour standoff with Brooks fleeing on foot through a neighborhood in the 2400 block of Sixth Street, he was finally arrested with assistance from NOPD Special Operations Division.

— The Nov. 13, 2024, USMS Missing Child Unit recovery of an endangered 13-year-old female runaway for NOPD. She had been listed as a runaway for NOPD 3rd District earlier in November. She had a prior history of running away and allegations of prior sexual abuse. It was determined via investigation that she was associated with alleged teenage gang members known to operate in New Orleans and Jefferson Parish and be in possession of firearms and rifles. With critical assistance from HSI and SBPSO she was recovered in Chalmette, and a 16-year-old male was taken into immigration custody based on the female’s recovery.

— The Nov. 19, 2024, arrest of Jose Briseno-Molina, who was wanted by the Montgomery County Texas Sheriff’s Office on a warrant for aggravated sexual assault of children. The alleged victims were under the age of 13. Briseno-Molina is alleged to have fled Texas to Jefferson Parish, working at a barber shop to raise money before allegedly planning to flee to Mexico. USMS Southern District of Texas contacted the USMS New Orleans Task Force for assistance and, with critical support from JPSO, the task force arrested Briseno-Molina in the 700 block of Terry Parkway in Jefferson Parish. An ICE immigration hold was also placed on him.

— The Dec. 4, 2024, arrest of Ashley Karl Carambat, wanted on a November 2024 STPSO warrant for pornography involving juveniles under the age of 13 and aggravated crimes against nature. Information was developed by the USMS New Orleans Task Force that Carambat had relocated to the Mobile, Alabama, area and a collateral lead was sent to the USMS Gulf Coast Regional Fugitive Task Force, who arrested her in Spanish Fort, Alabama.

— The Dec. 19, 2024, arrest of Jalil Jonas Williams on an NOPD warrant for second-degree murder. Williams, who was on active LA P&P supervision, is alleged to have murdered a Cox Cable technician in the 8000 block of Dwyer Road Dec. 16, 2024. He was also wanted for an attempted armed robbery in the French Quarter and is a person of interest in another armed robbery in Jefferson Parish. With assistance from a Crimestoppers GNO tip he was arrested at the New Orleans Bus/Train Station where he was awaiting a bus to allegedly flee from New Orleans. He was in possession of a firearm at the time of his arrest.

— The Dec. 20, 2024, arrest of Parnell Wilson, wanted by the Tangipahoa Parish Sheriff’s Office on a July 2024 warrant for two counts of first-degree rape of a child (an 8-year-old girl). Wilson was on active Louisiana Probation and Parole supervision. The USMS New Orleans Task Force, working with LA P&P, developed information that Wilson was going back and forth between New Orleans and Tangipahoa Parish and refusing to comply with his supervision. He was finally arrested at the LA P&P Office in New Orleans based on work done by the USMS New Orleans Task Force and LA P&P.

“Operation Boo Dat demonstrates the commitment of the U.S. Marshals Service, Crimestoppers GNO, and our local law enforcement to protect our communities from violence and exploitation,” said Eastern District of Louisiana U.S. Marshal Enix Smith III.

“Together, we will continue to prioritize the safety and well-being of our residents and hold accountable those who threaten them.”

Any information can be provided to the U.S. Marshals Service at (504) 589-6872 or via email at usms.wanted@usdoj.gov. Crimestoppers GNO may also be contacted with tips at (504) 822-1111.

MIL Security OSI –

January 28, 2025
MIL-OSI United Kingdom: The ICC has a key role in ensuring perpetrators are held accountable for crimes committed in Darfur: UK statement at the UN Security Council

Source: United Kingdom – Executive Government & Departments

Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on the ICC’s work in Sudan.

First, the Prosecutor was clear that the conflict in Sudan has gone on for far too long.

My Foreign Secretary saw the scale of the suffering for himself when he visited the Adre crossing on the Chad-Sudan border on Saturday.

As the Foreign Secretary said, this is the biggest humanitarian crisis in the world.

For this reason, the UK has announced a further £20m in funding to assist with increased food production and life-saving sexual and reproductive health services for refugees fleeing Sudan.

This builds on our announcement in November of the doubling of our aid to over £226m.

These funds are delivering emergency food assistance to almost 800,000 displaced people.

They are providing improved access to shelter, drinking water, emergency healthcare and education.

Further efforts to galvanise international support are also required.

This is why my Foreign Secretary announced his intention to convene a meeting of foreign ministers to ensure aid gets to where it is needed most and to re-energise efforts to end this conflict.

Second, the International Criminal Court has a key role to play in ensuring perpetrators are held accountable for crimes committed in Darfur.

In that context, the United Kingdom welcomes the creation of a structured dialogue between the Office of the Prosecutor and Civil Society Organisations.

This can help ensure that the voices of victims are heard.

We further welcome the conclusion of the Ali Kushayb trial in December 2024.

As the first trial to be concluded in a Situation referred to the Court by the UN Security Council, this represents a historic milestone.

We look forward to hearing updates on any further applications for arrest warrants.

Third, the UK reiterates our call for full cooperation with the Court.

We welcome the constructive engagement by the Sudanese authorities with the ICC during this reporting period.

We further urge them to cooperate with the ICC to ensure the arrest and surrender of those subject to outstanding arrest warrants: Omar Al Bashir, Abdel Raheem Muhammad Hussein and Ahmad Harun.

Mr President, let me conclude by reiterating the UK’s continued support for the Court, and our respect for its independence.

It is important that the ICC is able to carry out its important work in Darfur and elsewhere without interference.

Sanctioning the ICC in response to one of its decisions would impede its ability to carry out this important work, in Darfur, Venezuela, Ukraine and in all situations where the Court is active.

Updates to this page

Published 27 January 2025

MIL OSI United Kingdom –

January 28, 2025
MIL-OSI USA: Minority Leader Sen. Harold Jones II to Hold Press Conference on 2025 Senate Democratic Caucus Priorities
Source: US State of Georgia

ATLANTA (January 27, 2025) — On Tuesday, January 28, at 1:30 p.m., Senate Minority Leader Sen. Harold Jones II (D–Augusta) will hold a press conference on the Democratic Caucus’ legislative priorities for the 2025 Legislative Session.

EVENT DETAILS:
- Date: Tuesday, January 28, 2025
- Time: 1:30 p.m.
- Where: 203 Coverdell Legislative Office Building, 18 Capitol Square, S.W., Atlanta, Georgia 30334
- This Event is Open to the Public.
MEDIA OPPORTUNITIES:

We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

# # # #

Sen. Harold V. Jones II serves as the Democratic Leader. He represents the 22nd Senate District, which includes portions of Richmond County. He may be reached at 404.656.0036 or via email at harold.jones@senate.ga.gov

MIL OSI USA News –
January 28, 2025
MIL-OSI: Aimfinity Investment Corp. I Announces Extension of the Deadline for an Initial Business Combination to February 28, 2025

Source: GlobeNewswire (MIL-OSI)

Wilmington, Delaware, Jan. 27, 2025 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from January 28, 2025 to February 28, 2025, on January 27, 2025, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $55,823.8, or for $0.05 per Class A ordinary share held by public shareholders (the “Monthly Extension Payment”).

Pursuant to the Company’s fourth amended & restated memorandum and articles of association (“Current Charter”), effectively January 9, 2025, the Company may extend on a monthly basis from January 28, 2025 until October 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the first of nine monthly extensions sought under the Current Charter of the Company.

About Aimfinity Investment Corp. I

Aimfinity Investment Corp. I is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).

Additional Information and Where to Find It

As previously disclosed, on October 13, 2023, the Company entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Docter Inc., a Delaware corporation (the “Company”), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of Parent (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which the Company is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of AIMA as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii): risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

A further list and description of risks and uncertainties can be found in the prospectus filed on April 26, 2022 relating to AIMA’s initial public offering, the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2022, filed on April 17, 2023, and in the Registration Statement/proxy statement that will be filed with the SEC by AIMA and/or its affiliates in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Aimfinity, Docter, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Participants in the Solicitation

AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.

Contact Information:

Aimfinity Investment Corp. I
I-Fa Chang
Chief Executive Officer
221 W 9th St, PMB 235
Wilmington, Delaware 19801
ceo@aimfinityspac.com

The MIL Network –

January 28, 2025
MIL-OSI USA: Sen. Johnson Introduces the Guidance Out Of Darkness Act (GOOD) Act

US Senate News:

Source: United States Senator for Wisconsin Ron Johnson
WASHINGTON – On Friday, U.S. Sen. Ron Johnson (R-Wis.) and 14 of his Senate colleagues introduced the Guidance Out Of Darkness (GOOD) Act.The GOOD Act requires federal agencies to publish their regulatory guidance on the internet in an easily accessible location. This bill will help impacted entities — including small businesses, workers and households — be fully informed of regulatory requirements in order to take any necessary actions for compliance.
Sen. Johnson was joined by Senators Kevin Cramer (R-N.D.), Joni Ernst (R-Iowa), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Rick Scott (R-Fla.), Thom Tillis (R-N.C.), Marsha Blackburn (R-Tenn.), John Hoeven (R-N.D.), Ted Budd (R-N.C.), Eric Schmitt (R-Mo.), Roger Marshall (R-Kan.), Tim Sheehy (R-Mont.), and James Risch (R-Idaho).
The full text of the legislation can be found here.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Reed Statement on Firing of Coast Guard Commandant Linda Fagan

US Senate News:

Source: United States Senator for Rhode Island Jack Reed
WASHINGTON, DC — After President Trump abruptly fired Admiral Linda Fagan, the 27th Commandant of the Coast Guard and America’s first female Service Chief who was two-and-a-half years into her four-year term, U.S. Senator Jack Reed (D-RI), the Ranking Member of the Senate Armed Services Committee, issued the following statement:
“Admiral Fagan is a consummate professional and a strong leader with a record of distinguished service. During her time as Commandant, she successfully led more than 55,000 Coast Guard personnel in their critical missions and life-saving operations at sea.
“I am troubled that this firing was based on politics, not performance. I urge my Republican colleagues to take a closer look at her unwarranted dismissal and speak out against the removal of high-achieving officers for partisan reasons.
“Admiral Fagan’s removal is a loss for the Coast Guard. She’s a trailblazer and mentor for many young officers. Her legacy continues through them and we salute her for a job well done.
“Admiral Fagan earned her place in history and raised the bar for others to follow. No one, not even President Trump, can take that away from her.”
-end-

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Shaheen Statement on the Confirmation of Pete Hegseth as Secretary of Defense

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen

Published: 01.24.2025

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Armed Services Committee, released the following statement on the confirmation of Pete Hegseth to be Secretary of Defense:
“Since I’ve been a member of the U.S. Senate, I have had productive relationships with every Secretary of Defense from both Republican and Democratic administrations—even if we didn’t agree on every policy issue. I have voiced my concerns for our national security related to Mr. Hegseth’s nomination; however, now that he has been confirmed to this position, I sincerely hope we can work together in good faith to ensure the wellbeing of our service members. It’s critical we put the security of Americans and our nation above all else.”
Citing national security concerns in a Senate floor speech yesterday, Shaheen announced that she would oppose the President’s nominee for Secretary of Defense for the first time since joining the U.S. Senate Armed Services Committee in 2011.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: Schatz, Senators Introduce Resolution Warning of Serious Public Health Threats From Trump Administration Freeze on Critical Health Alerts, Including Disease Outbreaks and Food Contamination

US Senate News:

Source: United States Senator for Hawaii Brian Schatz
WASHINGTON – Following reports that the Trump Administration has paused critical communications from federal health agencies, including warnings on disease outbreaks and food contamination, U.S. Senators Brian Schatz (D-Hawai‘i), Alex Padilla (D-Calif.), Tammy Baldwin (D-Wis.), Dick Durbin (D-Ill.), Chris Van Hollen (D-Md.), Peter Welch (D-Vt.) Ed Markey (D-Mass.), Jack Reed (D-R.I.), Richard Blumenthal (D-Conn.), and Tina Smith (D-Minn.) introduced a resolution calling for uninterrupted health warning services for the American people.
“People deserve to have timely and accurate information about dangerous disease outbreaks or contamination in their food. This shouldn’t be controversial or political. It’s about keeping people healthy and safe,” said Senator Schatz.
“Federal health agencies must be able to communicate timely and accurate information to health care providers and the public, especially as the devastating Southern California fires burn down community health centers and put hospitals and lives at risk,” said Senator Padilla. “President Trump’s dangerous order halting federal public health communications puts vulnerable California communities at even further risk in a time of crisis. I will keep fighting to protect public access to essential health information.”
“Disease outbreaks and public health crises don’t stop during presidential transitions. Preventing health agencies from communicating with the public is flat out dangerous,” said Senator Van Hollen.
“Avian flu is spreading, and the Trump Administration thinks it’s a good idea to stop federal health agencies from communicating with the public? This is dangerous and misguided,” said Senator Welch.
“President Trump is playing politics with people’s health. At the very least, the federal government should be able to alert the public when it is aware of disease outbreaks or contaminated food. The Trump Administration should not withhold this information from the public,” said Senator Reed.
“Halting alerts about deadly disease outbreaks or food contamination serves no one. Just last year, ten people died after a listeria outbreak at a Boar’s Head facility – a number that might have been even higher if public agencies hadn’t been allowed to warn the public. Even in a time of deep political difference, we ought to agree that preventing the spread of deadly disease is a wise use of taxpayer dollars,” said Senator Blumenthal.
The full text of the resolution is available here.

MIL OSI USA News –

January 28, 2025
MIL-OSI USA: UConn Hand Center Helps Bowler Strike Again

Source: US State of Connecticut

In this month’s WFSB Great Day CT segment we meet Stephanie Reitz who has been typing since she was 13 years old, once for fun and then as part of her job as a reporter and spokesperson for the University of Connecticut. Pain in her finger and knuckle lead her to the UConn Health Hand Center where orthopedic surgeon Dr. Joel Ferreira, diagnosed arthritis in the tip of her finger joint, the most common location in the hand.

She had surgery shortly after for that finger and the pain was gone. Reitz began bowling competitively and when she began having issues with other fingers that was not only affecting her work but her important past time, she reached back out to Ferreira who worked around her bowling season and with two more surgeries fixed the three affected fingers.

At the UConn Health Center, Ferreira and his colleagues specialize in hands, wrists and elbows and offer a variety of solutions for problems and many can be treated without surgery.

“I think you can get used to anything, but you shouldn’t get used to pain and that’s what I have learned through this process,” says Reitz.

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MIL OSI USA News –

January 28, 2025

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