NewzIntel.com

Category: Asia Pacific

  • MIL-OSI New Zealand: Crash closes access to State Highway 2 at Silverstream

    Source: New Zealand Transport Agency

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    Access to and from State Highway 2 is following a crash on Silverstream Bridge this morning.

    The incident was reported around nine am this morning.

    While State Highway 2 remains open, Silverstream Bridge is closed to traffic in both directions.

    The Police Serious Crash Unit is attending, and the closure could last several hours.

    Drivers should avoid the area and use an alternative  route to access State Highway 2 from Upper Hutt.

    Updates on the incident’s status can be checked on the NZTA/Waka Kotahi website:

    Tags

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Reminder: State Highway 1 Blenheim roundabout resurfacing to begin next week

    Source: New Zealand Transport Agency

    Two busy Blenheim roundabouts will be resealed next week.

    The State Highway 1/State Highway 6 Nelson Street roundabout will be the first to be resurfaced with night works planned from Sunday, 2 February until Tuesday, 4 February, between 7 pm and 5 am.

    During this time the roundabout will be closed to all traffic to allow for asphalting work to be carried out and a local road detour will be in place.

    Asphalt is a longer lasting solution that provides a stronger road. It also reduces the amount of future maintenance the roundabouts will need.

    Contractors will then carry out night works on the State Highway 1 Main Street roundabout from Sunday, 9 February, until Wednesday, 12 February, between 7 pm and 5 am.

    During this time the roundabout will be closed to all traffic to allow asphalting work to be completed and the same local detour route will be in place.

    The work is deliberately planned to coincide with State Highway 1 Weld Pass night closures as most southbound traffic will be using the inland route to travel to Kaikoura and Christchurch. It means the resealing work will affect fewer drivers.

    A local road detour will be in place for all traffic in both directions via Alabama Road, Battys Road, Nelson Street, Hutcheson Street and Lansdowne Street. This detour is expected to add up to 10 minutes to travel time.
    Once asphalting work is complete, road markings will be reinstated under night works with stop/go controls and a 30 km/h speed limit.

    The roundabout resealing will create some disruption and delays and drivers are urged to allow extra time when travelling through Blenheim until the work is completed.

    Works details

    State Highway 1, Grove Road / State Highway 6, Nelson Street roundabout

    • Sunday, 2 February to Tuesday, 4 February. 7 pm and 5 am.
    • Full road closure at the Pitchill Street, Lane Street (on Dillon’s Point Road), Auckland Street and Bomford Street intersections before the roundabout.
    • Local road detour in both directions for all vehicles, including heavies, via Alabama Road, Battys Road, Nelson Street, Hutcheson Street and Lansdowne Street. This detour is expected to add up to 10 minutes to travel time.
    • No access to the northern end of the Blenheim Railway Station during work hours. Access to the carpark will be via the southern end (Horton Street) only.
    • Access will be available for emergency services.
    • A 30 km/h temporary speed limit will be in place during the day outside of work hours. Road users must follow the instructions of contractors and obey all temporary speed limits and traffic controls.

    State Highway 1, Main Street roundabout

    • Sunday, 9 February to Wednesday, 12 February. 7 pm and 5 am.
    • Full road closure at the Alfred Street, Freswick Street, Kinross Street, Symons Street and Park Terrace intersections before the roundabout.
    • Local road detour in both directions for all vehicles, including heavies, via Alabama Road, Battys Road, Nelson Street, Hutcheson Street and Lansdowne Street. This detour is expected to add up to 10 minutes to travel time.
    • Access will be available for emergency services.
    • A 30 km/h temporary speed limit will be in place during the day outside of work hours. Road users must follow the instructions of contractors and obey all temporary speed limits and traffic controls.

    More Information:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Employment indicators: December 2024 – Stats NZ information release

    Source: Statistics New Zealand

    Employment indicators: December 2024 – 28 January 2025 – Employment indicators provide an early indication of changes in the labour market.

    Key facts

    Changes in the seasonally adjusted filled jobs for the December 2024 month (compared with the November 2024 month) were:

    • all industries – up 0.1 percent (2,615 jobs) to 2.36 million filled jobs
    • primary industries – up 0.2 percent (182 jobs)
    • goods-producing industries – down 0.1 percent (452 jobs)
    • service industries – up 0.2 percent (4,439 jobs).

    Files:

    MIL OSI New Zealand News –

  • 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 –

  • 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 –

  • MIL-OSI Submissions: Employment indicators: December 2024 – Stats NZ information release

    Source: Statistics New Zealand

    Employment indicators: December 2024 – 28 January 2025 – Employment indicators provide an early indication of changes in the labour market.

    Key facts

    Changes in the seasonally adjusted filled jobs for the December 2024 month (compared with the November 2024 month) were:

    • all industries – up 0.1 percent (2,615 jobs) to 2.36 million filled jobs
    • primary industries – up 0.2 percent (182 jobs)
    • goods-producing industries – down 0.1 percent (452 jobs)
    • service industries – up 0.2 percent (4,439 jobs).

    Files:

     

    MIL OSI –

  • MIL-OSI New Zealand: Events – Firefighters Compete at UFBA South Island Waterway Challenge

    Source: United Fire Brigades’ Association

    Each year, over 20,000 fires threaten precious homes, businesses, our natural environment and lives across New Zealand. We have seen several large vegetation fires this summer already and they all require one thing – lots of water and brave people to put it there!
    Firefighting relies on timing, technical expertise, and teamwork to save lives and property; the branch on the hose, the hose to the pump, the standpipe to the hydrant, and each person playing their part.
    Since 1885, the United Fire Brigades’ Association (UFBA) Waterway Challenge has helped firefighters test their hose-running and pump-operating skills in a fun, safe, and competitive environment. The track has 19 different setups covering rural and urban approaches to firefighting.
    On Saturday 1 February, over 50 volunteer firefighters from around the South Island will show off their teamwork and firefighting skills that they use to protect property and lives, as they compete in teams against each other in the annual UFBA South Island Waterway Challenge.
    Teams of firefighters will be coming from Lincoln, Lyttleton, Rangiora, Westport, Greymouth, Brunner, Methven, Cromwell, Mataura, Balclutha, Wyndham, Mossburn, Sefton, Rolleston, Luggate, and Ross Volunteer Fire Brigades.
    Competitors have trained all year, some are highly experienced and we have some fresh faces ready to take on the challenge. This firefighting event helps teams prepare for the biennial UFBA National Waterway Challenge a few weeks after the South Island event.
    Bring the kids along to watch this competitive display of firefighting techniques.
    Location: Darfield Domain
    Date/Time: Saturday 1 February 2025 from 0930hrs till 1600hrs (approx.) 
    About the UFBA – for over 145 years the United Fire Brigades’ Association has been the leading association representing firefighters in New Zealand. Today our services support around 14,000 firefighters throughout the fire and emergency services sector by providing advocacy, skills-based challenges, workshops and service honours.
    For more information visit www.ufba.org.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Fire Safety – Restricted fire season begins for Porirua and Kāpiti Coast

    Source: Fire and Emergency New Zealand

    Fire and Emergency New Zealand has declared a restricted fire season for the Porirua and Kāpiti Coast areas from 8am today, until further notice.
    A restricted fire season means anyone who wants to light an outdoor fire must go to checkitsalright.nz and apply for a fire permit authorised by Fire and Emergency.
    District Manager Brett Lockyer says Porirua and the Kāpiti Coast have become extremely dry since the beginning of the year.
    “Although there has been a bit of rain in the last couple of days, we still have a lot of very dry vegetation on the west side of the district, which could easily catch fire,” he says.
    “With that in mind, we’re restricting how and when people can light fires in those areas.
    “We will keep monitoring the conditions, but for now we suggest that people hold off on any planned burn activities, and check on their recent fire sites to make sure these are fully out.”
    Brett Lockyer says if people aren’t sure what the restrictions are in their area, they should go to www.checkitsalright.nz and enter their address.
    “You will need a permit to light a fire, and you will need to comply with any conditions set out,” he says.
    “This is a very risky time of year for wildfires, so we’re asking everyone to help us keep Wellington District’s people, property and environment safe from fires this summer.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Business Appointments – Fusion5 appoints CEO for New Zealand

    Source: NZ news tips

    Message: 28 January 2025 – Wellington, New Zealand. Australasian business solutions company Fusion5 has announced the appointment of Kristy Brown as Chief Executive Officer for its New Zealand operations.
    The appointment will see Fusion5 Australia and New Zealand led respectively by Sven Martin and Kristy Brown. Martin took on the initial Australia/New Zealand CEO role in 2023 and will now be entirely focused on the market expansion and growth opportunities in Australia.
    “Appointing dual CEOs in New Zealand and Australia is essential for realising the growth potential in both countries,” says Rebecca Tohill, Fusion5 Executive Chair. “It will allow us to harness local energy and drive without distraction as Fusion5 evolves from a business solutions provider to a transformation partner specialising in systems integration and delivering high-value, holistic solutions.”
    “Kristy has an impressive track record at Fusion5, particularly in advancing our Microsoft capabilities and business,” says Sven Martin, Fusion5 CEO – Australia. “We’ve collaborated successfully over the years, and I’m genuinely excited for her. With her as my counterpart in New Zealand, I can provide dedicated focus on the Australian market, ensuring both regions thrive.”
    An experienced business leader, Brown joined Fusion5 in 2016 and built a highly successful Microsoft practice within New Zealand. Brown was appointed Fusion5’s Chief Microsoft Officer – Australia/New Zealand in 2024. Today, Fusion5’s multi-award-winning Microsoft practice constitutes over 60% of its revenue.
    Brown is also known for her commitment to mentoring and nurturing the next generation of talent within the business.
    “I’m truly excited to be leading Fusion5 New Zealand,” says Brown, “and I appreciate the trust the business continues to show in me and the support from those around me. Being appointed to this role is a privilege and an opportunity for Fusion5 to bring significant performance improvements for our local customers. As we grow, we never want to lose sight of what’s important to our customers and our people. With dual CEOs in place, we can do this – and more – effectively and at scale.”
    “Kristy has outstanding market engagement skills; her passion, drive, and ability to connect with customers, partners, and our people make her the ideal leader to propel our growth in New Zealand,’ says Tohill. “Between Sven and Kristy, Fusion5 is in the best possible hands.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: NSW’s frontline heroes celebrated with Australia day honours

    Source: New South Wales Premiere

    Published: 26 January 2025

    Last updated: 28 January 2025

    Released by: Minister for Emergency Services

    Sixteen emergency services personnel from NSW have been recognised on the Australia Day 2025 Honours List for their service to the community during times of crisis.

    The Australian Fire Service Medal was awarded to eleven recipients representing Fire and Rescue NSW (FRNSW) and the NSW Rural Fire Service (NSW RFS).

    The Emergency Services Medal was awarded to five recipients representing the NSW State Emergency Service (NSW SES), Surf Life Saving NSW (SLS NSW), and VRA Rescue NSW.

    Medal recipients are announced twice a year as part of the Australia Day and the Kings Birthday Honours Lists, recognising the dedication, bravery, and leadership of emergency services personnel to keeping our communities safe. 

    Australian Fire Service Medal recipients

    • Mr Gregory Reuben Houston, FRNSW
    • Mr Samuel James Parkhouse, FRNSW
    • Mr Garry James Reardon, FRNSW
    • Mr Samuel Stuart Clark AM, NSW RFS
    • Ms Robyn Leslie Reynolds, NSW RFS
    • Ms Jennifer Ann Farrell, NSW RFS
    • Mr Scott Alexander Campbell, NSW RFS
    • Mr Wayne Robert Keel, NSW RFS
    • Mr Anthony Clough, NSW RFS
    • Mr John Duncan Hedley, NSW RFS
    • Mr Robert James Conroy, NSW RFS

    Emergency Services Medal recipients

    • Mrs Christine Speer, NSW SES
    • Mr Anthony Gerard Battam, NSW SES
    • Mr Michael Anthony Wasley, SLS NSW
    • Mrs Julie Wilcox, SLS NSW
    • Mr Daniel John van Keimpema, VRA Rescue NSW

    Minister for Emergency Services Jihad Dib said:

    “I’m thrilled to see so many of our outstanding emergency services personnel recognised on the Australia Day Honours List. Their service is a testament to the very best of our state and we’re proud to honour their achievements.

    “From bushfires to floods, surf rescues and storms – our emergency services workers go above and beyond to protect the people of NSW and demonstrate exceptional bravery, compassion, and commitment.

    “The Australian Fire Service Medal and the Emergency Service Medal is a well-deserved recognition of their tireless efforts to keeping our communities safe.”

    MIL OSI News –

  • MIL-OSI Australia: Championing creativity and diversity during NSW Women’s Week 2025

    Source: New South Wales Premiere

    Published: 28 January 2025

    Released by: Minister for Women

    Fifteen organisations across New South Wales have received a share of more than $430,000 to host events that highlight women’s creativity, diversity and empowerment during this year’s Women’s Week.

    The NSW Government is building better communities where women and girls can achieve their potential and thrive.

    Women’s Week Grants have been running since 2018 to fund innovative events that empower women and girls to participate in our communities, to advance gender equality in the longer term.

    The 15 successful recipients of the 2025 Women’s Week Grants include:

    1. Interrelate Ltd – Empowerment through education: addressing the need for menstrual education to support young women in need (Coonamble LGA)
    2. Kiama Municipal Council - Paint the Town Femme (Kiama LGA) 
    3. Powerhouse Youth Theatre Inc. - Khair (خير): A Woman’s Tale (Fairfield LGA)
    4. NSW Tonga Netball Association Inc - Her Journey (Queanbeyan-Palerang LGA)
    5. Mudgee Local Aboriginal Land Council - Yinaagirbang Maywang (Women Together) (Mid-Western LGA)
    6. Accessible Arts - Wellbeing Through Art (City of Sydney LGA)
    7. African Sub-Sahara International Development Agency (ASSIDA) - African Women Celebration Week (Liverpool LGA)
    8. SSI – Settlement Service International – Celebrating the diversity of regional women (Coffs Harbour LGA)
    9. Walhallow Local Aboriginal Land Council - Rise & Shine: Gamilaroi Women’s Week Celebration (Liverpool Plains LGA)
    10. Lane Cove Council – Resilience and Radiance (Lane Cove LGA)
    11. Diversity Arts Australia - Empowering Diversity: Women in Arts and Creativity Symposium (Parramatta LGA)
    12. Northern Beaches Council - NSW Women’s Week Writing and Poetry Workshop Series – Celebrating Female Authors living with a Disability (Northern Beaches LGA)
    13. Nourish Nation Foundation Inc – Nourishing Women: A Path to Health Empowerment (Wagga Wagga LGA)
    14. Randwick City Council – Women’s Work art show and live music performance (Randwick LGA)
    15. Maari Ma Health Aboriginal Organisation –Because of Her, We Can: Health and Wellbeing in Far West NSW (Broken Hill, Central Darling Shire and Balranald LGAs)

    NSW Women’s Week, which runs from Sunday 2 to Saturday 8 March, is an annual showcase of the stories and remarkable achievements of women in our state.

    The NSW Government’s Women of the Year Awards at the International Convention Centre is the culmination the week-long celebrations and will be held in Sydney on Thursday 6 March.

    To find out more about Women’s Week 2025 events, visit NSW Women’s Week 2025 | NSW Government.

    Minister for Women Jodie Harrison said:

    “The NSW Government is thrilled to fund one of the most diverse range of Women’s Week events this year.

    “Alongside some great activities that focus on women’s health, art and stories, we have funded events we hope will engage Aboriginal and Torres Strait Islander women, women from culturally and linguistically diverse backgrounds, the LGBTIQA+ community, women with a disability and women from rural, regional and remote NSW.

    “We want these events to inspire creativity and talent, empower women of all ages and backgrounds and encourage diversity and inclusion. I encourage everyone to get involved in the events that are planned in your communities.

    “NSW Women’s Week gives women a platform to honour the many contributions to our families and communities in all aspects of social, cultural, and political life.”

    MIL OSI News –

  • MIL-OSI Submissions: Australia Economy – WA tops economic leaderboard as Queensland rises up the ranks: CommSec State of the States – CBA

    Source: Commonwealth Bank of Australia (CBA)

    WA leads on five of eight economic indicators as Australian state economies remain resilient in the face of higher interest rates and inflation pressures.

    Western Australia has held off a fast-finishing Queensland to claim top spot as the country’s best performing economy for the second quarter in a row in the latest CommSec State of the States report.

    Now in its 16th year, the State of the States report determines which state or territory economy is performing best, by tracking eight key economic indicators and comparing the latest data with decade averages (or the “normal”).

    Western Australia led the national performance rankings for the second time in a decade, ranked first on five of the eight economic indicators.

    In a closely fought contest, Queensland moved up from third spot, joining South Australia in second spot. Victoria remains in fourth place, with Tasmania steady in fifth place.

    NSW leapfrogged the ACT into sixth from seventh place, with the nation’s capital slipping back to seventh. The Northern Territory remains in eighth spot.

    “Overall, economies have slowed in response to higher interest rates and inflation, however Australian states and territories are proving resilient due to a strong job market and solid population growth. As consumers respond to higher borrowing costs and price pressures, the future path will depend on whether the job market can hold up as well as the trajectory of interest rates over the coming months,” Chief CommSec Economist Ryan Felsman said

    “Western Australia’s performance across a number of indicators, namely retail spending, unemployment, population growth, housing finance and dwelling starts powered the state to the top of our economic leaderboard for the second quarter in a row. Queensland however is nipping at WA’s heels, having shot up to equal second place alongside South Australia, with solid results across the eight economic indicators and strong economic momentum. As expected, the interest-rate sensitive south-eastern states remained in a tight cluster mid-table.”

    Additional state and territory highlights include:

    Western Australia ranks first on retail spending, relative unemployment, relative population growth, housing finance and dwelling starts.
    Queensland is now equal second, up from third place, with solid results across the board. South Australia, now joint second, ranks first on economic growth.
    Victoria remains in fourth place – leading on construction work done – and is in fourth spot on two indicators.
    Tasmania is steady in fifth spot — ranking second on equipment spending — but is held back by lower rankings on other indicators.
    NSW moves up to sixth from seventh position and now ranks fifth on four indicators. The ACT has slipped back to seventh — in that position on four indicators.
    The Northern Territory remains in last place. But the “Top End” has performed better over the past 12 months, ranking first for retail spending and equipment investment when annual growth rates are considered.

    Annual growth rates

    The State of the States report also compares the annual growth rates of the eight major indicators, enabling comparisons in terms of more recent economic momentum. This quarter’s report showed:

    Resources-focused Queensland and Western Australia both have the strongest annual economic momentum, and Queensland is now in first spot with Western Australia slipping to second.
    There is little to separate the states with Queensland ranked first or second on five out of the eight key economic indicators. Western Australia is top ranked on three indicators.
    The biggest mover is Victoria, which has jumped to third from seventh place in a sign of improvement in underlying economic activity.  
    South Australia has ascended to fourth from sixth place.
    The Northern Territory has eased back to fifth from third spot. The ACT and NSW are now in joint sixth position, ahead of Tasmania in eighth spot – all held back by higher borrowing costs and slower population growth.

    About the CommSec State of the States Report

    The January 2025 edition of the State of the States report uses the most recent economic data available. While population growth data relates to the June quarter of 2024, other data – such as unemployment – is much timelier, covering the month of December 2024, with housing finance figures focusing on the month of September 2024.

    CommSec, the digital broking arm of Australia’s largest bank, assesses the performance of each state and territory on a quarterly basis using eight key indicators. Those indicators include economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance, and dwelling commencements.

    Just as the Reserve Bank of Australia (RBA) uses long-term averages to determine the level of “normal” interest rates, CommSec compares the key indicators to decade averages; that is, against “normal” performance.

    CommSec also compares annual growth rates for eight key indicators for all states and territories, in addition to Australia as a whole, enabling a comparison of economic momentum.

    MIL OSI – Submitted News –

  • MIL-OSI Security: Philadelphia Woman Sentenced to over Three Years in Prison for Stabbing on the Choctaw Indian Reservation

    Source: Office of United States Attorneys

    Jackson, MS – A Philadelphia woman was sentenced to 40 months in federal prison for stabbing a man in the Pearl River community of the Mississippi Band of Choctaw Indians Reservation.

    According to court documents, Telinah Kowi Tek Farve, 24, stabbed a man at a tribal home in the Pearl River Community in March of 2023.  Farve was indicted by a federal grand jury in April of 2023, and pled guilty in April of 2024.

    Acting U.S. Attorney Patrick A. Lemon and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.

    The Choctaw Police Department and the Federal Bureau of Investigation investigated the case.

    Assistant U.S. Attorneys Kevin J. Payne and Brian K. Burns prosecuted the case.

    This case was brought as part of Project Safe Neighborhood (PSN), a nationwide initiative that was launched in 2001 and works to reduce violent crime and gun violence.  It’s a collaboration between federal, state, local, tribal, and territorial law enforcement, prosecutors, and community leaders.  PSN is coordinated by the U.S. Attorneys’ Offices in the 94 federal judicial districts throughout the 50 states and U.S. territories.  For more information about Project Safe Neighborhood, please visit www.psn.gov.

    MIL Security OSI –

  • MIL-OSI: Park National Corporation reports 2024 results

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, Ohio, Jan. 27, 2025 (GLOBE NEWSWIRE) — Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the fourth quarter and full year of 2024. Park’s board of directors declared a quarterly cash dividend of $1.07 per common share, payable on March 10, 2025, to common shareholders of record as of February 14, 2025.

    “Our consistent and measured growth stems from our team’s absolute focus on meeting customer needs to produce meaningful results,” said Park Chairman and Chief Executive Officer David Trautman. “Helping customers flourish remains our primary goal.”

    Park’s net income for the fourth quarter of 2024 was $38.6 million, a 57.7 percent increase from $24.5 million for the fourth quarter of 2023. Fourth quarter 2024 net income per diluted common share was $2.37, compared to $1.51 for the fourth quarter of 2023. Park’s net income for the full year of 2024 was $151.4 million, a 19.5 percent increase from $126.7 million for the full year of 2023. Net income per diluted common share for the full year of 2024 was $9.32 compared to $7.80 for the full year of 2023.

    Park’s total loans increased 4.6 percent during 2024. Park’s total deposits increased 1.3 percent during 2024, with an increase of 2.7 percent including off balance sheet deposits. The combination of solid loan growth and steady deposits contributed to Park’s success in 2024.

    “As we enter the new year, we look forward to the opportunity to deepen relationships with our customers, communities and all stakeholders,” said Park President Matthew Miller. “Our bankers are dedicated to helping all those we serve achieve their financial goals and thrive in 2025.”

    Headquartered in Newark, Ohio, Park National Corporation has $9.8 billion in total assets (as of December 31, 2024). Park’s banking operations are conducted through its subsidiary The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.

    Complete financial tables are listed below.

    Category: Earnings

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

    Risks and uncertainties that could cause actual results to differ materially include, without limitation: (1) Park’s ability to execute our business plan successfully and within the expected timeframe; (2) adverse changes in future economic and financial market conditions; (3) adverse changes in real estate values and liquidity in our primary market areas; (4) the financial health of our commercial borrowers; (5) adverse changes in federal, state and local governmental law and policy, including the regulatory landscape, capital markets, elevated government debt, potential changes in tax legislation, government shutdown, infrastructure spending and social programs; (6) changes in consumer spending, borrowing and saving habits; (7) our litigation and regulatory compliance exposure; (8) increased credit risk and higher credit losses resulting from loan concentrations; (9) competitive pressures among financial services organizations; (10) changes in accounting policies and practices as may be adopted by regulatory agencies; (11) Park’s assumptions and estimates used in applying critical accounting policies and modeling which may prove unreliable, inaccurate or not predictive of actual results; (12) Park’s ability to anticipate and respond to technological changes and Park’s reliance on, and the potential failure of, a number of third-party vendors to perform as expected; (13) failures in or breaches of Park’s operational or security systems or infrastructure, or those of our third-party vendors and other service providers; (14) negative impacts on financial markets and the economy of any changes in the credit ratings of the U.S. Treasury obligations and other U.S. government-backed debt, as well as issues surrounding the levels of U.S., European and Asian government debt and concerns regarding the growth rates and financial stability of certain sovereign governments, supranationals and financial institutions in Europe and Asia; (15) effects of a fall in stock market prices on Park’s asset and wealth management businesses; (16) continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; (17) the impact on Park’s business, personnel, facilities or systems of losses related to acts of fraud, scams and schemes of third parties; (18) the impact of widespread natural and other disasters, pandemics, dislocations, regional or national protests and civil unrest (including any resulting branch closures or damages), military or terrorist activities or international hostilities on the economy and financial markets generally and on us or our counterparties specifically; (19) the potential further deterioration of the U.S. economy due to financial, political, or other shocks; (20) the effect of healthcare laws in the U.S. and potential changes for such laws that may increase our healthcare and other costs and negatively impact our operations and financial results; (21) the impact of larger or similar-sized financial institutions encountering problems that may adversely affect the banking industry; and (22) other risk factors relating to the financial services industry.

    Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

       
    PARK NATIONAL CORPORATION  
    Financial Highlights  
    As of or for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023  
                     
        2024       2024       2023       Percent change vs.  
    (in thousands, except common share and per common share data and ratios) 4th QTR 3rd QTR 4th QTR   3Q ’24   4Q ’23  
    INCOME STATEMENT:                
    Net interest income $ 103,445     $ 101,114     $ 95,074       2.3   % 8.8   %
    Provision for credit losses   3,935       5,315       1,809       (26.0 ) % 117.5   %
    Other income   31,064       36,530       15,519       (15.0 ) % 100.2   %
    Other expense   83,241       85,681       79,043       (2.8 ) % 5.3   %
    Income before income taxes $ 47,333     $ 46,648     $ 29,741       1.5   % 59.2   %
    Income taxes   8,703       8,431       5,241       3.2   % 66.1   %
    Net income $ 38,630     $ 38,217     $ 24,500       1.1   % 57.7   %
                     
    MARKET DATA:                
    Earnings per common share – basic (a) $ 2.39     $ 2.37     $ 1.52       0.8   % 57.2   %
    Earnings per common share – diluted (a)   2.37       2.35       1.51       0.9   % 57.0   %
    Quarterly cash dividend declared per common share   1.06       1.06       1.05       —   % 1.0   %
    Special cash dividend declared per common share   0.50       —       —       N.M.   N.M.  
    Book value per common share at period end   76.98       76.74       71.06       0.3   % 8.3   %
    Market price per common share at period end   171.43       167.98       132.86       2.1   % 29.0   %
    Market capitalization at period end   2,770,134       2,713,152       2,141,235       2.1   % 29.4   %
                     
    Weighted average common shares – basic (b)   16,156,827       16,151,640       16,113,215       —   % 0.3   %
    Weighted average common shares – diluted (b)   16,283,701       16,264,393       16,216,562       0.1   % 0.4   %
    Common shares outstanding at period end   16,158,982       16,151,640       16,116,479       —   % 0.3   %
                     
    PERFORMANCE RATIOS: (annualized)                
    Return on average assets (a)(b)   1.54   %   1.53   %   0.98   %   0.7   % 57.1   %
    Return on average shareholders’ equity (a)(b)   12.32   %   12.56   %   8.81   %   (1.9 ) % 39.8   %
    Yield on loans   6.21   %   6.24   %   5.84   %   (0.5 ) % 6.3   %
    Yield on investment securities   3.46   %   3.74   %   3.88   %   (7.5 ) % (10.8 ) %
    Yield on money market instruments   4.75   %   5.38   %   5.30   %   (11.7 ) % (10.4 ) %
    Yield on interest earning assets   5.82   %   5.88   %   5.48   %   (1.0 ) % 6.2   %
    Cost of interest bearing deposits   1.90   %   2.06   %   1.84   %   (7.8 ) % 3.3   %
    Cost of borrowings   3.86   %   3.97   %   4.42   %   (2.8 ) % (12.7 ) %
    Cost of paying interest bearing liabilities   1.99   %   2.15   %   2.01   %   (7.4 ) % (1.0 ) %
    Net interest margin (g)   4.51   %   4.45   %   4.17   %   1.3   % 8.2   %
    Efficiency ratio (g)   61.60   %   61.98   %   70.93   %   (0.6 ) % (13.2 ) %
                     
    OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:                
    Tangible book value per common share (d) $ 66.89     $ 66.62     $ 60.87       0.4   % 9.9   %
    Average interest earning assets   9,176,540       9,100,594       9,120,407       0.8   % 0.6   %
    Pre-tax, pre-provision net income (j)   51,268       51,963       31,550       (1.3 ) % 62.5   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
                     
                     
    PARK NATIONAL CORPORATION  
    Financial Highlights (continued)  
    As of or for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023
    		  
                     
              Percent change vs.  
    (in thousands, except ratios) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   3Q ’24   4Q ’23  
    BALANCE SHEET:                
    Investment securities $ 1,100,861     $ 1,233,297     $ 1,429,144       (10.7 ) % (23.0 ) %
    Loans   7,817,128       7,730,984       7,476,221       1.1   % 4.6   %
    Allowance for credit losses   87,966       87,237       83,745       0.8   % 5.0   %
    Goodwill and other intangible assets   163,032       163,320       164,247       (0.2 ) % (0.7 ) %
    Other real estate owned (OREO)   938       1,119       983       (16.2 ) % (4.6 ) %
    Total assets   9,805,350       9,903,049       9,836,453       (1.0 ) % (0.3 ) %
    Total deposits   8,143,526       8,214,671       8,042,566       (0.9 ) % 1.3   %
    Borrowings   280,083       306,964       517,329       (8.8 ) % (45.9 ) %
    Total shareholders’ equity   1,243,848       1,239,413       1,145,293       0.4   % 8.6   %
    Tangible equity (d)   1,080,816       1,076,093       981,046       0.4   % 10.2   %
    Total nonperforming loans   69,932       71,541       61,118       (2.2 ) % 14.4   %
    Total nonperforming assets   70,870       72,660       62,101       (2.5 ) % 14.1   %
                     
    ASSET QUALITY RATIOS:                
    Loans as a % of period end total assets   79.72   %   78.07   %   76.01   %   2.1   % 4.9   %
    Total nonperforming loans as a % of period end loans   0.89   %   0.93   %   0.82   %   (4.3 ) % 8.5   %
    Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets   0.91   %   0.94   %   0.83   %   (3.2 ) % 9.6   %
    Allowance for credit losses as a % of period end loans   1.13   %   1.13   %   1.12   %   —   % 0.9   %
    Net loan charge-offs $ 3,206     $ 4,653     $ 2,666       (31.1 ) % 20.3   %
    Annualized net loan charge-offs as a % of average loans (b)   0.16   %   0.24   %   0.14   %   (33.3 ) % 14.3   %
                     
    CAPITAL & LIQUIDITY:                
    Total shareholders’ equity / Period end total assets   12.69   %   12.52   %   11.64   %   1.4   % 9.0   %
    Tangible equity (d) / Tangible assets (f)   11.21   %   11.05   %   10.14   %   1.4   % 10.6   %
    Average shareholders’ equity / Average assets (b)   12.47   %   12.20   %   11.16   %   2.2   % 11.7   %
    Average shareholders’ equity / Average loans (b)   16.08   %   15.76   %   14.94   %   2.0   % 7.6   %
    Average loans / Average deposits (b)   93.00   %   92.69   %   89.48   %   0.3   % 3.9   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.      
               
       
    PARK NATIONAL CORPORATION  
    Financial Highlights  
    Year months ended December 31, 2024 and December 31, 2023        
               
    (in thousands, except common share and per common share data and ratios)   2024       2023       Percent change vs ’23  
    INCOME STATEMENT:          
    Net interest income $ 398,019     $ 373,113       6.7   %
    Provision for credit losses   14,543       2,904       400.8   %
    Other income   122,588       92,634       32.3   %
    Other expense   321,339       309,239       3.9   %
    Income before income taxes $ 184,725     $ 153,604       20.3   %
    Income taxes   33,305       26,870       23.9   %
    Net income $ 151,420     $ 126,734       19.5   %
               
    MARKET DATA:          
    Earnings per common share – basic (a) $ 9.38     $ 7.84       19.6   %
    Earnings per common share – diluted (a)   9.32       7.80       19.5   %
    Quarterly cash dividend declared per common share   4.24       4.20       1.0   %
    Special cash dividend declared per common share   0.50       —       N.M.    
               
    Weighted average common shares – basic (b)   16,143,708       16,163,500       (0.1 ) %
    Weighted average common shares – diluted (b)   16,244,797       16,250,019       —   %
               
    PERFORMANCE RATIOS:          
    Return on average assets (a)(b)   1.53   %   1.27   %   20.5   %
    Return on average shareholders’ equity (a)(b)   12.65   %   11.55   %   9.5   %
    Yield on loans   6.14   %   5.55   %   10.6   %
    Yield on investment securities   3.74   %   3.73   %   0.3   %
    Yield on money market instruments   5.16   %   5.00   %   3.2   %
    Yield on interest earning assets   5.78   %   5.18   %   11.6   %
    Cost of interest bearing deposits   1.97   %   1.52   %   29.6   %
    Cost of borrowings   4.05   %   3.79   %   6.9   %
    Cost of paying interest bearing liabilities   2.08   %   1.67   %   24.6   %
    Net interest margin (g)   4.41   %   4.11   %   7.3   %
    Efficiency ratio (g)   61.44   %   65.87   %   (6.7 ) %
               
    ASSET QUALITY RATIOS:          
    Net loan charge-offs $ 10,322     $ 4,921       109.8   %
    Net loan charge-offs as a % of average loans (b)   0.14   %   0.07   %   100.0   %
               
    CAPITAL & LIQUIDITY          
    Average shareholders’ equity / Average Assets (b)   12.09   %   11.02   %   9.7   %
    Average shareholders’ equity / Average loans (b)   15.69   %   15.19   %   3.3   %
    Average loans / Average deposits (b)   92.34   %   86.39   %   6.9   %
               
    OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:          
    Average interest earning assets   9,085,850       9,171,721       (0.9 ) %
    Pre-tax, pre-provision net income (j)   199,268       156,508       27.3   %
               
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
       
     
    PARK NATIONAL CORPORATION
    Consolidated Statements of Income
                     
        Three Months Ended   Twelve Month Ended
        December 31   December 31
    (in thousands, except share and per share data)     2024     2023     2024     2023
                     
    Interest income:                
    Interest and fees on loans   $ 120,870   $ 108,495   $ 467,602   $ 399,795
    Interest on debt securities:                
    Taxable     8,641     13,055     41,718     52,786
    Tax-exempt     1,351     2,248     5,524     10,966
    Other interest income     2,751     1,408     8,121     8,123
    Total interest income     133,613     125,206     522,965     471,670
                     
    Interest expense:                
    Interest on deposits:                
    Demand and savings deposits     19,802     19,467     82,789     71,776
    Time deposits     7,658     6,267     29,594     12,677
    Interest on borrowings     2,708     4,398     12,563     14,104
    Total interest expense     30,168     30,132     124,946     98,557
                     
    Net interest income     103,445     95,074     398,019     373,113
                     
    Provision for credit losses     3,935     1,809     14,543     2,904
                     
    Net interest income after provision for credit losses     99,510     93,265     383,476     370,209
                     
    Other income     31,064     15,519     122,588     92,634
                     
    Other expense     83,241     79,043     321,339     309,239
                     
    Income before income taxes     47,333     29,741     184,725     153,604
                     
    Income taxes     8,703     5,241     33,305     26,870
                     
    Net income   $ 38,630   $ 24,500   $ 151,420   $ 126,734
                     
    Per common share:                
    Net income – basic   $ 2.39   $ 1.52   $ 9.38   $ 7.84
    Net income – diluted   $ 2.37   $ 1.51   $ 9.32   $ 7.80
                     
    Weighted average common shares – basic     16,156,827     16,113,215     16,143,708     16,163,500
    Weighted average common shares – diluted     16,283,701     16,216,562     16,244,797     16,250,019
                     
    Cash dividends declared:                
    Quarterly dividend   $ 1.06   $ 1.05   $ 4.24   $ 4.20
    Special dividend   $ 0.50   $ —   $ 0.50   $ —
                             
       
    PARK NATIONAL CORPORATION   
    Consolidated Balance Sheets  
             
    (in thousands, except share data) December 31, 2024   December 31, 2023  
             
    Assets        
             
    Cash and due from banks $ 122,363     $ 160,477    
    Money market instruments   38,203       57,791    
    Investment securities   1,100,861       1,429,144    
    Loans   7,817,128       7,476,221    
    Allowance for credit losses   (87,966 )     (83,745 )  
    Loans, net   7,729,162       7,392,476    
    Bank premises and equipment, net   69,522       74,211    
    Goodwill and other intangible assets   163,032       164,247    
    Other real estate owned   938       983    
    Other assets   581,269       557,124    
    Total assets $ 9,805,350     $ 9,836,453    
             
    Liabilities and Shareholders’ Equity        
             
    Deposits:        
    Noninterest bearing $ 2,612,708     $ 2,628,234    
    Interest bearing   5,530,818       5,414,332    
    Total deposits   8,143,526       8,042,566    
    Borrowings   280,083       517,329    
    Other liabilities   137,893       131,265    
    Total liabilities $ 8,561,502     $ 8,691,160    
             
             
    Shareholders’ Equity:        
    Preferred shares (200,000 shares authorized; no shares outstanding at December 31, 2024 and December 31, 2023) $ —     $ —    
    Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at December 31, 2024 and December 31, 2023)   463,706       463,280    
    Total shareholders’ equity $ 1,243,848     $ 1,145,293    
    Total liabilities and shareholders’ equity $ 9,805,350     $ 9,836,453    
     
    PARK NATIONAL CORPORATION 
    Consolidated Average Balance Sheets
               
      Three Months Ended   Twelve Months Ended
      December 31,   December 31,
    (in thousands)   2024     2023       2024     2023  
               
    Assets          
               
    Cash and due from banks $ 122,949   $ 134,593     $ 129,070   $ 147,414  
    Money market instruments   230,591     105,425       157,292     162,544  
    Investment securities    1,167,467     1,544,942       1,265,680     1,716,037  
    Loans   7,757,229     7,387,512       7,627,419     7,222,479  
    Allowance for credit losses   (87,608 )   (85,493 )     (85,930 )   (87,002 )
    Loans, net   7,669,621     7,302,019       7,541,489     7,135,477  
    Bank premises and equipment, net   70,615     76,718       72,689     79,443  
    Goodwill and other intangible assets   163,221     164,466       163,669     164,960  
    Other real estate owned   1,079     1,342       1,192     1,654  
    Other assets   582,785     560,683       570,183     550,025  
    Total assets $ 10,008,328   $ 9,890,188     $ 9,901,264   $ 9,957,554  
               
               
    Liabilities and Shareholders’ Equity          
               
    Deposits:          
    Noninterest bearing $ 2,593,128   $ 2,694,148     $ 2,564,009   $ 2,814,259  
    Interest bearing   5,747,671     5,561,845       5,696,185     5,546,015  
    Total deposits   8,340,799     8,255,993       8,260,194     8,360,274  
    Borrowings   279,149     394,423       309,996     371,955  
    Other liabilities   140,700     136,046       133,954     128,182  
    Total liabilities $ 8,760,648   $ 8,786,462     $ 8,704,144   $ 8,860,411  
               
    Shareholders’ Equity:          
    Preferred shares $ —   $ —     $ —   $ —  
    Common shares   462,146     461,864       461,433     460,973  
    Accumulated other comprehensive loss, net of taxes   (41,229 )   (108,219 )     (60,619 )   (98,154 )
    Retained earnings   978,267     906,091       949,160     884,711  
    Treasury shares   (151,504 )   (156,010 )     (152,854 )   (150,387 )
    Total shareholders’ equity $ 1,247,680   $ 1,103,726     $ 1,197,120   $ 1,097,143  
    Total liabilities and shareholders’ equity $ 10,008,328   $ 9,890,188     $ 9,901,264   $ 9,957,554  
               
     
    PARK NATIONAL CORPORATION 
    Consolidated Statements of Income – Linked Quarters
               
      2024 2024 2024 2024 2023
    (in thousands, except per share data) 4th QTR 3rd QTR 2nd QTR 1st QTR 4th QTR
               
    Interest income:          
    Interest and fees on loans  $ 120,870 $ 120,203 $ 115,318 $ 111,211 $ 108,495
    Interest on debt securities:          
    Taxable   8,641   10,228   10,950   11,899   13,055
    Tax-exempt   1,351   1,381   1,382   1,410   2,248
    Other interest income   2,751   1,996   1,254   2,120   1,408
    Total interest income   133,613   133,808   128,904   126,640   125,206
               
    Interest expense:          
    Interest on deposits:          
    Demand and savings deposits   19,802   22,762   20,370   19,855   19,467
    Time deposits   7,658   7,073   7,525   7,338   6,267
    Interest on borrowings   2,708   2,859   3,172   3,824   4,398
    Total interest expense   30,168   32,694   31,067   31,017   30,132
               
    Net interest income   103,445   101,114   97,837   95,623   95,074
               
    Provision for credit losses   3,935   5,315   3,113   2,180   1,809
               
    Net interest income after provision for credit losses   99,510   95,799   94,724   93,443   93,265
               
    Other income   31,064   36,530   28,794   26,200   15,519
               
    Other expense   83,241   85,681   75,189   77,228   79,043
               
    Income before income taxes   47,333   46,648   48,329   42,415   29,741
               
    Income taxes   8,703   8,431   8,960   7,211   5,241
               
    Net income  $ 38,630 $ 38,217 $ 39,369 $ 35,204 $ 24,500
               
    Per common share:          
    Net income – basic $ 2.39 $ 2.37 $ 2.44 $ 2.18 $ 1.52
    Net income – diluted $ 2.37 $ 2.35 $ 2.42 $ 2.17 $ 1.51
                         
     
    PARK NATIONAL CORPORATION 
    Detail of other income and other expense – Linked Quarters
               
       2024   2024  2024  2024   2023 
    (in thousands) 4th QTR 3rd QTR 2nd QTR 1st QTR 4th QTR
               
    Other income:          
    Income from fiduciary activities $ 11,122   $ 10,615 $ 10,728 $ 10,024   $ 8,943  
    Service charges on deposit accounts   2,319     2,362   2,214   2,106     2,054  
    Other service income   3,277     3,036   2,906   2,524     2,349  
    Debit card fee income   6,511     6,539   6,580   6,243     6,583  
    Bank owned life insurance income   1,519     2,057   1,565   2,629     1,373  
    ATM fees   415     471   458   496     517  
    Pension settlement gain   365     5,783   —   —     —  
    Loss on sale of debt securities, net   (128 )   —   —   (398 )   (7,875 )
    Gain (loss) on equity securities, net   1,852     1,557   358   (687 )   353  
    Other components of net periodic benefit income   2,651     2,204   2,204   2,204     1,893  
    Miscellaneous   1,161     1,906   1,781   1,059     (671 )
    Total other income $ 31,064   $ 36,530 $ 28,794 $ 26,200   $ 15,519  
               
    Other expense:          
    Salaries $ 37,254   $ 38,370 $ 35,954 $ 35,733   $ 36,192  
    Employee benefits   10,129     10,162   9,873   11,560     10,088  
    Occupancy expense   2,929     3,731   2,975   3,181     3,344  
    Furniture and equipment expense   2,375     2,571   2,454   2,583     2,824  
    Data processing fees   10,450     11,764   9,542   8,808     9,605  
    Professional fees and services   10,465     7,842   6,022   6,817     7,015  
    Marketing   1,949     1,464   1,164   1,741     1,716  
    Insurance   1,600     1,640   1,777   1,718     1,708  
    Communication   1,104     955   1,002   1,036     993  
    State tax expense   1,145     1,116   1,129   1,110     1,158  
    Amortization of intangible assets   288     287   320   320     334  
    Foundation contributions   —     2,000   —   —     1,000  
    Miscellaneous   3,553     3,779   2,977   2,621     3,066  
    Total other expense $ 83,241   $ 85,681 $ 75,189 $ 77,228   $ 79,043  
               
     
    PARK NATIONAL CORPORATION 
    Asset Quality Information
                 
        Year ended December 31,
    (in thousands, except ratios)     2024       2023       2022       2021       2020    
                 
    Allowance for credit losses:            
    Allowance for credit losses, beginning of period   $ 83,745     $ 85,379     $ 83,197     $ 85,675     $ 56,679    
    Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021     —       383       —       6,090       —    
    Charge-offs     18,334       10,863       9,133       5,093       10,304    
    Recoveries     8,012       5,942       6,758       8,441       27,246    
    Net charge-offs (recoveries)     10,322       4,921       2,375       (3,348 )     (16,942 )  
    Provision for (recovery of) credit losses     14,543       2,904       4,557       (11,916 )     12,054    
    Allowance for credit losses, end of period   $ 87,966     $ 83,745     $ 85,379     $ 83,197     $ 85,675    
                 
    General reserve trends:            
    Allowance for credit losses, end of period   $ 87,966     $ 83,745     $ 85,379     $ 83,197     $ 85,675    
    Allowance on accruing purchased credit deteriorated (“PCD”) loans (purchased credit impaired (“PCI”) loans for years 2020 and prior)     —       —       —       —       167    
    Allowance on purchased loans excluded from collectively evaluated loans (for years 2020 and prior)     N.A.       N.A.       N.A.       N.A.       678    
    Specific reserves on individually evaluated loans     1,299       4,983       3,566       1,616       5,434    
    General reserves on collectively evaluated loans   $ 86,667     $ 78,762     $ 81,813     $ 81,581     $ 79,396    
                 
    Total loans   $ 7,817,128     $ 7,476,221     $ 7,141,891     $ 6,871,122     $ 7,177,785    
    Accruing PCD loans (PCI loans for years 2020 and prior)     2,174       2,835       4,653       7,149       11,153    
    Purchased loans excluded from collectively evaluated loans (for years 2020 and prior)     N.A.       N.A.       N.A.       N.A.       360,056    
    Individually evaluated loans (k)     53,149       45,215       78,341       74,502       108,407    
    Collectively evaluated loans   $ 7,761,805     $ 7,428,171     $ 7,058,897     $ 6,789,471     $ 6,698,169    
                 
    Asset Quality Ratios:            
    Net charge-offs (recoveries) as a % of average loans     0.14   %   0.07   %   0.03   %   (0.05 ) %   (0.24 ) %
    Allowance for credit losses as a % of period end loans     1.13   %   1.12   %   1.20   %   1.21   %   1.19   %
    General reserve as a % of collectively evaluated loans     1.12   %   1.06   %   1.16   %   1.20   %   1.19   %
                 
    Nonperforming assets:            
    Nonaccrual loans   $ 68,178     $ 60,259     $ 79,696     $ 72,722     $ 117,368    
    Accruing troubled debt restructurings (for years 2022 and prior) (k)     N.A.       N.A.       20,134       28,323       20,788    
    Loans past due 90 days or more     1,754       859       1,281       1,607       1,458    
    Total nonperforming loans   $ 69,932     $ 61,118     $ 101,111     $ 102,652     $ 139,614    
    Other real estate owned     938       983       1,354       775       1,431    
    Other nonperforming assets     —       —       —       2,750       3,164    
    Total nonperforming assets   $ 70,870     $ 62,101     $ 102,465     $ 106,177     $ 144,209    
    Percentage of nonaccrual loans to period end loans     0.87   %   0.81   %   1.12   %   1.06   %   1.64   %
    Percentage of nonperforming loans to period end loans     0.89   %   0.82   %   1.42   %   1.49   %   1.95   %
    Percentage of nonperforming assets to period end loans     0.91   %   0.83   %   1.43   %   1.55   %   2.01   %
    Percentage of nonperforming assets to period end total assets     0.72   %   0.63   %   1.04   %   1.11   %   1.55   %
                 
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
                 
     
    PARK NATIONAL CORPORATION 
    Asset Quality Information (continued)
                 
        Year ended December 31,
    (in thousands, except ratios)    2024  2023  2022  2021  2020
                 
    New nonaccrual loan information:            
    Nonaccrual loans, beginning of period   $ 60,259 $ 79,696 $ 72,722 $ 117,368 $ 90,080
    New nonaccrual loans     65,535   48,280   64,918   38,478   103,386
    Resolved nonaccrual loans     57,616   67,717   57,944   83,124   76,098
    Nonaccrual loans, end of period   $ 68,178 $ 60,259 $ 79,696 $ 72,722 $ 117,368
                 
    Individually evaluated commercial loan portfolio information (period end): (k)
    Unpaid principal balance   $ 58,158 $ 47,564 $ 80,116 $ 75,126 $ 109,062
    Prior charge-offs     5,009   2,349   1,775   624   655
    Remaining principal balance     53,149   45,215   78,341   74,502   108,407
    Specific reserves     1,299   4,983   3,566   1,616   5,434
    Book value, after specific reserves   $ 51,850 $ 40,232 $ 74,775 $ 72,886 $ 102,973
                 
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
     
           
    PARK NATIONAL CORPORATION      
    Financial Reconciliations            
    NON-GAAP RECONCILIATIONS            
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
    (in thousands, except share and per share data) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   December 31,
    2024    		 December 31,
    2023
    Net interest income $ 103,445     $ 101,114     $ 95,074       $ 398,019     $ 373,113    
    less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions   250       281       124         1,154       633    
    less interest income on former Vision Bank relationships   38       9       35         54       631    
    Net interest income – adjusted $ 103,157     $ 100,824     $ 94,915       $ 396,811     $ 371,849    
                 
    Provision for credit losses $ 3,935     $ 5,315     $ 1,809       $ 14,543     $ 2,904    
    less recoveries on former Vision Bank relationships   —       (234 )     —         (1,304 )     (788 )  
    Provision for credit losses – adjusted $ 3,935     $ 5,549     $ 1,809       $ 15,847     $ 3,692    
                 
    Other income $ 31,064     $ 36,530     $ 15,519       $ 122,588     $ 92,634    
    less loss on sale of debt securities, net   (128 )     —       (7,875 )       (526 )     (7,875 )  
    less pension settlement gain   365       5,783       —         6,148       —    
    less impact of strategic initiatives   117       —       (1,038 )       775       (1,038 )  
    less Vision related OREO valuation adjustments, net   —       1       (370 )       115       (370 )  
    less other service income related to former Vision Bank relationships   299       —       40         312       175    
    Other income – adjusted $ 30,411     $ 30,746     $ 24,762       $ 115,764     $ 101,742    
                 
    Other expense $ 83,241     $ 85,681     $ 79,043       $ 321,339     $ 309,239    
    less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions   288       287       334         1,215       1,323    
    less Foundation contribution   —       2,000       1,000         2,000       1,000    
    less special incentive   —       1,700       —         1,700       —    
    less building demolition costs   44       349       —         458       —    
    less direct expenses related to collection of payments on former Vision Bank loan relationships   215       —       —         215       100    
    Other expense – adjusted $ 82,694     $ 81,345     $ 77,709       $ 315,751     $ 306,816    
                 
    Tax effect of adjustments to net income identified above (i) $ (83 )   $ (414 )   $ 2,188       $ (787 )   $ 1,991    
                 
    Net income – reported $ 38,630     $ 38,217     $ 24,500       $ 151,420     $ 126,734    
    Net income – adjusted (h) $ 38,319     $ 36,659     $ 32,730       $ 148,459     $ 134,222    
                 
    Diluted earnings per common share $ 2.37     $ 2.35     $ 1.51       $ 9.32     $ 7.80    
    Diluted earnings per common share, adjusted (h) $ 2.35     $ 2.25     $ 2.02       $ 9.14     $ 8.26    
                 
    Annualized return on average assets (a)(b)   1.54   %   1.53   %   0.98   %     1.53   %   1.27   %
    Annualized return on average assets, adjusted (a)(b)(h)   1.52   %   1.47   %   1.31   %     1.50   %   1.35   %
                 
    Annualized return on average tangible assets (a)(b)(e)   1.56   %   1.56   %   1.00   %     1.56   %   1.29   %
    Annualized return on average tangible assets, adjusted (a)(b)(e)(h)   1.55   %   1.49   %   1.34   %     1.52   %   1.37   %
                 
    Annualized return on average shareholders’ equity (a)(b)   12.32   %   12.56   %   8.81   %     12.65   %   11.55   %
    Annualized return on average shareholders’ equity, adjusted (a)(b)(h)   12.22   %   12.05   %   11.76   %     12.40   %   12.23   %
                 
    Annualized return on average tangible equity (a)(b)(c)   14.17   %   14.52   %   10.35   %     14.65   %   13.60   %
    Annualized return on average tangible equity, adjusted (a)(b)(c)(h)   14.06   %   13.93   %   13.83   %     14.37   %   14.40   %
                 
    Efficiency ratio (g)   61.60   %   61.98   %   70.93   %     61.44   %   65.87   %
    Efficiency ratio, adjusted (g)(h)   61.63   %   61.55   %   64.48   %     61.31   %   64.28   %
                 
    Annualized net interest margin (g)   4.51   %   4.45   %   4.17   %     4.41   %   4.11   %
    Annualized net interest margin, adjusted (g)(h)   4.50   %   4.43   %   4.17   %     4.39   %   4.09   %
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
         
           
    PARK NATIONAL CORPORATION      
    Financial Reconciliations (continued)            
                 
    (a) Reported measure uses net income
    (b) Averages are for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023 and the twelve months ended December 31, 2024 and December 31, 2023, as appropriate
    (c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period.
                 
    RECONCILIATION OF AVERAGE SHAREHOLDERS’ EQUITY TO AVERAGE TANGIBLE EQUITY:      
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    AVERAGE SHAREHOLDERS’ EQUITY $ 1,247,680 $ 1,210,565 $ 1,103,726   $ 1,197,120 $ 1,097,143
    Less: Average goodwill and other intangible assets   163,221   163,509   164,466     163,669   164,960
    AVERAGE TANGIBLE EQUITY $ 1,084,459 $ 1,047,056 $ 939,260   $ 1,033,451 $ 932,183
                 
    (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at the end of the period.
                 
    RECONCILIATION OF TOTAL SHAREHOLDERS’ EQUITY TO TANGIBLE EQUITY:
      December 31, 2024 September 30, 2024 December 31, 2023      
    TOTAL SHAREHOLDERS’ EQUITY $ 1,243,848 $ 1,239,413 $ 1,145,293      
    Less: Goodwill and other intangible assets   163,032   163,320   164,247      
    TANGIBLE EQUITY $ 1,080,816 $ 1,076,093 $ 981,046      
                 
    (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.
                 
    RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS      
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    AVERAGE ASSETS $ 10,008,328 $ 9,920,633 $ 9,890,188   $ 9,901,264 $ 9,957,554
    Less: Average goodwill and other intangible assets   163,221   163,509   164,466     163,669   164,960
    AVERAGE TANGIBLE ASSETS $ 9,845,107 $ 9,757,124 $ 9,725,722   $ 9,737,595 $ 9,792,594
                 
    (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.
                 
    RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
      December 31, 2024 September 30, 2024 December 31, 2023      
    TOTAL ASSETS $ 9,805,350 $ 9,903,049 $ 9,836,453      
    Less: Goodwill and other intangible assets   163,032   163,320   164,247      
    TANGIBLE ASSETS $ 9,642,318 $ 9,739,729 $ 9,672,206      
                 
    (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.
                 
    RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    Interest income $ 133,613 $ 133,808 $ 125,206   $ 522,965 $ 471,670
    Fully taxable equivalent adjustment   617   594   838     2,432   3,726
    Fully taxable equivalent interest income $ 134,230 $ 134,402 $ 126,044   $ 525,397 $ 475,396
    Interest expense   30,168   32,694   30,132     124,946   98,557
    Fully taxable equivalent net interest income $ 104,062 $ 101,708 $ 95,912   $ 400,451 $ 376,839
                 
    (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
    (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
    (j) Pre-tax, pre-provision (“PTPP”) net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.
                 
     
    RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    Net income $ 38,630 $ 38,217 $ 24,500   $ 151,420 $ 126,734
    Plus: Income taxes   8,703   8,431   5,241     33,305   26,870
    Plus: Provision for credit losses   3,935   5,315   1,809     14,543   2,904
    Pre-tax, pre-provision net income $ 51,268 $ 51,963 $ 31,550   $ 199,268 $ 156,508
                 
    (k) Effective January 1, 2023, Park adopted Accounting Standards Update (“ASU”) 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings (“TDRs”). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans (“NPLs”) and total nonperforming assets (“NPAs”) each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, individually evaluated loans decreased by $11.5 million effective January 1, 2023.
     

    The MIL Network –

  • MIL-OSI New Zealand: Crash blocks Fergusson Drive, Upper Hutt

    Source: New Zealand Police (District News)

    Fergusson Drive is currently blocked near the Silverstream Bridge following a crash.

    The two-vehicle crash occurred just before 9am.

    No injuries have been reported.

    Motorists are advised to avoid the area and expect delays.

    ENDS

    issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI: HZJL Cayman Limited Announces Entering into a Merger Agreement with Rising Dragon Acquisition Corporation

    Source: GlobeNewswire (MIL-OSI)

    HANGZHOU, CHINA, Jan. 27, 2025 (GLOBE NEWSWIRE) — HZJL Cayman Limited (“HZJL”), a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”) for a business combination with Rising Dragon Acquisition Corporation (Nasdaq: RDACU, RDAC, RDACR) (“RDAC”), a publicly traded special purpose acquisition company.

    Upon consummation of the transaction contemplated by the Merger Agreement, (i) RDAC will reincorporate by merging with and into Xpand Boom Technology Inc., a Cayman Islands exempted company and wholly owned subsidiary of RDAC (“Xpand Boom Technology”), and (ii) concurrently with the reincorporation merger, Xpand Boom Solution Inc., a Cayman Islands exempted company and wholly owned subsidiary of Xpand Boom Technology, will be merged with and into HZJL, resulting in HZJL being a wholly owned subsidiary of Xpand Boom Technology (the “Business Combination” and the transactions in connection with the Business Combination collectively, the “Transaction”). Upon the closing of the Transaction, the parties plan to remain Nasdaq-listed under a new ticker symbol.

    HZJL Overview

    HZJL is a dynamic solution provider dedicated to empowering local lifestyle businesses such as restaurants, coffee shops, beauty salons, convenience stores, and massage centers, through innovative online social branding, software application, and supply chain services.

    HZJL’s core service offering is its online branding service, which leverages the power of social media to promote compelling success stories for both businesses and their founders. This service helps businesses build strong, authentic identities that resonate with their target audience, and enhance brand visibility and customer loyalty. In addition, HZJL offers a sophisticated online application designed to streamline operations and optimize customer relationship management. HZJL also provides comprehensive supply chain solutions, with a special focus on supporting local restaurants.

    With a mission to fuel scalable growth for business owners, HZJL combines these three key service areas that work together to drive operational excellence, customer engagement, and efficient growth strategies.

    Key Transaction Terms

    Under the terms of the Merger Agreement, RDAC’s wholly owned subsidiary, Xpand Boom Technology, will acquire HZJL, resulting in Xpand Boom Technology being a listed company on the Nasdaq Capital Market. At the effective time of the Transaction, HZJL’s shareholders and management will receive 35 million ordinary shares of Xpand Boom Technology. In addition, certain HZJL shareholders will be entitled to receive earn-out consideration of up to an additional 20 million ordinary shares of Xpand Boom Technology, subject to HZJL meeting certain revenue targets in the two subsequent years as set forth in the Merger Agreement. The shares held by certain HZJL’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the Transaction, subject to certain exceptions.

    The Transaction, which has been unanimously approved by the boards of directors of both RDAC and HZJL, is subject to regulatory approvals, the approvals by the shareholders of RDAC and HZJL, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of the combined company.

    The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the Business Combination. A more detailed description of the Transaction and a copy of the Merger Agreement will be included in a Current Report on Form 8-K to be filed by RDAC with the SEC and will be available on the SEC’s website at www.sec.gov.

    Comments on HZJL

    “We are excited for the proposed Business Combination with HZJL and admire the company that Mr. Xiong Bin and the HZJL management team have built,” said Xing Lulu, Chief Executive Officer of RDAC. “I look forward to working with HZJL’s first-class management team to help them thrive as a public company while they continue to grow.”

    Xiong Bin, founder of HZJL, stated: “For several years, HZJL has been evolving with the local lifestyle business services market. Our motto, ‘Scalable Growth-Engine Empowering Local Business,’ underlines our ongoing commitment to delivering innovative solutions that foster substantial local business growth and scalability. We have garnered valuable industrial experience and know-how from assisting our customers from various industries in achieving their goals, including with respect to brand building, business operations and supply chain optimization. Our solutions specifically address the challenges faced by small and medium-sized enterprises, providing them critical assistance in overcoming marketing and management hurdles. We are excited to collaborate with RDAC, with which we share similar market visions and business strategies. We are confident that the RDAC team will play a key role in helping us achieve our aspirations and long-term success.”

    Advisors

    Loeb & Loeb LLP, Joint-Win Partners, and Maples and Calder (Hong Kong) LLP serve as legal counsel to RDAC. Han Kun Law Offices, Han Kun Law Offices LLP, and Harney Westwood & Riegels serve as legal counsel to HZJL. Chain Stone Capital Limited (CTM) serves as the financial advisor to HZJL.

    About Rising Dragon Acquisition Corporation

    Rising Dragon Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

    About HZJL Cayman Limited

    HZJL is a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services. The company is dedicated to fuel the scalable growth of business owners by combining technology, customer service, and operational excellence to unlock new levels of success. The company’s innovative solutions can help small and medium-sized enterprises better leverage social platforms to build their own stories in the rapidly changing Internet era, use online applications to improve efficiency and engage new customers, and use optimized supply chain services to produce better products and services, helping these companies grow bigger and faster.

    Participants in the Solicitation

    Xpand Boom Technology Inc., Rising Dragon Acquisition Corp., and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of RDAC ordinary shares in respect of the proposed Transaction. Information about RDAC’s directors and executive officers and their ownership of RDAC’s ordinary shares is currently set forth in RDAC’s prospectus related to its initial public offering dated October 11, 2024, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form F-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the “Registration Statement”) pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.

    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 the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of RDAC or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Important Information about the Proposed Business Combination and Where to Find It

    In connection with the Transaction, Xpand Boom Technology will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all RDAC shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of RDAC are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction.

    Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through RDAC through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.

    Wenyi Shen
    Chief Financial Officer
    Rising Dragon Acquisition Corp.
    Email: woody.shen@hywincapital.cn

    Zhiguo Sun
    HZJL Cayman Limited
    Investor Relations Officer
    Email: ir@xpandboom.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RDAC’s and HZJL’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RDAC’s and HZJL’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of RDAC or HZJL and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against RDAC or HZJL following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of RDAC or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from PRC regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that HZJL or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by RDAC and Xpand Boom Technology (when available) relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by RDAC and HZJL. RDAC and HZJL caution that the foregoing list of factors is not exclusive. RDAC and HZJL caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither RDAC or HZJL undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    About Diginex Limited

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

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

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

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

    The MIL Network –

  • MIL-OSI: Preferred Bank Reports Fourth Quarter and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank (“the Bank”) reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calculation error goes back to the adoption of ASC 842 in 2019 and the $8.1 million item represents the cumulative erroneous calculation through the years from 2019 to present.

    Net interest income was $69.2 million, up by $325,000 compared to last quarter’s $68.8 million and down slightly from the $69.4 million recorded one year ago. Noninterest expense was $28.2 million, an increase of $6.2 million from the previous quarter and an increase of $10.4 million over the same quarter last year. These increases were due to the aforementioned non-recurring occupancy expense item. The provision for credit losses was $2.0 million this quarter compared to $3.2 million last quarter and compared to $3.5 million this quarter last year. Despite the non-recurring expense item, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.74%
    • Return on beginning equity of 16.03%
    • Net interest margin (NIM) held strong at 4.06%
    • Total loans increased by $71 million or 1.3%
    • Efficiency ratio was 38.8%

    Highlights for the Year:

    • Return on average assets was 1.91%
    • Return on beginning equity of 18.80%
    • The NIM was 4.08%
    • Total loans increased by $369 million or 7.0%
    • Efficiency ratio was 31.47%

    Li Yu, Chairman and CEO, commented, “We completed the year 2024 with net income of $130.7 million or $9.64 per diluted share. Return on assets was 1.91% for the year and return on beginning equity was 18.8%, which should be well above peer group and the industry average.

    ”Fourth quarter net income of $30.2 million or $2.25 per diluted share was negatively impacted by a correction to our lease expense of $8.1 million. This correction was previously announced and is non-recurring in nature. The after-tax effect of this item was approximately $0.42.

    “Under a high interest rate and high inflation environment, Preferred Bank’s loan growth and deposit growth were less than our historical performance. 2024 loan growth of 7.0% and deposit growth of 3.6% were still in- line with industry averages.

    “At December 31, 2024, our credit metrics improved from September 30, 2024. Non-performing loans decreased by $10.0 million or 52% and criticized loans decreased by $76.7 million or 32.6%. The Bank’s allowance for credit losses to total loans was 1.27% as of December 31, 2024.

    “The recent wildfires in the Los Angeles area have wrought unprecedented damage to our community. We at Preferred Bank will be dedicated to making the utmost effort to help rebuild the homes and businesses lost in this tragedy. At this time, the Bank has confirmed the existence of one property that secures a commercial loan which was affected by the fires but we can confirm the property had the appropriate insurance. We are most grateful that none of our residential home mortgage borrowers have been affected and that none of our employees have been directly impacted.

    “In December, our Board of Directors announced an increase in the quarterly dividend from $0.70 per quarter to $0.75 per quarter, the first of which is payable in January of 2025. For the year, we also repurchased 464,314 shares of our common stock for total consideration of $34.3 million. At December 31, 2024, the Bank’s tier 1 leverage ratio improved to 11.33% from 10.85% as of December 31, 2023. Tangible book value per common share increased from $50.54 at the end of 2023 to $57.86 as of December 31, 2024, a 13.1% increase.

    “We look forward to continue our consistently strong financial performance into 2025.”

    Results of Operations – Quarter

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $69.2 million for the fourth quarter of 2024. This was a $325,000 increase from the $68.8 million recorded in the prior quarter and a $223,000 decrease from the same quarter last year. Compared to the prior quarter, interest income was down by $3.6 million but interest expense also decreased by $3.9 million. In comparison to the same quarter last year, interest income increased by $894,000 but interest expense increased by $1.1 million. The Bank’s net interest margin came in at 4.06% for the quarter, this is down slightly from the 4.10% recorded last quarter and was down by 18 basis points from the 4.24% margin achieved in the fourth quarter of the prior year. Management believes that efforts to reduce the Bank’s asset sensitivity have been largely effective as the margin has held up much better than originally anticipated when the first rate cut occurred in September of 2024.

    Noninterest Income. For the fourth quarter of 2024, noninterest income was $3.6 million compared with $2.1 million for the same quarter last year and compared to $3.5 million for the third quarter of 2024. The increase over the prior quarter was primarily due to other income and fees which increased by $131,000. In comparing to the same quarter last year, letter of credit (LC) fee income was up by $491,000 and last year the Bank recorded a loss on sale of investment securities of $929,000. Finally, other income was up by $303,000 over last year.

    Noninterest Expense. Total noninterest expense was $28.2 million for the fourth quarter of 2024 compared to $22.1 million for the third quarter of 2024 and compared to the $17.9 million recorded in the same period last year. The primary reason for the increase over the prior year and over the prior quarter was the $8.1 million occupancy expense adjustment related to accounting pronouncement ASC 842 mentioned earlier. In comparing to the prior quarter; personnel expense was down by $246,000, business development expense was up by $99,000 and OREO expense was lower by $1.8 million due to a $1.6 million valuation allowance recorded last quarter. In comparing to same quarter last year; personnel expense was up by $1.2 million due to additional personnel, professional services was up by $251,000 and other expense was up by $360,000.   For the quarter ended December 31, 2024, the Bank’s efficiency ratio was 38.8%, higher than the 30.6% posted last quarter and higher than the 25.0% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $12.3 million for the fourth quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at December 31, 2024 were $5.64 billion, an increase of $369 million from the total of $5.27 billion as of December 31, 2023. Total deposits were $5.92 billion, an increase of $207.5 million from the $5.71 billion as of December 31, 2023. Total assets were $6.92 billion, an increase of $264.2 million over the total of $6.66 billion as of December 31, 2023.

    Results of Operations – Year

    The Bank’s net income for the year ended December 31, 2024 was $130.7 million or $9.64 per diluted share. This is down from $150.0 million or $10.52 per diluted share for 2023. The decrease was due to net interest income which was down by $16.7 million as well as noninterest expense which increased by $13.4 million. This was partially offset by noninterest income which increased in 2024 by $6.5 million over 2023. Despite this decline, the Bank’s earnings metrics still remain top-of-class as ROA was 1.91%, ROBE was 18.8% and the Bank’s efficiency ratio was 31.5%. Also, during 2024 the Bank repurchased 464,314 shares at an average price of $73.76 which contributed approximately $0.17 per diluted share for 2024.

    Asset Quality

    Non-accrual loans and loans 90 days past due and still accruing totaled $9.4 million as of December 31, 2024, a decrease of $10.0 million from $19.4 million on September 30, 2024 and a decrease of $19.3 million from the $28.7 million in nonperforming loans as of December 31, 2023. Total net charge-offs for the quarter were $6.6 million and all were previously fully reserved.

    Total criticized loans decreased to $158.1 million from $234.8 million last quarter. The Bank expects to upgrade a number of the remaining credits in this cohort once more collateral is in place.

    Allowance for Credit Losses

    The provision for credit losses for the fourth quarter of 2024 was $2.0 million compared to $3.2 million last quarter and compared to $3.5 million in the same quarter last year.   The Bank’s allowance coverage ratio declined to 1.27% of loans as compared to 1.36% in the prior quarter.

    Capitalization

    As of December 31, 2024, the Bank’s leverage ratio was 11.33%, the common equity tier 1 capital ratio was 11.80% and the total capital ratio stood at 15.11%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s fourth quarter 2024 financial results will be held tomorrow, January 28, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through February 11, 2025; the passcode is 6335378.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

    Financial Tables to Follow

     
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Quarter Ended
      December 31,   September 30,   December 31,
      2024   2024   2023
    Interest income:          
    Loans, including fees $ 111,596     $ 114,112     $ 107,709  
    Investment securities   14,013       15,032       16,973  
    Fed funds sold   249       280       282  
    Total interest income   125,858       129,424       124,964  
               
    Interest expense:          
    Interest-bearing demand   18,245       23,211       21,716  
    Savings   85       84       72  
    Time certificates   37,030       35,956       32,455  
    Subordinated debt   1,325       1,325       1,325  
    Total interest expense   56,685       60,576       55,568  
    Net interest income   69,173       68,848       69,396  
    Provision for credit losses   2,000       3,200       3,500  
    Net interest income after provision for credit losses   67,173       65,648       65,896  
               
    Noninterest income:          
    Fees & service charges on deposit accounts   761       747       857  
    Letters of credit fee income   1,977       1,959       1,486  
    BOLI income   102       108       105  
    Net loss on called and sale of investment securities   –       –       (929 )
    Net gain on sale of loans   112       91       205  
    Other income   685       554       382  
    Total noninterest income   3,637       3,459       2,106  
               
    Noninterest expense:          
    Salary and employee benefits   13,279       13,525       12,058  
    Net occupancy expense   10,110       1,883       1,536  
    Business development and promotion expense   340       241       239  
    Professional services   1,606       1,816       1,355  
    Office supplies and equipment expense   396       435       391  
    OREO valuation allowance and related expense   155       1,915       294  
    Other   2,360       2,274       2,000  
    Total noninterest expense   28,246       22,089       17,873  
    Income before provision for income taxes   42,564       47,018       50,129  
    Income tax expense   12,343       13,635       14,290  
    Net income $ 30,221     $ 33,383     $ 35,839  
               
    Income per share available to common shareholders          
    Basic $ 2.29     $ 2.50     $ 2.63  
    Diluted $ 2.25     $ 2.46     $ 2.60  
               
    Weighted-average common shares outstanding          
    Basic   13,190,696       13,327,848       13,617,225  
    Diluted   13,442,294       13,544,273       13,804,315  
               
    Cash dividends per common share $ 0.75     $ 0.70     $ 0.70  
               
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Twelve Months Ended    
      December 31,   December 31,   Change
      2024   2023   %
    Interest income:          
    Loans, including fees $ 445,139     $ 412,505       7.9 %
    Investment securities   62,854       64,427       -2.4 %
    Fed funds sold   1,103       1,056       4.5 %
    Total interest income   509,096       477,988       6.5 %
               
    Interest expense:          
    Interest-bearing demand   87,951       75,417       16.6 %
    Savings   323       225       43.5 %
    Time certificates   142,894       103,853       37.6 %
    FHLB borrowings   0       3,819       -100.0 %
    Subordinated debt   5,300       5,300       0.0 %
    Total interest expense   236,468       188,614       25.4 %
    Net interest income   272,628       289,374       -5.8 %
    Provision for credit losses   12,100       10,000       21.0 %
    Net interest income after provision for credit losses   260,528       279,374       -6.7 %
               
    Noninterest income:          
    Fees & service charges on deposit accounts   3,172       3,333       -4.8 %
    Letters of credit fee income   7,188       5,798       24.0 %
    BOLI income   420       412       2.1 %
    Net loss on called and sale of investment securities   –       (5,046 )     -100.0 %
    Net gain on sale of loans   659       752       -12.4 %
    Other income   2,126       1,864       14.0 %
    Total noninterest income   13,565       7,113       90.7 %
               
    Noninterest expense:          
    Salary and employee benefits   53,648       51,314       4.5 %
    Net occupancy expense   15,420       6,049       154.9 %
    Business development and promotion expense   1,250       737       69.6 %
    Professional services   6,711       5,270       27.3 %
    Office supplies and equipment expense   1,781       1,588       12.2 %
    OREO valuation allowance and related expense   2,234       3,344       -33.2 %
    Other   9,016       8,332       8.2 %
    Total noninterest expense   90,060       76,634       17.5 %
    Income before provision for income taxes   184,033       209,853       -12.3 %
    Income tax expense   53,371       59,813       -10.8 %
    Net income $ 130,662     $ 150,040       -12.9 %
               
    Income per share available to common shareholders          
    Basic $ 9.79     $ 10.64       -8.0 %
    Diluted $ 9.64     $ 10.52       -8.4 %
               
    Weighted-average common shares outstanding          
    Basic   13,347,004       14,095,745       -5.3 %
    Diluted   13,554,266       14,261,644       -5.0 %
               
    Dividends per share $ 2.85     $ 2.35       21.3 %
               
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
           
      December 31,   December 31,
      2024   2023
      (Unaudited)   (Audited)
    Assets      
    Cash and due from banks $ 765,515     $ 890,852  
    Fed funds sold   20,000       20,000  
    Cash and cash equivalents   785,515       910,852  
           
    Securities held-to-maturity, at amortized cost   20,021       21,171  
    Securities available-for-sale, at fair value   348,706       313,842  
           
    Loans held for sale, at lower of cost or fair value   2,214       360  
           
    Loans   5,640,615       5,273,498  
    Less allowance for credit losses   (71,477 )     (78,355 )
    Less amortized deferred loan fees, net   (9,234 )     (11,079 )
    Loans, net   5,559,904       5,184,064  
           
    Other real estate owned and repossessed assets   14,991       16,716  
    Customers’ liability on acceptances   –       315  
    Bank furniture and fixtures, net   8,462       9,694  
    Bank-owned life insurance   10,433       10,632  
    Accrued interest receivable   33,561       33,892  
    Investment in affordable housing partnerships   58,346       65,276  
    Federal Home Loan Bank stock, at cost   15,000       15,000  
    Deferred tax assets   47,316       48,991  
    Income tax receivable   2,281       2,391  
    Operating lease right-of-use assets   13,182       22,050  
    Other assets   3,497       4,030  
    Total assets $ 6,923,429     $ 6,659,276  
           
    Liabilities and Shareholders’ Equity      
    Deposits:      
    Noninterest bearing demand deposits $ 704,859     $ 786,995  
    Interest bearing deposits:   2,026,965       2,075,156  
    Savings   30,150       29,167  
    Time certificates of $250,000 or more   1,477,931       1,317,862  
    Other time certificates   1,676,943       1,500,162  
    Total deposits   5,916,848       5,709,342  
           
    Acceptances outstanding   –       315  
    Subordinated debt issuance, net   148,469       148,232  
    Commitments to fund investment in affordable housing partnerships   21,623       30,824  
    Operating lease liabilities   16,990       19,766  
    Accrued interest payable   16,517       16,124  
    Other liabilities   39,830       39,568  
    Total liabilities   6,160,277       5,964,171  
           
    Shareholders’ equity   763,152       695,105  
    Total liabilities and shareholders’ equity   6,923,429       6,659,276  
           
    Book value per common share $ 57.86     $ 50.54  
    Number of common shares outstanding   13,188,776       13,753,246  
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
               
      For the Quarter Ended
      December 31, September 30, June 30, March 31, December 31,
      2024 2024 2024 2024 2023
    Unaudited historical quarterly operations data:          
    Interest income $ 125,858   $ 129,424   $ 127,294   $ 126,520   $ 124,964  
    Interest expense   56,685     60,576     61,187     58,020     55,568  
    Interest income before provision for credit losses   69,173     68,848     66,107     68,500     69,396  
    Provision for credit losses   2,000     3,200     2,500     4,400     3,500  
    Noninterest income   3,637     3,459     3,404     3,065     2,106  
    Noninterest expense   28,246     22,089     19,697     20,028     17,873  
    Income tax expense   12,343     13,635     13,722     13,671     14,290  
    Net income $ 30,221   $ 33,383   $ 33,592   $ 33,466   $ 35,839  
               
    Earnings per share          
    Basic $ 2.29   $ 2.50   $ 2.51   $ 2.48   $ 2.63  
    Diluted $ 2.25   $ 2.46   $ 2.48   $ 2.44   $ 2.60  
               
    Ratios for the period:          
    Return on average assets   1.74 %   1.95 %   1.97 %   2.00 %   2.15 %
    Return on beginning equity   16.03 %   18.37 %   19.44 %   19.36 %   21.21 %
    Net interest margin (Fully-taxable equivalent)   4.06 %   4.10 %   3.96 %   4.19 %   4.24 %
    Noninterest expense to average assets   1.62 %   1.29 %   1.15 %   1.20 %   1.07 %
    Efficiency ratio   38.79 %   30.55 %   28.34 %   27.99 %   25.00 %
    Net charge-offs to average loans (annualized)   0.47 %   -0.00 %   0.68 %   0.26 %   -0.00 %
               
    Ratios as of period end:          
    Tangible common equity ratio   11.02 %   10.92 %   10.55 %   10.35 %   10.43 %
    Tier 1 leverage capital ratio   11.33 %   11.28 %   10.89 %   10.80 %   10.85 %
    Common equity tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Total risk-based capital ratio   15.11 %   15.06 %   14.93 %   15.08 %   15.18 %
    Allowances for credit losses to loans at end of period   1.27 %   1.36 %   1.34 %   1.49 %   1.49 %
    Allowance for credit losses to non-performing loans   7.64 x   3.92 x   1.79 x   4.33 x   2.73 x
               
    Average balances:          
    Total securities $ 350,732   $ 356,590   $ 353,357   $ 348,961   $ 349,863  
    Total loans   5,542,558     5,458,613     5,320,360     5,263,562     5,126,918  
    Total earning assets   6,788,487     6,684,766     6,728,498     6,585,853     6,499,469  
    Total assets   6,920,325     6,817,979     6,863,829     6,718,018     6,627,349  
    Total time certificate of deposits   3,144,523     2,874,985     2,884,259     2,852,860     2,767,385  
    Total interest bearing deposits   5,220,655     5,124,245     5,203,034     5,004,834     4,906,947  
    Total deposits   5,905,127     5,828,227     5,901,976     5,761,488     5,689,713  
    Total interest bearing liabilities   5,369,092     5,272,617     5,351,347     5,153,089     5,055,143  
    Total equity   760,345     747,222     715,190     704,996     683,141  
               
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
           
      For the Twelve Months Ended
      December 31,   December 31,
      2024   2023
           
    Interest income $ 509,096     $ 477,988  
    Interest expense   236,468       188,614  
    Interest income before provision for credit losses   272,628       289,374  
    Provision for credit losses   12,100       10,000  
    Noninterest income   13,565       7,113  
    Noninterest expense   90,060       76,634  
    Income tax expense   53,371       59,813  
    Net income $ 130,662     $ 150,040  
           
    Earnings per share      
    Basic $ 9.79     $ 10.64  
    Diluted $ 9.64     $ 10.52  
           
    Ratios for the period:      
    Return on average assets   1.91 %     2.28 %
    Return on beginning equity   18.80 %     23.80 %
    Net interest margin (Fully-taxable equivalent)   4.08 %     4.49 %
    Noninterest expense to average assets   1.32 %     1.17 %
    Efficiency ratio   31.47 %     25.85 %
    Net charge-off to average loans   0.35 %     0.00 %
           
    Average balances:      
    Total securities $ 352,416     $ 389,584  
    Total loans   5,396,844       5,068,486  
    Total earning assets   6,697,118       5,067,870  
    Total assets   6,830,252       6,452,661  
    Total time certificate of deposits   2,939,543       6,577,690  
    Total interest bearing deposits   5,849,300       2,570,706  
    Total deposits   5,849,300       4,678,893  
    Total interest bearing liabilities   5,849,300       5,577,155  
    Total equity   732,058       4,902,616  
           
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
            As of
            December 31,   September 30,   June 30,   March 31,   December 31,
            2024   2024   2024   2024   2023
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 785,515     $ 804,994     $ 917,677     $ 936,600     $ 910,852  
      Securities held-to-maturity, at amortized cost   20,021       20,311       20,605       20,904       21,171  
      Securities available-for-sale, at fair value   348,706       337,363       331,909       333,411       313,842  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 790,069     $ 753,453     $ 732,251     $ 724,101     $ 688,058  
          Real estate—Commercial   2,840,771       2,882,506       2,833,430       2,777,608       2,760,761  
          Total Real Estate – Mortgage   3,630,840       3,635,959       3,565,681       3,501,709       3,448,819  
        Real estate – Construction:                  
          R/E Construction — Residential   296,580       274,214       238,062       236,596       246,201  
          R/E Construction — Commercial   287,185       290,308       247,582       213,727       179,775  
          Total real estate construction loans   583,765       564,522       485,644       450,323       425,976  
        Commercial and industrial   1,418,930       1,365,550       1,371,694       1,369,529       1,394,871  
        SBA   6,833       5,424       5,463       3,914       3,469  
        Consumer and others   247       124       118       379       363  
          Gross loans   5,640,615       5,571,579       5,428,600       5,325,854       5,273,498  
      Allowance for credit losses on loans   (71,477 )     (76,051 )     (72,848 )     (79,311 )     (78,355 )
      Net deferred loan fees   (9,234 )     (10,414 )     (10,502 )     (10,460 )     (11,079 )
        Net loans, excluding loans held for sale $ 5,559,904     $ 5,485,114     $ 5,345,250     $ 5,236,083     $ 5,184,064  
      Loans held for sale $ 2,214     $ 225     $ 955     $ 605     $ 360  
        Net loans $ 5,562,118     $ 5,485,339     $ 5,346,205     $ 5,236,688     $ 5,184,424  
                             
      Other real estate owned and repossessed assets $ 14,991     $ 15,082     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,346       58,009       60,432       62,854       65,276  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   118,732       136,246       138,036       134,040       131,995  
        Total assets $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 704,859     $ 682,859     $ 675,767     $ 709,767     $ 786,995  
        Interest bearing demand   2,026,965       1,994,288       2,326,214       2,159,948       2,075,156  
        Savings   30,150       29,793       28,251       29,261       29,167  
        Time certificates of $250,000 or more   1,477,931       1,478,500       1,406,149       1,349,927       1,317,862  
        Other time certificates   1,676,943       1,682,324       1,442,381       1,552,805       1,500,162  
        Total deposits $ 5,916,848     $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342  
                             
      Acceptances outstanding $ –     $ –     $ –     $ –     $ 315  
      Subordinated debt issuance, net   148,469       148,410       148,351       148,292       148,232  
      Commitments to fund investment in affordable housing partnerships   21,623       23,617       27,946       29,647       30,824  
      Other liabilities   73,337       82,436       68,394       77,008       75,458  
        Total liabilities $ 6,160,277     $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171  
                             
    Equity:                    
      Net common stock, no par value $ 105,501     $ 109,928     $ 113,509     $ 115,915     $ 134,534  
      Retained earnings   685,108       664,808       640,675       616,417       592,325  
      Accumulated other comprehensive income   (27,457 )     (24,619 )     (31,057 )     (32,774 )     (31,754 )
        Total shareholders’ equity $ 763,152     $ 750,117     $ 723,127     $ 699,558     $ 695,105  
        Total liabilities and shareholders’ equity $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (unaudited)
                           
                       
      Three months ended December 31,   Three months ended September 30,   Three months ended December 31,
      2024   2024   2023
        Interest Average     Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
    Loans (1,2) $ 5,543,215   $ 111,596     8.01 %   $ 5,459,842   $ 114,112     8.31 %   $ 5,127,935   $ 107,709     8.33 %
    Investment securities (3)   350,732     3,566     4.04 %     356,590     3,610     4.03 %     349,863     3,335     3.78 %
    Federal funds sold   20,172     249     4.91 %     20,164     280     5.52 %     20,028     282     5.58 %
    Other earning assets   874,368     10,546     4.80 %     848,170     11,521     5.40 %     1,001,643     13,739     5.44 %
    Total interest earning assets   6,788,487     125,957     7.38 %     6,684,766     129,523     7.71 %     6,499,469     125,065     7.63 %
    Deferred loan fees, net   (9,808 )         (10,248 )         (10,421 )    
    Allowance for credit losses on loans   (75,474 )         (72,899 )         (74,965 )    
    Noninterest earning assets:                      
    Cash and due from banks   10,626           10,826           12,376      
    Bank furniture and fixtures   8,866           9,419           9,243      
    Right of use assets   28,570           22,496           20,338      
    Other assets   169,058           173,619           171,309      
    Total assets $ 6,920,325         $ 6,817,979         $ 6,627,349      
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
    Deposits:                      
    Interest bearing demand and savings $ 2,076,132   $ 18,330     3.51 %   $ 2,249,260   $ 23,295     4.12 %   $ 2,139,562   $ 21,788     4.04 %
    TCD $250K or more   1,481,219     17,514     4.70 %     1,412,073     17,866     5.03 %     1,294,531     15,600     4.78 %
    Other time certificates   1,663,304     19,516     4.67 %     1,462,912     18,090     4.92 %     1,472,854     16,855     4.54 %
    Total interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Short-term borrowings   3     0     3.31 %     –     –     0.00 %     2     0     6.08 %
    Subordinated debt, net   148,434     1,325     3.55 %     148,372     1,325     3.55 %     148,194     1,325     3.55 %
    Total interest bearing liabilities   5,369,092     56,685     4.20 %     5,272,617     60,576     4.57 %     5,055,143     55,568     4.36 %
    Noninterest bearing liabilities:                      
    Demand deposits   684,472           703,982           782,766      
    Lease liability   25,486           18,882           18,179      
    Other liabilities   80,930           75,276           88,120      
    Total liabilities   6,159,980           6,070,757           5,944,208      
    Shareholders’ equity   760,345           747,222           683,141      
    Total liabilities and shareholders’ equity $ 6,920,325         $ 6,817,979         $ 6,627,349      
    Net interest income   $ 69,272         $ 68,947         $ 69,497    
    Net interest spread       3.18 %         3.14 %         3.27 %
    Net interest margin       4.06 %         4.10 %         4.24 %
                           
    Cost of Deposits:                      
    Noninterest bearing demand deposits $ 684,472         $ 703,982         $ 782,766      
    Interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Total Deposits $ 5,905,127   $ 55,360     3.73 %   $ 5,828,227   $ 59,251     4.04 %   $ 5,689,713   $ 54,243     3.78 %
    (1) Includes non-accrual loans and loans held for sale    
    (2) Net loan fee income of $1.2 million, $991,000, and $1.0 million for the quarter ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, are included in the yield computations  
    (3) Yields on securities have been adjusted to a tax-equivalent basis  
         
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (unaudited)
                                           
      Twleve Months ended December 31,
      2024
    		   2023
        Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
    Loans (1,2) $ 5,398,916   $ 445,139     8.24 %   $ 5,068,486   $ 412,505     8.14 %
    Investment securities (3)   352,416     14,257     4.05 %     389,584     14,461     3.71 %
    Federal funds sold   20,397     1,103     5.41 %     20,090     1,056     5.26 %
    Other earning assets   925,389     48,994     5.29 %     974,501     50,372     5.17 %
    Total interest earning assets   6,697,118     509,493     7.61 %     6,452,661     478,394     7.41 %
    Deferred loan fees, net   (10,301 )         (10,212 )    
    Allowance for credit losses on loans   (76,448 )         (70,992 )    
    Noninterest earning assets:              
    Cash and due from banks   10,624           11,978      
    Bank furniture and fixtures   9,537           9,010      
    Right of use assets   23,997           21,417      
    Other assets   175,725           163,828      
    Total assets $ 6,830,252         $ 6,577,690      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
    Deposits:              
    Interest bearing demand/ savings $ 2,198,837   $ 88,274     4.01 %   $ 2,108,187   $ 75,642     3.59 %
    TCD $250K or more   1,403,663     69,176     4.93 %     1,267,859     53,200     4.20 %
    Other time certificates   1,535,880     73,718     4.80 %     1,302,847     50,653     3.89 %
    Total interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Short-term borrowings   1     0     2.50 %     1     0     3.06 %
    Advance from Federal Home Loan Bank   –     0     0.00 %     75,616     3,819     5.05 %
    Subordinated debt, net   148,344     5,300     3.57 %     148,106     5,300     3.58 %
    Total interest bearing liabilities   5,286,725     236,468     4.47 %     4,902,616     188,614     3.85 %
    Noninterest bearing liabilities:              
    Demand deposits   710,920           898,262      
    Lease liability   20,931           19,902      
    Other liabilities   79,618           84,449      
    Total liabilities   6,098,194           5,905,229      
    Shareholders’ equity   732,058           672,461      
    Total liabilities and shareholders’ equity $ 6,830,252         $ 6,577,690      
    Net interest income   $ 273,025         $ 289,780    
    Net interest spread       3.13 %         3.57 %
    Net interest margin       4.08 %         4.49 %
                   
    Cost of Deposits:              
    Noninterest bearing demand deposits $ 710,920         $ 898,262      
    Interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Total Deposits $ 5,849,300   $ 231,168     3.95 %   $ 5,577,155   $ 179,495     3.22 %
    (1) Includes non-accrual loans and loans held for sale  
    (2) Net loan fee income of $4.6 million and $4.2 million for the year ended December 31, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis
         
    Preferred Bank
    Loan and Credit Quality Information
           
    Allowance For Credit Losses History
      Year ended
      December 31, 2024   December 31, 2023
      (Dollars in 000’s)
    Allowance For Credit Losses      
    Balance at Beginning of Period $ 78,355     $ 68,472  
    Charge-Offs      
    Commercial & Industrial   19,028       124  
    Total Charge-Offs   19,028       124  
           
    Recoveries      
    Commercial & Industrial   50       7  
    Total Recoveries   50       7  
           
    Net Charge-Offs   18,978       117  
    Provision for Credit Losses:   12,100       10,000  
    Balance at End of Period $ 71,477     $ 78,355  
           
    Average Loans Held for Investment $ 5,396,844     $ 5,067,870  
    Loans Held for Investment at End of Period $ 5,640,615     $ 5,273,498  
    Net Charge-Offs to Average Loans   0.35 %     0.00 %
    Allowances for Credit Losses to Loans at End of Period   1.27 %     1.49 %
           
    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com
       

    The MIL Network –

  • MIL-OSI: PDF Solutions to Report Fourth Quarter and Fiscal Year 2024 Financial Results on February 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor ecosystem, announced that it will release fourth quarter and fiscal year 2024 financial results after the market close on Thursday, February 13, 2025. John Kibarian, CEO, and Adnan Raza, CFO, will host a live teleconference on Thursday, February 13, 2025, beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the results.

    To participate on the live call, analysts and investors should pre-register at:
    https://register.vevent.com/register/BI901bfd5ff82340f4be29473c242c6655.

    Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial-in into the call ten minutes ahead of scheduled time.

    The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

    About PDF Solutions
    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

    Company Contacts

    Adnan Raza
    Chief Financial Officer
    (408) 516-0237
    adnan.raza@pdf.com

    Sonia Segovia
    Investor Relations
    (408) 938-6491
    sonia.segovia@pdf.com

    The MIL Network –

  • MIL-OSI USA: News 01/27/2025 Blackburn, Luján Introduce Bill to Safeguard U.S. Communications Networks from National Security Threats

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.) and Ben Ray Luján (D-N.M.) introduced the Removing Our Unsecure Technologies to Ensure Reliability and Security (ROUTERS) Act to safeguard Americans’ communications networks from foreign-adversary controlled technology, including routers, modems, or devices that combine both:
    “Tens of millions of families and small businesses across the country use wireless routers as their primary access point to the internet,” said Senator Blackburn. “Many of these routers are susceptible to infiltration by foreign actors – including China – exposing our country to serious danger. This bill will better protect U.S. communications networks and our national security.”
    “The ROUTERS Act is a crucial step in ensuring that everyday internet devices like consumer routers and modems don’t pose a risk to our national security or consumer privacy,” said Senator Luján. “Securing our broadband infrastructure is a top priority, and we must create safeguards at every point across our systems. That is why I am proud to reintroduce this critical piece of legislation to help protect the privacy and security of millions of Americans.”

    ROUTERS ACT:

    The ROUTERS Act would require the Assistant Secretary for Communications and Information at the Department of Commerce to conduct a study of the national security risks posed by routers, modems, or other devices that are designed, developed, manufactured, or supplied by persons owned, controlled, or subject to the jurisdiction of U.S. adversaries. This includes the People’s Republic of China, Russia, Iran, North Korea, Cuba, or Venezuela.

    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Schumer, Murray, Kim Lead 47 Senators In Introducing Resolution Condemning Trump’s Pardons Of Jan. 6 Rioters

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    January 27, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Chuck Schumer (D-N.Y.), and Andy Kim (D-N.J.) on Monday led a group of 47 senators, including U.S. Senator Richard Blumenthal (D-Conn.), in introducing a new resolution condemning the pardons of individuals who were found guilty of assaulting Capitol Police Officers. The resolution follows the move by President Trump, on the first day of his second term, to 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.
    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.” Murphy and Blumenthal will seek unanimous consent on the Senate floor to pass the resolution.
    “Trump’s pardons of January 6th rioters who viciously assaulted law enforcement officers send a dangerous message: if you’re willing to commit violence in his name, there are no consequences,” said Murphy. “This endorsement of political violence not only undermines our justice system, but it also makes our nation less safe and emboldens those who would attack our democracy.”
    “President Trump’s blanket pardons of armed insurrectionists, who were convicted by juries of everyday Americans, is the ultimate disrespect for police officers who were brutally assaulted on January 6,” said Blumenthal. “These sickening pardons are a clear endorsement of political violence and discredit justice and the rule of law. I urge my Republican colleagues who were protected that terrible day—and who now stay silent—to join in condemning the violence that occurred and standing with the officers who put their lives on the line for their safety.”
    U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.) also cosponsored the resolution. In total, 46 senators signed onto the resolution.
    Full text of the resolution is available HERE.
    According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.
    Among others, the individuals who assaulted law enforcement officers and were granted full, unconditional pardons by President Trump this week include:
    Taylor James Johnatakis, of Kingston, Washington, was convicted of three felonies in November 2023, including assaulting officers. Prosecutors said that he “coordinated a violent assault on a line of police officers defending” the Capitol and that video shows he “used a metal barricade to attack officers head on and grabbed one officer to prevent him from defending himself against other attacking rioters.”
    Julian Khater, who assaulted a U.S. police office—Brian Sicknick—and later pled guilty to assaulting a police officer with a dangerous weapon.
    Robert Palmer, who attacked police with a fire extinguisher, a wooden plank, and a pole.
    Tyler Bradley Dykes of Bluffton, South Carolina, who was sentenced to 57 months in federal prison for stealing a police riot shield and twice using it against officers. He pleaded guilty to two felony counts of assaulting, resisting or impeding officers.
    Devlyn Thompson, who hit a police officer with a metal baton.
    Andrew Taake, of Houston, Texas, who was sentenced to a little more than six years for assaulting law enforcement officers with bear spray and a metal whip.
    Christopher Quaglin, who federal prosecutors said “viciously assaulted numerous officers” and was one of the most violent rioters, was sentenced to 12 years in federal prison.
    David Dempsey, who, according to prosecutors, “was one of the most violent rioters,” and received 20 years in prison. Prosecutors also said Dempsey had a “very significant history of arrests and convictions” prior to the January 6th attack.
    Daniel Rodriguez, of Fontana, California, who plunged a stun gun into the neck of Washington Police Officer Michael Fanone multiple times.
    Ryan Nichols, of Longview, Texas, who assaulted officers with pepper spray, and later on Jan. 6, at his hotel room, he called for additional violence.
    Howard Richardson, of King of Prussia, Pennsylvania, who struck a police officer three times with a flagpole, hard enough to break the flagpole.
    Robert Sanford, from Chester, Pennsylvania, who hit two police officers in the head with a fire extinguisher and threw a traffic cone at another officer.
    Jonathan Munafo, of Albany, New York, who punched a police officer, stole the officer’s riot shield, and struck a Capitol office window with two poles.

    MIL OSI USA News –

  • MIL-OSI USA: Readout of President Donald J. Trump’s Call with Prime Minister Modi of India

    US Senate News:

    Source: The White House
    Today, President Donald J. Trump held a productive call with Prime Minister Narendra Modi of India. The two leaders discussed expanding and deepening cooperation. They also discussed a range of regional issues, including security in the Indo-Pacific, the Middle East, and Europe. The President emphasized the importance of India increasing its procurement of American-made security equipment and moving toward a fair bilateral trading relationship. The leaders discussed plans for Prime Minister Modi to visit the White House, underscoring the strength of the friendship and strategic ties between our nations. Both leaders emphasized their commitment to advance the U.S.-India strategic partnership and the Indo-Pacific Quad partnership, with India hosting Quad Leaders for the first time later this year. 

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – Suspension of shipping services in Spanish and European ports – E-000221/2025

    Source: European Parliament

    Question for written answer  E-000221/2025
    to the Commission
    Rule 144
    Juan Ignacio Zoido Álvarez (PPE), Borja Giménez Larraz (PPE)

    On 13 January 2025, the Danish shipping company Maersk announced that its MECL service, which connects the Middle East and India with the United States, will stop calling at one of the main ports in southern Europe – the port of Algeciras in Spain – and will instead call at the Moroccan port of Tanger Med. Similarly, in February 2024 the German freight shipping company Hapag-Lloyd decided to suspend calls at the port of Valencia to relocate to the other side of the Mediterranean.

    These relocations are two blatant cases of carbon leakage, as the shipping companies will be exempted from EU ETS charges which, since January 2024, apply a surcharge on shipping freight.

    I would therefore like to ask the Commission:

    • 1.Given that competitiveness is one of the pillars of the new Commission, what measures will it adopt to ensure that European ports such as Algeciras and Valencia remain attractive and relevant for the main international trade routes?
    • 2.What measures will it take to stem this carbon leakage to other ports and maintain the competitiveness of the European Union?

    Submitted: 20.1.2025

    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI USA: Black Holes Can Cook for Themselves, Chandra Study Shows

    Source: NASA

    Astronomers have taken a crucial step in showing that the most massive black holes in the universe can create their own meals. Data from NASA’s Chandra X-ray Observatory and the Very Large Telescope (VLT) provide new evidence that outbursts from black holes can help cool down gas to feed themselves.
    This study was based on observations of seven clusters of galaxies. The centers of galaxy clusters contain the universe’s most massive galaxies, which harbor huge black holes with masses ranging from millions to tens of billions of times that of the Sun. Jets from these black holes are driven by the black holes feasting on gas.
    These images show two of the galaxy clusters in the study, the Perseus Cluster and the Centaurus Cluster. Chandra data represented in blue reveals X-rays from filaments of hot gas, and data from the VLT, an optical telescope in Chile, shows cooler filaments in red.
    The results support a model where outbursts from the black holes trigger hot gas to cool and form narrow filaments of warm gas. Turbulence in the gas also plays an important role in this triggering process.
    According to this model, some of the warm gas in these filaments should then flow into the centers of the galaxies to feed the black holes, causing an outburst. The outburst causes more gas to cool and feed the black holes, leading to further outbursts.
    This model predicts there will be a relationship between the brightness of filaments of hot and warm gas in the centers of galaxy clusters. More specifically, in regions where the hot gas is brighter, the warm gas should also be brighter. The team of astronomers has, for the first time, discovered such a relationship, giving critical support for the model.
    This result also provides new understanding of these gas-filled filaments, which are important not just for feeding black holes but also for causing new stars to form. This advance was made possible by an innovative technique that isolates the hot filaments in the Chandra X-ray data from other structures, including large cavities in the hot gas created by the black hole’s jets.
    The newly found relationship for these filaments shows remarkable similarity to the one found in the tails of jellyfish galaxies, which have had gas stripped away from them as they travel through surrounding gas, forming long tails. This similarity reveals an unexpected cosmic connection between the two objects and implies a similar process is occurring in these objects.
    This work was led by Valeria Olivares from the University of Santiago de Chile, and was published Monday in Nature Astronomy. The study brought together international experts in optical and X-ray observations and simulations from the United States, Chile, Australia, Canada, and Italy. The work relied on the capabilities of the MUSE (Multi Unit Spectroscopic Explorer) instrument on the VLT, which generates 3D views of the universe.
    NASA’s Marshall Space Flight Center in Huntsville, Alabama, manages the Chandra program. The Smithsonian Astrophysical Observatory’s Chandra X-ray Center controls science operations from Cambridge, Massachusetts, and flight operations from Burlington, Massachusetts.
    Read more from NASA’s Chandra X-ray Observatory.
    Learn more about the Chandra X-ray Observatory and its mission here:

    chandra

    https://chandra.si.edu

    This release features composite images shown side-by-side of two different galaxy clusters, each with a central black hole surrounded by patches and filaments of gas. The galaxy clusters, known as Perseus and Centaurus, are two of seven galaxy clusters observed as part of an international study led by the University of Santiago de Chile.
    In each image, a patch of purple with neon pink veins floats in the blackness of space, surrounded by flecks of light. At the center of each patch is a glowing, bright white dot. The bright white dots are black holes. The purple patches represent hot X-ray gas, and the neon pink veins represent filaments of warm gas. According to the model published in the study, jets from the black holes impact the hot X-ray gas. This gas cools into warm filaments, with some warm gas flowing back into the black hole. The return flow of warm gas causes jets to again cool the hot gas, triggering the cycle once again.
    While the images of the two galaxy clusters are broadly similar, there are significant visual differences. In the image of the Perseus Cluster on the left, the surrounding flecks of light are larger and brighter, making the individual galaxies they represent easier to discern. Here, the purple gas has a blue tint, and the hot pink filaments appear solid, as if rendered with quivering strokes of a paintbrush. In the image of the Centaurus Cluster on the right, the purple gas appears softer, with a more diffuse quality. The filaments are rendered in more detail, with feathery edges, and gradation in color ranging from pale pink to neon red.

    Megan WatzkeChandra X-ray CenterCambridge, Mass.617-496-7998mwatzke@cfa.harvard.edu
    Lane FigueroaMarshall Space Flight Center, Huntsville, Alabama256-544-0034lane.e.figueroa@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: COMING SOON: 2024 Annual Highlights of Results from the International Space Station

    Source: NASA

    The 2024 Annual Highlights of Results from the International Space Station is coming soon. This new edition contains updated bibliometric analyses, a list of all the publications documented in fiscal year 2024, and synopses of the most recent and recognized scientific findings from investigations conducted on the space station. These investigations are sponsored by NASA and all international partners – CSA (Canadian Space Agency), ESA (European Space Agency), JAXA (Japan Aerospace Exploration Agency), and the State Space Corporation Roscosmos (Roscosmos) – for the advancement of science, technology, and education.

    Between Oct. 1, 2023, and Sept. 30, 2024, more than 350 publications were reported. With approximately 40% of the research produced in collaboration between more than two countries and almost 80% of the high-impact studies published in the past seven years, station has continued to generate compelling and influential science above national and global standards since 2010.
    The results achieved from station research provide insights that advance the commercialization of space and benefit humankind.
    Some of the findings presented in this edition include:

    Improved machine learning algorithms to detect space debris (Italian Space Agency)
    Visuospatial processing before and after spaceflight (CSA)
    Metabolic changes during fasting intervals in astronauts (ESA)
    Vapor bubble production for the improvement of thermal systems (NASA)
    The survival of microorganisms in space (Roscosmos)
    Immobilization of particles for the development of optical materials (JAXA)

    The content in the Annual Highlights of Results from the International Space Station has been reviewed and approved by the International Space Station Program Science Forum, a team of scientists and administrators representing NASA and international partners that are dedicated to planning, improving, and communicating the research operated on the space station.
    For the Annual Highlights of Results 2023, click here.

    MIL OSI USA News –

  • MIL-OSI Economics: Members consider China’s request for panel to examine electric vehicle measures in Türkiye

    Source: World Trade Organization

    DS629: Türkiye — Measures Concerning Electric Vehicles and Other Types of Vehicles from China

    China submitted a request for the establishment of a dispute panel to rule on various measures taken by Türkiye concerning electric vehicles (“EVs”) and certain other types of vehicles originating in China. Consultations took place on 20-21 November in an effort to resolve the dispute but failed to produce a mutually agreed solution, prompting China to submit its request for the panel. 

    China said Türkiye’s measures are protectionist and discriminatory, and violate Türkiye’s core obligations under the WTO agreements, including most favoured nation treatment, tariff bindings, and general elimination of quantitative restrictions. China expressed grave concerns that some members, including Türkiye, have introduced restrictive measures on Chinese new energy products, including EVs, which are inconsistent with WTO rules. Increased tech protectionism is not a solution, China said, adding that the panel request is one of the responses to such unlawful measures.

    Türkiye said the two sides had constructive consultations in November 2024 and that it shared information and clarifications with its Chinese colleagues in a cooperative manner. Türkiye said its measures are completely justified against the backdrop of the strong challenges its automotive industry has been facing for many years due to anti-competitive practices, subsidization, and excess capacity. These problems should be addressed in the relevant WTO bodies for a level playing field in industrial sectors. Against that background, Türkiye said it cannot at this time agree to the establishment of a panel.

    The DSB took note of the statements and agreed to revert to this matter should the requesting member wish to do so.

    DS597: United States – Origin Marking Requirement (Hong Kong, China)

    The United States once again raised the matter of the panel ruling in DS597 at the DSB meeting. The US said it was raising the matter as a result of recent developments in Hong Kong, China regarding free speech and human rights.  The US referred back to its previous statements regarding its position on essential security and its reasons for placing this item on the DSB agenda.

    Hong Kong, China said the US again raising this matter and questioning its inherent rights under international law was an abuse of WTO rules. The panel ruling clearly confirms that the US action lacks legal justification, Hong Kong, China said, adding that it stands ready to proceed through the due process of appeal should the US lift its blockage on the appointment of Appellate Body members.

    China reiterated its objections to the item being on the DSB agenda and said any member, regardless of its power and size, should refrain from taking unilateral and protectionism measures in the name of national security or using it as a vehicle to disregard the core principles of the WTO and interfere in other members’ internal affairs.

    Appellate Body appointments

    Colombia, speaking on behalf of 130 members, introduced for the 83rd time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States noted that a new US President was inaugurated on 20 January, and the US is currently transitioning to a new Administration.  Members are aware of the longstanding US concerns with WTO dispute settlement that have persisted across US administrations; those concerns remain unaddressed and it does not support the proposed decision, the United States said.

    Twenty members then took the floor to comment. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system as soon as possible. Many welcomed the progress made in the dispute settlement reform discussions to date and the proposal by the General Council Chair to initiate consultations with interested delegations to hear views on how to build on progress made in a manner that would further advance dispute settlement reform work.

    Several members said they looked forward to hearing from the Chair on how those consultations would be organized.  Ten members urged others to consider joining the Multi-party interim appeal arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body. 

    Colombia said on behalf of the 130 members it regretted that for the 83rd occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said for the group.

    Surveillance of implementation

    Australia presented a status report regarding its implementation of the panel ruling in the case brought by China in DS603, “Australia — Anti-Dumping and Countervailing Duty Measures on Certain Products from China.”  Australia said it provided a written status report in this dispute on 16 January noting that Australia has fully implemented the ruling and that the matter is now resolved.

    China thanked Australia for its statement and said this case demonstrates the effectiveness of the WTO dispute settlement system. At a time when the multilateral trading system faces unprecedented challenges, cooperation among members is vital to maintaining the effective operation of the dispute settlement mechanism, China said.  China added that it is ready to work with Australia and other members to continue to resolve trade frictions under the WTO framework.

    The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”,  DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Next meeting

    The next regular DSB meeting will take place on 24 February 2025.

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    MIL OSI Economics –

  • MIL-OSI New Zealand: Information sought following incident in Palmerston North bar

    Source: New Zealand Police (National News)

    Police are investigating a reported stabbing in Palmerston North last night and would like to speak to witnesses.

    Police were called to a bar on Main Street about 11:30pm, after reports of an altercation between a small group of people.

    Upon arrival one person was located with a stab wound to the neck, requiring hospital treatment.

    A scene guard was in place at the premises overnight and Police will conduct a scene examination today.

    If anyone has any information that could help our enquiries, please update us online now or call 105.

    Please use the reference number 250128/6100.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Australia: PD Edge catches suspect in Colonel Light Gardens

    Source: South Australia Police

    PD Edge arrested a man in Colonel Light Gardens after he was caught allegedly stealing CCTV cameras this morning.

    About 2am Tuesday 28 January police were called to a home under construction on Goodwood Road after a man was seen on the owners CCTV cameras in the rear yard.

    The owner, who was not at the property at the time, was able to provide police with a good description of the suspect including the clothing he was wearing.

    PD Edge was called in and tracked through the property then out into an alley way and back on to Goodwood Road. Clever PD Edge quickly chased down the suspect detaining him in the front yard of a nearby home.

    Southern Patrols searched the area locating gloves, a drill, a head lamp and stolen CCTV cameras dumped in a wheelie bin.

    The 50-year-old Firle man was charged with being unlawfully on premises, theft and going equipped to commit an offence. He was bailed to appear in the Adelaide Magistrates Court on 11 March.

    MIL OSI News –

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

    Source: Government of India

    Rabi crop sowing exceeds 655.88 lakh hectares

    35.15 lakh ha area coverage under Paddy has been reported

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

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

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

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

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

    Area:  In lakh hactare

    S.

    No.

     

    Crop

    Normal Area (DES) (2018-19 –

    2022-23)

    Area Sown

    2024-25

    2023-24

    1

    Wheat

    312.35

    324.38

    315.63

    2

    Rice/Paddy

    42.02

    35.15

    30.38

    3

    Pulses

    140.44

    142.49

    139.29

    a

    Gram

    100.99

    98.55

    95.87

    b

    Lentil

    15.13

    17.43

    17.76

    c

    Fieldpea

    6.50

    8.94

    8.98

    d

    Kulthi

    1.98

    3.13

    3.13

    e

    Urd Bean

    6.15

    5.60

    5.12

    f

    Moong Bean

    1.44

    1.27

    1.08

    g

    Lathyrus

    2.79

    3.12

    3.32

    h

    Other Pulses

    5.46

    4.45

    4.04

    4

    Shri Anna & Coarse cereals

    53.46

    55.67

    55.89

    a

    Jowar

    24.37

    24.35

    26.60

    b

    Bajra

    0.37

    0.14

    0.17

    c

    Ragi

    0.74

    0.73

    0.68

    d

    Small Millets

    0.15

    0.16

    0.00

    e

    Maize

    22.11

    23.67

    21.75

    f

    Barley

    5.72

    6.62

    6.70

    5

    Oilseeds

    87.02

    98.18

    102.52

    a

    Rapeseed & Mustard

    79.16

    89.30

    93.73

    b

    Groundnut

    3.82

    3.65

    3.42

    c

    Safflower

    0.72

    0.71

    0.77

    d

    Sunflower

    0.81

    0.74

    0.43

    e

    Sesamum

    0.58

    0.34

    0.52

    f

    Linseed

    1.93

    3.07

    3.32

    g

    Other Oilseeds

    0.00

    0.38

    0.34

    Total Crops

    635.30

    655.88

    643.72

     

    *****

    MG/KSR

    (Release ID: 2096743) Visitor Counter : 9

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: International Space Station captures Spectacular View of Mahakumbh 2025 from Space

    Source: Government of India

    Posted On: 27 JAN 2025 5:46PM by PIB Delhi

    The world’s largest religious and human gathering, the Mahakumbh 2025, is being captured not only from the ground but also from Space. On Sunday night, the International Space Station (ISS) captured awe-inspiring images of the Mahakumbh. These pictures showcase the mesmerizing view of the event, with the world’s largest human gathering along the banks of the Ganga River glowing brightly with lights. Astronaut Don Pettit shared these pictures taken from the ISS on the social media platform ‘X’.

     

     

    The images show the grandeur of the Maha Kumbh Mela’s lighting and the massive human crowd, transforming the banks of the Ganga River into a unique spectacle. These space-captured images highlight the scale of this religious event on Earth.

     

     

    The Mahakumbh is the world’s largest religious event, where millions of devotees take a dip in the Ganga River to attain spiritual peace. So far, over 13 crore devotees have experienced this blissful and religious moment by bathing at the confluence. The images emerging from here have amazed the entire world. These space photos are sure to draw the attention of people worldwide to the Mahakumbh. Don Pettit, while sharing the images, wrote that the incredible view of the 2025 Maha Kumbh Mela was captured from the International Space Station (ISS). The world’s largest human congregation was glowing along the banks of the Ganga River.

     

    Donald Roy Pettit

    American astronaut and chemical engineer Donald Roy Pettit, is known for his work in astrophotography and innovation in space. Pettit is also the inventor of the first patented object made in space, the ‘Zero-G Cup’. He, at the age of 69, is NASA’s oldest active astronaut.

     

    *****

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    Read this release in: Hindi

    MIL OSI Asia Pacific News –