Asia Pacific – Page 1429

MIL-OSI Europe: ASIA/INDIA – Internal migrants: Catholic communities intervene for their material and spiritual needs

Source: Agenzia Fides – MIL OSI

New Delhi (Agenzia Fides) – With over 450 million internal migrants (out of a population of 1.4 billion inhabitants), India is the scene of a phenomenon that has no equal in the world. Migrants, who move to other Indian states mainly for reasons related to the search for work and education, for family needs or for emergency events such as natural disasters, often face challenges related to displacement, exploitation, access to basic services. And also to faith.Among the migrants there are Catholic and Christian Indian citizens and for this reason Christian Churches in India have become aware of the phenomenon and have studied interventions and solutions to accompany these people on the path of social reintegration and in their spiritual and pastoral needs. The spirit is to “give migrants in India a second chance”, accompanying them in the process of development, job search and training, assisting them, especially in the early stages of their new life, with social and food security programs and educational opportunities for children whose families have moved to a context different from their home. To achieve these goals, the Catholic Church in India has inaugurated a digital portal that supports migrants in the country, in various areas. Presented by Cardinal Philip Neri Ferrão, Archbishop of Goa and President of the Conference Catholic Bishops of Latin Rite of India (CCBI), the new web portal, integrated into the “Catholic Connect” platform, is inspired by and seeks to put into practice the indications of Pope Francis who, with regard to migrants, has repeatedly cited four verbs: welcome, protect, promote, integrate. The action of the Catholic Church, at all levels, also aims to ensure that, thanks to the aid received, migrants and internally displaced persons and especially unaccompanied minors, do not fall victim to human trafficking.As explained by Father Jaison Vadassery, Executive Secretary of the CCBI Commission for Migrants, the online portal allows migrants to register and access church services (parishes, Caritas, schools, hospitals, etc.) regardless of their location: the aim is to ensure that migrants can find and feel the warmth of a community, even if they are far from their home or country of origin: “It is important that they integrate harmoniously into the host communities, while remaining tied to their cultural and religious roots”, explained Father Vadassery. The platform also helps migrants on a legal and bureaucratic level, for enrolling in government assistance programs or for receiving humanitarian aid in the event of emergencies and natural disasters, which cause displacement.Monsignor Alwyn D’Silva, Auxiliary Bishop of Mumbai, referring to Pope Francis’ encyclical “Fratelli Tutti”, recalled the importance of pastoral care for migrants, especially for the most vulnerable and poor, who have low-skilled jobs, who face exploitation and are without legal protection. The Church, he said, has the task of accompanying them not only in moving from one place to another and on the path of social reintegration, but also on the path of faith. For this reason, the Commission for Migrants has presented a pastoral plan that involves parishes across the country in meeting the spiritual and social needs of migrants. (PA) (Agenzia Fides, 25/10/2024)
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MIL OSI Europe News –

January 25, 2025

MIL-OSI Asia-Pac: Asset management task force set up

Source: Hong Kong Information Services

The Task Force on Promoting the Development of Asset & Wealth Management, chaired by Secretary for Financial Services & the Treasury Christopher Hui, was established and convened its first meeting today.

The 2024 Policy Address has set out the need to further enhance Hong Kong’s status as an international asset and wealth management (WAM) centre. The Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the task force had a focused discussion on the proposed enhancements.

As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times.

Mr Hui pointed out that funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong’s WAM industry.

Market research also estimates that Hong Kong is home to about 2,700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.

In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms.

With the task force bringing together industry leaders and professionals, Mr Hui added that he believed their valuable advice would help propel the long-term development of the WAM industry.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Security: NATO Allies and experts discuss intensifying hybrid campaigns against the Alliance in Prague

Source: NATO

More than 100 Allied experts and representatives met at the NATO Hybrid Symposium in Prague, Czechia on 24-25 October to address the challenges posed by adversarial use of hybrid tactics. Participants discussed the worsening threat environment and how to strengthen NATO`s approach to countering hybrid threats and deter these threats more effectively.

Opening the conference alongside the Czech hosts, James Appathurai, NATO Deputy Assistant Secretary General for Innovation, Hybrid and Cyber, said: “This meeting comes at an important time. Russia in particular is stepping up hybrid attacks against NATO Allies. Our partners are also experience increased hostile grey zone activities by various actors. This meeting will help us improve our assessment of the threats, and step up our resilience, defence and deterrence against hybrid threats’’.

The Symposium also had sessions with representatives from private sector and academia as well as from NATO partners such as the European Union, Ukraine and Japan to explore their experience in countering hybrid interference. The annual event offers an opportunity for the Allied hybrid community to foster cooperation among experts and exchange views and best practices. The event was co-organised with the Ministry of Defence of the Czech Republic and the Ministry of Foreign Affairs of the Czech Republic.

MIL Security OSI –

January 25, 2025

MIL-OSI: First Hawaiian, Inc. Reports Third Quarter 2024 Financial Results and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

HONOLULU, Oct. 25, 2024 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2024.

“I’m happy to report that we had a very good third quarter,” said Bob Harrison, Chairman, President, and CEO. “Net interest income and noninterest income increased over the prior quarter, expenses were well controlled and credit quality remained excellent. I’m also pleased to report that during the third quarter, Moody’s reviewed and reaffirmed all of First Hawaiian Bank’s long-term credit and deposit ratings.”

On October 23, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on November 29, 2024, to stockholders of record at the close of business on November 18, 2024.

Third Quarter 2024 Highlights:

Net income of $61.5 million, or $0.48 per diluted share
Total loans and leases decreased $118.5 million versus the prior quarter
Total deposits decreased $91.1 million versus the prior quarter
Net interest margin increased 3 basis points to 2.95%
Recorded a $7.4 million provision for credit losses
Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $23.8 billion as of September 30, 2024, a decrease of $211.5 million, or 0.9%, from $24.0 billion as of June 30, 2024.

Gross loans and leases were $14.2 billion as of September 30, 2024, a decrease of $118.5 million, or 0.8%, from $14.4 billion as of June 30, 2024.

Total deposits were $20.2 billion as of September 30, 2024, a decrease of $91.1 million, or 0.4%, from $20.3 billion as of June 30, 2024.

Net Interest Income

Net interest income for the third quarter of 2024 was $156.7 million, an increase of $3.9 million, or 2.5%, compared to $152.9 million for the prior quarter.

The net interest margin was 2.95% in the third quarter of 2024, an increase of 3 basis points compared to 2.92% in the prior quarter.

Provision Expense

During the quarter ended September 30, 2024, we recorded a $7.4 million provision for credit losses. In the quarter ended June 30, 2024, we recorded a $1.8 million provision for credit losses.

Noninterest Income

Noninterest income was $53.3 million in the third quarter of 2024, an increase of $1.5 million compared to noninterest income of $51.8 million in the prior quarter.

Noninterest Expense

Noninterest expense was $126.1 million in the third quarter of 2024, an increase of $4.1 million compared to noninterest expense of $122.1 million in the prior quarter.

The efficiency ratio was 59.8% and 59.2% for the quarters ended September 30, 2024 and June 30, 2024, respectively.

Taxes

The effective tax rate was 19.6% and 23.3% for the quarters ended September 30, 2024 and June 30, 2024, respectively.

Asset Quality

The allowance for credit losses was $163.7 million, or 1.15% of total loans and leases, as of September 30, 2024, compared to $160.5 million, or 1.12% of total loans and leases, as of June 30, 2024. The reserve for unfunded commitments was $33.7 million as of September 30, 2024 compared to $33.4 million as of June 30, 2024. Net charge-offs were $3.9 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended September 30, 2024, compared to net charge-offs of $2.5 million, or 0.07% of average loans and leases on an annualized basis, for the quarter ended June 30, 2024. Total non-performing assets were $17.8 million, or 0.13% of total loans and leases and other real estate owned, as of September 30, 2024, compared to $18.0 million, or 0.13% of total loans and leases and other real estate owned, as of June 30, 2024.

Capital

Total stockholders’ equity increased $97.7 million in the third quarter, and stood at $2.6 billion on September 30, 2024 and June 30, 2024.

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.14%, 13.03% and 14.25%, respectively, on September 30, 2024, compared with 9.03%, 12.73% and 13.92%, respectively, on June 30, 2024.

The Company did not repurchase any shares in the third quarter.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

To access the call by phone, participants will need to click on the following registration link: https://register.vevent.com/register/BIec8273f35cc340bcb13d27eae17d127b, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024.

Use of Non-GAAP Financial Measures
Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.


Financial Highlights	Table 1
	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
(dollars in thousands, except per share data)	2024			2024			2023			2024			2023
Operating Results:
Net interest income	$	156,707		$	152,851		$	157,148		$	463,985		$	484,334
Provision for credit losses		7,400			1,800			7,500			15,500			21,300
Noninterest income		53,288			51,768			46,097			156,427			142,468
Noninterest expense		126,147			122,086			119,383			377,046			358,831
Net income		61,492			61,921			58,221			177,633			187,481
Basic earnings per share		0.48			0.48			0.46			1.39			1.47
Diluted earnings per share		0.48			0.48			0.46			1.38			1.47
Dividends declared per share		0.26			0.26			0.26			0.78			0.78
Dividend payout ratio		54.17	%		54.17	%		56.52	%		56.52	%		53.06	%
Performance Ratios⁽¹⁾:
Net interest margin		2.95	%		2.92	%		2.86	%		2.93	%		2.96	%
Efficiency ratio		59.77	%		59.22	%		58.31	%		60.38	%		56.86	%
Return on average total assets		1.02	%		1.04	%		0.93	%		0.99	%		1.01	%
Return on average tangible assets (non-GAAP)⁽²⁾		1.06	%		1.08	%		0.97	%		1.03	%		1.06	%
Return on average total stockholders’ equity		9.45	%		9.91	%		9.76	%		9.37	%		10.72	%
Return on average tangible stockholders’ equity (non-GAAP)⁽²⁾		15.35	%		16.42	%		16.84	%		15.43	%		18.68	%
Average Balances:
Average loans and leases	$	14,304,806		$	14,358,049		$	14,349,402		$	14,325,065		$	14,238,309
Average earning assets		21,328,882			21,247,707			22,060,480			21,352,739			22,040,704
Average assets		24,046,696			23,958,913			24,727,893			24,064,208			24,699,826
Average deposits		20,367,805			20,308,028			21,212,102			20,415,746			21,245,055
Average stockholders’ equity		2,588,806			2,512,471			2,367,422			2,532,911			2,337,292
Market Value Per Share:
Closing		23.15			20.76			18.05			23.15			18.05
High		26.18			22.68			22.59			26.18			28.28
Low		20.28			19.48			17.41			19.48			15.08


	As of			As of			As of			As of
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands, except per share data)	2024			2024			2023			2023
Balance Sheet Data:
Loans and leases	$	14,241,370		$	14,359,899		$	14,353,497		$	14,332,335
Total assets		23,780,285			23,991,791			24,926,474			24,912,524
Total deposits		20,227,702			20,318,832			21,332,657			21,511,489
Short-term borrowings		250,000			500,000			500,000			500,000
Total stockholders’ equity		2,648,034			2,550,312			2,486,066			2,351,009

Per Share of Common Stock:
Book value	$	20.71		$	19.94		$	19.48		$	18.42
Tangible book value (non-GAAP)⁽²⁾		12.92			12.16			11.68			10.62

Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases		0.13	%		0.13	%		0.13	%		0.10	%
Allowance for credit losses for loans and leases / total loans and leases		1.15	%		1.12	%		1.09	%		1.08	%

Capital Ratios:
Common Equity Tier 1 Capital Ratio		13.03	%		12.73	%		12.39	%		12.21	%
Tier 1 Capital Ratio		13.03	%		12.73	%		12.39	%		12.21	%
Total Capital Ratio		14.25	%		13.92	%		13.57	%		13.38	%
Tier 1 Leverage Ratio		9.14	%		9.03	%		8.64	%		8.45	%
Total stockholders’ equity to total assets		11.14	%		10.63	%		9.97	%		9.44	%
Tangible stockholders’ equity to tangible assets (non-GAAP)⁽²⁾		7.25	%		6.76	%		6.23	%		5.67	%

Non-Financial Data:
Number of branches		48			48			50			50
Number of ATMs		273			272			275			294
Number of Full-Time Equivalent Employees		2,022			2,032			2,089			2,087

⁽¹⁾Except for the efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

⁽²⁾Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.


Consolidated Statements of Income	Table 2
	For the Three Months Ended						For the Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
(dollars in thousands, except per share amounts)	2024		2024		2023		2024		2023
Interest income
Loans and lease financing	$	205,682	$	202,068	$	194,098	$	607,594	$	551,777
Available-for-sale investment securities		12,850		14,143		18,426		41,539		55,208
Held-to-maturity investment securities		16,937		17,575		18,271		52,305		55,510
Other		14,527		11,148		9,004		38,444		20,054
Total interest income		249,996		244,934		239,799		739,882		682,549
Interest expense
Deposits		87,500		85,609		74,651		257,252		176,006
Short-term and long-term borrowings		5,397		5,953		6,838		17,303		20,057
Other		392		521		1,162		1,342		2,152
Total interest expense		93,289		92,083		82,651		275,897		198,215
Net interest income		156,707		152,851		157,148		463,985		484,334
Provision for credit losses		7,400		1,800		7,500		15,500		21,300
Net interest income after provision for credit losses		149,307		151,051		149,648		448,485		463,034
Noninterest income
Service charges on deposit accounts		7,783		7,793		7,524		23,122		22,001
Credit and debit card fees		17,533		15,861		15,748		49,567		47,507
Other service charges and fees		11,790		11,036		9,546		32,730		27,764
Trust and investment services income		9,077		9,426		9,742		28,857		28,804
Bank-owned life insurance		4,502		3,360		1,872		12,148		10,263
Other		2,603		4,292		1,665		10,003		6,129
Total noninterest income		53,288		51,768		46,097		156,427		142,468
Noninterest expense
Salaries and employee benefits		59,563		57,737		55,937		176,562		169,873
Contracted services and professional fees		14,634		16,067		16,393		46,440		50,204
Occupancy		6,945		7,377		6,711		21,263		22,047
Equipment		13,078		13,196		11,826		39,687		32,562
Regulatory assessment and fees		3,412		3,814		4,149		15,346		11,661
Advertising and marketing		1,813		1,765		2,289		6,190		6,174
Card rewards program		8,678		8,719		8,358		25,905		24,124
Other		18,024		13,411		13,720		45,653		42,186
Total noninterest expense		126,147		122,086		119,383		377,046		358,831
Income before provision for income taxes		76,448		80,733		76,362		227,866		246,671
Provision for income taxes		14,956		18,812		18,141		50,233		59,190
Net income	$	61,492	$	61,921	$	58,221	$	177,633	$	187,481
Basic earnings per share	$	0.48	$	0.48	$	0.46	$	1.39	$	1.47
Diluted earnings per share	$	0.48	$	0.48	$	0.46	$	1.38	$	1.47
Basic weighted-average outstanding shares		127,886,167		127,867,853		127,609,860		127,820,737		127,552,255
Diluted weighted-average outstanding shares		128,504,035		128,262,594		127,936,440		128,362,433		127,897,829


Consolidated Balance Sheets	Table 3
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands, except share amount)	2024			2024			2023			2023
Assets
Cash and due from banks	$	252,209		$	290,501		$	185,015		$	246,028
Interest-bearing deposits in other banks		820,603			824,258			1,554,882			967,400
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,290,781 as of September 30, 2024, $2,379,004 as of June 30, 2024, $2,558,675 as of December 31, 2023 and $3,172,031 as of September 30, 2023)		2,055,959			2,067,956			2,255,336			2,722,704
Held-to-maturity, at amortized cost (fair value: $3,475,143 as of September 30, 2024, $3,401,006 as of June 30, 2024, $3,574,856 as of December 31, 2023 and $3,433,029 as of September 30, 2023)		3,853,697			3,917,175			4,041,449			4,104,114
Loans held for sale		—			2,820			190			—
Loans and leases		14,241,370			14,359,899			14,353,497			14,332,335
Less: allowance for credit losses		163,700			160,517			156,533			154,795
Net loans and leases		14,077,670			14,199,382			14,196,964			14,177,540

Premises and equipment, net		287,036			283,762			281,461			277,805
Accrued interest receivable		81,875			82,512			84,417			84,327
Bank-owned life insurance		490,135			486,261			479,907			477,698
Goodwill		995,492			995,492			995,492			995,492
Mortgage servicing rights		5,236			5,395			5,699			5,855
Other assets		860,373			836,277			845,662			853,561
Total assets	$	23,780,285		$	23,991,791		$	24,926,474		$	24,912,524
Liabilities and Stockholders’ Equity
Deposits:
Interest-bearing	$	13,427,674		$	13,461,365		$	13,749,095		$	13,612,493
Noninterest-bearing		6,800,028			6,857,467			7,583,562			7,898,996
Total deposits		20,227,702			20,318,832			21,332,657			21,511,489
Short-term borrowings		250,000			500,000			500,000			500,000
Retirement benefits payable		100,448			101,304			103,285			99,685
Other liabilities		554,101			521,343			504,466			450,341
Total liabilities		21,132,251			21,441,479			22,440,408			22,561,515

Stockholders’ equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024, issued/outstanding: 141,728,446 / 127,879,012 shares as of June 30, 2024, issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023 and issued/outstanding: 141,330,663 / 127,609,934 shares as of September 30, 2023)		1,417			1,417			1,413			1,413
Additional paid-in capital		2,558,158			2,554,795			2,548,250			2,545,659
Retained earnings		915,062			887,176			837,859			823,895
Accumulated other comprehensive loss, net		(452,658	)		(519,132	)		(530,210	)		(648,731	)
Treasury stock (13,849,434 shares as of September 30, 2024, 13,849,434 shares as of June 30, 2024, 13,721,778 shares as of December 31, 2023 and 13,720,729 shares as of September 30, 2023)		(373,945	)		(373,944	)		(371,246	)		(371,227	)
Total stockholders’ equity		2,648,034			2,550,312			2,486,066			2,351,009
Total liabilities and stockholders’ equity	$	23,780,285		$	23,991,791		$	24,926,474		$	24,912,524


Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	1,020.4	$	13.9	5.40	%	$	773.4	$	10.5	5.45	%	$	608.6	$	8.2	5.36	%
Available-for-Sale Investment Securities
Taxable		2,062.6		12.8	2.48			2,100.7		14.1	2.69			2,834.6		18.4	2.59
Non-Taxable		1.5		—	5.06			1.5		—	5.76			2.3		—	5.48
Held-to-Maturity Investment Securities
Taxable		3,288.2		13.8	1.67			3,358.2		14.4	1.71			3,544.1		15.0	1.70
Non-Taxable		602.3		3.7	2.46			602.9		4.0	2.64			604.3		4.1	2.66
Total Investment Securities		5,954.6		30.3	2.03			6,063.3		32.5	2.15			6,985.3		37.5	2.14
Loans Held for Sale		2.2		—	5.64			1.0		—	6.58			0.4		—	6.63
Loans and Leases⁽¹⁾
Commercial and industrial		2,165.3		38.0	6.98			2,201.6		38.1	6.96			2,123.5		35.7	6.66
Commercial real estate		4,278.3		71.6	6.67			4,305.6		71.5	6.68			4,381.8		71.4	6.47
Construction		1,040.7		20.3	7.74			984.8		18.5	7.57			873.7		15.5	7.05
Residential:
Residential mortgage		4,204.5		40.4	3.84			4,229.4		40.1	3.80			4,316.3		40.1	3.72
Home equity line		1,158.5		13.2	4.52			1,164.2		12.6	4.35			1,154.0		10.1	3.45
Consumer		1,035.3		18.7	7.19			1,054.1		17.7	6.74			1,172.8		18.3	6.19
Lease financing		422.2		4.0	3.72			418.3		4.3	4.09			327.3		3.7	4.48
Total Loans and Leases		14,304.8		206.2	5.74			14,358.0		202.8	5.67			14,349.4		194.8	5.39
Other Earning Assets		46.9		0.7	5.83			52.0		0.7	5.25			116.8		0.8	2.64
Total Earning Assets⁽²⁾		21,328.9		251.1	4.69			21,247.7		246.5	4.66			22,060.5		241.3	4.35
Cash and Due from Banks		242.3						240.4						276.0
Other Assets		2,475.5						2,470.8						2,391.4
Total Assets	$	24,046.7					$	23,958.9					$	24,727.9

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	5,963.1	$	23.6	1.57	%	$	6,000.4	$	23.4	1.57	%	$	5,982.5	$	19.2	1.27	%
Money Market		4,179.5		31.9	3.04			4,076.7		30.6	3.02			3,907.2		24.7	2.51
Time		3,327.3		32.0	3.83			3,284.3		31.6	3.87			3,362.7		30.8	3.63
Total Interest-Bearing Deposits		13,469.9		87.5	2.58			13,361.4		85.6	2.58			13,252.4		74.7	2.23
Other Short-Term Borrowings		451.1		5.4	4.76			500.0		6.0	4.79			113.1		1.5	5.17
Long-Term Borrowings		—		—	—			—		—	—			440.2		5.3	4.83
Other Interest-Bearing Liabilities		22.4		0.4	6.97			38.2		0.5	5.48			89.1		1.2	5.17
Total Interest-Bearing Liabilities		13,943.4		93.3	2.66			13,899.6		92.1	2.66			13,894.8		82.7	2.36
Net Interest Income			$	157.8					$	154.4					$	158.6
Interest Rate Spread⁽³⁾					2.03	%					2.00	%					1.99	%
Net Interest Margin⁽⁴⁾					2.95	%					2.92	%					2.86	%
Noninterest-Bearing Demand Deposits		6,897.9						6,946.6						7,959.7
Other Liabilities		616.6						600.2						506.0
Stockholders’ Equity		2,588.8						2,512.5						2,367.4
Total Liabilities and Stockholders’ Equity	$	24,046.7					$	23,958.9					$	24,727.9

⁽¹⁾Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

⁽²⁾Interest income includes taxable-equivalent basis adjustments of $1.1 million, $1.5 million and $1.5 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

⁽³⁾Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

⁽⁴⁾Net interest margin is net interest income annualized for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.


Average Balances and Interest Rates											Table 5
	Nine Months Ended						Nine Months Ended
	September 30, 2024						September 30, 2023
	Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	884.6	$	35.9	5.43	%	$	493.6	$	18.8	5.10	%
Available-for-Sale Investment Securities
Taxable		2,124.4		41.5	2.61			2,964.0		54.8	2.47
Non-Taxable		1.6		0.1	5.49			13.0		0.5	5.57
Held-to-Maturity Investment Securities
Taxable		3,354.0		42.7	1.70			3,615.0		46.0	1.70
Non-Taxable		602.9		11.7	2.58			608.9		11.9	2.62
Total Investment Securities		6,082.9		96.0	2.10			7,200.9		113.2	2.10
Loans Held for Sale		1.3		0.1	6.11			0.3		—	6.11
Loans and Leases⁽¹⁾
Commercial and industrial		2,177.2		113.3	6.95			2,193.8		104.3	6.35
Commercial real estate		4,302.4		213.4	6.62			4,224.7		194.6	6.16
Construction		983.6		56.2	7.63			874.0		45.4	6.95
Residential:
Residential mortgage		4,232.6		122.5	3.86			4,312.4		117.6	3.64
Home equity line		1,164.9		37.8	4.34			1,116.4		27.9	3.35
Consumer		1,057.6		54.4	6.87			1,194.1		53.2	5.95
Lease financing		406.8		11.9	3.90			322.9		10.5	4.34
Total Loans and Leases		14,325.1		609.5	5.68			14,238.3		553.5	5.19
Other Earning Assets		58.8		2.5	5.69			107.6		1.3	1.53
Total Earning Assets⁽²⁾		21,352.7		744.0	4.65			22,040.7		686.8	4.16
Cash and Due from Banks		242.4						273.3
Other Assets		2,469.1						2,385.8
Total Assets	$	24,064.2					$	24,699.8

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,007.6	$	70.5	1.57	%	$	6,144.1	$	49.1	1.07	%
Money Market		4,067.5		91.3	3.00			3,857.0		58.6	2.03
Time		3,312.3		95.5	3.85			2,921.8		68.3	3.12
Total Interest-Bearing Deposits		13,387.4		257.3	2.57			12,922.9		176.0	1.82
Federal Funds Purchased		—		—	—			23.0		0.8	4.45
Other Short-Term Borrowings		483.6		17.3	4.78			176.5		6.8	5.15
Long-Term Borrowings		—		—	—			349.8		12.5	4.78
Other Interest-Bearing Liabilities		31.1		1.3	5.75			62.1		2.1	4.63
Total Interest-Bearing Liabilities		13,902.1		275.9	2.65			13,534.3		198.2	1.96
Net Interest Income			$	468.1					$	488.6
Interest Rate Spread⁽³⁾					2.00	%					2.20	%
Net Interest Margin⁽⁴⁾					2.93	%					2.96	%
Noninterest-Bearing Demand Deposits		7,028.4						8,322.2
Other Liabilities		600.8						506.0
Stockholders’ Equity		2,532.9						2,337.3
Total Liabilities and Stockholders’ Equity	$	24,064.2					$	24,699.8

⁽¹⁾Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

⁽²⁾Interest income includes taxable-equivalent basis adjustments of $4.1 million and $4.2 million for the nine months ended September 30, 2024 and 2023, respectively.

⁽³⁾Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

⁽⁴⁾Net interest margin is net interest income annualized for the nine months ended September 30, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

Analysis of Change in Net Interest Income

Table 6

Three Months Ended September 30, 2024

Compared to June 30, 2024

(dollars in millions)

Volume

Rate

Total ⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

$

3.5

$

(0.1

)

$

3.4

Available-for-Sale Investment Securities

Taxable

(0.2

)

(1.1

)

(1.3

)

Held-to-Maturity Investment Securities

Taxable

(0.3

)

(0.3

)

(0.6

)

Non-Taxable

—

(0.3

)

(0.3

)

Total Investment Securities

(0.5

)

(1.7

)

(2.2

)

Loans and Leases

Commercial and industrial

(0.3

)

0.2

(0.1

)

Commercial real estate

—

0.1

Construction

1.3

0.5

1.8

Residential:

Residential mortgage

(0.2

)

0.5

0.3

Home equity line

—

0.6

Consumer

(0.3

)

1.3

1.0

Lease financing

—

(0.3

)

(0.3

)

Total Loans and Leases

0.5

2.9

3.4

Other Earning Assets

(0.1

)

0.1

—

Total Change in Interest Income

3.4

1.2

4.6

Change in Interest Expense:

Interest-Bearing Deposits

Savings

—

0.2

Money Market

1.0

0.3

1.3

Time

0.6

(0.2

)

0.4

Total Interest-Bearing Deposits

1.6

0.3

1.9

Other Short-Term Borrowings

(0.5

)

(0.1

)

(0.6

)

Other Interest-Bearing Liabilities

(0.2

)

0.1

(0.1

)

Total Change in Interest Expense

0.9

0.3

1.2

Change in Net Interest Income

$

2.5

$

0.9

$

3.4

⁽¹⁾The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

Analysis of Change in Net Interest Income

Table 7

Three Months Ended September 30, 2024

Compared to September 30, 2023

(dollars in millions)

Volume

Rate

Total ⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

$

5.6

$

0.1

$

5.7

Available-for-Sale Investment Securities

Taxable

(4.8

)

(0.8

)

(5.6

)

Held-to-Maturity Investment Securities

Taxable

(1.0

)

(0.2

)

(1.2

)

Non-Taxable

—

(0.4

)

(0.4

)

Total Investment Securities

(5.8

)

(1.4

)

(7.2

)

Loans and Leases

Commercial and industrial

0.7

1.6

2.3

Commercial real estate

(1.8

)

2.0

0.2

Construction

3.2

1.6

4.8

Residential:

Residential mortgage

(1.0

)

1.3

0.3

Home equity line

—

3.1

Consumer

(2.3

)

2.7

0.4

Lease financing

0.9

(0.6

)

0.3

Total Loans and Leases

(0.3

)

11.7

11.4

Other Earning Assets

(0.7

)

0.6

(0.1

)

Total Change in Interest Income

(1.2

)

11.0

9.8

Change in Interest Expense:

Interest-Bearing Deposits

Savings

(0.1

)

4.5

4.4

Money Market

1.8

5.4

7.2

Time

(0.3

)

1.5

1.2

Total Interest-Bearing Deposits

1.4

11.4

12.8

Other Short-Term Borrowings

4.0

(0.1

)

3.9

Long-Term Borrowings

(2.6

)

(2.7

)

(5.3

)

Other Interest-Bearing Liabilities

(1.1

)

0.3

(0.8

)

Total Change in Interest Expense

1.7

8.9

10.6

Change in Net Interest Income

$

(2.9

)

$

2.1

$

(0.8

)

⁽¹⁾The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

Analysis of Change in Net Interest Income

Table 8

Nine Months Ended September 30, 2024

Compared to September 30, 2023

(dollars in millions)

Volume

Rate

Total ⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

$

15.8

$

1.3

$

17.1

Available-for-Sale Investment Securities

Taxable

(16.3

)

3.0

(13.3

)

Non-Taxable

(0.4

)

—

(0.4

)

Held-to-Maturity Investment Securities

Taxable

(3.3

)

—

(3.3

)

Non-Taxable

(0.1

)

(0.1

)

(0.2

)

Total Investment Securities

(20.1

)

2.9

(17.2

)

Loans Held for Sale

0.1

—

0.1

Loans and Leases

Commercial and industrial

(0.8

)

9.8

9.0

Commercial real estate

3.7

15.1

18.8

Construction

6.1

4.7

10.8

Residential:

Residential mortgage

(2.2

)

7.1

4.9

Home equity line

1.3

8.6

9.9

Consumer

(6.5

)

7.7

1.2

Lease financing

2.5

(1.1

)

1.4

Total Loans and Leases

4.1

51.9

56.0

Other Earning Assets

(0.8

)

2.0

1.2

Total Change in Interest Income

(0.9

)

58.1

57.2

Change in Interest Expense:

Interest-Bearing Deposits

Savings

(1.1

)

22.5

21.4

Money Market

3.4

29.3

32.7

Time

9.9

17.3

27.2

Total Interest-Bearing Deposits

12.2

69.1

81.3

Federal Funds Purchased

(0.4

)

(0.4

)

(0.8

)

Other Short-Term Borrowings

11.0

(0.5

)

10.5

Long-Term Borrowings

(6.3

)

(6.2

)

(12.5

)

Other Interest-Bearing Liabilities

(1.2

)

0.4

(0.8

)

Total Change in Interest Expense

15.3

62.4

77.7

Change in Net Interest Income

$

(16.2

)

$

(4.3

)

$

(20.5

)

⁽¹⁾The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.


Loans and Leases								Table 9
	September 30,		June 30,		December 31,		September 30,
(dollars in thousands)	2024		2024		2023		2023
Commercial and industrial	$	2,110,077	$	2,208,690	$	2,165,349	$	2,101,442
Commercial real estate		4,265,289		4,305,017		4,340,243		4,387,751
Construction		1,056,249		1,017,649		900,292		885,112
Residential:
Residential mortgage		4,187,060		4,216,416		4,283,315		4,303,924
Home equity line		1,159,823		1,159,833		1,174,588		1,167,388
Total residential		5,346,883		5,376,249		5,457,903		5,471,312
Consumer		1,030,044		1,027,104		1,109,901		1,154,203
Lease financing		432,828		425,190		379,809		332,515
Total loans and leases	$	14,241,370	$	14,359,899	$	14,353,497	$	14,332,335


Deposits								Table 10
	September 30,		June 30,		December 31,		September 30,
(dollars in thousands)	2024		2024		2023		2023
Demand	$	6,800,028	$	6,857,467	$	7,583,562	$	7,898,996
Savings		5,896,029		6,055,051		6,445,084		6,028,308
Money Market		4,129,381		4,111,609		3,847,853		3,923,054
Time		3,402,264		3,294,705		3,456,158		3,661,131
Total Deposits	$	20,227,702	$	20,318,832	$	21,332,657	$	21,511,489


Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More								Table 11
	September 30,		June 30,		December 31,		September 30,
(dollars in thousands)	2024		2024		2023		2023
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial	$	934	$	1,084	$	970	$	988
Commercial real estate		152		3,085		2,953		—
Construction		—		447		—		—
Total Commercial Loans		1,086		4,616		3,923		988
Residential Loans:
Residential mortgage		9,103		7,273		7,620		7,435
Home equity line		7,645		6,124		7,052		6,200
Total Residential Loans		16,748		13,397		14,672		13,635
Total Non-Accrual Loans and Leases		17,834		18,013		18,595		14,623
Total Non-Performing Assets	$	17,834	$	18,013	$	18,595	$	14,623

Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial	$	529	$	110	$	494	$	289
Commercial real estate		568		—		300		170
Total Commercial Loans		1,097		110		794		459
Residential mortgage		931		1,820		—		1,430
Consumer		2,515		1,835		2,702		1,681
Total Accruing Loans and Leases Past Due 90 Days or More	$	4,543	$	3,765	$	3,496	$	3,570

Total Loans and Leases	$	14,241,370	$	14,359,899	$	14,353,497	$	14,332,335


Allowance for Credit Losses and Reserve for Unfunded Commitments																		Table 12
	For the Three Months Ended												For the Nine Months Ended
	September 30,				June 30,				September 30,				September 30,				September 30,
(dollars in thousands)	2024				2024				2023				2024				2023
Balance at Beginning of Period	$	193,930			$	194,649			$	184,780			$	192,138			$	177,735
Loans and Leases Charged-Off
Commercial Loans:
Commercial and industrial		(1,178	)			(677	)			(784	)			(2,764	)			(2,572	)
Commercial real estate		(400	)			—				—				(400	)			—
Total Commercial Loans		(1,578	)			(677	)			(784	)			(3,164	)			(2,572	)
Residential Loans:
Residential mortgage		—				—				—				—				(122	)
Home equity line		—				—				—				—				(272	)
Total Residential Loans		—				—				—				—				(394	)
Consumer		(4,192	)			(4,182	)			(3,665	)			(13,228	)			(12,963	)
Total Loans and Leases Charged-Off		(5,770	)			(4,859	)			(4,449	)			(16,392	)			(15,929	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial and industrial		160				250				2,637				621				3,175
Residential Loans:
Residential mortgage		31				28				53				89				110
Home equity line		86				112				303				242				539
Total Residential Loans		117				140				356				331				649
Consumer		1,560				1,950				1,746				5,199				5,640
Total Recoveries on Loans and Leases Previously Charged-Off		1,837				2,340				4,739				6,151				9,464
Net Loans and Leases (Charged-Off) Recovered		(3,933	)			(2,519	)			290				(10,241	)			(6,465	)
Provision for Credit Losses		7,400				1,800				7,500				15,500				21,300
Balance at End of Period	$	197,397			$	193,930			$	192,570			$	197,397			$	192,570
Components:
Allowance for Credit Losses	$	163,700			$	160,517			$	154,795			$	163,700			$	154,795
Reserve for Unfunded Commitments		33,697				33,413				37,775				33,697				37,775
Total Allowance for Credit Losses and Reserve for Unfunded Commitments	$	197,397			$	193,930			$	192,570			$	197,397			$	192,570
Average Loans and Leases Outstanding	$	14,304,806			$	14,358,049			$	14,349,402			$	14,325,065			$	14,238,309
Ratio of Net Loans and Leases Charged-Off (Recovered) to Average Loans and Leases Outstanding⁽¹⁾		0.11		%		0.07		%		(0.01	)	%		0.10		%		0.06		%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding		1.15		%		1.12		%		1.08		%		1.15		%		1.08		%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases		9.18x				8.91x				10.59x				9.18x				10.59x

⁽¹⁾Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

Loans and Leases by Year of Origination and Credit Quality Indicator

Table 13

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2024

2023

2022

2021

2020

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

$

100,174

$

82,175

$

191,861

$

256,997

$

20,866

$

266,720

$

1,026,457

$

13,396

$

1,958,646

Special Mention

303

1

7,327

48

398

1,371

18,239

—

27,687

Substandard

—

8,251

219

358

2,033

32,296

—

43,157

Other ⁽¹⁾

10,797

10,542

7,779

3,074

1,052

1,723

45,620

—

80,587

Total Commercial and Industrial

111,274

92,718

215,218

260,338

22,674

271,847

1,122,612

13,396

2,110,077

Current period gross charge-offs

—

578

333

89

221

1,543

—

2,764

Commercial Real Estate

Risk rating:

Pass

118,884

347,480

810,746

649,133

325,887

1,774,529

87,188

7,760

4,121,607

Special Mention

3,587

2,261

7,537

41,384

3,306

11,973

7,815

—

77,863

Substandard

—

54,984

1,003

—

9,548

149

—

65,684

Other ⁽¹⁾

—

135

—

135

Total Commercial Real Estate

122,471

349,741

873,267

691,520

329,193

1,796,185

95,152

7,760

4,265,289

Current period gross charge-offs

—

400

—

400

Construction

Risk rating:

Pass

61,677

246,176

361,974

241,212

58,820

46,344

4,484

—

1,020,687

Special Mention

—

164

—

164

Other ⁽¹⁾

4,970

9,468

12,022

3,575

1,199

3,463

701

—

35,398

Total Construction

66,647

255,644

373,996

244,787

60,019

49,971

5,185

—

1,056,249

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

126,380

105,523

66,764

15,483

23,133

89,254

—

426,537

Special Mention

—

42

100

300

5

—

447

Substandard

4,899

602

343

—

5,844

Total Lease Financing

131,279

106,167

67,207

15,783

23,138

89,254

—

432,828

Current period gross charge-offs

—

Total Commercial Lending

$

431,671

$

804,270

$

1,529,688

$

1,212,428

$

435,024

$

2,207,257

$

1,222,949

$

21,156

$

7,864,443

Current period gross charge-offs

$

—

$

578

$

333

$

89

$

221

$

1,943

$

—

$

—

$

3,164

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

(continued)

Amortized

(dollars in thousands)

2024

2023

2022

2021

2020

Prior

Cost Basis

Total

Residential Lending

Residential Mortgage

FICO:

740 and greater

$

113,307

$

206,224

$

504,141

$

956,983

$

503,160

$

1,129,857

$

—

$

—

$

3,413,672

680 – 739

11,614

28,638

65,128

109,018

66,719

157,263

—

438,380

620 – 679

1,519

1,792

22,921

19,854

11,651

37,979

—

95,716

550 – 619

—

896

3,703

6,707

2,269

15,751

—

29,326

Less than 550

—

286

2,380

3,818

2,959

5,569

—

15,012

No Score ⁽³⁾

543

7,117

16,923

10,512

5,553

52,526

—

93,174

Other ⁽²⁾

8,148

12,786

16,721

14,776

11,222

30,022

8,105

—

101,780

Total Residential Mortgage

135,131

257,739

631,917

1,121,668

603,533

1,428,967

8,105

—

4,187,060

Current period gross charge-offs

—

Home Equity Line

FICO:

740 and greater

—

930,909

1,730

932,639

680 – 739

—

167,097

1,137

168,234

620 – 679

—

36,540

985

37,525

550 – 619

—

14,514

581

15,095

Less than 550

—

4,477

571

5,048

No Score ⁽³⁾

—

1,282

—

1,282

Total Home Equity Line

—

1,154,819

5,004

1,159,823

Current period gross charge-offs

—

Total Residential Lending

$

135,131

$

257,739

$

631,917

$

1,121,668

$

603,533

$

1,428,967

$

1,162,924

$

5,004

$

5,346,883

Current period gross charge-offs

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Consumer Lending

FICO:

740 and greater

71,777

71,423

94,710

51,952

18,512

10,435

121,278

128

440,215

680 – 739

51,651

51,667

49,864

23,959

9,995

7,497

77,278

525

272,436

620 – 679

21,223

20,604

21,700

12,515

5,155

5,577

35,665

851

123,290

550 – 619

4,116

7,348

9,802

5,983

2,862

3,862

12,674

825

47,472

Less than 550

1,071

3,266

6,247

3,999

1,783

2,492

4,836

525

24,219

No Score ⁽³⁾

2,291

117

47

—

7

8

42,658

205

45,333

Other ⁽²⁾

—

296

911

101

981

74,790

—

77,079

Total Consumer Lending

$

152,129

$

154,425

$

182,666

$

99,319

$

38,415

$

30,852

$

369,179

$

3,059

$

1,030,044

Current period gross charge-offs

$

385

$

1,403

$

2,107

$

1,085

$

518

$

2,234

$

4,952

$

544

$

13,228

Total Loans and Leases

$

718,931

$

1,216,434

$

2,344,271

$

2,433,415

$

1,076,972

$

3,667,076

$

2,755,052

$

29,219

$

14,241,370

Current period gross charge-offs

$

385

$

1,981

$

2,440

$

1,174

$

739

$

4,177

$

4,952

$

544

$

16,392

⁽¹⁾Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score. As of September 30, 2024, the majority of the loans in this population were current.

⁽²⁾Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of September 30, 2024, the majority of the loans in this population were current.

⁽³⁾No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.


GAAP to Non-GAAP Reconciliation	Table 14
	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
(dollars in thousands)	2024			2024			2023			2024			2023
Income Statement Data:
Net income	$	61,492		$	61,921		$	58,221		$	177,633		$	187,481

Average total stockholders’ equity	$	2,588,806		$	2,512,471		$	2,367,422		$	2,532,911		$	2,337,292
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible stockholders’ equity	$	1,593,314		$	1,516,979		$	1,371,930		$	1,537,419		$	1,341,800

Average total assets	$	24,046,696		$	23,958,913		$	24,727,893		$	24,064,208		$	24,699,826
Less: average goodwill		995,492			995,492			995,492			995,492			995,492
Average tangible assets	$	23,051,204		$	22,963,421		$	23,732,401		$	23,068,716		$	23,704,334

Return on average total stockholders’ equity⁽¹⁾		9.45	%		9.91	%		9.76	%		9.37	%		10.72	%
Return on average tangible stockholders’ equity (non-GAAP)⁽¹⁾		15.35	%		16.42	%		16.84	%		15.43	%		18.68	%

Return on average total assets⁽¹⁾		1.02	%		1.04	%		0.93	%		0.99	%		1.01	%
Return on average tangible assets (non-GAAP)⁽¹⁾		1.06	%		1.08	%		0.97	%		1.03	%		1.06	%



	As of			As of			As of			As of
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands, except per share amounts)	2024			2024			2023			2023
Balance Sheet Data:
Total stockholders’ equity	$	2,648,034		$	2,550,312		$	2,486,066		$	2,351,009
Less: goodwill		995,492			995,492			995,492			995,492
Tangible stockholders’ equity	$	1,652,542		$	1,554,820		$	1,490,574		$	1,355,517

Total assets	$	23,780,285		$	23,991,791		$	24,926,474		$	24,912,524
Less: goodwill		995,492			995,492			995,492			995,492
Tangible assets	$	22,784,793		$	22,996,299		$	23,930,982		$	23,917,032

Shares outstanding		127,886,167			127,879,012			127,618,761			127,609,934

Total stockholders’ equity to total assets		11.14	%		10.63	%		9.97	%		9.44	%
Tangible stockholders’ equity to tangible assets (non-GAAP)		7.25	%		6.76	%		6.23	%		5.67	%

Book value per share	$	20.71		$	19.94		$	19.48		$	18.42
Tangible book value per share (non-GAAP)	$	12.92		$	12.16		$	11.68		$	10.62

⁽¹⁾Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: UK to chair global Earth observation group with bold ambitions for data uptake

Source: United Kingdom – Executive Government & Departments

The UK has assumed the Chair of the Committee on Earth Observation Satellites.

Credit: ESA/ATG Medialab

UK Space Agency Chief Executive Dr Paul Bate has assumed the Chair of the Committee on Earth Observation Satellites (CEOS), the international body responsible for coordinating observations of the Earth from space.
The UK’s priority will be to unlock the power of Earth observation from space to benefit society, from improving public services to inspiring the next generation with a Youth Summit in Bath in November 2025.

As CEOS celebrates its 40th anniversary at the annual CEOS Plenary in Montreal, the CEOS Community of space and meteorological agencies and other groups has also renewed its collective commitment to CEOS’ mission and efforts in responding to global challenges for the good of humanity, with the agreement of the Montreal Statement.

Satellite Earth observation data can deliver significant public benefits in areas ranging from climate and biodiversity monitoring, disaster management, clean energy and urban planning.

The UK is involved in a range of Earth observation missions that contribute to global capabilities. These include leadership of the European Space Agency’s TRUTHS mission, which will improve confidence in climate forecasts; Biomass, which will monitor the world’s forests; Microcarb, a ground-breaking French-UK satellite mission for carbon monitoring; and the various Sentinel missions of the European Copernicus programme with its associated user-facing Services. As well as these missions, the UK are experts in the use of the data for applications ranging from cutting edge science, operational services, new commercial and public sector services.

Handover of CEOS Chair with (L) Eric Laliberté, Director General, Space Utilization, Canadian Space Agency and outgoing CEOS Chair, and (R) UK Space Agency CEO Dr Paul Bate.

The UK Space Agency’s role as CEOS Chair will be to oversee the activities of CEOS and ensure it is achieving the objectives of its work plan. The UK Space Agency has proposed four priorities to champion data-driven solutions for major global challenges over the 12-month period as Chair, within the theme of ‘Unlocking Earth Observation for Society’:

Using Earth observation to improve public services.
Increasing use of space data in the Global Stocktakes of the United Nations Framework Convention on Climate Change (UNFCCC).
Supporting development of Methane emissions measurement best-practices.
Inspiring the next generation through a new ‘CEOS in Schools’ initiative.

As Chair, an early task will be to represent CEOS on the global stage and promote its goals and objectives, starting at next month’s COP-29 in Baku, Azerbaijan, and continuing throughout 2025.

Dr Paul Bate, CEO of the UK Space Agency, said:

For 40 years, CEOS has been uniting the global community to champion the transformative potential of satellites and Earth Observation.  

I’m proud to be chairing this globally-valued committee and will use the next year to demonstrate how, by working together across borders, we can harness space technology for the benefit of our societies, our shared environment, and our economies.

Unlocking EO for Public Service

The UK will create opportunities for CEOS’ agencies to share their national perspectives and explore how to bridge the gap between data and public sector services, including hosting a workshop in September 2025 ahead of the UK’s CEOS Plenary 2025, in Bath, Somerset in November.  This supports work to get Earth observation tools and information embedded it on UK public sector policies at the national and local scale.

Éric Laliberté, CEOS Chair 2024 on behalf of the Canadian Space Agency said:

We congratulate the UK Space Agency on assuming the chairmanship role and are committed to ensuring that data-driven decisions pave the way for increasingly sustainable practices.

Together, we are advancing the role of satellite Earth observation in creating sustainable solutions for the future of our societies and natural environments.

Unlocking EO for the Global Stocktake

The Global Stocktake of the United Nations Framework Convention on Climate Change (UNFCCC) is a process for evaluating progress on climate action at a global level and identifying gaps. Over the next 12 months, the UK will work closely with Japanese Space Agency, JAXA, and the CEOS working group on Climate to study lessons learned from the previous Global Stocktake. The aim is to refine CEOS strategies to enhance the use of Earth observation data in the next Global stock-take for global climate action.  

Professor John Remedios, NCEO Director, said:  

The National Centre for Earth Observation is very pleased to see the UK taking on leadership on the world stage. The UK is able to contribute world-leading capability and methods in Earth Observation to the global community.

Through this role in CEOS, the UK will be able to support the important collaborative efforts that agencies need to achieve to meet the challenges of climate and of resilience with commitment, rigour and Earth intelligence. We are delighted to be supporting the UK Space Agency in its delegation with scientific advice and connectivity to the leading research in environmental science.

Methane Best-Practices

Methane is a potent greenhouse gas, with a warming potential approximately ~80 times higher than carbon dioxide over 20 years. Reducing methane emissions is the quickest way to mitigate acute climate risks and is crucial for maintaining the 1.5-degree target. At COP26 in Glasgow, 158 countries committed to reduce global methane emissions by 30% by 2030.

The CEOS Greenhouse Gas Task Team is developing best practices for space-based methane measurements, which are crucial for addressing climate change.

This work, which is co-led by the UK’s National Physical Laboratory (NPL) and the NASA Jet Propulsion Laboratory, is developing a set of agreed accurate, transparent and trusted best practices for reporting Methane emissions at the facility scale. The UK Space Agency will promote the uptake of these best practices on a global scale, focusing on the Global Methane Pledge to unlock the potential of space-based solutions and support the UK’s commitment to reduce methane emissions.

Ally Barker, Vice-chair of the UKspace Trade Association’s EO Committee said:

This is an opportune time for the UK to demonstrate its leadership in Earth observation on the global stage. UK industry looks forward to working closely with the UK Space Agency as it takes on the Chair of CEOS to maximise the societal and economic benefits of EO for the UK and the world.

CEOS in Schools

The UK Space Agency is set to pilot a CEOS mechanism aimed at inspiring the next generation. This initiative will demonstrate to students, aged 14-16, how satellite Earth Observation is used to address global issues such as climate change, environmental protection, and disaster management, while also allowing those students to experience the power of international collaboration.

The programme will put experts into schools to bring the topics of climate and space to life and then bring students together from across the world for online workshops to discuss the topics with their peers. The programme will culminate in the first CEOS Youth Summit where students will have the opportunity to present and discuss their work with senior Earth observation experts, giving young people a voice in CEOS.

Met Office Services Director Simon Brown said:

It’s an exciting time for the UK to take up this prestigious role in CEOS. Earth observations are at the heart of us delivering world leading weather and climate services and we are proud of the observations we get through the collaboration of European member states at EUMETSAT and underpinned by national and ESA Missions.

Access to Earth observations is changing and I look forward to working closely with UK Space Agency team to grow, influence and be part of the changing space endeavour to advance Earth observations to protect us from weather extremes.

Published 25 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected methamphetamine worth about $2.2 million at airport (with photo)

Source: Hong Kong Government special administrative region

â€‹Hong Kong Customs yesterday (October 24) detected a drug trafficking case involving baggage concealment at Hong Kong International Airport and seized about 4 kilograms of suspected methamphetamine with an estimated market value of about $2.2 million.

A 29-year-old female passenger arrived in Hong Kong from Penang, Malaysia, yesterday. During Customs clearance, the batch of suspected methamphetamine was found concealed in the false compartment of her check-in suitcase. The female was subsequently arrested.

An investigation is ongoing.

Following the resumption of normal travel and exchanges with the Mainland and other parts of the world, the number of visitors to Hong Kong has also been increasing steadily. Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: AI-Powered Firm HIVE PT Launches Global Talent Hunt with Competitive Challenges

Source: GlobeNewswire (MIL-OSI)

Photo by HIVE PT

CASCAIS, Portugal, Oct. 25, 2024 (GLOBE NEWSWIRE) — HIVE PT, a global leader in proprietary trading, offers innovative trading challenges that attract top-tier talent worldwide. With the launch of its flagship trading programs, the HIVE Challenge and Queen Bee Challenge, HIVE PT is transforming how traders access capital and develop their skills.

The company’s approach to proprietary trading combines advanced technology with a deep commitment to education, allowing traders to showcase their skills in a risk-free environment. Successful participants in these challenges gain access to capital ranging from $10,000 to $200,000, with the opportunity to earn up to an 80/20 profit split—making HIVE PT’s programs some of the most attractive in the industry.

Creating Opportunities for Top Trading Talent

HIVE PT’s proprietary trading model is built on the belief that talent should be rewarded and developed. Offering traders a chance to demonstrate their abilities without risking personal funds has attracted an international pool of talent. The firm’s flexible trading conditions, which include no time limits for completing challenges, have further enhanced its appeal.

Traders from North America, Europe, and Asia have already taken advantage of the platform, with plans to expand into South America and the Middle East by 2025.

“We’ve seen a tremendous response to our trading challenges, not just because of the profit potential, but because we’ve created a system that truly nurtures traders,” said Goni Shimi, CEO of HIVE PT. “Our platform is designed to reduce the stress associated with traditional trading evaluations, giving traders the time and space to succeed.”

Market Trends and Projections

Valued at over $150 billion, the global proprietary trading sector is expected to grow at a compound annual growth rate (CAGR) of 8.4% through 2030. This surge is driven by developments in algorithmic trading, artificial intelligence, and real-time data analytics—all areas where HIVE PT excels. Leveraging these technologies allows HIVE PT to enhance its own trading strategies and provides its traders with the right tools to stay competitive in the market.

“What makes HIVE PT different is our integration of AI and machine learning to support traders,” says Goni Shimi. “Our platform doesn’t just give them the ability to trade—it helps them become better traders through data-driven insights and real-time performance tracking.”

A Community-Driven Approach

In addition to offering advanced trading tools and challenges, HIVE PT has made significant strides in creating a supportive community for traders. The firm’s online academy provides comprehensive educational resources, including courses, videos, and market analysis, helping traders at all levels improve their strategies. This commitment to education is a cornerstone of HIVE PT’s mission to foster a global network of successfully funded traders.

As part of its medium-term goals, HIVE PT is focused on building a solid community of traders who can share insights and learn from one another. The company has also introduced a mentorship program, which pairs experienced traders with newcomers to the field, ensuring that traders have the guidance they need to master the complexities of financial markets.

“Our goal is to create a platform where traders succeed financially and grow intellectually. We want to be known not just as a trading firm but as a place where traders come to learn, share, and thrive,” Goni Shimi says.

The company is set to expand its global reach and influence. As proprietary trading continues to change, HIVE PT’s emphasis on transparency, education, and ethical trading practices will ensure its lasting impact on financial markets.

“Our mission is simple: to provide traders with the resources and support they need to succeed. As the markets change, so will we, always staying ahead of the game,” Goni Shimi concludes.

Visit HIVE PT’s website to learn more about its proprietary trading programs and educational resources.

About HIVE PT

HIVE PT is a proprietary trading firm that provides trading opportunities for skilled traders in various financial markets, including stocks, forex, and commodities. Focusing on education, transparency, and ethical trading practices, the company offers traders access to significant capital through its premium programs.

Contact Information

Contact Person: Goni Shimi, CEO
Company: HIVE PT
Email: support@HIVE-pt.com
Website: https://HIVE-pt.com/

Socials

Instagram https://www.instagram.com/hiveproptrading/
YouTube: https://www.youtube.com/channel/UC-gafpqu6nF4TH7gkLYDXIQ
LinkedIn: https://www.linkedin.com/company/hive-pt/
Trustpilot: https://www.trustpilot.com/review/hive-pt.com
Facebook: https://www.facebook.com/profile.php?id=61560087040874
Twitter: https://x.com/Hiveproptrading
TikTok: https://www.tiktok.com/@hiveproptrading?lang=en
Discord: https://discord.gg/YAH8tYBGGn
WhatsApp: https://wa.me/351912881182

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ba866118-9111-4b49-bce0-f328fc7e3dce

The MIL Network –

January 25, 2025

MIL-OSI Video: 80th Anniversary at Leyte Landing | U.S. Army

Source: US Army (video statements)

Maj. Gen. Matthew McFarlane, deputy commanding general of I Corps, gives a speech during the 80th anniversary of the Leyte Landing celebration in Palo, Leyte, Philippines, on Oct. 20, 2024. The event commemorated the historic Leyte Landing on Oct. 20, 1944, which liberated the Philippines during World War II.

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #80thAnniversary #LeyteLanding

https://www.youtube.com/watch?v=mAl5EY7jfcM

MIL OSI Video –

January 25, 2025

MIL-OSI Russia: Polytechnic at the autumn educational exhibition in Hanoi “Russian Universities – the Best Choice”

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Polytechnic University took part in an educational exhibition in Vietnam, which was held in Hanoi from October 21 to 25. The event was organized by the representative office of Rossotrudnichestvo in Hanoi as part of the long-term project “Universities of Russia” to popularize Russian education. Polytechnic University was represented by Deputy Head of the International Education Department Tatyana Sytnikova and specialist of the Department for Work with Foreign Students Ekaterina Pirkovska.

The opening ceremony was attended by the Director of the Russian Center for Science and Culture in Hanoi Vladimir Murashkin, Counselor of the Russian Embassy in Vietnam, representative of the Ministry of Science and Higher Education of the Russian Federation Evgeny Mitrofanov, as well as representatives of 11 leading Russian educational institutions.

Exhibitions help talented Vietnamese people to better navigate the educational space of Russia, and Russian universities to prepare for a meeting with Vietnamese students. The project “Universities of Russia” is actively expanding the partner network of Russian universities in Vietnam, which contributes to the development of scientific and educational cooperation between our countries, – emphasized Vladimir Murashkin.

Representative of the Ministry of Science and Higher Education of the Russian Federation Evgeny Mitrofanov emphasized the importance of Russian higher education for Vietnamese students. He noted that studying in Russia opens up new horizons and opportunities, and also highlighted the possibility of receiving free education through scholarships from the Russian government.

After the official part, more than 200 Vietnamese students and schoolchildren visited the Polytechnic stand, where they were consulted about the educational programs of bachelor’s, master’s and postgraduate studies at SPbPU, and told about dormitories and scholarships.

The delegation of the Polytechnic University visited the Tran Phu Special School for Talented Children in Hai Phong, the Le Hong Phong Special School for Talented Children in Nam Dinh and the Hanoi University of Entrepreneurship and Technology. During the Polytechnic presentations, the children had a unique opportunity not only to get acquainted with the educational programs and admission conditions, but also to communicate with the university representatives, ask questions and clarify issues of interest to them.

In addition, a meeting of delegations of Russian universities was held at the Ministry of Education and Personnel Training of the SRV, dedicated to further cooperation between universities of our country and Vietnamese universities. During this event, many agreements were signed aimed at deepening mutual understanding and cooperation in the field of higher education. Special attention was paid to training personnel in such areas as mathematics, economics, philology and Russian studies.

Tatyana Sytnikova took part in a press conference with Vietnamese media at the Russian Center for Science and Culture in Hanoi. She emphasized the importance of the educational programs offered by the Polytechnic University for foreign applicants.

The Polytechnic University offers foreign applicants unique educational programs in the fields of IT, artificial intelligence, linguistics, construction and building design, law, design, economics and management, and biotechnology. We are confident that high-quality education in these areas will open up new horizons and opportunities for a successful career for our students, said Tatyana Sytnikova.

On the last day of the exhibition, an expert session entitled “University Consortia in Russia and the International Educational Space: Practice and Prospects” was held.

Recently, we have been actively engaged in solving various issues of cooperation between Russia and Vietnam. As a society acting as a people’s diplomacy, we strive to help both our and your partners in establishing strong ties and contacts. We sincerely hope that cooperation between Vietnam and Russia will develop more and more actively every day, – noted the deputy chairman and secretary general of the Vietnamese-Russian Friendship Society, the main reactor of the Berezka magazine Nguyen Dang Phat.

Educational exhibitions play a key role in establishing effective links between educational institutions and prospective students, providing a valuable platform for information exchange and broadening horizons. The exhibition in Vietnam was a great opportunity for young people to learn about the opportunities that Polytechnic University offers to international students. Such events not only help to popularize education abroad, but also greatly simplify the process of choosing an educational institution for those who are looking to gain quality education and international experience.

Let us remind you that selection and competitive events have started for foreign applicants wishing to study at the Polytechnic University for free under the direction of the Ministry of Science and Higher Education of the Russian Federation (under a quota) in the next academic year. You can get up-to-date information about the dates of their holding in the English-language Polytech telegram channel.

You can also apply for the first qualifying round of the international Open Doors Olympiad: Russian Scholarship project until November 20. From this year onwards, the winners will have the opportunity to enroll in the Polytechnic University’s bachelor’s, master’s and postgraduate programs without entrance examinations and study for free in the 2025–2026 academic year.

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

MIL OSI Russia News –

January 25, 2025

MIL-OSI: GCM Grosvenor to Announce Third Quarter 2024 Financial Results and Host Investor Conference Call on November 8, 2024

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 25, 2024 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the third quarter 2024 on Friday, November 8, 2024.

Management will host a webcast and conference call on Friday, November 8, 2024, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $79 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

GCM Grosvenor’s experienced team of approximately 540 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

Source: GCM Grosvenor

Public Shareholders Contact
Stacie Selinger
sselinger@gcmlp.com
312-506-6583

Media Contact
Tom Johnson and Abigail Ruck
H/Advisors Abernathy
tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
212-371-5999

The MIL Network –

January 25, 2025

MIL-OSI Global: Why returning the name Kuwohi to the Great Smoky Mountains matters

Source: The Conversation – USA – By Seth T. Kannarr, PhD Student in Geography, University of Tennessee

View from the overlook on Kuwohi of the mountain peaks and ridges of Great Smoky Mountains National Park.

Getty Images

It’s not every day that the name of a mountain is restored to the one used by Indigenous peoples for centuries.

But after nearly two years of trying, the Eastern Band of Cherokee Indians finally convinced the U.S. Board on Geographic Names on Sept. 18, 2024, to formally agree to rename the highest point in the Great Smoky Mountains National Park of Tennessee to Kuwohi (koo-whoa-hee).

The mountain, known as “Clingmans Dome” since 1859, has been a sacred place for the Cherokee people, serving as a place of prayer, reflection and gathering of mulberries for medicine. In fact, the name Kuwohi translates to “the mulberry place” in Tsalagi, the Cherokee language.

Though known as Kuwohi by the Cherokee people for hundreds of years, explorer Arnold Guyot effectively ignored that history after he surveyed the mountain range in 1859. Guyot named the peak “Clingmans Dome” after his friend Thomas Lanier Clingman, a North Carolina U.S. senator and a Confederate brigadier general during the Civil War. Clingman never set foot on this mountain, but his name remained there for 165 years until now.

What is place name repatriation?

The government’s renaming of the mountain to Kuwohi is a significant example of place name repatriation, or the return of an original, Indigenous name to a particular place or landscape.

Sometimes the primary motivation for place renaming is to remove an offensive or irrelevant place name from the landscape, such as the renaming of Squaw Peak in Arizona to Piostewa Peak in 2008.

In other cases, such as the renaming of Mount McKinley in Alaska to Denali in 2016, the motivation was to create a more authentic and historically accurate name for a particular place.

In the case of Kuwohi, the return to its original name was a mixture of both. The government’s decision recognized the original Indigenous name and removed the name of a white man who defended the enslavement of African people. It is also about restoring a larger sense of respect and recognition of Indigenous identity across the landscape.

Just as important is the fact that it was individuals from the Eastern Band of Cherokee Indians who put forward this proposal and remained the lead throughout the process.

Place naming is only truly reparative if these processes truly reflect the agency and intent of these historically oppressed groups. Otherwise, it contributes to the long history of dismissing Indigenous claims to land and culture by not involving them.

View of observation tower on Kuwohi in Great Smoky Mountains National Park.
Joshua Moore/Getty Images

Why does place naming matter?

A name is one of the most fundamental ways to identify and give meaning to places. In other words, the name of the place makes a big difference in how people perceive it.

There is growing public recognition that place names can transmit harmful messages that misrepresent the history and identity of minority communities. Place names also can demonstrate how those in power have used them to disrespect and misrepresent ethnic and racial groups that have been historically discriminated against.

For those groups, the U.S. Department of the Interior’s Advisory Committee on Reconciliation in Place Names found in 2022 that derogatory place names are a source of recurring trauma.

If place naming did not matter, disputes over name changes would not occur. Some critics find place renaming to be an example of unnecessary political correctness, while others see it as a meaningful solution that will leave a lasting positive impact.

The elimination of names of Confederate generals from some U.S. military bases provides another example. Former President Donald Trump has pledged to restore the name “Fort Bragg” to the North Carolina Army base that’s known today as Fort Liberty if reelected. Originally named after Braxton Bragg, a slave-owning Confederate general, the fort was one of nine U.S. installations that the Defense Department ordered in 2023 to have their names changed to among 3,700 recommendations.

Trump’s stance exemplifies the wave of backlash that has occurred against local and state school officials across the country that have removed the names of Confederate generals and others from public buildings.

Lavita Hill (L) and Mary Crowe in 2022.
Cherokee One Feather

Despite such backlash, efforts by Indigenous people and civil rights advocates slowly move forward and are seen across the U.S. in places like streets, neighborhoods, college campuses and beyond.

For Lavita Hill and Mary Crowe, the two members of the Eastern Band of Cherokee Indians who took the lead on submitting the proposal, the renaming of Kuwohi was a moment of success. Their campaign was heavily inspired by the renaming of Mount Doane to First Peoples Mountain in Yellowstone National Park in 2022.

Crowe told reporters that she saw friends and relatives shed tears when they learned of the name change. “It was humbling,” she said. “It was beautiful.”

What comes next?

The success of the effort to restore the name Kuwohi may help other communities in their ongoing place renaming efforts.

One such proposal involves a 100-year-old fight to rename Mount Rainier in Washington state to “Tacoma,” the original name given to it by the Salish people of the Pacific Northwest.

View of the Great Smoky Mountains at sunset from Kuwohi.
Wolfgang Kaehler/LightRocket/Getty Images

This movement began in 1924 among the Salish and other groups because its namesake, Peter Rainier, was a British naval officer who was known as being “anti-American.”

Another example is a push by 20 different Indigenous tribes, including the Lakota Nation and the Oglala Sioux Tribe, to rename Devils Tower in Wyoming to Bear Lodge. The current name of this butte resulted from a poor English translation of the original Indigenous name of “bear lodge” to “bad god’s tower.” Over time, the name was simplified to “Devils Tower.”

As geographers who have studied the significance of place renaming, we have learned that it is important to engage the folks that these movements will benefit most in all conversations and decisions.

What is at stake is not just removing insulting names, but also ensuring that the process of changing place names is collaborative of all Americans, especially historically oppressed communities, to truly be restorative and meaningful for society.

Seth T. Kannarr is affiliated with the Great Smoky Mountains National Park as an Education Branch VIP (Volunteer-In-Parks) part-time.

Derek H. Alderman once served on the Federal Advisory Committee on Reconciliation in Place Names, U.S. Department of Interior.

– ref. Why returning the name Kuwohi to the Great Smoky Mountains matters – https://theconversation.com/why-returning-the-name-kuwohi-to-the-great-smoky-mountains-matters-240644

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Foreign countries are helping autocracies repress exiled dissidents in return for economic gain

Source: The Conversation – USA – By Rebecca Cordell, Assistant Professor of Political Science, University of Pittsburgh

Governments, even democratic ones, are willing to aid autocracies in silencing exiled dissidents if the host nation thinks it’s in its economic interest.

That is what we found when looking into cases of transnational repression – the act of governments reaching across their national border to repress diasporas and exiles – from 2014 to 2020.

Since 2014, international watchdog Freedom House recorded 1,034 cases of governments reaching across borders to illegally deport, abduct, intimidate or assassinate their citizens.

The most frequent offenders were autocratic countries such as China (213 cases), Turkey (111), Egypt (42), Tajikistan (38), Russia (32) and Uzbekistan (29).

These governments have extended their reach into over 100 foreign countries to silence critics abroad. While autocracies sometimes act alone or collaborate with nongovernment actors, the most common form of transnational repression involves the governments of countries to which targeted people have fled. This includes democracies working closely with autocratic regimes to arrest, detain and deport people who face the risk of persecution and repression in the home country.

Our analysis of Freedom House data found that cooperation in transnational repression is most common among trade partners and when foreign countries wish to maintain or improve their economic relationship with autocratic governments.

Meanwhile, autocratic countries were most successful in securing cooperation among foreign countries with a weak rule of law.

For example, Turkey has successfully secured cooperation from multiple countries with a weak rule of law, such as Lebanon, in its efforts to silence Turkish journalists and overseas citizens linked to the opposition Gülen movement. Meanwhile, China has used its economic leverage to compel foreign governments to cooperate, with Cambodia deporting 20 Uyghur asylum-seekers to China after signing 14 trade deals with the country. Similarly, Thailand forcibly returned numerous dissident journalists to China, its largest trade partner.

Our analysis looked specifically at countries hosting refugees and asylum-seekers, since having diaspora populations is necessary for transnational repression to occur. For example, we included Poland, which hosts many Russian refugees, but excluded Belize, which has none.

Using Freedom House’s database, we tracked 608 cases of direct government cooperation in transnational repression. We focused specifically on detentions, renditions without legal representation, and unlawful deportations, but we excluded cases such as assassinations where host countries weren’t directly involved.

Then, using statistical models, we analyzed IMF data on annual trade flows and World Bank assessments of a country’s rule of law.

We found strong quantitative evidence that international cooperation on transnational repression relies on a country’s economic ties to the origin country and the quality of the country’s rule of law.

Why it matters

Our findings suggest that many countries are willing to sacrifice the civil liberties of foreign dissidents for economic opportunities with authoritarian governments. Autocracies also appear to be strategically targeting vulnerable states with weak rule of law institutions, such as the police, courts or immigration authorities.

Foreign countries that are less concerned about the consequences of breaking the rule of law are easier to co-opt and coerce, especially when they’re more financially dependent on the autocratic partner.

This provides autocracies with both the opportunity to repress and the leverage to elicit cooperation in violation of the “non-refoulement” rule – which, under international law, protects migrants from being returned to a country where they are at risk of torture.

What still isn’t known

It is difficult to know the full scale of transnational repression. Data measuring transnational repression is able to capture only the “tip of the iceberg,” as Freedom House has put it.

Many instances likely go unobserved due to the secret nature of human rights violations and governmental attempts to cover up, censor and deny abuses. We also know less about what causes autocracies to carry out transnational repression through collaborations with nonstate actors – including political parties, educational and religious groups, businesses and criminal gangs – rather than governments.

More research is needed to establish what prompts autocracies to engage in different types of tactics, from nonphysical instances of transnational repression – harassment, intimidation and threats – to physical forms, such as detention, abduction and physical violence.

The decision to engage in one tactic over another may be driven by different strategic benefits and costs.

The Research Brief is a short take on interesting academic work.

The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Foreign countries are helping autocracies repress exiled dissidents in return for economic gain – https://theconversation.com/foreign-countries-are-helping-autocracies-repress-exiled-dissidents-in-return-for-economic-gain-240069

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Australia: Report calls for regulatory reform to tackle health impacts of gambling

Source: Federation University

A new Lancet Commission report highlights the urgent need for regulatory reform to address the health impacts resulting from the rapid expansion of commercial gambling. The report reveals that gambling harms are far more substantial than previously understood, exacerbated by the increased visibility of the gambling industry through digital and online platforms.

The harms associated with gambling extend beyond financial losses and include physical and mental health problems, relationship breakdown, heightened risk of suicide and domestic violence, increased crime, and loss of employment. According to the report, an estimated 80 million adults worldwide experience gambling disorder or problematic gambling.

Dr. Angela Rintoul, Principal Research Fellow at Federation University and a member of the Lancet Commission, expressed concern over the Australian government’s failure to respond to urgent cross-party recommendations from the Murphy Inquiry.

The Murphy Inquiry ‘you win some, you lose more’ was released in June 2023, detailing 31 recommendations, with the aim of reducing and ending gambling advertising and addressing the serious risk of suicide linked to gambling and a comprehensive national strategy on online gambling harm.

Dr. Rintoul stated, “We know that gambling causes enormous harm not only to those who gamble, but their family members, friends, and colleagues. High levels of gambling contribute significantly to suicide, domestic violence and other health and wellbeing issues. Constant promotion of gambling is exposing young people to gambling advertising as never before, with devastating consequences for many.”

The Lancet Commission report emphasises that the harms of gambling are not evenly distributed, with adolescents, children, and those from disadvantaged socio-economic groups being more at risk.

The Lancet Commission report calls for effective and well-resourced regulatory controls and international leadership to urgently reduce the impact of commercial gambling on public health.

For more information about the Lancet Commission report and its recommendations, please visit www.thelancet.com/commissions/gambling

About the Lancet Commission:

The Lancet Commission is an independent international body of experts that provides evidence-based recommendations to address pressing global health challenges. The Commission brings together leading researchers, policymakers, and practitioners to develop strategies for improving public health and achieving sustainable development.

Quotes attributable to Federation University Australia Vice-Chancellor and President Professor Duncan Bentley

“At Federation University, our mission is to transform lives and enhance communities and the recommendations in the Lancet Commission Report clearly outline urgent recommendations that will help keep our communities safe.”

“Gambling advertising has catastrophic impacts on lives far beyond financial stress and it is our responsibility to protect young people who are especially vulnerable to the risks.”

Quotes attributable to Federation University Australia Pro Vice Chancellor Research and Executive Deal, Institute of Health and Wellbeing, Professor Remco Polman

“The Lancet Commission Report is timely considering the Murphy inquiry in Australia and the government must heed the report’s recommendations. I am proud that Federation University is globally at the forefront of this issue.”

“Gambling does significant harm to the individual as well as their environment. It will be key to develop effective strategies to reduce the harms of excessive gambling and protect our children from the harmful effects and the predatory strategies of gambling companies.”

MIL OSI News –

January 25, 2025

MIL-OSI: North American Construction Group Ltd. Announces Credit Facility Extension

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, Oct. 25, 2024 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) today announced it has finalized an extension and amendment of its senior secured credit facility (the “Credit Facility”). The maturity date has been extended by one year to October 3, 2027. In addition to the extension, the capacity has been increased to provide greater flexibility in operating the Company’s Australian and Canadian businesses.

“We would like to take this opportunity to once again thank National Bank Financial and our syndicate partners for their ongoing support,” Jason Veenstra, Chief Financial Officer stated. “It is encouraging to have all existing members extend. This low-cost facility is the foundation of our debt financing and provides the liquidity and term needed for our business.”

The Credit Facility provides lending capacity of $525 million (from $475 million) through Canadian and Australia dollar tranches and allows for an additional $400 million of secured equipment financing from third party providers (from $350 million). The facility is comprised of a revolver with no scheduled repayments and is not governed by a borrowing base that limits available borrowings. Financial covenants are tested quarterly on a trailing four quarter basis and are generally consistent with the previous agreement except for the fixed charge ratio being replaced with an interest coverage ratio.

About NACG
NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For over 70 years, NACG has provided services to mining, resource, and infrastructure construction markets.

Jason Veenstra, CPA, CA
Chief Financial Officer
P: 780.960.7171
E: ir@nacg.ca

The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “expected”, “estimated” or similar expressions, including the anticipated revenues and backlog to be generated by the contract. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2023 and quarter ending June 30, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedar.com.

The MIL Network –

January 25, 2025

MIL-OSI: AIST and QuEra Sign Memorandum of Understanding to Strengthen Collaboration Toward Commercial Use of Quantum Computers

Source: GlobeNewswire (MIL-OSI)

BOSTON, Oct. 25, 2024 (GLOBE NEWSWIRE) — QuEra Computing, the leader in neutral-atom quantum computing, today announced that on September 6th, it signed a Memorandum of Understanding (MOU) with the National Institute of Advanced Industrial Science and Technology (AIST) to strengthen their collaboration towards the advancement and industrialization of quantum technology. This agreement builds on an April 2024 contract, under which QuEra will deliver a state-of-the-art quantum computer to Japan, installed on-premises alongside AIST’s NVIDIA-powered ABCI-Q supercomputer.

As part of this new collaboration, QuEra will establish and operate a cloud-based platform, providing remote access to the quantum computer for researchers, collaborators, and external users. This platform will seamlessly integrate with AIST’s high-performance computing (HPC) infrastructure, including the ABCI-Q supercomputer.

The collaboration will promote the development of a hybrid environment between ABCI-Q, a function of Global Research and Development Center for Business by Quantum-AI Technology (G-QuAT) and QuEra Computing’s neutral atom quantum computer. Additionally, the applicability of optical materials and components necessary for the hardware development of next generation neutral atom quantum computers will be tested. This effort aims not only to scale up and enhance the performance of quantum computers but also to standardize processes to strengthen future supply chains.

As the demand for the industrialization of quantum technology continues to grow, the enhanced cooperation between the two institutions is expected to lead to new technological advancements and market creation.

About QuEra
QuEra Computing is the leader in developing and productizing quantum computers using neutral atoms, widely recognized as a highly promising quantum computing modality. Based in Boston and built on pioneering research from Harvard University and MIT, QuEra operates the world’s largest publicly accessible quantum computer, available over a major public cloud and for on-premises delivery. QuEra is developing useful, scalable and fault-tolerant quantum computers to tackle classically intractable problems, becoming the partner of choice in the quantum field. Simply put, QuEra is the best way to quantum. For more information, visit us at quera.com and follow us on X or LinkedIn.

About AIST
The National Institute of Advanced Industrial Science and Technology (AIST), headquartered in Tokyo, Japan, is one of the country’s largest public research organizations. AIST dedicates itself to bridging innovative technological seeds with commercial applications, enhancing industry and societal welfare.

Media Contact
Merrill Freund
press@quera.com
+1-415-577-8637

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Study finds UK adults aren’t connected to nature

Source: Anglia Ruskin University

Published: 25 October 2024 at 13:05

New research led by ARU finds barriers prevent everyone enjoying nature equally

New research indicates that UK adults experience less of a connection with nature than adults from most other countries, ranking 59th out of 65 national groups surveyed.

The study, which includes data from 56,968 adults aged between 18 and 99, also found that levels of connection with nature are associated with several socioeconomic and demographic factors across countries.

Led by Professor Viren Swami of Anglia Ruskin University (ARU), the study involved over 250 academics from over 60 countries and is published in the Journal of Environmental Psychology.

The UK was ranked 59th out of 65 on the Connectedness to Nature Scale, which asks participants to rate statements, such as “I often feel a sense of oneness with the natural world around me”, “I have a deep understanding of how my actions affect the natural world”, and “I often feel part of the web of life”.

Data for some countries was separated into different languages – for example English and French responses from Canada – providing 65 national groups. Nepal, Iran, and South Africa were the top three nations, while Israel (63rd), Japan (64th), and Spain (65th) were at the bottom of the rankings.

The UK scored better on the Nature Exposure Scale, which measures people’s contact with nature around their home and work, their recreational visits, and their nature awareness.

Bosnia and Herzegovina, Croatia, and Lithuania were the leading three countries, with the top 10 nations on the Nature Exposure Scale all European, with the exception of French-speaking Canadians. The UK was 31st out of 65, and the bottom three nations were Lebanon, South Korea and, finally, Brazil.

Across all nations, the study found that women reported both higher nature connectedness and greater nature exposure than men, consistent with previous research showing that women overall tend to have greater environmental concern and empathy with nature. Both connectedness to nature and nature exposure scores also increased with age, which is possibly linked to older adults having more time and opportunities to engage with nature.

Taking results from the two measures together, greater nature exposure and connectedness to nature scores were both linked to socioeconomic factors. Higher scores were significantly associated with greater financial security, living in a rural location, a higher level of education, being in a committed relationship, and being in a racial majority in that particular country.

Lead author Viren Swami, Professor of Social Psychology at Anglia Ruskin University (ARU), said:

“Spending time in a natural environment can provide a number of really important benefits.

“My previous research has shown how being in green spaces, ‘blue’ environments, such as by rivers or the coast, and even snowy landscapes can improve different facets of psychological well-being and mental health, and of course there are physical health benefits from spending time outdoors in nature.

“The evidence that being in nature is good for you is undeniable, but crucially this new study shows that exposure to nature and levels of connectedness to nature are not enjoyed equally by different nations or across different social groups.

“The significant associations with financial wealth, being better educated, and being part of the racial majority within a particular country reflects known socioeconomic inequities in terms of lack of access to natural environments. Racial minorities may also experience natural environments differently, for example in terms of a sense of belonging, and this can impact on people’s attitude to nature and their desire to access it.

“Unfortunately, barriers to accessing nature exist in countries across the world and it is important these barriers are broken down to allow people from all backgrounds to access and enjoy the benefits of natural spaces.”

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Asia-Pac: Hong Kong Customs holds “Customs YES” Summer Internship Programme 2024 Certificate Presentation Ceremony (with photos)

Source: Hong Kong Government special administrative region

Hong Kong Customs holds “Customs YES” Summer Internship Programme 2024 Certificate Presentation Ceremony (with photos)
Hong Kong Customs holds “Customs YES” Summer Internship Programme 2024 Certificate Presentation Ceremony (with photos)
******************************************************************************************

Hong Kong Customs today (October 25) held the “Customs YES” Summer Internship Programme 2024 Certificate Presentation Ceremony at the Customs Headquarters Building to present certificates of appreciation and certificates of internship to the representatives of the supporting organisations and “Customs YES” members respectively. Speaking at the ceremony, the Commissioner of Customs and Excise, Ms Louise Ho, said that Hong Kong Customs has been organising the Summer Internship Programme for four consecutive years. This year, it offered over 130 internship positions locally and in the Greater Bay Area (GBA), attracting over 900 applications from young people. The success of the programme relies on the active involvement of the supporting organisations which have enabled the young people to gain valuable internship experience and lay a foundation for their future career paths. This year’s programme covers three main focuses, including (1) offering internship positions as assistants to Legislative Council (LegCo) members for the first time. Through the preparation of industry consultation, policy research, and grassroots family visits, the interns could obtain an in-depth understanding of the work of LegCo members and encourage the young people to participate in public service; (2) offering GBA internship positions for the second consecutive year, allowing young people to deepen their understanding of the Mainland job market, build valuable networks and support their future career development within the GBA; and (3) expanding the application of the internship programme from tertiary students to secondary school students, enriching their learning experience and allowing them to equip themselves at an early stage through diversified vocational training. In the coming year, Customs will collaborate with business partners to provide more local and GBA summer internship positions for young people to enhance their employment competitiveness and broaden their horizons.

Ends/Friday, October 25, 2024Issued at HKT 21:45

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Security: Defense News: CFAS Hosts Women’s Leadership Symposium

Source: United States Navy

Senior personnel from various commands offered over 148 years of cumulative military experience and personal insight into topics including mental health, mentorship and leadership development.
Cmdr. Mariah Rule, Chief Staff Officer at CFAS, was the lead coordinator and mistress of ceremonies for the event.

“I firmly believe that even natural leaders have to do a lot of inner work to become a great leader,” said Rule. “A solid foundation of understanding how you want to lead will guide how you think, feel and how you make decisions. These decisions produce action that drives results.”

The first day of the symposium began with a panel of senior female leaders offering their insight to address the development of leadership styles and skills, moderated by Chief Aviation Boatswain’s Mate Aircraft Handling Shawneequa Joyner.
Members of the panel discussed how assertive and persuasive leadership styles are perceived in the workplace, and how to mitigate misconceptions of female leadership by keeping an open flow of communication between leadership and junior Sailors.

“I show up as the person I truly am,” said Chief Warrant Officer 2 Latisha Sewell. “Be the type of leader that you want to be even if people try to place labels on you.”

The event continued with topics such as sexual harassment in the workplace, maintaining a healthy work-life balance as a mother, women’s health, and harnessing your warrior wellness by utilizing mental and physical toughness techniques.
The day concluded with three mental health exercises that were recommended to alleviate stress. The exercises included listening to meditation music while blind folded, aromatherapy, and unprompted drawing.

The second day of the symposium focused on mentorship and how to be an effective “wingwoman”, which is defined as a woman who uplifts and guides other women personally and professionally.
Cmdr. Angelina Violante, Executive Officer at USS Green Bay (LPD 20), was a guest speaker who offered her own approach to actively being a wingwoman for Sailors.

“I really strive to maintain that supportive, open and empathetic attitude,” said Violante. “Wingwomen are there to guide, lead and set an example.”
To lead by example is how many other women are able to embody what it means to be an exceptional female leader.

Being a trailblazer as a female leader was nothing new for Rear Adm. Ryoko Azuma, the Japan Maritime Self-Defense Force (JMSDF) Director of Training, National Defense Academy of Japan, who spoke about “being first”. Throughout her career, Azuma paved the way for women as she became the first woman in 20 years to command a Japanese naval squadron.

“I don’t think about being a woman,” said Azuma. “I will concentrate my energy on fulfilling my duties as a commander.”
Azuma gave thorough insight into her backstory and provided Sailors the opportunity to ask questions pertaining to her experience as a woman of firsts.
“I want to devote myself to becoming a person who will inspire others,” said Azuma.

Mentorship was also highlighted as a focal point, emphasizing how impactful mentorship amongst men and women is.
A panel, composed of male senior leadership, gave greater insight of their experiences with female mentorship.
“I’ve been around female leaders, as a former Yeoman, my whole career,” said Command Master Chief Lance H. Burfict, assigned to Amphibious Squadron 11(CPR 11). I have been mentored by some of the top female leaders and have gotten to this point because they have poured in to me.”

The symposium then segued into speed mentorship where senior leadership had the opportunity to spend about two to five minutes to connect and share advice with sailors seeking mentorship.
Afterwards, Rule concluded the symposium with an appreciative acknowledgement of all who attended and participated in the women’s leadership symposium.
“I’m so impressed with the diverse turnout that we had every single day,” said Rule. “It speaks volumes to the leadership here, and how committed we are to leadership development and mentorship to our Sailors.”

MIL Security OSI –

January 25, 2025

MIL-OSI Asia-Pac: UPDATE TO COVID-19 VACCINATION RECOMMENDATIONS AND ROLLOUT OF UPDATED JN.1 VACCINES

Source: Asia Pacific Region 2 – Singapore

The Ministry of Health (MOH) will roll out the updated JN.1 Pfizer-BioNTech/Comirnaty and JN.1 Moderna/Spikevax vaccines from 28 October 2024. This is based on the 2024/2025 recommendation of the Expert Committee for Immunisation (ECI). The vaccination is especially applicable to individuals at increased risk of severe COVID-19, such as seniors and those who are medically vulnerable.

2. With close to 500 Healthier SG General Practitioner (GP) clinics and 10 polyclinics offering COVID-19 vaccination in the community, the five remaining Joint Testing and Vaccination Centres (JTVCs) will cease operations from 1 December 2024.

ECI’s Updated COVID-19 Vaccine Recommendations

3. We are living with COVID-19 as an endemic disease. The severity of COVID-19 infection is low in the healthy general population, given that most of our local population has either taken the vaccine and/or been infected with COVID-19 and recovered safely.

4. Hence the ECI has recommended that individuals at increased risk of severe COVID-19 should receive both the initial (if unvaccinated) and additional doses of the COVID-19 vaccine, as they will benefit most from increased protection with vaccination. The persons recommended for COVID-19 vaccination in 2024/2025 are:

a. Individuals aged 60 years and above;

b. Medically vulnerable individuals aged 6 months and above; and

c. Residents of aged care facilities.

5. Healthcare workers and persons living or working with medically vulnerable individuals are encouraged to consider receiving the vaccine. Other individuals aged 6 months and above who wish to receive the COVID-19 vaccine can continue to do so.

6. Unvaccinated individuals who are receiving COVID-19 vaccination in 2024/2025 should receive:

a. Ages 6 months to 4 years: Two vaccine doses, eight weeks apart; and

b. Ages 5 years and older: One vaccine dose.

7. The number of initial doses recommended for unvaccinated individuals aged 5 years and above has been reduced from two doses (as previously recommended) to one dose, as most in this population would have some level of protection from past COVID-19 infection. One initial dose is now assessed to be sufficient to ensure an adequate level of protection in unvaccinated persons aged 5 years and above.

8. Vaccinated individuals aged 6 months and above who are receiving an additional dose of COVID-19 vaccination in 2024/2025 should receive it at an interval of around one year (and at least five months) from the last vaccine dose.

Rollout of Updated JN.1 Pfizer-BioNTech/Comirnaty and Moderna/Spikevax Vaccines

9. The Health Sciences Authority has approved the use of the updated JN.1 Pfizer-BioNTech/Comirnaty and JN.1 Moderna/Spikevax vaccines in Singapore.

10. From 28 October 2024, all vaccination locations offering the Pfizer-BioNTech/Comirnaty and/or Moderna/Spikevax vaccines will begin administering the updated JN.1 vaccines.

11. The updated COVID-19 vaccines provide a stronger immune response against current and emerging strains compared to previous versions of the vaccines, and therefore confer better protection against COVID-19. The safety profiles of the updated vaccines are comparable to that of previous versions.

Closure of JTVCs from 1 December 2024

12. The JTVCs have served us well in offering mass testing and vaccination services during the pandemic. To bring COVID-19 vaccination closer to the community, close to 500 Healthier SG GP clinics and 10 polyclinics located island-wide are now providing COVID-19 vaccination services. In addition, more Healthier SG GP clinics will be onboarded to offer the COVID-19 vaccines.

13. With this, the five remaining JTVCs at Bukit Merah, Jurong East, Kaki Bukit, Sengkang and Woodlands will cease operations from 1 December 2024. Individuals who wish to receive their COVID-19 vaccinations at these locations may walk in by 30 November 2024, or visit https://vaccine.gov.sg/covid to book an appointment.

14. Mobile vaccination teams offering the COVID-19 vaccines will continue to be deployed across the island. Members of the public can visit https://gowhere.gov.sg/vaccine for the latest schedule.

15. COVID-19 vaccination continues to be free for all eligible individuals under the National Vaccination Programme. Members of the public can visit https://gowhere.gov.sg/vaccine for the nearest vaccination sites and the vaccine types offered. Individuals may book an appointment at a Healthier SG GP clinic through https://vaccine.gov.sg/covid, or at a polyclinic through the HealthHub booking system.

16. COVID-19 waves will continue to occur from time to time and can cause severe disease among those who are older or medically vulnerable. To increase their protection against severe disease, we encourage everyone to remain updated with their vaccination based on the prevailing recommendations, much like vaccination against influenza.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: Speech by DCS at Save the Children Hong Kong’s 15th Anniversary Dinner (English only) (with photos)

Source: Hong Kong Government special administrative region

Following is the speech by the Deputy Secretary for Administration, Mr Cheuk Wing-hing, at Save the Children Hong Kong’s 15th Anniversary Dinner tonight (October 25):Paul (Chairman, Save the Children Hong Kong, Mr Paul Kennedy), Donnie (the Ambassador of Save the Children Hong Kong, Mr Donnie Yen), Cissy (spouse of Mr Donnie Yen, Ms Cissy Wang), distinguished guests, ladies and gentlemen, Good evening. It is my great pleasure to join you all to celebrate the 15th anniversary of Save the Children Hong Kong. First, I would like to extend my heartfelt appreciation to Save the Children for its sustained efforts and unwavering dedication in working with children, schools, families and different stakeholders to deliver lasting change for children in Hong Kong and around the world. I am truly impressed that, just last year alone, programmes of Save the Children have benefited over 26 000 Hong Kong children and adults. Save the Children’s vision is a world in which every child attains the right to survival, protection, development and participation. This meaningful and noble cause deserves the wholehearted support of all. The Government attaches great importance to protecting the best interests of children and firmly believes that every child has a right to protection against harm and abuse. In this regard, the Mandatory Reporting of Child Abuse Ordinance was passed in July this year, requiring professionals in the social welfare, education and healthcare sectors to report serious child abuse case starting from January 20, 2026. During the 18-month transitional period, the Government will focus on preparing for its implementation, ensuring that the various support measures are properly put in place. The new legislation is an important milestone in child protection, as it would create a wide protection web for children and send a strong deterrent to potential perpetrators that their abuse will be easily exposed. One way to prevent child abuse is to strengthen positive parenting. I am glad to see that Save the Children has been organising the Heart-to-Heart Parent-Child Programme which promotes positive parenting and strengthens parent-child relationships, with 500 children and parents benefitting from the Programme. On the part of the Government, the 2024 Policy Address has just announced that a pilot scheme will be launched to set up four Community Parents and Children Centres, which will commence service from 2026, to promote parent-child interaction and pass on positive parenting skills to parents through play-based services. The Centres will also support the cognitive, language, social and emotional developmental needs of children and refer families or children in need to various government and community services as appropriate. To promote children’s mental health, the Government has implemented various measures, including extending and enhancing the Three-Tier School-based Emergency Mechanism in all secondary schools; launching the “Mental Health Literacy” resource packages for senior secondary and lower primary students; strengthening teachers’ capacity to early identify and support students with mental health needs; and helping parents acquire the knowledge and skills to better safeguard their children’s mental health. I am pleased that Save the Children shares the same vision with the Government, in providing various mental wellness programmes, such as the “Play to Thrive Programme” and the Integrating Social and Emotional Learning into Schools project. I trust Save the Children will continue to work hand in hand with the Government and different sectors of society to strive for children’s healthy growth and development. I sincerely hope that everyone in this room will continue to lend their support to children’s issues by actively building cross-sector partnerships. These collaborations are essential for creating a more impactful and sustainable approach to address the challenges faced by children in our community. Together, we can “nurture hearts and strengthen minds” of our children, providing an environment where they feel supported and empowered. Once again, my congratulations and gratitude to Save the Children for its 15 years of commitment and achievements. I wish Save the Children continuous success and every one of you a wonderful evening.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI USA: FEMA Calls in North Carolina May Come from Unknown Phone Numbers

Source: US Federal Emergency Management Agency

Headline: FEMA Calls in North Carolina May Come from Unknown Phone Numbers

FEMA Calls in North Carolina May Come from Unknown Phone Numbers

RALEIGH, N.C. – Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians who applied for FEMA disaster assistance following Helene in North Carolina should be aware that FEMA representatives may call from unfamiliar area codes and phone numbers or show SPAM or no caller ID.It is important to answer the call. FEMA representatives are reaching out to citizens that have applied for disaster assistance. Representatives may call for a variety of reasons such as issues with applications (missing documents, insurance settlement paperwork, etc.), follow-up on access and functional needs and/or to schedule inspections at the address where the damage was reported. Inspections are required to determine whether a home is safe, sanitary, functional and accessible. If an inspection cannot be scheduled, that may cause a delay in FEMA’s review of the application.Take Steps to Avoid ScamsAlways be alert to these illegitimate practices:A FEMA inspector calls, and you did not submit a FEMA application.A FEMA inspector asks for your banking information. (FEMA inspectors are never authorized to collect your personal financial information.)A payment is requested from someone who says they are from FEMA. (FEMA will never request payment.) If any of these things happen to you — or if you receive a call from someone saying they are a FEMA representative, but you aren’t sure, call the FEMA Helpline at 800-621-3362 to report the incident. The Helpline will be able to help you stop the processing of an application made in your name without your knowledge or apply for FEMA assistance if you live within a declared county.If you believe you are the victim of a scam related to Helene response, you should file a complaint with the North Carolina Department of Justice by visiting ncdoj.gov/complaint or calling toll-free at 877-566-7226.If you have knowledge of fraud, waste or abuse, you can report these tips – 24 hours a day, seven days a week – to the FEMA Disaster Fraud Hotline at 866-720-5721. You can also email StopFEMAFraud@fema.dhs.gov to report a tip.
barbara.murien…
Fri, 10/25/2024 – 14:00

MIL OSI USA News –

January 25, 2025

MIL-OSI: EduEdge Introduces Formula-Style Method, Changing English Mastery for Struggling Students

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 25, 2024 (GLOBE NEWSWIRE) — EduEdge is proud to announce its Formula-Style method, designed to transform the way struggling students master English. Despite English being Singapore’s first language, many students struggle with deeper aspects of the language, such as comprehension, written expression and critical thinking. This proficiency gap affects not only their English grades but also their performance in other subjects. Research highlights a strong link between English language proficiency and academic achievement in areas like Maths and Science, underscoring the importance of mastering English for well-rounded academic success.

From left to right: Angela’s mum, brother, EduEdge Founders: Edwin Edangelus Cheng and Rowena May Yue, Angela Ray Oh

Traditional teaching methods often fall short of helping students achieve true language mastery. As English is the most widely spoken language globally, this lack of holistic proficiency concerns parents who want their children to excel, not just in exams but in life. EduEdge addresses this challenge through a revolutionary approach to English education.

Pioneered by founder Edwin Edangelus Cheng, EduEdge developed the groundbreaking Formula-Style method, designed to take the guesswork out of English learning. Backed by years of educational research, this structured approach goes beyond exam preparation by equipping students with the critical language skills and deep understanding necessary for lifelong success. By breaking down complex language concepts into easy-to-apply formulas, EduEdge empowers students to excel academically while mastering the communication skills essential for future professional achievements.

Edwin Edangelus Cheng’s personal journey resonates with many parents and students. “I once was like your child,” Edwin shares, recalling his struggles with English as a student from a Chinese-speaking family. His experience and years as a public school teacher, where he taught both English and Physics, inspired him to find structured methods for language learning.

“I saw how students approached learning English,” Edwin explains. “They often rely on intuition without the structure or proper articulation needed for true mastery. In Physics, we see results quickly because of its formula and steps. I wondered, could the same formula-style approach work for English?” This question led to the development of EduEdge’s Formula-Style method, offering a more structured and methodical way to teach and learn English.

What makes the Formula-Style method different is its ability to break down English learning into easy-to-apply and easy-to-remember formulas, similar to Maths and Science. This system, known as the Total English Mastery System (TEMS), helps students learn English in a faster, smarter and more effective way. Over the past 10 years, TEMS has helped more than 3,500 students from over 150 schools across Singapore improve by at least two grades, with many achieving high Bs and As in English and General Paper (GP) exams. Students who started with borderline or failing grades found success by mastering six core language skills—Vocabulary, Grammar, Reading, Writing, Listening and Speaking.

The impact of the Formula-Style method is shown in the stories of students who have experienced notable success. One such example is Angela Ray Oh, who, like many others, struggled with English during secondary school and was stuck at a C6 grade despite her determination. Her breakthrough came in Sec 4 when her mum enrolled her in EduEdge. After learning structured techniques, Angela’s approach to English transformed, leading her to score an A2 for her O-Levels.

The benefits of these techniques extended beyond secondary school. While studying at Nanyang Technological University (NTU), Angela was awarded the Lee Kuan Yew (LKY) STEP Award, a highly competitive scholarship. The application process required writing two essays within 48 hours. Drawing on the writing techniques and critical thinking skills she gained at EduEdge, Angela crafted her submissions with confidence and aced both essays and the interview, demonstrating how EduEdge’s method equips students for real-world success.

This success is no coincidence. EduEdge’s Formula-Style method is powerful, but its true impact is realised through the exceptional educators who bring it to life. The highly qualified and passionate teachers at EduEdge are rigorously selected, ensuring that the method is delivered to its full potential. This combination of structured techniques and top-tier teaching creates a transformative learning experience that drives students’ success.

Every journey at EduEdge begins with a Diagnostic Consultation Assessment (DCA) involving both parents and students. This personalised session provides a clear and quantifiable understanding of the child’s current abilities and identifies specific areas that need improvement. Many parents believe misconceptions like, “My child speaks English, but their test results aren’t great,” or “My child reads a lot, but the results aren’t improving.” The DCA dispels these misconceptions by pinpointing underlying issues in comprehension, writing or critical thinking. This tailored approach allows EduEdge to develop a plan for effective improvement, ensuring more conducive learning.

Parental involvement is a key aspect of the EduEdge approach. Regular feedback is provided via email, based on detailed marking of the child’s submitted work. This ensures parents stay up to date on their child’s progress. Post-lesson consultations are also available to address any specific concerns.

Committed to continuous innovation, EduEdge keeps refining its methods to ensure students receive quality education not just for exams but for lifelong success. As part of its forward-thinking approach, EduEdge is exploring the use of AI and cutting-edge technology to personalise learning for every student further and extend educational support beyond the classroom. These tools will help create a more adaptive learning environment that tracks progress, identifies areas for improvement in real time and provides tailored resources.

Additionally, EduEdge is expanding its reach with care, ensuring that high teaching quality is never diluted while maintaining accessibility for students and parents. With existing branches in Serangoon and Bukit Timah, EduEdge is set to open a new branch in Marine Parade, further increasing accessibility across Singapore while upholding the high standards that has made it one of the country’s leading English tuition specialists.

Experience the EduEdge difference today. Book a complimentary 60-minute DCA using the coupon code ELSUCCESS. Give your child, aged 10 to 18 (or Primary 4 to Junior College 2), the personalised support they need to improve their English skills and excel academically.

Media Contact

Edwin Edangelus Cheng

EduEdge English & GP Specialists

Website: https://eduedge.com.sg/DCA/

WhatsApp: https://wa.link/q77cvq

Email: admin@eduedge.com.sg

The MIL Network –

January 25, 2025

MIL-OSI Economics: Meeting the moment: Microsoft’s 2024 Impact Summary

Source: Microsoft

Headline: Meeting the moment: Microsoft’s 2024 Impact Summary

In the past year, we’ve witnessed remarkable examples of how AI can be applied to address some of the world’s most difficult problems—problems that until recently, we accepted as unsolvable either because the scale was too enormous (monitoring the health of the Amazon rainforest) or because getting powerful technology into the hands of everyday people was too expensive (diagnostic tools to detect disease in remote areas).

But it turns out that when you enable teams of scientists and engineers to develop creative AI-driven solutions designed and implemented with the input of local communities, governments, private companies, and NGOs, the results are astonishingly effective and efficient.

At Microsoft, we know that AI is going to be the driving, transformative force in the effort to bring education, healthcare, and opportunity to everyone, everywhere. But to realize our mission of empowering every person and every organization on the planet to achieve more in this AI era, we need to bring AI and the infrastructure that supports it to the areas of the world that were left behind in prior industrial revolutions.

That’s why, in addition to making AI investments in the past year in places like Australia, the UK, Germany, France, and the United States, we also went to Indonesia, Malaysia, Thailand, Kenya, Mexico, and Brazil. We aren’t doing this alone; we are partnering with governments, private companies, and NGOs to build infrastructure that will result in carbon-negative, water positive data centers as well as skilling courses to create meaningful employment.

None of this works without trust. Our business runs on trust, and it’s earned through an overriding commitment to security built into our products, openness to regulation, and transparency. This report details how we’re living up to our exacting standards in expanding opportunity, building trust, protecting fundamental rights, and advancing sustainability. There’s much more to do, but with AI and the collaborative power of billions of people worldwide, we will continue to tackle tough problems and solve them together.

MIL OSI Economics –

January 25, 2025

MIL-OSI: Fentura Financial, Inc. Announces Third Quarter 2024 Earnings (unaudited)

Source: GlobeNewswire (MIL-OSI)

Dollars in thousands except per share amounts. Certain items in the prior period financial statements have been reclassified to conform with the September 30, 2024 presentation.

FENTON, Mich., Oct. 25, 2024 (GLOBE NEWSWIRE) — Fentura Financial, Inc. (OTCQX: FETM) announces quarterly net income results of $867 and $5,637 for the three and nine months ended September 30, 2024, respectively.

Ronald L. Justice, President and CEO, stated, “We ended the 2024 third quarter with record total assets, deposits, and shareholders’ equity. These results are a testament to the continued hard work of our team members, and the local value we provide our Michigan communities. During the third quarter, we announced a merger with ChoiceOne Financial Services, Inc., pursuant to which ChoiceOne and Fentura will merge in an all-stock transaction. Once completed, the combination will create the third largest publicly traded bank in Michigan with approximately $4.3 billion in consolidated total assets and 56 offices in Western, Central and Southeastern Michigan. We continue to expect to close the transaction in the first quarter of 2025, subject to the satisfaction of customary closing conditions and regulatory approvals.”

Following is a discussion of our financial performance as of, and for the three and nine months ended September 30, 2024. At the end of this document is a list of abbreviations and acronyms.

Results of Operations (unaudited)
The following table outlines our QTD results of operations and provides certain performance measures as of, and for the three months ended:

	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
INCOME STATEMENT DATA
Interest income	$	22,194		$	21,487		$	21,541		$	21,033		$	20,416
Interest expense		10,202			9,650			9,315			8,526			7,757
Net interest income		11,992			11,837			12,226			12,507			12,659
Credit loss expense (reversal)		1,203			796			(43	)		(190	)		(309	)
Noninterest income		2,210			2,314			2,355			2,145			2,338
Noninterest expenses		11,974			10,921			11,166			10,121			10,594
Federal income tax expense		158			454			668			937			937
Net income	$	867		$	1,980		$	2,790		$	3,784		$	3,775
PER SHARE
Earnings	$	0.19		$	0.44		$	0.63		$	0.85		$	0.85
Dividends	$	0.11		$	0.11		$	0.11		$	0.10		$	0.10
Tangible book value⁽¹⁾	$	30.51		$	29.84		$	29.38		$	28.92		$	27.64
Quoted market value
High	$	40.00		$	24.39		$	27.20		$	27.20		$	23.74
Low	$	22.16		$	22.33		$	24.00		$	22.26		$	19.10
Close⁽¹⁾	$	39.07		$	22.50		$	24.40		$	27.20		$	23.74
PERFORMANCE RATIOS
Return on average assets		0.19	%		0.45	%		0.63	%		0.86	%		0.86	%
Return on average shareholders’ equity		2.37	%		5.59	%		7.98	%		11.11	%		11.27	%
Return on average tangible shareholders’ equity		2.54	%		5.98	%		8.55	%		11.94	%		12.14	%
Efficiency ratio		84.31	%		77.17	%		76.58	%		69.08	%		70.64	%
Yield on average earning assets (FTE)		5.17	%		5.18	%		5.15	%		5.06	%		4.92	%
Rate on interest bearing liabilities		3.28	%		3.22	%		3.11	%		2.90	%		2.66	%
Net interest margin to average earning assets (FTE)		2.80	%		2.85	%		2.92	%		3.01	%		3.05	%
BALANCE SHEET DATA⁽¹⁾
Total investment securities	$	99,724		$	100,167		$	103,210		$	107,615		$	109,543
Gross loans	$	1,442,389		$	1,459,929		$	1,461,465		$	1,473,471		$	1,483,720
Allowance for credit losses	$	14,700		$	15,300		$	15,300		$	15,400		$	15,400
Total assets	$	1,807,370		$	1,756,629		$	1,764,629		$	1,738,952		$	1,744,939
Total deposits	$	1,470,586		$	1,427,059		$	1,438,408		$	1,394,182		$	1,401,797
Borrowed funds	$	179,970		$	178,397		$	178,500		$	198,500		$	201,050
Total shareholders’ equity	$	146,398		$	143,301		$	141,074		$	138,702		$	132,902
Net loans to total deposits		97.08	%		101.23	%		100.54	%		104.58	%		104.75	%
Common shares outstanding		4,495,005			4,490,087			4,484,447			4,470,871			4,466,221
QTD BALANCE SHEET AVERAGES
Total assets	$	1,797,307		$	1,762,651		$	1,771,614		$	1,740,526		$	1,739,510
Earning assets	$	1,708,177		$	1,669,862		$	1,683,708		$	1,649,091		$	1,646,848
Interest bearing liabilities	$	1,237,665		$	1,204,370		$	1,205,162		$	1,165,064		$	1,156,835
Total shareholders’ equity	$	145,240		$	142,577		$	140,574		$	135,157		$	132,860
Total tangible shareholders’ equity	$	135,959		$	133,252		$	131,204		$	125,723		$	123,349
Earned common shares outstanding		4,466,951			4,461,580			4,449,376			4,443,463			4,437,415
Unvested stock grants		26,500			26,500			31,821			26,018			26,668
Total common shares outstanding		4,493,451			4,488,080			4,481,197			4,469,481			4,464,083
ASSET QUALITY
Nonperforming loans to gross loans ⁽¹⁾		0.71	%		0.66	%		0.39	%		0.38	%		0.24	%
Nonperforming assets to total assets ⁽¹⁾		0.58	%		0.56	%		0.34	%		0.35	%		0.23	%
Allowance for credit losses to gross loans ⁽¹⁾		1.02	%		1.05	%		1.05	%		1.05	%		1.04	%
Net charge-offs (recoveries) to QTD average gross loans		0.12	%		0.05	%		—	%	(0.01)%			(0.03)%
Credit loss expense (reversal) to QTD average gross loans		0.08	%		0.05	%		—	%	(0.01)%			(0.02)%
CAPITAL RATIOS⁽¹⁾
Total capital to risk weighted assets		12.48	%		12.38	%		12.27	%		11.91	%		11.59	%
Tier 1 capital to risk weighted assets		11.42	%		11.28	%		11.17	%		10.82	%		10.51	%
CET1 capital to risk weighted assets		10.40	%		10.28	%		10.17	%		9.83	%		9.53	%
Tier 1 leverage ratio		8.78	%		8.92	%		8.78	%		8.77	%		8.58	%

⁽¹⁾At end of period

The following table outlines our YTD results of operations and provides certain performance measures as of, and for the nine months ended (unaudited):

	9/30/2024			9/30/2023			9/30/2022			9/30/2021			9/30/2020
INCOME STATEMENT DATA
Interest income	$	65,222		$	58,648		$	41,438		$	35,161		$	34,355
Interest expense		29,167			19,561			3,122			2,091			4,952
Net interest income		36,055			39,087			38,316			33,070			29,403
Credit loss expense (reversal)		1,956			132			2,258			(218	)		4,652
Noninterest income		6,879			7,126			7,997			11,092			15,190
Noninterest expenses		34,061			32,547			30,870			27,815			23,939
Federal income tax expense		1,280			2,689			2,616			3,328			3,271
Net income	$	5,637		$	10,845		$	10,569		$	13,237		$	12,731
PER SHARE
Earnings	$	1.26		$	2.45		$	2.39		$	2.86		$	2.73
Dividends	$	0.33		$	0.3		$	0.27		$	0.24		$	0.225
Tangible book value⁽¹⁾	$	30.51		$	27.64		$	25.22		$	26.53		$	23.50
Quoted market value
High	$	40.00		$	24.10		$	29.25		$	27.40		$	26.00
Low	$	22.16		$	18.70		$	23.00		$	21.90		$	12.55
Close⁽¹⁾	$	39.07		$	23.74		$	23.00		$	25.75		$	16.93
PERFORMANCE RATIOS
Return on average assets		0.42	%		0.85	%		0.95	%		1.36	%		1.45	%
Return on average shareholders’ equity		5.27	%		11.15	%		11.71	%		14.55	%		15.79	%
Return on average tangible shareholders’ equity		5.64	%		12.03	%		12.75	%		15.00	%		16.40	%
Efficiency ratio		79.33	%		70.43	%		66.66	%		62.98	%		53.68	%
Yield on average earning assets (FTE)		5.17	%		4.84	%		3.99	%		3.83	%		4.12	%
Rate on interest bearing liabilities		3.20	%		2.35	%		0.49	%		0.37	%		0.93	%
Net interest margin to average earning assets (FTE)		2.86	%		3.23	%		3.69	%		3.60	%		3.52	%
BALANCE SHEET DATA⁽¹⁾
Total investment securities	$	99,724		$	109,543		$	129,886		$	138,476		$	78,179
Gross loans	$	1,442,389		$	1,483,720		$	1,350,851		$	1,015,177		$	1,060,885
Allowance for credit losses	$	14,700		$	15,400		$	12,200		$	10,500		$	10,100
Total assets	$	1,807,370		$	1,744,939		$	1,588,592		$	1,329,300		$	1,284,845
Total deposits	$	1,470,586		$	1,401,797		$	1,345,209		$	1,144,291		$	1,061,470
Borrowed funds	$	179,970		$	201,050		$	116,600		$	50,000		$	96,217
Total shareholders’ equity	$	146,398		$	132,902		$	121,630		$	124,809		$	114,081
Net loans to total deposits		97.08	%		104.75	%		99.51	%		87.80	%		98.99	%
Common shares outstanding		4,495,005			4,466,221			4,434,937			4,569,935			4,691,142
YTD BALANCE SHEET AVERAGES
Total assets	$	1,777,188		$	1,710,941		$	1,485,489		$	1,297,657		$	1,171,415
Earning assets	$	1,687,249		$	1,620,015		$	1,391,179		$	1,230,553		$	1,116,861
Interest bearing liabilities	$	1,215,731		$	1,111,687		$	858,600		$	748,472		$	711,449
Total shareholders’ equity	$	142,796		$	130,068		$	120,704		$	121,659		$	107,711
Total tangible shareholders’ equity	$	133,470		$	120,482		$	110,792		$	117,991		$	103,712
Earned common shares outstanding		4,459,303			4,428,963			4,425,818			4,630,709			4,665,951
Unvested stock grants		28,274			28,530			25,462			21,088			13,966
Total common shares outstanding		4,487,577			4,457,493			4,451,280			4,651,797			4,679,917
ASSET QUALITY
Nonperforming loans to gross loans ⁽¹⁾		0.71	%		0.24	%		0.12	%		0.82	%		0.07	%
Nonperforming assets to total assets ⁽¹⁾		0.58	%		0.23	%		0.12	%		0.63	%		0.06	%
Allowance for credit losses to gross loans ⁽¹⁾		1.02	%		1.04	%		0.90	%		1.03	%		0.95	%
Net charge-offs (recoveries) to YTD average gross loans		0.18	%	(0.03)%				0.05	%		0.02	%		0.03	%
Credit loss expense (reversal) to YTD average gross loans		0.13	%		0.01	%		0.19	%	(0.02)%				0.44	%
CAPITAL RATIOS⁽¹⁾
Total capital to risk weighted assets		12.48	%		11.59	%		10.96	%		13.63	%		15.57	%
Tier 1 capital to risk weighted assets		11.42	%		10.51	%		10.07	%		12.64	%		14.40	%
CET1 capital to risk weighted assets		10.40	%		9.53	%		9.04	%		11.33	%		12.77	%
Tier 1 leverage ratio		8.78	%		8.58	%		8.91	%		10.21	%		9.86	%

⁽¹⁾At end of period

Income Statement Breakdown and Analysis

	Quarter to Date
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Net income	$	867		$	1,980		$	2,790		$	3,784		$	3,775
Acquisition related items (net of tax)
Other acquisition related expenses		753			—			—			—			—
Amortization of core deposit intangibles		35			34			36			60			60
Total acquisition related items (net of tax)		788			34			36			60			60
Other nonrecurring items (net of tax)
Proxy contest related expenses		—			—			—			—			—
Prepayment penalties collected		(24	)		(40	)		(58	)		(85	)		(29	)
Total other nonrecurring items (net of tax)		(24	)		(40	)		(58	)		(85	)		(29	)
Adjusted net income from operations	$	1,631		$	1,974		$	2,768		$	3,759		$	3,806

Net interest income	$	11,992		$	11,837		$	12,226		$	12,507		$	12,659
Prepayment penalties collected		(31	)		(51	)		(73	)		(107	)		(37	)
Adjusted net interest income	$	11,961		$	11,786		$	12,153		$	12,400		$	12,622

PERFORMANCE RATIOS
Based on adjusted net income from operations
Earnings per share	$	0.37		$	0.44		$	0.62		$	0.85		$	0.86
Return on average assets		0.36	%		0.45	%		0.63	%		0.86	%		0.87	%
Return on average shareholders’ equity		4.47	%		5.57	%		7.92	%		11.03	%		11.37	%
Return on average tangible shareholders’ equity		4.77	%		5.96	%		8.49	%		11.86	%		12.24	%
Efficiency ratio		77.45	%		77.15	%		76.65	%		69.06	%		70.31	%

Based on adjusted net interest income
Yield on average earning assets (FTE)		5.16	%		5.17	%		5.13	%		5.03	%		4.91	%
Rate on interest bearing liabilities		3.28	%		3.22	%		3.11	%		2.90	%		2.66	%
Net interest margin to average earning assets (FTE)		2.79	%		2.84	%		2.90	%		2.98	%		3.04	%

	Year to Date September 30						Variance
		2024			2023		Amount			%
Net income	$	5,637		$	10,845		$	(5,208	)	(48.02)%
Acquisition related items (net of tax)
Other acquisition related expenses		753			—			753		N/M
Amortization of core deposit intangibles		105			180			(75	)	(41.67)%
Total acquisition related items (net of tax)		858			180			678		376.67	%
Other nonrecurring items (net of tax)
Proxy contest related expenses		—			413			(413	)	(100.00)%
Prepayment penalties collected		(122	)		(133	)		11		(8.27)%
Total other nonrecurring items (net of tax)		(122	)		280			(402	)	(143.57)%
Adjusted net income from operations	$	6,373		$	11,305		$	(4,932	)	(43.63)%

Net interest income	$	36,055		$	39,087		$	(3,032	)	(7.76)%
Prepayment penalties collected		(155	)		(169	)		14		(8.28)%
Adjusted net interest income	$	35,900		$	38,918		$	(3,018	)	(7.75)%

PERFORMANCE RATIOS
Based on adjusted net income from operations
Earnings per share	$	1.43		$	2.55		$	(1.12	)	(43.92)%
Return on average assets		0.48	%		0.88	%				(0.40)%
Return on average shareholders’ equity		5.96	%		11.62	%				(5.66)%
Return on average tangible shareholders’ equity		6.38	%		12.55	%				(6.17)%
Efficiency ratio		77.08	%		69.06	%				8.02	%

Based on adjusted net interest income
Yield on average earning assets (FTE)		5.16	%		4.83	%				0.33	%
Rate on interest bearing liabilities		3.20	%		2.35	%				0.85	%
Net interest margin to average earning assets (FTE)		2.85	%		3.22	%				(0.37)%

Average Balances, Interest Rate, and Net Interest Income

The following tables present the daily average amount outstanding for each major category of interest earning assets, nonearning assets, interest bearing liabilities, and noninterest bearing liabilities. These tables also present an analysis of interest income and interest expense for the periods indicated. All interest income is reported on a FTE basis using a federal income tax rate of 21%. Loans in nonaccrual status, for the purpose of the following computations, are included in the average loan balances.

Net interest income is the amount by which interest income on earning assets exceeds the interest expenses on interest bearing liabilities. Net interest income, which includes loan fees, is influenced by changes in the balance and mix of assets and liabilities and market interest rates. We exert some control over these factors; however, FRB monetary policy and competition have a significant impact. For analytical purposes, net interest income is adjusted to a FTE basis by adding the income tax savings from interest on tax exempt loans, and nontaxable investment securities, thus making period-to-period comparisons more meaningful.

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance			Tax Equivalent Interest		Average Yield / Rate		Average Balance			Tax Equivalent Interest		Average Yield / Rate		Average Balance			Tax Equivalent Interest		Average Yield / Rate
Interest earning assets
Total loans	$	1,450,371		$	19,599	5.38	%	$	1,462,362		$	19,550	5.38	%	$	1,477,343		$	19,170	5.15	%
Taxable investment securities		89,175			335	1.49	%		89,751			350	1.57	%		101,549			397	1.55	%
Nontaxable investment securities		10,580			57	2.14	%		11,059			62	2.25	%		12,670			70	2.19	%
Interest earning cash and cash equivalents		148,872			2,023	5.41	%		97,511			1,331	5.49	%		43,865			594	5.37	%
Federal Home Loan Bank stock		9,179			192	8.32	%		9,179			207	9.07	%		11,421			199	6.91	%
Total earning assets		1,708,177			22,206	5.17	%		1,669,862			21,500	5.18	%		1,646,848			20,430	4.92	%

Nonearning assets
Allowance for credit losses		(15,282	)						(15,300	)						(15,503	)
Premises and equipment, net		13,514							13,964							15,210
Accrued income and other assets		90,898							94,125							92,955
Total assets	$	1,797,307						$	1,762,651						$	1,739,510

Interest bearing liabilities
Interest bearing demand deposits	$	460,256		$	4,054	3.50	%	$	429,141		$	3,745	3.51	%	$	416,500		$	3,230	3.08	%
Savings deposits		261,620			416	0.63	%		266,731			408	0.62	%		290,939			429	0.59	%
Time deposits		336,570			3,865	4.57	%		330,024			3,756	4.58	%		248,389			2,280	3.64	%
Borrowed funds		179,219			1,867	4.14	%		178,474			1,741	3.92	%		201,007			1,818	3.59	%
Total interest bearing liabilities		1,237,665			10,202	3.28	%		1,204,370			9,650	3.22	%		1,156,835			7,757	2.66	%

Noninterest bearing liabilities
Noninterest bearing deposits		402,274							405,985							435,398
Accrued interest and other liabilities		12,128							9,719							14,417
Shareholders’ equity		145,240							142,577							132,860
Total liabilities and shareholders’ equity	$	1,797,307						$	1,762,651						$	1,739,510
Net interest income (FTE)				$	12,004						$	11,850						$	12,673
Net interest margin to earning assets (FTE)						2.80	%						2.85	%						3.05	%

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance			Tax Equivalent Interest		Average Yield / Rate		Average Balance			Tax Equivalent Interest		Average Yield / Rate
Interest earning assets
Total loans	$	1,461,289		$	58,758	5.37	%	$	1,464,959		$	55,749	5.09	%
Taxable investment securities		91,041			1,044	1.53	%		106,158			1,250	1.57	%
Nontaxable investment securities		11,200			186	2.22	%		13,403			227	2.26	%
Interest earning cash and cash equivalents		114,540			4,673	5.45	%		24,484			955	5.21	%
Federal Home Loan Bank stock		9,179			600	8.73	%		11,011			515	6.25	%
Total earning assets		1,687,249			65,261	5.17	%		1,620,015			58,696	4.84	%

Nonearning assets
Allowance for credit losses		(15,328	)						(15,290	)
Premises and equipment, net		13,957							15,342
Accrued income and other assets		91,310							90,874
Total assets	$	1,777,188						$	1,710,941

Interest bearing liabilities
Interest bearing demand deposits	$	436,997		$	11,358	3.47	%	$	385,316		$	7,927	2.75	%
Savings deposits		266,883			1,237	0.62	%		312,762			1,336	0.57	%
Time deposits		331,113			11,265	4.54	%		196,838			4,595	3.12	%
Borrowed funds		180,738			5,307	3.92	%		216,771			5,703	3.52	%
Total interest bearing liabilities		1,215,731			29,167	3.20	%		1,111,687			19,561	2.35	%

Noninterest bearing liabilities
Noninterest bearing deposits		408,449							455,069
Accrued interest and other liabilities		10,212							14,117
Shareholders’ equity		142,796							130,068
Total liabilities and shareholders’ equity	$	1,777,188						$	1,710,941
Net interest income (FTE)				$	36,094						$	39,135
Net interest margin to earning assets (FTE)						2.86	%						3.23	%

Volume and Rate Variance Analysis

The following table sets forth the effect of volume and rate changes on interest income and expense for the periods indicated. For the purpose of this table, changes in interest due to volume and rate were determined as follows:

Volume – change in volume multiplied by the previous period’s rate.
Rate – change in the FTE rate multiplied by the previous period’s volume.

The change in interest due to both volume and rate has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.

	Three Months Ended									Three Months Ended									Nine Months Ended
	September 30, 2024									September 30, 2024									September 30, 2024
	Compared To									Compared To									Compared To
	June 30, 2024									September 30, 2023									September 30, 2023
	Increase (Decrease) Due to									Increase (Decrease) Due to									Increase (Decrease) Due to
	Volume			Rate			Net			Volume			Rate			Net			Volume			Rate			Net
Changes in interest income
Total loans	$	49		$	—		$	49		$	(1,847	)	$	2,276		$	429		$	(227	)	$	3,236		$	3,009
Taxable investment securities		(2	)		(13	)		(15	)		(47	)		(15	)		(62	)		(175	)		(31	)		(206	)
Nontaxable investment securities		(2	)		(3	)		(5	)		(12	)		(1	)		(13	)		(37	)		(4	)		(41	)
Interest earning cash and cash equivalents		825			(133	)		692			1,424			5			1,429			3,672			46			3,718
Federal Home Loan Bank stock		—			(15	)		(15	)		(161	)		154			(7	)		(137	)		222			85
Total changes in interest income		870			(164	)		706			(643	)		2,419			1,776			3,096			3,469			6,565

Changes in interest expense
Interest bearing demand deposits		380			(71	)		309			359			465			824			1,162			2,269			3,431
Savings deposits		(25	)		33			8			(147	)		134			(13	)		(258	)		159			(99	)
Time deposits		158			(49	)		109			922			663			1,585			4,001			2,669			6,670
Borrowed funds		9			117			126			(896	)		945			49			(1,265	)		869			(396	)
Total changes in interest expense		522			30			552			238			2,207			2,445			3,640			5,966			9,606
Net change in net interest income (FTE)	$	348		$	(194	)	$	154		$	(881	)	$	212		$	(669	)	$	(544	)	$	(2,497	)	$	(3,041	)

	Average Yield/Rate for the Three Months Ended
	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Total earning assets	5.17	%	5.18	%	5.15	%	5.06	%	4.92	%
Total interest bearing liabilities	3.28	%	3.22	%	3.11	%	2.90	%	2.66	%
Net interest margin to earning assets (FTE)	2.80	%	2.85	%	2.92	%	3.01	%	3.05	%

	Quarter to Date Net Interest Income (FTE)
	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Interest income	$	22,194	$	21,487	$	21,541	$	21,033	$	20,416
FTE adjustment		12		13		14		14		14
Total interest income (FTE)		22,206		21,500		21,555		21,047		20,430
Total interest expense		10,202		9,650		9,315		8,526		7,757
Net interest income (FTE)	$	12,004	$	11,850	$	12,240	$	12,521	$	12,673

Noninterest Income

	Three Months Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Service charges and fees
Trust and investment services		619			607			641			433			572
ATM and debit card		541			545			512			549			568
Service charges on deposit accounts		163			162			140			211			244
Total		1,323			1,314			1,293			1,193			1,384
Net gain on sales of residential mortgage loans		211			177			143			96			164
Net gain on sales of commercial loans		133			98			296			226			—
Change in fair value of equity investments		33			(3	)		(10	)		42			(28	)
Changes in the fair value of MSR		(175	)		(44	)		(96	)		(108	)		119
Other
Mortgage servicing fees		389			386			394			398			398
Change in cash surrender value of corporate owned life insurance		206			207			204			192			181
Other		90			179			131			106			120
Total		685			772			729			696			699
Total noninterest income	$	2,210		$	2,314		$	2,355		$	2,145		$	2,338

Memo items:
Residential mortgage operations	$	425		$	519		$	441		$	386		$	681

	Nine Months Ended September 30						Variance
		2024			2023		Amount			%
Service charges and fees
Trust and investment services	$	1,867		$	1,704		$	163		9.57	%
ATM and debit card		1,598			1,669			(71	)	(4.25)%
Service charges on deposit accounts		465			686			(221	)	(32.22)%
Total		3,930			4,059			(129	)	(3.18)%
Net gain on sales of residential mortgage loans		531			523			8		1.53	%
Net gain on sales of commercial loans		527			95			432		454.74	%
Change in fair value of equity investments		20			(29	)		49		(168.97)%
Changes in the fair value of MSR		(315	)		218			(533	)	(244.50)%
Other
Mortgage servicing fees		1,169			1,210			(41	)	(3.39)%
Change in cash surrender value of corporate owned life insurance		617			531			86		16.20	%
Other		400			519			(119	)	(22.93)%
Total		2,186			2,260			(74	)	(3.27)%
Total noninterest income	$	6,879		$	7,126		$	(247	)	(3.47)%

Memo items:
Residential mortgage operations	$	1,385		$	1,951		$	(566	)	(29.01)%

Residential Mortgage Operations

Residential mortgage operations includes net gains on sales of loans, changes in the fair value of mortgage servicing rights, and mortgage servicing fees.

Net gain on sales of residential mortgage loans represents the income earned on the sale of residential mortgage loans into the secondary market. Although elevated interest rates and limited inventories have significantly driven down the volume of new originations and refinancing activity, we continue to actively sell residential mortgage loans into the secondary market. During the third quarter of 2024, residential mortgage originations sold into the secondary market totaled $10,722.

Changes in the fair value of MSR are highly correlated to changes in interest rates and prepayment speeds. During the third quarter of 2024, the fair value of the servicing portfolio decreased primarily due to a decline in the size of the servicing portfolio, as the portfolio declined by $4,741. Mortgage servicing rights are expected to continue to decline due to likely further reductions in the size of our servicing portfolio as paydowns and maturities are expected to outpace new originations.

Mortgage servicing fees includes the fees earned for servicing loans that have been sold into the secondary market. The annual decrease in mortgage servicing fees is directly related to the size of the serviced portfolio. Due to reduced levels of secondary market originations and prepayments, the serviced loan portfolio declined by $22,584, or 3.58%, since September 30, 2023. We expect mortgage servicing fees to trend modestly downward in future periods due to decreased secondary market originations.

All Other Noninterest Income

Trust and investment services includes income earned from contracts with customers to manage assets for investment and/or to transact on their accounts through the wealth management and trust department. Trust services and wealth management fees are subject to market fluctuations and interest rate changes. We expect trust and investment services fees to modestly increase in future periods.

ATM and debit card income represents fees earned on ATM and debit card transactions. We expect these fees to approximate current levels in 2024.

Service charges on deposit accounts includes fees earned from deposit customers for transaction-based charges, account maintenance and overdraft services. These charges have declined in 2024 due to a reduced level of NSF fees charged to customers based on regulatory guidance and overall industry trends. Service charges on deposit accounts are expected to approximate current levels throughout the remainder of the year.

Net gain on sales of commercial loans represents the income earned from the sale of commercial loans into the secondary market. Throughout 2024, we sold the guaranteed portion of select SBA loans. We anticipate this strategy to continue throughout the remainder of the year.

Change in cash surrender value of corporate owned life insurance is expected to modestly increase throughout 2024.

Other includes miscellaneous other income items, none of which are individually significant.

Noninterest Expenses

	Three Months Ended
	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Compensation and benefits	$	5,839	$	5,842	$	6,066	$	5,521	$	5,592
Professional services		799		963		894		695		726
Furniture and equipment		668		689		727		696		668
Occupancy		622		605		623		610		591
Data processing		751		490		547		505		576
Loan and collection		349		425		322		301		232
Advertising and promotional		312		337		348		139		506
Other
Acquisition related expenses		953		—		—		—		—
FDIC insurance premiums		275		327		299		270		330
ATM and debit card		214		188		171		158		153
Telephone and communication		95		86		109		103		115
Amortization of core deposit intangibles		44		44		45		76		75
Other general and administrative		1,053		925		1,015		1,047		1,030
Total		2,634		1,570		1,639		1,654		1,703
Total noninterest expenses	$	11,974	$	10,921	$	11,166	$	10,121	$	10,594

	Nine Months Ended September 30				Variance
		2024		2023	Amount			%
Compensation and benefits	$	17,747	$	16,876	$	871		5.16	%
Professional services		2,656		2,729		(73	)	(2.67)%
Furniture and equipment		2,084		2,079		5		0.24	%
Occupancy		1,850		1,815		35		1.93	%
Data processing		1,788		1,654		134		8.10	%
Loan and collection		1,096		929		167		17.98	%
Advertising and promotional		997		1,466		(469	)	(31.99)%
Other
Acquisition related expenses		953		—		953		N/M
FDIC insurance premiums		901		861		40		4.65	%
ATM and debit card		573		493		80		16.23	%
Telephone and communication		290		334		(44	)	(13.17)%
Amortization of core deposit intangibles		133		227		(94	)	(41.41)%
Other general and administrative		2,993		3,084		(91	)	(2.95)%
Total		5,843		4,999		844		16.88	%
Total noninterest expenses	$	34,061	$	32,547	$	1,514		4.65	%

Compensation and benefits includes salaries, commissions and incentives, employee benefits, and payroll taxes. Compensation and benefits has increased in 2024 due to an increase in the size of the organization, merit increases, and market based adjustments. We expect a modest increase in overall compensation and benefits throughout the remainder of 2024.

Professional services include expenses relating to third-party professional services. These services include, but are not limited to, regulatory, auditing, consulting, and legal. Professional services expenses are expected to approximate current levels in future periods.

Furniture and equipment and occupancy expenses primarily consist of depreciation, repairs and maintenance, certain service contracts, and other related items. These expenses are expected to approximate current levels throughout the remainder of 2024.

Data processing primarily includes the expenses relating to our core data processor. The increase in data processing in the third quarter of 2024 is primarily due to the loss of incentive credits from our core data processor following our proposed merger announcement. Data processing expenses are expected to modestly increase throughout 2024 due to annual contractual increases from our core data processor.

Loan and collection includes expenses related to the origination and collection of loans. The increase in such expenses in 2024 is due to increased levels of home ownership grants. Loan and collection expenses are expected to approximate current levels in future periods as loan growth is expected to approximate current levels.

Advertising and promotional expenses includes media costs and any donations or sponsorships. These expenses also include marketing efforts to attract new and expand existing customer loan and deposit account relationships. Total advertising and promotional expenses have declined in 2024 due to the expiration of certain long-term sponsorship commitments. Advertising and promotional expenses are expected to approximate current levels in future periods.

Acquisition related expenses includes expenses related to our proposed merger with ChoiceOne Financial Services, Inc., which was announced during the third quarter of 2024. These expenses include services rendered for investment banking, legal and accounting. We expect to incur additional acquisition related expenses in future periods.

FDIC insurance premiums typically fluctuate each period based on the size of the balance sheet, capital position and overall risk profile. FDIC insurance premiums are expected to approximate current levels in future periods.

ATM and debit card expenses fluctuate based on customer and non-customer utilization of ATMs and customer debit card volumes. We expect these fees to approximate current levels in future periods.

Telephone and communication includes expenses relating to our communication systems. These expenses are expected to approximate current levels in future periods.

Amortization of core deposit intangibles relates to the core deposits acquired from Community Bancorp, Inc. on December 31, 2016 and FSB on December 1, 2021. These core deposit intangibles are being amortized using an accelerated sum-of-years-digits method over their estimated useful lives of seven years. The core deposit intangibles associated with the acquisition of Community Bancorp, Inc. were fully amortized as of December 31, 2023. The core deposit intangibles associated with the acquisition of FSB will be amortized through 2028.

Other general and administrative includes miscellaneous other expense items. Other general and administrative expenses are expected to approximate current levels in future periods.

Balance Sheet Breakdown and Analysis

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
ASSETS
Cash and due from banks	$	199,717	$	128,590	$	132,349	$	90,661	$	83,365
Total investment securities		99,724		100,167		103,210		107,615		109,543
Residential mortgage loans held-for-sale, at fair value		1,861		2,440		1,067		747		1,037
Gross loans		1,442,389		1,459,929		1,461,465		1,473,471		1,483,720
Less allowance for credit losses		14,700		15,300		15,300		15,400		15,400
Net loans		1,427,689		1,444,629		1,446,165		1,458,071		1,468,320
All other assets		78,379		80,803		81,838		81,858		82,674
Total assets	$	1,807,370	$	1,756,629	$	1,764,629	$	1,738,952	$	1,744,939

LIABILITIES AND SHAREHOLDERS’ EQUITY
Total deposits	$	1,470,586	$	1,427,059	$	1,438,408	$	1,394,182	$	1,401,797
Total borrowed funds		179,970		178,397		178,500		198,500		201,050
Accrued interest payable and other liabilities		10,416		7,872		6,647		7,568		9,190
Total liabilities		1,660,972		1,613,328		1,623,555		1,600,250		1,612,037
Total shareholders’ equity		146,398		143,301		141,074		138,702		132,902
Total liabilities and shareholders’ equity	$	1,807,370	$	1,756,629	$	1,764,629	$	1,738,952	$	1,744,939

	9/30/2024 vs 6/30/2024					9/30/2024 vs 9/30/2023
	Variance					Variance
	Amount			%		Amount			%
ASSETS
Cash and due from banks	$	71,127		55.31	%	$	116,352		139.57	%
Total investment securities		(443	)	(0.44)%			(9,819	)	(8.96)%
Residential mortgage loans held-for-sale, at fair value		(579	)	(23.73)%			824		79.46	%
Gross loans		(17,540	)	(1.20)%			(41,331	)	(2.79)%
Less allowance for credit losses		(600	)	(3.92)%			(700	)	(4.55)%
Net loans		(16,940	)	(1.17)%			(40,631	)	(2.77)%
All other assets		(2,424	)	(3.00)%			(4,295	)	(5.20)%
Total assets	$	50,741		2.89	%	$	62,431		3.58	%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Total deposits	$	43,527		3.05	%	$	68,789		4.91	%
Total borrowed funds		1,573		0.88	%		(21,080	)	(10.48)%
Accrued interest payable and other liabilities		2,544		32.32	%		1,226		13.34	%
Total liabilities		47,644		2.95	%		48,935		3.04	%
Total shareholders’ equity		3,097		2.16	%		13,496		10.15	%
Total liabilities and shareholders’ equity	$	50,741		2.89	%	$	62,431		3.58	%

Cash and due from banks

	9/30/2024		6/30/2024			3/31/2024		12/31/2023		9/30/2023
Cash and due from banks
Noninterest bearing	$	37,871	$	35,437		$	26,128	$	29,997	$	35,121
Interest bearing		161,846		93,153			106,221		60,664		48,244
Total	$	199,717	$	128,590		$	132,349	$	90,661	$	83,365

	9/30/2024 vs 6/30/2024							9/30/2024 vs 9/30/2023
	Variance							Variance
	Amount		%					Amount		%
Cash and due from banks
Noninterest bearing	$	2,434		6.87	%			$	2,750		7.83	%
Interest bearing		68,693		73.74	%				113,602		235.47	%
Total	$	71,127		55.31	%			$	116,352		139.57	%

Cash and due from banks fluctuates from period to period based on loan demand and variances in deposit account balances.

Primary and secondary liquidity sources

The following table outlines our primary and secondary sources of liquidity as of:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Cash and cash equivalents	$	199,717	$	128,590	$	132,349	$	90,661	$	83,365
Fair value of unpledged investment securities		77,019		74,775		73,680		80,247		82,103
FHLB borrowing availability		190,000		190,000		190,000		170,000		170,000
Unsecured lines of credit		23,000		23,000		23,000		20,000		20,000
Funds available through the Fed Discount Window		109		106		107		111		110
Parent company line of credit		5,100		7,000		3,500		3,500		950
Total liquidity sources	$	494,945	$	423,471	$	422,636	$	364,519	$	356,528

The increase in cash and cash equivalents as of September 30, 2024 was due to an increase in total deposits (see “Total deposits” below).

In addition to the above liquidity sources, we also have the option of utilizing wholesale funding sources, such as brokered NOW accounts, brokered time deposits, and internet time deposits. Although wholesale funding sources are typically more expensive than core deposits and other liquidity sources, they are an integral part of our overall asset and liability management strategy.

Investment securities

	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Available-for-sale
U.S. Government and federal agency	$	19,432		$	20,430		$	20,427		$	22,425		$	23,420
State and municipal		18,997			19,108			20,403			20,460			20,992
Mortgage backed residential		44,086			45,808			47,505			49,076			50,786
Certificates of deposit		2,234			2,481			2,729			2,728			3,956
Collateralized mortgage obligations – agencies		21,640			22,213			22,778			23,320			24,062
Unrealized gain/(loss) on available-for-sale securities		(8,798	)		(12,179	)		(13,027	)		(12,760	)		(15,958	)
Total available-for-sale		97,591			97,861			100,815			105,249			107,258
Held-to-maturity state and municipal		535			791			877			878			879
Equity securities		1,598			1,515			1,518			1,488			1,406
Total investment securities	$	99,724		$	100,167		$	103,210		$	107,615		$	109,543

	9/30/2024 vs 6/30/2024									9/30/2024 vs 9/30/2023
	Variance									Variance
	Amount			%						Amount			%
Available-for-sale
U.S. Government and federal agency		(998	)	(4.88)%						$	(3,988	)	(17.03)%
State and municipal		(111	)	(0.58)%							(1,995	)	(9.50)%
Mortgage backed residential		(1,722	)	(3.76)%							(6,700	)	(13.19)%
Certificates of deposit		(247	)	(9.96)%							(1,722	)	(43.53)%
Collateralized mortgage obligations – agencies		(573	)	(2.58)%							(2,422	)	(10.07)%
Unrealized gain/(loss) on available-for-sale securities		3,381		(27.76)%							7,160		(44.87)%
Total available-for-sale		(270	)	(0.28)%							(9,667	)	(9.01)%
Held-to-maturity state and municipal		(256	)	(32.36)%							(344	)	(39.14)%
Equity securities		83			5.48	%					192			13.66	%
Total investment securities	$	(443	)	(0.44)%						$	(9,819	)	(8.96)%

The amortized cost and fair value of AFS investment securities as of September 30, 2024 were as follows:

	Maturing
	Due in One Year or Less		After One Year But Within Five Years		After Five Years But Within Ten Years		After Ten Years		Securities with Variable Monthly Payments or Noncontractual Maturities		Total
U.S. Government and federal agency	$	6,481	$	12,951	$	—	$	—	$	—	$	19,432
State and municipal		1,624		15,190		1,113		1,070		—		18,997
Mortgage backed residential		—								44,086		44,086
Certificates of deposit		2,234		—		—		—		—		2,234
Collateralized mortgage obligations – agencies		—		—		—		—		21,640		21,640
Total amortized cost	$	10,339	$	28,141	$	1,113	$	1,070	$	65,726	$	106,389
Fair value	$	10,111	$	26,620	$	1,017	$	1,001	$	58,842	$	97,591

The amortized cost and fair value of HTM investment securities as of September 30, 2024 were as follows:

	Maturing
	Due in One Year or Less		After One Year But Within Five Years		After Five Years But Within Ten Years		After Ten Years		Securities with Variable Monthly Payments or Noncontractual Maturities		Total
State and municipal	$	85	$	295	$	155	$	—	$	—	$	535
Fair value	$	84	$	290	$	152	$	—	$	—	$	526

Total investment securities have declined in recent periods primarily due to maturities and prepayments. As a result of overall market conditions, we have not replenished maturing securities with new purchases.

Residential mortgage loans held-for-sale, at fair value

Loans HFS represent the fair value of loans that have been committed to be sold to the secondary market, but have not yet been delivered. The level of loans HFS fluctuates based on loan demand as well as the timing of loan deliveries to the secondary market.

Loans and allowance for credit losses

As outlined in the following tables, our loan portfolio has strategically declined throughout the past 12 months. As a result of current market conditions, we expect minimal loan growth throughout the remainder of 2024. Specifically, our commercial pipeline has declined significantly, and the requests that are being presented are lower dollar balances and often carry an SBA guarantee.

The following tables outline the composition and changes in the loan portfolio as of:

	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Commercial and industrial	$	109,188		$	120,331		$	114,772		$	118,089		$	125,330
Commercial real estate		855,270			864,200			867,270			870,693			874,870
Total commercial loans		964,458			984,531			982,042			988,782			1,000,200
Residential mortgage		419,140			418,403			426,762			431,836			431,740
Home equity		55,475			53,133			48,568			48,380			47,069
Total residential real estate loans		474,615			471,536			475,330			480,216			478,809
Consumer		3,316			3,862			4,093			4,473			4,711
Gross loans		1,442,389			1,459,929			1,461,465			1,473,471			1,483,720
Allowance for credit losses		(14,700	)		(15,300	)		(15,300	)		(15,400	)		(15,400	)
Loans, net	$	1,427,689		$	1,444,629		$	1,446,165		$	1,458,071		$	1,468,320

Memo items:
Residential mortgage loans serviced for others	$	609,113		$	613,854		$	619,160		$	624,765		$	631,697

	9/30/2024 vs 6/30/2024									9/30/2024 vs 9/30/2023
	Variance									Variance
	Amount			%						Amount			%
Commercial and industrial	$	(11,143	)	(9.26)%						$	(16,142	)	(12.88)%
Commercial real estate		(8,930	)	(1.03)%							(19,600	)	(2.24)%
Total commercial loans		(20,073	)	(2.04)%							(35,742	)	(3.57)%
Residential mortgage		737			0.18	%					(12,600	)	(2.92)%
Home equity		2,342			4.41	%					8,406			17.86	%
Total residential real estate loans		3,079			0.65	%					(4,194	)	(0.88)%
Consumer		(546	)	(14.14)%							(1,395	)	(29.61)%
Gross loans		(17,540	)	(1.20)%							(41,331	)	(2.79)%
Allowance for credit losses		600		(3.92)%							700		(4.55)%
Loans, net	$	(16,940	)	(1.17)%						$	(40,631	)	(2.77)%

Memo items:
Residential mortgage loans serviced for others	$	(4,741	)	(0.77)%						$	(22,584	)	(3.58)%

The following table presents historical loan balances by portfolio segment as of:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Loans collectively evaluated
Commercial and industrial	$	102,523	$	113,254	$	112,542	$	115,665	$	124,860
Commercial real estate		854,038		864,026		867,270		870,524		874,701
Residential mortgage		416,864		416,130		423,881		429,109		428,927
Home equity		55,416		53,056		48,388		48,136		46,898
Consumer		3,325		3,862		4,093		4,473		4,711
Subtotal		1,432,166		1,450,328		1,456,174		1,467,907		1,480,097
Loans individually evaluated
Commercial and industrial		6,665		7,077		2,230		2,424		470
Commercial real estate		1,232		174		—		169		169
Residential mortgage		2,276		2,273		2,881		2,727		2,813
Home equity		48		77		180		244		171
Consumer		2		—		—		—		—
Subtotal		10,223		9,601		5,291		5,564		3,623
Gross Loans	$	1,442,389	$	1,459,929	$	1,461,465	$	1,473,471	$	1,483,720

The following table presents historical allowance for credit losses allocations by portfolio segment as of:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Allowance for credit losses for collectively evaluated loans
Commercial and industrial	$	1,436	$	1,434	$	1,300	$	1,407	$	1,362
Commercial real estate		8,347		8,903		8,359		8,467		8,703
Residential mortgage		4,131		4,133		4,202		4,409		4,439
Home equity		348		327		305		321		315
Consumer		51		80		38		44		36
Unallocated		—		—		670		355		294
Subtotal		14,313		14,877		14,874		15,003		15,149
Allowance for credit losses for individually evaluated loans
Commercial and industrial		385		423		423		363		248
Commercial real estate		—		—		—		—		—
Residential mortgage		—		—		3		34		3
Home equity		—		—		—		—		—
Consumer		2		—		—		—		—
Unallocated		—		—		—		—		—
Subtotal		387		423		426		397		251
Allowance for credit losses	$	14,700	$	15,300	$	15,300	$	15,400	$	15,400

Commercial and industrial	$	1,784	$	1,857	$	1,723	$	1,770	$	1,610
Commercial real estate		8,347		8,903		8,359		8,467		8,703
Residential mortgage		4,131		4,133		4,205		4,443		4,442
Home equity		348		327		305		321		315
Consumer		53		80		38		44		36
Unallocated		—		—		670		355		294
Allowance for credit losses	$	14,700	$	15,300	$	15,300	$	15,400	$	15,400

Loan concentration analysis

As a result of current economic conditions, there continues to be a heightened focus in the financial industry for non-owner occupied commercial real estate loans, most specifically retail and office space industries. While we continue to monitor various industries that have been impacted by the pandemic, we also continue to monitor the effects of inflation, supply chain disruption, elevated interest rates, and office space usage associated with an increased remote workforce. The overall credit quality indicators of non-owner occupied commercial real estate loan portfolio have remained strong. Performance is based on debt service coverage ratio, loan to value ratio and payment trends. As of September 30, 2024, there were no delinquencies in the non-owner occupied commercial real estate loan portfolio. We expect the non-owner occupied commercial real estate loan portfolio to experience insignificant growth, if any, in future periods.

Within the net lease and retail strip center non-owner occupied commercial real estate pools, we have exposure to Rite Aid. During the fourth quarter of 2023, Rite Aid, which operates over 2,000 retail pharmacies across 17 states, filed for Chapter 11 bankruptcy protection. During the third quarter of 2024, Rite Aid announced that it successfully emerged from bankruptcy protection and will now operate as a private company. However, all Rite Aid stores in Michigan were closed as part of the company’s restructuring. As a result, one commercial real estate loan was partially charged off and its remaining balance was moved to nonaccrual status during the third quarter of 2024. We continue to actively monitor five remaining loans previously associated with Rite Aid.

With the ongoing pressures on the office sector due to remote work capabilities and less required office space, we continue to monitor the office pool more closely for potential deterioration. It is not expected that there will be much, if any, impact on portfolio performance in this pool in the near future due to existing lease terms, tenant mix, office size, and strong underwriting at origination. Due to current economic uncertainty and the pressures noted above, it is unlikely that we will seek new loan originations in the non-owner occupied office pool in 2024.

Below is a description of each industry pool within the non-owner occupied commercial real estate loan portfolio:

Net lease: Loans in this pool represent national credit tenants (or franchisees of the same) or large regional tenants with excellent credit. These loans are typically single tenant net lease credits with strong debt service coverage ratios and lease terms that extend beyond the maturity of the loan.

Retail strip centers: Loans in this pool represent loans collateralized by retail strip centers. The tenant base within this pool consists primarily of retail space whose average lease periods run between one and ten years. Larger strip centers are usually anchored by a national or regional tenant. Guarantors in this category typically have large liquid reserves.

Office: Loans in this pool represent loans collateralized by non-owner occupied office buildings. The tenant base includes legal and other professional services whose average lease periods run from three to fifteen years.

Special use: Loans in this pool represent loans collateralized by special use buildings, which include hotels, motels, assisted living and nursing homes that are not classified as construction or SBA loans.

Industrial: Loans in this pool represent investment properties used for manufacturing and production.

Medical office: Loans in this pool represent loans collateralized by non-owner occupied medical office buildings. The tenant base includes medical services whose average lease periods run from three to fifteen years.

Self storage: Loans in this pool represent self storage buildings. Loan terms are generally five years or less and the lease terms of the units are typically on a month-to-month basis.

Mixed use: Loans in this pool represent loans collateralized by mixed use real estate. The tenant base within this pool consists primarily of office-retail, office-residential or retail-residential space. The properties are most often purchased by individuals for investment purposes.

Retail: Loans in this pool represent loans collateralized by single tenant retail buildings whose average lease periods run over five years.

The following tables present the composition of current and historical non-owner occupied commercial real estate loans, based on loan collateral, by industry pool:

	9/30/2024			6/30/2024			3/31/2024		12/31/2023			9/30/2023
Net lease	$	137,406		$	141,064		$	147,103	$	149,056		$	160,077
Retail strip centers		106,948			106,631			107,834		98,588			96,567
Office		61,897			62,237			61,657		61,822			62,959
Special use		71,307			71,006			58,278		58,710			57,612
Industrial		23,338			23,107			22,575		28,380			28,906
Medical office		24,551			24,818			25,380		25,842			28,591
Self storage		32,797			32,502			25,660		23,455			21,993
Mixed use		16,829			16,980			17,174		17,335			19,833
Retail		15,183			17,191			12,533		12,981			14,115

Total non-owner occupied commercial real estate loans	$	490,256		$	495,536		$	478,194	$	476,169		$	490,653

	9/30/2024 vs 6/30/2024								9/30/2024 vs 9/30/2023
	Variance								Variance
	Amount			%					Amount			%
Net lease	$	(3,658	)	(2.59)%					$	(22,671	)	(14.16)%
Retail strip centers		317			0.30	%				10,381			10.75	%
Office		(340	)	(0.55)%						(1,062	)	(1.69)%
Special use		301			0.42	%				13,695			23.77	%
Industrial		231			1.00	%				(5,568	)	(19.26)%
Medical office		(267	)	(1.08)%						(4,040	)	(14.13)%
Self storage		295			0.91	%				10,804			49.12	%
Mixed use		(151	)	(0.89)%						(3,004	)	(15.15)%
Retail		(2,008	)	(11.68)%						1,068			7.57	%

Total non-owner occupied commercial real estate loans	$	(5,280	)	(1.07)%					$	(397	)	(0.08)%

The following table presents the average loan size of current and historical non-owner occupied commercial real estate loans, based on loan collateral, by industry pool:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Net lease	$	1,383	$	1,291	$	1,311	$	1,316	$	1,300
Retail strip centers		2,379		2,197		2,231		2,135		2,115
Office		1,370		1,363		1,296		1,297		1,294
Special use		2,612		2,546		2,064		2,079		2,134
Industrial		933		925		941		1,092		1,072
Medical office		1,116		1,128		1,103		1,078		1,145
Self storage		1,923		1,926		1,509		1,380		1,692
Mixed use		1,324		1,334		1,321		1,333		1,240
Retail		407		513		447		461		429

Total non-owner occupied commercial real estate loans	$	1,489	$	1,448	$	1,392	$	1,379	$	1,362

The following table presents current and historical non-owner occupied commercial real estate loans, based on loan collateral, by industry pool as a percentage of gross loans:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Net lease	9.53	%	9.66	%	10.07	%	10.12	%	10.79	%
Retail strip centers	7.41	%	7.30	%	7.38	%	6.69	%	6.51	%
Office	4.29	%	4.26	%	4.22	%	4.20	%	4.24	%
Special use	4.94	%	4.86	%	3.99	%	3.98	%	3.88	%
Industrial	1.62	%	1.58	%	1.54	%	1.93	%	1.95	%
Medical office	1.70	%	1.70	%	1.74	%	1.75	%	1.93	%
Self storage	2.27	%	2.23	%	1.76	%	1.59	%	1.48	%
Mixed use	1.17	%	1.16	%	1.18	%	1.18	%	1.34	%
Retail	1.05	%	1.18	%	0.86	%	0.88	%	0.95	%

Total non-owner occupied commercial real estate loans to gross loans	33.98	%	33.93	%	32.74	%	32.32	%	33.07	%

Asset quality

The following table summarizes our current, past due, and nonaccrual loans as of:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Accruing interest
Current	$	1,428,014	$	1,445,780	$	1,451,432	$	1,463,668	$	1,477,386
Past due 30-89 days		4,152		4,534		4,344		4,239		2,711
Past due 90 days or more		—		14		398		—		—
Total accruing interest		1,432,166		1,450,328		1,456,174		1,467,907		1,480,097
Nonaccrual		10,223		9,601		5,291		5,564		3,623
Total loans	$	1,442,389	$	1,459,929	$	1,461,465	$	1,473,471	$	1,483,720
Total loans past due and in nonaccrual status	$	14,375	$	14,149	$	10,033	$	9,803	$	6,334

The following table summarizes the our nonperforming assets as of:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Nonaccrual loans	$	10,223	$	9,601	$	5,291	$	5,564	$	3,623
Accruing loans past due 90 days or more		—		14		398		—		—
Total nonperforming loans		10,223		9,615		5,689		5,564		3,623
Other real estate owned		293		293		345		597		345
Total nonperforming assets	$	10,516	$	9,908	$	6,034	$	6,161	$	3,968

The following table summarizes our charge-offs, recoveries and allowance for credit losses as of, and for the three-month periods ended:

	9/30/2024		6/30/2024		3/31/2024			12/31/2023			9/30/2023
Total charge-offs	$	1,814	$	814	$	86		$	110		$	16
Total recoveries		11		18		29			300			455
Net charge-offs (recoveries)	$	1,803	$	796	$	57		$	(190	)	$	(439	)
Allowance for credit losses	$	1,203	$	796	$	(43	)	$	(190	)	$	(309	)

During the third quarter of 2024, we partially charged off one commercial real estate loan for $1,443 related to the Rite Aid bankruptcy filing. We believe that the credit characteristics are unique and are not an indication of softening in the remainder of our commercial loan portfolio.

The following table summarizes the our primary asset quality measures as of:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Nonperforming loans to gross loans	0.71	%	0.66	%	0.39	%	0.38	%	0.24	%
Nonperforming assets to total assets	0.58	%	0.56	%	0.34	%	0.35	%	0.23	%
Allowance for credit losses to gross loans	1.02	%	1.05	%	1.05	%	1.05	%	1.04	%
Net charge-offs (recoveries) to QTD average gross loans	0.12	%	0.05	%	—	%	(0.01)%		(0.03)%
Credit loss expense (reversal) to QTD average gross loans	0.08	%	0.05	%	—	%	(0.01)%		(0.02)%

The following table summarizes the average loan size as of:

	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Commercial and industrial	$	310	$	343	$	326	$	334	$	353
Commercial real estate		901		906		900		905		896
Total commercial loans		740		754		746		752		751
Residential mortgage		235		234		234		236		234
Home equity		58		56		53		53		52
Total residential real estate loans		173		173		174		175		174
Consumer		12		13		13		13		12
Gross loans	$	335	$	337	$	336	$	337	$	335

All other assets

The following tables outline the composition and changes in other assets as of:

	9/30/2024			6/30/2024			3/31/2024		12/31/2023			9/30/2023
Premises and equipment, net	$	13,203		$	13,661		$	14,111	$	14,561		$	14,928
Federal Home Loan Bank stock		9,179			9,179			9,179		9,179			9,179
Corporate owned life insurance		28,129			27,877			27,670		27,466			27,274
Mortgage servicing rights		8,461			8,636			8,680		8,776			8,884
Accrued interest receivable		4,354			4,747			4,869		4,472			4,485
Goodwill		8,853			8,853			8,853		8,853			8,853
Other assets
Core deposit intangibles		400			444			488		533			609
Right-of-use assets		1,062			1,142			1,237		1,333			1,426
Other real estate owned		293			293			345		597			345
Other		4,445			5,971			6,406		6,088			6,691
Total		6,200			7,850			8,476		8,551			9,071
All other assets	$	78,379		$	80,803		$	81,838	$	81,858		$	82,674

	9/30/2024 vs 6/30/2024								9/30/2024 vs 9/30/2023
	Variance								Variance
	Amount			%					Amount			%
Premises and equipment, net	$	(458	)	(3.35)%					$	(1,725	)	(11.56)%
Federal Home Loan Bank stock		—			—	%				—			—	%
Corporate owned life insurance		252			0.90	%				855			3.13	%
Mortgage servicing rights		(175	)	(2.03)%						(423	)	(4.76)%
Accrued interest receivable		(393	)	(8.28)%						(131	)	(2.92)%
Goodwill		—			—	%				—			—	%
Other assets
Core deposit intangibles		(44	)	(9.91)%						(209	)	(34.32)%
Right-of-use assets		(80	)	(7.01)%						(364	)	(25.53)%
Other real estate owned		—			—	%				(52	)	(15.07)%
Other		(1,526	)	(25.56)%						(2,246	)	(33.57)%
Total		(1,650	)	(21.02)%						(2,871	)	(31.65)%
All other assets	$	(2,424	)	(3.00)%					$	(4,295	)	(5.20)%

The annual decrease in premises and equipment was due to depreciation on our existing premises and equipment.

Total deposits

The following tables outline the composition and changes in the deposit portfolio as of:

	9/30/2024			6/30/2024			3/31/2024		12/31/2023			9/30/2023
Noninterest bearing demand	$	398,338		$	404,521		$	401,518	$	423,019		$	425,820
Interest bearing
Savings		264,337			262,538			274,922		273,302			293,310
Money market demand		250,715			230,304			229,584		223,827			225,138
NOW
Retail NOW		202,030			205,383			203,614		178,892			198,271
Brokered NOW		—			—			—		—			—

Total NOW Accounts		202,030			205,383			203,614		178,892			198,271
Time deposits
Other time deposits		294,862			264,009			268,466		234,838			198,509
Brokered time deposits		60,304			60,304			60,304		60,304			60,251
Internet time deposits		—			—			—		—			498

Total time deposits		355,166			324,313			328,770		295,142			259,258

Total deposits	$	1,470,586		$	1,427,059		$	1,438,408	$	1,394,182		$	1,401,797

	9/30/2024 vs 6/30/2024								9/30/2024 vs 9/30/2023
	Variance								Variance
	Amount			%					Amount			%
Noninterest bearing demand	$	(6,183	)	(1.53)%					$	(27,482	)	(6.45)%
Interest bearing
Savings		1,799			0.69	%				(28,973	)	(9.88)%
Money market demand		20,411			8.86	%				25,577			11.36	%
NOW
Retail NOW		(3,353	)	(1.63)%						3,759			1.90	%
Brokered NOW		—			—	%				—			—	%

Total NOW Accounts		(3,353	)	(1.63)%						3,759			1.90	%
Time deposits
Other time deposits		30,853			11.69	%				96,353			48.54	%
Brokered time deposits		—			—	%				53			0.09	%
Internet time deposits		—			—	%				(498	)	(100.00)%

Total time deposits		30,853			9.51	%				95,908			36.99	%

Total deposits	$	43,527			3.05	%			$	68,789			4.91	%

Between March 2022 and July 2023, the FOMC raised its target federal funds rate 11 times, from a target range of 0.00-0.25% to 5.25-5.50%, or 525 basis points, in order to combat rising inflation. This rapid increase in interest rates led to significant competition amongst financial institutions for deposits. In September 2024, the FOMC lowered the target federal funds rate 50 basis points to a target range of 4.75-5.00%. Due to the overall uncertainty regarding potential rate changes in the future, customers have not sought out long-term funds, leading to a shift in demand to higher-yielding non-maturity deposit accounts as well as short-term time deposits.

Total borrowed funds

The following tables outline the composition and changes in borrowed funds as of:

	9/30/2024		6/30/2024			3/31/2024		12/31/2023			9/30/2023
Federal Home Loan Bank borrowings	$	160,000	$	160,000		$	160,000	$	180,000		$	180,000
Subordinated debentures		14,000		14,000			14,000		14,000			14,000
Other borrowings		5,970		4,397			4,500		4,500			7,050
Total borrowed funds	$	179,970	$	178,397		$	178,500	$	198,500		$	201,050

	9/30/2024 vs 6/30/2024							9/30/2024 vs 9/30/2023
	Variance							Variance
	Amount		%					Amount			%
Federal Home Loan Bank borrowings	$	—		—	%			$	(20,000	)	(11.11)%
Subordinated debentures		—		—	%				—			—	%
Other borrowings		1,573		35.77	%				(1,080	)	(15.32)%
Total borrowed funds	$	1,573		0.88	%			$	(21,080	)	(10.48)%

We utilize a mix of borrowed funds and organic deposit growth to fund loan demand. As loan growth has slowed in recent periods, our reliance on FHLB advances has declined.

Wholesale funding sources

Although we have been successful at growing market deposits, we utilize wholesale funding sources when necessary to fill gaps when asset growth outpaces deposit growth. Our wholesale funding sources include Federal Home Loan Bank borrowings, correspondent Fed Funds lines and brokered deposits. Although wholesale funding sources are typically more expensive than core deposits, they are an integral part of our funding.

The following tables outline the composition and changes in wholesale funding sources as of:

	9/30/2024		6/30/2024			3/31/2024		12/31/2023			9/30/2023
Federal Home Loan Bank borrowings	$	160,000	$	160,000		$	160,000	$	180,000		$	180,000
Subordinated debentures		14,000		14,000			14,000		14,000			14,000
Other borrowings		5,970		4,397			4,500		4,500			7,050
Brokered NOW accounts		—		—			—		—			—
Brokered time deposits		60,304		60,304			60,304		60,304			60,251
Internet time deposits		—		—			—		—			498
Total wholesale funds	$	240,274	$	238,701		$	238,804	$	258,804		$	261,799

	9/30/2024 vs 6/30/2024							9/30/2024 vs 9/30/2023
	Variance							Variance
	Amount		%					Amount			%
Federal Home Loan Bank borrowings	$	—		—	%				(20,000	)	(11.11)%
Subordinated debentures		—		—	%				—			—	%
Other borrowings		1,573		35.77	%				(1,080	)	(15.32)%
Brokered NOW accounts		—	N/A						—		N/A
Brokered time deposits		—		—	%				53			0.09	%
Internet time deposits		—	N/A						(498	)	(100.00)%
Total wholesale funds	$	1,573		0.66	%			$	(21,525	)	(8.22)%

Accrued interest payable and other liabilities

Accrued interest payable and other liabilities includes accrued interest payable, federal income taxes payable, deferred federal income taxes payable, and all other liabilities (none of which are individually significant).

Total shareholders’ equity

We are considered a “well-capitalized” institution, as our capital ratios exceed the minimum designated standards necessary in accordance with Basel III guidelines. As of September 30, 2024, the Bank’s total capital ratio was 12.78%, tier 1 capital ratio was 11.72%, and tier 1 leverage ratio was 9.02%. The minimum requirements to be considered well-capitalized are a total capital ratio of 10.00%, tier 1 capital ratio of 8.00%, and tier 1 leverage ratio of 5.00%. While we continue to be considered well-capitalized, we are focused on enhancing our capital ratios through earnings of the Bank as well as asset growth moderation strategies in 2024.

The following tables outline the composition and changes in shareholders’ equity as of:

	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Common stock	$	74,826		$	74,690		$	74,555		$	74,230		$	74,118
Retained earnings		78,467			78,094			76,607			74,309			70,972
Accumulated other comprehensive (loss) income		(6,895	)		(9,483	)		(10,088	)		(9,837	)		(12,188	)
Total shareholders’ equity	$	146,398		$	143,301		$	141,074		$	138,702		$	132,902

	9/30/2024 vs 6/30/2024									9/30/2024 vs 9/30/2023
	Variance									Variance
	Amount			%						Amount			%
Common stock	$	136			0.18	%				$	708			0.96	%
Retained earnings		373			0.48	%					7,495			10.56	%
Accumulated other comprehensive (loss) income		2,588		(27.29)%							5,293		(43.43)%
Total shareholders’ equity	$	3,097			2.16	%				$	13,496			10.15	%

The Board of Directors has authorized the repurchase of up to $10,000 of common stock. As of September 30, 2024, we had $1,393 of common stock available to repurchase through the program. We did not execute any repurchases of our common stock during 2024.

Stock Performance

The following table compares the cumulative total shareholder return on our common stock for the year-to-date, 1 year, 3 year, and 5 year periods ended September 30, 2024. The National OTC Peer Group was developed by selecting all OTC traded bank holding companies with total assets between $1 billion and $3 billion as of 03/31/2024 that had a quoted stock price on Bloomberg. The Midwest / Great Lakes OTC Peer Group represents those institutions included in the National OTC Peer Group that are headquartered in Illinois, Indiana, Michigan, Ohio, Pennsylvania, and Wisconsin.

	# in Peer Group	YTD		1 Year		3 Year		5 Year
Fentura Financial, Inc. (OTCQX:FETM)		45.40	%	67.28	%	59.12	%	100.80	%

National OTC Peers	43	(1.01)%		(3.49)%		2.11	%	8.44	%
Fentura Ranking out of 44		1		1		4		4

Midwest / Great Lakes OTC Peers	17	(1.97)%		(5.16)%		(1.63)%		1.35	%
Fentura Ranking out of 18		1		1		1		1

Abbreviations and Acronyms

ABA: American Bankers Association	FTE: Fully taxable equivalent
ACH: Automated Clearing House	GAAP: Generally Accepted Accounting Principles
ACL: Allowance for credit losses	HFS: Held-for-sale
AFS: Available-for-sale	HTM: Held-to-maturity
AIR: Accrued interest receivable	HFS: Held-for-sale
AOCI: Accumulated other comprehensive income	HTM: Held-to-maturity
ARRC: Alternative Reference Rates Committee	IRA: Individual retirement account
ASC: Accounting Standards Codification	ITM: Interactive Teller Machine
ASU: Accounting Standards Update	LIBOR: London Interbank Offered Rate
ATM: Automated teller machine	MSR: Mortgage servicing rights
CDI: Core deposit intangible	N/M: Not meaningful
CET1: Common equity tier 1	NASDAQ: National Association of Securities Dealers Automated Quotations
COLI: Corporate owned life insurance	NOW: Negotiable order of withdrawal
DRIP: Dividend Reinvestment Plan	NSF: Non-sufficient funds
EPS: Earnings Per Common Share	OCI: Other comprehensive income
ESOP: Employee Stock Ownership Plan	OIS: Overnight Index Swap
FASB: Financial Accounting Standards Board	OREO: Other real estate owned
FDIC: Federal Deposit Insurance Corporation	OTTI: Other-than-temporary impairment
FHLB: Federal Home Loan Bank	QTD: Quarter-to-date
FHLLC: Fentura Holdings LLC	SAB: Staff Accounting Bulletin
FHLMC: Federal Home Loan Mortgage Corporation	SBA: U.S. Small Business Administration
FNMA: Federal National Mortgage Association	SEC: Securities and Exchange Commission
FOMC: Federal Open Market Committee	SERP: Supplemental Executive Retirement Plan
FRB: Federal Reserve Bank	SOFR: Secured Overnight Funding Rate
FSB: Farmers State Bank of Munith	TLM: Troubled loan modifications

About Fentura Financial, Inc. and The State Bank

Fentura Financial, Inc. is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM, and has been recognized as one of the Top 50 performing stocks on that exchange.

The State Bank is a 5-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 20 full-service offices and one loan production center serving Bay, Genesee, Ingham, Jackson, Livingston, Oakland, Saginaw, and Shiawassee counties. The State Bank believes in the potential of banking to help create better lives, better businesses, and better communities, and works to achieve this through its full array of consumer, mortgage, SBA, commercial and wealth management banking and advisory services, together with philanthropic and volunteer support to organizations and groups within the communities it serves. More information can be found at www.thestatebank.com or www.fentura.com.

Cautionary Statement: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in earning assets and net income. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Contacts:	Ronald L. Justice	Aaron D. Wirsing
	President & CEO	Chief Financial Officer
	Fentura Financial, Inc.	Fentura Financial, Inc.
	810.714.3902	810.714.3925
	ron.justice@thestatebank.com	aaron.wirsing@thestatebank.com

The MIL Network –

January 25, 2025

MIL-OSI Global: From Confederate general to Cherokee heritage: Why returning the name Kuwohi to the Great Smoky Mountains matters

Source: The Conversation – USA – By Seth T. Kannarr, PhD Student in Geography, University of Tennessee

View from the overlook on Kuwohi of the mountain peaks and ridges of Great Smoky Mountains National Park.

Getty Images

It’s not every day that the name of a mountain is restored to the one used by Indigenous peoples for centuries.

But after nearly two years of trying, the Eastern Band of Cherokee Indians finally convinced the U.S. Board on Geographic Names on Sept. 18, 2024, to formally agree to rename the highest point in the Great Smoky Mountains National Park of Tennessee to Kuwohi (koo-whoa-hee).

The mountain, known as “Clingmans Dome” since 1859, has been a sacred place for the Cherokee people, serving as a place of prayer, reflection and gathering of mulberries for medicine. In fact, the name Kuwohi translates to “the mulberry place” in Tsalagi, the Cherokee language.

Though known as Kuwohi by the Cherokee people for hundreds of years, explorer Arnold Guyot effectively ignored that history after he surveyed the mountain range in 1859. Guyot named the peak “Clingmans Dome” after his friend Thomas Lanier Clingman, a North Carolina U.S. senator and a Confederate brigadier general during the Civil War. Clingman never set foot on this mountain, but his name remained there for 165 years until now.

What is place name repatriation?

The government’s renaming of the mountain to Kuwohi is a significant example of place name repatriation, or the return of an original, Indigenous name to a particular place or landscape.

Sometimes the primary motivation for place renaming is to remove an offensive or irrelevant place name from the landscape, such as the renaming of Squaw Peak in Arizona to Piostewa Peak in 2008.

In other cases, such as the renaming of Mount McKinley in Alaska to Denali in 2016, the motivation was to create a more authentic and historically accurate name for a particular place.

In the case of Kuwohi, the return to its original name was a mixture of both. The government’s decision recognized the original Indigenous name and removed the name of a white man who defended the enslavement of African people. It is also about restoring a larger sense of respect and recognition of Indigenous identity across the landscape.

Just as important is the fact that it was individuals from the Eastern Band of Cherokee Indians who put forward this proposal and remained the lead throughout the process.

Place naming is only truly reparative if these processes truly reflect the agency and intent of these historically oppressed groups. Otherwise, it contributes to the long history of dismissing Indigenous claims to land and culture by not involving them.

View of observation tower on Kuwohi in Great Smoky Mountains National Park.
Joshua Moore/Getty Images

Why does place naming matter?

A name is one of the most fundamental ways to identify and give meaning to places. In other words, the name of the place makes a big difference in how people perceive it.

There is growing public recognition that place names can transmit harmful messages that misrepresent the history and identity of minority communities. Place names also can demonstrate how those in power have used them to disrespect and misrepresent ethnic and racial groups that have been historically discriminated against.

For those groups, the U.S. Department of the Interior’s Advisory Committee on Reconciliation in Place Names found in 2022 that derogatory place names are a source of recurring trauma.

If place naming did not matter, disputes over name changes would not occur. Some critics find place renaming to be an example of unnecessary political correctness, while others see it as a meaningful solution that will leave a lasting positive impact.

The elimination of names of Confederate generals from some U.S. military bases provides another example. Former President Donald Trump has pledged to restore the name “Fort Bragg” to the North Carolina Army base that’s known today as Fort Liberty if reelected. Originally named after Braxton Bragg, a slave-owning Confederate general, the fort was one of nine U.S. installations that the Defense Department ordered in 2023 to have their names changed to among 3,700 recommendations.

Trump’s stance exemplifies the wave of backlash that has occurred against local and state school officials across the country that have removed the names of Confederate generals and others from public buildings.

Lavita Hill (L) and Mary Crowe in 2022.
Cherokee One Feather

Despite such backlash, efforts by Indigenous people and civil rights advocates slowly move forward and are seen across the U.S. in places like streets, neighborhoods, college campuses and beyond.

For Lavita Hill and Mary Crowe, the two members of the Eastern Band of Cherokee Indians who took the lead on submitting the proposal, the renaming of Kuwohi was a moment of success. Their campaign was heavily inspired by the renaming of Mount Doane to First Peoples Mountain in Yellowstone National Park in 2022.

Crowe told reporters that she saw friends and relatives shed tears when they learned of the name change. “It was humbling,” she said. “It was beautiful.”

What comes next?

The success of the effort to restore the name Kuwohi may help other communities in their ongoing place renaming efforts.

One such proposal involves a 100-year-old fight to rename Mount Rainier in Washington state to “Tacoma,” the original name given to it by the Salish people of the Pacific Northwest.

View of the Great Smoky Mountains at sunset from Kuwohi.
Wolfgang Kaehler/LightRocket/Getty Images

This movement began in 1924 among the Salish and other groups because its namesake, Peter Rainier, was a British naval officer who was known as being “anti-American.”

Another example is a push by 20 different Indigenous tribes, including the Lakota Nation and the Oglala Sioux Tribe, to rename Devils Tower in Wyoming to Bear Lodge. The current name of this butte resulted from a poor English translation of the original Indigenous name of “bear lodge” to “bad god’s tower.” Over time, the name was simplified to “Devils Tower.”

As geographers who have studied the significance of place renaming, we have learned that it is important to engage the folks that these movements will benefit most in all conversations and decisions.

What is at stake is not just removing insulting names, but also ensuring that the process of changing place names is collaborative of all Americans, especially historically oppressed communities, to truly be restorative and meaningful for society.

Seth T. Kannarr is affiliated with the Great Smoky Mountains National Park as an Education Branch VIP (Volunteer-In-Parks) part-time.

Derek H. Alderman once served on the Federal Advisory Committee on Reconciliation in Place Names, U.S. Department of Interior.

– ref. From Confederate general to Cherokee heritage: Why returning the name Kuwohi to the Great Smoky Mountains matters – https://theconversation.com/from-confederate-general-to-cherokee-heritage-why-returning-the-name-kuwohi-to-the-great-smoky-mountains-matters-240644

MIL OSI – Global Reports –

January 25, 2025

MIL-Evening Report: RSF tackles Taiwan’s media freedom ‘Achilles heel’, boosts Asia Pacific monitoring action

SPECIAL REPORT: By David Robie in Taipei

It was a heady week for the Paris-based global media freedom watchdog Reporters Without Borders (RSF) — celebration of seven years of its Taipei office, presenting a raft of proposals to the Taiwan government, and hosting its Asia-Pacific network of correspondents.

Director general Thibaut Bruttin and the Taipei bureau chief Cedric Alviani primed the Taipei media scene before last week’s RSF initiatives with an op-ed in the Taiwan Times by acknowledging the country’s media freedom advances in the face of Chinese propaganda.

Taiwan rose eight places to 27th in the RSF World Press Freedom Index this year — second only to Timor-Leste in the Asia-Pacific region.

But the co-authors also warned over the credibility damage caused by media “too often neglect[ing] journalistic ethics for political or commercial reasons”.

As a result, only three in 10 Taiwanese said they trusted the news media, according to a Reuters Institute survey conducted in 2022, one of the lowest percentages among democracies.

“This climate of distrust gives disproportionate influence to platforms, in particular Facebook and Line, despite them being a major vector of false or biased information,” Bruttin and Alviani wrote.

“This credibility deficit for traditional media, a real Achilles heel of Taiwanese democracy, puts it at risk of being exploited for malicious purposes, with potentially dramatic consequences.”

Press freedom programme
At a meeting with Taiwanese President Lai Ching-te and senior foreign affairs officials, Bruttin and his colleagues presented RSF’s innovative programme for improving press freedom, including the Journalism Trust Initiative (JTI), the first ISO-certified media quality standard; the Paris Charter on Artificial Intelligence and Journalism; and the Propaganda Monitor, a project aimed at combating propaganda and disinformation worldwide.

RSF director-general Thibaut Bruttin speaking at the reception celebrating seven years of Taipei’s Asia Pacific office. Image: Pacific Media Watch

The week also highlighted concerns over the export of the China’s “New World Media Order”, which is making inroads in some parts of the Asia-Pacific region, including the Pacific.

At the opening session of the Asia-Pacific correspondents’ seminar, delegates referenced the Chinese disinformation and assaults on media freedom strategies that have been characterised as the “great leap backwards for journalism” in China.

“Disinformation — the deliberate spreading of false or biased news to manipulate minds — is gaining ground around the world,” Bruttin and Alviani warned in their article.

“As China and Russia sink into authoritarianism and export their methods of censorship and media control, democracies find themselves overwhelmed by an incessant flow of propaganda that threatens the integrity of their institutions.”

Both Bruttin and Alviani spoke of these issues too at the celebration of the seventh anniversary of the Asia-Pacific office in Taipei.

Why Taipei? Hongkong had been an “likely choice, but not safe legally”, admitted Bruttin when they were choosing their location, so the RSF team are happy with the choice of Taiwan.

Hub for human rights activists
“I think we were among the first NGOs to have established a presence here. We kind of made a bet that Taipei would be a hub for human rights activists, and we were right.”

About 200 journalists, media workers and press freedom and human rights advocates attended the birthday bash in the iconic Grand Hotel’s Yuanshan Club. So it wasn’t surprising that there was a lot of media coverage raising the issues.

RSF director-general Thibaut Bruttin (centre) with correspondents Dr David Robie and Dr Joseph Fernandez in Taipei. Image: Pacific Media Watch

In an interview with Voice of America’s Joyce Huang, Bruttin was more specific about the “insane” political propaganda threats from China faced by Taiwan.

However, Taiwan “has demonstrated resilience and has rich experience in resisting cyber information attacks, which can be used as a reference for the world”.

Referencing China as the world’s “biggest jailer of journalists”, Bruttin said: “We’re very worried, obviously.” He added about some specific cases: “We’ve had very troublesome reports about the situation of Zhang Zhan, for example, who was the laureate of the RSF’s [2021 press freedom] awards [in the courage category] and had been just released from jail, now is sent back to jail.

“We know the lack of treatment if you have a medical condition in the Chinese prisons.

“Another example is Jimmy Lai, the Hongkong press freedom mogul, he’s very likely to die in jail if nothing happens. He’s over 70.

“And there is very little reason to believe that, despite his dual citizenship, the British government will be able to get him a safe passage to Europe.”

Problem for Chinese public
Bruttin also expressed concern about the problem for the general public, especially in China where he said a lot of people had been deprived of the right to information “worthy of that name”.

“And we’re talking about hundreds of millions of people. And it’s totally scandalous to see how bad information is treated in the People’s Republic of China.”

Seventeen countries in the Asia-Pacific region were represented in the network seminar.

Representatives of Australia, Cambodia, Hongkog, Indonesia, Japan, Myanmar, Mongolia, New Zealand, Papua New Guinea, Philippines, South Korea, Tibet, Thailand and Vietnam were present. However, three correspondents (Malaysia, Singapore and Timor-Leste) were unable to be personally present.

Discussion and workshop topics included the RSF Global Strategy; the Asia-Pacific network and the challenges being faced; best practice as correspondents; “innovative solutions” against disinformation; public advocacy (for authoritarian regimes; emerging democracies, and “leading” democracies); “psychological support” – one of the best sessions; and the RSF Crisis Response.

RSF Oceania colleagues Dr David Robie (left) and Dr Joseph Fernandez . . . mounting challenges. Image: Pacific Media Watch

What about Oceania (including Australia and New Zealand) and its issues? Fortunately, the countries being represented have correspondents who can speak our publicly, unlike some in the region facing authoritarian responses.

Australia
Australian correspondent Dr Joseph M Fernandez, visiting associate professor at Curtin University and author of the book Journalists and Confidential Sources: Colliding Public Interests in the Age of the Leak, notes that Australia sits at 39th in the RSF World Press Freedom Index — a drop of 12 places from the previous year.

“While this puts Australia in the top one quarter globally, it does not reflect well on a country that supposedly espouses democratic values. It ranks behind New Zealand, Taiwan, Timor-Leste and Bhutan,” he says.

“Australia’s press freedom challenges are manifold and include deep-seated factors, including the influence of oligarchs whose own interests often collide with that of citizens.

“While in opposition the current Australian federal government promised reforms that would have improved the conditions for press freedom, but it has failed to deliver while in government.

“Much needs to be done in clawing back the over-reach of national security laws, and in freeing up information flow, for example, through improved whistleblower law, FOI law, source protection law, and defamation law.”

Dr Fernandez criticises the government’s continuing culture of secrecy and says there has been little progress towards improving transparency and accountability.

“The media’s attacks upon itself are not helping either given the constant moves by some media and their backers to undermine the efforts of some journalists and some media organisations, directly or indirectly.”

A proposal for a “journalist register” has also stirred controversy.

Dr Fernandez also says the war on Gaza has “highlighted the near paralysis” of many governments of the so-called established democracies in “bringing the full weight of their influence to end the loss of lives and human suffering”.

“They have also failed to demonstrate strong support for journalists’ ability to tell important stories.”

[embedded content]
An English-language version of this tribute to the late RSF director-general Christophe Deloire, who died from cancer on 8 June 2024, was screened at the RSF Taipei reception. He was 53. Video: RSF

Aotearoa New Zealand
In New Zealand (19th in the RSF Index), although journalists work in an environment free from violence and intimidation, they have increasingly faced online harassment. Working conditions became tougher in early 2022 when, during protests against covid-19 vaccinations and restrictions and a month-long “siege” of Parliament, journalists were subjected to violence, insults and death threats, which are otherwise extremely rare in the country.

Research published in December 2023 revealed that high rates of abuse and threats directed at journalists put the country at risk of “mob censorship” – citizen vigilantism seeking to “discipline” journalism. Women journalists bore the brunt of the online abuse with one respondent describing her inbox as a “festering heap of toxicity”.

While New Zealand society is wholeheartedly multicultural, with mutual recognition between the Māori and European populations enshrined in the 1840 Treaty of Waitangi, this balance is under threat from a draft Treaty Principles Bill.

The nation’s bicultural dimension is not entirely reflected in the media, still dominated by the English-language press. A rebalancing is taking place, as seen in the success of the Māori Television network and many Māori-language programmes in mass media, such as Te Karere, The Hui and Te Ao Māori News.

Media plurality and democracy is under growing threat with massive media industry cuts this year.

New Zealand media also play an important role as a regional communications centre for other South Pacific nations, via Tagata Pasifika, Pacific Media Network and others.

Papua New Guinea’s Belinda Kora (left) with RSF colleagues . . . “collaborating in our Pacific efforts in seeking the truth”. Image: Belinda Kora

Papua New Guinea
The Papua New Guinea correspondent, Belinda Kora, who is secretary of the revised PNG Media Council and an ABC correspondent in Port Moresby, succeeded former South Pacific Post Ltd chief executive Bob Howarth, the indefatigable media freedom defender of both PNG and Timor-Leste.

Currently PNG (91st in the RSF Index) is locked in a debate over a controversial draft government media policy – now in its fifth version – that critics regard as a potential tool to crack down on media freedom. But Kora is optimistic about RSF’s role.

“I am excited about what RSF is able and willing to bring to a young Pacific region — full of challenges against the press,” she says.

“But more importantly, I guess, is that the biggest threat in PNG would be itself, if it continues to go down the path of not being able to adhere to simple media ethics and guidelines.

“It must hold itself accountable before it is able to hold others in the same way.

“We have a small number of media houses in PNG but if we are able to stand together as one and speak with one voice against the threats of ownership and influence, we can achieve better things in future for this industry.

“We need to protect our reporters if they are to speak for themselves and their experiences as well. We need to better provide for their everyday needs before we can write the stories that need to be told.

“And this lies with each media house.

The biggest threat for the Pacific as a whole? “I guess the most obvious one would be being able to remain self-regulated BUT not being accountable for breaching our individual code of ethics.

“Building public trust remains vital if we are to move forward. The lack of media awareness also contributes to the lack of ensuring media is given the attention it deserves in performing its role — no matter how big or small our islands are,” Kora says.

“The press should remain free from government influence, which is a huge challenge for many island industries, despite state ownership.

Kora believes that although Pacific countries are “scattered in the region”, they are able to help each other more, to better enhance capacity building and learning from their mistakes with collaboration.

“By collaborating in our efforts in seeking the truth behind many of our big stories that is affecting our people. This I believe will enable us to improve our performance and accountability.”

Example to the region
Meanwhile, back in Taiwan on the day that RSF’s Thibaut Bruttin flew out, he gave a final breakfast interview to China News Agency (CNA) reporter Teng Pei-ju who wrote about the country building up its free press model as an example to the region.

“Taiwan really is one of the test cases for the robustness of journalism in the world,” added Bruttin, reflecting on the country’s transformation from an authoritarian regime that censored information into a vibrant democracy that fights disinformation.

Dr David Robie, convenor of the Asia Pacific Media Network’s Pacific Media Watch project and author of several media and politics books, including Don’t Spoil My Beautiful Face: Media, Mayhem and Human Rights in the Pacific, has been an RSF correspondent since 1996.

RSF Asia Pacific correspondents and staff pictured at the Grand Hotel’s Yuanshan Club. Image: RSF

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Asia-Pac: Hong Kong movies and talent take centre stage in Montreal (with photos)

Source: Hong Kong Government special administrative region

Six Hong Kong movies were showcased in the “Making Waves – Navigators of Hong Kong Cinema” touring film programme in Montreal, Canada, from October 24 to 26 (Montreal time). The film festival was supported by the Hong Kong Economic and Trade Office (Toronto) (Toronto ETO).

With the presence of Hong Kong actors Gordon Lam and Tai Bo as well as actresses Kuku So and Yoyo Tse, the Toronto ETO hosted a reception on the opening night before the screening of “Rob N Roll” to kick off the programme on October 24 (Montreal time). The event was attended by about 100 guests from the local film, cultural and business sectors.

Welcoming the audience, the Acting Deputy Director of the Toronto ETO, Ms Janet Lam, said that Hong Kong serves as a unique East-meets-West centre for international cultural exchanges and boasts one of the largest and most dynamic film and entertainment industries in the world. She noted said that the Government of the Hong Kong Special Administrative Region expressed in the Policy Address 2024 its commitment to deepening institutional reform of its cultural system, improving cultural and economic policies, and further enhancing cultural confidence.

“Hong Kong cinema has gained international acclaim, renowned both locally and abroad. From kung-fu films and crime dramas to social realism, these movies capture the essence of contemporary Hong Kong, narrating the stories of different generations,” she said.

“The creativity and ‘can-do’ spirit displayed by our talented filmmakers continue to shine, enabling them to innovate and explore new genres to share their cinematic dreams.”

“Making Waves” is a touring film programme presented by the Hong Kong International Film Festival Society and supported by the Cultural and Creative Industries Development Agency. The three-day programme in Montreal is organised in collaboration with Asian Pop-Up Cinema to present six Hong Kog productions, namely, “Rob N Roll”, “Love Lies”, “Time Still Turns The Pages”, “All Shall Be Well”, “Fly Me To The Moon” and “For Alice”.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Security: U.S. Attorney ’s Office and FBI Charge Mescalero Man with Sexual Assault of a Minor

Source: Office of United States Attorneys

ALBUQUERQUE – A Mescalero man has been charged by criminal complaint with multiple counts of sexual abuse for sexually assaulting a 15-year-old girl.

Thomas Lee Chaffins, 35, an enrolled member of the Mescalero Apache Tribe, appeared before a federal judge on October 10 and was detained pending trial.

According to the criminal complaint, on September 27, 2024, Chaffins engaged in sexual acts with a 15-year-old girl, identified as Jane Doe. At 15 years old, Jane Doe was legally unable to consent to sexual activity with the 35-year-old Chaffins. Additionally, Jane Doe was reportedly too intoxicated to recall details of the assault, further rendering her incapable of consent.

If convicted, Chaffins faces up to life in prison.

U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

The Las Cruces Resident Agency of the FBI’s Albuquerque Field Office investigated this case with assistance from the Bureau of Indian Affairs. Assistant United States Attorneys Matilda McCarthy Villalobos and Alyson Hehr are prosecuting the case.

A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

# # #

MIL Security OSI –

January 25, 2025

MIL-OSI Global: Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time

Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

The recent Brics summit in the Russian city of Kazan was less notable for what happened at the meeting than for what happened before, on the margins, or not at all. Among the notable things that did not happen was another expansion of the organisation.

Since the addition of Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) at the 2023 Brics summit in Johannesburg, which almost doubled the number of member countries from the original five (Brazil, Russia, India, China and South Africa), further enlargement has stalled.

Argentina, which was also invited in 2023, declined to join. Saudi Arabia, another 2023 invitee, has not acted on the offer to become a member either. Its de-facto ruler, crown prince Mohammad bin Salman, was among the notable absentees in Kazan.

And Kazakhstan, Russia’s largest neighbour in Central Asia, decided not to join shortly before the summit. This drew Russia’s ire, resulting in a prompt ban on imports of a range of agricultural products from Kazakhstan in retaliation.

While invitees have declined the opportunity to join Brics, a long list of applicants have not been offered membership. According to a statement by Russia’s president, Vladimir Putin, at a meeting of senior Brics security officials in September, 34 countries have expressed an interest in closer relations with Brics in some form.

This appears to be a substantial increase in interest in Brics membership compared to a year ago, when South Africa’s foreign minister, Naledi Pandor, listed 23 applicants ahead of the 2023 summit.

But the fact that, since then, only six invitations have been extended – and four accepted – indicates that formal enlargement of the organisation, at least for now, has been stymied by the inability of current members to forge consensus over the next round of expansion and the reluctance on the part of some invitees to be associated with the organisation.

Meetings on the margins

The summit declaration may offer little of substance. But there were a number of bilateral meetings before and in the margins of the gathering that are more indicative of the direction of Brics. Perhaps most importantly, India’s prime minister, Narendra Modi, and China’s president, Xi Jinping, held their first face-to-face discussion in five years.

This is a remarkable change from just a few months ago, when tensions between New Delhi and Beijing were intense enough for Modi to cancel his participation in the summit of the Shanghai Cooperation Organisation in Astana, Kazakhstan. Yet, with a deal now reached over their countries’ longstanding border dispute, the two most populous and, in terms of GDP, economically most powerful members of Brics have an opportunity to rebuild their fraught relations.

A warming of relations between China and India could generate more momentum for Brics to deliver on its ambitious agenda to develop, and ultimately implement, a vision for a new global order. Implicit in this would be a shift of leadership in Brics from China and Russia to China and India, and with it, potentially a change from an anti-western to a non-western agenda.

This is, of course, something that exercises Putin. He acknowledged as much when he referred to the global south and global east in his remarks at the summit’s opening meeting. He also emphasised that it was important “to maintain balance and ensure that the effectiveness of Brics mechanisms is not diminished”.

In his own bilateral meetings before and during the summit, Putin drove home the point that, despite western efforts, Russia was far from isolated on the world stage. One-to-one meetings with Xi, Modi, South Africa’s president, Cyril Ramaphosa, and the president of the UAE, Mohammed bin Zayed Al Nahyan, gave Putin the chance to push his own vision of Brics as a counterpoint to the US-led west.

This may be a view shared in the global east – Russia, China and Iran, as well as non-Brics members North Korea, Cuba and Venezuela. But many in the global south – particularly India and Brazil – are unlikely to go all in with this agenda. They will focus on benefiting from their Brics membership as much as possible while maintaining close ties with the west.

Lacking a coherent agenda

India is the most significant player in Brics when it comes to balancing between east and west. Nato member Turkey is the equivalent on the outside. The country’s president, Recep Tayyip Erdoğan, travelled to Kazan and did not shy away from an hour-long meeting with his “dear friend” Putin.

The relationship between Moscow and Ankara is fractious and complex across a wide range of crises from the South Caucasus, to Syria, Libya and Sudan. Yet, on perhaps the most divisive issue of all, Russian aggression towards Ukraine, Turkey has consistently maintained opened channels of communication with Russia and remains the only Nato power able to do so.

The fact that there has been relatively little public pressure from official sources in the west on Erdoğan to stop is probably a reflection that such communication channels are still valued in the west. This, and Nato’s continued cooperation with India, point to a hedging strategy by the west. India cooperates with the US, Australia and Japan – the so-called Quad group of nations – on security in the Indo-Pacific, and it has maintained political dialogue with Nato since 2019.

Turkey and India may not see eye-to-eye with the west on all issues. But neither do they with the global east camp inside Brics, and especially not with Russia. If nothing else, this limits the ability of Brics to forge a coherent agenda, deepen integration and ultimately mount a credible challenge to the existing order.

Relying on India and Turkey to do the west’s bidding in undermining Brics, however, is not a credible long-term strategy. Brics may have achieved little as an organisation, but the Kazan summit declaration indicates that its key players continue to harbour aspirations for more.

However, as the flailing expansion drive of the organisation indicates, there is also an internal battle in Brics over its future direction. This, in turn, creates space and time for the west to exercise more positive and constructive influence in the ongoing process of reshaping the international order.

The global east may be beyond redemption, but there is still a massive opportunity to reengage with the global south.

Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

– ref. Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time – https://theconversation.com/russias-brics-summit-shows-determination-for-a-new-world-order-but-internal-rifts-will-buy-the-west-some-time-241610

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer

Source: The Conversation – UK – By Christopher Featherstone, Associate Lecturer, Department of Politics, University of York

With less than two weeks to go until the US presidential election, another surprise twist has emerged. Donald Trump has accused the “far-left” Labour party in the UK of election interference by sending volunteers to help the Kamala Harris campaign. This news must have come as a surprise to prime minister Keir Starmer.

The core of the accusations made by Trump and his team is that Labour was offering financial support to volunteers and helping them arrange accommodation for their trips to the US – and that this amounted to “illegal foreign national contributions” to the Harris campaign.

And at the centre of those accusations appears to be a now-deleted LinkedIn post from a Labour official saying she had “10 spots available” to campaign in North Carolina. Labour insists this did not mean any financial support was being offered. Labour figures have suggested the campaigning was being done by private citizens.

Trump’s lawyers filed a complaint with the Federal Elections Commission (FEC) against both the Labour party and the Harris campaign on October 22 claiming otherwise. And the finance point is key, since – under the rules of the FEC – foreign volunteers can assist a campaign, but only if they are unpaid. 10 Downing Street insists the campaigners associated with Labour were not being paid.

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While there are important questions that need to be answered as to whether the Labour party did break US election rules, the questions about the implications of Trump’s accusations for US-UK relations are likely to be of even greater significance.

Regardless of whether Trump’s accusations are sustained by the FEC, they are likely to frame his perception of the Starmer government should he win the presidency in less than two weeks’ time. Labour has made improving relations with politicians on both sides of the aisle in Washington a priority. These efforts appear to have been undermined overnight with Trump’s accusations.

These accusations will likely be investigated after the election has been held. If Trump wins the presidency, he will have enormous influence over this investigation and the surrounding media coverage, which would be an unwelcome situation for Starmer to find himself in.

Starmer visits Joe Biden at the White House in September 2024.
Flickr/Number 10, CC BY-NC-ND

Potentially even more serious is the fact that if Trump loses, this could be the story that he focuses on to explain why he lost. It may seem trivial but triviality has not stopped Trump before. The suggestion that Labour helped Harris could prove just as useful to Trump as the unfounded claims of widespread “voter fraud” in 2020 that helped him seed an insurrection on January 6.

Whether the FEC finds that the role of Labour activists in the Harris campaign constitutes foreign interference or not, entanglement in this story is unlikely to help relations with either a Trump or a Harris White House.

UK invovlement in US elections

Foreign activists have long been involved in US election campaigning – and they do so on both sides.

The current UK foreign secretary, David Lammy, campaigned for Barack Obama in 2012. In 2017, the Australian Labor party was fined by the FEC for paying for their volunteer’s flights to the US to campaign for Bernie Sanders in Democratic primaries.

Indeed, the Trump campaign has used foreign activists and campaigners in the past. Before he decided to run for the seat of Clacton-on-Sea in July 2024, Nigel Farage claimed that he was going to devote his time to campaigning for Trump. Farage has repeatedly been on stage with Trump at his rallies. Former UK prime minister Liz Truss also attended the Republican National Convention in 2024, supporting Trump and calling Joe Biden, then the Democratic Party’s nominee, “weak”.

What is rare, however, is FEC scrutiny on all this campaigning. While the involvement of foreign volunteers is legal and normal in the US, the rules are rarely debated or tested by a legal probe. These accusations may initiate renewed attention to the issue, and potentially a change in these rules in future elections.

Importantly, while the coverage of Trump’s accusations against Labour and the Harris campaign have received huge coverage in the UK, attention in the US is limited. Much of the US media coverage has focused on allegations from John Kelly against Trump. Kelly, Trump’s former chief of staff, has accused Trump of being a fascist and of having said that he wished he had generals like “Hitler’s generals”. Trump’s claims about the UK have therefore received far less attention in the US than might have been anticipated. This will have diminished the impact of Trump’s claims with US voters, good news for the future. But Starmer should still be concerned about the impact on diplomatic relations.

As with many of Donald Trump’s accusations and more controversial comments, there are a lot of moving parts. Trump showed how important his own personal attitudes were in US diplomacy during his previous administration. He is unlikely to forget about these accusations anytime soon, whether he wins or loses.

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

– ref. Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer – https://theconversation.com/why-donald-trumps-accusations-of-election-interference-are-a-lose-lose-situation-for-keir-starmer-242063

MIL OSI – Global Reports –

January 25, 2025

Category: Asia Pacific

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