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Category: Australia

  • MIL-OSI Australia: Historic Booth Street bridge set to close to vehicle traffic

    Source: State of Victoria Local Government 2

    The City of Greater Bendigo will permanently close the historic Booth Street Bridge over Bendigo Creek to vehicle traffic from February 2025.

    The Booth Street bridge is one of six remaining Monier reinforced concrete arch bridges built in Bendigo over 120 years ago between 1900 and 1902 by Monash & Anderson. The Monier bridges are significant because they demonstrate an important stage in the development of reinforced concrete technology and early twentieth century engineering.

    In 2008 the City reduced the load limit of the Booth Street Bridge to five tonne to slow and reduce the deterioration of the structure. In 2020 a further engineering investigation and load testing was undertaken which found that the capacity of the bridge had continued to reduce since the 2008 inspection.

    City of Greater Bendigo Presentation and Assets Director Brian Westley said the decision to close the bridge to vehicle traffic has been undertaken due to the continuing deterioration of the bridge and the significant and costly repairs that would need to be undertaken for it to continue to remain open.

    “The City is responsible for maintaining over 300 bridges and only has limited funds to undertake renewal projects which need to be prioritised,” Mr Westley said.

    “Repairing the bridge was considered under the City’s bridge renewal program. However, it was not deemed to be a high priority when compared to the other bridge renewal projects that are needed in Greater Bendigo.

    “Traffic counts have shown that the Booth Street Bridge carries a volume of approximately 430 vehicles per day and the surrounding road network is considered adequate to absorb this traffic. Using Laurel/Wade Street as an alternative would only require vehicle to travel an additional 250 metres.

    “Therefore, closing the bridge to vehicles but leaving it open to pedestrians and cyclists is considered the most beneficial and cost-effective option and the City has made the decision to permanently close the bridge to vehicle traffic given the low usage and easily accessible alternate routes.”

    As part of the bridge closure some minor works will take place including the installation of a court bowl turn around area and installation of vehicle barriers on the High Street side of the bridge, and some kerbing/vehicle barriers on the Old High Street side.

    MIL OSI News –

  • MIL-OSI Australia: Minister Rishworth interview on ABC News Breakfast

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    Topics: Updated Australia’s Disability Strategy; Inflation; AI chatbot DeepSeek; Election.

    JAMES GLENDAY, HOST:    Now, Australians with disability are the focus of the Federal Government today as it commits to additional changes, months after a scathing Royal Commission was handed down. An updated Disability Strategy will be launched by the Social Services Minister, Amanda Rishworth, who I am happy to say, joins us now from Geelong. Minister, good morning.

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES:    Great to be with you.

    JAMES GLENDAY:    So, there’s a specific focus on homelessness in this updated Strategy. How many people are going to be covered by this document?

    AMANDA RISHWORTH:    This Strategy is actually a Strategy for all people with disability. The 5.5 million Australians living with disability. We know that if they are going to be able to fully participate in community life, then we need to make sure that our communities, our housing, is more accessible. And so that is what the Strategy is all about. How do we make our communities, our homes, more accessible. There has been a lot of consultation done with people with disability and it was highlighted that while housing has been a focus of Australia’s Disability Strategy, that homelessness and the prevention of homelessness for people with disability needed to be a focus as well. And so, what the Strategy will do is actually get all levels of government, state government and Commonwealth government, making sure that when it comes to homelessness services, there will be a particular focus on meeting the needs of people with disability. And when it comes to building homes, that there will be a focus in making sure that those homes are more accessible as well, so that people with disability have more choice over where they live.

    JAMES GLENDAY:    We’re going to have more on this story on the ABC throughout the day. And thank you for persisting through that alarm behind you there, Minister. Just on another topic, of course, cost of living is a very, very big issue for a lot of Australians at the moment. And some key inflation figures are out today. Are you expecting that data will be enough to convince the Reserve Bank to deliver that much anticipated first rate cut?

    AMANDA RISHWORTH:    First, I’d say obviously the Reserve Bank is independent, it makes its own decisions. But I would say what our Government has been doing is really focused on fighting inflation. Of course, we inherited a situation where inflation had a six in front of it and was going up. The most recent figures, it had a two in front of it and is coming down. We’ve also seen wages up and of course unemployment low. So, we’ve been working really hard to make sure that we are fighting inflation, at the same time supporting people with cost of living measures and making sure that we’re seeing wages go up and of course, making sure there’s jobs for people. So, this has been the really important work our Government’s been doing and doing what we can to fight inflation and give the best possible conditions for the Reserve Bank to make its decision.

    JAMES GLENDAY:    You would have seen yesterday, no doubt, that a lot of people have been downloading a new Chinese AI chatbot, DeepSeek, which has triggered a share market sell off. Some analysts this morning arguing this is good for competition in the global AI arms race. Others that this is a potential risk to national security. What is your view?

    AMANDA RISHWORTH:    Well, firstly, I would say broadly AI has so much potential to help us in our daily lives and have an impact. In fact, when we think about people with disability, I’ve seen circumstances where AI has helped them do their job. So, it has a lot of potential if it’s used safely, responsibly and ethically. And so, I think the question’s got to be how we are preparing our country for these new AI tools that will be coming out. And we’re doing that in a number of ways. Whether it’s the ethics code, whether it’s the safety standards or indeed the mandatory guardrails. These are all important pieces of legislative and regulatory architecture that we need to have in place to make sure that people can trust AI. So, these are the challenges we’ve got. So, AI presents a huge opportunity but we do need to make sure that the guardrails are in place to make sure it’s done ethically and safely, importantly as well.

    JAMES GLENDAY:    Just on a guardrail, TikTok, another Chinese-owned app is banned from Government devices in Australia which probably tells us all we really need to know about what security agencies think of the app. Do you expect that this new chatbot, this new DeepSeek, will be subjected to similar rules pretty quickly?

    AMANDA RISHWORTH:    We get very good advice through our security agencies. I won’t predict what those agencies will do. But we have got incredibly good cyber capabilities that apply to Government but also support businesses in the community as well. So, we’ve taken cyber and the threat that cyber can have on our community very seriously which is why we’ve put together a cyber strategy. We have a whole range of things of security in place. So, look, I will wait. I have to be honest, I haven’t quite caught up with the revolution. I mean I haven’t downloaded any of these things yet. I’m still old school. I write my speeches myself.

    JAMES GLENDAY:    It’s not on your phone. I’m sure we’re going to hear more on this later. It is outside your portfolio, so that’s fair enough. Just finally Minister, this caught my eye and the election is not too far away. I read that in your South Australian electorate, your main opponent for the Liberal Party is going to be another Rishworth. Your cousin, in fact. How do you feel about that?

    AMANDA RISHWORTH:    Oh, look, I haven’t been in contact with my opponent. It’s a democracy. Anyone can run. So, you know. I’ll be putting what I stand for and my record forward at this election and I’m really proud to stand by the fact that I’ve fought very hard for my electorate every single day I’ve been the local member. I’ll be standing on that record and my commitment to my community.

    JAMES GLENDAY:    Are you sure? Are you worried at all, though? There’s going to be two Rishworths. Is there a risk of confusion? Could you bleed a few per cent of the vote? I know you’ve got a very safe seat.

    AMANDA RISHWORTH:    Oh, well, look, I’ll have to be honest. My community knows me. They know what I stand for. I’ve been out and about, and so I’ll be making sure that people know what I stand for. And I think, when they go into the ballot box, they’ll be making a considered choice and I hope they will vote for me.

    JAMES GLENDAY:    All right, Social Services Minister Amanda Rishworth, thank you for your time this morning and thank you for taking so many questions outside your portfolio area.

    AMANDA RISHWORTH:    Thank you.

    MIL OSI News –

  • MIL-OSI Australia: 360,000 households across NSW notified of seat change ahead of 2025 federal election [29 January 2025]

    Source: Australian Electoral Commission

    Updated: 29 January 2025

    The AEC is notifying more than 360,000 households in NSW that they are enrolled in a different electoral division after federal boundaries were redrawn in the state last year.

    AEC State Manager for New South Wales Rebecca Main said that a federal election must be held sometime in the next four months.

    “With a federal election coming it is important that voters are familiar with the seat they’ll be voting in for the House of Representatives,” Ms Main said.

    “Redrawn boundaries mean a lot of people will be voting in different seats to last time, so we’re letting them know in a few ways including by sending letters and running ads on social media.”

    “It is an automatic change made on their enrolment record but the action required by voters is simply to know what their seat is ahead of time so they can be prepared when they’re thinking about who they might vote for.”

    Editor’s notes:

    MIL OSI News –

  • MIL-OSI Australia: 200,000 Victorian households notified of seat change ahead of 2025 federal election [29 January 2025]

    Source: Australian Electoral Commission

    Updated: 29 January 2025

    The AEC is notifying more than 200,000 households in Victoria that they are enrolled in a different electoral division after federal boundaries were redrawn in the state last year.

    AEC State Manager for Victoria Nye Coffey said that a federal election must be held sometime in the next four months.

    “With a federal election coming it is important that voters are familiar with the seat they’ll be voting in for the House of Representatives,” Mr Coffey said.

    “Redrawn boundaries mean a lot of people will be voting in different seats to last time, so we’re letting them know in a few ways including by sending letters and running ads on social media.”

    “It is an automatic change made on their enrolment record but the action required by voters is simply to know what their seat is ahead of time so they can be prepared when they’re thinking about who they might vote for.”

    Editor’s notes:

    MIL OSI News –

  • MIL-OSI Australia: 130,000 West Australian households notified of seat change ahead of 2025 federal election [29 January 2025]

    Source: Australian Electoral Commission

    Updated: 29 January 2025

    NOTE: This media release relates to the 2025 federal election, not the WA state election in March.

    The AEC is notifying more than 130,000 households in Western Australia that they are enrolled in a different electoral division after federal boundaries were redrawn in the state last year.

    AEC State Manager for Western Australia Anita Ratcliffe said that a federal election must be held sometime in the next four months.

    “With a federal election due by May it is important that voters are familiar with the seat they’ll be voting in for the House of Representatives,” Ms Ratcliffe said.

    “It is particularly important here in Western Australia given there is also a state election occurring in March. It’s important that people know there are different seats for different elections.”

    “Redrawn federal boundaries mean a lot of people will be voting in different seats than the last federal election in 2022, so we’re letting them know in a few ways including by sending letters and running ads on social media.”

    “There will be an automatic change made on their enrolment record but the action required by voters is simply to know what their seat is ahead of time so they can be prepared when they’re thinking about who they might vote for.”

    Editor’s notes:

    MIL OSI News –

  • MIL-OSI Australia: Crash survivors’ emotional reunion with rescuers

    Source: Victoria Country Fire Authority

    Hastings Fire Station was the setting for an emotional reunion last week as Mark Stockwell came face-to-face with the emergency crews who freed him after a tree crushed his car.

    Mark was driving home during a storm on Coolart Road in Tuerong last August when the freak incident occurred, trapping him in his vehicle with serious injuries.

    Emergency services arrived swiftly, but it took a challenging 90 minutes of coordinated effort from Hastings, Langwarrin and Dromana CFA members, VICSES, Ambulance Victoria, and Victoria Police to safely extricate him.

    Accompanied by his wife and son, Mark used the reunion as an opportunity to personally thank the first responders for their dedication and teamwork.

    “Words can’t express how grateful I am. Every time I’m at home, I think about all these guys, and I tear up,” Mark said.

    “I get to be a dad, and I get to be a husband because of them.

    “I’m overwhelmed with gratitude for what they’ve done and what they continue to do.

    “They have families and could be at home, but instead, they’re out there rescuing people like me. It’s incredible.”

    Recalling the events of that day, Mark said: “I don’t really remember much about it. I just recall thinking, ‘I think I’ve been in an accident,’ and I was coming in and out of consciousness.

    “The guys were trying to keep me awake, but I kept drifting. I remember one moment of pain, like waking from a dream, and thinking, ‘I can’t feel my leg, my back is sore, my neck hurts.’

    “I saw the airbag and thought, ‘Why’s my airbag out? I must have been in an accident. That’s pretty much all I remember.”

    Several key personnel on scene that day also shared their perspectives on the incident and what it meant to see Mark’s recovery firsthand.

    Quotes attributable to CFA Incident Controller Georgia Densley:

    “Rescues like this one really highlight the strength of teamwork between CFA and our emergency service partners.

    “Everyone on scene played their part, including Mark, who stayed calm under immense pressure, which made our job that much easier.

    “It’s incredibly rewarding to see him here today and to witness his recovery firsthand.”

    Quotes attributable to Dutchy Holland, VICSES Hastings Unit Controller:

    “As first responders, having the chance to meet and talk with community members who we support in their time of need is an extremely rewarding experience.

    “I’m very proud of our volunteers who were able to provide timely and much-needed aid alongside other emergency service providers to effect a positive outcome in this instance.”

    Quotes attributable to MICA Paramedic Angus Bowden:

    “Being able to reconnect with a patient and see him thrive after such a serious incident is a powerful reminder of why we do what we do. Mark was not only trapped, but appeared to have sustained multiple traumatic injuries.

    “In this case, the combination of advanced clinical care and collaboration played a crucial role in the patient’s survival and recovery. From start to finish, it was a remarkable team effort, with paramedics, firefighters and SES working together to achieve the best possible outcome.”

    Submitted by CFA media

    MIL OSI News –

  • MIL-OSI Australia: Death following Summerleas Road Crash on 10 December

    Source: Tasmania Police

    Death following Summerleas Road Crash on 10 December

    Wednesday, 29 January 2025 – 10:31 am.

    Sadly, police can confirm a 75-year-old man died yesterday in Southern Tasmania.
    The man was involved in a crash on Summerleas Road, Fern Tree on 10 December 2024.
    Following the crash the man was taken to hospital in a serious but stable condition and has since passed away.
    Our thoughts are with the families and loved ones of all involved.
    A report will be prepared for the Coroner.

    MIL OSI News –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $12.1 million, or $2.84 per diluted share, for the twelve months ended December 31, 2024, as compared to $8.4 million, or $1.96 per diluted share, for the corresponding prior year period. For the three months ended December 31, 2024, the Bancorp’s net income totaled $2.1 million, or $0.49 per diluted share, as compared to $606 thousand, or $0.14 per diluted share, for the three months ended September 30, 2024, and as compared to $1.5 million, or $0.35 per diluted share, for the three months ended December 31, 2023. Selected performance metrics are as follows for the periods presented:

    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024   2024   2024   2024   2023   2024   2023
    Return on equity   5.39%   1.60%   0.39%   24.97%   4.92%   8.06%   6.28%
    Return on assets   0.41%   0.12%   0.03%   1.77%   0.29%   0.58%   0.40%
    Tax adjusted net interest margin (Non-GAAP)   2.79%   2.66%   2.67%   2.57%   2.80%   2.68%   2.98%
    Noninterest income / average assets   0.72%   0.55%   0.50%   2.57%   0.53%   1.09%   0.52%
    Noninterest expense / average assets   2.75%   2.80%   2.79%   2.86%   2.60%   2.80%   2.65%
    Efficiency ratio   87.20%   97.32%   98.56%   59.41%   87.49%   81.78%   84.58%
         

    “The Bank ended the year with continued improvement in its overall positioning and increased momentum for 2025,” said Benjamin Bochnowski, chief executive officer. “We improved regulatory capital throughout the year through balance sheet management and earnings and had the benefit of one-time income including our sale leaseback transaction early in the year and a gain on a long-held tax credit investment this past quarter. Net interest margin improved throughout 2024 as expected, based on our earning asset position and reduced funding costs driven by recent Federal Reserve interest rate policy,” he continued. “The Bank charged off a small number of commercial business loans in the 4th quarter, and management will continue to actively manage credit quality,” he concluded.  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the three months ended December 31, 2024, was 2.65%, compared to 2.51% for the three months ended September 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the three months ended December 31, 2024, was 2.79%, compared to 2.66% for the three months ended September 30, 2024. The net interest margin for the twelve months ended December 31, 2024, was 2.54%, compared to 2.83% for the twelve months ended December 31, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the twelve months ended December 31, 2024, was 2.68%, compared to 2.98% for the twelve months ended December 31, 2023. The increased net interest margin for the three months ended December 31, 2024 compared to September 30, 2024 is primarily the result of increased yields on the Bank’s loan portfolio, combined with reduced deposit and borrowing costs as a result of the Federal Reserve’s continued reduction of federal funds rates during the quarter. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of December 31, 2024, deposits totaled $1.8 billion, an increase of $11.8 million or 0.7%, compared to September 30, 2024. As of December 31, 2024, non-interest-bearing deposits totaled $263.3 million, a decrease of $21.8 million or 7.7%, compared to September 30, 2024. Core deposits totaled $1.2 billion at both December 31, 2024, and September 30, 2024. Core deposits include checking, savings, and money market accounts and represented 68.2% of the Bancorp’s total deposits at December 31, 2024. As of December 31, 2024, balances for certificates of deposit totaled $560.3 million, compared to $562.2 million on September 30, 2024, a decrease of $2.0 million or 0.4%. The increase in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The decrease in non-interest-bearing deposits is primarily attributable to regular outflow of business-related checking deposits at year-end which tend to return in subsequent periods. In addition, as of December 31, 2024, borrowings and repurchase agreements totaled $105.0 million, a decrease of $22.9 million or 17.9%, compared to September 30, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of December 31, 2024, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of December 31, 2024, the Bancorp had available liquidity of $687 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $16.5 million to $333.6 million as of December 31, 2024, compared to $350.0 million as of September 30, 2024.  The decrease in securities available for sale was due to a combination of portfolio runoff and an increase of accumulated other comprehensive loss (“AOCL”). AOCL was $58.1 million as of December 31, 2024, compared to $48.2 million on September 30, 2024, a decline of $9.8 million, or 20.4%. The yield on the securities portfolio decreased to 2.34% for the three months ended December 31, 2024, down from 2.37% for the three months ended September 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both December 31, 2024, and September 30, 2024. During the three months ended December 31, 2024, the Bank originated $59.2 million in new commercial loans, compared to $70.4 million during the three months ended September 30, 2024, and $47.5 million during the three months ended December 31, 2023. The loan portfolio represents 79.3% of earning assets and is comprised of 63.0% commercial-related credits. At December 31, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $246.6 million or 16.3% of total loan balances and commercial real estate non-owner-occupied properties totaled $305.1 million or 20.2% of total loan balances. Of the $305.1 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $38.5 million or 2.5% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans totaled $1.1 million for both the twelve months ended December 31, 2024, and 2023. During the twelve months ended December 31, 2024, the Bank originated $36.8 million in new fixed rate mortgage loans for sale, compared to $38.0 million during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the Bank originated $27.4 million in new 1-4 family loans retained in its portfolio, compared to $41.6 million during the twelve months ended December 31, 2023. Total 1-4 family originations for the quarter ended December 31, 2024, totaled $25.4 million, an increase of $5.3 million compared to $20.1 million for the quarter ended September 30, 2024. The retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Gain on Tax Credit Investment – During the three months ended December 31, 2024, the Bank successfully concluded a long term, non-controlling interest in a partnership established to facilitate tax credit investments. Upon the termination of the partnership, the Bank recognized a one-time gain of $1.2 million recognized through noninterest income. The proceeds from the dissolution of this tax credit investment will contribute to the Bank’s financial position, thereby supporting ongoing strategic initiatives and operational priorities.
    • Asset Quality – At December 31, 2024, non-performing loans totaled $13.7 million, compared to $13.8 million at September 30, 2024, a decrease of $68 thousand or 0.5%. The Bank’s ratio of non-performing loans to total loans was 0.91% at December 31, 2024, compared to 0.92% at September 30, 2024. The Bank’s ratio of non-performing assets to total assets was 0.74% at December 31, 2024, compared to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $16.9 million at December 31, 2024, or 1.12% of total loans receivable, compared to $18.5 million at September 30, 2024, or 1.23% of total loans receivable, a decrease of $1.6 million or 8.7% and is considered adequate by management. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.7 million at December 31, 2024, compared to $3.9 million at September 30, 2024, a decrease of $1.2 million or 30%.

      For the quarter ended December 31, 2024, the Bank recorded a net negative provision for credit loss expense totaling $579 thousand based on a decline in individually assessed loans balances, historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The fourth quarter’s provision expense consisted of a $597 thousand provision for credit losses on loans, and a $1.2 million reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to reduced unused commitment balances and other factors. For the quarter ended December 31, 2024, net charge-offs, totaled $2.2 million. Most of these charge-offs involved a small number of commercial or multifamily-related loans which were previously monitored and had specific allocations toward individual impairment or contributed to higher expected loss rates within the Bank’s prior ACL balance. For the quarter ended September 30, 2024, the Bank recorded no provision expense and recoveries, net of charge-offs, totaled $186 thousand. The ACL as a percentage of non-performing loans, or coverage ratio, was 123.1% at December 31, 2024 compared to 134.1% at September 30, 2024.

    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.75% for the quarter ended December 31, 2024, as compared to 2.80% for the quarter ended September 30, 2024. Decreases in non-interest expenses quarter over quarter were primarily attributable to reduced compensation and benefit expenses, and lower occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 0.3% for the twelve months ended December 31, 2024, compared to December 31, 2023.
    • Capital Adequacy – As of December 31, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.46%, an improvement of 0.08% compared to 8.38% at September 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.48 at December 31, 2024, down from $31.28 as of September 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.17% at December 31, 2024, down from 6.51% as of September 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.94 as of December 31, 2024, from $42.47 as of September 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.   

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Return on equity     5.39 %     1.60 %     0.39 %     24.97 %     4.92 %     8.06 %     6.28 %
    Return on assets     0.41 %     0.12 %     0.03 %     1.77 %     0.29 %     0.58 %     0.40 %
    Yield on loans     5.27 %     5.22 %     5.11 %     5.02 %     5.09 %     5.15 %     4.92 %
    Yield on security investments     2.34 %     2.37 %     2.43 %     2.37 %     2.57 %     2.38 %     2.43 %
    Total yield on earning assets     4.74 %     4.70 %     4.64 %     4.52 %     4.64 %     4.67 %     4.45 %
    Cost of interest-bearing deposits     2.41 %     2.47 %     2.37 %     2.36 %     2.22 %     2.40 %     1.74 %
    Cost of repurchase agreements     3.65 %     4.04 %     3.86 %     3.88 %     3.78 %     3.85 %     3.64 %
    Cost of borrowed funds     4.31 %     4.56 %     4.95 %     4.62 %     4.41 %     4.62 %     4.55 %
    Total cost of interest-bearing liabilities     2.53 %     2.63 %     2.55 %     2.53 %     2.38 %     2.56 %     1.96 %
    Tax adjusted net interest margin (Non-GAAP)     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Noninterest income / average assets     0.72 %     0.55 %     0.50 %     2.57 %     0.53 %     1.09 %     0.52 %
    Noninterest expense / average assets     2.75 %     2.80 %     2.79 %     2.86 %     2.60 %     2.80 %     2.65 %
    Net noninterest margin / average assets     -2.03 %     -2.24 %     -2.29 %     -0.29 %     -2.08 %     -1.71 %     -2.14 %
    Efficiency ratio     87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
    Effective tax rate     21.30 %     -51.88 %     -6.72 %     9.48 %     -30.85 %     9.85 %     -4.16 %
                                 
    Non-performing assets to total assets     0.74 %     0.73 %     0.61 %     0.64 %     0.61 %     0.74 %     0.61 %
    Non-performing loans to total loans     0.91 %     0.92 %     0.75 %     0.78 %     0.76 %     0.91 %     0.76 %
    Allowance for credit losses to non-performing loans   123.10 %     134.12 %     161.17 %     159.12 %     163.90 %     123.10 %     163.90 %
    Allowance for credit losses to loans receivable     1.12 %     1.23 %     1.22 %     1.25 %     1.24 %     1.12 %     1.24 %
    Foreclosed real estate to total assets     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
                                 
    Basic earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 2.85     $ 1.96  
    Diluted earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 2.84     $ 1.96  
    Stockholders’ equity / total assets     7.35 %     7.69 %     7.16 %     7.32 %     6.99 %     7.35 %     6.99 %
    Book value per share   $ 35.10     $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 35.10     $ 34.28  
    Closing stock price   $ 28.11     $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 28.11     $ 25.24  
    Price to earnings per share ratio     14.25       56.21       182.60       2.82       17.77       9.87       12.87  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.48     $ 1.05  
                                 
    Bank Level Capital                            
    Common equity tier 1 capital to risk-weighted assets   11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Tier 1 capital to risk-weighted assets     11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Total capital to risk-weighted assets     12.26 %     12.14 %     11.95 %     11.92 %     11.36 %     12.26 %     11.36 %
    Tier 1 capital to adjusted average assets     8.46 %     8.38 %     8.32 %     8.24 %     7.78 %     8.46 %     7.78 %
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Net interest margin – tax equivalent     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Tangible book value per diluted share   $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
    Tangible book value per diluted share adjusted for AOCL   $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
    Tangible common equity to total assets     6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
    Tangible common equity to total assets adjusted for AOCL     8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average
    Balance    		   Interest   Rate (%)   Average
    Balance    		   Interest   Rate (%)
    ASSETS                      
    Interest bearing deposits in other financial institutions $ 50,271     $ 650   5.17   $ 54,084     $ 665   4.92
    Federal funds sold   891       9   4.04     682       9   5.28
    Securities available-for-sale   343,411       2,011   2.34     342,451       2,031   2.37
    Loans receivable   1,504,233       19,802   5.27     1,506,967       19,660   5.22
    Federal Home Loan Bank stock   6,547       123   7.51     6,547       107   6.54
    Total interest earning assets   1,905,353     $ 22,595   4.74     1,910,731     $ 22,472   4.70
    Cash and non-interest bearing deposits in other financial institutions   27,360               22,478          
    Allowance for credit losses   (18,110 )             (18,482 )        
    Other noninterest bearing assets   154,707               155,997          
    Total assets $ 2,069,310             $ 2,070,724          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,465,198     $ 8,811   2.41   $ 1,451,414     $ 8,946   2.47
    Repurchase agreements   43,372       396   3.65     43,074       435   4.04
    Borrowed funds   72,536       781   4.31     95,224       1,085   4.56
    Total interest bearing liabilities   1,581,106     $ 9,988   2.53     1,589,712     $ 10,466   2.63
    Non-interest bearing deposits   289,467               287,507          
    Other noninterest bearing liabilities   42,944               41,696          
    Total liabilities   1,913,517               1,918,915          
    Total stockholders’ equity   155,793               151,809          
    Total liabilities and stockholders’ equity $ 2,069,310             $ 2,070,724          
                           
    Net interest income     $ 12,607           $ 12,006    
    Return on average assets   0.41 %             0.12 %        
    Return on average equity   5.39 %             1.60 %        
    Net interest margin (average earning assets)   2.65 %               2.51 %        
    Net interest margin (average earning assets) – tax equivalent   2.79 %             2.66 %        
    Net interest spread   2.21 %             2.07 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.21 x           1.20 x        
                           
                           
    Year-to-Date                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)
    ASSETS     `                
    Interest bearing deposits in other financial institutions $ 51,202     $ 2,967   5.79   $ 61,107     $ 2,317   5.06
    Federal funds sold   912       38   4.17     919       29   4.21
    Securities available-for-sale   347,048       8,250   2.38     348,269       6,239   2.39
    Loans receivable   1,504,206       77,515   5.15     1,504,197       57,713   5.12
    Federal Home Loan Bank stock   6,547       408   6.23     6,547       285   5.80
    Total interest earning assets   1,909,915     $ 89,178   4.67     1,921,039     $ 66,583   4.62
    Cash and non-interest bearing deposits in other financial institutions   28,730               19,598          
    Allowance for credit losses   (18,529 )             (18,670 )        
    Other noninterest bearing assets   155,251               155,433          
    Total assets $ 2,075,367             $ 2,077,400          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,462,039     $ 35,161   2.40   $ 1,464,682     $ 26,350   2.40
    Repurchase agreements   41,506       1,600   3.85     40,879       1,204   3.93
    Borrowed funds   85,927       3,970   4.62     90,423       3,189   4.70
    Total interest bearing liabilities   1,589,472     $ 40,731   2.56     1,595,984     $ 30,743   2.57
    Non-interest bearing deposits   293,508               291,161          
    Other noninterest bearing liabilities   41,893               41,540          
    Total liabilities   1,924,873               1,928,685          
    Total stockholders’ equity   150,494               148,715          
    Total liabilities and stockholders’ equity $ 2,075,367             $ 2,077,400          
                           
    Net interest income     $ 48,447           $ 35,840    
    Return on average assets   0.58 %             0.64 %        
    Return on average equity   8.06 %             4.50 %        
    Net interest margin (average earning assets)   2.54 %               2.49 %        
    Net interest margin (average earning assets) – tax equivalent   2.68 %             2.63 %        
    Net interest spread   2.11 %             2.05 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.20 x           1.20 x        
                           
    Finward Bancorp
    Quarterly Financial Report
                           
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
          December 31,   September 30,   June 30,   March 31,   December 31,
            2024       2024       2024       2024       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 17,883     $ 23,071     $ 19,061     $ 16,418     $ 17,942  
    Interest bearing deposits in other financial institutions     52,047       48,025       63,439       54,755       67,647  
    Federal funds sold     654       553       707       607       419  
                           
    Total cash and cash equivalents     70,584       71,649       83,207       71,780       86,008  
                           
    Securities available-for-sale     333,554       350,027       339,585       346,233       371,374  
    Loans held-for-sale     1,253       2,567       1,185       667       340  
    Loans receivable, net of deferred fees and costs     1,508,976       1,508,242       1,506,398       1,508,251       1,512,595  
    Less: allowance for credit losses     (16,911 )     (18,516 )     (18,330 )     (18,805 )     (18,768 )
    Net loans receivable     1,492,065       1,489,726       1,488,068       1,489,446       1,493,827  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,721       7,442       7,695       7,583       8,045  
    Premises and equipment     47,259       47,912       48,696       47,795       38,436  
    Foreclosed real estate     –       –       –       71       71  
    Cash value of bank owned life insurance     33,514       33,312       33,107       32,895       32,702  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     1,860       2,203       2,555       2,911       3,272  
    Other assets     43,947       40,882       44,027       43,459       45,262  
                           
    Total assets   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                           
    Deposits:                    
    Non-interest bearing   $ 263,324     $ 285,157     $ 286,784     $ 296,959     $ 295,594  
    Interest bearing     1,497,242       1,463,653       1,469,970       1,450,519       1,517,827  
    Total     1,760,566       1,748,810       1,756,754       1,747,478       1,813,421  
    Repurchase agreements     40,116       43,038       42,973       41,137       38,124  
    Borrowed funds     65,000       85,000       85,000       90,000       80,000  
    Accrued expenses and other liabilities     43,603       38,259       43,709       41,586       29,389  
                           
    Total liabilities     1,909,285       1,915,107       1,928,436       1,920,201       1,960,934  
                           
    Commitments and contingencies                    
                           
    Stockholders’ Equity:                    
                           
                         
    Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding      –       –       –       –       –  
    Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2024 – 4,313,698 December 31, 2023 – 4,298,773     –       –       –       –       –  
                           
                           
    Additional paid-in capital     70,034       69,916       69,778       69,727       69,555  
    Accumulated other comprehensive loss     (58,084 )     (48,241 )     (58,939 )     (56,313 )     (51,613 )
    Retained earnings     139,464       137,880       137,792       138,167       129,403  
                           
    Total stockholders’ equity     151,414       159,555       148,631       151,581       147,345  
                           
    Total liabilities and stockholders’ equity   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Twelve months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)     (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,     December 31,   December 31,
          2024       2024       2024       2024       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,802     $ 19,660     $ 19,174     $ 18,879     $ 19,281       $ 77,515     $ 74,762  
    Securities & short-term investments     2,793       2,812       2,953       3,105       2,975         11,663       11,021  
    Total interest income     22,595       22,472       22,127       21,984       22,256         89,178       85,783  
    Interest expense:                              
    Deposits     8,812       8,946       8,610       8,794       8,180         35,162       25,438  
    Borrowings     1,176       1,520       1,463       1,410       1,361         5,569       5,790  
    Total interest expense     9,988       10,466       10,073       10,204       9,541         40,731       31,228  
    Net interest income     12,607       12,006       12,054       11,780       12,715         48,447       54,555  
    Provision/(benefit) for credit losses     (579 )     –       76       –       779         (503 )     2,025  
    Net interest income after provision for credit losses     13,186       12,006       11,978       11,780       11,936         48,950       52,530  
    Noninterest income:                              
    Fees and service charges     1,439       1,463       1,257       1,153       1,507         5,312       6,024  
    Wealth management operations     728       731       763       633       672         2,855       2,484  
    Gain on tax credit investment     1,236       –       –       –       –         1,236       –  
    Gain on sale of loans held-for-sale, net     328       338       320       152       352         1,138       1,081  
    Increase in cash value of bank owned life insurance   202       205       212       193       193         812       766  
    Gain (Loss) on real estate     (212 )     –       15       11,858       –         11,661       –  
    Loss on sale of securities, net     –       –       –       (531 )     –         (531 )     (48 )
    Other     11       130       6       17       11         164       439  
    Total noninterest income     3,732       2,867       2,573       13,475       2,735         22,647       10,746  
    Noninterest expense:                              
    Compensation and benefits     6,628       6,963       7,037       7,109       6,290         27,737       27,655  
    Occupancy and equipment     2,045       2,181       2,116       1,908       1,484         8,250       6,382  
    Data processing     1,202       1,165       1,135       1,170       1,269         4,672       4,734  
    Federal deposit insurance premiums     457       435       397       501       492         1,790       2,003  
    Marketing     220       209       212       158       191         799       840  
    Professional and Outside Services     1,341       1,251       1,257       1,557       1,420         5,406       4,279  
    Technology     509       602       507       625       374         2,243       1,654  
    Other     1,845       1,668       1,756       1,976       1,997         7,245       7,684  
    Total noninterest expense     14,247       14,474       14,417       15,004       13,517         58,142       55,231  
    Income before income taxes     2,671       399       134       10,251       1,154         13,455       8,045  
    Income tax expenses (benefit)     569       (207 )     (9 )     972       (356 )       1,325       (335 )
    Net income   $ 2,102     $ 606     $ 143     $ 9,279     $ 1,510       $ 12,130     $ 8,380  
                                   
    Earnings per common share:                              
    Basic   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36       $ 2.85     $ 1.96  
    Diluted   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35       $ 2.84     $ 1.96  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    (Dollars in thousands)   December 31,   September 30, June 30,   March 31,   December 31,
                2024       2024       2024     2024       2023  
    Nonaccruing loans   $ 13,738     $ 13,806     $ 11,079   $ 11,603     $ 9,608  
    Accruing loans delinquent more than 90 days     –       –       294     215       1,843  
    Securities in non-accrual     1,419       1,440       1,371     1,442       1,357  
    Foreclosed real estate     –       –       –     71       71  
      Total nonperforming assets   $ 15,157     $ 15,246     $ 12,744   $ 13,331     $ 12,879  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 284     $ 1,821     $ 1,327   $ 1,455     $ 906  
      ACL general allowances for loan portfolio     16,627       16,695       17,003     17,351       17,862  
        Total ACL   $ 16,911     $ 18,516     $ 18,330   $ 18,806     $ 18,768  
                               
    Bank Level Capital                   Minimum Required To Be
    (Dollars in thousands)           Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    December 31, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $179,625   11.32%   $71,415   4.50%   $103,154   6.50%
    Tier 1 capital to risk-weighted assets   $179,625   11.32%   $95,219   6.00%   $126,959   8.00%
    Total capital to risk-weighted assets   $194,500   12.26%   $126,959   8.00%   $158,699   10.00%
    Tier 1 capital to adjusted average assets   $179,625   8.46%   $84,854   4.00%   $106,068   5.00%
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures             
                               
    (Dollars in thousands) Quarter Ended,   Twelve months ended,
    (unaudited) December 31, 2024   September 30, 2024 June 30, 2024   March 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Calculation of tangible common equity
    Total stockholder’s equity $ 151,414     $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 151,414     $ 147,345  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (1,860 )     (2,203 )     (2,555 )     (2,911 )     (3,272 )     (1,860 )     (3,272 )
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Accumulated other comprehensive loss   58,084       48,241       58,939       56,313       51,613       58,084       51,613  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
                               
    Calculation of tangible book value per share
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Diluted average common shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
                               
    Calculation of tangible common equity to total assets
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets   6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                               
    Calculation of tax adjusted net interest margin
    Net interest income $ 12,607     $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 48,447     $ 54,555  
    Tax adjusted interest on securities and loans   674       678       677       699       722       2,728       2,956  
    Adjusted net interest income $ 13,281       12,684       12,731       12,749     $ 13,437     $ 51,175     $ 57,511  
    Total average earning assets   1,905,353       1,910,731       1,906,998       1,945,501       1,920,127       1,909,915       1,927,455  
    Tax adjusted net interest margin   2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
                               
    Efficiency ratio
    Total non-interest expense $ 14,247     $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 58,142     $ 55,232  
    Total revenue   16,339       14,873       14,627       25,255       15,450       71,094       65,301  
    Efficiency ratio   87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
                               
    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network –

  • MIL-OSI Australia: Updated Australia’s Disability Strategy to improve the lives of people

    Source: Ministers for Social Services

    All governments have reaffirmed their commitment to building a more inclusive Australia, where all people with disability can participate on an equal basis, through the release of the updated Australia’s Disability Strategy 2021-2031. 

    As part of the joint response to the Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability, Commonwealth and state and territory governments all accepted the Royal Commission’s recommendation to review the Strategy.

    During the review, people with disability, representative organisations and the Strategy’s Advisory Council shared their important perspectives on how governments can continue to improve the everyday lives of people with disability through the Strategy’s implementation.

    Minister for Social Services Amanda Rishworth said the updated Strategy reflects what matters most to the disability community and outlines a roadmap to deliver change.

    “This updated Strategy introduces an additional policy priority focused on addressing homelessness, a commitment to a new Community Engagement Plan and three new Targeted Action Plans, which focus on building more inclusive homes and communities; improving the safety, rights and justice for people with disability; and changing community attitudes,” Minister Rishworth said.

    “These Targeted Action Plans set out the specific steps governments will take to drive change. For the first time, they also include a number of national actions that all governments will work on together, with the disability community, to ensure people with disability right across Australia experience the benefits.

    “It remains important to all governments that our actions are guided by the voices and experiences of people with disability, and we have taken the opportunity to add new and updated evidence about the experiences of people with disability since the Strategy’s launch in 2021.”

    Governments have also agreed to progress an Associated Plan under the Strategy, that will focus on making information and communications more accessible, including through the design and development of agreed standards.

    “People with disability want greater and more diverse opportunities to take part in the decisions and design on matters that impact their lives, and we are committed to actively involving people with disability as we implement these changes,” Minister Rishworth said.

    The updated Strategy release is accompanied by several supporting documents, including:

    • Three new Targeted Action Plans
    • The Third Targeted Action Plans Report
    • A revised Data Improvement Plan
    • Guide to Applying Australia’s Disability Strategy.

    To learn more about the updated Strategy and supporting documents, visit disabilitygateway.gov.au/ads

    MIL OSI News –

  • MIL-OSI Australia: Albanese Government delivering free broadband for 30,000 unconnected Australian families

    Source: Australian Ministers 1

    The Albanese Government has announced an additional $4.9 million in funding to NBN Co to extend the free School Student Broadband Initiative (SSBI) to 30 June 2028, to ease cost of living pressures and narrow the digital divide for unconnected families with school children.

    More than 23,000 families across the country are already accessing free NBN broadband through the SSBI, and this additional funding will assist more families to access the program.

    Families save around $1,000 a year through the program, and it allows children who otherwise would have difficulty accessing the internet connections that are crucial to modern learning to have the same opportunities as their peers.

    The program was due to finish in 2025. The extension will now allow the free services to continue for new and existing families until 30 June 2028, with up to 30,000 places available in the program. It brings the Albanese Government’s total investment in the program to $13.7 million.

    To be eligible, families and carers must:

    • have a child living at home enrolled in an Australian school;
    • have no active broadband service over the NBN network in the last 14 days; and
    • live in a premises where they can access standard NBN services.

    Once a family is assessed as eligible, they are issued with a unique voucher which they can redeem with one of the participating internet providers. The free service begins from the day the service is activated until 30 June 2028 and is available across all NBN technologies

    To apply, families and carers are encouraged to contact the National Referral Centre run by Anglicare Victoria on 1800 954 610 (Mon–Fri, 10am–6pm AEDT) or visit: www.anglicarevic.org.au/student-internet.

    For more information on the program visit: School Student Broadband Initiative (SSBI) | Department of Infrastructure, Transport, Regional Development, Communications and the Art.

    Quotes attributable to the Minister for Communications, the Hon Michelle Rowland MP:

    “The Albanese Government is building Australia’s future, and that means investing in our children and their education.

    “The School Student Broadband Initiative is making a serious difference for thousands of families who now are able to enjoy the benefits of having reliable internet at home – a must in our increasingly digital world.

    “It is a fantastic milestone that 23,000 families are now benefitting from this cost of living measure – with the extension meaning families have even more time to sign up and be supported by free NBN broadband.

    “The program is helping Australians from all walks of life, including those who have escaped domestic and family violence, who no longer have to deal with the burden and uncertainty of mobile internet usage and data cost or the need to travel to use public Wi-Fi networks just so their children can complete their homework.

    “The success of this program to date wouldn’t be possible without the support of NBN Co, retail service providers, state and territory governments, schools, community organisations and charities, and I thank them for their ongoing work to help the initiative reach even more families.”

    MIL OSI News –

  • MIL-OSI Australia: Australian produce in high demand for Lunar New Year Celebrations in China

    Source: Minister for Trade

    The Lunar New Year marks exciting new opportunities for Australian food and agriculture exporters to China, with $20 billion worth of trade impediments now removed.

    China’s consumers can celebrate the Year of the Snake by dining on a smorgasbord of Aussie cuisine, including delicious lobsters, the world’s best wines, and high-quality beef steaks.

    The Albanese Labor Government has worked calmly and consistently to restore dialogue to Australia’s relationship with China and secure the removal of $20 billion of trade impediments.

    Following the removal of the final trade impediments in December 2024, dining tables in China will now feature Australian live rock lobsters, a welcome outcome for Chinese consumers and Australian businesses alike.

    Over 900 tonnes of live rock lobsters has already been exported to China since the removal of impediments. This has supported the jobs of 3,000 Australians employed in the industry, 2,000 of which are in Western Australia.

    Australian fresh cherries are also highly prized as a gift to celebrate the Lunar New Year, and demand is expected to grow this financial year, after strong growth last year. Australia exported $14 million or 582 tonnes of cherries in 2023-24, an increase of 129 per cent in value and 137 per cent in volume. 

    Exports to China of Australian agricultural products previously affected by trade impediments have rebounded in 2024 year-on-year (January to October):

    • barley increased 221 per cent in value;
    • wine increased over 5,000 per cent in value; and
    • timber logs (specifically, wood in the rough) increased over 8,000 per cent in value.

    China remains Australia’s largest market for agricultural exports, worth $17.1 billion and accounting for around a quarter of total agricultural exports in 2023-24.

    Quotes attributable to Foreign Minister Penny Wong:

    “The Albanese Labor Government’s calm and consistent approach to our relationship with China is delivering for Australians and for our national interest.

    “It’s the result of hard work and a responsible Government that doesn’t play reckless political games with Australia’s most important relationships. 

    “Labor will continue to support Australian businesses to sell their products to the world, including through our efforts to diversify our trade.”

    Quotes attributable to Trade and Tourism Minister Don Farrell:  

    “Sustained engagement and advocacy by the Albanese Labor Government has resulted in the removal of around $20 billion of Chinese trade impediments, benefiting Australian farmers, exporters and our regions.

    “But we will not rest on our laurels – we are committed to creating even more export opportunities for Australian farmers and producers.

    “Every product we export means more national income and more well-paying Australian jobs.”

    Quotes attributable to Agriculture, Fisheries and Forestry Minister Julie Collins:

    “Australia has an outstanding reputation as a supplier of high-quality agricultural products in China.  

    “Our Government is focused on strengthening our trade relationships and expanding opportunities for Australia’s farmers and producers.

    “In 2023-24, we recorded 88 market access achievements which opened, improved, maintained, or restored access for Australian businesses, including unlocking 10 new markets.

    “Australia exports over 70 per cent of our agricultural, fisheries and forestry production to 169 markets globally – the most diversified trade has ever been – thanks to the Albanese Labor Government.”

    MIL OSI News –

  • MIL-Evening Report: Trump 2.0 chaos and destruction — what it means Down Under

    What will happen to Australia — and New Zealand — once the superpower that has been followed into endless battles, the United States, finally unravels?

    COMMENTARY: By Michelle Pini, managing editor of Independent Australia

    With President Donald Trump now into his second week in the White House, horrific fires have continued to rage across Los Angeles and the details of Elon Musk’s allegedly dodgy Twitter takeover began to emerge, the world sits anxiously by.

    The consequences of a second Trump term will reverberate globally, not only among Western nations. But given the deeply entrenched Americanisation of much of the Western world, this is about how it will navigate the after-shocks once the United States finally unravels — for unravel it surely will.

    Leading with chaos
     Now that the world’s biggest superpower and war machine has a deranged criminal at the helm — for a second time — none of us know the lengths to which Trump (and his puppet masters) will go as his fingers brush dangerously close to the nuclear codes. Will he be more emboldened?

    The signs are certainly there.

    President Donald Trump 2.0 . . . will his cruelty towards migrants and refugees escalate, matched only by his fuelling of racial division? Image: ABC News screenshot IA

    So far, Trump — who had already led the insurrection of a democratically elected government — has threatened to exit the nuclear arms pact with Russia, talked up a trade war with China and declared “all hell will break out” in the Middle East if Hamas hadn’t returned the Israeli hostages.

    Will his cruelty towards migrants and refugees escalate, matched only by his fuelling of racial division?

    This, too, appears to be already happening.

    Trump’s rants leading up to his inauguration last week had been a steady stream of crazed declarations, each one more unhinged than the last.

    He wants to buy Greenland. He wishes to overturn birthright citizenship in order to deport even more migrant children, such as  “pet-eating Haitians” and “insane Hannibal Lecters” because America has been “invaded”.

    It will be interesting to see whether his planned evictions of Mexicans will include the firefighters Mexico sent to Los Angeles’ aid.

    At the same time, Trump wants to turn Canada into the 51st state, because, he said,

    “It would make a great state. And the people of Canada like it.”

    Will sexual predator Trump’s level of misogyny sink to even lower depths post Roe v Wade?

    Probably.

    Denial of catastrophic climate consequences
    And will Trump be in even further denial over the catastrophic consequences of climate change than during his last term? Even as Los Angeles grapples with a still climbing death toll of 25 lives lost, 12,000 homes, businesses and other structures destroyed and 16,425 hectares (about the size of Washington DC) wiped out so far in the latest climactic disaster?

    The fires are, of course, symptomatic of the many years of criminal negligence on global warming. But since Trump instead accused California officials of “prioritising environmental policies over public safety” while his buddy and head of government “efficiency”, Musk blamed black firefighters for the fires, it would appear so.

    Will the madman, for surely he is one, also gift even greater protections to oligarchs like Musk?

    Trump has already appointed billionaire buddies Musk and Vivek Ramaswamy to:

     “…pave the way for my Administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure Federal agencies”.

    So, this too is already happening.

    All of these actions will combine to create a scenario of destruction that will see the implosion of the US as we know it, though the details are yet to emerge.

    The flawed AUKUS pact sinking quickly . . . Australian Prime Minister Anthony Albanese with outgoing President Joe Biden, will Australia have the mettle to be bigger than Trump. Image: Independent Australia

    What happens Down Under?
    US allies — like Australia — have already been thoroughly indoctrinated by American pop culture in order to complement the many army bases they house and the defence agreements they have signed.

    Though Trump hasn’t shown any interest in making it a 52nd state, Australia has been tucked up in bed with the United States since the Cold War. Our foreign policy has hinged on this alliance, which also significantly affects Australia’s trade and economy, not to mention our entire cultural identity, mired as it is in US-style fast food dependence and reality TV. Would you like Vegemite McShaker Fries with that?

    So what will happen to Australia once the superpower we have followed into endless battles finally breaks down?

    As Dr Martin Hirst wrote in November:

    ‘Trump has promised chaos and chaos is what he’ll deliver.’

    His rise to power will embolden the rabid Far-Right in the US but will this be mirrored here? And will Australia follow the US example and this year elect our very own (admittedly scaled down) version of Trump, personified by none other than the Trump-loving Peter Dutton?

    If any of his wild announcements are to be believed, between building walls and evicting even US nationals he doesn’t like, while simultaneously making Canadians US citizens, Trump will be extremely busy.

    There will be little time even to consider Australia, let alone come to our rescue should we ever need the might of the US war machine — no matter whether it is an Albanese or sycophantic Dutton leadership.

    It is a given, however, that we would be required to honour all defence agreements should our ally demand it.

    It would be great if, as psychologists urge us to do when children act up, our leaders could simply ignore and refuse to engage with him, but it remains to be seen whether Australia will have the mettle to be bigger than Trump.

    Republished from the Independent Australia with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Speed limit reduction reversals begin

    Source: New Zealand Government

    Reversals to Labour’s blanket speed limit reductions begin tonight and will be in place by 1 July, says Minister of Transport Chris Bishop.

    “The previous government was obsessed with slowing New Zealanders down by imposing illogical and untargeted speed limit reductions on state highways and local roads.

    “National campaigned on reversing the blanket speed limit reductions at the last election, and over 65 per cent of submitters during consultation on the Land Transport Rule: Setting of Speed Limits 2024 agreed.

    “Reversing the speed limit reductions where safe to do so is also part of the National-ACT coalition agreement.

    “Where Labour was about slowing New Zealand down, the coalition Government is all about making it easier for people and freight to get from A to B as quickly and efficiently as possible, which will help drive economic growth and improved productivity.”

    The Land Transport Rule: Setting of Speed Limits 2024 requires NZTA and local councils to reverse all speed limits lowered since January 2020 on several categories of roads back to their previous limits by 1 July 2025.

    “Labour’s Kieran McAnulty said recently that as Associate Transport Minister under the previous government he’d asked NZTA to review the SH2 Wairarapa speed limit, and that they told him no. It seems he just shrugged and accepted that,” Mr Bishop says.

    “Today provides a classic example of our Government’s determination to stop letting government agencies put things in the too-hard basket, and instead to push forward for actual results.

    “Today provides a classic example of our Government’s determination to stop letting government agencies put things in the too-hard basket, and instead to push forward for actual results.

    “The first state highway to reverse will be the section of SH2 between Featherston and Masterton, where the speed limit reduction in early 2023 under the previous government met with huge community hostility – the exact road that Kieran McAnulty failed to get any action on. This change which will take effect overnight tonight.

    “To ensure this process happens efficiently, over the next few months NZTA will incorporate the automatic speed reversal work alongside planned maintenance and project works.

    “I have also released a further list of 49 sections of state highway for further public consultation so local communities can have their say on keeping their current lower speed limit or returning to the previous higher speed. Public consultation on those sections begins tomorrow and will run for six weeks. 

    “In terms of local road changes, councils have until 1 May 2025 to advise NZTA of the specified roads subject to reversal under the new Rule.”

    The new rule requires reduced variable speed limits outside schools during pick up and drop off times.

    “We are prioritising the safety of Kiwi kids by introducing reduced speed limits outside schools during pick-up and drop-off times. We want to see these changes brought about quickly,” Mr Bishop says.

    “By 1 July 2026, local streets outside a school will be required to have a 30km/h variable speed limit. Rural roads that are outside schools will be required to have variable speed limits of 60km/h or less.

    “Throughout the world, 50km/h is used as the right speed limit to keep urban roads flowing smoothly and safely. The evidence on this is clear – comparable countries with the lowest rates of road deaths and serious injuries, such as Norway, Denmark, and Japan, have speed limits of 50km/h on their urban roads, with exceptions for lower speed limits.

    “These countries have strong road safety records, targeting alcohol, drugs, and speeding. Our Government has a clear focus on improving road safety outcomes with clear targets to ensure Police are focussed on the most high-risk times, behaviours, and locations.”

    Notes to editor:

    Attached fact sheets:

    • 38 sections of state highway for speed limit auto reversal
    • 49 sections of state highway for community consultation

    Under the Setting of Speed Limits Rule signed by previous Transport Minister Simeon Brown in September 2024, the NZ Transport Agency (NZTA) and councils are required to reverse all speed limits lowered since January 2020 on several categories of specified roads back to their previous limits by 1 July 2025.

    To give effect to the new Rule, NZTA will automatically reverse speed limits on 38 sections of the state highway network back to their previous higher speed limit, and publicly consult on a further 49 sections before final decisions are made whether to reverse them or not.

    Public consultation on 49 sections of state highway will begin on 30 January 2025 and run for six weeks. 

    Further note:

    The reference to Mr McAnulty’s comments regarding SH2 in the Wairarapa is taken from Kate Judson’s article in The Wairarapa Times-Age, Jan 25 2025: Slow road back to 100kph for Wairarapa motorists:

    Labour list MP Kieran McAnulty said he was not convinced SH2 speeds south of Greytown would change by July because the decision rested with NZTA.

    “It wouldn’t surprise me if they said they’ll put it up to 100kph if the road gets improved,” he said.

    “I know how resolute NZTA were on it. I was associate transport minister and looked them in the eye and said, ‘I want you to review the speed limit,’ and they said no.”

    MIL OSI New Zealand News –

  • MIL-OSI: Magnite Partners With Sky New Zealand to Power Programmatic Advertising on Sky Sport Now

    Source: GlobeNewswire (MIL-OSI)

    AUCKLAND, New Zealand, Jan. 28, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, is working with Sky New Zealand to power programmatic advertising on Sky’s premium live and on-demand sports streaming platform, Sky Sport Now. Following the recent launch of digital advertising on Sky Sport Now, buyers will have programmatic access to the platform’s high-value live sports inventory for the first time through Magnite.

    With 51.3 million annual streams* and content across an average of 35 sporting codes, Sky Sport Now offers advertisers a golden opportunity to engage audiences with data-driven targeting and optimised campaigns, maintained within a premium environment. Magnite’s cutting-edge streaming technology will help Sky recognise the value of their content in a way that respects the viewer experience, while making it easier for buyers to access scalable, premium inventory and reach engaged audiences.

    Lauren Quaintance, Sky New Zealand’s Chief Media and Data Officer, says: “The launch of digital advertising on Sky Sport Now unlocks Sky’s highly engaged live sport audiences on this platform for the first time. With all the live sport that Kiwis love in one place and scalable audiences now available to local digital advertisers, we’re experiencing strong interest from clients eager to get involved, and we’re incredibly grateful for the support from agencies and advertisers.

    “Aligning with the right partners to ensure we can package this inventory efficiently, while delivering a premium viewing experience has been critical, and Magnite has proven to be a highly effective partner. We’re excited to continue working with them to facilitate programmatic access to Sky’s highly engaged live sport audiences for the first time.”

    Yael Milbank, Managing Director, ANZ at Magnite, says: “Sky New Zealand has expanded their offering to meet the consumer appetite for more accessible live sports content, and we’re pleased to be working with them to unlock new opportunities for advertisers to reach highly engaged sports fans. We look forward to helping drive continued success as they leverage our leading streaming technology to enable programmatic activation of premium live sports inventory on Sky Sport Now.”

    About Sky New Zealand
    Sky is New Zealand’s leading entertainment company and home to the best and broadest choice in live sport, movies, shows, documentaries and news. Sky offers a suite of viewing choices to suit every New Zealander, whether it’s through the Sky Box and companion app Sky Go for premium direct-to-home customers, its streaming services Sky Sport Now for sport and Neon for movies and entertainment, or free-to-air on Sky Open.

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Media Contact:
    Einsteinz Communications
    carlotta@einsteinz.com.au

    _____________________

    *SOURCE 1: NIELSEN CMI, Q1 2023 – Q4 2023, AP15+, ONLINE VIDEO/TV SERVICES USED L7D.

    The MIL Network –

  • MIL-OSI: Darren Morcombe Acquires Common Shares of Southern Cross Gold Consolidated Ltd.

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Jan. 28, 2025 (GLOBE NEWSWIRE) — Darren Morcombe announces that his security holding percentage in the common shares (each, a “Share”) of Southern Cross Gold Consolidated Ltd. (the “Company”), following the Company’s completion of a scheme of arrangement with Southern Cross Gold Ltd. (“SXG1”), as announced in the Company’s press release dated January 23, 2025, is approximately 13.22% on a partially diluted basis.

    Effective January 23, 2025, the Company, an issuer listed on the TSX Venture Exchange (TSXV: SXGC) and on the Australian Securities Exchange (ASX: SX2), with its head office at Suite 1305, 1090 West Georgia Street, Vancouver, British Columbia, V6E 3V7, acquired pursuant to a scheme of arrangement all the issued share capital of SXG1 it did not previously own in consideration for the issuance of 125,041,031 Shares at an exchange ratio of 1:1 and a deemed price of $3.35 per Share (the “Transaction”). Prior to the Transaction, SXG1 was listed on the Australian Securities Exchange.

    Immediately prior to the completion of the Transaction, Mr. Morcombe owned and controlled 5,454,286 Shares, representing approximately 5.65% of the then-outstanding Shares on a partially diluted basis.        

    Pursuant to the Transaction, Mr. Morcombe acquired control and ownership over an additional 22,546,434 Shares and 1,500,000 options to purchase Shares, resulting in control and ownership over a total of 28,000,720 Shares and 1,500,000 options to purchase Shares, representing approximately 13.22% of the outstanding Shares on a partially diluted basis, and a change in Mr. Morcombe’s security holding percentage in the Shares of 7.57%.

    Mr. Morcombe acquired the Shares for investment purposes. Mr. Morcombe may, depending on various factors, including, without limitation, market and other conditions, increase or decrease his beneficial ownership, control or direction over Shares or other securities of the Company.

    For further information, please contact:

    Mariana Bermudez
    Telephone: 604-685-9316

    This news release is issued pursuant to the early warning requirements of applicable securities laws. A copy of the Early Warning Report will appear on the Company’s profile on the SEDAR+ website at www.sedarplus.ca. A copy of the Early Warning Report may also be obtained by contacting Mariana Bermudez.

    The MIL Network –

  • MIL-OSI Security: Marshall Islands, military leaders strengthen partnership, defense

    Source: United States INDO PACIFIC COMMAND

    MAJURO, Marshall, Islands  –  

    U.S. Indo-Pacific Command’s senior military official to the Republic of the Marshall Islands (RMI) met with local leaders in Majuro to discuss defense and security, Jan 23.

    Commander, Joint Task Force-Micronesia (JTF-M) U.S. Navy Rear Adm. Greg Huffman spoke with representatives from the U.S. Embassy and RMI National Security Director Chris deBrum during the visit.

    The U.S. has a longstanding relationship with the RMI and, continued under the recently renewed Compact of Free Association, is responsible for its defense. Established in June 2024, JTF-M’s mission is to synchronize military operations and activities across all domains from seabed to space to promote regional security and stability.

    “I am thankful for the opportunity to build upon the partnership we share with the people of the Marshall Islands,” Huffman said. “We have the common goal of maintaining peace and security in the region and will continue to work together to grow our collective maritime domain awareness and strengthen our defense here and across all of Micronesia.”

    Huffman shared his commitment to open lines of communication with RMI’s leadership and community about potential military activities and future investments. He also underscored the value of a common operating picture to counter illegal activity in the region.

    “We look forward to partnering more closely with INDOPACOM to address security concerns,” deBrum said. “We have overlapping issues so to be able to share resources is critical to our mutual success.”

    Huffman met with members of the Marshall Islands Marine Resources Authority (MIMRA) at their headquarters in Majuro, where the MIMRA team provided a capabilities brief. He also met with Commander, U.S. Army Garrison-Kwajalein Atoll Col. Andrew Morgan and Royal Australian Navy Lt. Cmdr. Lachlan Sommerville, maritime security advisor, for updates in their respective areas of responsibility.

    Dedicated to promoting regional stability, JTF-M performs Homeland Defense, Defense Support to Civil Authorities, and Foreign Humanitarian Assistance through a whole of government approach within its assigned joint operations area.

    For more information about JTF-M, visit https://www.pacom.mil/JTF-Micronesia/

    MIL Security OSI –

  • MIL-OSI: Enterprise Bancorp, Inc. Announces Fourth Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Filed by Enterprise Bancorp, Inc.
    pursuant to Rule 425 under the Securities Act of 1933
    and deemed filed pursuant to Rule 14a-12
    under the Securities Exchange Act of 1934

    Subject Company: Enterprise Bancorp, Inc.
    SEC File No.: 001-33912
    Date: January 28, 2025

    LOWELL, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — Enterprise Bancorp, Inc. (“Enterprise”) (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended December 31, 2024. Net income amounted to $10.7 million, or $0.86 per diluted common share, for the three months ended December 31, 2024, compared to $10.0 million, or $0.80 per diluted common share, for the three months ended September 30, 2024 and $7.9 million, or $0.64 per diluted common share, for the three months ended December 31, 2023.

    On December 9, 2024, Enterprise and Enterprise Bank announced the signing of a definitive merger agreement with Independent Bank Corp. (“Independent”) and its wholly owned subsidiary, Rockland Trust Company (“Rockland Trust”), pursuant to which Enterprise will merge with and into Independent and Enterprise Bank will merge into Rockland Trust. The proposed merger is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals and approval of Enterprise shareholders. No vote of Independent Bank Corp. shareholders is required.

    Selected financial results at or for the quarter ended December 31, 2024, compared to September 30, 2024, were as follows:

    • The returns on average assets and average equity were 0.89% and 11.82%, respectively.
    • Tax-equivalent net interest margin (non-GAAP) (“net interest margin”) was 3.29%, an increase of 7 basis points.
    • Total loans amounted to $3.98 billion, an increase of 3.2%.
    • Total deposits were relatively unchanged and amounted to $4.19 billion.
    • Wealth assets under management and administration amounted to $1.54 billion, an increase of 1.4%.

    Chief Executive Officer Steven Larochelle commented, “As we continue to work toward the upcoming completion of the proposed merger with Rockland Trust, I am pleased to announce that our team continued to deliver strong results in the fourth quarter. Loan growth was once again robust at 3.2% for the quarter while operating results were positively impacted by margin expansion as we benefited from the impact of Federal Reserve Bank interest rate cuts coupled with the flattening of the yield curve.”

    Executive Chairman & Founder George Duncan stated, “The news of our anticipated merger with Rockland Trust has been well received by our shareholders, customers and communities. The planning of our integration with them is going well and the anticipated synergies and cultural alignment of our two banks are being confirmed.”

    Mr. Duncan added, “I congratulate Steve, and the whole team, for another very successful quarter and year. This was our third straight year of 12% loan growth, and I believe this is a testament to our relationship-based sales and service culture partnered with our strong commitment to community outreach and involvement.”

    Net Interest Income

    Net interest income for the three months ended December 31, 2024, amounted to $38.5 million, an increase of $2.0 million, or 5%, compared to the three months ended December 31, 2023. The increase was due primarily to an increase in loan interest income of $7.8 million, partially offset by an increase in deposit interest expense of $3.7 million and a decrease in income on other interest-earning assets of $1.5 million.

    The increase in interest income during the fourth quarter of 2024, compared to the prior year quarter, was due primarily to loan growth and higher loan yields, while the increase in interest expense during the period was attributed primarily to an increase in certificates of deposit balances and higher market rates on deposits.

    Net Interest Margin

    Net interest margin for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, amounted to 3.29%, 3.22% and 3.29%, respectively.

    Three months ended – December 31, 2024, compared to December 31, 2023

    Net interest margin was positively impacted by loan growth and an increase in loan yields, offset by increases in average funding liabilities and funding costs as well as a decrease in the average balance of other interest-earning assets.

    The increase in interest-earning asset yields of 27 basis points was due primarily to loan repricing and originations at higher interest rates while the increase in funding costs of 29 basis points was driven by higher market rates and growth in certificate of deposit balances.

    Three months ended – December 31, 2024, compared to September 30, 2024

    The increase in net interest margin was due primarily to loan growth and a decrease in funding costs, partially offset by decreases in interest-earning asset yields and the average balance of other interest-earning assets.

    The decreases in funding costs of 10 basis points and interest-earning asset yields of 3 basis points were driven primarily by the 100 basis point reduction in the federal funds rate from September 2024 through December 2024. In addition, the decrease in other interest-earning assets resulted mainly from funding loan growth during the period.

    Provision for Credit Losses

    The provision for credit losses for the three-month periods ended December 31, 2024 and December 31, 2023, are presented below:

        Three months ended   Increase / (Decrease)
    (Dollars in thousands)   December 31, 
    2024    		   December 31, 
    2023
    Provision for credit losses on loans – collectively evaluated   $ 1,939     $ 1,132     $ 807  
    Provision for credit losses on loans – individually evaluated     (1,874 )     (27 )     (1,847 )
    Provision for credit losses on loans     65       1,105       (1,040 )
                 
    Provision for unfunded commitments     (171 )     1,388       (1,559 )
                 
    Provision for credit losses   $ (106 )   $ 2,493     $ (2,599 )
                             

    The decrease in the provision for credit losses of $2.6 million was due to net decreases in reserves on individually evaluated loans of $1.8 million and unfunded commitments of $1.6 million, partially offset by an increase in reserves on collectively evaluated loans of $807 thousand which was due primarily to loan growth.

    The decrease in reserves on individually evaluated loans was due primarily to two commercial relationships that experienced improvement in their collateral valuation during the period and the decrease in reserves for unfunded commitments resulted primarily by a decrease in off-balance sheet commitments that required a reserve.

    Non-Interest Income

    Non-interest income for the three months ended December 31, 2024, amounted to $5.6 million, an increase of $69 thousand, or 1%, compared to the three months ended December 31, 2023. The increase was due primarily to increases in wealth management fees, income on bank-owned life insurance and other income, partially offset by a decrease in gains on equity securities.

    Non-Interest Expense

    Non-interest expense for the three months ended December 31, 2024, amounted to $29.8 million, an increase of $1.6 million, or 6%, compared to the three months ended December 31, 2023. The increase was due primarily to increases in salaries and employee benefits expense of $808 thousand and merger-related expenses of $1.1 million.

    Income Taxes

    The effective tax rate for the three months ended December 31, 2024, amounted to 25.4%, compared to 30.3% for the three months ended December 31, 2023. The decrease was due primarily to annual book to tax return adjustments in the prior year quarter.

    Balance Sheet

    Total assets amounted to $4.83 billion at December 31, 2024, compared to $4.47 billion at December 31, 2023, an increase of 8%.

    Total investment securities at fair value amounted to $593.6 million at December 31, 2024, compared to $668.2 million at December 31, 2023. The decrease of 11% during the year ended December 31, 2024, was largely attributable to principal pay-downs, calls and maturities. In addition, unrealized losses on debt securities amounted to $101.8 million at December 31, 2024, compared to $102.9 million at December 31, 2023, a decrease of 1%.

    Total loans amounted to $3.98 billion at December 31, 2024, compared to $3.57 billion at December 31, 2023. The increase of 12% during the year ended December 31, 2024, was due primarily to increases in commercial real estate and construction loans of $203.1 million and $94.9 million, respectively.

    Total deposits amounted to $4.19 billion at December 31, 2024, compared to $3.98 billion at December 31, 2023. The increase of 5% during the year ended December 31, 2024, was due primarily to increases in money market and certificate of deposit balances of $51.5 million and $164.1 million, respectively.

    Total borrowed funds amounted to $153.1 million at December 31, 2024, compared to $25.8 million at December 31, 2023. The increase of $127.4 million during the year ended December 31, 2024, the majority of which occurred at the end of December, resulted primarily from an increase in short-term advances used to support strong loan growth. Average borrowed funds during the fourth quarter of 2024 amounted to $37.8 million.

    Total shareholders’ equity amounted to $360.7 million at December 31, 2024, compared to $329.1 million at December 31, 2023. The increase of 10% during the year ended December 31, 2024, was due primarily to an increase in retained earnings of $26.9 million.

    Credit Quality

    Selected credit quality metrics at December 31, 2024, compared to December 31, 2023, were as follows:

    • The allowance for credit losses (“ACL”) for loans amounted to $63.5 million, or 1.59% of total loans, compared to $59.0 million, or 1.65% of total loans. The decrease in the ACL for loans to total loan ratio was due primarily to a decrease in reserves on individually evaluated loans and a decrease in qualitative factors within our ACL model.
    • The reserve for unfunded commitments (included in other liabilities) amounted to $4.4 million, compared to $7.1 million. The decrease was driven primarily by a decrease in off-balance sheet commitments that required a reserve.
    • Non-performing loans amounted to $26.7 million, or 0.67% of total loans, compared to $11.4 million, or 0.32% of total loans. The increase resulted primarily from two individually evaluated commercial construction loans which were placed on non-accrual.

    Net charge-offs for the year ended December 31, 2024, amounted to $206 thousand, or 0.01% of average total loans, compared to $105 thousand, or 0.00% of average total loans, for the year ended December 31, 2023.

    Wealth Management

    Wealth assets under management and administration, which are not carried as assets on the Company’s consolidated balance sheets, amounted to $1.54 billion at December 31, 2024, an increase of $215.8 million, or 16%, compared to December 31, 2023, and resulted primarily from an increase in market values.

    About Enterprise Bancorp, Inc.

    Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 141 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, the Company offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. The Company’s headquarters and Enterprise Bank’s main office are located at 222 Merrimack Street in Lowell, Massachusetts. The Company’s primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham.

    Forward-Looking Statements

    This earnings release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “upcoming,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms or expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties, and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, (i) disruption from the proposed merger with Independent; (ii) the risk that the proposed merger with Independent may not be completed in a timely manner or at all; (iii) the occurrence of any event, change, or other circumstances that could give rise to the termination of the proposed merger with Independent, including under circumstances that would require Enterprise to pay a termination fee; (iv) the failure to obtain necessary shareholder or regulatory approvals for the proposed merger with Independent; (v) the ability to successfully integrate the combined business; (vi) the possibility that the amount of the costs, fees, expenses, and charges related to the proposed merger with Independent may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities; (vii) the failure of the conditions to the proposed merger with Independent to be satisfied; (viii) reputational risk and the reaction of the parties’ customers to the proposed merger with Independent; (xi) the risk of potential litigation or regulatory action related to the proposed merger with Independent; (x) the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; (xi) potential recession in the United States and our market areas; (xii) the impacts related to or resulting from uncertainty in the banking industry as a whole; (xiii) increased competition for deposits and related changes in deposit customer behavior; (xiv) the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; (xv) the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; (xvi) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; (xvii) increases in unemployment rates in the United States and our market areas; (xviii) declines in commercial real estate values and prices; (xix) uncertainty regarding United States fiscal debt, deficit and budget matters; (xx) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (xxi) severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; (xxii) competition and market expansion opportunities; (xxiii) changes in non-interest expenditures or in the anticipated benefits of such expenditures; (xxiv) changes in tax laws; (xxv) the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; (xxvi) potential increased costs related to the impacts of climate change; and (xxvii) current or future litigation, regulatory examinations or other legal and/or regulatory actions. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. For more information about these factors, please see our reports filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statements contained in this earnings release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

    ENTERPRISE BANCORP, INC.
    Consolidated Balance Sheets
    (unaudited)
     
    (Dollars in thousands, except per share data)   December 31,
    2024    		   December 31,
    2023
    Assets        
    Cash and cash equivalents:        
    Cash and due from banks   $ 42,689     $ 37,443  
    Interest-earning deposits with banks     41,152       19,149  
    Total cash and cash equivalents     83,841       56,592  
    Investments:        
    Debt securities at fair value (amortized cost of $685,766 and $763,981, respectively)     583,930       661,113  
    Equity securities at fair value     9,665       7,058  
    Total investment securities at fair value     593,595       668,171  
    Federal Home Loan Bank stock     7,093       2,402  
    Loans held for sale     520       200  
    Loans:        
    Total loans     3,982,898       3,567,631  
    Allowance for credit losses     (63,498 )     (58,995 )
    Net loans     3,919,400       3,508,636  
    Premises and equipment, net     42,444       44,931  
    Lease right-of-use asset     24,126       24,820  
    Accrued interest receivable     20,553       19,233  
    Deferred income taxes, net     49,096       49,166  
    Bank-owned life insurance     67,421       65,455  
    Prepaid income taxes     2,583       1,589  
    Prepaid expenses and other assets     11,398       19,183  
    Goodwill     5,656       5,656  
    Total assets   $ 4,827,726     $ 4,466,034  
    Liabilities and Shareholders‘Equity        
    Liabilities        
    Deposits   $ 4,187,698     $ 3,977,521  
    Borrowed funds     153,136       25,768  
    Subordinated debt     59,815       59,498  
    Lease liability     23,849       24,441  
    Accrued expenses and other liabilities     33,425       45,011  
    Accrued interest payable     9,055       4,678  
    Total liabilities     4,466,978       4,136,917  
    Commitments and Contingencies        
    Shareholders‘Equity        
    Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued     —       —  
    Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,447,308 and 12,272,674 shares issued and outstanding, respectively.     124       123  
    Additional paid-in capital     111,295       107,377  
    Retained earnings     328,243       301,380  
    Accumulated other comprehensive loss     (78,914 )     (79,763 )
    Total shareholders’ equity     360,748       329,117  
    Total liabilities and shareholders’ equity   $ 4,827,726     $ 4,466,034  
                     
    ENTERPRISE BANCORP, INC.
    Consolidated Statements of Income
    (unaudited)
     
        Three months ended   Year ended
    (Dollars in thousands, except per share data)   December 31, 
    2024    		   September 30, 
    2024    		   December 31, 
    2023    		   December 31, 
    2024    		   December 31, 
    2023
    Interest and dividend income:                    
    Other interest-earning assets   $ 833     $ 2,497     $ 2,350   $ 6,199     $ 9,943  
    Investment securities     3,881       3,835       4,219     15,693       18,575  
    Loans and loans held for sale     54,528       53,809       46,680     208,378       172,535  
    Total interest and dividend income     59,242       60,141       53,249     230,270       201,053  
    Interest expense:                    
    Deposits     19,488       20,581       15,821     76,513       44,389  
    Borrowed funds     394       674       43     2,426       113  
    Subordinated debt     867       866       867     3,467       3,467  
    Total interest expense     20,749       22,121       16,731     82,406       47,969  
    Net interest income     38,493       38,020       36,518     147,864       153,084  
    Provision for credit losses     (106 )     1,332       2,493     1,985       9,249  
    Net interest income after provision for credit losses     38,599       36,688       34,025     145,879       143,835  
    Non-interest income:                    
    Wealth management fees     2,043       2,025       1,797     7,888       6,730  
    Deposit and interchange fees     2,240       2,282       2,145     8,875       8,475  
    Income on bank-owned life insurance, net     522       518       314     2,001       1,264  
    Net losses on sales of debt securities     —       (2 )     —     (2 )     (2,419 )
    Net gains on sales of loans     33       57       —     156       34  
    Net (losses) gains on equity securities     (30 )     604       674     1,140       666  
    Other income     808       656       617     2,821       2,859  
    Total non-interest income     5,616       6,140       5,547     22,879       17,609  
    Non-interest expense:                    
    Salaries and employee benefits     19,276       20,097       18,468     78,224       72,283  
    Occupancy and equipment expenses     2,364       2,438       2,283     9,667       9,722  
    Technology and telecommunications expenses     2,687       2,618       2,719     10,708       10,656  
    Advertising and public relations expenses     609       559       709     2,585       2,786  
    Audit, legal and other professional fees     460       569       788     2,474       2,945  
    Deposit insurance premiums     950       900       768     3,571       2,712  
    Supplies and postage expenses     242       261       245     980       998  
    Merger-related expenses     1,137       —       —     1,137       —  
    Other operating expenses     2,117       1,911       2,244     7,786       8,097  
    Total non-interest expense     29,842       29,353       28,224     117,132       110,199  
    Income before income taxes     14,373       13,475       11,348     51,626       51,245  
    Provision for income taxes     3,646       3,488       3,441     12,893       13,187  
    Net income   $ 10,727     $ 9,987     $ 7,907   $ 38,733     $ 38,058  
                         
    Basic earnings per common share   $ 0.86     $ 0.80     $ 0.64   $ 3.13     $ 3.11  
    Diluted earnings per common share   $ 0.86     $ 0.80     $ 0.64   $ 3.12     $ 3.11  
                         
    Basic weighted average common shares outstanding     12,433,895       12,428,543       12,261,918     12,386,669       12,223,626  
    Diluted weighted average common shares outstanding     12,460,063       12,438,160       12,276,769     12,398,062       12,244,036  
                                           
    ENTERPRISE BANCORP, INC.
    Selected Consolidated Financial Data and Ratios
    (unaudited)
     
        At or for the three months ended
    (Dollars in thousands, except per share data)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Balance Sheet Data                    
    Total cash and cash equivalents   $ 83,841     $ 88,632     $ 199,719     $ 147,834     $ 56,592  
    Total investment securities at fair value     593,595       631,975       636,838       652,026       668,171  
    Total loans     3,982,898       3,858,940       3,768,649       3,654,322       3,567,631  
    Allowance for credit losses     (63,498 )     (63,654 )     (61,999 )     (60,741 )     (58,995 )
    Total assets     4,827,726       4,742,809       4,773,681       4,624,015       4,466,034  
    Total deposits     4,187,698       4,189,461       4,248,801       4,106,119       3,977,521  
    Borrowed funds     153,136       59,949       61,785       63,246       25,768  
    Subordinated debt     59,815       59,736       59,657       59,577       59,498  
    Total shareholders’ equity     360,748       368,109       340,441       333,439       329,117  
    Total liabilities and shareholders’ equity     4,827,726       4,742,809       4,773,681       4,624,015       4,466,034  
                         
    Wealth Management                    
    Wealth assets under management   $ 1,230,014     $ 1,212,076     $ 1,129,147     $ 1,105,036     $ 1,077,761  
    Wealth assets under administration   $ 305,930     $ 302,891     $ 267,529     $ 268,074     $ 242,338  
                         
    Shareholders’ Equity Ratios                    
    Book value per common share   $ 28.98     $ 29.62     $ 27.40     $ 26.94     $ 26.82  
    Dividends paid per common share   $ 0.24     $ 0.24     $ 0.24     $ 0.24     $ 0.23  
                         
    Regulatory Capital Ratios                    
    Total capital to risk weighted assets     13.06 %     13.07 %     13.07 %     13.20 %     13.12 %
    Tier 1 capital to risk weighted assets(1)     10.38 %     10.36 %     10.34 %     10.43 %     10.34 %
    Tier 1 capital to average assets     8.94 %     8.68 %     8.76 %     8.85 %     8.74 %
                         
    Credit Quality Data                    
    Non-performing loans   $ 26,687     $ 25,946     $ 17,731     $ 18,527     $ 11,414  
    Non-performing loans to total loans     0.67 %     0.67 %     0.47 %     0.51 %     0.32 %
    Non-performing assets to total assets     0.55 %     0.55 %     0.37 %     0.40 %     0.26 %
    ACL for loans to total loans     1.59 %     1.65 %     1.65 %     1.66 %     1.65 %
    Net charge-offs (recoveries)   $ 221     $ (7 )   $ (130 )   $ 122     $ 15  
                         
    Income Statement Data                    
    Net interest income   $ 38,493     $ 38,020     $ 36,161     $ 35,190     $ 36,518  
    Provision for credit losses     (106 )     1,332       137       622       2,493  
    Total non-interest income     5,616       6,140       5,628       5,495       5,547  
    Total non-interest expense     29,842       29,353       29,029       28,908       28,224  
    Income before income taxes     14,373       13,475       12,623       11,155       11,348  
    Provision for income taxes     3,646       3,488       3,111       2,648       3,441  
    Net income   $ 10,727     $ 9,987     $ 9,512     $ 8,507     $ 7,907  
                         
    Income Statement Ratios                    
    Diluted earnings per common share   $ 0.86     $ 0.80     $ 0.77     $ 0.69     $ 0.64  
    Return on average total assets     0.89 %     0.82 %     0.82 %     0.75 %     0.69 %
    Return on average shareholders’ equity     11.82 %     11.20 %     11.55 %     10.47 %     10.21 %
    Net interest margin (tax-equivalent)(2)     3.29 %     3.22 %     3.19 %     3.20 %     3.29 %
                                             
    (1) Ratio also represents common equity tier 1 capital to risk weighted assets as of the periods presented.
    (2) Tax-equivalent net interest margin is net interest income adjusted for the tax-equivalent effect associated with tax-exempt loan and investment income, expressed as a percentage of average interest-earning assets.
                                             
    ENTERPRISE BANCORP, INC.
    Consolidated Loan and Deposit Data
    (unaudited)
     
    Major classifications of loans at the dates indicated were as follows:
     
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Commercial real estate owner-occupied   $ 704,634     $ 660,063     $ 660,478     $ 635,420     $ 619,302  
    Commercial real estate non owner-occupied     1,563,201       1,579,827       1,544,386       1,524,174       1,445,435  
    Commercial and industrial     479,821       415,642       426,976       417,604       430,749  
    Commercial construction     679,969       674,434       622,094       583,711       585,113  
    Total commercial loans     3,427,625       3,329,966       3,253,934       3,160,909       3,080,599  
                         
    Residential mortgages     443,096       424,030       413,323       400,093       393,142  
    Home equity loans and lines     103,858       95,982       93,220       85,144       85,375  
    Consumer     8,319       8,962       8,172       8,176       8,515  
    Total retail loans     555,273       528,974       514,715       493,413       487,032  
    Total loans     3,982,898       3,858,940       3,768,649       3,654,322       3,567,631  
                         
    ACL for loans     (63,498 )     (63,654 )     (61,999 )     (60,741 )     (58,995 )
    Net loans   $ 3,919,400     $ 3,795,286     $ 3,706,650     $ 3,593,581     $ 3,508,636  
                                             
    Deposits are summarized at the periods indicated were as follows:
                         
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Non-interest checking   $     1,077,998   $     1,064,424   $     1,041,771   $     1,038,887   $     1,061,009
    Interest-bearing checking              699,671              682,050              788,822              730,819              697,632
    Savings              270,367              279,824              294,566              285,090              294,865
    Money market           1,454,443           1,488,437           1,504,551           1,469,181           1,402,939
    CDs $250,000 or less              377,958              375,055              358,149              337,367              295,789
    CDs greater than $250,000              307,261              299,671              260,942              244,775              225,287
     Deposits   $     4,187,698   $     4,189,461   $     4,248,801   $     4,106,119   $     3,977,521
                                   
    ENTERPRISE BANCORP, INC.
    Consolidated Average Balance Sheets and Yields (tax-equivalent basis)
    (unaudited)
     
    The following table presents the Company’s average balance sheets, net interest income and average rates for the periods indicated:
     
        Three months ended
    December 31, 2024    		   Three months ended
    September 30, 2024    		   Three months ended
    December 31, 2023
    (Dollars in thousands)   Average 
    Balance    		   Interest(1)   Average
    Yield(1)    		   Average 
    Balance    		   Interest(1)   Average
    Yield(1)    		   Average 
    Balance    		   Interest(1)   Average 
    Yield(1)
    Assets:                                    
    Other interest-earning assets(2)   $ 68,224   $ 833   4.85 %   $ 181,465   $ 2,497   5.48 %   $ 172,167   $ 2,350   5.42 %
    Investment securities(3)(tax-equivalent)     704,629     3,985   2.26 %     731,815     3,945   2.16 %     799,093     4,345   2.17 %
    Loans and loans held for sale(4)(tax-equivalent)     3,911,386     54,673   5.56 %     3,813,800     53,956   5.63 %     3,467,945     46,824   5.36 %
    Total interest-earnings assets (tax-equivalent)     4,684,239     59,491   5.06 %     4,727,080     60,398   5.09 %     4,439,205     53,519   4.79 %
    Other assets     101,952             104,284             78,102        
    Total assets   $ 4,786,191           $ 4,831,364           $ 4,517,307        
                                         
    Liabilities and stockholders’ equity:                                    
    Non-interest checking   $ 1,106,823     —       $ 1,069,130     —       $ 1,145,254   $ —    
    Interest checking, savings and money market     2,471,854     11,728   1.89 %     2,574,439     13,017   2.01 %     2,437,142     10,786   1.76 %
    CDs     683,248     7,760   4.52 %     651,614     7,564   4.62 %     500,286     5,035   3.99 %
    Total deposits     4,261,925     19,488   1.82 %     4,295,183     20,581   1.91 %     4,082,682     15,821   1.54 %
    Borrowed funds     37,812     394   4.15 %     61,232     674   4.38 %     7,572     43   2.24 %
    Subordinated debt(5)     59,768     867   5.80 %     59,689     866   5.81 %     59,451     867   5.83 %
    Total funding liabilities     4,359,505     20,749   1.89 %     4,416,104     22,121   1.99 %     4,149,705     16,731   1.60 %
    Other liabilities     65,720             60,524             60,376        
    Total liabilities     4,425,225             4,476,628             4,210,081        
    Stockholders’ equity     360,966             354,736             307,226        
    Total liabilities and stockholders’ equity   $ 4,786,191           $ 4,831,364           $ 4,517,307        
                                         
    Net interest-rate spread (tax-equivalent)           3.17 %           3.10 %           3.19 %
    Net interest income (tax-equivalent)         38,742             38,277             36,788    
    Net interest margin (tax-equivalent)           3.29 %           3.22 %           3.29 %
    Less tax-equivalent adjustment         249             257             270    
    Net interest income       $ 38,493           $ 38,020           $ 36,518    
    Net interest margin           3.27 %           3.20 %           3.27 %
     
    (1) Average yields and interest income are presented on a tax-equivalent basis, calculated using a U.S. federal income tax rate of 21% for each period presented, based on tax-equivalent adjustments associated with tax-exempt loans and investments interest income.
    (2) Average other interest-earning assets include interest-earning deposits with banks, federal funds sold and Federal Home Loan Bank stock.
    (3) Average investment securities are presented at average amortized cost.
    (4) Average loans and loans held for sale are presented at average amortized cost and include non-accrual loans.
    (5) Subordinated debt is net of average deferred debt issuance costs.
     

    CAUTION REGARDING FORWARD-LOOKING STATEMENTS

    This communication may contain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Independent and Enterprise, the expected timing of completion of the proposed transaction, and other statements that are not historical facts. Such statements reflect the current views of Independent Bank Corp. (“Independent”) and Enterprise Bancorp, Inc. (“Enterprise”) with respect to future events and financial performance, and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs, expectations, plans, predictions, forecasts, objectives, assumptions or future events or performance, are forward-looking statements. Forward-looking statements often, but not always, may be identified by words such as expect, anticipate, believe, intend, potential, estimate, plan, target, goal, or similar words or expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

    Independent and Enterprise caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Independent’s and Enterprise’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: (1) changes in general economic, political, or industry conditions; (2) uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; (3) volatility and disruptions in global capital and credit markets; (4) movements in interest rates; (5) the resurgence of elevated levels of inflation or inflationary pressures in the United States and the Enterprise and Independent market areas; (6) increased competition in the markets of Independent and Enterprise; (7) success, impact, and timing of business strategies of Independent and Enterprise; (8) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; (9) the expected impact of the proposed transaction between Enterprise and Independent on the combined entities’ operations, financial condition, and financial results; (10) the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); (11) the failure to obtain Enterprise shareholder approval or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all or other delays in completing the proposed transaction; (12) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (13) the outcome of any legal proceedings that may be instituted against Independent or Enterprise; (14) the possibility that the anticipated benefits of the proposed transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Independent and Enterprise do business; (15) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (16) diversion of management’s attention from ongoing business operations and opportunities; (17) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (18) the dilution caused by Independent’s issuance of additional shares of its capital stock in connection with the proposed transaction; (19) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and (20) other factors that may affect the future results of Independent and Enterprise.

    Additional factors that could cause results to differ materially from those described above can be found in Independent’s Annual Report on Form 10-K for the year ended December 31, 2023 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of such reports, as well as in subsequent SEC filings, each of which is on file with the U.S. Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Independent’s website, www.rocklandtrust.com, under the heading “SEC Filings” and in other documents Independent files with the SEC, and in Enterprise’s Annual Report on Form 10-K for the year ended December 31, 2023 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of such reports, as well as in subsequent SEC filings, each of which is on file with and available in the “Investor Relations” section of Enterprise’s website, enterprisebancorp.q4ir.com, under the heading “SEC Filings” and in other documents Enterprise files with the SEC.

    All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Independent nor Enterprise assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. All forward-looking statements, express or implied, included in the document are qualified in their entirety by this cautionary statement.

    ADDITIONAL INFORMATION AND WHERE TO FIND IT

    This communication is being made with respect to the proposed transaction involving Independent and Enterprise. This material is not a solicitation of any vote or approval of the Enterprise shareholders and is not a substitute for the proxy statement/prospectus or any other documents that Independent and Enterprise may send to their respective shareholders in connection with the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    In connection with the proposed transaction between Independent and Enterprise, Independent has filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that includes a proxy statement for a special meeting of Enterprise’s shareholders to approve the proposed transaction and that also constitutes a prospectus for the Independent common stock that will be issued in the proposed transaction, as well as other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS AND SHAREHOLDERS OF INDEPENDENT AND ENTERPRISE ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Enterprise will mail the proxy statement/prospectus to its shareholders. Shareholders are also urged to carefully review and consider Independent’s and Enterprise’s public filings with the SEC, including, but not limited to, their respective proxy statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of the Registration Statement and of the proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about Independent and Enterprise, can be obtained, free of charge, as they become available at the SEC’s website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Independent Investor Relations, 288 Union Street, Rockland, Massachusetts 02370, telephone (774) 363-9872 or to Enterprise Bancorp, Inc., 222 Merrimack Street, Lowell, MA 01852, Attention: Corporate Secretary, telephone (978) 656-5578.

    PARTICIPANTS IN THE SOLICITATION

    Independent, Enterprise, and certain of their respective directors, executive officers and employees may, under the SEC’s rules, be deemed to be participants in the solicitation of proxies from the shareholders of Enterprise in connection with the proposed transaction. Information regarding Independent’s directors and executive officers is available in its definitive proxy statement relating to its 2024 Annual Meeting of Shareholders, which was filed with the SEC on March 28, 2024, and its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 28, 2024, and other documents filed by Independent with the SEC. Information regarding Enterprise’s directors and executive officers is available in its definitive proxy statement relating to its 2024 Annual Meeting of Shareholders, which was filed with the SEC on April 3, 2024, and its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 8, 2024 and other documents filed by Enterprise with the SEC. Other information regarding the persons who may, under the SEC’s rules, be deemed to be participants in the proxy solicitation of Enterprise’s shareholders in connection with the proposed transaction, and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus regarding the proposed transaction and other relevant materials filed with the SEC when they become available, which may be obtained free of charge as described in the preceding paragraph.

    Contact Info: Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578

    The MIL Network –

  • MIL-OSI USA: MEMO: How Trump’s Federal Funding Freeze Affects Colorado

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper
    Head Start programs, Meals on Wheels, Veterans’ suicide prevention programs, COPS grants to police departments all affected
    In a chaotic late-night, two-page memo, President Trump immediately froze federal grants and loans. While the order is blatantly illegal, below is a memo outlining what programs are being affected by this sudden, ill-thought out freeze of funding. 
    “What does this mean for Colorado? Funding to our police departments, our hospitals, programs for homeless veterans. Nearly 9,000 kids in Colorado Head Start programs may be locked out. Trump is sacrificing working Americans,” said U.S. Senator John Hickenlooper.
    TO: Interested Parties
    FROM: Office of U.S. Senator John Hickenlooper
    SUBJECT: Effects of Trump Executive Order Freezing Federal Funds 
    DATE: January 28, 2025 
    OMB Memo to Pause Spending: On Monday night, the acting director of the White House Office of Management and Budget sent a two-page memorandum to all federal agency heads directing them to “temporarily pause all activities related to obligations or disbursement of Federal financial assistance.” The order is set to take effect at 3pm MT today. The memo also requires that agencies review all financial assistance programs to ensure activities are “consistent with the President’s policies and requirements,” citing several executive orders directed to pause all spending on foreign aid, the green new deal, “woke gender ideology,” and DEI programs. Agencies must provide OMB detailed information on program spending by February 10th, and assign “responsibility and oversight” to a senior political appointee. Below you can find priority programs and projects in Colorado that may be impacted by this pause. 
    COLORADO IMPACTS
    The order is expected to impact tens of billions of dollars in payments for Colorado. Federal funds make up approximately 25 percent of  Colorado’s total budget.
    The latest Biden administration data lists total IRA/BIL/CHIPS public investment in Colorado at $10.586 billion
    IRA/BIL climate-focused programs: Estimated $600M-$900M 
    Halts programs at Colorado’s rural hospitals: Pauses funding to increase health care access, support community health centers, treat substance abuse issues, and improve care quality for small rural hospitals and Critical Access Hospitals across the state. 
    For example, some of the programs and areas that will be affected:
    $1,420,601 for rural hospital improvements and Medicare flexibility in Arapahoe County
    $1,250,000 to battle the opioid crisis and increase access to substance abuse programs in Moffat County
    $784,031 to help screen patients suffering from black lung disease Denver County
    $499,847 to battle the opioid crisis and increase access to substance abuse programs in Adams County 
    $200,000 to improve access to health care providers in San Miguel County 
    $100,000 to expand rural health care development in Archuleta County 
    $100,000 to expand rural health care development in Mesa County
    Additional programs paused include cancer research, rural telehealth options, and infectious disease preparation.
    Medicaid portal down nationwide: Our office has heard from Colorado hospitals that the Medicaid payment system has been turned off. With Medicaid portals down, doctors and hospitals in Colorado are unable to receive funds through the system. Reports have circulated that other states are running into the same issue and have been shut off from Medicaid. 
    Takes food away from 40 percent of Colorado school kids: Halts federal payments for school breakfast and lunch programs. 40% of Colorado kids rely on these programs to stay fed and healthy. 
    Cuts off 83,000+ low-income families from heating their homes in the dead of winter: Halts funding disbursements for low-income Colorado families who rely on LIHEAP funding to keep their home warm this winter. In FY24, 83,800+ households depended on LIHEAP. 
    25,000+ Colorado seniors will be unsure where their next meal will come from: Local Meals on Wheels providers are unsure whether they will be able to serve meals. 25,000+ Colorado seniors utilize Meals on Wheels to access food. 
    Strips $182 million from the budgets of our local public schools: Will strip Colorado public schools of $182 million in federal funding, straining the budget of our local public schools even further.
    19,000+ kids unable to attend child care or Head Start programs: Facilities will not be able to access reimbursements that help provide low-income kids with the early childhood education, health, and nutrition that they need. In FY23, nearly 9,000 kids were enrolled in Head Start in Colorado. Head Start programs around the country are already reporting being locked out of the portal to access reimbursements.
    Federal funding to provide child care assistance to low-income families will also be paused, with over 10,000 kids in Colorado between the ages of 0-5 were supported by Child Care and Development Block Grant funding last year. 
    Hits our farmers and producers where it hurts when food prices are already too high for working families: This threatens funding to programs that benefit producers and consumers alike, including the Local Food Purchase Assistance Cooperative Agreement Program (LFPA). Since 2022, LFPA has contributed over $2M to local ag in Colorado, and enabled food banks to distribute over 1.2 million pounds of nutritious food to Coloradans in need. The order also pauses funding to agriculture research and meat, poultry, and egg product inspection.  
    Pauses critical loans for thousands of Colorado small businesses: All SBA loans, including disaster relief, will be paused. This will cripple local small businesses as they will be unable to make payroll, their leasing payment, or more. Over 5,000 Colorado small businesses have been approved for SBA loans in the past three years. 
    Deny Colorado communities funding to fight opioid misuse: Last year, Colorado received $20.8 million to fund addiction prevention, treatment, and recovery services across the state.
    Weakens our public safety and undermines our law enforcement: Pauses crucial funding used to prevent terrorism, hire more police officers, prevent school violence, and crack down on drug trafficking. 
    For example, some of grants that boost public safety in Colorado that will be impacted include: 
    $12.2 million to the Colorado Department of Public Safety to prevent terrorism 
    $9 million in Office of Violence Against Women grants in FY24 for Colorado organizations for victims assistance as well as state and local police  
    $680,798 awarded to Colorado Springs to reduce drug trafficking and drug production
    $336,629 for the Colorado Department of Public Safety to crack down on drug trafficking 
    Strips Colorado’s 365,000+ veterans of the support and resources they’ve earned: Halts funding for community-based suicide prevention efforts, organizations that provide care for veterans experiencing homelessness, and services for veterans living with disabilities or struggling with mental health crises. Health care programs that support family members of disabled veterans as well as educational programs, such as the Montgomery GI Bill and post-9/11 education benefits, will be paused. Funds will also be frozen for the VA Dependency and Indemnity Compensation, which supports surviving family members. Federal funding that helps veterans secure good-paying jobs through job training and support services is also threatened. 
    For example, organizations, such as the Colorado Coalition for Homeless, won’t be able to access their regular funding to help support veterans pay their monthly rent.  
    Cuts off 988 Suicide and Crisis Lifeline: Pauses funding for the suicide and life crisis hotline that offers real-time support for those struggling with a mental health crisis, emotional distress, and alcohol or durg use.  
    After our Bipartisan Infrastructure Law has already invested $5.3 billion in Colorado, all DOT grant programs will be paused and reviewed. Many Colorado projects are at risk, including all major programs impacting highways, aviation, safety, rail, and more.
    Appeases China by allowing them to continue having a hold in our rural communication networks: Hickenlooper successfully secured $3.08 billion for the Federal Communications’s Secure and Trusted Communications Networks Reimbursement Program, or the Rip and Replace program for short. Colorado was awarded the highest outstanding amount. That funding is now paused, leaving our rural small businesses in the dust and our telecommunications networks at risk.

    MIL OSI USA News –

  • MIL-OSI Australia: Army Reservists in the firing line from unsupportive managers

    Source: University of South Australia

    29 January 2025

    Australians love their war heroes but a new national survey of 800 managers shows that sentiment doesn’t extend to part-time soldiers on their payroll, many of whom experience indifference, hostility and discrimination in the workplace.

    Almost one in five managers indicated their organisation would likely give ‘low or very low support’ to an Army reservist taking leave for training and combat duties.

    The study, led by University of South Australia sociologist Associate Professor Brad West, and employment relations Associate Professor Dr Josh Healy from the University of Sydney, has been recently published  by the Australian Army Research Centre.

    Interviews with 60 Army reservists based at three different locations in Sydney, Brisbane and Townsville also revealed that middle managers in both the private sector and government consistently sought to deny Defence leave requests, largely irrespective of the organisation’s official stance.

    This contrasted with a generally positive view of Army reservists as employees, with most employers believing they were hard workers (80%) and creative problem solvers (70%).

    The study revealed a large mismatch between employers’ public declarations of support for Army reservists and the actual tensions that occurred in workplaces.

    A novel feature of the survey is that managers were asked to consider a hypothetical reservist called John and indicate how they would respond in a range of common workplace situations if John was on their payroll. The 60 reservists interviewed provided feedback from their actual experiences in the workplace.

    Support for the part-time soldiers differed between industries, with managers in public administration, mining and healthcare sectors reporting a ‘significantly higher willingness’ to support reservists’ service. Part of this is attributed to large numbers of reservists and veterans already working in these sectors.

    “One factor contributing to tensions in the less supportive workplaces was an incorrect perception among many managers that military skills were not useful in the civilian workplace,” Assoc Prof West says.

    Almost 40% of managers said military training and experience would have ‘low or very low relevance’ in their organisation.

    One reservist interviewed in the focus groups provided this feedback:

    “Management loves to put the word forward, super supportive, love the Reserves, Defence Force, yeah let’s go, but the second it comes to jumping on a course, they question everything. They question the importance of the Defence Force and that course. They question whether I really need to be going to that course.”

    “Interestingly, managers’ own personal attributes are generally not the main drivers of differences in their perceptions of reservists,” Assoc Prof Healy says. “We didn’t find different attitudes because of managers’ age, or sex, or even their own education levels.”

    The focus groups revealed that the support that reservists receive in the workforce is not only related to attitudes towards the military, but specifically to the role of reservists.

     “There is a lack of understanding among employers. They think it’s either a holiday or a hobby or just something fun to go on your days off, or a cash grab,” one reservist said. “When I try to explain to them that if something big happens in the Pacific tomorrow, I might have to go frontline, they don’t accept that.”

    Despite the lack of support from managers, most reservists said they were motivated by a volunteer ethos and serving their country.

    “It’s not the money or the lifestyle but that fact that I am helping Australia’s national interests and contributing to something larger than myself,” according to one interviewee.

    More information on the project, including recommendations stemming from the study, is available at:
    Drawing on Reserves | Australian Army Research Centre (AARC)

    A video explaining the findings is available at: Army Reservists in the firing line

    Notes for editors and authors

    This report is part of the Occasional Papers series produced by the Australian Army Research Centre (AARC) which publishes original, high-quality research that generate informed discussion and new ideas that contribute to Army modernisation and the future of land power.

    Brad West is an Associate Professor of Sociology at the University of South Australia who researches the interconnections between war, the military and civil society.

    Josh Healy is an Associate Professor in Managing People and Organisations at the University of Sydney Business School, with a research focus on developments shaping the future of work. 

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M:  0434 605 142 E: candy.gibson@unisa.edu.au

    Researcher: Associate Professor Brad West E: brad.west@unisa.edu.au

    MIL OSI News –

  • MIL-OSI Australia: Doorstop – Jerrabomberra

    Source: Australian Ministers for Education

    KRISTY McBAIN, MINISTER FOR REGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: It’s a pleasure today to welcome Minister Jason Clare to Goodstart Jerrabomberra where 90 places a day are filled, and we have a wait list. Jerrabomberra is the heart of the Queanbeyan region, it’s fast growing, and this childcare centre is one of many that have benefitted from the Albanese Labor Government’s Cheaper Childcare plan.

    We know families right across our region have benefitted from this, and it’s so great to be able to introduce Minister Clare to the wonderful staff here, the wonderful centre manager and State manager and the wonderful kids that come here each and every day to enjoy this beautiful centre.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, Kristy. It’s absolutely fantastic to be with you here at Jerrabomberra at the Goodstart Centre here. You are an absolutely fantastic Member of Parliament, and we are so lucky to have as part of the Albanese Labor Government and this community is lucky to have you as their Labor Member.

    When we were elected two and a half years ago, childcare costs had sky rocketed, childcare costs under the Liberals went up by 49 per cent over just under a decade, and that was double the OECD average.

    We’ve cut the cost of childcare now for more than a million Australian families. In the first 15 months of our Cheaper Childcare laws this has meant that for an average family on about 120 grand a year combined income with one child in early education or care saved them about 2,700 bucks, and that’s real money that’s making a real difference for families right across the country.

    And when we were elected two and a half years ago childcare workers were leaving the sector in droves, that’s the truth of it, and we’re now starting to see that turn around. Data that’s been released today shows that vacancy rates in the childcare sector are down 22 per cent, and at Goodstart, where we are today, all of their centres across the country, we’re seeing job applications now jump by 35 per cent, and expressions of interest jump by 50 to 60 per cent. Vacancy rates at Goodstart Centres are down by a massive 28 per cent.

    So that’s fantastic news. It shows that when you pay people more, more people want to do the job, and there aren’t many jobs that are more important than the work that our early educators do, getting young people ready for school.

    If we win the next election, the next big thing that we need to do is build more centres where they don’t exist at the moment and help to make sure that more young people get the chance that the children we’ve met here today get, help young people who can’t get into early education and care now, either because there’s no centre in their town, or because they can’t get access to the subsidy through no fault of their own.

    And that’s why if we win the next election, we’ll set up a $1 billion fund to build more centres in the outer suburbs and in the regions where they don’t exist at the moment, and implement a three day guarantee, to guarantee that every child who needs it will get access to three days a week of government supported early education and care.

    Why? To make sure that more children are ready to start school, because the evidence is, that if children spend more time in early education and care in centres like this, they’re more likely to start school ready to learn.

    And just while talking about school, last week the Prime Minister announced that South Australia and Victoria have become the fifth and sixth States to sign up to our public school funding and reform agreement, the Better and Fairer Schools Agreement, that’s along with WA, Tassie, ACT, the Northern Territory and of course now South Australia and Victoria.

    On the weekend, teachers backed this agreement, on the weekend principals backed this agreement, and now today the Business Council of Australia backed this agreement. This is real funding, to fix the funding of our public schools, and it’s not a blank cheque, it’s tied to real reform; things like phonics checks in Year 1 and numeracy checks in Year 1 to identify children who might already be falling behind, and then using that funding to make sure that children who do fall behind catch up early, because we know that children who catch up early are more likely to go on and finish high school.

    So, it’s backed by teachers, backed by principals, backed by the business community. The only people that are against it are Peter Dutton and the Liberal Party, they’re against cutting the cost of childcare for Australian parents, they’re against pay rises for childcare workers, they’re against building more childcare centres where they don’t exist, and they’re against fixing the funding of our public schools and tying that funding to evidence based teaching and real reform to help more young children to catch up, keep up and finish high school.

    Happy to take some questions.

    JOURNALIST: When do you expect that Queensland and New South Wales will sign on to that school agreement?

    CLARE: I won’t give you a date, but negotiations are going well.

    JOURNALIST: Fresh polling is showing that it’s really tight. Are your cost-of-living measures cutting through with the voters?

    CLARE: We know that Australians are doing it tough, a lot of Australians are doing it tough, that’s why creating a million jobs is really important, that’s why cutting inflation by more than half is really important, that’s why boosting real wages is really important as well.

    We’re making progress, there’s more work to do, but the evidence that came out on the weekend shows that if Peter Dutton had been the Prime Minister of Australia for the last 12 months, Australian families would be over $7,000 worse off.

    Why? Well, because he was against the tax cuts that delivered a lot of support for Australian families, he’s against cheaper childcare, he’s against cutting the cost of medicine, he’s against lifting real wages, he’s against cutting the cost of people’s energy bills through that $300 rebate, and when you add all that up, it means that Aussie families would be thousands and thousands of dollars, $7,200, worse off under Peter Dutton.

    JOURNALIST: On the School Agreement, so New South Wales and Queensland you would assume are trying to get more than 25 per cent. Are you open to that?

    CLARE: Don’t assume that. But I’m not going to negotiate through the media. What’s important here is that we fix the funding of our public schools, and we tie that to the sort of reforms that are going to help make sure that more kids that fall behind can catch up and keep up and finish high school.

    Private schools, non government schools are funded at the level that David Gonski said they should be at, public schools aren’t, and this agreement is about fixing that, but also tying that to real targets and real reforms.

    The current agreement doesn’t do that. There aren’t any real targets, there aren’t any real reforms. I want to make sure that we fix the funding of our schools and tie it to the sort of reforms that we know work. I want this money to get results.

    At the moment in public schools, over the course of say, you know, the last eight years or so, we’ve seen the percentage of kids finishing high school drop from 83 per cent to 73 per cent. Just think about that for a second. That’s happening at a time where it’s more important to finish school than it was when we were little.

    We’ve got to turn that around if we’re going to make sure that more people get a chance to go to TAFE and university and get the jobs that are being created today. That’s why this funding is important, but that’s why the reforms that it’s linked to are just as important.

    JOURNALIST: The States that signed on to it earlier, are they now pushing for 25 per cent as well, and will you grant that?

    CLARE: I’ve already spoken to those States, and we will offer to them the same deal, which is we’ll lift our offer from 20 to 25 if they get rid of that 4 per cent which is usually aligned to things like capital depreciation costs. So, we’re having great conversations with states like WA and Tassie.

    JOURNALIST: Is there a willingness though to go above 25 per cent for the two states that have paid off, and then does that open up the chance for increased funding for other states?

    CLARE: No. That’s why when I answered your previous question, I said don’t assume that the States are asking for more than 25 per cent. What the states have been asking for, for the last 12 months is that we increase our offer from 20 to 25 per cent, and we said, “Yeah, we’ll do that, but we need you to chip in as well”.

    It’s always been my view that the Commonwealth’s got to chip in and the states have to chip in as well. That’s why we’re saying to the states, if we can lift our funding from 20 to 25 per cent, let’s get rid of that other 4 per cent, which is used for things like capital depreciation that don’t actually go to real funding for schools at the moment.

    JOURNALIST: Is the absolute cap 25?

    CLARE: Well, again, I’m not going to go into the details of the conversation, but we’re not talking beyond 25.

    JOURNALIST: How exactly are you going to address high rates of absenteeism due to bullying or mental health issues, do you actually have a stepped plan in place for the next school year?

    CLARE: Yep. This is a complicated thing. There is absolutely no place for bullying in our schools. That’s why the work that we’re doing in putting together a National Bullying Action Plan with the states is so critical, so important; that’s why getting rid of mobile phones in schools is so important; that’s why the ban on access to social media for young people under the age of 16 is so important as well.

    We know fundamentally that children are less likely to be at school if they’re suffering from bullying or they’re suffering from mental health challenges. And young people with mental health challenges, by the time they’re in Year 9 are about a year and a half to two years behind the rest of the class, and less likely to finish school.

    And so the sort of things that we want to tie this funding to are early intervention when children are young at primary school to make sure that they keep up and catch up, but also more investment in things like mental health workers and paediatric nursing support in our schools.

    That investment in health is not just about health, it has real education outcomes as well.

    JOURNALIST: Donald Trump overnight said that   sorry, a couple of days ago said that he proposed “cleaning”   unquote   “cleaning out Gaza and resettling Palestinians”. What is the Government’s response to that?

    CLARE: The Government’s position for a very, very long time, I think since December of 2023, has been to call for a ceasefire in Gaza, and we’re glad that that has finally happened. We want to see an end to the killing in the Middle East, we want to see trucks come in with food and with medicine and with aid. We want to see the hostages returned.

    JOURNALIST: And what about resettling Palestinians though? What is your response directly to that suggestion that they should be moved to Jordan or Egypt?

    CLARE: The position of the Australian Government, which I think is still the position of the Opposition as well is that we believe in a two-state solution, two countries living side by side, two peoples living side by side in two nations where people can live in safety and security without having to go through checkpoints or fear that their lives will be taken from them the next day.

    JOURNALIST: Just on that language though, you know, “cleaning out”, do you think that’s triggering language or insensitive language?

    CLARE: Repeating my previous answer, we want two peoples able to be live side by side in safety and security.

    JOURNALIST: Do you have a set price tag on the number of those professional healthcare workers you want in schools?

    CLARE: No, there’s no set number, but this investment in South Australia’s an extra billion dollars over the next 10 years, in Victoria it’s an extra two and a half billion dollars over the next 10 years.

    The agreements that we’re striking with the states are all going to be slightly different depending on the needs in those states, but it’s designed to invest in real practical reforms that we know are going to get the results that we need.

    Just to add to what we’re talking about here, we’re talking about fixing the funding of our public schools. Now one in 10 children at the moment, when they sit for their NAPLAN tests in third grade, are identified as being below the national average, so one in 10   sorry, below the national minimum standard, so one in 10. But amongst children from poor families, from really disadvantaged backgrounds, it’s one in three, and most of those children go to public schools.

    So our public schools are the places that do the real heavy lifting where the challenge is three times as big, and they’re the ones that were underfunded at the moment. We want to fix that funding and tie that funding to help those children to catch up and keep up and finish high school.

    JOURNALIST: On that pay rise for early educators, do you know how many centres have used that as an excuse to immediately increase their fees by 4.4 per cent?  

    CLARE: Here’s the thing, they can’t, because a condition of getting the funding for the pay rise is they can’t increase their fees by more than 4 per cent.

    JOURNALIST: Yeah. That’s why I’m asking how many have increased their fees to that 4.4?

    CLARE: I suspect that most centres will increase their fees somewhere between zero and up to that 4 per cent over the next 12 months. The key thing is they can’t go beyond that, and that’s a big part of this deal. Number one, we want to make sure that the money goes to the worker, not the centre, and number two, in order to get that funding, they cannot increase their fees by more than 4 per cent.

    JOURNALIST: Do you know how many though have hit that cap?

    CLARE: It’s too early to give you that number.

    JOURNALIST: This billion-dollar strategy for outer suburbs and regional areas, do you have any hotspots, any, you know, regional areas that you’re concerned about that don’t have enough facilities?

    CLARE: You can look at data that shows where there are what’s called sometimes “childcare deserts” right across the country. This fund is designed to help to make sure that we build centres where they’re needed most, and in particular, if you look at the Productivity Commission report released last year it talks to this, it’s the outer suburbs, and it’s in Regional Australia.

    Just talking to the team at Goodstart here is the only childcare centre in Jerra that provides full service from six week old children right through to four year olds.

    JOURNALIST: I did just want to ask you about – there was evidence at a Parliamentary Committee last week about an online meeting of ANU to delete the Nazi salute. The investigation to my understanding is that they found that that wasn’t the case. What else do you think was happening there?

    CLARE: I make the general point, whether it’s at ANU or whether it’s at QUT that there is absolutely no place for the poison of antisemitism in our universities or anywhere in this country or anywhere in the world.

    There is a commemoration that’s just happened of the 80th Anniversary of the Holocaust and Auschwitz. You know, in the lifetime of our grandparents we’ve all seen the true terror of what antisemitism can wreak and there is no place for it, and that’s why I’ve made it very clear to every university leader in the country that they must enforce their Codes of Conduct, and that includes saying that directly to the Vice Chancellor of QUT.

    JOURNALIST: Do you believe though that it was appropriate that an ANU student who went on radio said that terrorist designated organisation, Hamas [indistinct] unconditional support was able to overturn her expulsion on appeal. You’ve just spoken about the poison of antisemitism; we have a growing issue in Australia. Is that an appropriate thing to do?

    CLARE: No.

    JOURNALIST: Are we any closer to a governance review   what’s the latest with the university governance review?

    CLARE: Yeah, last week we announced the members of the panel that will be responsible for implementing that review.

    JOURNALIST: Are you confident with the members of that panel?

    CLARE: I am.

    JOURNALIST: And then I might just Ms McBain something if that’s okay.

    CLARE: Sure.

    JOURNALIST: [Indistinct] would like to see councils auctioning off properties. What do you think of this decision?

    McBAIN: Look, every Council has the opportunity to take action when someone doesn’t pay rates for a period of time. My understanding, and it was a unanimous decision of Queanbeyan-Palerang Council to take this route, is that these rates have been unpaid for more than five years. A lot of those properties that attempted to make contact by door knocking them, letter boxing them, serving them, there’s been no contact made with any of those individuals for a variety of reasons. It is an avenue open to them, but as I said, it’s a unanimous decision of Queanbeyan-Palerang Council to take this action, which I’m sure that hasn’t been done lightly either.

    JOURNALIST: Are you concerned about the financial stability of councils if they are having to resort to methods like this just to try and stay out of debt?

    McBAIN: Look, I think when you look at it, it’s about a million dollars in unpaid rates that they are going to attempt to recruit through auction. I don’t think this goes anywhere near dealing with some of the ongoing issues that councils have, but what we’ve done since we’ve been in government, you know, there’s been more collaboration with local councils than in any time before that.

    I’ve personally met with over 250 councils either in their communities or in Canberra or at a Local Government Association conference. We have doubled Roads to Recovery funding and that means regional councils across the country have now more money than ever before to deal with road issues.

    Across Eden Monaro that’s $26.3 million extra for our local councils resulting in over $65 million for roads alone. We’ve increased road black spot funding, we’ve created the new safer local road and infrastructure program, $200 million a year, you know, we’ve been really putting our shoulder to the wheel making a difference for local councils, and just last week I was able to announce $27.2 million for Marulan Sewer Treatment Plant, you know, which is something that Council had called from but hadn’t been supported in getting.

    So, the Albanese Government takes seriously the priorities of local councils and local communities and we’ve been delivering for all of them.

    JOURNALIST: Thank you.

    MIL OSI News –

  • MIL-OSI New Zealand: Kennards Hire Expands Sound Sensitivity Initiative to Forsyth Barr Stadium

    Source: Kennards Hire

    Forsyth Barr Stadium is taking a strong step towards making events more sensory-inclusive and enjoyable for everyone attending, by proudly unveiling the Kennards Hire Sound Sensitivity Station – the first of its kind at a major venue in the South Island. This initiative reflects the stadium’s ongoing commitment to creating a sensory-friendly environment for major events.

    The new station at Forsyth Barr Stadium will be making its debut just in time for the action-packed Freestyle Kings Motorcross show on January 31, 2025. The station will provide free, self-service earplugs, enhancing the accessibility and enjoyment of sporting events, concerts, and other live events. To ensure prime accessibility, the station will be located on Level 2, as attendees exit the elevators and go through the doors to the concourse. It will be a permanent fixture at the stadium, restocked ahead of all major events.

    Following the successful launch of the first Kennards Hire Sound Sensitivity Stations at Eden Park in March of last year, this new installation at Forsyth Barr Stadium marks another big step towards greater sensory inclusion for Kiwis attending major events. The Eden Park stations have already dispensed over 5,500 pairs of free earplugs since their launch, highlighting the importance, and popularity, of the service for people with sound sensitivity, as well the growing mainstream adoption of earplugs for hearing protection with all eventgoers.

    Over-stimulation to noise, particularly in higher sound intensive areas of stadiums such as front-of-stage, is a common trigger for sound sensitive individuals. One survey among Kiwi adults found that 10% of its participants were moderately or highly sensitive to noise. Moreover, the overall prevalence of Auditory Processing Disorder (APD) among children – including heightened sensitivity to loud sounds – is estimated at 6.2%. By reducing the auditory impact, fans can more comfortably enjoy the full spectrum of events offered at the stadium.

    The idea for these stations originated from the personal experiences of Kennards Hire team member and mum, Kimberley White, whose teenage son grappled with managing his sensitivity to sound when attending a major pop concert a couple years ago. This motivated Kimberley and the team at Kennards Hire to pursue a solution that would benefit others in similar situations.

    “Given Kennards Hire is a business anchored in safety, we wanted to help ensure that individuals like my son, who face challenges with loud environments, don’t have to miss out on enjoying events due to noise sensitivity. Since we first developed this concept, it’s been fantastic to see more venues jumping on board and committing to the initiative,” Kimberley said.

    Forsyth Barr Stadium Commercial Manager Rachael Jenkins said, “We are incredibly proud of our partnership with Kennards Hire in installing the new sound station at Forsyth Barr Stadium. It’s crucial for us to ensure that our attendees feel included and engaged when they visit our stadium. This collaboration is a step toward enhancing that experience, ensuring a welcoming atmosphere for all.”

    Kennards Hire New Zealand General Manager, Tom Kimber, also has personal experience with this initiative with his son, who is hyperreactive to sensory input. Tom expressed his pride at expanding the Sound Sensitivity initiative across the country, saying, “Having first-hand experience of the need for these inclusive services, I am delighted that we can continue to raise awareness and provide practical solutions. It’s been a pleasure to work alongside Forsyth Barr Stadium to make events more accessible to everyone attending.”

    About Kennards Hire:

    Kennards Hire is a family-owned and operated company that has been in the hire industry for 75 years, with over 200 sites and branches across New Zealand and Australia. Since 1948, its diverse product range extends from general hire equipment for the home renovator and professional tradesperson to specialist equipment and heavy machinery used on some of the largest civil infrastructure and commercial construction projects in two countries. Eden Park Icon Partner, Forsyth Barr Stadium Partner, proud member of Family Business New Zealand, Member of Hire Industry Association New Zealand, major supporter of KidsCan and Springboard Community Works. kennardshire.co.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Universities – Forests of protected red coral filmed for first time off Fiordland’s coast – VIC

    Source: Te Herenga Waka—Victoria University of Wellington

    Researchers exploring the deep waters off the Fiordland coast have caught on camera marine communities that have never been filmed before. These communities include a protected species of red coral that has not previously been seen in such large numbers.

    “We were filming at depths of 80 to 130 metres and found amazing marine communities. The most incredible find—unlike anything we have seen elsewhere—was about 4 kilometres north of the entrance to Doubtful Sound/Patea. On the ocean floor, we saw forests of bright red coral,” said Professor James Bell, a marine biologist at Te Herenga Waka—Victoria University of Wellington.

    The coral species, Errina novaezelandiae, is commonly known as red coral, although it is not a true coral but a related animal called a hydrocoral.

    The discovery of the red coral forests was made while the researchers were working on a project to explore and map marine life in Fiordland’s deep waters. They were working on board the Department of Conservation (DOC) vesselSouthern Winds.

    “We’ve been exploring these deep reefs in Fiordland for many years, but we’re rarely able to work on the open coast outside the fiords because of the weather. On our most recent trip in January, the weather was finally on our side,” said Professor Bell.

    Using a remotely operated vehicle (ROV), the research team collected video footage of reefs at depths of greater than 100 metres in areas that have not previously been filmed.

    “We’ve deployed the ROV more than 100 times in deep waters around New Zealand, but we have not seen communities like those we found off the open coast outside Doubtful Sound/Patea. In other parts of the country, we usually find reefs at these depths are dominated by sponges. In this area off the Fiordland coast, red corals dominated. The water was also incredibly clear down at 100 m and we could see the reef from a distance of about 30 to 40 m,” he said.

    Red corals are known to live in some places inside the fiords and are considered to be associated with the sheltered fiord conditions. The population discovered around the open coast was distinguished by its massive size, with tens of thousands of corals seen.

    Video footage of the reefs shows numerous red corals, along with a range of other animals including larger black corals. Both red and black corals are protected species under the Wildlife Act.

    These coral forests play a key role in maintaining habitat diversity, supporting many fish and crayfish species, said Professor Bell.

    “Filming the animals that live on these deep-water reefs provides us with more information about the extraordinary biodiversity in our seas. This information is crucial to decisions about the use and protection of our marine environment. While much of Fiordland’s inland waters are protected, this is not the case for the open coast. In fact, most deep-water reefs around Aotearoa are not protected in marine reserves,” he said.

    The research was supported by the George Mason Charitable Trust and DOC’s conservation services programme. DOC also provided logistical support.

    Richard Kinsey, a DOC senior ranger who was on the trip, said: “It is exciting when you get to put the ROV into places you can rarely access as it gives insights into a completely different part of the fiord ecosystem. You just never know what you are going to find. For DOC, increasing our understanding of where these protected species are helps us to understand the potential threats to them.”

    DOC senior science advisor Lyndsey Holland added: “Our understanding of protected coral distribution in Fiordland is dominated by black corals. Other protected corals in the area haven’t been studied as extensively, so this finding is a breakthrough. We do know that New Zealand boasts a diverse array of cold-water corals offshore, so this discovery validates the need to survey and monitor Fiordland corals so we can best protect them.”

    Video footage of the deep-water reefs off Fiordland is here:


    https://www.youtube.com/watch?v=6mxS4RaYXiI

    MIL OSI New Zealand News –

  • MIL-OSI: First Community Bankshares, Inc. Announces Fourth Quarter and Full Year 2024 Results, Quarterly Cash Dividend, and Special Dividend

    Source: GlobeNewswire (MIL-OSI)

    BLUEFIELD, Va., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended December 31, 2024. The Company reported net income of $13.04 million, or $0.71 per diluted common share, for the quarter ended December 31, 2024.  Net income for the twelve months ended December 31, 2024, was $51.60 million or $2.80 per diluted common share.   

    The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on February 14, 2025, and is expected to be paid on  February 28, 2025. This marks the 40th consecutive year of regular dividends to common shareholders.

    Additionally, the Board of Directors declared a special cash dividend to common shareholders of $2.07 per common share.

    The Company’s capital management plan and philosophy require the maintenance of a strong capital base from which to grow and serve its customers. As part of the capital plan, the Company intends to return current earnings not needed to fund growth in core operations or other uses back to shareholders through regular cash dividends and stock repurchases. To the extent current earnings exceed those capital uses, the Company may declare special dividends from time to time. The Company earned approximately $197.45 million in the last four years, from which it paid regular dividends of $79.68 million, and repurchased shares for $81.95 million.  Since July 1, 2013, the Company earned approximately $415.90 million, from which it paid regular dividends of $174.84 million, special dividends of $8.12 million, and repurchased 9.33 million shares for $232.08 million

    The Board of Directors determined that the Company will have sufficient surplus capital to support anticipated growth opportunities and other needs after payment of the special dividend totaling approximately $37.92 million. This special cash dividend is also payable on February 28, 2025, to shareholders of record February 14, 2025, and may not be indicative of special cash dividend activity in the future.

    Fourth Quarter 2024 Highlights

    Income Statement

    • Net income of $13.04 million for the fourth quarter of 2024, was a increase of $1.26 million, or 10.65%, from the same quarter of 2023.  Net income of $51.60 million for the year, was an increase of $3.58 million, or 7.46%, from the same period of 2023.
    • Net interest income decreased $730 thousand compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.
    • Net interest margin of 4.36% was a decrease of 6 basis points over the same quarter of 2023.  The yield on earning assets increased 11 basis points from the same period of 2023 and is primarily attributable to an increase in interest income of $422 thousand.  Interest income on interest-bearing deposits with banks increased $2.91 million and was primarily due to the increase in the average balance of $246.39 million offset by a decrease in yield of 75 basis points.  This increase in interest income was offset by decreases in interest income for loans and securities available-for-sale of $2.04 million and $450 thousand, respectively.  The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $159.86 million and $107.16 million offset by increases in yield of 2 basis points and 72 basis points, respectively.  Interest expense on interest-bearing liabilities increased $1.16 million and is primarily attributable to yield.  The yield on interest-bearing liabilities increased 26 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities.
    • Noninterest income decreased approximately $125 thousand, or 1.19%, when compared to the same quarter of 2023.  Noninterest expense decreased $2.67 million, or 9.98% when compared to the same period of 2023.  The decrease is primarily attributable to litigation expense of $3.00 million recorded in the fourth quarter of 2023.
    • Annualized return on average assets (“ROA”) was 1.60% for both the fourth quarter and for the twelve months of 2024 compared to 1.43% and 1.48% for the same periods, respectively, of 2023. Annualized return on average common equity (“ROE”) was 9.89% for the fourth quarter of 2024 and 10.03% for the year compared to 9.39% and 10.02% for the same periods, respectively, of 2023.  Annualized return on average tangible common equity (“ROTCE”) was 14.12% for the fourth quarter of 2024 and 14.48% for the year compared to 13.82% and 14.65% for the same periods, respectively, of 2023.

    Balance Sheet and Asset Quality

    • Consolidated assets totaled $3.26 billion at December 31, 2024.
    • Loans decreased $156.21 million, or 6.07%, from December 31, 2023.  Securities available for sale decreased $111.12 million, or 39.55%, from December 31, 2023.  Deposits decreased $31.08 million, or 1.14%.  The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $261.03 million, or 224.22%.
    • The Company did not repurchase any common shares during the fourth quarter of 2024.  The Company repurchased 257,294 common shares during 2024 at a total cost of $8.72 million.
    • Non-performing loans to total loans increased to 0.83% when compared with the same quarter of 2023.  The Company experienced net charge-offs for the fourth quarter of 2024 of $1.48 million, or 0.24% of annualized average loans, compared to net charge-offs of $883 thousand, or 0.14%, of annualized average loans for the same period in 2023.
    • The allowance for credit losses to total loans was 1.44% at December 31, 2024, compared to 1.41% at December 31, 2023.
    • Book value per share at December 31, 2024, was $ 28.73, an increase of $1.53 from year-end 2023.

    Non-GAAP Financial Measures

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%.  Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release.  While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

    About First Community Bankshares, Inc.

    First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2024. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62 billion in combined assets as of December 31, 2024. The Company reported consolidated assets of $3.26 billion as of December 31, 2024. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

    This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

     
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands, except share and per share data)   2024     2024     2024     2024     2023     2024     2023  
    Interest income                                                        
    Interest and fees on loans   $ 31,637     $ 32,120     $ 32,696     $ 33,418     $ 33,676     $ 129,871     $ 126,727  
    Interest on securities     1,447       1,070       1,211       1,698       1,888       5,426       7,956  
    Interest on deposits in banks     3,348       3,702       2,882       913       438       10,845       2,482  
    Total interest income     36,432       36,892       36,789       36,029       36,002       146,142       137,165  
    Interest expense                                                        
    Interest on deposits     5,099       5,298       4,877       4,365       3,935       19,639       9,341  
    Interest on borrowings     –       –       –       35       4       35       140  
    Total interest expense     5,099       5,298       4,877       4,400       3,939       19,674       9,481  
    Net interest income     31,333       31,594       31,912       31,629       32,063       126,468       127,684  
    Provision for credit losses     1,082       1,360       144       1,011       1,029       3,597       7,985  
    Net interest income after provision     30,251       30,234       31,768       30,618       31,034       122,871       119,699  
    Noninterest income     10,337       10,452       9,342       9,259       10,462       39,390       37,452  
    Noninterest expense     24,107       24,177       24,897       23,386       26,780       96,567       95,177  
    Income before income taxes     16,481       16,509       16,213       16,491       14,716       65,694       61,974  
    Income tax expense     3,441       3,476       3,527       3,646       2,932       14,090       13,954  
    Net income   $ 13,040     $ 13,033     $ 12,686     $ 12,845     $ 11,784     $ 51,604     $ 48,020  
                                                             
                                                             
    Earnings per common share                                                        
    Basic   $ 0.71     $ 0.71     $ 0.69     $ 0.70     $ 0.64     $ 2.81     $ 2.67  
    Diluted   $ 0.71     $ 0.71     $ 0.71     $ 0.71     $ 0.66     $ 2.80     $ 2.72  
    Cash dividends per common share                                                        
    Regular     0.31       0.31       0.29       0.29       0.29       1.20       1.16  
    Weighted average shares outstanding                                                        
    Basic     18,299,612       18,279,612       18,343,958       18,476,128       18,530,114       18,349,498       17,996,373  
    Diluted     18,418,441       18,371,907       18,409,876       18,545,910       18,575,226       18,430,206       18,027,151  
    Performance ratios                                                        
    Return on average assets     1.60 %     1.60 %     1.58 %     1.60 %     1.43 %     1.60 %     1.48 %
    Return on average common equity     9.89 %     10.04 %     10.02 %     10.18 %     9.39 %     10.03 %     10.02 %
    Return on average tangible common equity(1)     14.12 %     14.46 %     14.54 %     14.82 %     13.82 %     14.48 %     14.65 %

    _____________

    (1)   A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.
         
     
    CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands)   2024     2024     2024     2024     2023     2024     2023  
    Noninterest income                                                        
    Wealth management   $ 1,251     $ 1,071     $ 1,064     $ 1,099     $ 1,052     $ 4,485     $ 4,179  
    Service charges on deposits     3,613       3,661       3,428       3,310       3,637       14,012       13,996  
    Other service charges and fees     3,575       3,697       3,670       3,450       3,541       14,392       13,647  
    (Loss) gain on sale of securities     –       –       –       –       –       –       (21 )
    Other operating income     1,898       2,023       1,180       1,400       2,232       6,501       5,651  
    Total noninterest income   $ 10,337     $ 10,452     $ 9,342     $ 9,259     $ 10,462     $ 39,390     $ 37,452  
    Noninterest expense                                                        
    Salaries and employee benefits   $ 13,501     $ 13,129     $ 12,491     $ 12,581     $ 12,933     $ 51,702     $ 49,887  
    Occupancy expense     1,329       1,270       1,309       1,378       1,252       5,286       4,967  
    Furniture and equipment expense     1,562       1,574       1,687       1,545       1,489       6,368       5,878  
    Service fees     2,305       2,461       2,427       2,449       2,255       9,642       8,908  
    Advertising and public relations     1,165       967       933       796       843       3,861       3,300  
    Professional fees     295       221       330       372       787       1,218       1,567  
    Amortization of intangibles     535       536       530       530       536       2,131       1,731  
    FDIC premiums and assessments     365       365       364       369       376       1,463       1,511  
    Merger expense     –       –       –       –       –       –       2,393  
    Litigation expense     –       –       1,800       –       3,000       1,800       3,000  
    Other operating expense     3,050       3,654       3,026       3,366       3,309       13,096       12,035  
    Total noninterest expense   $ 24,107     $ 24,177     $ 24,897     $ 23,386     $ 26,780     $ 96,567     $ 95,177  
                                                             
     
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands, except per share data)   2024     2024     2024     2024     2023     2024     2023  
    Adjusted Net Income for diluted earnings per share   $ 13,040     $ 13,033     $ 12,686     $ 12,845     $ 12,314     $ 51,604     $ 49,120  
    Non-GAAP adjustments:                                                        
    Loss (gain) on sale of securities     –       –       –       –       –       –       21  
    Merger expense     –       –       –       –       –       –       2,393  
    Day 2 provision for allowance for credit losses – Surrey     –       –       –       –       –       –       1,614  
    Litigation expense     –       –       1,800       –       3,000       1,800       3,000  
    Other items(1)     –       (825 )     –       –       –       (825 )     (204 )
    Total adjustments     –       (825 )     1,800       –       3,000       975       6,824  
    Tax effect     –       (198 )     432       –       720       234       1,203  
    Adjusted earnings, non-GAAP   $ 13,040     $ 12,406     $ 14,054     $ 12,845     $ 14,594     $ 52,345     $ 54,741  
                                                             
    Adjusted diluted earnings per common share, non-GAAP   $ 0.71     $ 0.68     $ 0.76     $ 0.69     $ 0.79     $ 2.84     $ 3.04  
    Performance ratios, non-GAAP                                                        
    Adjusted return on average assets     1.60 %     1.53 %     1.75 %     1.60 %     1.77 %     1.62 %     1.68 %
    Adjusted return on average common equity     9.89 %     9.56 %     11.10 %     10.18 %     11.63 %     10.18 %     11.43 %
    Adjusted return on average tangible common equity (2)     14.12 %     13.77 %     16.11 %     14.82 %     17.11 %     14.69 %     16.70 %

    _____________

    (1)   Includes other non-recurring income and expense items.
    (2)   A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.
         
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
           
        Three Months Ended December 31,  
        2024     2023  
        Average             Average Yield/     Average             Average Yield/  
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,421,668     $ 31,717       5.21 %   $ 2,581,528     $ 33,758       5.19 %
    Securities available for sale     167,357       1,474       3.50 %     274,513       1,924       2.78 %
    Interest-bearing deposits     277,678       3,351       4.80 %     31,293       438       5.55 %
    Total earning assets     2,866,703       36,542       5.07 %     2,887,334       36,120       4.96 %
    Other assets     379,566                       379,960                  
    Total assets   $ 3,246,269                     $ 3,267,294                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 663,033     $ 226       0.14 %   $ 697,555     $ 180       0.10 %
    Savings deposits     886,886       3,476       1.56 %     838,455       3,050       1.44 %
    Time deposits     242,899       1,396       2.29 %     254,668       705       1.10 %
    Total interest-bearing deposits     1,792,818       5,098       1.13 %     1,790,678       3,935       0.87 %
    Borrowings                                                
    Federal funds purchased     –       –       –       293       4       5.35 %
    Retail repurchase agreements     995       1       0.05 %     1,090       –       0.05 %
    Total borrowings     995       1       0.05 %     1,383       4       0.87 %
    Total interest-bearing liabilities     1,793,813       5,099       1.13 %     1,792,061       3,939       0.87 %
    Noninterest-bearing demand deposits     881,767                       931,681                  
    Other liabilities     46,142                       45,819                  
    Total liabilities     2,721,722                       2,769,561                  
    Stockholders’ equity     524,547                       497,733                  
    Total liabilities and stockholders’ equity   $ 3,246,269                     $ 3,267,294                  
    Net interest income, FTE(1)           $ 31,443                     $ 32,181          
    Net interest rate spread                     3.94 %                     4.09 %
    Net interest margin, FTE(1)                     4.36 %                     4.42 %

    _____________

    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $863 thousand and $792 thousand for the three months ended December 31, 2024 and 2023, respectively.
         
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
           
        Year Ended December 31,  
        2024     2023  
        Average             Average Yield/     Average             Average Yield/  
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,481,215     $ 130,196       5.25 %   $ 2,538,361     $ 127,019       5.00 %
    Securities available for sale     171,081       5,547       3.24 %     298,389       8,115       2.72 %
    Interest-bearing deposits     206,629       10,850       5.25 %     46,601       2,485       5.33 %
    Total earning assets     2,858,925       146,593       5.13 %     2,883,351       137,619       4.77 %
    Other assets     374,398                       369,700                  
    Total assets   $ 3,233,323                     $ 3,253,051                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 662,584     $ 796       0.12 %   $ 686,534     $ 405       0.06 %
    Savings deposits     878,584       14,206       1.62 %     847,397       6,781       0.80 %
    Time deposits     246,035       4,636       1.88 %     267,957       2,155       0.80 %
    Total interest-bearing deposits     1,787,203       19,638       1.10 %     1,801,888       9,341       0.52 %
    Borrowings                                                
    Federal funds purchased     628       35       5.53 %     2,715       139       5.12 %
    Retail repurchase agreements     1,045       1       0.05 %     1,528       1       0.06 %
    Total borrowings     1,673       36       2.15 %     4,243       140       3.30 %
    Total interest-bearing liabilities     1,788,876       19,674       1.10 %     1,806,131       9,481       0.52 %
    Noninterest-bearing demand deposits     882,700                       926,378                  
    Other liabilities     47,362                       41,477                  
    Total liabilities     2,718,938                       2,773,986                  
    Stockholders’ equity     514,385                       479,065                  
    Total liabilities and stockholders’ equity   $ 3,233,323                     $ 3,253,051                  
    Net interest income, FTE(1)           $ 126,919                     $ 128,138          
    Net interest rate spread                     4.03 %                     4.25 %
    Net interest margin, FTE(1)                     4.44 %                     4.44 %

    _____________

    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $2.90 million and $2.74 million for the twelve months ended December 31, 2024 and 2023, respectively.
         
     
    CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
                                   
        December 31,     September 30,     June 30,     March 31,     December 31,  
    (Amounts in thousands, except per share data)   2024     2024     2024     2024     2023  
    Assets                                        
    Cash and cash equivalents   $ 377,454     $ 315,338     $ 329,877     $ 248,905     $ 116,420  
    Debt securities available for sale, at fair value     169,849       166,669       129,686       166,247       280,961  
    Loans held for investment, net of unearned income     2,416,089       2,444,113       2,473,268       2,519,833       2,572,298  
    Allowance for credit losses     (34,825 )     (35,118 )     (34,885 )     (35,461 )     (36,189 )
    Loans held for investment, net     2,381,264       2,408,995       2,438,383       2,484,372       2,536,109  
    Premises and equipment, net     48,735       49,654       50,528       51,333       50,680  
    Other real estate owned     521       346       100       374       192  
    Interest receivable     9,207       9,883       9,984       10,719       10,881  
    Goodwill     143,946       143,946       143,946       143,946       143,946  
    Other intangible assets     13,014       13,550       14,085       14,615       15,145  
    Other assets     117,226       115,980       116,230       115,470       114,211  
    Total assets   $ 3,261,216     $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545  
                                             
    Liabilities                                        
    Deposits                                        
    Noninterest-bearing   $ 883,499     $ 869,723     $ 889,462     $ 902,396     $ 931,920  
    Interest-bearing     1,807,748       1,789,530       1,787,810       1,779,819       1,790,405  
    Total deposits     2,691,247       2,659,253       2,677,272       2,682,215       2,722,325  
    Securities sold under agreements to repurchase     906       954       894       1,006       1,119  
    Interest, taxes, and other liabilities     42,671       43,460       45,769       45,816       41,807  
    Total liabilities     2,734,824       2,703,667       2,723,935       2,729,037       2,765,251  
                                             
    Stockholders’ equity                                        
    Common stock     18,322       18,291       18,270       18,413       18,502  
    Additional paid-in capital     169,752       168,691       168,272       173,041       175,841  
    Retained earnings     349,489       342,121       334,756       327,389       319,902  
    Accumulated other comprehensive loss     (11,171 )     (8,409 )     (12,414 )     (11,899 )     (10,951 )
    Total stockholders’ equity     526,392       520,694       508,884       506,944       503,294  
    Total liabilities and stockholders’ equity   $ 3,261,216     $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545  
                                             
    Shares outstanding at period-end     18,321,795       18,290,938       18,270,273       18,413,088       18,502,396  
    Book value per common share   $ 28.73     $ 28.47     $ 27.85     $ 27.53     $ 27.20  
    Tangible book value per common share(1)     20.16       19.86       19.20       18.92       18.60  

    _____________

    (1 )   A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.
         
     
    SELECTED CREDIT QUALITY INFORMATION (Unaudited)
                                   
        December 31,     September 30,     June 30,     March 31,     December 31,  
    (Amounts in thousands)   2024     2024     2024     2024     2023  
    Allowance for Credit Losses                                        
    Balance at beginning of period:                                        
    Allowance for credit losses – loans   $ 35,118     $ 34,885     $ 35,461     $ 36,189     $ 36,031  
    Allowance for credit losses – loan commitments     441       441       746       746       758  
    Total allowance for credit losses beginning of period     35,559       35,326       36,207       36,935       36,789  
    Provision for credit losses:                                        
    Provision for credit losses – loans     1,182       1,360       449       1,011       1,041  
    (Recovery of) provision for credit losses – loan commitments     (100 )     –       (305 )     –       (12 )
    Total provision for credit losses – loans and loan commitments     1,082       1,360       144       1,011       1,029  
    Charge-offs     (2,005 )     (1,799 )     (1,599 )     (2,448 )     (2,105 )
    Recoveries     530       672       574       709       1,222  
    Net (charge-offs) recoveries     (1,475 )     (1,127 )     (1,025 )     (1,739 )     (883 )
    Balance at end of period:                                        
    Allowance for credit losses – loans     34,825       35,118       34,885       35,461       36,189  
    Allowance for credit losses – loan commitments     341       441       441       746       746  
    Ending balance   $ 35,166     $ 35,559     $ 35,326     $ 36,207     $ 36,935  
                                             
    Nonperforming Assets                                        
    Nonaccrual loans   $ 19,869     $ 19,754     $ 19,815     $ 19,617     $ 19,356  
    Accruing loans past due 90 days or more     149       176       19       30       104  
    Modified loans past due 90 days or more     135       –       –       –       –  
    Total nonperforming loans     20,153       19,930       19,834       19,647       19,460  
    OREO     521       346       100       374       192  
    Total nonperforming assets   $ 20,674     $ 20,276     $ 19,934     $ 20,021     $ 19,652  
                                             
                                             
    Additional Information                                        
    Total modified loans   $ 2,260     $ 2,320     $ 2,290     $ 2,177     $ 1,873  
                                             
    Asset Quality Ratios                                        
    Nonperforming loans to total loans     0.83 %     0.82 %     0.80 %     0.78 %     0.76 %
    Nonperforming assets to total assets     0.63 %     0.63 %     0.62 %     0.62 %     0.60 %
    Allowance for credit losses to nonperforming loans     172.80 %     176.21 %     175.88 %     180.49 %     185.97 %
    Allowance for credit losses to total loans     1.44 %     1.44 %     1.41 %     1.41 %     1.41 %
    Annualized net charge-offs (recoveries) to average loans     0.24 %     0.18 %     0.16 %     0.27 %     0.14 %
                                             

    FOR MORE INFORMATION, CONTACT:
    David D. Brown
    (276) 326-9000

    The MIL Network –

  • MIL-OSI USA: Warner, Kaine, Colleagues Demand that Trump Exempt Veterans Affairs Employees from Hiring Freeze

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) joined a group of their Senate colleagues in demanding that President Donald Trump exempt all positions at the U.S. Department of Veterans Affairs (VA) from President Trump’s Executive Order to institute an immediate hiring freeze across the federal civil service. In the lawmakers’ letter to Trump, the senators raised concerns that unless the VA were exempted from the hiring freeze, delivery of health care and benefits to veterans across the country could be delayed or otherwise negatively impacted.
    “As written, this Memorandum could dramatically impair the ability of veterans across the country to get the care and benefits they desperately need,” wrote the senators. “It could also delay or deny various other services across VA – from burial services to job training to assistance for homeless veterans to life-saving assistance from the Veterans Crisis Line.”
    “And despite assurances that VA benefits would be exempt,” they continued. “We have become aware the hiring freeze will extend to the Veterans Benefits Administration – a decision that will dramatically impact the processing of disability claims, growing the backlog and making it more difficult for veterans to access their earned benefits, including those promised in the PACT Act. Additionally, there is no explicit exemption for employees serving the more than 9.2 million veterans enrolled in VA health care.”
    Following concerns from senators and veterans, the VA announced certain positions would be exempted from the hiring freeze. However, the order continues to require the Veterans Benefits Administration to take additional steps before filling vacancies, which would dramatically impact the processing of disability claims. The order also does not exempt certain support staff who provide important inpatient services at VA medical centers, including housekeepers, cooks, and boiler room employees.
    Warner and Kaine have both long advocated for ensuring access to health care, housing, employment, and other benefits for veterans and military families. In December 2024, both senators joined their colleagues in a unanimous vote to pass the Senator Elizabeth Dole 21st Century Veterans Healthcare and Benefits Improvement Act, which will cut down wait times for veterans seeking health care and improve pay for VA health care employees. In September 2024, Warner and Kaine announced over $4.5 million in federal funding for veteran suicide prevention efforts in Virginia. And in August 2022, Warner and Kaine helped pass the PACT Act to expand benefits for veterans who were exposed to toxins as a result of their military service.
    The letter was led by U.S. Senator Richard Blumenthal (D-CT) and joined by Senators Mazie Hirono (D-HI), Catherine Cortez Masto (D-NV), Martin Heinrich (D-NM), Jack Reed (D-RI), Bernard Sanders (I-VT), Jeff Merkley (D-OR), Tina Smith (D-MN), Dick Durbin (D-IL), Maggie Hassan (D-NH), Ruben Gallego (D-AZ), Patty Murray (D-WA), Alex Padilla (D-CA), Jon Ossoff (D-GA), Jeanne Shaheen (D-NH), Tammy Baldwin (D-WI), Ben Ray Luján (D-NM), Sheldon Whitehouse (D-RI), Cory Booker (D-NJ), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Amy Klobuchar (D-MN), and Peter Welch (D-VT).
    The full text of the letter is available below.
    Dear President Trump,
    We write with urgent concerns about the Presidential Memorandum issued on January 20, 2025, which instituted an immediate hiring freeze, with few exceptions, across the federal civil service. Veterans have earned and deserve the best quality health care and benefits possible. Delivering on that sacred promise starts with ensuring the Department of Veterans Affairs (VA) has the appropriate personnel in place to serve them. As written, this Memorandum could dramatically impair the ability of veterans across the country to get the care and benefits they desperately need. It could also delay or deny various other services across VA – from burial services to job training to assistance for homeless veterans to life-saving assistance from the Veterans Crisis Line. That is why it is imperative for you to provide an immediate, clear, and full exemption to this hiring freeze for VA so it can continue to deliver on its sacred mission for veterans.
    In your Memorandum, little detail is provided to understand the scope of its exemptions. And despite assurances that VA benefits would be exempt, we have become aware the hiring freeze will extend to the Veterans Benefits Administration – a decision that will dramatically impact the processing of disability claims, growing the backlog and making it more difficult for veterans to access their earned benefits, including those promised in the PACT Act. Additionally, there is no explicit exemption for employees serving the more than 9.2 million veterans enrolled in VA health care.
    Veterans deserve the best care possible from the best medical professionals in the country. To deliver on that obligation, VA continues to utilize various hiring authorities and incentives provided by Congress to address chronic medical workforce shortages, particularly in rural areas. Instead of building upon those efforts, one of your first actions was to stop them entirely, and to issue new directives to VA personnel across the country to not only leave vacancies unaddressed, but to revoke job offers that have already been made. That is a betrayal of trust to veterans on day one of your Administration, and it is a betrayal of trust to prospective VA employees intent on serving veterans – an action that will undoubtedly have long-term impacts on VA’s ability to effectively recruit and retain the physicians, nurses, and other critical positions that make VA the preferred option for care for veterans.
    Mr. President, to prevent the delay or denial of life-saving services and benefits for our nation’s heroes, we urge you to provide an immediate, clear, and full exemption to VA personnel from your hiring freeze. Thanks largely to the PACT Act and the leadership of the Biden Administration, VA is providing more care and more benefits to more veterans than at any time in its history. We are hopeful to work with you to build upon our nation’s promise to these men and women, but we also vow to fight every effort that dishonors their service and reneges upon that sacred promise. 
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI United Nations: New Permanent Representative of Nauru Presents Credentials to the Director-General of the United Nations Office at Geneva

    Source: United Nations – Geneva

    Frederick W. Pitcher, the new Permanent Representative of Nauru to the United Nations Office at Geneva, today presented his credentials to Tatiana Valovaya, the Director-General of the United Nations Office at Geneva.

    Prior to his appointment to Geneva, Mr. Pitcher had been serving as the Chief Executive Officer for the Nauru Maritime and Port Authority and the Nauru Shipping Line since 2023.

    He was a member of Parliament from 2004 to 2013, served as Nauru’s Minister for Commerce, Industry and Environment from 2004 to 2010, and was elected briefly as President in 2011.  Prior, Mr. Pitcher held the position of Nauru’s Deputy Permanent Representative to the United Nations in New York from 2000 to 2004.

    Mr. Pitcher began his career in Nauru’s Public Service in 1993, where he held several positions, including as the Director of the Bureau of Statistics (1993-1995); Private Secretary to the President (1995-1996); and Secretary for Finance (1996–1997).  

    Since 2013, he had been working mainly in the private sector.

    Mr. Pitcher obtained a Postgraduate Certificate in Management and Business Administration from the Edinburgh School of Management in Scotland (1997-2000); a Graduate Certificate and United Nations Fellowship in Statistical Analysis from the Statistical Institute for Asia and the Pacific, in Tokyo, (1992-1993); and a Bachelor of Arts in Pacific Studies from Macquarie University in Sydney, Australia (1988-1991), among other professional certificates.  He was born on Nauru in February 1967 and is married with three adult children.

    ________

    CR.12.048E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Treasurer to hold key meetings in United States and United Kingdom

    Source: New South Wales Government 2

    Headline: Treasurer to hold key meetings in United States and United Kingdom

    Published: 28 January 2025

    Statement by: Treasurer

    Treasurer Daniel Mookhey will travel to the United States and United Kingdom holding key meetings to ensure NSW keeps borrowing rates low and to explore investment opportunities for the state.

    During a nine-day trip beginning today, Treasurer Mookhey will visit Washington, New York and London, accompanied by TCorp’s Chief Executive Officer David Deverall.

    Treasurer Mookhey will hold events with a range of bond holders, fund managers and investors including JP Morgan, Goldman Sachs, BlackRock, Nasdaq, the Bank of England and Capital Group, as well as meetings with ratings agencies.

    The NSW Treasurer will also meet leaders including Australia’s Ambassador to the United States Kevin Rudd, Australian Consul-General in New York Ms Heather Ridout AO and will attend an industry event with former NSW Premier Dominic Perrottet.

    This is Treasurer Mookhey’s first international trip since taking office.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Confined Electrons paves the way for improved optoelectronic materials, sensors & nano-catalysts

    Source: Government of India (2)

    Posted On: 28 JAN 2025 4:17PM by PIB Delhi

    In a major stride forward for nanoscience, researchers have uncovered a groundbreaking phenomenon — electron confinement-induced plasmonic breakdown in metals.

    This study opens new avenues for understanding and manipulating the fundamental behaviour of electrons in nanoscale systems which can help design more efficient nanoelectronic devices and optoelectronic materials with enhanced precision, sensors that operate at atomic and molecular levels as well as efficient nano catalysts.

    Metals have long been celebrated for their plasmonic properties—collective oscillations of free electrons that enable unique optical responses. From catalysis to advanced photonic devices, plasmonic behaviour underpins a wide range of modern technologies. However, Prof. Saha’s research sheds light on an unexpected and transformative aspect of this field: how the confinement of electrons at the nanoscale disrupts and ultimately breaks down plasmonic behaviour.

    A new study by Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR) in Bengaluru, under the Department of Science and Technology (DST), GoI, probe how the quantum confinement of electrons, driven by size reduction to the nanoscale, changes the electronic structure of metals. This shift, as shown by the team steered by Prof Bivas Saha leads to a suppression of the collective oscillations essential to plasmonic properties, fundamentally altering the material’s optical and electronic behaviour.

    At the nanoscale, materials behave in ways that often defy classical intuition. JNCASR’s work published in the prestigious Science Advances (2024, Vol. 10, Issue 47), bridges the gap between traditional plasmonics and the quantum effects that emerge at this scale.

    Prof. Saha’s team employed advanced spectroscopy techniques to observe plasmonic phenomena in metallic systems with varying degrees of confinement. Alongside, computational simulations provided a deep theoretical framework to explain the observed breakdown.

    They used cutting-edge tools such as electron energy loss spectroscopy (EELS) and first-principles quantum mechanical calculations which helped them predict electron behaviour with unprecedented accuracy.

    Apart from JNCASR, Prof. Alexandra Boltasseva and Prof. Vladimir Shalaev from Purdue University and Prof. Igor Bondarev from North Carolina State University in USA, and Dr. Magnus Garbrecht and Dr. Asha Pillai from the University of Sydney participated in this study.

    This research challenges long-held assumptions in plasmonics, redefining the boundaries of what is possible with metal-based materials. The electron confinement-induced plasmonic breakdown represents not just a scientific revelation but also a call to rethink the design principles of nanoscale materials.

    Speaking about the breakthrough, Prof. Saha remarked, “Our findings highlight the transformative role of quantum confinement in redefining material properties. This is not just about understanding plasmonic breakdown—it’s about pushing the limits of how we can harness nanoscale phenomena for technological innovation.”

    With growing interest in quantum materials and nanotechnology, Prof. Saha’s work positions JNCASR as a leader in exploring the uncharted territory where classical and quantum physics converge.

    “The electron confinement-induced plasmonic breakdown in metals represents a landmark achievement in materials science and nanotechnology. By unravelling the intricate interplay between quantum confinement and plasmonic behaviour, this research sets the stage for revolutionary advancements across industries.”- commented Prasanna Das, lead author of the paper.

    The implications of the study are vast, spanning — electronics and photonics, sensing technologies and catalysts and energy conversion.

     

     

    ***

    NKR/PSM

    (Release ID: 2097003) Visitor Counter : 26

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: From Humans to Canines: NMRTC Twentynine Palms corpsmen cross-train with Army vets

    Source: United States Navy (Medical)

    Naval Medical Readiness and Training Command (NMRTC) Twentynine Palms corpsmen have been participating in cross-training sessions with Army veterinarians at the Marine Corps Air Ground Combat Center (MCAGCC), enhancing their readiness to provide medical care to military working dogs (MWDs) in field and deployed settings.

    The initiative, spearheaded by Army Capt. Andrea Lin, Officer in Charge of the MCAGCC Veterinary Section, and Navy Lt. Cmdr. Neal Petersen, provides corpsmen with hands-on experience in veterinary care. Since September of 2024, corpsmen have been invited to attend bi-monthly training sessions to observe and practice key veterinary techniques, including intravenous (IV) catheter placement, endotracheal intubation, and anesthesia monitoring. These skills are critical for providing point-of-injury care and stabilizing MWDs when veterinary specialists are unavailable.

    “This cross-training is invaluable for fostering collaboration and ensuring we’re prepared to care for MWDs,” said Lin, who joined the Army two years ago after working as a civilian veterinarian for over eight years. “It’s also a great opportunity for our team to develop leadership skills and confidence by teaching others.”

    The Veterinary Section at MCAGCC is responsible for the medical care of the installation’s MWDs, including 24/7 emergency services and routine health maintenance. The team also ensures food safety for service members, families, and civilians by inspecting commissaries, mess halls, and other food facilities on base.

    During recent training sessions, corpsmen observed and assisted with various procedures, including a spay (ovariohysterectomy) on a husky, a neuter (orchiectomy) on a shepherd mix, and suturing a laceration on a visiting MWD. These sessions also included detailed comparisons of medications and techniques used in human versus veterinary medicine.

    MWDs are indispensable members of the armed forces, serving in roles ranging from explosive detection to patrol. However, they face unique health challenges, including musculoskeletal injuries, paw pad lacerations, and heat-related conditions. Cross-training ensures that corpsmen can provide immediate, effective care in the absence of veterinary staff.

    “There are not enough Veterinary Corps Officers (VCOs) or Army Veterinary Care Specialists (68T) to provide all MWD care in a deployment setting. We rely on the first line medics such as Army 68W and Navy Corpsmen to know and apply Canine TCCC (Tactical Combat Casualty Care) in the field,” explained Lin. “Training like this bridges gaps and enhances inter-branch collaboration.”

    “Training with the corpsmen allows for better care in the field when there may not frequently be an Army vet staff member present, so that the working dogs can get the immediate first aid that they need before they can be transferred to a better location for more extensive treatment,” added Pfc. Amelia Knosp, an Animal Care Specialist from Fremont, Nebraska. “Personally, it has also allowed me to interact with more of my peers on base and given me opportunities to teach that I may not have gotten in other settings, especially as a lower enlisted member.”

    Corpsmen participating in the program have brought a wealth of enthusiasm and curiosity, impressing the Army veterinarians with their skills and confidence.

    “The corpsmen are a lot of fun to work with,” expressed Angela Adkerson, an experienced civilian Animal Health Assistant from Brisbane, Australia who moved to Twentynine Palms with her family in 2014. “While they may not know the ins and outs of veterinary medicine, many of them enjoy noting the differences between human medical care and animal medical care. They enjoy the new opportunities they get to try, like using our model dog as a learning tool for things such as IV placement, intubation, and CPR.”

    The training has also allowed corpsmen to draw parallels between human and veterinary medicine.

    “The vets were great with medical education. They allowed me to help them with procedures and observe their work. I saw how preoperative and postoperative care are similar,” said Hospitalman Jessica Sanderson from San Tan Valley, Arizona. “My takeaway from this experience is you’ll never know what kind of patient you’ll have. Being ready with proper training will help with future triaging and understanding that there can always be something new to learn.”

    “The most challenging aspect of observing the surgeries was learning about the anatomical differences between canines and humans, especially while finding landmarks for intubation and with the actual spay or neuter,” explained Hospitalman Hailey Alaguena, a corpsman from San Jose, California. “It was interesting as well to learn about how certain medications used in the clinic have reversal agents that would otherwise not work if administered to humans.”

    “I observed how quickly and efficiently veterinary teams must work to minimize an animal’s time under anesthesia,” said Hospitalman John Udanoh, a corpsman from Detroit, Michigan. “Working closely with a veterinary team teaches you a lot about precision, quick decision making and the unique aspect of animal care. As a corpsman, this helps improve our adaptability and overall skills.”

    The cross-training program not only enhances medical readiness but also fosters camaraderie and mutual respect among service members from different branches.

    “We’re all on the same team,” said Lin. “Collaborating in this way prepares us to better support each other in a deployed setting.”

    As the program continues, the participating corpsmen at NMRTC Twentynine Palms are gaining valuable skills that will enhance their ability to provide comprehensive care to animals when needed, helping ensure mission readiness across both branches of service.

    MIL Security OSI –

  • MIL-Evening Report: Sydney’s Museum of Contemporary Art is now charging for entry. It’s a sign our cultural sector needs help

    Source: The Conversation (Au and NZ) – By Chiara O’Reilly, Senior Lecturer in Museum Studies, University of Sydney

    From January 31, Sydney’s Museum of Contemporary Art (MCA) will reintroduce ticketed entry, charging adults $20 for general admission and $35 for combined special exhibitions and museum entry. Entry will remain free for Australian students and people under 18.

    This decision, which reverses 24 years of free general entry to the museum, reflects broader challenges faced by museums globally.

    Driven by philanthropy

    The MCA was opened in 1991, established through the bequest of Australian expatriate artist John Power. As an independent, not-for-profit organisation, its administrative and financial structure is different from major cultural institutions in Sydney.

    Unlike the Art Gallery of New South Wales and Australian Museum, which are statutory bodies of the NSW government, the MCA receives a far smaller proportion of state funding.

    For 2023-2024, the NSW government delivered A$46.2 million in recurrent funding to the Art Gallery of NSW and $47.4 million to the Australian Museum. The MCA received $4.2 million, which represented just 16% of its total revenue.

    This funding disparity has always required the MCA to secure the bulk of its budget through other revenue streams. Corporate and philanthropic partnerships have been vital.

    In 2000, financial support from Telstra allowed the museum to offer free admission. In 2012, philanthropists including Simon and Catriona Mordant contributed greatly to fund the museum’s expansion.

    The MCA has also been proactive in leveraging its venue to maximise income. In 2023, 41% of revenue was earned through commercial services including venue hire, retail and commercial leases.

    Why there’s no more free entry

    Despite reducing its opening hours to six days a week post-COVID and scaling back audience engagement, the MCA’s financial pressures continued. According to director Suzanne Cotter, the museum “didn’t have any choice” but to implement an admission fee.

    While ticketed admission creates a financial barrier, it also provides visitors a way to invest directly in the museum’s future and sustainability.

    The MCA has consistently demonstrated its value, generating impressive visitor numbers. In 2019, attendance surpassed one million visitors, setting the museum ahead of many international peers.

    But the effects of the COVID pandemic have lingered. In 2022-23, the museum attracted 859,386 visitors – a 15% decline compared to 2019.

    In comparison, the Art Gallery of NSW welcomed almost two million visitors to its expanded campus in 2023, representing a 51% increase from pre-COVID figures.

    The MCA isn’t struggling alone

    Internationally, there are clear signs of an industry under immense pressure.

    Major US institutions such as The Metropolitan Museum of Art (The Met), The Museum of Modern Art (MoMA) and the Guggenheim and Whitney have all increased general adult admission fees to US$30.

    The Met’s shift away from a pay-what-you-can model to fixed admission for most visitors in 2018 was driven by speculation of a US$40 million deficit. However, New York state residents and students, as well as New Jersey and Connecticut students, can still pay what they wish – even as little as one cent.

    Similarly, at the Whitney, a US$2 million donation last year by Trustee and artist Julie Mehretu has helped enable free entry for under-25s.

    These examples show how paying visitors can support a museum’s sustainability while preserving subsidised access for priority groups.

    Across Europe, major museums including the Louvre and Uffizi are also increasing prices, though many retain periodic free days to ensure accessibility.

    In the UK, smaller regional museums are resorting to admission charges for the first time in their histories.

    Meanwhile, commentators such as cultural historian Ben Lewis argue major institutions such as the British Museum should start charging general admission fees to supplement stagnant government funding and decrease dependence on potentially unethical corporate donors.

    This would allow the museums to pay competitive wages and fund essential work, Lewis argues.

    Lewis’s concerns about corporate donations accord with debates taking place internationally and in Australia around the role of big oil, mining and pharmaceutical companies that use the arts to “greenwash” their public brand.

    Can accessiblity be prioritised in Australia?

    The MCA’s situation, which reflects international trends, raises questions about arts funding and access.

    Both the NSW and federal governments’ arts policies recognise the value of providing access to the arts. As the NSW government’s Creative Communities policy notes, “the right to participate in arts, cultural and creative activities is a fundamental human right.”

    The MCA excelled in this regard under its free admission policy, attracting a diverse audience that other museums often struggled to reach. In 2023, about half of the museums on-site visitors were under 35, and 45% were from culturally and linguistically diverse backgrounds.

    The NSW government’s policy – along with its national counterpart Revive – also emphasises the importance of telling Australian stories. This is another area the MCA has excelled in.

    The question then is: if the state and federal governments value equitable access to the arts and appreciates the platforming of Australian stories, will they commit to a more sustainable funding arrangement for organisations like the MCA?

    Without such a commitment, the gap between those who can afford to attend museums and those who can’t will continue to widen – compromising the democratic ideal of an accessible cultural sector.

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

    – ref. Sydney’s Museum of Contemporary Art is now charging for entry. It’s a sign our cultural sector needs help – https://theconversation.com/sydneys-museum-of-contemporary-art-is-now-charging-for-entry-its-a-sign-our-cultural-sector-needs-help-247458

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: As the Black Summer megafires neared, people rallied to save wildlife and domestic animals. But it came at a real cost

    Source: The Conversation (Au and NZ) – By Danielle Celermajer, Professor of Sociology and Social Policy, University of Sydney

    As the 2019-2020 megafires took hold across eastern Australia, many of us reeled at the sight of animals trying and often failing to flee. Our screens filled up with images of koalas with burned paws and possums in firefighter helmets.

    The death toll was staggering, estimated at up to three billion wild animals killed or displaced. Millions more were severely injured. Tens of thousands of domesticated animals were killed or had to be euthanised.

    In fighting these fires, authorities focused almost entirely on protecting human lives and property, other than targeted rescue efforts for the last remaining wild stand of Wollemi pine. The role of rescuing and caring for domesticated and wild animals fell almost entirely to community groups and individual carers, who stepped up to fill the gap at significant cost to themselves – financially, emotionally and sometimes even at a risk to their safety.

    Our new research draws on more than 60 interviews with wildlife carers and groups in the Shoalhaven region south of Wollongong in New South Wales. These people spontaneously organised themselves to care for thousands of domesticated, farm and wild animals, from evacuating them from fire zones to giving them shelter, food, water and healthcare.

    The lengths our interviewees went to were extraordinary. But these rescue efforts were largely invisible to authorities – and, as our interviewees told us, sometimes even condemned as irresponsible.

    What did our interviews tell us?

    The standard view in Australia is that only humans matter in the face of bushfires. But the way affected communities reached out to save as many animals as they could shows many people think we ought to be acting differently.

    One interviewee told about screaming for “her babies” as Rural Fire Service firefighters evacuated her. In response, the firies searched the house for human babies to no avail. When they found out she meant her wombat joeys, they laughed in relief. But to our interviewee, the joeys were like her babies. The joeys were safe inside her house.

    People cared for a wide range of species, from horses, chickens, bees and cows to native birds, possums, wombats and wallabies. Despite this, we found common themes.

    Many people felt the system had let them down when it came to protecting animals. This is why many of them felt they had to take matters into their own hands to ensure that animals survived.

    As one interviewee told us:

    one thing that you have to realise, is people’s animals are their children, and they are their life. If you let someone think that their animal isn’t safe, they will put themselves in danger to try and get to that animal or save that animal […] That’s one thing the firies — you know, if they’re not an animal compassionate person, they don’t get that.

    While some guidance on disaster preparation talks about how to protect pets such as cats and dogs, wildlife carers, farmers and horse owners often found themselves facing incoming fires with little or no information or support.

    People also told us about a lack of information on how to care for different types of animals during disasters. Information was often nonexistent or hard to locate, making decision-making during the crisis very difficult.

    As one farmer told us:

    there’s not any information on realistically what you do with your animals in a case of […] a massive disaster. I mean, it’s like someone said about cutting the fences. But now you’ve got stocking cattle running through the bush and they don’t know where the fire’s going to turn or what’s going to happen.

    The needs of animals differ significantly. It’s harder to find shelter for a horse than a smaller animal, for instance. Wildlife being cared for already need assistance, due to being orphaned, injured or ill. It’s harder to evacuate injured animals or joeys who need regular feeding than it is to evacuate healthy adult animals.

    Our interviewees reported price spikes for transport, food, temporary fencing and medicines during the 2019-2020 emergency season. Caring for animals always comes with costs, but the cost burden intensified over the Black Summer and afterwards.

    Caring for animals came with another cost too, to mental health. Many of our interviewees told us they still felt traumatised, even though our interviews were two or three years after the fires.

    As one interviewee told us:

    the people at Lake Conjola […] said it was like an apocalypse. They said there was dead birds dropping out of the sky. Kangaroos would come hopping out of the bush on fire […] I know it really heavily affected most people on the beach, the horrific things that they saw.

    Despite facing a lack of formal support and with limited information, people organised themselves very quickly into networks to share access to safe land, transport, food, labour and information. Dedicated people set up social media groups to allocate tasks, call for help and so on. This unsung animal rescue effort was almost entirely driven by volunteers.

    What should we do before the next megafires?

    Australia will inevitably be hit by more megafires, as climate change brings more hot, dry fire weather and humidity falls over land.

    What would it mean to include animals in our planning? To start with, more and better information for wildlife carers, farmers, pet owners and the wider community. It would mean directing more funds to animal care, both during and after disasters, and including animal care in local, state and federal disaster planning. It would mean improving communication networks so people know where to go.

    To this end, we developed a new guide for communities wanting to be better prepared to help animals in the next disaster. We prototyped an app designed to help communities organise themselves in order to help animals during disasters.

    The scale of the Black Summer fires found governments and communities largely
    unprepared. But we are now in a position to learn from what happened.

    As authorities prepare for the next fires, they should broaden how they think about disaster preparation. Our research suggests disaster planning needs to take place at a community level, rather than a focus on individual households. And vitally, authorities need to think of communities as made up of both humans and animals, rather than just humans.

    This research project was funded by the Australian government via a Bushfire Recovery Grant from the Department of Industry, Science, Energy and Resources. It was conducted in partnership with the Shoalhaven City Council. This article was prepared solely by the University of Sydney research team and reflects our research and analysis only.

    This research project was funded by the Australian government via a Bushfire Recovery Grant from the Department of Industry, Science, Energy and Resources. It was conducted in partnership with the Shoalhaven City Council.

    – ref. As the Black Summer megafires neared, people rallied to save wildlife and domestic animals. But it came at a real cost – https://theconversation.com/as-the-black-summer-megafires-neared-people-rallied-to-save-wildlife-and-domestic-animals-but-it-came-at-a-real-cost-248432

    MIL OSI Analysis – EveningReport.nz –