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Category: Banking

  • MIL-OSI Asia-Pac: University on co-operatives to be set up soon to achieve ‘prosperity through cooperation’: MoS Shri Muralidhar Mohol

    Source: Government of India (2)

    University on co-operatives to be set up soon to achieve ‘prosperity through cooperation’: MoS Shri Muralidhar Mohol

    A three-day international conference sponsored by the Union Ministry of Cooperation concludes in Pune

    Posted On: 15 FEB 2025 9:02PM by PIB Mumbai

     

    : Pune, February 15, 2025

    The Government of India is setting up a national cooperative university, the bill for which has been tabled before the Lok Sabha in the budget session. Further, it will be taken up for getting approved in the next session. This was informed by the Union Minister of State for Cooperation Muralidhar Mohol in Pune today. The Minister added that Government of India believes and strives to work with the aim that prosperity can be achieved through co-operation.

    A three-day international conference which was organized by the Union Ministry of Cooperation at the Vaikunth Mehta National Cooperative Society (VAMNICOM) in Pune concluded today. The theme of conference was ‘Generating Prosperity through Cooperatives: Digital Innovation and Value Chain’. Shri Muralidhar Mohol was present as the chief guest on the occasion.

    Speaking further, Shri Mohol said, “There has been sustainable development in rural areas due to cooperative sector. The Government has made special efforts to strengthen the cooperative banks”.

    Union MoS for Cooperation and Civil Aviation Shri Mohol informed that the conference in Pune was the first event by the Government in the International Year of Cooperatives.

    The United Nations General Assembly has proclaimed 2025 as the International Year of Cooperatives (IYC2025). The year’s theme is “Cooperatives Build a Better World”.

    Shri Mohol appreciated CICTAB and VAMNICOM for successfully organizing the conference. He further said that the relations in the field of cooperation with the participating countries of Asia and Africa will be strengthened. Around 36 delegates from 12 countries, namely, Nepal, Bhutan, Bangladesh, Lao PDR, Cambodia, Gambia, Kenya, Liberia, Mauritius, Namibia, Sri Lanka and Zambia attended the conference.

    In three days, experts gave guidance on topics like digital innovation in cooperatives, introduction of successful cooperatives, challenges and opportunities in value chain, sustainability in cooperatives, prosperity through cooperatives, global cooperation etc.

    The dignitaries present on the occasion included the Director of Rural Management Institute, Anand, Gujarat Dr. Umakant Dash; Director, National Institute of Bank Management, Pune, Prof. Partha Ray; Lao PDR (Laos) Ministry of Rural Development, Agriculture and Forestry, Deputy Director General Anosak Phangthimavong; and Gambia Cooperative Registrar General Abba Jibril Sankareh among others. The Center for International Cooperation and Training in Agricultural Banking (CICTAB) has organized this conference with the help of Vaikunth Mehta National Cooperative Society. The Director of VAMNICOM and CICTAB, Pune, Dr. Hema Yadav presented an overview of the three days of the conference.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the ET Now Global Business Summit 2025

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses the ET Now Global Business Summit 2025

    Today, be it major nations or global platforms, the confidence in India is stronger than ever: PM

    The speed of development of a Viksit Bharat is remarkable: PM

    Many aspirational districts have now transformed into inspirational districts of the nation: PM

    Banking the unbanked, Securing the unsecured and Funding the unfunded has been our strategy: PM

    We have transformed the fear of business into the ease of doing business: PM

    India missed the first three industrial revolutions but is ready to move forward with the world in the fourth: PM

    In India’s journey towards becoming a Viksit Bharat, our government sees the private sector as a key partner: PM

    25 crore Indians have risen out of poverty in just 10 years: PM

    Posted On: 15 FEB 2025 10:31PM by PIB Delhi

    The Prime Minister Shri Narendra Modi addressing the gathering at the ET Now Global Business Summit 2025 in New Delhi today, recounted that in the last edition of ET Now Summit, he had humbly stated that India would work at a new speed in their third term. He expressed satisfaction that this speed is now evident and receiving support from the country. He thanked the people of Odisha, Maharashtra, Haryana and New Delhi for showing immense support for the commitment to Viskit Bharat. He acknowledged this as a recognition of how the citizens of the country are shoulder-to-shoulder in the pursuit of the goal of a developed India. 

    “Today, be it major nations or global platforms, the confidence in India is stronger than ever”, exclaimed Shri Modi, who returned yesterday from his visit to France and the USA. He added that the sentiment was reflected in the AI Action Summit in Paris as well. The Prime Minister remarked, “Today, India is at the center of the Global Future Discussions and also leading in some as well”. He added that this was a consequence of a new revolution of reforms in India since 2014. Shri Modi highlighted that India entered in the top 5 largest economies in the world in just the last decade, denoting the speed of development of Viksit Bharat. He added that people would soon witness India becoming the 3rd largest economy in the world in a few years. He emphasized that this was the necessary pace for a young country like India and stressed that India was moving ahead with this very speed. 

    Prime Minister remarked that previous dispensations avoided reforms, with a mindset of not wanting to undertake hard work. He added that today the reforms being undertaken in India was with full conviction. He highlighted that there was rarely any discussion about how major reforms could bring significant changes to the country. He pointed out that living under the burden of colonialism had become a habit in India. Even after independence, remnants of the British era continued to be carried forward. He cited an instance where phrases like ‘justice delayed is justice denied’ were heard for a long time, but no concrete steps were taken to address this issue. The Prime Minister highlighted that over time, people became so accustomed to these things that they didn’t even notice the need for change. He added that there was an ecosystem that doesn’t allow discussions about good things to take place and puts energy into preventing such discussions. Shri Modi emphasized that in a democracy, it is crucial to have discussions and debates about positive things. However, he added that a narrative has been created that saying something negative or spreading negativity is considered democratic, whereas if positive things are discussed, democracy is labeled as weak. He stressed that it was essential to come out of this mentality.

    Highlighting that until recently, the penal codes in India dated back to 1860 which aimed at strengthening colonial rule and punishing Indian citizens, Shri Modi noted that a system rooted in punishment could not deliver justice, leading to prolonged delays. He remarked that since the implementation of the new Indian Judicial Code 7-8 months ago, noticeable changes have occurred. For example, a triple murder case was resolved in just 14 days from FIR to sentencing, resulting in life imprisonment. Similarly, a case of a minor’s murder was concluded within 20 days. The Prime Minister pointed out that in Gujarat, a gang rape case registered on October 9, 2024 saw a charge sheet filed by October 26, and today, the court has convicted the accused. He cited another example from Andhra Pradesh, wherein a crime involving a 5-month-old child, the court sentenced the perpetrator to 25 years, with digital evidence playing a crucial role. In another case, the e-prison module aided in locating a rape and murder suspect who had previously served time for a crime in another state, leading to a swift arrest. He said now there were numerous instances where people are now receiving timely justice.

    Pointing to a major reform undertaken related to property rights, Shri Modi referred to a UN study indicating that the lack of property rights in a country is a significant challenge. He pointed out that millions worldwide lack legal property documents, and having property rights helps reduce poverty. He noted that previous governments were aware of these intricacies but avoided such challenging tasks. He emphasized that this approach doesn’t build or run a country. Shri Modi said the Swamitva Yojana was initiated, in which over 3 lakh villages in the country underwent drone surveys, and over 2.25 crore people received property cards. He remarked that due to the Swamitva Yojana, property worth ₹100 lakh crore has been unlocked in rural areas. This property existed earlier but couldn’t be utilized for economic development due to the lack of property rights, he added. Shri Modi highlighted that due to the absence of property rights, villagers couldn’t obtain loans from banks. He added that this issue has now been permanently resolved and today, there are numerous reports from across the country on how people benefit from Swamitva Yojana property cards. The Prime Minister shared a recent conversation with a woman from Rajasthan who received a property card under the scheme, and her family had been living in a small house for 20 years, and after receiving the property card, she secured a loan of around ₹8 lakh from a bank. With this money, she started a shop, and the income now supports her children’s higher education. Recounting another instance from another state, he said that a villager used his property card to obtain a loan of ₹4.5 lakh from a bank and bought a vehicle to start a transportation business. In another village, a farmer used a loan against his property card to set up modern irrigation facilities on his land. The Prime Minister highlighted many such examples where villages and the poor have found new income avenues due to these reforms. He termed these as real stories of reform, perform, and transform that don’t usually make headlines in newspapers and TV channels.

    Remarking that after independence, numerous districts in the country were left untouched by development due to poor governance, Shri Modi said instead of focusing on these districts, they were labeled as backward and left to their fate. No one was willing to address their issues, and government officers were sent there as punishment postings, he noted. “We changed this approach by declaring over 100 districts as Aspirational Districts”, said the Prime Minister. He added that young officers were sent to these districts to improve governance at the micro-level, who worked on indicators where these districts lagged behind and implemented flagship government schemes in mission mode. “Today, many of these aspirational districts have become inspirational districts”, he said. Citing an instance, Shri Modi said that in 2018, only 26% of elementary schools in Barpeta, Assam, had the correct student-to-teacher ratio, which is now 100%, He added that in Begusarai, Bihar, the number of pregnant women receiving supplementary nutrition was 21%, and in Chandauli, UP, it was 14%, while today, both districts have achieved 100%. The Prime Minister also noted the remarkable improvement in child immunization campaigns. In Shravasti, UP, the percentage increased from 49% to 86%, while in Ramanathapuram, Tamil Nadu, it rose from 67% to 93%. He highlighted that seeing such successes, 500 blocks in the country have now been declared aspirational blocks, and rapid work is underway in these areas.

    Acknowledging the decades of experience in business of the industry leaders at the summit, the Prime Minister recalled how the business environment in India used to be a part of their wish list and emphasized the progress made in the last 10 years. He highlighted that a decade ago, Indian banks were in crisis, and the banking system was fragile, with millions of Indians outside the banking system. “India was among the countries with the most challenging access to credit”, he added. “Government’s strategy to strengthen the banking sector: Banking the unbanked, Securing the unsecured, and Funding the unfunded”, outlined Shri Modi. He noted that financial inclusion has significantly improved, with nearly every village now having a bank branch or banking correspondent within a 5-kilometer radius. He cited the example of the Mudra Yojana, which has provided around ₹32 lakh crore to individuals who couldn’t obtain loans under the old banking system. He highlighted that loans for MSMEs have become much easier, and even street vendors have been linked to easy loans while the loans given to farmers have more than doubled. The Prime Minister remarked that while the Government is providing large numbers and amounts of loans, the banks’ profits are also increasing. He contrasted this with 10 years ago, when reports of record bank losses and editorials of newspapers expressing concern over NPAs were common. He added that today, from April to December, public sector banks have recorded a profit of over ₹1.25 lakh crore. Shri Modi emphasized that this isn’t just a change in headlines but a systemic change rooted in banking reforms, demonstrating the strengthening pillars of the economy.

    “Over the past decade, our Government has transformed the ‘fear of business’ into ‘ease of doing business’, underscored the Prime Minister.  He highlighted the benefits industries have gained from the establishment of a Single Large Market through GST. He emphasized that there has been unprecedented development in infrastructure over the past decade, leading to reduced logistics costs and increased efficiency. Shri Modi pointed out that the Government has eliminated hundreds of compliances and is now further reducing compliances through Jan Vishwas 2.0. To reduce Government interference in society, a Deregulation Commission is also being established, he added.

    Highlighting that India is witnessing a significant transformation related to future preparedness, Shri Modi remarked that during the first Industrial Revolution, India was under the grip of colonial rule. He added that during the second Industrial Revolution, while new inventions and factories emerged worldwide, local industries in India were being destroyed, and raw materials were being taken out of the country. He pointed out that even after independence, conditions did not change much. When the world was moving towards the computer revolution, in India, one had to obtain a license to buy a computer, he noted. “Although India couldn’t benefit much from the first three Industrial Revolutions, the country is now ready to match steps with the world in the Fourth Industrial Revolution”, the Prime Minister emphasized.

    “Our Government considers the private sector a crucial partner in the journey towards a Viksit Bharat”, exclaimed the Prime Minister. He noted that many new sectors have been opened up for the private sector, such as the space sector, where many young people and startups are making significant contributions. He highlighted that the drone sector, which was closed to the public until recently, now presents vast opportunities for the youth. The commercial coal mining sector has been opened to private firms, and auctions have been liberalized for private companies, he added. The Prime Minister remarked that the private sector plays a significant role in the country’s renewable energy achievements, and the Government is promoting private sector participation in the power distribution sector to enhance efficiency. He also underlined that a significant change in the recent budget is the opening of the nuclear sector for private participation.

    Prime Minister remarked that today’s politics has become performance-oriented and the people of India have clearly stated that only those connected to the ground and delivering results will sustain. He emphasized that the Government must be sensitive to people’s problems and noted that previous policymakers lacked sensitivity and willpower. He added that their Government has understood people’s issues with sensitivity and taken necessary steps with passion and enthusiasm to resolve them. Shri Modi cited global studies showing that over the past decade, the provision of basic amenities and empowerment has helped 25 crore Indians rise out of poverty. He added that this large group has become part of the neo-middle class, now dreaming of their first two-wheeler, first car, and first home. He further added that to support the middle class, the recent budget increased the zero tax threshold from ₹7 lakh to ₹12 lakh, strengthening the entire middle class and boosting economic activity. “These achievements are possible due to a proactive and sensitive government”, exclaimed Shri Modi.

    “The true foundation of a developed India is trust and this element is essential for every citizen, every government, and every business leader”, emphasised Shri Modi. He highlighted that the Government is working with full strength to instill confidence among the citizens. He added that Innovators were being provided with an environment where they can incubate their ideas, while businesses were assured of stable and supportive policies. The Prime Minister concluded by expressing hope that the ET Summit will further strengthen this trust. 

     

     

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    MJPS/SR

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    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Seven talented musicians to shine on City stage

    Source: Government of Western Australia

    The City’s Search for a Star competition has uncovered a gold mine of talented local artists who will share the stage with Joondalup Symphony Orchestra at a blockbuster event on 22 February.

    The winners will perform at the City’s fourth Symphony Under the Stars event, being held at Kingsway Regional Sporting Complex this month.

    This year’s winners are Alkimos resident Meagen Reyes (28), Wangara performing arts student Sofia Gale (16), Banksia Grove resident Caoimhe Power (16), Wangara dance student Krystal Biddulph (18), Kingsway student Jade Alexander (16), Hocking resident Emily Mackenzie (18) and Yanchep resident Tegan Mumba (16).

    The 70-piece Joondalup Symphony Orchestra (JSO) will headline the concert, with each of the winners performing a musical number with the ensemble.

    The winners were selected after a careful audition process, with the number of winners growing to seven – up from four last year.

    Kingsway last hosted the event in 2023, drawing a crowd of over 12,000 people.

    Wanneroo Mayor Linda Aitken said the concert, part of the City’s summer calendar of free community events, provided an impressive platform for the lucky residents to display their talent to a crowd of thousands.

    “Search for a Star gives local artists the chance to perform at one of the City’s largest events in front of thousands, alongside some impressive and established musicians,” she said.

    “Our Symphony event has become a community favourite. It’s the perfect opportunity for families to sit back and enjoy an impressive evening of music and entertainment for free.”

    JSO Principal Music Director, Michaela Jones, said the winners will have the opportunity to share the night with Australian Idol finalist, Chris Murphy, and singer, Rachael Coltrona, along with last year’s Search for a Star champions, Kade De Luca and Emma Loveland.

    “For the first time in its history, Symphony Under the Stars will feature a full symphony orchestra, with JSO taking centre stage in a thrilling 70-piece performance,” she said.

    “The event will showcase the incredible talent of local performers through the Search for a Star competition.

    “Seven outstanding winners, selected from an impressive pool of talent, will join the orchestra on stage, delivering show-stopping performances.

    “For these rising stars, the opportunity to sing alongside a 70-piece symphony orchestra is such a unique and wonderful experience—one that enhances their artistry and provides a thrilling taste of performing on a grand scale.”

    Event details:
    5pm to 9pm, Saturday February 22 2025 Kingsway Regional Sporting Complex, 130 Kingsway, Madeley

    MIL OSI News –

  • MIL-OSI Economics: Africa’s risk premium: a costly myth holding back a continent

    Source: African Development Bank Group
    To their cost, many global investors are getting Africa wrong.
    This was the stark message delivered by African leaders and business executives at the World Governments Summit in Dubai this week, where they challenged persistent misconceptions about investment risk on the continent.

    MIL OSI Economics –

  • MIL-OSI Economics: Côte d’Ivoire: Canada Strengthens Partnership with the African Development Bank During High-Level Meeting

    Source: African Development Bank Group
    The African Development Bank welcomed Andrew Smith, Director General for the Pan-African Bureau at Global Affairs Canada, to Côte d’Ivoire on Friday, 7 February. This marked a significant step forward in the partnership between Canada and the African Development Bank Group.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Tech – Gen Q4 Threat Report: 321 Threats Blocked Per Second as Social Media Becomes a Playground for Scammers

    Source: Botica Butler Raudon for Gen

    Social media, AI and human trust led to a record-breaking year of  
    advanced scams and personal data loss

    AUCKLAND, 17 February 2024 – Gen™ (NASDAQ: GEN), a global leader in consumer Cyber Safety with a family of brands including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner, today released its Q4/2024 Gen Threat Report. The report reveals a surge in online threats to close out a record-breaking 2024, with 2.55 billion cyberthreats blocked in October to December – equalling 321 threats every second. The risk ratio of encountering threats reached 27.7 percent in Q4, with social engineering attacks comprising 86 percent of all blocked threats, demonstrating the advanced psychological tactics used by cybercriminals today.  

    “We’re continuing to see scam-related threats becoming far more dangerous as they hide, sometimes in plain sight, throughout every aspect of our digital life,” said Siggi Stefnisson, Cyber Safety CTO at Gen. “This quarter we saw them prey on people’s emotions, such as the need to shop on budget during the holidays, the desire to find love during the end of the year, the hope for change during government elections and more. And, unfortunately, this is resulting in people continuing to lose money and control over their personal information. In 2025 we only expect these risks to increase as the rise of AI-powered systems and devices will mark the next frontier for cybercrime.”

    The Dark Side of Social Media
    Scam-related attacks continue to demonstrate global reach and adaptability. Phishing attacks rose by 14 percent in Q4 of 2024, with many exploiting platforms for creating websites like Wix and spoofing brands such as Apple iCloud with fake invoice scams. Meanwhile, malvertising remained a leading method of driving scams and malware delivery, comprising 41 percent of all blocked attacks for the quarter.  

    Social media platforms remained one of the prime grounds for scams and cybercrime at the end of 2024. Facebook stands out, accounting for a staggering 56 percent of total identified threats. YouTube trails behind at 24 percent, followed by X with 10 percent and Reddit and Instagram both accounting for 3 percent of all social media threats. When it comes to messaging platforms, despite WhatsApp’s larger user base, Telegram experiences six times more threats due to scammers utilising the platform’s additional privacy features to make their crimes harder to track by authorities.  

    The ways that scammers are using social media vary with such different people and use cases for the platforms. Gen found that the main ways people were scammed across social media were:  

    • Deceptive online ads (Malvertising) (27%): These deceptive ads spread malicious software onto the device being used or redirected people to malicious websites that can do the same. 
    • Fake e-shops (23%): People are lured by fraudulent online stores, also exposing personal and financial data. 
    • Phishing (18%): Scams aimed at stealing sensitive information like credit card numbers or passwords. 

    Social media is quickly turning into a playground for scammers to leverage platform algorithms, AI, and personalised interactions to scale their attacks faster and more effectively than ever before. Read the full analysis on social media threats in our latest blog.

    Year-End Spike in Financial Scams
    October to December marked the year’s most active quarter for financial scams, with mobile phones serving as a primary attack vector. Leading this trend were:

    • The largest deepfake crypto scam: The infamous CryptoCore group, known for hijacking YouTube accounts to promote their crypto scam campaigns, capitalised on the US Presidential Election. The group used deepfake videos featuring figures like Elon Musk to steal over $7 million from its victims. This marked the largest attack of its kind.  
    • Mobile banking trojans: New mobile bankers, phone applications designed to steal banking information, launched in Q4 of 2024. This included DroidBot which used remote access capabilities to go after banking details and crypto wallets. Another was ToxicPanda that disguised itself as Visa, dating apps and Chrome. The well-known BankBot banker saw infections rise by 236 percent compared to Q3 of 2024. 
    • Spyware and SpyLoans: Malicious apps promising quick money with high interest rates and predatory repayment schedules, also surged this quarter. Once installed, these apps request access to SMS messages, photos and other sensitive information, allowing them to spy on the victim. After a few weeks, the victim faces extortion and threats of their private data being published unless they pay to the cybercriminals. A new spyware strain disguised as a body mass index (BMI) calculator spread via the Amazon App Store, a novel distribution tactic reflecting the rising number of official Android app stores. 

    Personal Data – The New Gold
    Personal data loss continued to pose a high risk of identity theft and loss of privacy for consumers. Scam-Yourself Attacks, such as ClickFix and FakeCaptcha, grew rapidly. In Q4, Gen blocked attacks targeting 4.2 million individuals, a 130 percent increase from the previous quarter. These campaigns use psychological manipulation to deceive people into copying and executing malicious code, potentially leading to financial fraud, account takeovers or malware infections.  

    To help people stay protected from this threat and keep their data safe, Gen introduced a Clipboard Protection feature across the Norton, Avast and AVG brands that blocks clipboard-based threats before they can execute.  

    For the third consecutive quarter, ransomware continued its alarming upward trend, with a notable 50 percent increase in Q4. This highlights an escalating threat for both organisations and individuals globally.  

    To read the full Q4/2024 Gen Threat Report, visit: https://www.gendigital.com/blog/insights/reports/threat-report-q4-2024

    About Gen   
    Gen™ (NASDAQ: GEN) is a global company dedicated to powering Digital Freedom through its trusted Cyber Safety brands, Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. The Gen family of consumer brands is rooted in providing safety for the first digital generations. Now, Gen empowers people to live their digital lives safely, privately, and confidently today and for generations to come. Gen brings award-winning products and services in cybersecurity, online privacy and identity protection to nearly 500 million users in more than 150 countries. Learn more at GenDigital.com. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: Murray, Warren, Gillibrand, Smith, and Schumer Demand Trump & Elon Halt Cuts to HUD Workforce, Press for Answers on HUD’s Capacity to Meet Critical Functions & Deliver Essential Services

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Senators warn major staffing cuts will decimate HUD’s ability to deliver basic services, staffing cuts cannot be easily reversed and will worsen ongoing national housing crisis

    Washington, D.C. – Today U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, led a letter—alongside Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Senator Kirsten Gillibrand (D-NY), Ranking Member of the Subcommittee on Transportation, Housing and Urban Development, and Related Agencies, Senator Tina Smith (D-MN), Ranking Member of the Subcommittee on Housing, Transportation, and Community Development, and Senate Democratic Leader Chuck Schumer (D-NY)—demanding that U.S. Housing and Urban Development (HUD) Secretary Scott Turner halt any further staff cuts at the agency, noting that additional staffing reductions would further exacerbate the housing crisis and would likely prevent HUD from being able to meet critical functions like supporting disaster recovery efforts.  

    “We are deeply alarmed and troubled by reports that you terminated hundreds of probationary employees on Friday and are planning to cut the U.S. Department of Housing and Urban Development’s (HUD’s) workforce by 50 percent or nearly 4,300 staff,” wrote the Senators. “Initial reports suggest no program office would be spared, with staffing cuts ranging from 10 percent to 84 percent. Some of the most drastic reductions impact areas that support highly vulnerable people, including seniors, homeless veterans and families, and people with disabilities, and provide billions of dollars to cities and counties across the country. Without sufficient staff to run these programs, community and economic development projects, disaster recovery efforts, and housing development across the country will be delayed and could come to a grinding halt.”

    The Senators went on to note that building existing staffing levels at HUD took years of excruciating and incremental progress in order to meet basic and critical functions of the agency, “Between 2012-2019, HUD’s staffing levels fell by over 20 percent. During that time, independent audits from the HUD Office of Inspector General and U.S. Government Accountability Office repeatedly pointed to capacity gaps across HUD. This includes not having enough staff to support communities devastated by disasters, not having enough staff to meet HUD’s legal obligations under the Fair Housing Act, and not having enough staff to process applications that would allow for more housing to be built faster.[1] Congress has worked to address these inadequacies inch by inch through the annual Transportation, Housing and Urban Development, and Related Agencies appropriations bill. As a result, at the start of your tenure as Secretary, HUD’s staffing capacity was near its 2012 levels with a dedicated workforce ready to advance HUD’s mission. So much of that hard-fought progress has been wiped away in less than three weeks, and between the deferred resignation program and termination of probationary employees, overall staffing levels will be cut by 13 percent at HUD.”

    “President Trump’s reckless threats of blanket tariffs on friendly nations could drive up housing costs, deter new development, and slow rebuilding efforts in disaster-impacted communities. Freezing already obligated funds, cancelling necessary program contracts, and hastily gutting HUD’s workforce will inevitably lead to costly delays, and many housing projects will fall apart completely, only making our current housing crisis worse. We urge you to immediately stop any additional cuts to HUD’s workforce,” emphasized the Senators in their letter to Turner.

    The Senators went on to demand that Secretary Turner provide answers regarding HUD’s existing capacity, its justification for recent terminations, whether any plans were put in place to ensure continuity of critical services HUD provides following seemingly indiscriminate mass layoffs, and more.

    The full letter can be read HERE and below.

    Dear Secretary Turner:

    We are deeply alarmed and troubled by reports that you terminated hundreds of probationary employees on Friday and are planning to cut the U.S. Department of Housing and Urban Development’s (HUD’s) workforce by 50 percent or nearly 4,300 staff.Initial reports suggest no program office would be spared, with staffing cuts ranging from 10 percent to 84 percent. Some of the most drastic reductions impact areas that support highly vulnerable people, including seniors, homeless veterans and families, and people with disabilities, and provide billions of dollars to cities and counties across the country. Without sufficient staff to run these programs, community and economic development projects, disaster recovery efforts, and housing development across the country will be delayed and could come to a grinding halt.

    Between 2012-2019, HUD’s staffing levels fell by over 20 percent. During that time, independent audits from the HUD Office of Inspector General and U.S. Government Accountability Office repeatedly pointed to capacity gaps across HUD. This includes not having enough staff to support communities devastated by disasters, not having enough staff to meet HUD’s legal obligations under the Fair Housing Act, and not having enough staff to process applications that would allow for more housing to be built faster.[2] Congress has worked to address these inadequacies inch by inch through the annual Transportation, Housing and Urban Development, and Related Agencies appropriations bill. As a result, at the start of your tenure as Secretary, HUD’s staffing capacity was near its 2012 levels with a dedicated workforce ready to advance HUD’s mission. So much of that hard-fought progress has been wiped away in less than three weeks, and between the deferred resignation program and termination of probationary employees, overall staffing levels will be cut by 13 percent at HUD. 

    Upon your confirmation, you spoke of the “opportunity to restore HUD to its core mission of supporting strong and sustainable communities and quality, affordable homes — serving our nation’s most vulnerable”.[3] In your address to HUD’s workforce on February 6, you highlighted the many challenges facing HUD and communities: a housing affordability crisis, homelessness,

    and disaster recovery efforts.[4] On his very first day in office, President Trump signed an executive order to pursue actions to “lower the cost of housing and expand housing supply”.[5] We could not agree with you more that we need to focus on addressing all of these challenges head on, but nearly every action this Administration has taken to date on housing are completely counter to these goals. President Trump’s reckless threats of blanket tariffs on friendly nations could drive up housing costs, deter new development, and slow rebuilding efforts in disaster-impacted communities.[6] Freezing already obligated funds, cancelling necessary program contracts, and hastily gutting HUD’s workforce will inevitably lead to costly delays, and many housing projects will fall apart completely, only making our current housing crisis worse.

    We urge you to immediately stop any additional cuts to HUD’s workforce. We also request that the Department respond to the following by no later than Friday, February 21.

    1. How many probationary employees were terminated – by office, division, and branch?
    2. What factors did HUD consider in determining which probationary employees would and would not be terminated on February 14?
    3. Were there any exceptions for offices that already lack sufficient capacity to address HUD’s legal obligations, statutory mandates, and for the purposes of public safety, law enforcement, and security?
    4. What steps did the Department take to ensure the continuity of programs for families and communities prior to terminating hundreds of employees?
    5. What role did you personally play in directing and reviewing employee lists vis-à-vis the DOGE team and vis-à-vis the political appointees leading each office component?
    6. How much notice was provided to terminated employees?
    7. If terminations were conducted under 5 C.F.R. § 315.804, what justification was provided to employees as the reason for their termination? 
    8. Consistent with the staffing review you are conducting in response to the February 11 executive order, please provide HUD’s comprehensive list of the functions performed by each office that are mandated by statute or related to public safety and law enforcement, as well as the current number of staff associated with those functions.[7]
    9. For the employees who have accepted the deferred resignation offer, what is the estimated cost to taxpayers to pay those employees for not working through the end of the year?
    10. The Committees on Appropriations intentionally funds each HUD program office separately to support program execution and fulfillment of HUD’s mission. How are the costs of the deferred resignations and planned reductions in force “necessary expenses” and consistent with appropriation law?

    MIL OSI USA News –

  • MIL-OSI United Nations: 16 February 2025 Departmental update World leaders gather to reduce road deaths, boost road safety

    Source: World Health Organisation

    Leaders, ministers and officials from over 100 countries are set to advance commitments and actions to strengthen road safety worldwide at the Fourth Global Ministerial Conference on Road safety that will be hosted by the Kingdom Morocco and the World Health Organization (WHO] in Marrakech this week.

    Leaders are set to endorse the ‘Marrakech Declaration on Global Road Safety’ which urges countries to make road safety a political priority and boost actions to achieve the goal of halving global road deaths by 2030 as set out in the Decade of Action for Road Safety 2021-2030 and the United Nations Sustainable Development Goals. 

    Road crashes kill nearly 1.2 million people each year, which is more than two deaths every minute. Road crashes cost most countries around 3 to 5 per cent of their gross domestic product (GDP) and transport accounts for around a quarter of the world’s harmful greenhouse gas emissions.

    “Road safety is a priority for people, planet and prosperity. It underpins individual opportunity and sustainable development globally. The Marrakech Declaration calls for a step-change in efforts to reduce road deaths and ensure safe and sustainable mobility for everyone. No road deaths are ever acceptable, or necessary, and we must double-down on our efforts to apply proven solutions,” said Mr Abdessamad Kayouh, Minister of Transport and Logistics for the Kingdom of Morocco. 

    The Marrakech Declaration calls on governments to implement all recommendations set out in the Global Plan for the Decade of Action for Road Safety 2021-2030, including strengthening laws, safety regulations and coordination across government. The Global Plan calls for more cross-border knowledge-sharing, technical support, technology transfer and research into emerging technologies, as well as efforts to make walking, cycling and public transport more accessible for everyone.

    “Road deaths are preventable and making roads safe for everyone is within our reach. We know what to do, and this conference marks a clear call to urgent action. Leaders are making new commitments and advancing actions to save more lives but much more still needs to be done,” said Dr Etienne Krug, WHO Director of the Department for the Social Determinants of Health.

    The latest WHO Global Status Report on Road Safety (2023) shows that road deaths fell slightly to 1.19 million per year in 2021, which was a 5% reduction in fatalities since 2010. More than half of all UN Member States reported a decline in deaths over this period and 10 of these countries managed to halve deaths in the last 10 years, showing that a 50% reduction in a decade is possible. 35 of these countries reduced the number of deaths by between 30 and 50% between 2010 and 2021.

    The Fourth Global Ministerial Conference on Road Safety takes place in Marrakech, Morocco on 18-20 February, with the theme of “Commit to Life”. Around 2500 delegates, including ministers, heads of national road safety agencies, government representatives, parliamentarians and experts from the United Nations, civil society, business and academia are attending.

    Focus areas for the conference include road safety governance, emerging trends in mobility, financing, working with the private sector, road traffic injury data, connections with other health, transport, environment and development agendas, and as the first-ever Global Ministerial Conference on Road Safety to be held on the African continent, a focus on Africa.

    WHO is hosting and participating in a series of events at the conference, including a meeting of the Global Network of Heads of National Road Safety Agencies in partnership with the World Bank, and sessions on road safety governance, data, legislation and enforcement and strategic communications.

    MIL OSI United Nations News –

  • MIL-Evening Report: View from The Hill: government nabs Coalition policy on foreigners buying houses, Dutton eyes action on insurance companies

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    With the unembarrassed audacity parties show as an election nears, the government has stolen the opposition’s policy to ban foreign investors buying established homes.

    Treasurer Jim Chalmers and Housing Minister Clare O’Neil have announced foreigners won’t be able to purchase established homes from April 1 for at least two years, with a review to determine whether the ban should be extended.

    When the opposition announced its policy last year, Labor was dismissive, pointing out the numbers were minuscule. But the idea is popular with the public and the government is anxious to neutralise it.

    The turnabout comes immediately ahead of the Reserve Bank’s’s two-day meeting starting Monday, with expectations high that on Tuesday the bank may finally start moving rates down.

    A rate cut would increase speculation Anthony Albanese will opt for an April rather than a May election. That would mean cancelling the March 25 budget.

    With the election fast approaching and polls suggesting a high prospect of a minority government, attention has turned to how crossbenchers would react in the event of a hung parliament.

    Much conjecture is around the “teals” who occupy former Liberal seats but are more progressive than the current Liberal party.

    Opposition leader Peter Dutton said on Sunday: “It would be unusual that if we were able to achieve 72 [a majority is 76] and we were a number of seats ahead of the Labor Party, that there wouldn’t be a guarantee of supply and confidence from the crossbench.

    “But some of them will only ever support the Labor Party. I think if they’re into transparency and honesty, they should be transparent and honest with the public before the election about if you vote for Kate Chaney, are you going to get Anthony Albanese or will she support a Coalition government in a minority situation?”

    Chaney, one of the teals, holds the Western Australian seat of Curtin, which the Liberals believe is a chance for them.

    In their statement about foreign investors, Chalmers and O’Neil said the government would also “crack down” on foreign land banking.

    The ministers admitted these latest initiatives were small but said they were an important part of the government’s broad housing policy,

    “Until now, foreign investors have generally been barred from buying existing property except in limited circumstances, such as when they come to live here for work or study,” they said.

    Under the new arrangements, “foreign investors (including temporary residents and foreign-owned companies) will no longer be able to purchase an established dwelling in Australia while the ban is in place unless an exception applies.”

    On landbanking, the ministers said foreign investors are presently subject to developmental conditions requiring they put vacant land to use within a reasonable time.

    “The Government is focused on making sure these rules are complied with and identifying any investors who are acquiring vacant land, not developing it while prices rise and then selling it for a profit.”

    The Australian Taxation Office and Treasury will be funded for an audit program and to improve compliance.

    Dutton hints at action against insurance companies that ‘rip off’ people

    While Labor sought to shore up its credentials on housing, Dutton was venturing further down the interventionist road, hinting a Coalition government might use divestiture against recalcitrant insurance companies.

    The Coalition has already courted controversy with its threat supermarkets could face divestiture.

    Dutton is now looking more widely, after being concerned about how people in areas recently devastated by fires or floods often haven’t insurance because they can’t afford the increasingly high premiums.

    Asked on Sky whether the Coalition would reduce the cost of insurance, Dutton said, “We need to make sure that we’re not being ripped off by insurance companies.

    “As we’ve done with the supermarkets, where we have threatened divestment if consumers are being ripped off, similarly, in the insurance market, we will intervene to make sure that consumers get a fair go because at the moment people are paying too much for their insurance and what’s resulting is that people aren’t taking out insurance. […] People just simply can’t afford to insure the car or their home at the moment.”

    In a wideranging interview, Dutton cast doubt on whether the opposition would support any extension of government relief on power bills.

    “If it’s going to be inflationary and it’s going to keep interest rates higher for longer and it’s going to keep grocery prices higher for longer and it’s going to keep electricity prices higher for longer, then no.”

    (The relief the government has already provided put downward pressure on inflation.)

    The opposition leader criticised the government for not putting enough effort into its handling of the Trump administration.

    “Every minister should have been cycling through Washington. I’m not aware that other ministers have been to Washington since Penny Wong was there for the inauguration,” he said.

    “If they have, that’s great. But the prime minister probably should have been on a plane to the US, as we’ve seen with other world leaders and there should have been greater engagement with the president earlier on.”

    Dutton apparently forgot the visit made by Deputy Prime Minister Richard Marles, who was the first defence minister to meet new defence secretary Pete Hegseth.

    Reminded of the Marles visit, he immediately criticised him. “Richard Marles is a nice guy, but he’s batting fairly significantly down the list in terms of the government’s key hitters.”

    Dutton said Trump had to be seen in a different light to other presidents.

    “Donald Trump is different to any of his predecessors, certainly in the modern age. If you look at his background, he’s a businessman, he does deals, he brings parties together, he swaps contracts. That’s been his background, and it’s not a background, probably, that’s been shared by too many of his predecessors. So, I don’t think you’re taking everything he says literally.”

    Dutton left his options open when asked whether he would replace Kevin Rudd as ambassador to the United States.

    “We have to have an ambassador who is in our country’s best interests. Kevin, obviously, is an accomplished person as prime minister of our country and if he’s the best person for the job, then he should stay in the job.

    “If it turns out that he’s had no access to the White House and no real influence in relation to this [tariff] issue or whatever the next issue might be, then you would have to reassess his position. But at the moment, we’re being told that he’s effective in his advocacy in the administration. I suppose time will tell.

    “My instinct would be to leave him in the job. But […] if there are insurmountable problems that he has, or that the administration has with him, then that would make it very difficult.”

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

    – ref. View from The Hill: government nabs Coalition policy on foreigners buying houses, Dutton eyes action on insurance companies – https://theconversation.com/view-from-the-hill-government-nabs-coalition-policy-on-foreigners-buying-houses-dutton-eyes-action-on-insurance-companies-250023

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Denis Manturov met with the Vice President of the United Arab Emirates

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Meeting of Denis Manturov with the Vice President of the United Arab Emirates

    February 15, 2025

    Meeting of Denis Manturov with the Vice President of the United Arab Emirates

    February 15, 2025

    Previous news Next news

    Meeting of Denis Manturov with the Vice President of the United Arab Emirates

    First Deputy Prime Minister of Russia Denis Manturov met with Vice President of the United Arab Emirates Mansour bin Zayed Al Nahyan.

    The meeting was also attended by Russian Finance Minister Anton Siluanov and Chairman of the Central Bank of Russia Elvira Nabiullina.

    The parties discussed a wide range of issues of bilateral trade and economic cooperation. Particular attention was paid to the topic of mutual settlements and interaction in the financial and banking sector.

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

    MIL OSI Russia News –

  • MIL-OSI China: 3 Israeli hostages, 369 Palestinian prisoners to be released Saturday

    Source: China State Council Information Office

    Relatives of a released hostage hug each other when a helicopter carrying the hostage arrives at a medical center in Ramat Gan, Israel, on Feb. 8, 2025. Israel and Hamas on Saturday (Feb. 8) completed the fifth prisoner-for-hostage swap under the first phase of the ongoing Gaza ceasefire agreement, according to Israeli and Palestinian sources. (Photo by Gil Cohen Magen/Xinhua)

    Israel confirmed Friday that it has received a list of three hostages set to be released on Saturday from Hamas captivity in the Gaza Strip.

    Israeli Prime Minister Benjamin Netanyahu’s office initially stated that the list was “acceptable by Israel,” but a spokesman for Netanyahu later backtracked, clarifying that Israel had only received the list. “This is a purely factual description and does not reflect any Israeli position on the matter,” the spokesman said.

    The list was delivered to Israel via Qatari and Egyptian mediators.

    According to a statement from Al-Qassam Brigades, the military wing of Hamas, the hostages are Alexander (Sasha) Troufanov, a 29-year-old Israeli-Russian civilian; Sagui Dekel-Chen, a 36-year-old Israeli-American civilian; and Yair Horn, a 46-year-old Israeli.

    Meanwhile, Israeli army radio reported that 369 Palestinian prisoners will be released on Saturday. Among them, 333 will be returned to Gaza, with 10 others sent back to their homes in the West Bank and one released in East Jerusalem, while the remaining 25 of the prisoners sentenced for life will either be deported to Gaza or sent abroad via Egypt, said the report.

    This will mark the sixth batch of prisoner-for-hostage exchanges between Israel and Hamas under the ceasefire agreement that took effect on Jan. 19.

    The anticipated release comes amid heightened tensions after U.S. President Donald Trump warned that if “all of the hostages” in Gaza were not freed by Saturday at noon, the truce would be canceled, and he would “let hell break out.” Netanyahu and Israeli Defense Minister Israel Katz echoed the warning, saying Israel would resume its onslaught on Gaza.

    Hamas announced on Monday that it would delay the hostage release scheduled for Saturday, citing Israeli violations of the agreement and demanding Israel reaffirm its commitment to maintaining the ceasefire. On Thursday, the movement confirmed that it would continue implementing the ceasefire agreement, including the exchange of Palestinian prisoners and Israeli hostages as initially scheduled.

    MIL OSI China News –

  • MIL-OSI USA: Senator Markey Responds to Administrator Zeldin’s Unfounded Attack on Climate Bank, Urges Citibank Not to Give in to Fearmongering

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Boston (February 14, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Senate Environment and Public Works Committee, released the following statement after Environmental Protection Agency (EPA) Administrator Lee Zeldin attacked the lawfully established and properly structured deployment of funds through the National Clean Investment Fund and the Clean Communities Investment Accelerator. These programs, which were included in the Inflation Reduction Act, are expected to mobilize $150 billion in private and public capital to lower energy bills, support community resiliency and clean environments, and create good-paying jobs.  

    “Congress passed a law with a majority of votes that directed the Environmental Protection Agency to establish a national clean financing network to provide financing for local economic development and energy projects across the country. The EPA followed the law—a concept that is apparently unfamiliar to the Trump-Musk administration—and entered into legally binding contracts with grant recipients so these federal dollars can start helping families and small businesses lower their energy bills and create local economic opportunity. Financial Agency Agreements, like the one that EPA developed with Citibank for this program over the course of a rigorous yearlong process, have been available to the U.S. Treasury since the 1860s. These agreements allow federal grant recipients to account for funds they are legally entitled to on their balance sheets, enabling them to leverage private sector dollars. This process has always been transparent—all processes and decisions were based on timelines set by law and with full disclosure to EPA’s Office of the Inspector General and the Government Accountability Office.

    “Make no mistake—this is just another attempt by the administration to fund their millionaire and billionaire tax breaks off the backs of hardworking Americans,” continued Senator Markey. “I urge Citibank not to give into the administration’s fact-free fearmongering and bullying. Administrator Zeldin said clearly that the agency hasn’t found any evidence of fraud. He’s just kicking up dust so you can’t see the administration’s true intent—taking money away from our communities for their own billionaire giveaways. The contracts for this national clean financing network are clear: the funding needs to be accessible to recipients. Laws passed by Congress and contracts between parties can’t legally be broken on a whim. No matter what reality the Trump-Musk administration is operating in, it can’t ignore that fact.”  

    Senator Markey secured numerous provisions in the Inflation Reduction Act, including the creation of a $27-billion national climate financing network based on his National Climate Bank Act. Following the passage of the Inflation Reduction Act in 2022, Senators Markey and Van Hollen and Congresswoman Dingell—the House lead on the climate financing legislation—welcomed the launch of the Greenhouse Gas Reduction Fund in April 2023. 

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Backs Effort to Permanently Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo, Chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune (R-South Dakota) and 44 additional Senate colleagues in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax.  The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death.

    “Small businesses are the lifeblood of Idaho’s economy, and family farmers, ranchers and entrepreneurs have often worked lifetimes to grow their businesses,” said Crapo.  “The death tax can be a devastating blow to American families who want to pass down their farm or small business to the next generation.  It’s time to permanently provide relief from this unfair tax.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune.  “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    The legislation is supported by the Idaho Cattle Association and the Idaho Farm Bureau.

    “The Idaho Cattle Association supports full repeal of the ‘Death Tax,’” said Cameron Mulrony, Executive Vice President of the Idaho Cattle Association.  “The long-term success of our historic industry has been predicated on the ability to provide profitability and transfer over generations.  The repeal of this tax is critical in the continual success of multi-generational operations and the legacy of our industry.”

    “The Idaho Farm Bureau Federation applauds efforts to permanently repeal the Death Tax,” said Bryan Searle, President of the Idaho Farm Bureau.  “One of the best ways to support multi-generation family farms and ranches is to not penalize the new generation. Farm Bureau thanks Senators Thune and Crapo for leading on this important issue.”

    Additional co-sponsors of the legislation include U.S. Senators Jim Risch (R-Idaho), Jim Banks (R-Indiana), John Barrasso (R-Wyoming), Marsha Blackburn (R-Tennessee), John Boozman (R-Arkansas), Katie Britt (R-Alabama), Ted Budd (R-North Carolina), Shelley Moore Capito (R-West Virginia), John Cornyn (R-Texas), Tom Cotton (R-Arkansas), Kevin Cramer (R-North Dakota), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Montana), Joni Ernst (R-Iowa), Deb Fischer (R-Nebraska), Lindsay Graham (R-South Carolina), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tennessee), Josh Hawley (R-Missouri), John Hoeven (R-North Dakota), Cindy Hyde-Smith (R-Mississippi), Ron Johnson (R-Wisconsin), Jim Justice (R-West Virginia), John Kennedy (R-Louisiana), James Lankford (R-Oklahoma), Mike Lee (R-Utah), Cynthia Lummis (R-Wyoming), Roger Marshall (R-Kansas), Mitch McConnell (R-Kentucky), Dave McCormick (R-Pennsylvania), Jerry Moran (R-Kansas), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Oklahoma), Pete Ricketts (R-Nebraska), Mike Rounds (R-South Dakota), Eric Schmitt (R-Missouri), Rick Scott (R-Florida), Tim Scott (R-South Carolina), Tim Sheehy (R-Montana), Thom Tillis (R-North Carolina), Tommy Tuberville (R-Alabama), Roger Wicker (R-Mississippi) and Todd Young (R-Indiana).  Representative Randy Feenstra (R-Iowa) introduced companion legislation in the U.S. House of Representatives.

    The bill is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.

    MIL OSI USA News –

  • MIL-OSI Russia: Five best articles in Russian for 14.02.2025

    MIL analysis: Here are the top five articles in Russian published today. The analysis consists of five articles that are in priority at the moment.

    Economics and Social Performance.

    Economists from the National Research University Higher School of Economics and RUDN analyze the problems of the economy, introducing new solutions such as digitalization and artificial intelligence with human-centeredness.

    Rosneft decided to take part in the “Give books with love” campaign, developing the culture of Russia.

    What is love? NSU students decided to answer this question

    Below you can read one of the articles.

    1. Financial news: 12 regions have reached the finals of the all-Russian contest “Capital of Financial Culture”.

    According to the results of the qualifying stage of the competition members of the competition Commission chose 12 subjects of the Russian Federation, which will continue to compete for the title of “Capital of financial culture”. They are Altai Krai, Bryansk Oblast, Kaliningrad Oblast, Kemerovo Oblast – Kuzbass, Krasnoyarsk Krai, Nizhny Novgorod Oblast, Primorsky Krai, Republic of Bashkortostan, Republic of Sakha (Yakutia), Stavropol Krai, Ulyanovsk Oblast, and Chuvash Republic.

    2. Implementation of sustainable development principles attracts more investments.

    Economists from the National Research University Higher School of Economics and RUDN analyzed the problems associated with the digital transformation of companies. The introduction of digital solutions into the work of companies reduces the number of patents in the field of green technologies by 4% and creates additional financial difficulties. However, if a company pays attention to sustainability and increases its Environmental, Social and Governance (ESG) rating, the negative effects are reduced. Moreover, with a high ESG rating, digitalization can even increase the number of patents by 2%. The article is published in the leading international journal Sustainability.

    3. The smart bank of the future: how AI enhances human-centeredness.

    Higher School of Economics

    Thanks to the rapid development of digital technologies, the banking industry is undergoing a period of profound transformation. One of the key changes is the transition to a human-centered model that prioritizes the interests and needs of the client. This topic was discussed at the webinar of the Human-Centeredness and Leadership Practices Laboratory of the National Research University Higher School of Economics and the Bank of Russia. The event gathered over 1400 representatives of banking and financial organizations from all over Russia.

    4. Romantic love: a great feeling or a byproduct of evolution.

    Novosibirsk State University –

    Since ancient times and up to our days, philosophers and writers have tried to answer the question “what is love?”. Scientists have not been left aside. They have their own special view on this matter. Romantics believed that this great feeling is born in the heart, representatives of science do not agree with them. Studies have shown that it’s all about the complex processes that occur in the brain. From the point of view of modern science, romantic love is not a gift of fate at all, but an adaptation that arose in the process of evolution.

    5. Rosneft volunteers are developing a culture of book-giving throughout Russia.

    Rosneft enterprises across the country took part in the nationwide campaign “Give Books with Love”, which is timed to coincide with the International Book Giving Day, celebrated annually on February 14.

    As part of the campaign, the Company’s volunteers traditionally donate printed publications to urban and rural libraries, museums, educational and medical institutions. Over the years of participation in the initiative, oilmen have enriched the literary funds with thousands of various publications, including encyclopedic, popular science and art books.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – EVGR, QTRX, RKDA, EBTC

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 14, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Evergreen Corporation (Nasdaq: EVGR), relating to its proposed merger with Forekast Limited. Under the terms of the agreement, Forekast shares will automatically be converted into the right to receive a number of Evergreen shares.

    Click here for more information https://monteverdelaw.com/case/evergreen-corporation/. It is free and there is no cost or obligation to you.

    • Quanterix Corporation (Nasdaq: QTRX), relating to the proposed merger with Akoya Biosciences. Under the terms of the agreement, Akoya shareholders will receive 0.318 shares of Quanterix common stock for each share of Akoya common stock owned. Quanterix shareholders will own approximately 70% of the combined company.

    Click here for more https://monteverdelaw.com/case/quanterix-corporation-qtrx/. It is free and there is no cost or obligation to you.

    • Arcadia Biosciences, Inc. (Nasdaq: RKDA), relating to the proposed merger with Roosevelt Resources LP. Under the terms of the agreement, Roosevelt and Arcadia shareholders are expected to own approximately 90% and 10%, respectively, of the outstanding shares of Arcadia.

    Click here for more https://monteverdelaw.com/case/arcadia-biosciences-inc-rkda/. It is free and there is no cost or obligation to you.

    • Enterprise Bancorp, Inc. (Nasdaq: EBTC), relating to the proposed merger with Independent Bank Corp. Under the terms of the agreement, shareholders of Enterprise will receive 0.60 shares of Independent, and $2.00 in cash, per share held.

    ACT NOW. The Shareholder Vote is scheduled for April 3, 2025.

    Click here for more https://monteverdelaw.com/case/enterprise-bancorp-inc-ebtc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TEANECK, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended December 31, 2024 of $930,000 or $0.07 per basic and diluted share, compared to a net loss of $1.2 million or $0.09 per basic and diluted share for the comparable prior year period. The Company reported a net loss for the year ended December 31, 2024 of $2.2 million or $0.17 per basic and diluted share compared to net income of $643,000, or $0.05 per basic and diluted share, for the prior year. 

    On April 24, 2024, the Company announced it had received regulatory approval to repurchase up to 237,090 shares of its common stock, which was approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The program does not have a scheduled expiration date and the Board of Directors may suspend or discontinue the program at any time. As of December 31, 2024, 188,047 shares have been repurchased under this program at a cost of $1.4 million.

    Other Financial Highlights:

    • Total assets increased $32.2 million, or 3.4%, to $971.5 million at December 31, 2024 from $939.3 million at December 31, 2023, largely due to an increase in cash and cash equivalents and other assets, offset by a decrease in net loans and premises and equipment.
    • Cash and cash equivalents increased $27.3 million, or 109.5%, to $52.2 million at December 31, 2024 from $24.9 million at December 31, 2023, as increases in deposits and borrowings and loan and security maturities outpaced loan growth.
    • Securities decreased $1.2 million, or 0.9%, to $140.3 million at December 31, 2024 from $141.5 million at December 31, 2023.
    • Net loans decreased $3.0 million, or 0.4%, to $711.7 million at December 31, 2024 from $714.7 million at December 31, 2023 due to decreases in residential and construction loans, offset by an increase in commercial real estate loans.
    • Total deposits at December 31, 2024 were $642.2 million, increasing $16.9 million, or 2.7%, as compared to $625.3 million at December 31, 2023, primarily due to a $14.7 million increase in interest-bearing deposits and by a $2.1 million increase in non-interest bearing checking accounts. The average rate paid on deposits increased 31 basis points to 3.73% for 2024 from 3.42% for 2023 due to higher interest rates and an increase in NOW accounts, which increased $14.1 million, or 34.0%, to $55.4 million at December 31, 2024 from $41.3 million at December 31, 2023. The yield on such accounts also increased 63 basis points to 2.53% for 2024 from 1.90% for 2023.
    • Federal Home Loan Bank advances increased $4.5 million, or 2.7% to $172.2 million at December 31, 2024 from $167.7 million as of December 31, 2023.

    The Bank completed a balance sheet restructuring consisting of two key transactions in the fourth quarter of 2024. The Bank entered into a sale-leaseback transaction whereby the Bank sold three of its branch offices resulting in a $9.0 million pre-tax gain. Subsequently, the Bank realized a pre-tax loss of $8.9 million on the sale of approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average life of approximately 5.5 years and a weighted average yield of 1.89%. The Bank reinvested $32.7 million of these proceeds into securities with a weighted average life of approximately 29.6 years and a weighted average yield of 5.60%. As of December 31, 2024 all securities were classified as available for sale and marked to market.

    Kevin Pace, President and Chief Executive Officer, said, “We were able to accomplish a key piece of our strategic plan this quarter. The sale-leaseback transaction gave us the ability to dispose of underperforming legacy investments without deteriorating regulatory capital. We were able to utilize this strategy to strengthen our balance sheet and improve future earnings. Reinvesting those funds in securities and loans at current market rates, as well as paying down higher cost borrowings, will provide both short- and long-term benefits. 

    “Uncertainty around rates continues to be a necessary consideration when planning for growth. The repositioning will help with this process while improving our net interest margin. We were able to achieve modest asset and deposit growth for the year while remaining focused on prudent lending practices. The high cost of funds, in particular in our competitive market, continued to pressure earnings. As we continue with our current stock buyback program, we remain committed to adding shareholder value.”

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended December 31, 2024 and December 31, 2023

    Net income increased by $248,000, or 21.0%, to a net loss of $930,000 for the three months ended December 31, 2024 from a net loss of $1.2 million for the three months ended December 31, 2023. This increase was primarily due to an increase of $1.0 million in interest income, a $1.3 million decrease in non-interest expense and a decrease of $998,000 in income tax expense, offset by a $1.5 million increase in interest expense.

    Interest income increased $1.0 million, or 10.7%, from $9.6 million for the three months ended December 31, 2023 to $10.6 million for the three months ended December 31, 2024 due to higher yields on interest-earning assets and higher average balances. 

    Interest income on cash and cash equivalents increased $46,000, or 31.7%, to $191,000 for the three months ended December 31, 2024 from $145,000 for the three months ended December 31, 2023 due to a $4.1 million increase in the average balance to $13.5 million for the three months ended December 31, 2024 from $9.4 million for the three months ended December 31, 2023, reflecting the increase of liquidity due to lower loan originations. Due to rate cuts enacted in the third and fourth quarter of the year, the yield on cash and cash equivalents decreased 47 basis points from 6.08% for the three months ended December 31, 2023 to 5.61% for the three months ended December 31, 2024.

    Interest income on loans increased $299,000, or 3.6%, to $8.5 million for the three months ended December 31, 2024 compared to $8.2 million for the three months ended December 31, 2023 due primarily to 16 basis point increase in the average yield from 4.57% for the three months ended December 31, 2023 to 4.73% for the three months ended December 31, 2024 and by a $3.0 million increase in the average balance to $717.4 million for the three months ended December 31, 2024 from $714.4 million for the three months ended December 31, 2023.

    Interest income on securities increased $612,000, or 58.8%, to $1.7 million for the three months ended December 31, 2024 from $1.0 million for the three months ended December 31, 2023 primarily due to a $42.1 million increase in the average balance to $175.3 million for the three months ended December 31, 2024 from $133.2 million for the three months ended December 31, 2023 and due to a 65 basis point increase in the average yield from 3.12% for the three months ended December 31, 2023 to 3.77% for the three months ended December 31, 2024.

    Interest expense increased $1.5 million, or 22.1%, from $6.6 million for the three months ended December 31, 2023 to $8.1 million for the three months ended December 31, 2024 due to higher costs on interest-bearing liabilities and by a $58.9 million increase in the average balance of interest-bearing liabilities from $747.0 million for the three months ended December 31, 2023 to $805.9 million for the three months ended December 31, 2024. During the three months ended December 31, 2024, the use of the cash flow hedges reduced the interest expense by $280,000.

    Interest expense on interest-bearing deposits increased $954,000, or 18.2%, to $6.2 million for the three months ended December 31, 2024 from $5.2 million for the three months ended December 31, 2023. The increase was due to a 61 basis point increase in the average cost of deposits to 4.02% for the three months ended December 31, 2024 from 3.41% for the three months ended December 31, 2023. The increase in the average cost of deposits was due to the higher interest rate environment. The average balances of certificates of deposit increased $4.7 million to $501.8 million for the three months ended December 31, 2024 from $497.1 million for the three months ended December 31, 2023 while NOW and money market accounts and savings accounts decreased $148,000 and $430,000 for the three months ended December 31, 2024, respectively, compared to the three months ended December 31, 2023.

    Interest expense on Federal Home Loan Bank borrowings increased $513,000, or 37.1%, from $1.4 million for the three months ended December 31, 2023 to $1.9 million for the three months ended December 31, 2024. The increase was due to an increase in the average balance of borrowings of $54.8 million to $192.2 million for the three months ended December 31, 2024 from $137.4 million for the three months ended December 31, 2023, which was partially offset by a decrease in the average cost of 7 basis points to 3.92% for the three months ended December 31, 2024 from 3.99% for the three months ended December 31, 2023 as new borrowings in the second half of the year were at slightly lower rates. At December 31, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Net interest income decreased $439,000, or 14.9%, to $2.5 million for the three months ended December 31, 2024 from $2.9 million for the three months ended December 31, 2023. The decrease reflected a 27 basis point decrease in our net interest rate spread to 0.61% for the three months ended December 31, 2024 from 0.88% for the three months ended December 31, 2023. Our net interest margin decreased 26 basis points to 1.09% for the three months ended December 31, 2024 from 1.35% for the three months ended December 31, 2023.

    We recorded a $218,000 recovery for credit losses for the three months ended December 31, 2024 compared to a no provision for credit losses for the three-month period ended December 31, 2023. The recovery in the fourth quarter of 2024 reflects the decrease in the loan and securities portfolio. 

    Non-interest income increased by $136,000, or 48.2%, to $419,000 for the three months ended December 31, 2024 from $283,000 for the three months ended December 31, 2023. Bank-owned life insurance income increased $16,000, or 7.7%, due to higher balances during 2024. Gain on sale of assets was $74,000 as proceeds from the sale-leaseback transaction exceeded the loss on securities.

    For the three months ended December 31, 2024, non-interest expense decreased $1.3 million, or 26.9%, over the comparable December 31, 2023 period. Salaries and employee benefits decreased $776,000, or 25.2%, due to lower headcount. Professional fees decreased $141,000, or 56.9% due to lower legal costs in 2024. FDIC insurance premiums increased $12,000, or 12.1%, due to a higher assessment rate in 2024. Data processing expense increased $23,000, or 9.3%, due to higher processing costs. Director fees increased $14,000, or 9.9%, due to higher pension expense. The decrease in advertising expense of $35,000, or 36.4%, was due to reduced promotions for branch locations and less promotions on deposit and loan products. Other expense decreased $456,000, or 68.2%, as 2023 expenses were elevated due to a pending fraud claim that was under review with the insurance company.

    Income tax expense increased $998,000, or 182.1%, to an expense of $450,000 for the three months ended December 31, 2024 from a benefit of $548,000 for the three months ended December 31, 2023. The increase was due to tax reserves on uncertain deferred tax assets.

    Comparison of Operating Results for the Twelve Months Ended December 31, 2024 and December 31, 2023

    Net income decreased by $2.8 million, or 437.8%, to a net loss of $2.2 million for the twelve months ended December 31, 2024 from net income of $643,000 for the twelve months ended December 31, 2023. This decrease was primarily due to a decrease of $4.4 million in net interest income, offset by a decrease of $1.2 million in non-interest expense and by an increase of $209,000 in non-interest income and $209,000 in income tax benefit.

    Interest income increased $4.4 million, or 12.0%, from $37.3 million for the twelve months ended December 31, 2023 to $41.7 million for the twelve months ended December 31, 2024 due to increases in the average balances of and higher yields on interest-earning assets.

    Interest income on cash and cash equivalents increased $38,000, or 6.7%, to $606,000 for the twelve months ended December 31, 2024 from $568,000 for the twelve months ended December 31, 2023 due to a 71 basis point increase in the average yield from 5.23% for the twelve months ended December 31, 2023 to 5.94% for the twelve months ended December 31, 2024 due to the higher interest rate environment for most of 2024. This was offset by a $671,000 decrease in the average balance to $10.2 million for the twelve months ended December 31, 2024 from $10.9 million for the twelve months ended December 31, 2023, reflecting the use of excess liquidity primarily to fund securities purchases.

    Interest income on loans increased $1.4 million, or 4.3%, to $33.4 million for the twelve months ended December 31, 2024 compared to $32.0 million for the twelve months ended December 31, 2023 due primarily to a 20 basis point increase in the average yield from 4.49% for the twelve months ended December 31, 2023 to 4.69% for the twelve months ended December 31, 2024. The increase was offset by a $661,000 decrease in the average balance to $713.1 million for the twelve months ended December 31, 2024 from $713.8 million for the twelve months ended December 31, 2023.

    Interest income on securities increased $2.7 million, or 66.7%, to $6.9 million for the twelve months ended December 31, 2024 from $4.2 million for the twelve months ended December 31, 2023 due to a 101 basis point increase in the average yield from 2.87% for the twelve months ended December 31, 2023 to 3.88% for the twelve months ended December 31, 2024 and by a $33.8 million increase in the average balance of securities to $178.7 million for the twelve months ended December 31, 2024 from $144.9 million for the twelve months ended December 31, 2023.

    Interest expense increased $8.9 million, or 39.9%, from $22.3 million for the twelve months ended December 31, 2023 to $31.2 million for the twelve months ended December 31, 2024 due to increases in the average balance of and higher costs on interest-bearing liabilities. During the twelve months ended December 31, 2024, the use of the cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances by $1.5 million.

    Interest expense on interest-bearing deposits increased $6.6 million, or 36.4%, to $24.6 million for the twelve months ended December 31, 2024 from $18.0 million for the twelve months ended December 31, 2023. The increase was due to a 112 basis point increase in the average cost of interest-bearing deposits to 3.97% for the twelve months ended December 31, 2024 from 2.85% for the twelve months ended December 31, 2023, offset by a $12.3 million decrease in the average balance of interest-bearing deposits. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit increased $10.2 million to $508.3 million for the twelve months ended December 31, 2024 from $498.1 million for the twelve months ended December 31, 2023 while NOW and money market accounts and savings accounts decreased $18.1 million and $4.4 million for the twelve months ended December 31, 2024, respectively, compared to the twelve months ended December 31, 2023.

    Interest expense on Federal Home Loan Bank borrowings increased $2.3 million, or 54.4%, from $4.3 million for the twelve months ended December 31, 2023 to $6.6 million for the twelve months ended December 31, 2024. The increase was due to an increase in the average balance of borrowings of $59.2 million to $176.0 million for the twelve months ended December 31, 2024 from $116.8 million for the twelve months ended December 31, 2023. The increase was due to an increase in the average cost of 9 basis points to 3.76% for the twelve months ended December 31, 2024 from 3.67% for the twelve months ended December 31, 2023 due to the new borrowings at higher rates. At December 31, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Net interest income decreased $4.4 million, or 29.5%, to $10.6 million for the twelve months ended December 31, 2024 from $15.0 million for the twelve months ended December 31, 2023. The decrease reflected a 62 basis point decrease in our net interest rate spread to 0.66% for the twelve months ended December 31, 2024 from 1.28% for the twelve months ended December 31, 2023. Our net interest margin decreased 55 basis points to 1.16% for the twelve months ended December 31, 2024 from 1.71% for the twelve months ended December 31, 2023.

    We recorded a $148,000 recovery of credit losses for the twelve months ended December 31, 2024 compared to a $125,000 recovery for credit losses for the twelve-month period ended December 31, 2023 which reflected a decrease in the loan and securities portfolios, as well as no charge-offs during the years. This recovery was inclusive of the effect due to the transfer of certain securities from the held to maturity portfolio to the available for sale portfolio, which resulted in a $108,000 recovery for credit losses.

    Non-interest income increased by $209,000, or 18.4%. Gain on sale of assets increased $74,000 while fee and service charged income increased $22,000 or 10.6%, and income related to bank owned life insurance increased $90,000, or 11.5%, due to higher balances during 2024.

    For the twelve months ended December 31, 2024, non-interest expense decreased $1.2 million, or 7.4%, compared to the twelve months ended December 31, 2023. Salaries and employee benefits decreased $1.1 million, or 10.9%, as 2023 amounts included an accrual of a severance contract for the retirement of the previous President and a higher employee count when compared to 2024. Professional fees increased $129,000 or 19.5%, due to higher legal expense. Data processing increased $234,000, or 24.1%, due to higher processing costs. Other expense decreased $369,000, or 27.8%, as 2023 amounts included charges for a pending fraud claim that is under review with the insurance company.

    Income tax benefit increased $209,000, or 129.1%, to a benefit of $372,000 for the twelve months ended December 31, 2024 from a benefit of $162,000 for the twelve months ended December 31, 2023. The increase in benefit was due to $3.0 million, or 629.2%, of lower taxable income. The effective tax rate for the twelve months ended December 31, 2024 and December 31, 2023 was (14.62%) and (33.76%), respectively. The benefit would have been higher but there were valuation reserves on certain deferred tax assets as of December 31, 2024.

    Balance Sheet Analysis

    Total assets were $971.5 million at December 31, 2024, representing an increase of $32.2 million, or 3.4%, from December 31, 2023. Cash and cash equivalents increased $27.3 million during the period primarily due to loan payments received and growth in deposits and borrowings. Net loans decreased $3.0 million, or 0.4%, due to $63.8 million in repayments, partially offset by new production of $61.2 million. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities held to maturity were reclassified to securities available for sale which decreased an aggregate $1.2 million or 0.9%, due to the repayments of mortgage-backed securities and maturities of corporate bonds. Right of use assets increased $10.8 million due to new right-of-use lease assets recognized as part of the sale-leaseback transaction.

    Delinquent loans increased $1.7 million to $14.3 million, or 2.01% of total loans, at December 31, 2024. The increase was mostly due to one commercial real estate loan with a balance of $755,000 and two residential mortgages totaling $653,000, all of which are classified as nonaccrual. During the same timeframe, non-performing assets increased to $14.0 million and were 1.44% of total assets at December 31, 2024. The Company’s allowance for credit losses was 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024 compared to 0.39% of total loans and 21.81% of non-performing loans at December 31, 2023. At that date, $10.9 million, or 76.0%, of the total non-performing loans consisted of one construction loan with a loan-to-value of 45%, which required no specific reserve. The Bank does not have any exposure to commercial real estate loans secured by office space.

    Total liabilities increased $32.0 million, or 4.0%, to $834.2 million mainly due to a $16.8 million increase in deposits and by a $4.5 million increase in borrowings. Lease liabilities also increased $10.8 million due to new lease liabilities recognized as part of the sale-leaseback transaction. Total deposits increased $16.9 million, or 2.7%, to $642.2 million at December 31, 2024 from $625.3 million at December 31, 2023. The increase in deposits reflected increases in NOW, money market and savings accounts, which increased by $14.7 million from $101.5 million at December 31, 2023 to $116.2 million at December 31, 2024 and by an increase in non-interest bearing accounts, which increased by $2.1 million to $32.7 million from $30.6 million at December 31, 2023. At December 31, 2024, brokered deposits were $101.6 million or 15.8% of deposits and municipal deposits were $30.7 million or 4.8% of deposits. At December 31, 2024, uninsured deposits represented 6.9% of the Bank’s total deposits. Federal Home Loan Bank advances increased $4.5 million, or 2.7%. Total borrowing capacity at the Federal Home Loan Bank is $280.4 million, of which $172.2 million is advanced.

    Total stockholders’ equity increased $116,000 to $137.3 million, which was largely unchanged from last year. The increase was due to a reduction in the accumulated other comprehensive loss on the securities portfolio of $2.9 million, offset by a net loss of $2.2 million and the repurchase of 221,130 shares of stock at a total cost of $1.7 million. At December 31, 2024, the Company’s ratio of average stockholders’ equity-to-average total assets was 14.10%, compared to 14.89% at December 31, 2023.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany, Teaneck and Upper Saddle River, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, potential recessionary conditions, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (unaudited)
     
        As of
    December 31, 2024    		     As of
    December 31, 2023    		  
    ASSETS                
    Cash and due from banks   $ 18,020,527     $ 13,567,115  
    Interest-bearing deposits in other banks     34,211,681       11,362,356  
    Cash and cash equivalents     52,232,208       24,929,471  
                     
    Securities available for sale     140,307,447       68,888,179  
    Securities held to maturity (fair value of $70,699,651 at December 31, 2023)     –       72,656,179  
    Loans, net of allowance $2,620,949 and $2,785,949, respectively     711,716,236       714,688,635  
    Premises and equipment, net     4,727,302       7,687,387  
    Federal Home Loan Bank (“FHLB”) stock     8,803,000       8,616,100  
    Accrued interest receivable     4,232,563       3,932,785  
    Core deposit intangibles     152,893       206,116  
    Bank owned life insurance     31,859,604       30,987,851  
    Right of use asset     10,776,596       –  
    Other assets     6,682,035       6,731,500  
    Total assets   $ 971,489,884     $ 939,324,203  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 32,681,963     $ 30,554,842  
    Interest bearing     609,506,079       594,792,300  
          642,188,042       625,347,142  
                     
    FHLB advances-short term     29,500,000       37,500,000  
    FHLB advances-long term     142,673,182       130,189,663  
    Advance payments by borrowers for taxes and insurance     2,809,205       2,733,709  
    Lease liability     10,780,363       –  
    Other liabilities     6,249,932       6,380,486  
    Total liabilities     834,200,724       802,151,000  
                     
    Stockholders’ Equity                
    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at December 31, 2024, and 2023     —       —  
    Common stock $0.01 par value, 30,000,000 shares authorized, 13,059,175 issued and outstanding at December 31, 2024 and 13,279,230 at December 31, 2023     130,591       132,792  
    Additional Paid-In capital     55,269,962       56,149,915  
    Retained earnings     90,006,649       92,177,068  
    Unearned ESOP shares (382,933 shares at December 31, 2024 and 409,750 shares at December 31, 2023)     (4,520,594 )     (4,821,798 )
    Accumulated other comprehensive loss     (3,597,448 )     (6,464,774 )
    Total stockholders’ equity     137,289,160       137,173,203  
    Total liabilities and stockholders’ equity   $ 971,489,884     $ 939,324,203  
     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Interest income                                
    Loans   $ 8,522,844     $ 8,224,488     $ 33,411,221     $ 32,046,033  
    Securities                                
    Taxable     1,641,126       1,027,755       6,888,462       4,070,144  
    Tax-exempt     11,483       13,135       50,892       91,428  
    Other interest-earning assets     418,634       300,656       1,399,170       1,072,240  
    Total interest income     10,594,087       9,566,034       41,749,745       37,279,845  
    Interest expense                                
    Deposits     6,200,367       5,245,865       24,584,690       18,023,772  
    FHLB advances     1,894,789       1,382,244       6,613,845       4,282,603  
    Total interest expense     8,095,156       6,628,109       31,198,535       22,306,375  
    Net interest income     2,498,931       2,937,925       10,551,210       14,973,470  
    Provision (credit) for credit losses     (218,000 )     —       (148,000 )     (125,000 )
    Net interest income after provision (credit) for credit losses     2,716,931       2,937,925       10,699,210       15,098,470  
    Non-interest income                                
    Fees and service charges     64,285       47,382       228,685       206,763  
    Gain on sale of loans     20,232       —       31,942       29,375  
    Gain on sale of properties     9,005,245       —       9,005,245       —  
    Loss on sale of securities     (8,930,843 )     —       (8,930,843 )     —  
    Bank-owned life insurance     223,616       207,453       871,753       781,526  
    Other     36,202       27,711       141,622       121,371  
    Total non-interest income     418,737       282,546       1,348,404       1,139,035  
    Non-interest expense                                
    Salaries and employee benefits     2,345,404       3,082,176       8,750,350       9,820,128  
    Occupancy and equipment     348,778       359,937       1,467,517       1,474,107  
    FDIC insurance assessment     110,464       98,525       424,090       418,215  
    Data processing     274,889       251,485       1,203,181       969,398  
    Advertising     60,840       95,681       371,790       465,064  
    Director fees     155,699       141,639       622,799       619,650  
    Professional fees     107,129       248,526       789,646       661,045  
    Other     212,632       668,220       960,230       1,329,520  
    Total non-interest expense     3,615,835       4,946,189       14,589,603       15,757,127  
    (Loss) income before income taxes     (480,167 )     (1,725,718 )     (2,541,989 )     480,378  
    Income tax (benefit) expense     449,834       (547,958 )     (371,569 )     (162,157 )
    Net (loss) income   $ (930,001 )   $ (1,177,760 )   $ (2,170,420 )   $ 642,535  
    Earnings (loss) per Share – basic   $ (0.07 )   $ (0.09 )   $ (0.17 )   $ 0.05  
    Earnings (loss) per Share – diluted   $ (0.07 )   $ (0.09 )   $ (0.17 )   $ 0.05  
    Weighted average shares outstanding – basic     12,686,765       12,767,410       12,767,628       12,891,847  
    Weighted average shares outstanding – diluted     12,686,765       12,767,410       12,767,628       12,891,847  
     
    BOGOTA FINANCIAL CORP.
    SELECTED RATIOS
    (unaudited)
     
        At or For the Three Months Ended December 31,     At or For the Twelve Months Ended December 31,  
        2024     2023     2024     2023  
    Performance Ratios (1):                                
    (Loss) return on average assets (2)     (0.09 )%     (0.51 )%     (0.22 )%     0.07 %
    (Loss) return on average equity (3)     (0.68 )%     (3.43 )%     (1.59 )%     0.46 %
    Interest rate spread (4)     0.61 %     0.88 %     0.66 %     1.28 %
    Net interest margin (5)     1.09 %     1.35 %     1.16 %     1.71 %
    Efficiency ratio (6)     123.93 %     153.59 %     122.61 %     97.04 %
    Average interest-earning assets to average interest-bearing liabilities     113.67 %     115.71 %     114.48 %     116.95 %
    Net loans to deposits     110.83 %     114.29 %     110.83 %     114.29 %
    Equity to assets (7)     13.99 %     14.94 %     14.10 %     14.89 %
    Capital Ratios:                                
    Tier 1 capital to average assets                     13.34 %     15.24 %
    Asset Quality Ratios:                                
    Allowance for credit losses as a percent of total loans                     0.37 %     0.39 %
    Allowance for credit losses as a percent of non-performing loans                     18.77 %     21.81 %
    Net charge-offs to average outstanding loans during the period                     0.00 %     0.00 %
    Non-performing loans as a percent of total loans                     1.95 %     1.79 %
    Non-performing assets as a percent of total assets                     1.44 %     1.36 %
    (1 ) Certain performance ratios for the three-month periods are annualized.
    (2 ) Represents net income divided by average total assets.
    (3 ) Represents net income divided by average stockholders’ equity.
    (4 ) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5%.
    (5 ) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
    (6 ) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
    (7 ) Represents average stockholders’ equity divided by average total assets.
         

    LOANS

    Loans are summarized as follows at December 31, 2024 and December 31, 2023:

        December 31,     December 31,  
        2024     2023  
    Real estate:     (unaudited)          
    Residential First Mortgage   $ 472,747,542     $ 486,052,422  
    Commercial Real Estate     118,008,866       99,830,514  
    Multi-Family Real Estate     74,152,418       75,612,566  
    Construction     43,183,657       49,302,040  
    Commercial and Industrial     6,163,747       6,658,370  
    Consumer     80,955       18,672  
    Total loans     714,337,185       717,474,584  
    Allowance for credit losses     (2,620,949 )     (2,785,949 )
    Net loans   $ 711,716,236     $ 714,688,635  
                     

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated (unaudited).

        At December 31,  
        2024     2023  
        Amount     Percent     Average Rate     Amount     Percent     Average Rate  
        (Dollars in thousands)  
    Noninterest bearing demand accounts   $ 32,681,963       5.09 %     — %   $ 30,554,842       4.89 %     — %
    NOW accounts     55,048,614       8.62       2.53       41,320,723       6.61       1.90  
    Money market accounts     24,578,021       2.18       0.58       14,641,846       2.34       0.30  
    Savings accounts     47,001,817       7.3       1.90       45,554,964       7.28       1.76  
    Certificates of deposit     482,877,627       76.81       4.37       493,274,767       78.88       4.00  
    Total   $ 642,188,042       100.00 %     3.73 %   $ 625,347,142       100.00 %     3.42 %
                                                     

    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

        Three Months Ended December 31,  
        2024     2023  
        Average     Interest and     Yield/     Average     Interest and     Yield/  
        Balance     Dividends     Cost (3)     Balance     Dividends     Cost (3)  
        (Dollars in thousands)  
        (unaudited)  
    Assets:                                                
    Cash and cash equivalents   $ 13,547     $ 191       5.61 %   $ 9,433     $ 145       6.08 %
    Loans     717,433       8,523       4.73 %     714,380       8,224       4.57 %
    Securities     175,308       1,653       3.77 %     133,241       1,041       3.12 %
    Other interest-earning assets     9,711       227       9.37 %     7,216       156       8.70 %
    Total interest-earning assets     915,999       10,594       4.61 %     864,270       9,566       4.40 %
    Non-interest-earning assets     63,511                       56,543                  
    Total assets   $ 979,510                     $ 920,813                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 67,362     $ 366       2.16 %   $ 67,510     $ 310       1.82 %
    Savings accounts     44,425       213       1.91 %     44,855       205       1.81 %
    Certificates of deposit     501,875       5,621       4.46 %     497,147       4,731       3.78 %
    Total interest-bearing deposits     613,662       6,200       4.02 %     609,512       5,246       3.41 %
    Federal Home Loan Bank advances (1)     192,196       1,895       3.92 %     137,445       1,382       3.99 %
    Total interest-bearing liabilities     805,858       8,095       4.00 %     746,957       6,628       3.52 %
    Non-interest-bearing deposits     32,734                       34,835                  
    Other non-interest-bearing liabilities     3,837                       1,454                  
    Total liabilities     842,429                       783,246                  
    Total equity     137,081                       137,567                  
    Total liabilities and equity   $ 979,510                     $ 920,813                  
    Net interest income           $ 2,499                     $ 2,938          
    Interest rate spread (2)                     0.61 %                     0.88 %
    Net interest margin (3)                     1.09 %                     1.35 %
    Average interest-earning assets to average interest-bearing liabilities     113.67 %                     115.71 %                
    1. Cash flow hedges are used to manage interest rate risk. During the three months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $280,000.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
       
        Twelve Months Ended December 31,  
        2024     2023  
        Average     Interest and     Yield/     Average     Interest and     Yield/  
        Balance     Dividends     Cost (3)     Balance     Dividends     Cost (3)  
        (Dollars in thousands)  
        (unaudited)  
    Assets:                                                
    Cash and cash equivalents   $ 10,197     $ 606       5.94 %   $ 10,868     $ 568       5.23 %
    Loans     713,138       33,412       4.69 %     713,799       32,046       4.49 %
    Securities     178,684       6,939       3.88 %     144,880       4,162       2.87 %
    Other interest-earning assets     9,106       793       8.71 %     6,389       504       7.89 %
    Total interest-earning assets     911,125       41,750       4.58 %     875,936       37,280       4.26 %
    Non-interest-earning assets     59,511                       54,925                  
    Total assets   $ 970,636                     $ 930,861                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 67,561     $ 1,359       2.01 %   $ 85,663     $ 1,399       1.63 %
    Savings accounts     43,975       821       1.87 %     48,351       580       1.20 %
    Certificates of deposit     508,327       22,405       4.41 %     498,129       16,045       3.22 %
    Total interest-bearing deposits     619,863       24,585       3.97 %     632,143       18,024       2.85 %
    Federal Home Loan Bank advances (1)     175,997       6,614       3.76 %     116,816       4,283       3.67 %
    Total interest-bearing liabilities     795,860       31,199       3.92 %     748,959       22,307       2.98 %
    Non-interest-bearing deposits     31,572                       38,636                  
    Other non-interest-bearing liabilities     6,303                       4,627                  
    Total liabilities     833,735                       792,222                  
    Total equity     136,901                       138,639                  
    Total liabilities and equity   $ 970,636                     $ 930,861                  
    Net interest income           $ 10,551                     $ 14,973          
    Interest rate spread (2)                     0.66 %                     1.28 %
    Net interest margin (3)                     1.16 %                     1.71 %
    Average interest-earning assets to average interest-bearing liabilities     114.48 %                     116.95 %                
    1. Cash flow hedges are used to manage interest rate risk. During the twelve months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $1.5 million.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
       

    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

        Three Months Ended December 31,     Twelve Months Ended December 31,  
        2024 Compared to Three     2024 Compared to Twelve Months  
        Months Ended December 31, 2023     Ended December 31, 2023  
        Increase (Decrease) Due to     Increase (Decrease) Due to  
        Volume     Rate     Net     Volume     Rate     Net  
        (In thousands)  
        (unaudited)  
    Interest income:                                                
    Cash and cash equivalents   $ 114     $ (68 )   $ 46     $ (37 )   $ 75     $ 38  
    Loans receivable     33       266       299       (30 )     1,396       1,366  
    Securities     369       243       612       1,108       1,669       2,777  
    Other interest earning assets     58       13       71       232       57       289  
    Total interest-earning assets     574       454       1,028       1,273       3,197       4,470  
    Interest expense:                                                
    NOW and money market accounts     (5 )   $ 61     $ 56       (328 )     288       (40 )
    Savings accounts     (12 )     20       8       (57 )     298       241  
    Certificates of deposit     45       845       890       335       6,025       6,360  
    Federal Home Loan Bank advances     676       (163 )     513       2,221       110       2,331  
    Total interest-bearing liabilities     704       763       1,467       2,171       6,721       8,892  
    Net decrease in net interest income   $ (130 )   $ (309 )   $ (439 )   $ (898 )   $ (3,524 )   $ (4,422 )
                                                     

    Contacts
    Kevin Pace – President & CEO, 201-862-0660 ext. 1110

    The MIL Network –

  • MIL-OSI Security: West Virginia Man Sentenced for Bank Robbery 1

    Source: Office of United States Attorneys

    LEXINGTON, Ky. – A West Virginia man, Richard Hudson, 72, was sentenced on Friday, by U.S. District Judge Danny C. Reeves, to 139 months, for bank robbery by intimidation.  

    According to his plea agreement, on February 15, 2024, Hudson robbed the Traditional Bank on Tates Creek Road in Lexington.  Hudson approached a teller, placed a grocery bag and a note on the counter, and demanded that the teller empty the contents of her drawer into the bag.  The teller did so and attempted to hand the bag back to Hudson, who then demanded for her to empty the bottom drawer as well.  The teller did so, and Hudson was able to obtain $14,106 during the robbery.  He fled the scene and was eventually apprehended in Charleston, WV.  Hudson, a career offender, has robbed a series of banks across the Nation since the 1980s.

    Under federal law, Hudson must serve 85 percent of his prison sentence.  Upon his release from prison, Hudson will be under the supervision of the U.S. Probation Office for three years. 

    Paul McCaffrey, Acting United States Attorney for the Eastern District of Kentucky; Michael Stansbury, Special Agent in Charge, FBI, Louisville Field Office; and Chief Lawrence Weathers, Lexington Police Department, jointly announced the sentence.

    The investigation was conducted by the FBI and Lexington Police Department.  Assistant U.S. Attorney James T. Chapman prosecuted the case on behalf of the United States.

    — END —

    MIL Security OSI –

  • MIL-OSI USA: Kennedy, Thune, colleagues introduce bill to permanently repeal the death tax

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, joined Senate Majority Leader John Thune (R-S.D.) and 44 other colleagues in introducing the Death Tax Repeal Act to end the federal estate tax for Americans.

    Current law requires Americans to pay the federal estate tax when a property, business or land is transferred to them after an individual passes away.

    “The government shouldn’t discourage Louisiana’s farmers or landowners from keeping family businesses alive when a person passes away. I’m proud to join my colleagues in introducing the Death Tax Repeal Act to support America’s family-run businesses,” said Kennedy.

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability,” said Thune.

    Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsay Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.) and Todd Young (R-Ind.) cosponsored the bill. 

    Rep. Randy Feenstra (R-Iowa) introduced the legislation in the House of Representatives.

    The full bill text is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, GOP Colleagues Introduce Bill to Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after he and 45 of his Senate GOP colleagues introduced the Death Tax Repeal Act, which would permanently repeal the federal estate tax, commonly known as the death tax:

    “An added financial burden is the last thing families should have to deal with in the wake of a loved one’s passing,” said Sen. Cornyn. “By repealing the death tax, this legislation would alleviate unnecessary hardship and offer greater financial opportunities for Texas families, farmers, ranchers, and businesses.”

    Background:

    The estate tax, more commonly described as the death tax, is a punitive tax that hits family-run farms, ranches, and businesses at a time when they are grappling with an owner’s death. Beyond being hit by the tax itself, the death tax also requires family-run businesses, including some below the exemption threshold, to spend their resources on costly estate planning policies. Furthermore, the death tax also requires these businesses to set aside capital in the event an owner’s death occurs that could have otherwise been invested into the business.

    The Death Tax Repeal Act would:

    • Eliminate the federal estate tax for individuals who pass away after its enactment;
    • Repeal the Generation-Skipping Transfer (GST) Tax, which is imposed on transfers of wealth that skip a generation, such as gifts or bequests to grandchildren;
    • Modify the Gift Tax, indexed for inflation;
    • And treat transfers into trusts as taxable gifts, unless the trust is entirely owned by the donor or their spouse.

    The legislation is also cosponsored by Senate Majority Leader John Thune (R-SD) and Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).

    This legislation is endorsed by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders, and the U.S. Chamber of Commerce.

    MIL OSI USA News –

  • MIL-OSI: Shareholders of ConnectOne Bancorp, Inc. and The First of Long Island Corporation Approve Proposed Merger

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD CLIFFS, N.J. and MELVILLE, N.Y., Feb. 14, 2025 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), and The First of Long Island Corporation (Nasdaq: FLIC) (“First of Long Island”), parent company of The First National Bank of Long Island, today announced that at separate special meetings the shareholders of both companies approved proposals relating to the pending merger of ConnectOne and First of Long Island. Closing of the transaction is expected to occur in the second quarter of 2025, subject to the receipt of regulatory approval and other customary closing conditions.

    “We are pleased that shareholders demonstrated strong support for this compelling transaction,” commented Frank Sorrentino III, Chairman and Chief Executive Officer of ConnectOne. “Our integration teams have been working diligently to prepare for the combination, and we look forward to bringing together our two highly complementary cultures to create a truly premier New York-metro community bank.”

    Upon completion of the transaction, the combined company will operate under the ConnectOne brand, and will have approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans. The combination will establish ConnectOne as one of the top 5 banks on Long Island, in terms of deposit market share.

    “We’re excited about the prospect of combining with ConnectOne, which presents attractive opportunities for our respective clients, employees, and investors,” said Chris Becker, CEO of First of Long Island. “We look forward to beginning this next chapter in our bank’s history.” As previously announced, Mr. Becker will become Vice Chairman of ConnectOne following the close of the transaction.

    About ConnectOne Bancorp, Inc.
    ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

    About The First of Long Island Corporation
    The First of Long Island Corporation (Nasdaq: FLIC) is the parent company of The First National Bank of Long Island, a local bank founded in 1927 in Glen Head, New York. Through its branch network branded as First National Bank LI, the Bank focuses on business and consumer needs on Long Island and in New York City. We offer a broad set of lending, deposit, investment, and digital products. First National Bank LI is known for its culture of delivering extraordinary service and a “Customer First” banking experience to small and middle market businesses, professional service firms, not-for-profits, municipalities and consumers. The Bank’s tagline “Go First, Go Far” communicates the benefits of its employees’ commitment to helping customers reach their financial goals. For more information about the Bank and Corporation visit fnbli.com.

    Forward-Looking Statements
    Certain statements contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms.

    Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in the forward-looking statements: failure to consummate the merger for any reason, including 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 failure to satisfy any of the other closing conditions in a timely basis or at all; 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; the outcome of any legal proceedings that may be instituted against ConnectOne or FLIC; and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in ConnectOne’s and FLIC’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 Securities and Exchange Commission (the “SEC”) and available at the SEC’s Internet website (www.sec.gov). Except as required by law, ConnectOne and FLIC do 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.

    ConnectOne Investor Contact:
    William S. Burns
    Senior Executive VP & CFO
    201.816.4474; bburns@cnob.com

    First of Long Island Investor Contact:
    Janet T. Verneuille
    Senior Executive VP & CFO
    516.671.4900 Ext. 7462; janet.verneuille@fnbli.com

    Media Contact:
    Mitchell Mevorah
    MikeWorldWide
    646.306.1965; mmevorah@mww.com

    The MIL Network –

  • MIL-OSI: Sound Financial Bancorp, Inc. Announces Annual Shareholders Meeting Date

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Feb. 14, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (NASDAQ: SFBC) (the “Company”) announced today that the Company’s annual meeting of shareholders will be held on Tuesday, May 27, 2025. The record date for shareholders entitled to vote at the annual meeting will be March 31, 2025.

    About the Company

    Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, and is headquartered in Seattle, Washington with full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one Loan Production Office located in the Madison Park neighborhood of Seattle, Washington. For more information, please visit www.soundcb.com. 

    For additional information contact:
    Laurie Stewart, President, CEO
    206.436.1495

    The MIL Network –

  • MIL-OSI United Nations: UN rights office condemns continuing Israeli military operation in West Bank

    Source: United Nations MIL OSI

    Peace and Security

    The UN human rights office, OHCHR, on Friday condemned the intensifying Israeli military operation in the northern West Bank, warning that nearly 40,000 Palestinians have been displaced already amid an “alarming wave” of violence and destruction.

    Since the start of the offensive on 21 January, Israeli forces have killed at least 44 Palestinians, including five children and two women, in Jenin, Tulkarem and Tubas governorates, and four refugee camps in those areas, according to OHCHR.

    Many of those killed were unarmed and posed no imminent threat, said the UN rights office, calling the killings “part of an expanding pattern of Israel’s unlawful use of force in the West Bank where there are no active hostilities.”

    ‘Unprecedented’ displacement

    OHCHR also highlighted an unprecedented scale of mass displacement not seen in decades in the occupied West Bank.

    It cited reports from displaced residents of a pattern where they were led out of their homes by Israeli security forces and drones under the threat of violence.

    “They are then forced out of their towns with snipers positioned on rooftops around them and houses in their neighbourhoods used as posts by Israeli security forces,” the office said.

    Testimonies collected by OHCHR describe Israeli forces threatening residents who were told they would never be allowed to return. One woman, who fled barefoot carrying her two young children, said she was denied permission to retrieve heart medication for her baby.

    In Jenin refugee camp, bulldozed roads were photographed with new street signs reportedly now written in Hebrew.

    “In this regard, we reiterate that any forcible transfer in or deportation of people from occupied territory is strictly prohibited and amounts to a crime under international law,” OHCHR stated.

    Legal obligations

    The office stressed that displaced Palestinians must be allowed to return to their homes and called for immediate, transparent investigations into the killings.

    “Military commanders and other superiors may be held responsible for the crimes committed by their subordinates if they fail to take all necessary and reasonable measures to prevent or punish unlawful killings,” it stated.

    OHCHR also reiterated Israel’s obligations under international law, including ending its unlawful presence in the Occupied Palestinian Territory as rapidly as possible and evacuating all West Bank settlements immediately.

    “In the meantime, as the occupying power, Israel must ensure the protection of Palestinians, the provision of basic services and needs, and the respect of Palestinians’ full range of human rights,” the office said.

    © WFP

    WFP aid trucks cross into Gaza via the Zikim and Kerem Shalom border crossings.

    Humanitarian update

    Meanwhile in Gaza, the UN World Food Programme (WFP) reported on Friday it had reached more than 860,000 men, women and children with food parcels, hot meals, bread and cash assistance since the start of the fragile ceasefire.

    UN Spokesperson Stéphane Dujarric told journalists at a regular news briefing in New York that over 19,000 metric tonnes of WFP food have entered Gaza.

    The agency has also distributed nutrition packs to some 85,000 people, including children under five, and pregnant and breastfeeding women, and provided more than 90,000 people with cash assistance in the past two weeks.

    “Efforts are also underway to establish more food distribution points, especially in North Gaza, to reduce travel distances, transport costs and protection risks for families,” Mr. Dujarric said.

    Fuel deliveries, schools reopening

    In addition, the World Health Organization (WHO) distributed 100,000 litres of fuel to hospitals in Gaza City on Friday, having delivered about 5,000 litres of fuel to Al Awda Hospital, in North Gaza governorate the day before.

    In southern Gaza, education partners in Rafah are preparing for the reopening of at least a dozen schools as displaced families return to their home areas, Mr. Dujarric said.

    “As you know, schools across the Strip had been used as shelters for Palestinians displaced during 15 months of hostilities. In Khan Younis and Deir al Balah, partners are providing cleaning materials to restart learning activities,” he added.

    MIL OSI United Nations News –

  • MIL-OSI USA: Governor Stein Announces Ten Recipients of Governor’s Educator Discovery Award

    Source: US State of North Carolina

    Headline: Governor Stein Announces Ten Recipients of Governor’s Educator Discovery Award

    Governor Stein Announces Ten Recipients of Governor’s Educator Discovery Award
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein and the North Carolina Business Committee for Education (NCBCE) announced that ten teachers across the state would be awarded the Governor’s Educator Discovery Award. 

    “Our students benefit when their teachers prioritize their own continued education,” said Governor Josh Stein. “I am proud to award these professional development grants to teachers who are striving for excellence, and I am excited to hear how they leverage this additional education in the classroom.”

    The Governor’s Educator Discovery Award is a stipend of up to $1,000, awarded to PreK-12 traditional public and public charter educators to pursue a professional development experience of their choosing. Teachers submit a proposal detailing their teaching experience, the professional development activity they wish to pursue, and how it would enhance their efforts to create work-based learning activities for their students. These applications then go through a rigorous review process and are narrowed down to ten winners.

    The 2024 winners were from the twelfth and thirteenth cycles of teachers to receive the award since its inception in 2019. Growing interest in the program has enabled it to expand, bringing the total number of grants awarded to 51. The next cycle of the Governor’s Educator Discovery Award is currently open and accepting applications. Learn more and apply here.

    The ten teachers who received grants will use their Governor’s Educator Discovery Award in the following ways:

    Daniel Fussell, a Social Studies Teacher at Innovation Early College High School in Pitt County Schools, attended the NC Technology in Education Society (NCTIES) conference in Raleigh, where he learned about innovative technologies to support a classroom that prepares students for a future-oriented workforce. In the past, NCTIES has inspired Fussell to introduce TinkerCad and 3D printers into his classroom. 

    Cori Greer-Banks, a Humanities and Expedition teacher at The Exploris School in Wake County Public Schools, used the stipend toward three different professional development opportunities. First, the Monticello Teacher Institute is an immersive professional development program that allows social studies teachers to research and study at Monticello and the Jefferson Library in Charlottesville, Virginia. The other two fellowships are offered through the National Endowment for the Humanities: Little Tokyo: How History Shapes a Community Across Generations, and Grand Coulee Dam: The Intersection of Modernity and Indigenous Cultures. Engaging in these programs will allow Greer-Banks to expand the number of perspectives in her American history curriculum. 

    Pamela Jordan, a Career Development Coordinator at Warren County High School in Warren County Public Schools, will use the grant for the National Career Development Association (NCDA) Summer Conference in San Diego, CA last June. The conference topics highlight the state of the workplace and the need for connecting mental and physical health with career success. Jordan seeks to gain additional insights on strategies and techniques to balance the current technical landscape and mental health issues derived from the COVID-19, to support students turning to career pursuits.

    Lauren Wilmot, an animal science, veterinary assisting, and horticulture teacher at North Pitt High School in Pitt County Schools, attended the NC CTE Summer Conference in Winston-Salem thanks to the grant. The conference provided numerous workshops and professional development opportunities regarding CTE curriculum updates, as well as hands-on labs that can be used in the classroom. Teachers also had the opportunity to collaborate with fellow educators in their content area from across the state.

    Rong Zhang, a Mandarin Chinese teacher at East Cary Magnet Middle School in Wake County Public Schools applied the award toward the 2024 MSU STARTALK for Chinese Language Teachers Program. STARTALK, funded by the National Security Agency (NSA), is designed to increase the number of U.S. citizens proficient in critical-need foreign languages, with a particular emphasis on Chinese. The program comprises a learning phase to curriculum development and language assessment, a summer professional development program focused on unit development and refinement, and classroom implementation and evaluation.

    Franchone Bey, an English teacher at West Charlotte High School in Charlotte-Mecklenburg County Schools attended the National Council for Teachers of English (NCTE) Annual Convention in Boston. The event offered ELA educators the chance to collaborate with teachers from across the country, meet research scholars, and hear from prominent authors like keynote speaker Justice Ketanji Brown Jackson. By the end of the event, participants could integrate real-world writing experiences into their classrooms, employing cross-curricular inquiry methods and project-based learning to enhance student writing skills. 

    Darren Rhym, an English teacher at Columbia Early College High School in Tyrell County Schools also attended the NCTE Annual Convention in Boston. Rhym attended the event to learn about ways to utilize NC Writing Standards in his clean energy unit, emphasizing the importance of cross-curricular learning. Through various sessions presented by research scholars and authors, Rhym was able to gather a unit of materials for developing project-based learning experiences to enhance student writing and employability.

    Alicia D’Joi, a STEM teacher and Robotics Coach at JM Alexander Middle School in Charlotte-Mecklenburg County Schools used the grant to attend the AIM Conference hosted by NCDPI in Raleigh. D’joi led a session titled Robotics for Rookies: Your First Steps into the Future, where she provided an exciting and hands-on introduction to the world of robotics. In her session, rookie participants learned to design, build, and code a robot. Through this event, D’Joi shared her vast knowledge with colleagues across the state and heard from other educators and educational leaders.

    Jessamyn Bailey, a Visual Arts and Photography teacher at High Point Central High School in Guilford County Schools, attended the North Carolina Arts Educator Association (NCAEA) Annual Conference in Asheville. The conference offered a wide range of professional development opportunities, including workshops on fiber arts, photography, curriculum development, and new art-making techniques. Sessions focused on hands-on learning while providing networking opportunities with practicing artists and art organizations, allowing educators to bring career exploration and work-based learning opportunities into their classrooms.

    Ameriki Somers, a Media Coordinator at Lowrance Middle School in Forsyth County Schools, will use the award this year to attend the American Association of School Librarians (AASL) Conference in St. Louis, MO. Lowrance Middle School is an alternate learning environment that serves students with fundamental disabilities in grades 6 – 10. The conference will provide Somers with innovative strategies and resources to create specifically tailored hands-on work experiences that meet the accessibility needs of her students. Somers hopes to provide her students with the opportunity to explore careers and develop real-world skills through the inclusive learning environments, adaptive technologies, and differentiated instructional methods.

    The Governor’s Educator Discovery Awards are funded by NCBCE member companies. As interest in the program continues to grow with each cycle, NCBCE hopes to raise additional funds to expand the program in future years. Parties interested in funding the initiative should contact Caroline Sullivan, Executive Director of NCBCE, at caroline.sullivan@nc.gov.

    The North Carolina Business Committee for Education (NCBCE) is a business-led, education non-profit (501-c3) that operates out of the Office of the Governor. Since 1983, NCBCE has provided a critical link between North Carolina business leaders and the state’s education decision-makers, helping to create connections between the education curriculum and the overall work readiness of people across the state. 

    Feb 14, 2025

    MIL OSI USA News –

  • MIL-OSI Security: Beware of Scammers Looking for More Than Love This Valentine’s Day

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Online Imposters Are Breaking Hearts and Bank Accounts

    JACKSONVILLE, FL—The FBI Jacksonville Division warns Floridians to take caution when developing relationships online as they could be targeted in confidence fraud schemes, also known as romance scams. According to the FBI’s Internet Crimes Complaint Center (IC3), Floridians reported losing more than $62 million to various forms of romance scams in 2023, up from $20 million five years earlier (2018). IC3 received 17,832 confidence fraud complaints nationwide in 2023, with reported losses exceeding $652,554,805.

    Confidence fraud/romance statistics for Florida:

    • 2018: 1,191 victims, $20,555,538 in reported loses
    • 2023: 1,351 victims, $62,867,005 in reported loses

    The criminals who carry out confidence/romance scams will often identify and target victims via social media and seek to establish a relationship as quickly as possible. Scammers may spend hours researching their victims to better manipulate and exploit them emotionally. They often claim to be traveling or engaged in work overseas to avoid meeting in person. When they feel they have gained their victim’s trust, they request money to cover an expense or promote a financial investment opportunity.

    The FBI recently launched a campaign called “Operation Level Up” to increase awareness of cryptocurrency investment scams, commonly described as “pig butchering,” which are among the most prevalent and costly fraud schemes today. Through various means of manipulation, scammers convince victims to deposit more and more money into financial “investments” using cryptocurrency. In truth, these investments are fake; all victim money is under the control of – and ultimately stolen by—criminal actors, usually overseas. As a result, victims typically lose all the money they invested.

    Be careful about the personal information you post online, and always assume that con artists are trolling even the most reputable dating and social media sites. Consider these helpful tips:

    • Research the person’s photo and profile to see if the material appears elsewhere.
    • Take the relationship slowly and ask questions.
    • Beware if the individual seems too perfect or quickly asks you to communicate “offline.”
    • Beware if the individual requests inappropriate photos that they could use to extort you.
    • Beware if the individual promises to meet in person but always has an excuse.
    • Never send money, cryptocurrency or gift cards to anyone you don’t know personally; never help anyone move money through your account or another person’s account (see Money Mule).

    If you suspect an online relationship is a scam, stop all contact immediately and file a complaint with the FBI’s Internet Crime Complaint Center at www.ic3.gov.

    Resources

    MIL Security OSI –

  • MIL-OSI Economics: Verizon to redeem debt securities on March 18, 2025

    Source: Verizon

    Headline: Verizon to redeem debt securities on March 18, 2025

    NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on March 18, 2025 (the “Redemption Date”):

    I.D. Number

    Title of Security

    Principal Amount
    Outstanding

    CUSIP: 92343V EP5

    ISIN: US92343VEP58

    Common Code: 182168670

    Floating Rate Notes due 2025 (the “Notes”)

    $487,396,000

    The redemption price for the Notes will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the Redemption Date.

    Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank Trust Company, National Association, Attn: Corporate Trust Services, 111 Fillmore Ave E, St. Paul, MN 55107, or via telephone at 1-800-934-6802.

    MIL OSI Economics –

  • MIL-OSI: F&M Bank Welcomes Carly Buchanan as Chief People Officer

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 14, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is pleased to announce Carly Buchanan as its new Chief People Officer.

    With over 18 years of HR, leadership, and organizational development experience across multiple industries, Carly will lead F&M’s Human Resources Department, driving strategic HR planning, talent acquisition, employee engagement, and organizational growth.

    Carly brings a decade of retail banking experience to her role, providing valuable insight into customer-focused strategies and operational efficiency. She holds senior HR certifications from SHRM (SHRM-SCP) and HRCI and has served as past President of the Northeast Indiana Human Resources Association. Recognized as a 2023 Fort Wayne 40 Under 40 honoree, Carly is also deeply committed to community involvement, supporting organizations like Junior Achievement, Boys and Girls Club, and the 988 Crisis Lifeline.

    “Carly’s leadership, expertise, and passion for people make her an incredible asset to F&M Bank,” said Lars Eller, President, and CEO. “Her strategic vision will strengthen our culture, enhance employee engagement, and support our mission of serving our customers and communities.”

    Carly earned her MBA and a Bachelor of Science in Business Administration from Indiana Tech. She and her family reside in Northern Indiana, where she combines professional excellence with a strong dedication to community impact.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com
       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/76198bd4-ead9-4c89-b7e5-28afc0e22a0d

    The MIL Network –

  • MIL-OSI USA: Sen. Johnson, Colleagues Reintroduce Bill to Permanently Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    WASHINGTON – Yesterday, U.S. Sen. Ron Johnson (R-Wis.) joined Senate Majority Leader John Thune (R-S.D.) and 44 senators in reintroducing legislation to permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches and businesses as the result of the owner’s death.

     Sens. Johnson and Thune were joined by Senators Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.) and Todd Young (R-Ind.).

    The full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI: Pinnacle Bankshares Corporation Announces 2024 4th Quarter & Full-Year Earnings

    Source: GlobeNewswire (MIL-OSI)

    ALTAVISTA, Va., Feb. 14, 2025 (GLOBE NEWSWIRE) — Net income for Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (the “Company” or “Pinnacle”) for First National Bank (the “Bank”), was $2,800,000, or $1.27 per basic and diluted share, for the fourth quarter of 2024, while net income for the year ended December 31, 2024 was $9,178,000, or $4.15 per basic and diluted share.  In comparison, net income was $2,279,000, or $1.04 per basic and diluted share, and $9,762,000 or $4.45 per basic and diluted share, respectively, for the same periods of 2023.  Consolidated results for 2024 are unaudited.

    2024 4thQuarter & Full-Year Highlights
    Income Statement comparisons are to the 4thQuarter & year ended December 31, 2023
    Balance Sheet, Capital Ratios, and Stock Price comparisons are to December 31, 2023

    Income Statement

    For the 4thQuarter of 2024:

    • Net Income increased $521,000, or 23%, overall and 30% excluding Bank Owned Life Insurance (BOLI) proceeds.* 

    For 2024:

    • Net Income decreased $584,000, or 6%, overall and was approximately equal to 2023 Net Income excluding BOLI proceeds.*
    • Return on Assets was 0.92%.
    • Net Interest Income increased $2.3 million, or 7% while Net Interest Margin expanded to 3.70%.
    • Provision for Credit Losses increased to $752,000 due to loan growth of 11%. Asset Quality remains strong with low Nonperforming Loans and no Other Real Estate Owned (OREO).
    • Noninterest Income increased $499,000, or 7.5%, excluding BOLI proceeds, which was driven by higher fees from Merchant Card Processing and Sales of Mortgage Loans.*
    • Noninterest Expense increased $2.1 million, or 7%, primarily due to higher Core Operating System expenses as well as Salaries and Employee Benefits.

    Balance Sheet

    • Cash and Cash Equivalents increased $20.6 million, or 24%, to $108 million.
    • Loans increased $70.5 million, or 11%, to $712 million.
    • Securities decreased $57.8 million, or 25%, to $176 million due to maturing U.S. Treasury Notes. The Securities Portfolio is relatively short term in nature with $58 million in U.S. Treasury Notes maturing during the first four months of 2025 providing liquidity, funding, and optionality.
    • Total Assets increased $27.5 million, or 3%, to $1.04 Billion.
    • Deposits increased $18.5 million, or 2%, to $951 million with Deposit Accounts growing 4%.
    • As of year-end, Liquidity was strong at 33%, and 12% excluding Available for Sale Securities.

    Capital Ratios & Stock Price

    • The Bank’s Leverage Ratio increased to 9.21% due primarily to profitability, while its Total Risk Based Capital Ratio decreased slightly to 13.52% due to loan growth.
    • Pinnacle’s Stock Price ended the year at $31.20 per share, based on the last trade, which is an increase of $7.19, or 30%. Total Return was 34.11% for 2024.  

    *BOLI proceeds of $779,000 and $725,000 were received during the 4thQuarter of 2024 and 2023, respectively. BOLI proceeds of $779,000 and $1,363,000 were received during full-year 2024 and 2023, respectively.

    Net Income and Profitability

    Net income generated during the fourth quarter of 2024 represents a $521,000, or 23%, increase as compared to the same time period of 2023. Net of BOLI proceeds, net income generated during the fourth quarter of 2024 represents a $467,000, or 30%, increase as compared to the same time period of 2023. The increase was driven by higher net interest income and noninterest income, partially offset by higher noninterest expense and higher provision for credit losses.

    Net income generated for 2024 represents a $584,000, or 6%, decrease as compared to the prior year. Net of BOLI proceeds, net income generated for 2024 and was approximately equal to the prior year.   The overall decrease was driven by higher noninterest expense and provision for credit losses, partially offset by higher net interest income.      

    Profitability as measured by the Company’s return on average assets (“ROA”) decreased to 0.92% for 2024, as compared to 1.00% for the same time period of 2023. Correspondingly, return on average equity (“ROE”) decreased to 12.49% for 2024, as compared to 15.69% for the same time period of 2023.

    “We are pleased with Pinnacle’s 2024 core performance and investments made for our future through market expansion and talent acquisition,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. He further commented, “Our Company continues to perform very well compared to peers and has benefitted from ample liquidity, an expanding net interest margin, and strong asset quality. These factors have contributed to enhanced returns for our shareholders through increased dividends and share price appreciation.”  

    Net Interest Income and Margin

    The Company generated $9,279,000 in net interest income for the fourth quarter of 2024, which represents a $908,000, or 11%, increase as compared to $8,371,000 for the fourth quarter of 2023. Interest income increased $1,514,000, or 14%, due to higher yields on earning assets and increased loan volume, while interest expense increased $606,000, or 23%, due to higher interest rates paid on deposits and increased certificates of deposit volume.

    The Company generated $35,448,000 in net interest income for 2024, which represents a $2,276,000, or 7%, increase as compared to $33,172,000 for 2023. Interest income increased $5,855,000, or 14%, as yield on earning assets increased 54 basis points to 4.98%. Interest expense increased $3,579,000, or 41%, due to higher interest rates paid on deposits as cost to fund earning assets increased 36 basis points to 1.28%. Net interest margin increased to 3.70% for 2024 from 3.52% for 2023.

    Reserves for Credit Losses and Asset Quality

    Provision for credit losses was $356,000 in the fourth quarter of 2024 as compared to $4,000 in the fourth quarter of 2023. For 2024, the provision for credit losses was $752,000 as compared to $70,000 in 2023. Provision expense increased for the quarter and year as a result of higher loan volume.

    The allowance for credit losses (ACL) was $5,084,000 as of December 31, 2024, which represented 0.71% of total loans outstanding.   In comparison, the ACL was $4,511,000 or 0.70% of total loans outstanding as of December 31, 2023. Non-performing loans to total loans decreased to 0.22% as of December 31, 2024, compared to 0.24% as of year-end 2023. ACL coverage of non-performing loans was 321% as of December 31, 2024, compared to 290% as of year-end 2023.   Management views the allowance balance as being sufficient to offset potential future losses in the loan portfolio.

    Noninterest Income and Expense

    Noninterest income for the fourth quarter of 2024 increased $324,000, or 14%, to $2,681,000 as compared to $2,357,000 for the fourth quarter of 2023. The increase was primarily due to a $100,000 increase in fees generated from sales of mortgage loans, a $100,000 increase in other recoveries, a $45,000 increase in BOLI returns, including earlier referenced proceeds, a $23,000 increase in merchant card fees, and a $20,000 increase in service charges on loan accounts.

    Noninterest income for 2024 decreased $85,000, or 1%, to $7,879,000 as compared to $7,964,000 for 2023. The slight decrease was mainly due to a $538,000 decrease in BOLI returns, including earlier referenced proceeds, and a $106,000 decrease in interchange fees. These decreases were partially offset by a $153,000 increase in fees generated from the sale of mortgage loans, a $126,000 increase in merchant card fees, a $98,000 increase in other recoveries, a $63,000 increase in nonsufficient funds and other deposit service charges, a $58,000 increase in service charges on loan accounts, and a $53,000 increase in commissions and fees from sales of investment and insurance products. Excluding BOLI proceeds, noninterest income increased $499,000, 7.5%, year-over-year.

    Noninterest expense for the fourth quarter of 2024 increased $280,000, or 3%, to $8,373,000 as compared to $8,093,000 for the fourth quarter of 2023. The increase was primarily due to a $310,000 increase in salaries and employee benefits, a $75,000 increase in occupancy expense, and a $24,000 increase in dealer loan expense partially offset by a $293,000 decrease in core operating system expenses.

    Noninterest expense for 2024 increased $2,137,000, or 7%, to $31,417,000 as compared to $29,280,000 for 2023. The increase was mainly due to a $758,000 increase in salaries and employee benefits, a $401,000 increase in core operating system expenses, a $213,000 increase in occupancy expense, a $210,000 in other losses, and a $133,000 increase dealer loan expenses.  

    The Balance Sheet and Liquidity

    Total assets as of December 31, 2024, were $1,043,994,000, up $27,465,000, or 3%, from $1,016,528,000 as of December 31, 2023. The principal components of the Company’s assets as of December 31, 2024, were $711,918,000 in total loans, $175,816,000 in securities, and $108,213,000 in cash and cash equivalents. For 2024, total loans increased $70,481,000, or 11%, from $641,437,000, securities decreased $57,762,000, or 25%, from $233,579,000, and cash and cash equivalents increased $20,624,000, or 24%, from $87,589,000.  

    The majority of the Company’s securities portfolio is relatively short-term in nature with forty-nine percent (49%) invested in U.S. Treasury Notes having an average maturity of less than a year with $58,000,000 maturing during the first four months of 2025. The Company’s entire securities portfolio was classified as available for sale on December 31, 2024, which provides transparency regarding unrealized losses. Unrealized losses associated within the available for sale securities portfolio were $11,817,000 as of December 31, 2024, or six percent (6%) of book value, an improvement from $14,943,000 as of December 31, 2023.

    The Company had a strong liquidity ratio of 33% as of December 31, 2024. The liquidity ratio excluding the available for sale securities portfolio was 12% providing the opportunity to sell excess funds at an attractive federal funds rate. The Company has access to multiple liquidity lines of credit through its correspondent banking relationships and the Federal Home Loan Bank. None of these contingency funding sources have been utilized.

    Total liabilities as of December 31, 2024 were $965,608,000, up $17,485,000, or 2%, from $948,123,000 as of December 31, 2023, as deposits increased $18,475,000, or 2%, in 2024 to $950,919,000 from $932,444,000. First National Bank’s number of deposit accounts increased 4% during the same time period as the Bank has benefited from the closures of large national bank branches and bank mergers within markets served along with its reputation for providing extraordinary customer service.

    Total stockholders’ equity as of December 31, 2024 was $78,386,000 and consisted primarily of $69,035,000 in retained earnings. In comparison, as of December 31, 2023 total stockholders’ equity was $68,405,000. The increase is due primarily to 2024 profitability and an increase in the market value of the securities portfolio and pension assets.   Both the Company and Bank remain “well capitalized” per all regulatory definitions.

    New Full Service Branch in South Boston

    On January 2, 2025, First National Bank opened a full service branch at 4027 Halifax Road, South Boston, Virginia. This is in addition to the Bank opening a Loan Production Office (LPO) at 97A Main Street, South Boston, Virginia in the third quarter of 2024. We have had great response from the South Boston and Halifax community and look forward to servicing customers with a community bank approach.

    Company Information

    Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell, Halifax, and Pittsylvania, and the Cities of Charlottesville, Danville, and Lynchburg. The Company has a total of nineteen branches with one branch in Amherst County within the Town of Amherst, two branches in Bedford County; five branches in Campbell County, including two within the Town of Altavista, where the Bank was founded; one branch in the City of Charlottesville, three branches in the City of Danville; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. A Loan Production Office and a full-service branch have recently been opened in the South Boston area of Halifax County. First National Bank is in its 117th year of operation.         

    Cautionary Statement Regarding Forward-Looking Statements

    This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance and our growth initiatives. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management’s expectations include, but are not limited to: changes in consumer spending and saving habits that may occur, including increased inflation; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.

    Selected Financial Highlights are shown on the next page.

    Pinnacle Bankshares Corporation
    Selected Financial Highlights
    (12/31/2024 and 9/30/24 results unaudited)
    (In thousands, except ratios, share, and per share data)
     
      3 Months Ended
    		   3 Months Ended
    		   3 Months Ended
    		  
    Income Statement Highlights 12/31/2024
    		   9/30/2024
    		   12/31/2023
    		  
    Interest Income $ 12,543   $ 12,262   $ 11,029  
    Interest Expense   3,264     3,321     2,658  
    Net Interest Income   9,279     8,941     8,371  
    Provision for Credit Losses   356     136     4  
    Noninterest Income   2,681     1,763     2,357  
    Noninterest Expense   8,373     7,961     8,093  
    Net Income   2,800     2,085     2,279  
    Earnings Per Share (Basic)   1.27     0.94     1.04  
    Earnings Per Share (Diluted)   1.27     0.94     1.04  
           
      Year Ended
    		   Year Ended
    		   Year Ended
    		  
    Income Statement Highlights 12/31/2024
    		   12/31/2023
    		   12/31/2022
    		  
    Interest Income $ 47,743   $ 41,888   $ 31,788  
    Interest Expense   12,295     8,716     1,348  
    Net Interest Income   35,448     33,172     30,440  
    Provision for Credit Losses   752     70     190  
    Noninterest Income   7,879     7,964     7,023  
    Noninterest Expense   31,417     29,280     27,237  
    Net Income   9,178     9,762     8,242  
    Earnings Per Share (Basic)   4.15     4.45     3.78  
    Earnings Per Share (Diluted)   4.15     4.45     3.78  
           
    Balance Sheet Highlights 12/31/2024
    		   12/31/2023
    		   12/31/2022
    		  
    Cash and Cash Equivalents $ 108,213   $ 87,589   $ 36,521  
    Total Loans   711,918     641,437     632,896  
    Total Securities   175,816     233,579     251,114  
    Total Assets   1,043,994     1,016,528     969,931  
    Total Deposits   950,919     932,444     899,238  
    Total Liabilities   965,608     948,123     912,923  
    Stockholders’ Equity   78,386     68,405     57,008  
    Shares Outstanding   2,212,270     2,198,158     2,178,486  
           
    Ratios and Stock Price 12/31/2024
    		   12/31/2023
    		   12/31/2022
    		  
    Gross Loan-to-Deposit Ratio   74.87 %   68.79 %   70.38 %
    Net Interest Margin (Year-to-date)   3.70 %   3.52 %   3.18 %
    Liquidity   32.60 %   37.27 %   32.68 %
    Efficiency Ratio   72.49 %   71.20 %   72.71 %
    Return on Average Assets (ROA)   0.92 %   1.00 %   0.82 %
    Return on Average Equity (ROE)   12.49 %   15.69 %   14.62 %
    Leverage Ratio (Bank)   9.21 %   8.82 %   8.06 %
    Tier 1 Capital Ratio (Bank)   12.81 %   12.98 %   12.03 %
    Total Capital Ratio (Bank)   13.52 %   13.67 %   12.63 %
    Stock Price $ 31.20   $ 24.01   $ 19.20  
    Book Value $ 35.43   $ 31.12   $ 26.17  
           
           
    Asset Quality Highlights 12/31/2024
    		   12/31/2023
    		   12/31/2022
    		  
    Nonaccruing Loans $ 1,582   $ 1,557   $ 1,561  
    Loans 90 Days or More Past Due and Accruing   0     0     221  
    Total Nonperforming Loans   1,582     1,557     1,782  
    Loan Modifications   109     357     1,056  
    Loans Individually Evaluated   2,010     2,287     2,884  
    Other Real Estate Owned (OREO) (Foreclosed Assets)   0     0     0  
    Total Nonperforming Assets   1,582     1,557     1,782  
    Nonperforming Loans to Total Loans   0.22 %   0.24 %   0.28 %
    Nonperforming Assets to Total Assets   0.15 %   0.15 %   0.18 %
    Allowance for Credit Losses $ 5,084   $ 4,511   $ 3,853  
    Allowance for Credit Losses to Total Loans   0.71 %   0.70 %   0.61 %
    Allowance for Credit Losses to Nonperforming Loans   321 %   290 %   216 %


    CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or     bryanlemley@1stnatbk.com

    The MIL Network –

  • MIL-OSI USA: Grassley, Colleagues Reintroduce Bill to Permanently Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune (R-S.D.) and 44 senators in reintroducing legislation to permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches and businesses as the result of the owner’s death.

    “After a farmer or business owner puts a lifetime of work into a family business, the death tax slaps the next generation with an unaffordable burden upon the passing of a loved one. It’s an outdated measure that’s keeping family farms and businesses from where they’re supposed to be; in the family. Our legislation would end this tax so that family farms can keep their money, invest in the rural communities and create new opportunities,” Grassley said.

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability,” Thune said.

    Additional cosponsors are Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.) and Todd Young (R-Ind.).

    Companion legislation was introduced in the House of Representatives by Rep. Randy Feenstra (R-Iowa).

    Find bill text HERE.

    Background:

    Grassley has long opposed the death tax, he welcomed the Senate’s attempt to repeal the death tax while Congress considered the Tax Cuts and Jobs Act (TCJA) in 2017. Although the final version of the TCJA did not repeal the death tax, the law effectively doubled the individual estate and gift tax exclusion to $10 million (approximately $13.9 million in 2025 dollars) through 2025, which prevents more families and generationally-owned businesses from being affected by this tax. The increased exclusion expires at the end of 2025, which increases uncertainty and planning costs for family-owned businesses, farms and ranches.

    The Death Tax Repeal Act is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.

    -30-

    MIL OSI USA News –

  • MIL-OSI: Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    COLDWATER, Mich., Feb. 14, 2025 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced fourth quarter net income of $2,650,000, or $0.57 per share, compared to net income of $2,437,000, or $0.54 per share, for the fourth quarter of 2023. Southern earned $10,402,000 or $2.28 per share, for the year ended December 31, 2024, compared with $10,905,000 or $2.40 per share, for the same period one year ago.

    John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “2024 was another solid year with total assets reaching approximately $1.5 billion. During the year ended December 31, 2024, total loans and deposits grew to $1.116 billion and $1.252 billion, respectively. While our earnings continue to be impacted by the current interest rate environment, we remain encouraged by the strength of our core deposits and our ability to maintain asset quality.”

    The allowance for credit losses totaled $12,782,000, or 1.14% of loans on December 31, 2024, compared to $11,697,000, or 1.13% on December 31, 2023. Net loan charge-offs totaled $27,000 for 2024, compared to $15,000 for 2023. Non-performing loans as a percentage of total loans were 0.08% on December 31, 2024 and December 31, 2023.

    The annualized return on average assets for the years ended December 31, 2024, and December 31, 2023, was 0.71% and 0.80%, respectively. The annualized return on average equity was 10.07% for 2024 compared to 11.94% for 2023. The tax equivalent net interest margin for the years ending December 31, 2024, and 2023 was 2.98% and 3.16%, respectively.

    Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 offices within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties providing a broad range of consumer, business and wealth management services throughout the region.

    This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as “expected,” “begin,” and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management’s determination of the provision and allowance for credit losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned, mortgage servicing rights and the fair value of investment securities, involves judgments that are inherently forward-looking. The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

     
    SOUTHERN MICHIGAN BANCORP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
    (In thousands, except share data)              
      December 31,
    2024    		   December 31,
    2023    		  
    ASSETS            
    Cash and cash equivalents $ 73,737   $ 71,620  
    Federal funds sold   259     1,468  
    Securities available for sale, at fair value   159,320     169,740  
    Securities held-to-maturity, at amortized cost   60,454     61,600  
    Loans held-for-sale   995     169  
    Loans, net of allowance for credit losses of $12,782 – 2024, $11,697 – 2023   1,103,652     1,024,720  
    Premises and equipment, net   25,600     23,114  
    Net cash surrender value of life insurance   23,139     22,472  
    Goodwill   13,422     13,422  
    Other intangible assets, net   111     147  
    Other assets   35,866     26,323  
    TOTAL ASSETS $ 1,496,555   $ 1,414,795  
                 
    LIABILITIES            
    Deposits:            
    Non-interest bearing $ 223,583   $ 226,178  
    Interest bearing   1,028,212     931,793  
    Total deposits   1,251,795     1,157,971  
                 
    Securities sold under agreements to repurchase and overnight borrowings   1,560     1,738  
    Accrued expenses and other liabilities   18,355     15,703  
    Other borrowings   82,900     106,900  
    Subordinated debentures   34,722     34,653  
    Total liabilities   1,389,332     1,316,965  
                 
    SHAREHOLDERS’ EQUITY            
    Preferred stock, 100,000 shares authorized; none issued or outstanding   –     –  
    Common stock, $2.50 par value:            
    Authorized – 10,000,000 shares            
    Issued and outstanding – 4,577,107 shares in 2024,
    4,533,637 shares in 2023    		   11,438     11,330  
    Additional paid-in capital   13,438     13,126  
    Retained earnings   97,462     89,808  
    Accumulated other comprehensive loss   (15,115 )   (16,434 )
    Total shareholders’ equity   107,223     97,830  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,496,555   $ 1,414,795  
     
    SOUTHERN MICHIGAN BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
     
    (In thousands, except per share data)
     
      Three Months Ended
    December 31,    		   Year Ended
    December 31,    		  
      2024   2023   2024   2023  
    Interest income:                        
    Loans, including fees $ 16,628   $ 15,308   $ 64,376   $ 54,887  
    Federal funds sold and balances with banks   999     766     4,629     3,125  
    Securities:                        
    Taxable   1,376     1,635     5,889     6,291  
    Tax-exempt   318     304     1,222     1,265  
    Total interest income   19,321     18,013     76,116     65,568  
                             
    Interest expense:                        
    Deposits   7,358     6,077     29,013     20,593  
    Other   1,315     1,606     6,016     4,995  
    Total interest expense   8,673     7,683     35,029     25,588  
    Net interest income   10,648     10,330     41,087     39,980  
    Provision for credit losses   353     –     1,014     950  
    Net interest income after provision for credit losses   10,295     10,330     40,073     39,030  
                             
    Non-interest income:                        
    Service charges on deposit accounts   422     422     1,692     1,670  
    Trust fees   704     632     2,744     2,419  
    Net gains on loan sales   253     119     672     305  
    Earnings on life insurance assets   170     161     667     617  
    ATM and debit card fee income   462     447     1,818     1,786  
    Other   289     296     898     941  
    Total non-interest income   2,300     2,077     8,491     7,738  
                             
    Non-interest expense:                        
    Salaries and employee benefits   6,233     5,836     22,388     20,586  
    Occupancy, net   540     416     2,054     1,813  
    Equipment   425     385     1,658     1,449  
    Professional and outside services   581     770     2,156     2,243  
    Software maintenance   635     608     2,452     2,247  
    ATM expenses   212     201     841     803  
    Printing, postage, and supplies   97     118     510     437  
    Telecommunication expenses   73     109     313     376  
    Other   1,096     940     4,053     3,466  
    Total non-interest expense   9,892     9,383     36,425     33,420  
    INCOME BEFORE INCOME TAXES   2,703     3,024     12,139     13,348  
    Federal income tax provision   53     587     1,737     2,443  
    NET INCOME $ 2,650   $ 2,437   $ 10,402   $ 10,905  
                             
    Basic Earnings Per Common Share $ 0.57   $ 0.54   $ 2.28   $ 2.40  
    Diluted Earnings Per Common Share   0.57     0.54     2.28     2.40  
    Dividends Declared Per Common Share   0.15     0.14     0.60     0.56  

    The MIL Network –