Banking – Page 345 – NewzIntel.com

MIL-OSI USA: Kennedy in the New York Post: Congress must defend freedom of dissent after Biden’s outrageous “debank” scandal

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today penned this op-ed in the New York Post arguing that Congress must stop federal regulators from pressuring banks to remove the accounts of their political adversaries.

Key excerpts of the op-ed are below:

“It’s not a crime to dissent from the woke agenda, but that didn’t stop the Biden administration’s financial regulators from treating people who disagree with it like terrorists.

“For the past four years, the federal government has placed major banks under immense pressure to close accounts owned by conservative individuals and businesses with little notice or transparency.

“This practice—known as debanking—used to be reserved for crime organizations and money launderers.

“Under President Biden, though, debanking became one of the federal government’s most effective censorship tools.

“Without a bank account, Americans cannot receive direct deposits, pay many bills or securely transfer money.

“In an increasingly cashless world, debanking doesn’t just shut a person out of his bank account—it shuts him out of society.

“On Wednesday, the Senate Banking Committee is holding a hearing so Congress can begin to understand how widespread this abusive practice has become.”

. . .

“Fair-minded Americans know the federal government should not be enticing major banks to treat law-abiding citizens like terrorists.

“That’s why I’ve introduced the No Red and Blue Banks Act, which would prohibit the federal government from contracting with banks that refuse to do business with companies solely because of political differences.”

. . .

“In America, you can believe what you want.

“Congress must protect all law-abiding citizens from religious and political discrimination, including their ability to bank.”

Read Kennedy’s full op-ed here.

The full text of the No Red and Blue Banks Act is available here.

MIL OSI USA News –

February 5, 2025

MIL-OSI USA: Grassley, Colleagues Reintroduce Bill to Keep AM Radio in New Vehicles

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Sen. Chuck Grassley (R-Iowa) joined Senate Commerce Committee Chairman Ted Cruz (R-Texas) and Sen. Edward J. Markey (D-Mass.) to reintroduce the bipartisan AM Radio for Every Vehicle Act. The legislation would direct the National Highway Traffic Safety Administration (NHTSA) to require automakers to maintain AM broadcast radio in their new vehicles at no additional charge.

“AM radio is the backbone of our emergency alert system, especially for tens of millions of Americans in rural areas. It’s been a part of our daily commutes and road trips for decades. Iowans rely on AM radio to catch up on local news, weather and commodity and livestock markets, as well as to hear competing viewpoints about the important issues of the day. The AM Radio for Every Vehicle Act will protect this critical resource, and I urge my colleagues to support this legislation,” Grassley said.

“During weather disasters or power outages, AM radio is consistently the most reliable form of communication and is critical to keep millions of Texans safe. AM radio has long been a haven for people to express differing viewpoints, allowing free speech and our robust democratic process to flourish for decades. I am honored to once again partner with Sen. Markey on this bipartisan legislation on behalf of our constituents who depend on AM radio and public airwaves for access to news, music, talk, and emergency alerts,” Cruz said.

“As we witness more tragic climate change-induced disasters like the wildfires in Los Angeles, broadcast AM radio continues to be a critical tool for communication. AM radio is a lifeline for people across the country for news, sports, and especially emergency information,” Markey said. “Tens of millions of listeners across the country have made clear that they want AM radio to remain in their vehicles. Our AM Radio for Every Vehicle Act heeds their words and ensures that this essential tool doesn’t get lost on the dial.”

Additional cosponsors are Sens. Tammy Baldwin (D-Wis.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Richard Blumenthal (D-Conn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Maria Cantwell (D-Wash.), Shelley Moore Capito (R-W.V.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Josh Hawley (R-Mo.), Maggie Hassan (D-N.H.), Mazie Hirono (D-Hawaii), Jim Justice (R-W.V.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), James Lankford (R-Okla.), Ben Ray Luján (D-N.M.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Jeff Merkley (D-Ore.), Jerry Moran (R-Kan.), Chris Murphy (D-Conn.), Jack Reed (D-R.I.), Pete Ricketts (R-Neb.), Bernie Sanders (I-Vt.), Rick Scott (R-Fla.), Jeanne Shaheen (D-N.H.), Tim Sheehy (R-Mont.), Tina Smith (D-Minn.), Dan Sullivan (R-Alaska), Ron Wyden (D-Ore.), Todd Young (R-Ind.), John Barrasso (R-Wy.), Jim Banks (R-Ind.), and John Hoeven (R-N.D.).

Read the bill text HERE.

Background:

Grassley and his colleagues previously introduced the AM Radio for Every Vehicle Act during the 118^th Congress. The legislation passed the Senate Commerce Committee in July 2023 and the House Energy and Commerce Committee in September 2024.

-30-

MIL OSI USA News –

February 5, 2025

MIL-OSI: Midland States Bancorp, Inc. Announces Common Stock and Preferred Stock Dividends

Source: GlobeNewswire (MIL-OSI)

EFFINGHAM, Ill., Feb. 04, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on February 21, 2025 to all shareholders of record as of the close of business on February 14, 2025.

The Board of Directors also declared a cash dividend of $0.4844 per depository share on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable on March 31, 2025 to stockholders of record as of March 17, 2025.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2024, the Company had total assets of approximately $7.53 billion, and its Wealth Management Group had assets under administration of approximately $4.15 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

CONTACTS:
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

The MIL Network –

February 5, 2025

MIL-OSI: UK’s Aldermore Bank selects Temenos to launch new small business savings notice accounts

Source: GlobeNewswire (MIL-OSI)

GRAND-LANCY, Switzerland, Feb. 04, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that UK-based Aldermore Bank (Aldermore) has selected Temenos SaaS to modernize its existing savings operations starting with quickly launching new savings notice accounts for small businesses.

The bank will adopt Temenos Business & Corporate Enterprise Service to achieve a fast time to market and scale efficiently as it seeks to grow customer deposits and unlock new sources of revenue. Using Temenos’ end-to-end service for business and corporate banking, Aldermore will leverage pre-configured, proven capabilities across core and digital banking, to enable rapid deployment of its new products.

Following the launch of these, Aldermore will also migrate its existing business savings accounts to Temenos, consolidating multiple legacy systems on a single, cloud-based solution with the highest security standards. This will enable the bank to increase efficiency and deliver exceptional experiences in line with its customer-centric business model.

Part of First Rand Group, the largest financial services group in Africa, Aldermore is a multi-specialist lending and savings provider with total assets of £20.5bn. The bank is focused on helping groups underserved by mainstream providers, particularly SMEs, homeowners, landlords and intermediaries.

With Temenos Business & Corporate Enterprise Service, Aldermore will benefit from high levels of automation to easily configure banking services that meet the specific needs of its client base. Leveraging, pre-packaged capabilities tailored to the UK market, as well as pre-defined user journeys and proven processes, Aldermore will be able to quickly move these into production and scale according to customer demand on a proven, modern solution.

Alex Myers, Commercial Director for savings at Aldermore Bank, said: “This strategic technology investment will help us to rapidly expand our offering, providing more customer-centric solutions and exceptional experiences for the underserved small business market. With Temenos SaaS, we can launch new products in record time, with the agility to adapt to the changing needs of our customers.”

Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: “We’re delighted Aldermore has chosen Temenos SaaS to help drive its expansion of business savings. Aldermore prioritized both advanced technology and robust functionality, and Temenos was the only provider that met both needs. With pre-configured, proven capabilities tailored to the UK market and the small business sector, Temenos will help the bank to deliver a much faster time to market and increased efficiency as it looks to drive future growth.”

Temenos is the global market leader in banking software, ranked #1 by IBS Intelligence in eight categories, including core, digital and Islamic banking, in the latest IBS Intelligence Sales League Table. Temenos was also named a Leader in the The Forrester Wave™: Digital Banking Processing Platforms, Q4 2024.

About Aldermore Bank
Aldermore backs more people to go for it, in life and business. We get finance to people who want to get on in life; building businesses, buying property and purchasing vehicles. And we champion equality by supporting those that the big traditional banks can’t or won’t help.

The Group consists of two operating companies, Aldermore Bank plc and MotoNovo Finance Limited. Aldermore Bank provides finance to business owners, homeowners and landlords, and supports savers. It operates online, by phone and through networks. MotoNovo Finance helps people buy their next car, van or motorcycle.

Aldermore Group is part of FirstRand Group, the largest financial services group in Africa by market capitalisation.

About Temenos
Temenos (SIX: TEMN) is the world’s leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average.

For more information, please visit www.temenos.com.

Media Contacts

Scott Rowe & Michael Anderson Temenos Global Public Relations Tel: +44 20 7423 3857 Email: press@temenos.com	Gabriel Goonetillake Temenos Team at Edelman Smithfield Tel: +44 7813 407710 Email: Temenos@EdelmanSmithfield.com

The MIL Network –

February 5, 2025

MIL-OSI United Nations: World News in Brief: ‘Ruthless assault on human life’ in Sudan, Gaza ceasefire must hold says relief chief, World Cancer Day

Source: United Nations 4

4 February 2025 Peace and Security

The UN Humanitarian Coordinator in Sudan has again urged warring parties to stop targeting civilians.

Clementine Nkweta-Salami issued a statement on Tuesday lamenting the “relentless” intensifying shelling, air and drone strikes against civilians in the Darfur and Kordofan regions, and other conflict-affected areas.

The Sudanese Armed Forces (SAF) and military rivals the Rapid Support Forces (RSF) have been locked in a battle for power since April 2023, causing widespread death, destruction and displacement.

Indiscriminate attacks ‘deeply alarming’

“Reports of continued indiscriminate attacks on homes, markets and displacement camps are deeply alarming,” said Ms. Nkweta-Salami. “This is not warfare – this is a ruthless assault on human life.”

Furthermore, “the use of starvation as a weapon of war against innocent people in Al Fasher, North Darfur, is appalling.”

She stressed that the laws of war are clear, noting that all sides to the conflict have a legal and moral obligation to protect civilians and civilian infrastructure.

“The world cannot look away as civilians are caught in the crossfire, bearing the brunt of a war that continues to disregard the most fundamental rules of armed conflict and international humanitarian law,” she said.

The senior official once again called on all sides to respect international humanitarian law, stop targeting civilians and civilian infrastructure, and allow immediate, unimpeded humanitarian access to those in need.

“This war must not continue to be fought at the expense of the lives of innocent Sudanese children, women and men,” she said.

Gaza ceasefire must hold, UN relief chief notes during visit to Israel and OPT

The UN’s top aid official continues his week-long visit to Israel and the Occupied Palestinian Territory focused on engaging with authorities, aid partners and those on the frontlines of the humanitarian response.

Emergency Relief Coordinator Tom Fletcher was in Nir Oz in southern Israel on Tuesday, where a quarter of all residents were killed or taken hostage in the Hamas-led attack on 7 October 2023.

In a social media post, he stressed that the ceasefire must hold, that all civilians must be protected, and that all hostages must be freed.

Aid to Gaza

Mr. Fletcher also held several meetings with Israeli officials, both on Tuesday and on Monday night.

They discussed ways to sustain the surge of humanitarian support to Gaza, as well as the ongoing challenges in the West Bank, where violence has risen.

The UN and humanitarian partners estimate more than 565,000 people have crossed from the south of Gaza to the north since 27 January, while more than 45,000 people have been observed making the journey from the north to the south.

Mr. Fletcher arrived in the region on Monday and met Palestinian Prime Minister Mohammad Mustafa, in addition to holding separate talks with the president of the Palestine Red Cresent Society.

Regular mammograms can help find breast cancer at an early stage.

WHO honours people affected by cancer on World Day against the disease

This Tuesday, 4 February, is World Cancer Day and UN health agency WHO is honouring the courage of people affected by the disease and celebrating scientific progress to treat it.

“Every minute, 40 people are diagnosed with cancer globally, and embark on a journey to overcome it,” WHO chief Tedros Adhanom Ghebreyesus noted in a post on the social media platform X.

He said that “around the world, WHO is working with partners to create global coalitions, catalyze local action and amplify the voices of people affected by cancer.”

Its efforts to improve the lives of millions include providing medicines for paediatric cancers as well as a global campaign aimed at eliminating cervical cancer.

Tedros also used the commemoration of World Cancer Day to affirm WHO’s commitment to health for all.

MIL OSI United Nations News –

February 5, 2025

MIL-OSI New Zealand: Op-Ed – Everyone has a plan until they get punched in the face – OPED Conor English

Opinion – by Conor English

5 February 2025 – Everyone has a plan until they get punched in the face – Boxer Mike Tyson famously said, “Everyone has a plan until they get punched in the face”. He was simply pointing out in his own unique direct way, that sometimes things don’t go the way you think. There can be unintended consequences. Your opponent can counter punch, so a “plan b” can be useful!

The new USA government has a plan to use tariffs as a way of incentivising other countries to do things that are helpful to the USA. Things like curtail immigrants or drugs travelling over the border, or to shift their manufacturing jobs to America. The President has described the word “tariffs” as “the most beautiful word in the dictionary” so its clear he likes the idea of using tariffs. It does have some logic. Maybe this plan will work?

So, using emergency powers that enable quick action, rather than long winded trade negotiation processes, this plan is being implemented this week. First up, 10% tariff on goods from China, and energy products from Canada. Tariffs will be set at 25% for most other goods from Canada and Mexico. If these countries change their drug, migration and manufacturing policies, the USA will look to review the tariff levels. That’s the new deal.

New Zealand had its own tariffs for many years as was fashionable. But now we seek fair trade, with no tariffs or quotas, or other non-tariff trade barriers in our trading relationships. It matters to us as a small trading country at the bottom of the world. Multilateral co-operation and enforcement frameworks such as the World Trade Organisation are vital.

America, like many countries, has a long history of using tariffs. An excellent example of how things can end up like a punch in the face, as Mike Tyson would put it, is the passing of what was known as the “Smoot Hawley” Tariff Act on June 17, 1930. This raised tariffs on over 20,000 imported goods, despite a petition signed by 1,028 economists asking President Hoover to veto the legislation. He didn’t. The theory was it would save jobs in America and protect local producers from international competition following the “Black Thursday” share market crash on October 24, 1929.

But it didn’t make things better, it made things worse.

Americas trading partners punched back. They didn’t do nothing. They retaliated, just as Canada and Mexico now have. The world economy and geopolitics has evolved significantly since the great depression and what happened then may not happen now. However, history can perhaps provide some small insight as to how this might play out.

Wikipedia tells us that after the Smoot- Hawley passed – yes – USA imports did decrease by 66% from $4.4 billion in 1929, to $1.5 billion in 1933. So that must be good for domestic jobs and industries? Well no, because other countries punched back with their own tariffs, as well as sourcing their own imports from other countries rather than America.

As a result, USA exports also decreased 61% from $5.4 billion to $2.1 billion. GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931, bottoming out at $55.6 billion in 1933, a drop of around 50% over four years.

So rather than create jobs, jobs were lost, and plenty of them. Unemployment was at 8% in 1930 when the Smoot–Hawley Tariff Act was passed, but the new law failed to lower it. The unemployment rate jumped to 16% in 1931, and 25% in 1932–33. The factories that produced those export goods couldn’t sell their products, so staff lost their jobs.

Unemployment didn’t fall below early 1930s levels until the massive economic stimulus of World War 2.

As with any economy, there is always more than just one thing happening, but at that time, that is what happened in the USA. So how does this current fast changing situation effect New Zealand?

Unlike 100 years ago, we get impacted very quickly by the transmission of changes in our exchange rate, interest rates, commodity prices, share markets and trade flows. This then flows through our economy.

For example, if inflation goes up in America because of the new tariffs, international interest rates may go up, thus reducing the speed of any reductions on our mortgage rates. Dairy commodity prices might rise, but so too might international oil prices, pushing up our fuel prices and inflation. Our dollar may fall, making it cheaper for tourists to visit, but the cost of servicing our increasing national debt more expensive. Chinese built EVs may be more available and cheaper here as cars are diverted from the USA market.

There will be all sorts of positive and negative impacts, unintended consequences and unforeseen outcomes. It could be overall positive or overall negative for both America and New Zealand, but we just don’t know. We do know though that it creates more uncertainty, and that’s not helpful to anyone.

So will it be a punch in the face, as Mike Tyson suggests, or a pat on the back? Either way, we need to be fleet of foot and have a “Plan B”.

Conor English is a Director of Silvereye – a Wellington based Government relations firm, a former exporter, CEO of Federated Farmers, and Independent Advisor to the Reserve Bank of New Zealand.

MIL OSI New Zealand News –

February 5, 2025

MIL-OSI: EB5 Capital Secures $100 Million Credit Facility

Source: GlobeNewswire (MIL-OSI)

WASHINGTON, Feb. 04, 2025 (GLOBE NEWSWIRE) — EB5 Capital, a leading Regional Center operator in the EB-5 industry, announced today that it has secured a $100 million credit facility with EagleBank (NASDAQ: EGBN), one of the largest community banks in the Washington, DC area. This new credit facility, which doubles the firm’s previous $50 million credit line with EagleBank, will significantly enhance EB5 Capital’s ability to remove syndication risk for its sponsors and provide the necessary capital to support future growth.

“This credit facility marks a monumental step forward for EB5 Capital,” said Daniel Shiff, Chief Investment Officer & Managing Partner at EB5 Capital. “It represents our vision of building a company that not only provides valuable investment opportunities but also structures deals in ways that benefit our investors and partners.”

The expanded credit facility strengthens EB5 Capital’s ability to confidently support its sponsors, ensuring access to the necessary funds to close deals and continue the momentum of its portfolio, which now includes over 40 U.S.-based commercial real estate projects. This increased capacity will provide EB5 Capital with greater flexibility in deal structuring, enabling the company to continue attracting high-quality investors and advancing transformative real estate developments that generate jobs and drive economic growth nationwide.

“When we started with just a handful of people over 15 years ago, we could not have imagined the journey we would be on,” said Joseph Tilley, Chief Financial Officer at EB5 Capital. “To now qualify for a $100 million credit line from a leading bank like EagleBank is truly remarkable. It speaks volumes about the strength of our team and our continued growth as a company.”

“EagleBank is proud to support our partners at EB5 Capital in their mission to drive job creation,” stated Evelyn Lee, EVP, Chief Lending Officer C&I at EagleBank. “We look forward to continuing to build our organization into the best community bank for commercial businesses.”

EB5 Capital’s prior $50 million credit facility played a pivotal role in the successful execution of recent investments, and the company is poised to capture even more opportunities with this expanded credit line.

About EB5 Capital

EB5 Capital provides qualified foreign investors with opportunities to invest in job-creating commercial real estate projects under the United States Immigrant Investor Program (EB-5 Visa Program). Headquartered in Washington, DC, EB5 Capital’s distinguished track record and leadership in the industry has attracted investors from over 75 countries. As one of the oldest and most active Regional Center operators in the country, the firm has raised over $1 billion of foreign capital across approximately 40 EB-5 projects. 100% of our investors’ funds are protected by the Federal Deposit Insurance Corporation (FDIC) insurance prior to their deployment into our projects. Please visit www.eb5capital.com for more information.

About Eagle Bancorp, Inc. and EagleBank

Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 12 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.

Contact:
Katherine Willis
Director, Marketing & Communications
media@eb5capital.com

The MIL Network –

February 5, 2025

MIL-OSI USA: Cotton Reintroduces Legislation to Eliminate Federal Use of the Term “West Bank”

US Senate News:

Source: United States Senator for Arkansas Tom Cotton

FOR IMMEDIATE RELEASE
Contact: Caroline Tabler or Patrick McCann (202) 224-2353
February 4, 2025

Cotton Reintroduces Legislation to Eliminate Federal Use of the Term “West Bank”

Washington, D.C. — Senator Tom Cotton (R-Arkansas) today introduced the Retiring the Egregious Confusion Over the Genuine Name of Israel’s Zone of Influence by Necessitating Government-use of Judea and Samaria (RECOGNIZING Judea and Samaria) Act, legislation to require all official U.S. documents and materials to use the historically accurate term “Judea and Samaria” instead of the “West Bank”. This bill would require the use of historically accurate terminology and align U.S. policy language with the geographical and cultural significance of the region. This legislation was introduced in the House by Congresswoman Claudia Tenney (R-New York).

“The Jewish people’s legal and historic rights to Judea and Samaria goes back thousands of years. The U.S. should stop using the politically charged term West Bank to refer to the biblical heartland of Israel,” said Senator Cotton.

“The Israeli people have an undeniable and indisputable historical and legal claim over Judea and Samaria,” said Congresswoman Tenney. “By introducing the RECOGNIZING Judea and Samaria Act and creating the Friends of Judea and Samaria Caucus, we are working to reaffirm Israel’s rightful claim to its territory. I am dedicated to working with President Trump, Secretary of State Rubio, and Ambassador Huckabee to support communities in the region while opposing the establishment of a hostile state that promotes terrorism in Judea and Samaria. I remain committed to defending the integrity of the Jewish state and fully supporting Israel’s sovereignty over Judea and Samaria.

Text of the legislation may be found here.

Background:

In 1995, the Clinton administration changed longstanding U.S. policy and required “Made in West Bank” country-of-origin (COO) labels for Israeli goods produced in Judea and Samaria, even though the U.S. government treats these products as “articles of Israel” for trade purposes.
In 2016, the Obama administration republished these labeling guidelines as part of a broader effort to oppose the Israeli government.
The bill pushes back on attempts to undermine Israel’s sovereign territory.

MIL OSI USA News –

February 5, 2025

MIL-OSI Canada: Remarks by Tiff Macklem, Governor of the Bank of Canada

Source: Bank of Canada

OTTAWA – On Thursday, February 6, 2025, Tiff Macklem, Governor of the Bank of Canada, will speak to the BIS Chapultepec Conference.

Topic: Future challenges for monetary policy in the Americas
Time: 17:00 (Eastern Time)
Place: The speech will be delivered by videoconference.
Lock-Up: There will be no media lock-up for this event.
Distribution: The Governor’s remarks will be published on the Bank’s website at 17:00 (Eastern Time).
Media Availability: There will be no media availability for this event.
Audience Q&A: There will be no audience Q&A period.
Webcast: A webcast of the event will be available on the BIS Website
Note: For more information, please contact Media Relations.

MIL OSI Canada News –

February 5, 2025

MIL-OSI Asia-Pac: Ms Sumita Dawra, Secretary, Labour & Employment chairs a Roundtable on Enhancing Social Security Coverage and Care Support for Women in the Unorganized Sector, in New Delhi

Source: Government of India (2)

Ms Sumita Dawra, Secretary, Labour & Employment chairs a Roundtable on Enhancing Social Security Coverage and Care Support for Women in the Unorganized Sector, in New Delhi

Achieving the Goal of a Viksit Bharat through Women-led Economic Growth.

Increasing Access to High Quality Care and Social Welfare Support to Women – India Emerging as a Global Leader in Bringing Focus on these Priorities

Posted On: 04 FEB 2025 8:55PM by PIB Delhi

In line with the vision for a Viksit Bharat@2047 – driven by women led development wherein 70% of women engaged in economic activities, laid out in the Union Budget 2025-26, a Roundtable Discussion on providing social security and care support to women was held today in New Delhi under the chairpersonship of Ms. Sumita Dawra, Secretary, Ministry of Labour & Employment. Organised in collaboration with UNICEF, the meeting was attended by senior officials from Ministry of Labour & Employment, Ministry of Women and Child Development, Ministry of Health & Family Welfare, and representatives from international organizations (UNICEF, UNDP, ILO, World Bank) and academia (VVGNLI, IEG).

Today’s roundtable aimed at fostering dialogue on reimagining social security coverage and care support for women in the unorganized sector, while leveraging the Social Security Code and eShram – One-Stop-Solution, facilitate knowledge exchange and develop a strategic action plan to promote female labour force participation in the country.

Global best practices on successful outcomes of family friendly policies to increase opportunities and decrease pressure on women, taking a systems approach and building synergies, flexible working arrangements, addressing gender gaps and biases in existing social protection schemes, policies and programmes, were showcased. Integration of benefits offered by different Central and State Government departments was also highlighted as an important way forward. The contribution of eShram in facilitating the integration of various social welfare schemes and programmes, along with various other portals like the National Career Service portal, which facilitates job demand and supply matching and SIDH for skill development programmes, are ensuring seamless delivery through a one-stop-solution, and supporting employment generation and skill development. Evidence from global best practices showcased during the meeting suggests that such integrated efforts yield high impact.

Ms. Sumita Dawra, Secretary, Ministry of Labour and Employment during her special address highlighted that the Aadhar-seed Unique Account Number given to workers registered on eShram enables track and trace of the saturation of social welfare schemes among the beneficiaries. She urged international organizations working at State level to become partners in achieving comprehensive last mile delivery through eShram. Alluding to the Union Budget 2025-26, she emphasized that its thematic priorities focus on promoting employment led-growth across MSMEs, manufacturing sector and labour intensive sectors like footwear, leather and toy industry. She mentioned that today’s discussion will be focused on developing a strategy to promote employment generation and greater participation of women in labour force, in line with the big push given to sectoral growth in the Union Budget.

*****

Himanshu Pathak

(Release ID: 2099876) Visitor Counter : 48

MIL OSI Asia Pacific News –

February 5, 2025

MIL-OSI USA: Governor Newsom announces new food benefits available for people in Los Angeles impacted by recent fires

Source: US State of California 2

Feb 4, 2025

What you need to know: People impacted by the recent fires in Los Angeles may be eligible for new food benefits. A family of four with a monthly income up to $3,529 per month may be eligible to receive $975.

Los Angeles, California – As part of California’s ongoing wildfire response and recovery efforts, Governor Gavin Newsom today announced that individuals and families directly impacted by the recent fires in Los Angeles County – living in the zip codes listed below – may be eligible to receive Disaster CalFresh food benefits.

A family of four with a monthly income up to $3,529 per month may be eligible to receive a one-time $975 food benefit through this program, which is available to those who lived or worked in a fire-impacted area within Los Angeles County on January 7, 2025.

“California’s response and recovery efforts will continue to be guided by the needs of people throughout the impacted region. My administration is focused on serving the individuals and families who need our help the most, which means creating new and expanded benefit programs. Starting February 10th, I encourage eligible people to apply for D-CalFresh benefits, which will allow more families to put more food on the table.”

Governor Gavin Newsom

“No family should have to worry about how they’re going to put food on the table, especially during a crisis. D-CalFresh food benefits will help ensure that those most in need have access to critical assistance. Angelenos, please apply and know that we will continue to stand with you—no family should have to navigate this hardship alone.”

First Partner Jennifer Siebel Newsom

California Health and Human Services Agency (CalHHS) Secretary Kim Johnson: “The California Health & Human Services Agency and its departments, in partnership with our federal, local, and other state partners, are committed to helping people impacted by these historic wildfires.”

Who can apply?

Individuals and families who lived or worked in a fire impacted area within Los Angeles County on January 7, 2025 may be eligible for Disaster CalFresh food benefits. Wildfire impacted areas include the following ZIP codes:

Eaton: 91104, 91206, 91103, 91016, 91010, 91001, 91214, 91101, 91107, 91006, 91208, 91020, 91105, 91011, 91024, 91008, 91007, 91042, and 91106 (total = 19)
Hughes: 91334, 91350, 91355, 91384, 91390, 93015, 93040, 93225, 93243, 93532, 93536, and 00018 (total = 12)
Hurst: 91342, 91344, 91321, 91326, 91381, and 91311 (total = 6)
Palisades: 90049, 91302, 91301, 90290, 90272, 90265, 90402, 90073, 90077, 90095, 90401, 90403, 90404, 91316, 91356, 91367, 91403, 91436, and 91340 (total = 19)
Other (qualifying power outages): 91750, 93510 (total = 2)

Additionally, at least one person in the household must not already be receiving regular CalFresh food benefits and must have experienced at least one of the following as a direct result of the severe wildfires:

Money was spent because of the wildfires or related power outage,
Money was lost from work because of the wildfires,
Money was spent because of damage to a home or business, or
Food loss alone.

Individuals already participating in CalFresh and living in these zip codes do not need to apply for Disaster CalFresh benefits, but may be eligible to receive supplemental benefits, which bring the household up to the maximum benefit amount based on their household size.

How to apply

Households may only apply for Disaster CalFresh between February 10-14, 2025 and February 18-19, 2025 by calling 866-488-8482 (M-F, 8:00 a.m. to 5:00 p.m.) or visiting a Los Angeles DPSS office to apply in person. In most cases, benefits will be available within three days of the date of a qualifying interview.

Benefits will be provided via an Electronic Benefits Transfer (EBT) card, which is like a debit card that can be used to purchase food items at grocery stores and other authorized retailers. If applicants are approved, the county will tell them when and where to pick up their EBT card.

Other food supports for survivors

California has also secured waivers to support people receiving CalFresh food benefits in the impacted region. People receiving CalFresh can use their benefits to purchase hot foods in Los Angeles and surrounding counties, as impacted individuals and families may not have access to food storage and/or cooking facilities. This waiver will be in effect through February 8, 2025.

Also, people receiving CalFresh who lost food due to the fires that was purchased with their benefits have an extended period of time to request replacement benefits. This waiver will be in effect through February 5, 2025. CalFresh recipients may contact the Los Angeles DPSS at (866) 613-3777 (M-F, 7:30 a.m. to 6:30 p.m.) to request replacement benefits.

California also released $1 million in emergency reserve funding that is providing emergency food boxes and potable water to people in need, in partnership with the Los Angeles Regional Food Bank. People can find a list of food distributions in their area here.

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News What you need to know: Governor Gavin Newsom today issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help LA fire survivors rebuild, access essential services, and recover more quickly. LOS…

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MIL OSI USA News –

February 5, 2025

MIL-OSI Asia-Pac: PROJECTS UNDER AGRICULTURE INFRASTRUCTURE FUND

Source: Government of India (2)

Posted On: 04 FEB 2025 6:55PM by PIB Delhi

With an objective to address the existing gaps in post-harvest management infrastructure in the country, the flagship scheme of Agriculture Infrastructure Fund (AIF) was launched in 2020-21 to strengthen the infrastructure in the country through creation of farm gate storage and logistics infrastructure to enable farmers to store and preserve their farm produce properly and sell them in the market at better price with reduced post-harvest losses and lesser number of intermediaries. Improved post-harvest management infrastructure like warehouses, Cold stores, sorting and grading units, ripening chambers etc will allow farmers to sell directly to a larger base of consumers and hence, increase value realization for the farmers. This will improve the overall income of farmers. As on 26.01.2025, Rs. 56334 Crores have been sanctioned for 92393 projects under AIF, out of this total sanctioned amount, ₹41996 crores are covered under scheme benefits. These sanctioned projects have mobilized an investment of Rs.91856 crores in agriculture sector.

In state of Andhra Pradesh, ₹2819 cr (Including Rs. 924 in principle sanctions for PACS by NABARD) have been sanctioned for 2686 projects under AIF. The total project cost for these sanctioned projects is ₹4124 crore. The district- wise details of projects identified and approved for providing support under Agriculture Infrastructure Fund (AIF) in the State of Andhra Pradesh is given in Annexure.

As per the MoU signed by The Department with the Banks and other lending institutions, Interest rate on AIF loans should not exceed the cap fixed at 9% per annum. Again, all loans under this financing facility will have interest subvention of 3% per annum up to a limit of ₹ 2 crore. This subvention will be available for a maximum period of 7 years. In case of loans beyond ₹ 2 crore, then interest subvention will be limited up to ₹ 2 crore.

As on 26.01.2025, Rs. 56334 Crores have been sanctioned to applicants for 92393 projects under AIF which leaves an amount of Rs 43,666 crore remain to be sanctioned by the lending institutions by 2025-26.

To achieve the ambitious target of ₹1 lakh crore within the deadline, a series of strategic initiatives have been undertaken. The Union Cabinet has approved the progressive expansion of the Agriculture Infrastructure Fund (AIF). Key measures include allowing viable community farming assets for all eligible beneficiaries, including secondary processing projects integrated with primary processing in eligible activities, and converging AIF with PM-KUSUM Component-A. Additionally, NABSanrakshan is also included in scheme to extend credit guarantee support to FPOs. The recently concluded annual Bankers’ Conclave on 23.01.2025 at NABARD, Mumbai brought together top executives from banks and financial institutions to strengthen commitment and accelerate approvals. Additionally, multiple state-level conclaves are being planned over the coming months to engage regional stakeholders, address challenges, and enhance outreach. Regular interaction with AIF Nodal Officers of banks and state governments is being conducted to boost awareness, streamline processes, and promote the AIF initiative effectively. These efforts aim to create momentum, ensure timely sanctions, and drive funding toward the ₹1 lakh crore target.

Annexure

The district- wise details of projects identified and approved for providing support under Agriculture Infrastructure Fund (AIF) in the State of Andhra Pradesh

(Amount in Rs Crore)

SN	District	Sanctioned No.	Sanctioned Amt.
1	East Godavari	258	228
2	Guntur	116	195
3	Krishna	199	143
4	Palnadu	101	127
5	West Godavari	284	109
6	Sri Potti Sriramulu Nellore	111	95
7	Eluru	116	94
8	Ananthapuramu	114	85
9	Nandyal	160	83
10	Kakinada	101	75
11	Vizianagaram	186	72
12	Srikakulam	187	72
13	Bapatla	89	71
14	Kurnool	90	66
15	Tirupati	42	58
16	Dr. B.R. Ambedkar Konaseema	127	55
17	Ntr	48	50
18	Prakasam	69	48
19	Chittoor	31	44
20	Y.S.R.	58	35
21	Parvathipuram Manyam	64	29
22	Sri Sathya Sai	54	23
23	Anakapalli	42	17
24	Visakhapatnam	24	15
25	Alluri Sitharama Raju	9	6
26	Annamayya	6	2
	Grand Total	2686	1895#

*Information is based on the applications received on AIF portal.

# Excluding the Rs. 924 Crore in principle sanctions for PACS by NABARD

This information was given by Minister of State for Agriculture and Farmers Welfare, Shri Ramnath Thakur in a written reply in Lok Sabha today.

******

MG/KSR

(Release ID: 2099753) Visitor Counter : 50

MIL OSI Asia Pacific News –

February 5, 2025

MIL-OSI Asia-Pac: Transforming Agricultural Finance

Source: Government of India

Transforming Agricultural Finance

Enhancing KCC limit to ₹5 lakh

Posted On: 04 FEB 2025 5:33PM by PIB Delhi

Agriculture and Allied Activities sector in India

The ‘Agriculture and Allied Activities’ sector has long been the backbone of the Indian economy, playing a vital role in national income and employment. With nearly 46.1 per cent of the population engaged in agriculture and allied activities, ensuring financial security and accessible credit for farmers remains a top priority for the government. Recognizing this, the Union Budget 2025-26 introduces key measures to strengthen agricultural financing, particularly through the Kisan Credit Card (KCC) scheme.

The KCC scheme has been instrumental in fulfilling farmer’s financial needs. With a significant increase in the loan limit under the Modified Interest Subvention Scheme from ₹3 lakh to ₹5 lakh; this year’s budget underscores the government’s commitment to empowering farmers and boosting agricultural productivity.

This article presents a comprehensive understanding of the KCC scheme and how it transforms agricultural credit accessibility in India.

What is Kisan Credit Card Scheme

Safeguarding and ensuring hassle-free credit availability at a cheaper rate to farmers has been the top priority of the government. Accordingly, the Kisan Credit Card Scheme (KCC) was introduced for farmers to provide farmers with easy access to affordable credit for their agricultural needs so as to meet short term /long term cultivation requirements, postharvest expenses, consumption requirement etc.

How does KCC help Farmers?

The Kisan Credit Card (KCC) scheme is designed to provide farmers with adequate and timely credit to meet their diverse financial needs. It helps farmers access institutional credit easily, ensuring their financial stability and agricultural productivity. The scheme offers support for:

Cultivation and post-harvest activities: Ensuring funds are available for cultivation and post-harvest costs.
Marketing loans: Helping farmers bridge financial gaps until they sell their produce at competitive market rates.
Household consumption needs: Offering financial support to meet essential household expenses, preventing dependency on informal lending sources.
Working capital for farm assets: Assisting in the maintenance of essential farming equipment and infrastructure.
Investment credit for allied activities: Expanding financial access to animal husbandry, dairying, fisheries, and other agricultural extensions.

Recognizing the importance of allied sectors, the KCC scheme was expanded in 2019 to include animal husbandry, dairying, and fisheries. Banks can provide collateral-free loans up to ₹1.60 lakh, ensuring financial security and fostering growth in these allied fields.

Understanding Short Term Loans

The Modified Interest Subvention Scheme (MISS) offers concessional Short-term Agri-loans to farmers for crop and allied activities, providing a 7% interest rate on loans up to ₹3.00 lakh, with an additional 3% subvention for timely repayment, reducing the effective rate to 4%. MISS also includes post-harvest loans against NWRs for small farmers with KCCs.

Ensuring Transparency

The Kisan Rin Portal (KRP) launched in September 2023 addresses key challenges in the MISS-KCC scheme. Previously, banks had to submit claims for Interest Subvention (IS) and Prompt Repayment Incentive (PRI) manually to the Reserve Bank of India (RBI) and NABARD, leading to significant delays and inefficiencies. The Kisan Rin Portal digitizes this process, ensuring farmers and lending institutions benefit from quicker, seamless transactions, improving access to credit for agricultural needs.

Empowering Farmers with Seamless Access to Credit
Benefiting Financial Institutions: Banks and Cooperatives
Reaching the Grassroots: Training and Support

By 31 December 2024, it had processed claims worth ₹108336.78 crore including Interest Subvention (IS) and PRI. About 5.9 crore farmers that are currently getting benefitted under the MISS-KCC scheme, have been mapped through KRP.

Achievements of Agriculture sector

As of March 2024, the country has 7.75 crore operational KCC accounts with a loan outstanding of ₹9.81 lakh crore.

1.24 lakh KCC and 44.40 lakh KCC were issued to fisheries and animal husbandry activities, respectively.
In the last 10 years, Rs 1.44 lakh Crore of Interest Subsidy has been released on Kisan Credit Card loans. It has risen nearly 2.4 times, from ₹6,000 Crore in 2014-15 to ₹14,252 crore in 2023-24.

Institutional credit flow to agriculture has risen nearly three times since 2014-15, rising from ₹ 8.5 lakh Crore to ₹ 25.48 lakh Crore in 2023-24. Short-term agriculture credit has more than doubled, increasing from ₹ 6.4 lakh Crore in 2014-15 to ₹ 15.07 lakh Crore in 2023-24.

The proportion of Small and Marginal Farmers accessing agriculture loans grew from 57% in 2014-15 to 76% in 2023-24.

Conclusion

The Kisan Credit Card scheme has been instrumental in transforming agricultural credit accessibility, ensuring that farmers receive timely and affordable financial assistance. By increasing financial support under the Union Budget 2025-26, the government is reinforcing its commitment to empowering farmers. These initiatives not only promote agricultural growth but also enhance rural livelihoods, paving the way for a resilient and self-sufficient farming community in India.

References

Annual Report 2023-24 https://www.agriwelfare.gov.in/en/Annual

https://fasalrin.gov.in/

https://pib.gov.in/PressReleasePage.aspx?PRID=2098424#:~:text=The%20budget%20for%20Department%20of,government’s%20commitment%20to%20agricultural%20development.

Economic Survey of India: https://www.indiabudget.gov.in/economicsurvey/index.php

https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/dec/doc20241219474501.pdf

Transforming Agricultural Finance

***

Santosh Kumar/ Sarla Meena/ Madiha Iqbal

(Release ID: 2099696) Visitor Counter : 25

MIL OSI Asia Pacific News –

February 5, 2025

MIL-OSI Asia-Pac: NATIONAL LIVESTOCK MISSION

Source: Government of India

Posted On: 04 FEB 2025 5:22PM by PIB Delhi

Food Safety and Standards Authority of India FSSAI has specified Standards for non-bovine milk (Goat, Camel and Sheep milk) in sub-regulation 2.1.2 of Food Safety and Standards (Food products Standards and Food Additives) Regulation,2011 (https://fssai.gov.in/upload/uploadfiles/files/2_%20Chapter%202_1%20(Dairy%20products%20and%20analogues).pdf)

The Department of Animal Husbandry and Dairying, Government of India, is implementing the National Livestock Mission (NLM) since 2021.The scheme is being implemented across the country. Under the entrepreneurship component of the scheme, NLM-Entrepreneurship Development Programme (NLM-EDP), a 50% capital subsidy, up to ₹50 lakh, is provided for the establishment of poultry, sheep, goat, pig, horse, camel, and donkey breeding farms, as well as feed and fodder units. Eligible entities include individuals, Farmer Producer Organizations (FPOs), Self-Help Groups (SHGs), Joint Liability Groups (JLGs), Farmer Cooperative Organizations (FCOs), and Section 8 companies. The details of the unit sizes eligible under the NLM Entrepreneurship Development Programme (NLM-EDP) are provided in Annexure-I.

The subsidy amounts provided to individuals, FPOs, FCOs, SHGs, JLGs, and other stakeholders under this scheme at the national level, in Uttar Pradesh, and in the Sonipat District of Haryana are detailed in Annexure-II.

In Uttar Pradesh, 145 NLM-EDP projects have been approved, with a total sanctioned subsidy of ₹32.91 crore. This initiative has generated employment for 846 individuals and benefited 5,978 farmers. It is also expected to contribute to an annual fodder production capacity of 28,000 MT, supporting the induction of 30,371 livestock and 2,200 poultry birds into the system. Detailed information is provided in Annexure-III.

In Haryana, 13 NLM-EDP projects have been approved under the scheme, with a total sanctioned subsidy of ₹4.06 crore. This initiative has generated employment for 62 individuals and positively impacted 144 farmers. Additionally, the approved projects will contribute to an annual fodder production capacity of 2,400 MT and support the induction of 3,940 livestock and poultry birds into the system. Further details are provided in Annexure-IV.

The objective of the National Livestock Mission (NLM) scheme is to increase the per animal productivity, genetic improvement and availability of quality feed and fodder. Further, the breed multiplication farm which are funded under the NLM-EDP programme will provide the farmers with improved germplasm which in turn will increase the productivity. The silage plants established by the entrepreneurs would help in getting affordable fodder for the small holding livestock farmers and also encourage the local farmers to take up cultivation of fodder. Therefore, in long term, the benefit accrued under NLM-EDP programme will help in enhancing the livestock productivity.

Annexure-I

The following activities of different unit size are eligible under NLM Entrepreneurship Scheme:

Establishment of Parent Farm, Hatchery, brooder cum mother unit of Rural poultry birds with minimum 1000 parent layers for production of Hatching Eggs and Chicks.

Poultry Unit Size (Female + Male)	Max amount of capital subsidy
1000 + 100	₹25 lakhs

Establishment of sheep and goat breeding farm with minimum 100 female and 05 male and in its multiple as follows.

Goat/ Sheep Unit Size (Female + Male)	Max amount of capital subsidy
100 +5	₹10 lakhs
200+10	₹20 lakhs
300+15	₹30 lakhs
400+20	₹40 lakhs
500+25	₹50 lakhs

Establishment of Pig breeding farm with minimum 50 sow and 05 boar and 100 females and 10 males. The maximum subsidy ceiling for different components varies from Rs. 15.00 lakh to Rs. 30.00 lakh.

Pig Unit Size (Female + Male)	Max amount of capital subsidy
50 Sows + 5 Boars	₹15 lakhs
100 Sows + 10 Boars	₹30 lakhs

Establishment of fodder value addition units such as preparation of Hay/Silage/Total Mixed Ration (TMR)/ Fodder Block and storage of fodder. The maximum subsidy ceiling is Rs. 50.00 lakh.

Establishment of Camel, Horse and Donkey breeding farm

Horse Unit Size (Female + Male)	Max amount of capital subsidy
10 mare/broodmare + 2 stallion	₹50 lakhs

DonkeyUnit Size (Female + Male)	Max amount of capital subsidy
50 female+ 5 Male	₹50 lakhs

CamelUnit Size (Female + Male)	Max amount of capital subsidy
10 female + 1 male (for pastorals)	₹3 lakhs
10 female + 1 male	₹5 lakhs
50 female + 5male	₹25 lakhs
100 female + 10male	₹50 lakhs

Annexure II

Details of subsidy approved under NLM-EDP to the farmers, FPO, FCO, SHG, JLG in Uttar Pradesh and India:

States	Individual	Cooperatives	FPO	FCO	SHG	Section 8	JLG	Total Approved Subsidy (Rs. In Cr)
Uttar Pradesh	143	0	1	0	0	1	0	32.90
Rest of India	3129	4	6	0	1	6	4	1065.72
Grand Total	3272	4	7	0	1	7	4	1098.62

Status of projects received in NLM EDP portal for Sonipat District of Haryana

NLM EDP projects status in District Sonipat, Haryana
Current Status	Total Applications received in portal	Total Project Cost (Rs In Lakhs)	Total Subsidy Amount (Rs In Lakhs)
Total Application received from Sonipat District of Haryana	4	328.4029	154.5
Eligible by State Government	1	25.3529	10
Rejected by the State Government	1	73.91	30
Returned to the applicant by the State Government	2	229.14	114.5

Annexure –III

Details of Projects approved District- wise in Uttar Pradesh:

Sl No.	Districts	Projects approved by the Department as on date
Sl No.	Districts	Feed and Fodder	Goat	Piggery	Poultry	No of Approved Applications	Total Project Cost (Rs. In Cr)	Total Approved subsidy (Rs. In Cr)
	Agra	0	2			3	2.56	1.15
	Aligarh	0	2			2	2.00	0.93
	Ambedkar Nagar	1	1			2	2.06	0.70
	Amethi	0	1			1	1.00	0.34
	Amroha	0	2			2	0.40	0.15
	Auraiya	0	1			1	1.00	0.50
	Ayodhya	0	2			2	1.56	0.69
	Azamgarh	0	3			3	2.20	0.86
	Baghpat	0	1	1		2	0.80	0.34
	Banda	1	1	1		3	1.60	0.74
	Bara Banki	0	2			2	1.60	0.80
	Bareilly	0	3	2		5	3.28	1.32
	Bhadohi	0	1			1	1.15	0.50
	Budaun	1	2			3	1.86	0.68
	Bulandshahr	0	2	1	2	5	3.87	1.74
	Deoria	0	7			7	1.58	0.57
	Etah	0	0	1		1	0.28	0.14
	Etawah	0	4			4	1.35	0.55
	Fatehpur	0	4			4	1.60	0.71
	Firozabad	0	1			1	1.30	0.41
	Gautam Buddha Nagar	0	0	1		1	0.76	0.30
	Ghaziabad	0	2	1		3	2.10	0.95
	Ghazipur	0	6			6	2.20	1.03
	Gorakhpur	0	10			10	5.39	2.25
	Hamirpur	0	3			3	1.81	0.90
	Hardoi	1	1			2	3.00	0.64
	Jalaun	0	1			1	0.20	0.10
	Jhansi	1	0			1	0.50	0.25
	Kanpur Dehat	0	5	1		6	2.16	0.85
	Kanpur Nagar	0	1			1	0.25	0.10
	Kaushambi	0	4	3		7	2.33	1.05
	Kheri	0	1			1	1.00	0.49
	Kushinagar	0	9			9	3.01	1.25
	Lucknow	0	3	1		4	2.02	0.92
	Mahoba	0	1			1	0.45	0.14
	Mahrajganj	0	1			1	1.00	0.50
	Mainpuri	0	1			1	0.21	0.09
	Mathura	0	0	1		1	0.79	0.30
	Mau	0	1			1	0.23	0.07
	Meerut	0	0	2		2	1.20	0.42
	Mirzapur	0	1			1	0.22	0.10
	Muzaffarnagar	0	1	2		3	2.35	1.05
	Pilibhit	0	1			1	0.21	0.10
	Prayagraj	1	1			1	1.12	0.50
	Rae Bareli	0	1			1	0.20	0.10
	Saharanpur	0	0	1		1	0.30	0.14
	Shahjahanpur	0	1			1	0.71	0.30
	Shrawasti	0	1			1	0.40	0.16
	Siddharthnagar	0	2			2	0.50	0.20
	Sonbhadra	0	2			2	0.63	0.30
	Sultanpur	0	4	1		5	2.50	1.16
	Unnao	0	5			5	3.00	1.34
	Varanasi	1	4			5	2.58	1.07
	Grand Total	7	116	20	2	145	78.36	32.91

Annexure –IV

Details of Projects approved District- wise in Haryana:

Sl No.	Districts	Projects approved by the Department as on date
Sl No.	Districts	Goat & Sheep	Pig	Feed & Fodder	No of Approved Applications	Total Project Cost (Rs. In Cr)	Total Approved subsidy (Rs. In Cr)
	Bhiwani	2			2	1.99	0.90
	Charki Dadri	2	1		3	1.50	0.75
	Kurukshetra			1	1	1.13	0.50
	Mahendragarh	1			1	1.10	0.50
	Sirsa	6			6	3.66	1.41
	Grand Total	11	1	1	13	9.38	4.06

This information was given by the Minister of Fisheries, Animal Husbandry and Dairying Shri Rajiv Ranjan Singh alias Lalan Singh, in a written reply in Lok Sabha today.

*****

AA

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Read this release in: Hindi

MIL OSI Asia Pacific News –

February 5, 2025

MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Quarter End AUM of $31.7 billion
Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
$182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
Board Authorizes 100% Increase of the Regular Quarterly Dividend
Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

Financial Highlights

(In thousands, except percentages and per share data)
	Three Months Ended
	December 31, 2024			December 31, 2023
U.S. GAAP
Revenue	$	59,262		$	57,313
Expenses		40,109			41,517
Operating income		19,153			15,796
Non-operating income		3,452			6,199
Net income		16,797			16,560
Diluted earnings per share	$	0.70		$	0.66
Operating margin		32.3	%		27.6	%

Giving Back to Society – $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

Revenue

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Investment advisory and incentive fees
Funds	$	40,441		$	37,748
Institutional and Private Wealth Management		15,057			13,712
SICAV		4	(a)		1,541	(a)
Total	$	55,502		$	53,001
Distribution fees and other income		3,760			4,312
Total revenue	$	59,262		$	57,313

(a) Reflects change in reporting methodology. See AUM table.

The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands)	Three Months Ended
	December 31, 2024		December 31, 2023
Compensation	$	26,593	$	27,316
Management fee		2,512		2,444
Distribution costs		5,634		5,848
Other operating expenses		5,370		5,909
Total expenses	$	40,109	$	41,517

The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.

Non-Operating Income

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Gain from investments, net	$	644		$	3,529
Interest and dividend income		3,090			2,951
Interest expense (a)		(282	)		(281	)
Total non-operating income	$	3,452		$	6,199

(a) Related to GAAP accounting of finance lease.

Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

Other Financial Highlights

The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

Assets Under Management

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Mutual Funds	$	8,078	$	8,440	$	7,973
Closed-end Funds		7,344		7,459		7,097
Institutional & PWM (a) (b)		10,700		10,984		10,738
SICAV (c)		9		9		631
Total Equities		26,131		26,892		26,439

100% U.S. Treasury Money Market Fund		5,552		5,268		4,615
Institutional & PWM Fixed Income		32		32		32
Total Treasuries & Fixed Income		5,584		5,300		4,647
Total Assets Under Management	$	31,715	$	32,192	$	31,086

(a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,
2024, and December 31, 2023, respectively.
(b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.
(c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.

Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

Mutual Funds

Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

Distributions, net of reinvestment, of $27 million;
Net outflows of $209 million; and
Net market depreciation of $126 million.

Closed-end Funds

Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

Distributions, net of reinvestment, of $129 million;
Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
Net market depreciation of $155 million.

Institutional & PWM

Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

Net outflows of $345 million; and
Net market appreciation of $61 million.

SICAV

Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

The Gabelli Growth Fund – Up 35.8% For 2024

The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

“The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

The Gabelli Gold Fund – Up 15.2% For 2024

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

“Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

The Gabelli Small Cap Growth Fund

We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

ETFs

In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

Assets Under Administration

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Teton-Keeley Funds (a)	$	809	$	883	$	964
SICAV		408		431		–
Total Assets Under Administration	$	1,217	$	1,314	$	964

(a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at
December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

Return to Shareholders

During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

Balance Sheet Information

As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

Symposiums/Conferences

On November 4^th and 5^th, we hosted the 48^th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
On November 15^th, we hosted the 6^th Annual Healthcare Symposium in connection with Columbia Business School.
On December 5^th, we hosted the 2^nd Section 852(b)(6) Conference.
In addition to the above, we hosted the following during 2024:
- 34^th Pump, Valve & Water Systems Symposium
- 30^th Aerospace & Defense Symposium
- 18^th Omaha Research Trip
- 16^th Media & Entertainment Symposium
- 15^th Specialty Chemicals Symposium
- 10^th Waste & Environmental Services Conference
- 2^nd PFAS Symposium

We are hosting the following symposiums and conferences in 2025:

About Gabelli

Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst^TM). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Active Transparent Exchange-Traded Funds
GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

IMPORTANT DISCLOSURES

Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
These traditional risks may be even greater in challenging or uncertain market conditions.
Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

Active Exchange-Traded Funds
GABELI LOVE OUR PLANET & PEOPLE: LOPP
GABELLI GROWTH INNOVATORS: GGRW
GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

IMPORTANT DISCLOSURES
These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
• You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
• The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
• These additional risks may be even greater in challenging or uncertain market conditions.
• The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

GABF
Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

GGRW
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

GCAD
Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

LOPP
The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

Money Market Fund
Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Growth
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

Gold
Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Small Cap
Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
	Three Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023
Revenue:
Investment advisory and incentive fees	$	55,502		$	53,829		$	53,001
Distribution fees and other income		3,760			3,717			4,312
Total revenue		59,262			57,546			57,313
Expenses:
Compensation		26,593			22,566			27,316
Management fee		2,512			2,517			2,444
Distribution costs		5,634			6,033			5,848
Other operating expenses		5,370			4,801			5,909
Total expenses		40,109			35,917			41,517
Operating income		19,153			21,629			15,796
Non-operating income:
Gain from investments, net		644			3,370			3,529
Interest and dividend income		3,090			2,947			2,951
Interest expense		(282	)		(290	)		(281	)
Charitable giving contribution		–			(5,000	)		–
Total non-operating income		3,452			1,027			6,199
Income before provision for income taxes		22,605			22,656			21,995
Provision for income taxes		5,808			5,822			5,435
Net income	$	16,797		$	16,834		$	16,560

Earnings per share attributable to common
stockholders:
Basic	$	0.70		$	0.69		$	0.66
Diluted	$	0.70		$	0.69		$	0.66

Weighted average shares outstanding:
Basic		23,971			24,263			25,038
Diluted		23,971			24,263			25,038

Shares outstanding		22,930			24,235			24,906

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

	December 31,		December 31,
	2024		2023
Assets
Cash and cash equivalents	$	17,254	$	61,801
Short-term investments in U.S. Treasury Bills		99,216		99,025
Investments in securities		36,855		19,998
Seed capital investments		29,452		24,044
Receivable from brokers		3,103		4,562
Other receivables		21,246		21,178
Deferred tax asset and income tax receivable		7,553		8,927
Other assets		9,509		9,896
Total assets	$	224,188	$	249,431

Liabilities and stockholders’ equity
Income taxes payable	$	196	$	17
Compensation payable		38,489		23,399
Accrued expenses and other liabilities		48,929		45,036
Total liabilities		87,614		68,452

Stockholders’ equity		136,574		180,979
Total liabilities and stockholders’ equity	$	224,188	$	249,431

Shares outstanding		22,930		24,906

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Equities:
Mutual Funds
Beginning of period assets		$	8,440		$	8,035		$	7,546
	Inflows		211			175			153
	Outflows		(420	)		(415	)		(451	)
	Net inflows (outflows)		(209	)		(240	)		(298	)
	Market appreciation (depreciation)		(126	)		652			744
	Fund distributions, net of reinvestment		(27	)		(7	)		(19	)
	Total increase (decrease)		(362	)		405			427
Assets under management, end of period		$	8,078		$	8,440		$	7,973		-4.3	%	1.3	%
Percentage of total assets under management			25.5	%		26.2	%		25.6	%
Average assets under management		$	8,447		$	8,177		$	7,593		3.3	%	11.2	%

Closed-end Funds
Beginning of period assets		$	7,459		$	7,052		$	6,727
	Inflows		212			25			16
	Outflows		(43	)		(32	)		(63	)
	Net inflows (outflows)		169			(7	)		(47	)
	Market appreciation (depreciation)		(155	)		540			544
	Fund distributions, net of reinvestment		(129	)		(126	)		(127	)
	Total increase (decrease)		(115	)		407			370
Assets under management, end of period			7,344		$	7,459		$	7,097		-1.5	%	3.5	%
Percentage of total assets under management			23.2	%		23.2	%		22.8	%
Average assets under management		$	7,610		$	7,260		$	6,785		4.8	%	12.2	%

Institutional & PWM
Beginning of period assets		$	10,984		$	10,436		$	10,034
	Inflows		62			87			63
	Outflows		(407	)		(373	)		(371	)
	Net inflows (outflows)		(345	)		(286	)		(308	)
	Market appreciation (depreciation)		61			834			1,012
	Total increase (decrease)		(284	)		548			704
Assets under management, end of period		$	10,700		$	10,984		$	10,738		-2.6	%	-0.4	%
Percentage of total assets under management			33.7	%		34.1	%		34.5	%
Average assets under management		$	11,085		$	10,905		$	10,005		1.7	%	10.8	%

SICAV
Beginning of period assets		$	9		$	9		$	622
	Inflows		–			–			82
	Outflows		–			–			(110	)
	Net inflows (outflows)		–			–			(28	)
	Market appreciation (depreciation)		–			–			37
	Total increase (decrease)		–			–			9
Assets under management, end of period		$	9		$	9		$	631		0.0	%	-98.6	%
Percentage of total assets under management			0.0	%		0.0	%		2.0	%
Average assets under management		$	9		$	9		$	628		0.0	%	-98.6	%

Total Equities
Beginning of period assets		$	26,892		$	25,532		$	24,929
	Inflows		485			287			314
	Outflows		(870	)		(820	)		(995	)
	Net inflows (outflows)		(385	)		(533	)		(681	)
	Market appreciation (depreciation)		(220	)		2,026			2,337
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(761	)		1,360			1,510
Assets under management, end of period		$	26,131		$	26,892		$	26,439		-2.8	%	-1.2	%
Percentage of total assets under management			82.4	%		83.5	%		85.1	%
Average assets under management		$	27,151		$	26,351		$	25,011		3.0	%	8.6	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	5,268		$	5,159		$	4,217
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,552		$	5,268		$	4,615		5.4	%	20.3	%
Percentage of total assets under management			17.5	%		16.4	%		14.8	%
Average assets under management		$	5,415		$	5,246		$	4,418		3.2	%	22.6	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32		$	32
	Inflows		–			–			–
	Outflows		–			–			–
	Net inflows (outflows)		–			–			–
	Market appreciation (depreciation)		–			–			–
	Total increase (decrease)		–			–			–
Assets under management, end of period		$	32		$	32		$	32		0.0	%	0.0	%
Percentage of total assets under management			0.1	%		0.1	%		0.1	%
Average assets under management		$	32		$	32		$	32		0.0	%	0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	5,300		$	5,191		$	4,249
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,584		$	5,300		$	4,647		5.4	%	20.2	%
Percentage of total assets under management			17.6	%		16.5	%		14.9	%
Average assets under management		$	5,447		$	5,278		$	4,450		3.2	%	22.4	%

Total AUM
Beginning of period assets		$	32,192		$	30,723		$	29,178
	Inflows		2,141			1,532			1,738
	Outflows		(2,310	)		(2,025	)		(2,083	)
	Net inflows (outflows)		(169	)		(493	)		(345	)
	Market appreciation (depreciation)		(152	)		2,095			2,399
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(477	)		1,469			1,908
Assets under management, end of period		$	31,715		$	32,192		$	31,086		-1.5	%	2.0	%
Average assets under management		$	32,598		$	31,629		$	29,461		3.1	%	10.6	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Equities:
Mutual Funds
Beginning of period assets		$	7,973		$	8,140
	Inflows		751			711
	Outflows		(1,626	)		(1,616	)
	Net inflows (outflows)		(875	)		(905	)
	Market appreciation (depreciation)		1,023			772
	Fund distributions, net of reinvestment		(43	)		(34	)
	Total increase (decrease)		105			(167	)
Assets under management, end of period		$	8,078		$	7,973		1.3	%
Percentage of total assets under management			25.5	%		25.6	%
Average assets under management		$	8,173		$	8,035		1.7	%

Closed-end Funds
Beginning of period assets		$	7,097		$	7,046
	Inflows		281			41
	Outflows		(226	)		(130	)
	Net inflows (outflows)		55			(89	)
	Market appreciation (depreciation)		700			654
	Fund distributions, net of reinvestment		(508	)		(514	)
	Total increase (decrease)		247			51
Assets under management, end of period		$	7,344		$	7,097		3.5	%
Percentage of total assets under management			23.2	%		22.8	%
Average assets under management		$	7,274		$	7,058		3.1	%

Institutional & PWM
Beginning of period assets		$	10,738		$	10,714
	Inflows		340			241
	Outflows		(1,701	)		(1,739	)
	Net inflows (outflows)		(1,361	)		(1,498	)
	Market appreciation (depreciation)		1,323			1,522
	Total increase (decrease)		(38	)		24
Assets under management, end of period		$	10,700		$	10,738		-0.4	%
Percentage of total assets under management			33.7	%		34.5	%
Average assets under management		$	10,891		$	10,670		2.1	%

SICAV
Beginning of period assets		$	631		$	867
	Inflows		–			357
	Outflows		(2	)		(624	)
	Net inflows (outflows)		(2	)		(267	)
	Market appreciation (depreciation)		–			31
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(622	)		(236	)
Assets under management, end of period		$	9		$	631		-98.6	%
Percentage of total assets under management			0.0	%		2.0	%
Average assets under management		$	9		$	694		-98.7	%

Total Equities
Beginning of period assets		$	26,439		$	26,767
	Inflows		1,372			1,350
	Outflows		(3,555	)		(4,109	)
	Net inflows (outflows)		(2,183	)		(2,759	)
	Market appreciation (depreciation)		3,046			2,979
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(308	)		(328	)
Assets under management, end of period		$	26,131		$	26,439		-1.2	%
Percentage of total assets under management			82.4	%		85.1	%
Average assets under management		$	26,347		$	26,457		-0.4	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	4,615		$	2,462
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,552		$	4,615		20.3	%
Percentage of total assets under management			17.5	%		14.8	%
Average assets under management		$	5,140		$	3,823		34.4	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32
	Inflows		–			–
	Outflows		–			–
	Net inflows (outflows)		–			–
	Market appreciation (depreciation)		–			–
	Total increase (decrease)		–			–
Assets under management, end of period		$	32		$	32		0.0	%
Percentage of total assets under management			0.1	%		0.1	%
Average assets under management		$	32		$	32		0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	4,647		$	2,494
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,584		$	4,647		20.2	%
Percentage of total assets under management			17.6	%		14.9	%
Average assets under management		$	5,172		$	3,855		34.2	%

Total AUM
Beginning of period assets		$	31,086		$	29,261
	Inflows		7,168			6,848
	Outflows		(8,677	)		(7,645	)
	Net inflows (outflows)		(1,509	)		(797	)
	Market appreciation (depreciation)		3,309			3,170
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		629			1,825
Assets under management, end of period		$	31,715		$	31,086		2.0	%
Average assets under management		$	31,519		$	30,312		4.0	%

Contact:	Kieran Caterina
	Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

The MIL Network –

February 5, 2025

MIL-OSI USA: Kennedy champions bill to stop government from awarding contracts to biased banks

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced the No Red and Blue Banks Act to stop the federal government from awarding contracts to financial institutions that discriminate against companies based on the customers’ social policy.

“The government shouldn’t reward banks for discriminating against businesses because of their industry or politics. The No Red and Blue Banks Act would fight political bias among banks by refusing to reward bad actors with government contracts,”said Kennedy.

Sen. Kevin Cramer (R-N.D.) cosponsored the bill.

The No Red and Blue Banks Act would prohibit the General Services Administration from giving government contracts to insured depository institutions that refuse business to lawful companies because of the companies’ social policy.

The full bill text is available here.

MIL OSI USA News –

February 5, 2025

MIL-OSI USA: Kennedy introduces resolution to undo Biden admin bureaucracy that leads to consumer uncertainty

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced a joint resolution of disapproval under Congressional Review Act (CRA) procedures for the Office of Comptroller of the Currency’s (OCC) rule that delays the bank merger approval process by adding more red tape that could lead to consumer uncertainty.

The Biden administration’s rule, which went into effect on Jan. 1, 2025, amended the Bank Merger Act of 1960 to make it harder for the OCC to approve healthy bank mergers quickly. Kennedy’s resolution would reverse the Biden administration’s misguided rule so that banks can stay in business and serve hard working Americans.

“Big government shouldn’t stand in the way of healthy bank mergers that occur in the free market and serve consumers and job creators. In order to stabilize the banking industry and protect the Americans who depend on strong banks, Congress should quickly reverse the Biden administration’s bureaucratic rule,” said Kennedy.

Sens. Bill Hagerty (R-Tenn.) and Thom Tillis (R-N.C.) joined the resolution.

Background:

Historically, federal bank regulators assumed that a potential merger passed muster. The burden of showing that a merger would harm business and consumers fell on the OCC and bank regulators.

The Biden administration’s rule shifted the burden to individual banks, making it harder for them to fulfill their obligations by making smart, strategic mergers.

Text of the resolution is available here.

MIL OSI USA News –

February 5, 2025

MIL-OSI Russia: Financial news: On holding auctions on February 5, 2025 to place OFZ issues No. 26228RMFS and No. 26246RMFS

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

For bidders

We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

1.

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26228RMFS from 22.04.2019
Date of the auction	05 February 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	SU2228RMFS5
ISIN code	RO000A100A82
Calculation code	B01
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

2.

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26246RMFS from 08.05.2024
Date of the auction	05 February 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	CO26246RMFS7
ISIN code	RO000A108E1
Calculation code	B01
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

Contact information for media 7 (495) 363-3232Pr@moex.kom

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MEEX.K.Mom/NN77377

MIL OSI Russia News –

February 5, 2025

MIL-OSI Africa: The International Islamic Trade Finance Corporation (ITFC) Signs $1.5 Billion Annual Program with Egypt, Expanding Support for Energy, Food Security, Small and Medium Enterprises (SMEs), and Exporters

Source: Africa Press Organisation – English (2) – Report:

CAIRO, Egypt, February 4, 2025/APO Group/ —

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, today announced the signing of its 2025 annual work program with the Arab Republic of Egypt, valued at $1.5 billion.

This agreement is part of a five-year framework, totaling $6 billion, aimed at enhancing Egypt’s growth across critical sectors including energy, food security, and small and medium-sized enterprises (SMEs). The initiative is designed to boost Egypt’s economic development, support exporters, and create job opportunities for youth and women. This agreement, worth $1.5 billion, is part of the broader framework agreement between the two parties, valued at $6 billion over five years. The program is designed to support key sectors of the Egyptian economy, including energy, food security, and the empowerment of small and medium enterprises (SMEs), in line with Egypt’s goals for sustainable economic development and growth.

The signing ceremony, held in Cairo, was attended by key officials including His Excellency Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Affairs and Minister of Industry and Transport; Her Excellency Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; and His Excellency Dr. Sherif Farouk, Minister of Supply and Internal Trade. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD; Mr. Hossam El-Garrahi, Vice Chairman of the General Authority for Supply Commodities; and Mrs. Amal Tantawy, Executive Vice President for Financial and Economic Affairs at the Egyptian General Petroleum Corporation. ITFC’s 2025 program for Egypt includes trade finance operations to support the energy and food security sectors, as well as SMEs, with a focus on projects benefiting the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities. The program also encompasses a wide range of initiatives to promote trade and business development, including the Arab African Trade Bridges (AATB) Program, the second phase of the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0), and a comprehensive suite of programs designed to support Egyptian exporters and SMEs. Additionally, ITFC will continue its efforts to support women and youth through specific empowerment initiatives and technical training programs.

Since 2008, ITFC has committed over $18.7 billion to Egypt, financing key sectors such as energy, food security, and supporting SMEs and women entrepreneurs. This agreement underscores ITFC’s ongoing role as a key partner in Egypt’s economic development, leveraging its expertise in trade finance to empower vital sectors and foster inclusive growth.

Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “Today, through this partnership, we reaffirm our commitment to developing these vital sectors, ensuring the improvement of transportation infrastructure, updating the industrial sector, and enhancing its competitiveness. ITFC has proven, over the years, its vital role in supporting member countries of the Organization of Islamic Cooperation (OIC) by offering innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth and creating job opportunities.” He added: “The signing of today’s annual work program represents a strategic step that strengthens our partnership and opens new horizons for cooperation in infrastructure projects, manufacturing, and logistics services.”

Dr. Sherif Farouk, Minister of Supply and Internal Trade, said: “The allocation of $700 million from the ITFC to the General Authority for Supply Commodities, within the framework of the institution’s annual program for 2025, reflects the institution’s commitment to supporting government efforts aimed at achieving food security and fulfilling the state’s obligations towards its citizens.” He added: “The cooperation with the ITFC has not only been a financial commitment, but also a main pillar in the state’s efforts to secure its strategic needs of basic goods, enhance the Ministry of Supply and Internal Trade’s capacity to face emergency challenges, and ensure market stability. This confirms that this partnership represents a true foundation for supporting food security and ensuring sustainability in the supply of basic goods, which positively impacts the life of the Egyptian citizen.”

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, stated that the signing of the annual work program with ITFC represents a new step in the successful development partnership with the Islamic Development Bank (IsDB) Group in general, and the International Islamic Trade Finance Corporation (ITFC) in particular, which has contributed over 17 years to supporting the provision of strategic goods in the Egyptian market. She explained that the institution’s work program for 2025 aims to support food security and provide petroleum to the Egyptian General Petroleum Corporation in a way that enhances the availability of petroleum products and energy in the Egyptian market. This partnership also strengthens ongoing programs to encourage exporters and enable them to access foreign markets, as well as enhance efforts in training and developing small and medium-sized enterprises.

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group, dedicated to facilitating trade in its member countries through the provision of financing solutions and technical support. ITFC’s mission is to support sustainable economic development by empowering businesses, particularly SMEs, women, and youth, through trade finance and capacity-building initiatives.

Eng. Hani Salem Sonbol, CEO of ITFC, expressed his pride in the longstanding partnership with Egypt, stating: “ITFC is committed to working with Egypt to drive sustainable economic growth. We are excited to expand our support for SMEs, women, and youth, while continuing to foster Egypt’s export capabilities. In 2025, we will introduce new initiatives that aim to empower these vital groups, creating lasting impact for Egypt’s economy.”

MIL OSI Africa –

February 5, 2025

MIL-OSI Banking: Foreign Exchange and Liquidity and Monthly Balance Sheet, January 2025

Source: Danmarks Nationalbank

THE FOREIGN-EXCHANGE RESERVE

In January 2025, the foreign-exchange reserve decreased by kr. 0.8 billion to kr. 653.7 billion. The decrease reflects Danmarks Nationalbank’s net sale of foreign exchange for kr. 2.9 billion, and the central government’s net borrowing of foreign debt for kr. 2.1 billion, cf. table 1.

For settlement in January, Danmarks Nationalbank has not intervened in the foreign exchange market.

Danmarks Nationalbank’s net foreign-exchange purchases and the change in the foreign-exchange reserve – table 1

Kr. billion	January 2025

Danmarks Nationalbank’s interventions* to purchase foreign exchange, net	0.0
Other**	-2.9
Danmarks Nationalbank’s net foreign-exchange purchases	-2.9
The central government’s net foreign borrowing***	2.1
Change in the foreign-exchange reserve	-0.8

Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.

** Comprises e.g. interest accrued on the foreign-exchange reserve, the central government’s net payments in foreign exchange, and changes in the banks’ deposits in euro-denominated accounts at Danmarks Nationalbank.

*** Including net payments to the central government in foreign exchange as a result of currency swaps.

VALUE ADJUSTMENT OF DANMARKS NATIONALBANK’S PORTFOLIOS FOR 2024

Danmarks Nationalbank has calculated annual value adjustments of its holdings in connection with the preparation of the annual report for 2024.

As a result of value adjustments, etc. the foreign exchange reserve increased by kr. 20,4 billion and amounted to kr. 654.4 billion at end-2024. Similarly, holdings of domestic bonds have increased by kr. 0,6 billion and amount to kr. 33,8 billion at end-2024.

The monthly balance sheet is a liquidity statement, the purpose of which is that the net liquidity changes of the monetary-policy instruments as well as of the size of the foreign exchange reserve can be read directly from the balance as changes during the period. Thus the monthly balance sheet does not include value adjustments or accruals, which are solely included in Danmarks Nationalbank’s annual report.

DEVELOPMENT IN LIQUIDITY

In January, the central government’s net financing requirement amounted to kr. 0.4 billion, cf. table 2.

The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 3.9 billion in January, to an outstanding amount of kr. 256.6 billion. In January, Danmarks Nationalbank’s net foreign-exchange purchases decreased the net position by kr. 2.9 billion.

Impact of various factors on the net position of the banks and mortgage-credit institutes via-a-vis Danmarks Nationalbank – table 2

Kr. billion	January 2025

The central government’s net financing	0.4
Redemption on domestic central-government debt*	6.5
Net bond purchases by the government funds and own portfolio and financing of social housing	-2.4
Other**	0.3
The central government’s gross domestic financing requirement	4.9
The central government’s gross domestic borrowing***	7.5
The central government’s liquidity impact	-2.7
Danmarks Nationalbank’s net foreign-exchange purchases	-2.9
Danmarks Nationalbank’s net bond purchases	-0.2
Other factors****	1.9
Change in net position	-3.9

Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.

* Including krone-denominated payments by the central government in currency swaps.

** Comprises, inter alia, net bond purchases by the government funds and net collateral for the government’s swap portfolio.

*** Gross long-term borrowing, net short-term borrowing and krone-denominated payments to the central government in currency swaps.

**** Comprises e.g. changes in banknotes and coins in circulation.

DANMARKS NATIONALBANK’S INTEREST RATES

Since 31 January 2025 the discount rate has been 2.35 pct. p.a., since 31 January 2025 the current-account interest rate has been 2.35 pct. p.a., since 31 January 2025 the lending rate has been 2.5 pct. p.a. and since 31 January 2025 the rate of interest on certificates of deposit has been 2.35 pct. p.a.

Enquiries can be directed to press advisor Peter Levring on tel. +45 26201809.

BALANCE SHEET OF DANMARKS NATIONALBANK 31 JANUARY 2025

Assets	2025	2024
1000 kr.	31/01	31/12
Stock of gold	40,309,044	29,762,724
Foreign assets	558,010,180	548,340,415
Claims on the International Monetary Fund	58,714,478	57,525,170
Claims related to banks’ and mortgage credit institutes’ TARGET accounts in ECB	30,579	42,982
Monetary-policy lending	–	–
Other lending	1,114,997	1,315,889
– Banks’1)	1,114,997	1,315,889
– Miscellaneous loans	–	–
Domestic bonds	33,648,312	33,225,246
Financial fixed assets, etc.	131,550	131,550
Tangible and intangible fixed assets	716,825	653,764
Other assets	5,138,110	3,022,031
	697,814,075	674,019,771

1) Other lending to banks include loans for cash deposits.

Liabilities	2025	2024
1000 kr.	31/01	31/12
Banknotes	46,956,721	48,243,034
Coins	6,117,406	6,125,320
Monetary-policy deposits	256,550,805	260,449,069
– Current accounts	256,550,805	260,449,069
– Certificates of deposit	–	–
Other deposits	15,546,285	15,420,733
– Deposits related to banks’ and mortgage credit institutes’ TARGET accounts in ECB	30,579	42,982
– Other deposits from banks’ and mortgage credit institutes’	1,437,503	1,241,319
– Miscellaneous deposits	14,078,203	14,136,432
Central government	216,526,715	211,734,874
Foreign liabilities	3,382,533	1,599,927
Counterpart of Special Drawing Rights allocated by the IMF (SDR)	45,039,776	43,743,945
Other liabilities	23,986,854	2,995,889
Capital and reserves	83,706,980	83,706,980
	697,814,075	674,019,771

Note: The monthly balance sheet is calculated at beginning of year values +/- accumulated transaction values. The monthly balance does not include value adjustments and accruals, as these are only calculated at year-end, cf. Danmarks Nationalbank’s accounting principles.

MIL OSI Global Banks –

February 5, 2025

MIL-OSI Russia: MFIs are preferable to banks – in December 2024, 70% of issued loans were microloans

Translartion. Region: Russians Fedetion –

Sours: Mainfin Bank –

Why is the popularity of MFI services growing among Russians?

Sharp increase in share microloans in the total volume of loans issued in Russia was already observed in 2020 and 2022 – against the backdrop of the crisis and sanctions. However, it was in December 2024 that the indicator became a record, which can be explained by several reasons:

reduction in issuance volumes consumer loans by 11% – the market slowed down amid tight monetary policy; a reduction in issuance mortgage loans by almost 17%, which occurred due to the curtailment of programs with state support; strengthening the effect of regulation of the banking sector – the Central Bank of the Russian Federation has been trying to cool the overheated market in recent years; borrowers’ sensitivity banks to high interest rates – cost loans has always been higher, clients MFO practically did not notice any changes.

“Banks do not want to lose clients, so they open “subsidiary” MFIs, where borrowers are offered products similar to those of banks. Medium-term loans are especially popular,” the expert said.

The share of medium-term loans in microfinance organizations has increased by 15% over the year, while the conditions for such products are significantly worse than in banks, for example, the average annual rate reaches 284%.

What awaits the microloan market in 2025?

Analysts predict continued high demand for MFI services – the indicator will continue to grow against the backdrop of the regulator’s policy regarding the key rate. At the same time, no new records are expected, and the Bank of Russia, which is planning to reform the industry, is capable of cooling the microfinance market. Thus, the Central Bank of the Russian Federation is preparing to divide MFIs into three groups, establishing their own rules for issuing loans for each, and then introduce a rule allowing one borrower to conclude only one agreement.

In 2025, the growth rate of the microfinance services market may slow down to 5%, as banks adapt to the new reality and attract clients to the unsecured loan segment. Getting a microloan will still be difficult: now, as before, the percentage of refusals on applications reaches 80%, and no company offers guaranteed approval, contrary to advertising.

15:00 04.02.2025

Source:

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //mainfin.ru/novosti/MFO-subjective-bank-bank-in-December-2024-year-formed-appropriate-cooled-on-microsyums

MIL OSI Russia News –

February 5, 2025

MIL-OSI: OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Resignation of Board Member

Source: GlobeNewswire (MIL-OSI)

Fort Lauderdale, FL, Feb. 04, 2025 (GLOBE NEWSWIRE) — Board member Martin Schmidt has informed the boards of OptimumBank (the “Bank”), and OptimumBank Holding, Inc. (the “Company”), that he will resign from both boards, effective January 28, 2025. Mr. Schmidt will remain fully supportive of the continued success of the Bank and Company.

Mr. Schmidt resides in South Florida and has served as a Director since August 2015. Mr. Schmidt’s significant experience in the financial services industry helped the board to recover through regulatory issues as quickly as possible leaving the Bank with a strong capital structure, explosive growth and a bright future. Chairman Moishe Gubin commented: “It was a pleasure having Martin Schmidt on the Boards for nearly a decade. His insight and wisdom assisted the Bank and Company in innumerable ways and on a more personal note, I looked forward to his cheerful disposition during our monthly meetings. On behalf of myself and the Board of Directors I would like to thank Martin for his loyalty and contributions and wish him well in his future endeavors.”

‍About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses.

The company accepts demand interest-bearing and noninterest-bearing savings, money market, NOW and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier’s checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposal of foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

Safe Harbor Statement:

This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our limited operating history, managing our expected growth, risks associated with integration of acquired websites, possible inadvertent infringement of third-party intellectual property rights, our ability to effectively compete, our acquisition strategy, and a limited public market for our common stock, among other risks. OptimumBank Holdings, Inc.’s future results may also be impacted by other risk factors listed from time-to-time in its SEC filings. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward looking statements speak only as to the date they are made and OptimumBank Holdings, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Investor Relations & Corporate Relations

Contact: Seth Denison
Telephone: (305) 401-4140
Email: SDenison@OptimumBank.com

The MIL Network –

February 5, 2025

MIL-OSI Security: Final Defendant Pleads Guilty in Roanoke Bank Robbery

Source: Office of United States Attorneys

ROANOKE, Va. – The third man involved in robbing the Carter Bank and Trust on Hershberger Road in Roanoke in June 2023, pled guilty recently in U.S. District Court in Roanoke for his role in the robbery.

Tishawn Simpson, 25, of Roanoke, pled guilty last week to one count of bank robbery.

According to court documents, on June 22, 2023, two masked men, Simpson and Demonte Belcher, entered the Carter Bank and Trust, one carrying a blue bank bag and the other carrying a green plastic bag and presented the teller with a note that stated “[l]ets make everything right you have least (sic) than 30 seconds to give me $50K or die got nothing to lose.” As a result of this threat, the men left the bank with $8,659 in cash, but left the demand note behind. Simpson was identified as a suspect when a DNA analysis revealed that he had contributed to a DNA profile that the FBI Laboratory had developed from one of the robber’s masks that law enforcement recovered.

A third man, Ramel Abrams, did not physically enter the bank, however his fingerprints were found on the demand note and the clothing worn by both robbers was found inside of his apartment. Furthermore, location information obtained from Abrams’ phone records indicates that he was near Carter Bank & Trust just prior to the robbery.

All three men have pled guilty for their roles in the robbery. In August, Belcher was sentenced to 37 months in federal prison and in December Abrams was sentenced to 30 months for his role in the robbery Simpson will be sentenced in May.

Acting United States Attorney Zachary T. Lee Special Agent in Charge of the FBI’ s Richmond Division Stanley M. Meador, and Chief of the Roanoke City Police Department Scott Booth made the announcement.

The Roanoke City Police Department and the Federal Bureau of Investigation are investigating the case and received assistance from the Star City Drug and Violent Crime Task Force, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Salem Police Department, and the Roanoke City Commonwealth’s Attorney’s Office.

Assistant U.S. Attorneys Keith Parrella and M. Coleman Adams are prosecuting the case.

MIL Security OSI –

February 5, 2025

MIL-OSI Banking: Governors and Heads of Supervision endorse work programme of Basel Committee

Source: Bank for International Settlements

The Basel Committee’s oversight body endorses the Committee’s work programme and strategic priorities for 2025-26.
The programme prioritises work on Basel III implementation, emerging risks and vulnerabilities, digitalisation, and liquidity.
GHOS members unanimously reaffirm their expectation to implement Basel III in full and consistently.

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 4 February to endorse the Committee’s work programme and strategic priorities for 2025-26.

The key themes of the Committee’s 2025-26 work programme include the following:

(i) Basel III implementation;

(ii) Risk assessment and safeguarding resilience, including the ongoing follow-up work in response to the lessons learnt from the March 2023 banking turmoil;

(iii) Digitalisation of finance; and

(iv) Liquidity.

The GHOS also agreed to take stock of the Committee’s work on climate-related financial risks later this year.

In undertaking its work, the Committee will continue to collaborate and cooperate with a wide range of stakeholders. This includes ongoing collaboration with other standard-setting bodies and international fora on cross-sectoral financial initiatives. The Committee will also continue to pursue its long-established approach of seeking the views and inputs of a wide range of external stakeholders.

All GHOS members unanimously reaffirmed their commitment to implement Basel III in full and consistently to ensure a global level playing field and to promote the resilience of the global banking system.

Tiff Macklem, Chair of the GHOS and Governor of the Bank of Canada

By promoting global cooperation and pursuing a forward-looking approach to mitigating emerging risks and vulnerabilities affecting the global banking system, the Committee’s 2025-26 work programme seeks to further strengthen the regulation, supervision and practices of banks worldwide, promote global financial stability and support long-term economic growth.

Erik Thedéen, Chair of the Basel Committee and Governor of Sveriges Riksbank

Note to editors:

The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank.

More information about the Basel Committee is available here.

MIL OSI Global Banks –

February 5, 2025

MIL-OSI Banking: Samsung Blue Tag Sale: Supporting Wellness with Cutting-Edge Home Technology

Source: Samsung

Samsung’s Blue Tag Sale, currently on until 2 March 2025, is offering exclusive deals on advanced home appliances, electronics and devices that promote healthier living. With a focus on Home for Wellness, Samsung is committed to bringing cutting-edge technology that takes care of you and your well-being, balance, and sustainable living. From smart TVs and monitors to air-conditioners, fridges, and washing machines, Samsung is empowering individuals to make healthier choices, all from the comfort of their homes.

Samsung Smart TVs and Monitors: Wellness at Home
Samsung’s innovative Smart TVs and monitors are not only designed for entertainment but also as essential wellness tools for modern living. With an array of wellness apps, fitness programs, and guided meditation features, these displays encourage a holistic approach to health at home. Users can stream exercise routines, relaxation videos, and track their fitness progress—all through their Samsung TVs and monitors. Whether you’re looking to stay active, relax, or practice mindfulness, a Samsung TV or monitor can help you turn your home into a wellness hub.

Air-Conditioners: Breathing Easier with Clean Air
Samsung’s air-conditioners go beyond providing comfort with temperature regulation. They not only keep your room temperature comfortably in check, they also include a specialised filter to keep the air in your home clean and hygienic.

The Samsung WindFree Air Conditioners have a Tri-Care filter feature that is made up of three layers that reduce harmful particles to help maintain healthy indoor air quality, and has been certified by Intertek to reduce 99.9% of bacteria[1].

With smart sensors that monitor air conditions in real-time, Samsung air-conditioners adjust to your home’s needs, ensuring optimal temperature and air quality for a healthier, more comfortable living environment. Ideal for those looking to create a cleaner, fresher atmosphere at home, Samsung air-conditioners contribute to better breathing and overall well-being.

The WindFree also has a PM1.0 Filter that protects you from inhaling bacteria and tiny particles. It sterilises over 99% of bacteria[2].

As part of the Blue Tag Sale, Samsung is offering amazing discounts on select wellness-enhancing appliances, making it easier for you to invest in healthier living:

75 Inch QLED 4K Q60D Tizen OS Smart TV (2024) – QA75Q60DAKXXA. Now R17,999* (save R1,999). You can pair it with the Essential C-Series Soundbar (HW-C450) for R3,299*.
65 Inch Neo QLED 4K QN85D Tizen OS Smart TV (2024) – QA65QN85DBKXXA. Now R25,999* (save R2,000).
65″ DU7000 Crystal UHD 4K HDR Smart TV (UA65DU7000KXXA). Now R10,999* (save R1,000). Plus the Essential C-Series Soundbar HW-C400 (HW-C400/XA) at R1,299 (save R500).
34″ Odyssey G55T UWQHD 165Hz Gaming Monitor (LC34G55TWWPXEN). Now R9,999* (save R3,000).
32″ Smart Monitor M70D UHD, USB-C with Speakers & Remote (LS32DM702UAXXA). Now R7,999* (save R2,000).
AR9500T Wall-mount AC with Windfree TM and AI technology, 12000 BTU/h (AR12BSAAAWK/FA). Now R16,599* (save R3,000).

The Samsung Blue Tag Sale runs from 13 January – 2 March 2025, in Samsung stores, online, the Samsung Shop App, as well as participating retailers. Don’t miss out!

For more information, visit www.samsung.com/za

[1] Tested on Samsung AR9500T. The antiviral air filter (Tri-Care Filter) can remove up to 99.9% of the viruses based on Intertek Test.
**Staphylococcus aureus ATCC 6538, Klebsiella pneumoniae ATCC 4352
[2] Based on independent testing by Intertek. Removes 99.9% of Staphylococcus aureus and Escherichia coli collected on the electrostatic precipitator filter. Results may vary depending on environmental factors and individual use.
*Offers available at participating Retailers and Online Stores. T&Cs apply.
*Recommended Retail Price

MIL OSI Global Banks –

February 5, 2025

MIL-OSI: CORRECTION – ACNB Corporation Announces Completion of Traditions Bancorp, Inc. Acquisition

Source: GlobeNewswire (MIL-OSI)

GETTYSBURG, Pa., Feb. 04, 2025 (GLOBE NEWSWIRE) — In a release issued under the same headline on February 3, 2025 by ACNB Corporation please note that in the third paragraph of the release, the deposit amount has been corrected to $2.54 billion instead of $2.04 billion. The corrected release follows:

ACNB Corporation (NASDAQ: ACNB), the parent financial holding company of ACNB Bank, a Pennsylvania state-chartered, FDIC-insured community bank, headquartered in Gettysburg, PA, announced the completion of the acquisition of Traditions Bancorp, Inc. (“Traditions”) and its wholly-owned subsidiary, Traditions Bank, headquartered in York, PA, effective February 1, 2025. Traditions was merged with and into a wholly-owned subsidiary of ACNB Corporation immediately followed by the merger of Traditions Bank with and into ACNB Bank. ACNB Bank will operate the former Traditions Bank branches as “Traditions Bank, A Division of ACNB Bank”. In connection with the close of the acquisition, Traditions stockholders received 0.7300 shares of ACNB Corporation common stock for each share of Traditions common stock that they owned as of the closing date, with cash paid in lieu of fractional shares.

In addition, at the close of the acquisition, three former Traditions directors, Eugene J. Draganosky, Elizabeth F. Carson, and John M. Polli, joined the Boards of Directors of ACNB Corporation and ACNB Bank. Mr. Draganosky has nearly 40 years of banking experience, and is the former CEO and Chair of the Board of Traditions and Traditions Bank, having held those roles since 2017 and 2023, respectively. Ms. Carson, Lead Independent Director of Traditions, joined the Traditions Bank Board in 2015, after over 30 years of banking experience in a variety of leadership roles with community and regional banks. Mr. Polli was a member of the Traditions Bank board of directors since its founding in 2002, and has nearly 40 years of diverse business expertise, from serving as a public accountant to owning, managing, and advising businesses in the transportation, real estate, and insurance industries.

With the combination of the two organizations, and based on financial information for each organization as of December 31, 2024, ACNB Corporation will have approximately $3.26 billion in assets, $2.54 billion in deposits, and $2.36 billion in loans, and will serve its customers throughout 35 community banking offices in south central Pennsylvania and northern Maryland.

“We are pleased to announce the completion of our strategic acquisition of Traditions Bancorp, and excited to unite our teams of dedicated local bankers who are committed to their customers and communities,” stated ACNB Corporation President & Chief Executive Officer James P. Helt. “This combination brings together organizations that are unified by a shared vision, values, and a customer-centric approach to banking, to create an even stronger community bank. Importantly, our customers will benefit from expanded products and services delivered by the familiar faces they have come to know and trust. This merger positions us well to continue to grow in the attractive York and Lancaster County markets, and enhances ACNB Bank’s mortgage operations, which will now serve customers throughout our footprint as ‘Traditions Mortgage, A Division of ACNB Bank.’ Together, we look forward to continuing to deliver on our vision of being the financial services provider of choice in the communities we serve.”

Alan J. Stock, Chair of the Board of ACNB, stated “We welcome Mr. Draganosky, Ms. Carson, and Mr. Polli to the ACNB Boards of Directors, and are confident that their expertise, skills, and strong connections to the York and Lancaster market areas will enhance and complement ACNB’s current Boards of Directors. We are committed to enhancing value for our shareholders and are poised to deliver on that commitment with an experienced and knowledgeable board, a seasoned management group, and a team of bankers and professionals dedicated to a successful integration and customer experience.”

Bybel Rutledge LLP served as legal counsel and Piper Sandler served as financial advisor to ACNB Corporation for the transaction. Pillar + Aught served as legal counsel and Stephens Inc. served as financial advisor to Traditions Bancorp, Inc.

About ACNB Corporation
ACNB Corporation, headquartered in Gettysburg, PA, is the $3.26 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 35 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses; and, the other factors detailed in ACNB’s publicly-filed documents, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, and its other filings with the SEC. We caution readers not to place undue reliance on these forward-looking statements. The forward-looking statements only speak as of the date hereof, and ACNB does assume any obligation to revise, update or clarify forward-looking statements to reflect events or conditions after the date of this press release.

ACNB #2025-5
February 3, 2025

Contact:		Kevin Hayes SVP/ General Counsel, Secretary, and Chief Governance Officer 717.339.5161 khayes@acnb.com

The MIL Network –

February 5, 2025

MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Grenada

Source: International Monetary Fund

February 4, 2025

Washington, DC: On January 24, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^[1] with Grenada.

Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in the fiscal position and reduction in public debt. The financial system remained stable. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island. The authorities responded swiftly with a package of fiscal measures, including suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

Grenada’s near-term economic growth is projected to remain resilient at 3.9 percent in 2025, buoyed by limited hurricane damages to tourism infrastructure and the authorities’ large recovery and reconstruction spending. Sizable government savings and triggering of disaster-contingent instruments create fiscal space for these spending needs. Assuming a subsequent timely return to the fiscal rules, public debt is projected to continue falling and reach the debt target of 60 percent of GDP by 2030.

Over the medium-term GDP growth is projected to slow given the tourism sector operates near its peak-season capacity. Key downside risks include the threat of further natural disasters, potential shocks to tourism demand, and the uncertain scale of future CBI inflows, while the domestic non-bank financial system faces rising vulnerabilities from the continued rapid expansion of credit unions and the rising costs of property insurance. Prospective hotel developments and public investment projects represent upside risks to the medium-term growth outlook.

Executive Board Assessment^[2]

Executive Directors agreed with the thrust of the staff appraisal. They welcomed Grenada’s robust economic performance in 2023 and the first half of 2024, buoyed by strong tourism. Directors also commended the authorities’ swift and prudently tailored response to Hurricane Beryl, which supported disaster-relief and helped mitigate the impact on economic growth. Noting that the medium-term outlook remains subject to risks from natural disasters, uncertain Citizenship-by-Investment (CBI) flows, and other external shocks, they encouraged the authorities to exercise continued fiscal prudence and to pursue structural reforms to boost long-term growth and enhance resilience, while leveraging Fund technical assistance.

Directors welcomed Grenada’s commitment to fiscal prudence and debt sustainability and emphasized the importance of a timely return to the suspended fiscal rules. In that context, they noted the need for continued expenditure prioritization and revenue mobilization to create fiscal space for future investment needs, including for climate resilience. Further strengthening public investment management and budget planning processes would also be important. Directors also saw merit in developing a more uniform framework for managing all CBI resources and encouraged continued progress in resolving outstanding official arrears.

Directors welcomed the banking system’s resilience despite repeated shocks. They emphasized the need for vigilance and strengthened oversight in the rapidly expanding credit union sector. Directors encouraged strengthening data collection and regional collaboration in the property insurance sector, given rising premiums. They also agreed that further enhancements in the AML/CFT frameworks are essential, including to safeguard correspondent banking relationships.

Directors commended the authorities’ implementation of Grenada’s Disaster Resilience Strategy including investments in a risk-layering framework of disaster-contingency insurance and financing instruments. Moving forward and noting the risk of future natural disasters, they emphasized the importance of further advancing the energy transition and investment in disaster resilient infrastructure, with support from private financing.

Directors also encouraged sustained structural reform efforts to foster long-term growth, including investing in active labor market policies and continuing efforts to support off-season and niche tourism. Addressing data gaps is also important.

It is expected that the next Article IV Consultation with Grenada will be held on the standard 12-month consultation cycle.

Table 1. Grenada: Selected Social and Economic Indicators, 2019–29


Rank in UNDP Human Development Index			73		Infant mortality rate per ‘000 births (2021)						14.4
out of 189 countries (2021)					Adult illiteracy rate in percent (2014)						1
Life expectancy at birth in years (2021)			75		Poverty rate in percent of population (2019)						25
GDP per capita in US$ (2021)			10,449
Population in millions (2021)			0.13		Unemployment rate (2021 Q2)						11.1

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
					Est.			Proj.
National income and prices
GDP at constant prices	0.7	-13.8	4.7	7.3	4.7	3.6	3.9	3.3	2.7	2.7	2.7
GDP deflator	3.3	-0.3	2.8	2.2	2.7	1.4	1.4	2.0	2.0	2.0	2.0
Consumer prices, end of period	0.1	-0.8	1.9	2.9	2.2	1.2	1.9	2.0	2.0	2.0	2.0

Money and credit, end of period
Credit to private sector	1.4	3.1	3.8	2.1	3.8	3.8	4.2	4.4	4.6	4.5	4.5
Broad money (M2)	2.9	9.1	8.5	9.9	1.4	3.7	5.2	5.4	4.8	4.8	4.8

Central government balances (accrual)
Revenue and grants	26.6	28.1	31.5	32.7	36.9	44.1	30.5	29.3	29.2	28.9	28.8
Expenditure	21.6	32.7	31.2	31.8	28.9	39.5	39.4	33.1	29.6	29.2	28.9
o.w. Capital expenditure	2.6	9.6	8.6	10.2	9.3	11.7	12.2	8.7	6.2	5.8	5.6
Primary balance	6.8	-2.6	2.1	2.6	9.5	8.0	-5.1	-1.2	1.5	1.5	1.5
Overall balance	5.0	-4.5	0.3	1.0	8.0	4.7	-8.9	-3.8	-0.4	-0.3	-0.1

Central government debt (incl. guaranteed) 1/	58.5	71.4	70.0	62.8	60.5	59.3	58.1	53.9	53.2	51.4	49.6
Domestic	14.6	16.2	15.3	12.8	11.3	11.1	9.7	7.8	7.1	6.9	7.0
External	44.0	55.2	54.7	50.0	49.2	48.2	48.5	46.1	46.0	44.5	42.6
Public debt (incl. debt of SOEs and SBs)	62.7	89.5	86.6	78.8	75.2	73.3	71.4	66.5	65.2	62.9	60.6

Savings-Investment balance	-10.4	-16.1	-14.5	-11.0	-9.1	-13.1	-13.8	-10.6	-9.9	-9.1	-9.1
Savings	14.6	16.3	15.6	18.0	30.8	28.3	18.1	17.8	15.8	15.3	14.9
Investment	24.9	32.4	30.1	29.1	39.9	41.5	31.9	28.4	25.7	24.5	24.0

External Sector
Gross international reserves (millions of dollars)	234.1	290.9	324.2	352.6	389.1	435.1	364.5	364.8	390.3	405.6	424.6
(in months of imports)	5.2	5.6	4.9	5.0	4.8	5.2	4.3	4.2	4.3	4.3	4.3
Current account balance, o/w:	-10.4	-16.1	-14.5	-11.0	-9.1	-13.1	-13.8	-10.6	-9.9	-9.1	-9.1
Exports of goods and services	54.6	41.1	47.9	57.8	62.8	63.8	62.5	62.8	63.0	62.6	62.3
Imports of goods and services	55.8	52.2	55.4	64.3	63.7	69.9	68.5	65.6	65.0	63.8	63.4
External debt (gross)	64.7	92.5	94.8	90.0	86.9	85.4	85.4	82.6	82.3	80.5	78.4

Sources: Ministry of Finance; Eastern Caribbean Central Bank; United Nations, Human Development Report; World Bank WDI; and IMF staff estimates and projections.
1/ Includes the impact of the debt restructuring agreement for the 2025 bonds.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

Phone: +1 202 623-7100Email: MEDIA@IMF.org

MIL OSI Economics –

February 5, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Grenada

Source: IMF – News in Russian

February 4, 2025

Washington, DC: On January 24, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^[1] with Grenada.

Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in the fiscal position and reduction in public debt. The financial system remained stable. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island. The authorities responded swiftly with a package of fiscal measures, including suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

Grenada’s near-term economic growth is projected to remain resilient at 3.9 percent in 2025, buoyed by limited hurricane damages to tourism infrastructure and the authorities’ large recovery and reconstruction spending. Sizable government savings and triggering of disaster-contingent instruments create fiscal space for these spending needs. Assuming a subsequent timely return to the fiscal rules, public debt is projected to continue falling and reach the debt target of 60 percent of GDP by 2030.

Over the medium-term GDP growth is projected to slow given the tourism sector operates near its peak-season capacity. Key downside risks include the threat of further natural disasters, potential shocks to tourism demand, and the uncertain scale of future CBI inflows, while the domestic non-bank financial system faces rising vulnerabilities from the continued rapid expansion of credit unions and the rising costs of property insurance. Prospective hotel developments and public investment projects represent upside risks to the medium-term growth outlook.

Executive Board Assessment^[2]

Executive Directors agreed with the thrust of the staff appraisal. They welcomed Grenada’s robust economic performance in 2023 and the first half of 2024, buoyed by strong tourism. Directors also commended the authorities’ swift and prudently tailored response to Hurricane Beryl, which supported disaster-relief and helped mitigate the impact on economic growth. Noting that the medium-term outlook remains subject to risks from natural disasters, uncertain Citizenship-by-Investment (CBI) flows, and other external shocks, they encouraged the authorities to exercise continued fiscal prudence and to pursue structural reforms to boost long-term growth and enhance resilience, while leveraging Fund technical assistance.

Directors welcomed Grenada’s commitment to fiscal prudence and debt sustainability and emphasized the importance of a timely return to the suspended fiscal rules. In that context, they noted the need for continued expenditure prioritization and revenue mobilization to create fiscal space for future investment needs, including for climate resilience. Further strengthening public investment management and budget planning processes would also be important. Directors also saw merit in developing a more uniform framework for managing all CBI resources and encouraged continued progress in resolving outstanding official arrears.

Directors welcomed the banking system’s resilience despite repeated shocks. They emphasized the need for vigilance and strengthened oversight in the rapidly expanding credit union sector. Directors encouraged strengthening data collection and regional collaboration in the property insurance sector, given rising premiums. They also agreed that further enhancements in the AML/CFT frameworks are essential, including to safeguard correspondent banking relationships.

Directors commended the authorities’ implementation of Grenada’s Disaster Resilience Strategy including investments in a risk-layering framework of disaster-contingency insurance and financing instruments. Moving forward and noting the risk of future natural disasters, they emphasized the importance of further advancing the energy transition and investment in disaster resilient infrastructure, with support from private financing.

Directors also encouraged sustained structural reform efforts to foster long-term growth, including investing in active labor market policies and continuing efforts to support off-season and niche tourism. Addressing data gaps is also important.

It is expected that the next Article IV Consultation with Grenada will be held on the standard 12-month consultation cycle.

Table 1. Grenada: Selected Social and Economic Indicators, 2019–29


Rank in UNDP Human Development Index			73		Infant mortality rate per ‘000 births (2021)						14.4
out of 189 countries (2021)					Adult illiteracy rate in percent (2014)						1
Life expectancy at birth in years (2021)			75		Poverty rate in percent of population (2019)						25
GDP per capita in US$ (2021)			10,449
Population in millions (2021)			0.13		Unemployment rate (2021 Q2)						11.1

	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
					Est.			Proj.
National income and prices
GDP at constant prices	0.7	-13.8	4.7	7.3	4.7	3.6	3.9	3.3	2.7	2.7	2.7
GDP deflator	3.3	-0.3	2.8	2.2	2.7	1.4	1.4	2.0	2.0	2.0	2.0
Consumer prices, end of period	0.1	-0.8	1.9	2.9	2.2	1.2	1.9	2.0	2.0	2.0	2.0

Money and credit, end of period
Credit to private sector	1.4	3.1	3.8	2.1	3.8	3.8	4.2	4.4	4.6	4.5	4.5
Broad money (M2)	2.9	9.1	8.5	9.9	1.4	3.7	5.2	5.4	4.8	4.8	4.8

Central government balances (accrual)
Revenue and grants	26.6	28.1	31.5	32.7	36.9	44.1	30.5	29.3	29.2	28.9	28.8
Expenditure	21.6	32.7	31.2	31.8	28.9	39.5	39.4	33.1	29.6	29.2	28.9
o.w. Capital expenditure	2.6	9.6	8.6	10.2	9.3	11.7	12.2	8.7	6.2	5.8	5.6
Primary balance	6.8	-2.6	2.1	2.6	9.5	8.0	-5.1	-1.2	1.5	1.5	1.5
Overall balance	5.0	-4.5	0.3	1.0	8.0	4.7	-8.9	-3.8	-0.4	-0.3	-0.1

Central government debt (incl. guaranteed) 1/	58.5	71.4	70.0	62.8	60.5	59.3	58.1	53.9	53.2	51.4	49.6
Domestic	14.6	16.2	15.3	12.8	11.3	11.1	9.7	7.8	7.1	6.9	7.0
External	44.0	55.2	54.7	50.0	49.2	48.2	48.5	46.1	46.0	44.5	42.6
Public debt (incl. debt of SOEs and SBs)	62.7	89.5	86.6	78.8	75.2	73.3	71.4	66.5	65.2	62.9	60.6

Savings-Investment balance	-10.4	-16.1	-14.5	-11.0	-9.1	-13.1	-13.8	-10.6	-9.9	-9.1	-9.1
Savings	14.6	16.3	15.6	18.0	30.8	28.3	18.1	17.8	15.8	15.3	14.9
Investment	24.9	32.4	30.1	29.1	39.9	41.5	31.9	28.4	25.7	24.5	24.0

External Sector
Gross international reserves (millions of dollars)	234.1	290.9	324.2	352.6	389.1	435.1	364.5	364.8	390.3	405.6	424.6
(in months of imports)	5.2	5.6	4.9	5.0	4.8	5.2	4.3	4.2	4.3	4.3	4.3
Current account balance, o/w:	-10.4	-16.1	-14.5	-11.0	-9.1	-13.1	-13.8	-10.6	-9.9	-9.1	-9.1
Exports of goods and services	54.6	41.1	47.9	57.8	62.8	63.8	62.5	62.8	63.0	62.6	62.3
Imports of goods and services	55.8	52.2	55.4	64.3	63.7	69.9	68.5	65.6	65.0	63.8	63.4
External debt (gross)	64.7	92.5	94.8	90.0	86.9	85.4	85.4	82.6	82.3	80.5	78.4

Sources: Ministry of Finance; Eastern Caribbean Central Bank; United Nations, Human Development Report; World Bank WDI; and IMF staff estimates and projections.
1/ Includes the impact of the debt restructuring agreement for the 2025 bonds.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/02/03/pr25026-grenada-imf-executive-board-concludes-2024-article-iv-consultation

MIL OSI

MIL OSI Russia News –

February 5, 2025

MIL-OSI: First Financial Corporation Reports 2024 Results

Source: GlobeNewswire (MIL-OSI)

TERRE HAUTE, Ind., Feb. 04, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2024.

Net income was $16.2 million compared to $12.4 million reported for the same period of 2023;
Diluted net income per common share of $1.37 compared to $1.06 for the same period of 2023;
Return on average assets was 1.18% compared to 1.05% for the three months ended December 31, 2023;
Credit loss provision was $2.0 million compared to provision of $2.5 million for the fourth quarter 2023; and
Pre-tax, pre-provision net income was $22.3 million compared to $16.6 million for the same period in 2023.¹

The Corporation further reported results for the year ended December 31, 2024:

Net income was $47.3 million compared to $60.7 million reported for the same period of 2023;
Diluted net income per common share of $4.00 compared to $5.08 for the same period of 2023;
Return on average assets was 0.92% compared to 1.26% for the twelve months ended December 31, 2023;
Credit loss provision was $16.2 million compared to provision of $7.3 million for the twelve months ended December 31, 2023; and
Pre-tax, pre-provision net income was $73.4 million compared to $79.7 million for the same period in 2023.¹

______________________________
¹Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

Average Total Loans

Average total loans for the fourth quarter of 2024 were $3.79 billion versus $3.13 billion for the comparable period in 2023, an increase of $657 million or 20.98%. On a linked quarter basis, average loans increased $84.7 million or 2.29% from $3.71 billion as of September 30, 2024. Increases in average loans year-over-year were mostly a result of the acquisition of SimplyBank on July 1, 2024.

Total Loans Outstanding

Total loans outstanding as of December 31, 2024, were $3.84 billion compared to $3.17 billion as of December 31, 2023, an increase of $669 million or 21.13%. On a linked quarter basis, total loans increased $122 million or 3.28% from $3.72 billion as of September 30, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

Norman D. Lowery, President and Chief Executive Officer, commented “We experienced another sound quarter of loan growth and record net interest income. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”

Average Total Deposits

Average total deposits for the quarter ended December 31, 2024, were $4.76 billion versus $4.05 billion as of December 31, 2023, an increase of $706 million or 17.44%. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank. On a linked quarter basis, average deposits increased $52 million, or 1.10% from $4.71 billion as of September 30, 2024.

Total Deposits

Total deposits were $4.72 billion as of December 31, 2024, compared to $4.09 billion as of December 31, 2023, a $629 million increase, or 15.37%. On a linked quarter basis, total deposits increased $1.4 million, or 0.03%. $622 million in deposits were acquired in the SimplyBank acquisition. Non-interest bearing deposits were $859.0 million, and time deposits were $749.4 million as of December 31, 2024, compared to $750.3 million and $515.7 million, respectively for the same period of 2023.

Shareholders’ Equity

Shareholders’ equity at December 31, 2024, was $549.0 million compared to $528.0 million on December 31, 2023. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.45 per share quarterly dividend in October and declared a $0.51 quarterly dividend, which was paid on January 15, 2025.

Book Value Per Share

Book Value per share was $46.36 as of December 31, 2024, compared to $44.76 as of December 31, 2023, an increase of $1.60 per share, or 3.57%. Tangible Book Value per share was $36.10 as of December 31, 2024, compared to $36.91 as of December 31, 2023.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 7.86% at December 31, 2024, compared to 9.15% at December 31, 2023.

Net Interest Income

Net interest income for the fourth quarter of 2024 was a record $49.6 million, compared to $39.6 million reported for the same period of 2023, an increase of $10.0 million, or 25.29%.

Net Interest Margin

The net interest margin for the quarter ended December 31, 2024, was 3.94% compared to the 3.63% reported at December 31, 2023. On a linked quarterly basis, the net interest margin increased 16 basis points from 3.78% at September 30, 2024.

Nonperforming Loans

Nonperforming loans as of December 31, 2024, were $13.3 million versus $24.6 million as of December 31, 2023. The ratio of nonperforming loans to total loans and leases was 0.35% as of December 31, 2024, versus 0.78% as of December 31, 2023. The decrease in nonperforming loans is due to a commercial relationship that was downgraded in fourth quarter 2023 and subsequently resolved in 2024.

Credit Loss Provision

The provision for credit losses for the three months ended December 31, 2024, was $2.0 million, compared to $2.5 million for the fourth quarter 2023.

Net Charge-Offs

Fourth quarter net charge-offs were $1.4 million compared to $1.8 million in the same period of 2023.

Allowance for Credit Losses

The Corporation’s allowance for credit losses as of December 31, 2024, was $46.7 million compared to $39.8 million as of December 31, 2023. The allowance for credit losses as a percent of total loans was 1.22% as of December 31, 2024, compared to 1.26% as of December 31, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased 2 basis points from 1.24% as of September 30, 2024. The Corporation recorded $8.5 million in allowance for the acquisition of SimplyBank, which included $3 million to record purchased credit deteriorated (“PCD”) reserves.

Non-Interest Income

Non-interest income for the three months ended December 31, 2024 and 2023 was $12.2 million and $11.2 million, respectively.

Non-Interest Expense

Non-interest expense for the three months ended December 31, 2024, was $39.8 million compared to $34.2 million in 2023. This includes an overall increase in operating expenses as a result of the acquisition.

Efficiency Ratio

The Corporation’s efficiency ratio was 62.98% for the quarter ending December 31, 2024, versus 65.62% for the same period in 2023.

Income Taxes

Income tax expense for the three months ended December 31, 2024, was $3.8 million versus $1.7 million for the same period in 2023. The effective tax rate for 2024 was 17.28% compared to 16.31% for 2023.

About First Financial Corporation

First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

Investor Contact:
Rodger A. McHargue
Chief Financial Officer
P: 812-238-6334
E: rmchargue@first-online.com



	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2024		2024		2023		2024		2023
END OF PERIOD BALANCES
Assets	$	5,560,348	$	5,483,351	$	4,851,146	$	5,560,348	$	4,851,146
Deposits	$	4,718,914	$	4,717,489	$	4,090,068	$	4,718,914	$	4,090,068
Loans, including net deferred loan costs	$	3,837,141	$	3,715,235	$	3,167,821	$	3,837,141	$	3,167,821
Allowance for Credit Losses	$	46,732	$	46,169	$	39,767	$	46,732	$	39,767
Total Equity	$	549,041	$	565,951	$	527,976	$	549,041	$	527,976
Tangible Common Equity ^(a)	$	427,470	$	446,786	$	435,405	$	427,470	$	435,405

AVERAGE BALANCES
Total Assets	$	5,516,036	$	5,483,572	$	4,725,297	$	5,154,320	$	4,802,448
Earning Assets	$	5,196,352	$	5,165,520	$	4,485,766	$	4,871,293	$	4,564,135
Investments	$	1,311,415	$	1,342,037	$	1,279,821	$	1,310,263	$	1,358,661
Loans	$	3,790,515	$	3,705,779	$	3,133,267	$	3,468,534	$	3,111,784
Total Deposits	$	4,757,438	$	4,705,614	$	4,050,968	$	4,405,679	$	4,106,132
Interest-Bearing Deposits	$	3,925,740	$	4,403,454	$	3,291,931	$	3,767,259	$	3,304,816
Interest-Bearing Liabilities	$	134,553	$	157,227	$	206,778	$	166,377	$	199,551
Total Equity	$	556,330	$	546,912	$	463,004	$	535,963	$	486,572

INCOME STATEMENT DATA
Net Interest Income	$	49,602	$	47,170	$	39,590	$	174,986	$	167,262
Net Interest Income Fully Tax Equivalent ^(b)	$	50,985	$	48,630	$	40,942	$	180,586	$	172,716
Provision for Credit Losses	$	2,000	$	9,400	$	2,495	$	16,166	$	7,295
Non-interest Income	$	12,213	$	11,223	$	11,247	$	42,772	$	42,702
Non-interest Expense	$	39,801	$	38,564	$	34,244	$	144,438	$	130,176
Net Income	$	16,241	$	8,741	$	12,420	$	47,275	$	60,672

PER SHARE DATA
Basic and Diluted Net Income Per Common Share	$	1.37	$	0.74	$	1.06	$	4.00	$	5.08
Cash Dividends Declared Per Common Share	$	0.51	$	0.45	$	0.45	$	1.86	$	0.99
Book Value Per Common Share	$	46.36	$	47.93	$	44.76	$	46.36	$	44.76
Tangible Book Value Per Common Share ^(c)	$	36.77	$	36.22	$	31.47	$	36.10	$	36.91
Basic Weighted Average Common Shares Outstanding		11,824		11,808		11,772		11,812		11,937

______________________________
(a)   Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
(b)   Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
(c)   Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.


Key Ratios	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2024		2024		2023		2024		2023
Return on average assets	1.18	%	0.64	%	1.05	%	0.92	%	1.26	%
Return on average common shareholder’s equity	11.68	%	6.39	%	10.73	%	8.82	%	12.47	%
Efficiency ratio	62.98	%	64.43	%	65.62	%	64.67	%	60.43	%
Average equity to average assets	10.09	%	9.97	%	9.80	%	10.40	%	10.13	%
Net interest margin ^(a)	3.94	%	3.78	%	3.63	%	3.71	%	3.78	%
Net charge-offs to average loans and leases	0.15	%	0.49	%	0.22	%	0.35	%	0.23	%
Credit loss reserve to loans and leases	1.22	%	1.24	%	1.26	%	1.22	%	1.26	%
Credit loss reserve to nonperforming loans	351.37	%	326.65	%	161.94	%	351.37	%	161.94	%
Nonperforming loans to loans and leases	0.35	%	0.38	%	0.78	%	0.35	%	0.78	%
Tier 1 leverage	10.38	%	10.25	%	12.14	%	10.38	%	12.14	%
Risk-based capital – Tier 1	12.43	%	13.63	%	14.76	%	12.43	%	14.76	%

______________________________
(a) Net interest margin is calculated on a tax equivalent basis.


Asset Quality	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2024		2024		2023		2024		2023
Accruing loans and leases past due 30-89 days	$	22,486	$	16,391	$	20,168	$	22,486	$	20,168
Accruing loans and leases past due 90 days or more	$	1,821	$	1,517	$	960	$	1,821	$	960
Nonaccrual loans and leases	$	11,479	$	12,617	$	23,596	$	11,479	$	23,596
Other real estate owned	$	523	$	169	$	107	$	523	$	107
Nonperforming loans and other real estate owned	$	13,823	$	14,303	$	24,663	$	13,823	$	24,663
Total nonperforming assets	$	16,719	$	17,179	$	27,665	$	16,719	$	27,665
Gross charge-offs	$	3,070	$	6,936	$	3,976	$	19,289	$	15,496
Recoveries	$	1,633	$	2,365	$	2,213	$	7,082	$	8,188
Net charge-offs/(recoveries)	$	1,437	$	4,571	$	1,763	$	12,207	$	7,308


Non-GAAP Reconciliations	Three Months Ended December 31,
	2024		2023
($in thousands, except EPS)
Income before Income Taxes	$	20,014	$	14,098
Provision for credit losses		2,000		2,495
Provision for unfunded commitments		300		—
Pre-tax, Pre-provision Income	$	22,314	$	16,593


Non-GAAP Reconciliations	Year Ended December 31,
	2024		2023
($ in thousands, except EPS)
Income before Income Taxes	$	57,154	$	72,493
Provision for credit losses		16,166		7,295
Provision for unfunded commitments		100		(100	)
Pre-tax, Pre-provision Income	$	73,420	$	79,688


CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data)

	December 31,			December 31,
	2024			2023
	(unaudited)
ASSETS
Cash and due from banks	$	93,526		$	76,759
Federal funds sold		820			282
Securities available-for-sale		1,195,990			1,259,137
Loans:
Commercial		2,196,351			1,817,526
Residential		967,386			695,788
Consumer		668,058			646,758
		3,831,795			3,160,072
(Less) plus:
Net deferred loan costs		5,346			7,749
Allowance for credit losses		(46,732	)		(39,767	)
		3,790,409			3,128,054
Restricted stock		17,555			15,364
Accrued interest receivable		26,934			24,877
Premises and equipment, net		81,508			67,286
Bank-owned life insurance		128,766			114,122
Goodwill		100,026			86,985
Other intangible assets		21,545			5,586
Other real estate owned		523			107
Other assets		102,746			72,587
TOTAL ASSETS	$	5,560,348		$	4,851,146

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	859,014		$	750,335
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits		144,982			92,921
Other interest-bearing deposits		3,714,918			3,246,812
		4,718,914			4,090,068
Short-term borrowings		187,057			67,221
FHLB advances		28,120			108,577
Other liabilities		77,216			57,304
TOTAL LIABILITIES		5,011,307			4,323,170

Shareholders’ equity
Common stock, $.125 stated value per share;
Authorized shares-40,000,000
Issued shares-16,165,023 in 2024 and 16,137,220 in 2023
Outstanding shares-11,842,539 in 2024 and 11,795,024 in 2023		2,018			2,014
Additional paid-in capital		145,927			144,152
Retained earnings		687,366			663,726
Accumulated other comprehensive income/(loss)		(132,285	)		(127,087	)
Less: Treasury shares at cost-4,322,484 in 2024 and 4,342,196 in 2023		(153,985	)		(154,829	)
TOTAL SHAREHOLDERS’ EQUITY		549,041			527,976
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,560,348		$	4,851,146


CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data)

	Year Ended
	December 31,
	2024			2023			2022
	(unaudited)
INTEREST INCOME:
Loans, including related fees	$	226,262		$	189,641		$	146,295
Securities:
Taxable		24,237			24,643			21,014
Tax-exempt		10,533			10,573			9,974
Other		3,710			3,540			6,018
TOTAL INTEREST INCOME		264,742			228,397			183,301
INTEREST EXPENSE:
Deposits		81,071			51,694			16,743
Short-term borrowings		4,284			5,370			1,243
Other borrowings		4,401			4,071			273
TOTAL INTEREST EXPENSE		89,756			61,135			18,259
NET INTEREST INCOME		174,986			167,262			165,042
Provision for credit losses		16,166			7,295			(2,025	)
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		158,820			159,967			167,067
NON-INTEREST INCOME:
Trust and financial services		5,468			5,155			5,155
Service charges and fees on deposit accounts		29,653			28,079			27,540
Other service charges and fees		999			801			665
Securities gains (losses), net		103			(1	)		3
Interchange income		655			676			559
Loan servicing fees		1,259			1,176			1,554
Gain on sales of mortgage loans		1,153			966			1,994
Other		3,482			5,850			9,246
TOTAL NON-INTEREST INCOME		42,772			42,702			46,716
NON-INTEREST EXPENSE:
Salaries and employee benefits		74,555			68,525			65,555
Occupancy expense		9,616			9,351			9,764
Equipment expense		17,612			14,020			12,391
FDIC Expense		2,788			2,907			2,327
Other		39,867			35,373			35,986
TOTAL NON-INTEREST EXPENSE		144,438			130,176			126,023
INCOME BEFORE INCOME TAXES		57,154			72,493			87,760
Provision for income taxes		9,879			11,821			16,651
NET INCOME		47,275			60,672			71,109
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes		(9,807	)		10,896			(144,570	)
Change in funded status of post retirement benefits, net of taxes		4,609			1,991			7,022
COMPREHENSIVE INCOME (LOSS)	$	42,077		$	73,559		$	(66,439	)
PER SHARE DATA
Basic and Diluted Earnings per Share	$	4.00		$	5.08		$	5.82
Weighted average number of shares outstanding (in thousands)		11,812			11,937			12,211

The MIL Network –

February 5, 2025

MIL-OSI United Nations: UNRWA delivers bulk of aid in Gaza, as destruction mounts in West Bank

Source: United Nations 4

4 February 2025 Peace and Security

Some 30,000 residents from Jenin refugee camp in the occupied West Bank have fled their homes after large swathes of it were destroyed in a series of controlled detonations by the Israeli security forces (ISF), the UN agency for Palestine refugees (UNRWA) said on Tuesday.

UNRWA’s communications director Juliette Touma described catastrophic scenes at the camp, where some 100 buildings had been “destroyed or heavily damaged” by the detonations at the weekend.

The camp’s residents had “endured the impossible”, she said, after nearly two months of “unceasing and escalating violence” linked to the Israeli military operation.

“The detonation on Sunday was when children were supposed to go back to school,” Ms. Touma explained, adding that the 13 UNRWA schools in the camp and its surrounding areas remain closed, depriving 5,000 children of education.

Israeli ban

UNRWA faces unprecedented challenges to continue carrying out its work following the Israeli parliament’s adoption in October last year of two laws banning its operations in Israeli territory and prohibiting Israeli authorities from having any contact with the agency. The Knesset laws entered into force last Thursday.

Still, Ms. Touma said that to this day, the Government of Israel has “not communicated to UNRWA how they intend to implement” the laws.

The agency’s teams are “staying and delivering” in the remaining parts of the West Bank, Ms. Touma said, with basic services, including primary healthcare and education ongoing.

“Schools and clinics remain open, including in occupied East Jerusalem, providing services to refugees,” the UNRWA spokesperson said. “We are seeing attendance at UNRWA schools at over 80 to 85 per cent.”

Ms. Touma also reported a “steady increase” in the number of patients visiting the UNRWA health centres in the West Bank, with one clinic in East Jerusalem recording more than 400 patients a day.

Turning to the Gaza Strip, where humanitarian needs are sky-high, Ms. Touma said that the “biggest priority” for UNRWA teams there is distributing supplies from 4,200 aid trucks that have entered the enclave since the start of the ceasefire on 19 January.

This is the target number that was set as part of the initial phase of the ceasefire and represents a welcome boost for the people of Gaza whose needs remain enormous – particularly among the hundreds of thousands of people who have returned to the shattered north.

More trucks are expected to arrive later this week, Ms. Touma said, adding that “hundreds of trucks” are waiting to enter Gaza from Egypt and Jordan.

Truce opportunity

The first phase of the temporary truce between Israel and Hamas followed more than 15 months of war which in which some 46,000 Palestinians were killed, according to the Gaza health authorities. The conflict was sparked by the 7 October 2023 Hamas-led attacks on Israel, in which some 1,200 people were killed and 250 were taken hostage.

Ms. Touma stressed that UNRWA has brought in 60 per cent of all supplies that came into Gaza since the ceasefire began and that the “vast majority” of the aid is distributed by the agency which has more than 5,000 staff there. A fifth of them are health workers, Ms. Touma added, underscoring UNRWA’s major role as a primary healthcare provider in the enclave, offering an average of 17,000 daily consultations.

Following the Knesset ban, UN chief António Guterres and the heads of many UN agencies insisted that UNRWA is irreplaceable in the Occupied Palestinian Territory.

Besides obstacles stemming from the new Israeli legislation, the agency’s operations are also constantly in jeopardy because of its “very bad” financial health, Ms. Touma said. The United States, notably, had stopped funding UNRWA as of January 2024.

The UNRWA spokesperson said that the agency was able to pay salaries to its workers last month but had limited visibility over its financial situation, calling the funding crisis “endemic”.

MIL OSI United Nations News –

February 5, 2025

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