Category: Banking

MIL-OSI: BayFirst Financial Corp. Reports Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income of $9.8 million, or $2.27 per common share, or $2.11 per diluted common share, for the fourth quarter of 2024, an increase of 759.8% compared to $1.1 million, or $0.18 per common share and diluted common share, in the third quarter of 2024. Net income for the year ended December 31, 2024 was $12.6 million, or $2.68 per common share, or $2.62 per diluted common share, compared to $5.7 million, or $1.16 per common share, or $1.12 per diluted common share for the year ended December 31, 2023.

“We reported strong fourth quarter 2024 results, highlighted by quarterly net interest margin expansion and improved operating efficiencies,” stated Thomas G. Zernick, Chief Executive Officer. “Net income increased substantially compared to the preceding quarter, led by increases in net interest income, higher gain on sale of government guaranteed loans, and a gain on sale of two branch office properties, which was part of a sale-leaseback transaction. It’s worth noting that we continue to lease these two branch offices, resulting in no impact to our existing branch network. As a result of this transaction, we recorded an after-tax gain on sale of the properties of $8.7 million during the fourth quarter of 2024.”

“The strength of our community bank business model, which includes serving individuals, families, and small businesses, coupled with results from our government guaranteed banking division, continues to fuel our operating results,” Zernick continued. “Our government guaranteed banking team had a solid quarter, producing $107.8 million in new government guaranteed loans, which was an improvement compared to the third quarter of 2024. Our lenders remain focused on meeting loan origination targets, while also adhering to prudently conservative credit quality metrics.

“One of the highlights of the full year 2024 was the $1.1 million reduction in noninterest expenses compared to 2023. When we completed our near-term branch expansion plans in early 2024, we focused on reducing operating expenses by leveraging technology investments to better manage headcount and related incentive compensation, while at the same time growing the franchise. As we look to the new year, we will continue initiatives that are designed to further increase our efficiency, lower costs, and maximize the investments we’ve already made in technology and in our banking centers. While we are pleased with the progress during the fourth quarter and the year, we are excited to continue our forward momentum and further boost our results in 2025,” said Zernick.

“Additionally, the Board of Directors authorized a share repurchase program on January 28, 2025. We believe our stock offers an attractive investment and repurchasing stock is a means for building long-term shareholder value,” said Zernick. “We are confident about the growth of our Company, and we believe that when our shares are undervalued, repurchases represent a value-enhancing deployment of capital.”

Fourth Quarter 2024 Performance Review

In December 2024, the Company entered into a sale-leaseback agreement for two branch office properties for an aggregate cash purchase price of $15.0 million. As a result of this transaction, the Company recorded a pre-tax gain on sale of the properties of $11.6 million.
The Company’s government guaranteed loan team originated $107.8 million in new loans during the fourth quarter of 2024, an increase from $94.4 million of loans produced in the previous quarter, and a decrease from $144.9 million of loans produced during the fourth quarter of 2023. Since the launch in 2022 of the Company’s Bolt loan program, an SBA 7(a) loan product designed to expeditiously provide working capital loans of $150 thousand or less, the Company has originated 5,726 Bolt loans totaling $741.5 million, of which 495 Bolt loans totaling $64.8 million were originated during the fourth quarter. No newly originated government guaranteed loans were measured at fair value during the fourth quarter of 2024 versus $34 million in the third quarter of 2024 and $53 million in the fourth quarter of 2023.
Loans held for investment increased by $24.1 million, or 2.3%, during the fourth quarter of 2024 to $1.07 billion and increased $150.8 million, or 16.5%, over the past year. During the quarter, the Company originated $158.7 million of loans and sold $94.5 million of government guaranteed loan balances.
Deposits increased $31.0 million, or 2.8%, during the fourth quarter of 2024 and increased $158.1 million, or 16.0%, over the past year to $1.14 billion.
Book value and tangible book value at December 31, 2024 were $22.95 per common share, an increase from $20.86 at September 30, 2024.
Net interest margin increased by 26 basis points to 3.60% in the fourth quarter of 2024, from 3.34% in the third quarter of 2024 and 12 basis points from 3.48%in the fourth quarter of 2023.

Results of Operations

Net Income

Net income was $9.8 million for the fourth quarter of 2024, compared to $1.1 million in the third quarter of 2024 and $1.7 million in the fourth quarter of 2023. The increase in net income for the fourth quarter of 2024 from the preceding quarter was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million, which was part of a sale-leaseback transaction. Also contributing to higher earnings was an increase in net interest income of $1.2 million, an increase in gain on sale of government guaranteed loans of $2.3 million, and a decrease in noninterest expense of $1.7 million, partially offset by an increase in provision for credit losses of $1.4 million, a decrease in government guaranteed loan fair value gains of $3.5 million, and an increase in income tax expense on continuing operations of $2.9 million. The decrease in fair value gains on government guaranteed loans was the result of not measuring any newly originated government guaranteed loans at fair value in the fourth quarter. The increase in net income from the fourth quarter of 2023 was due to the pre-tax gain on sale of two branch office properties of $11.6 million, an increase in net interest income of $1.8 million, an increase in gain on sale of government guaranteed loans of $1.4 million, and lower noninterest expense of $3.1 million. This was partially offset by an increase in provision for credit losses of $1.8 million, a decrease in government guaranteed loan fair value gains of $4.8 million, and an increase in income tax expense on continuing operations of $2.6 million.

For the year ended December 31, 2024, net income was $12.6 million, an increase from $5.7 million from the year ended December 31, 2023. The increase was primarily due to the pre-tax gain on sale of two branch office properties of $11.6 million, an increase in net interest income of $1.6 million, higher gain on sale of government guaranteed loans of $3.7 million, and lower noninterest expense of $0.9 million, partially offset by higher provision for credit losses of $4.3 million, a decrease in government guaranteed fair value gains of $5.9 million and higher income tax expense on continuing operations of $2.2 million.

Net Interest Income and Net Interest Margin

Net interest income from continuing operations was $10.7 million in the fourth quarter of 2024, an increase from $9.4 million during the third quarter of 2024, and an increase from $8.9 million during the fourth quarter of 2023. The net interest margin increased by 26 basis points to 3.60% in the fourth quarter of 2024, from 3.34% in the third quarter of 2024 and 12 basis points from 3.48%in the fourth quarter of 2023.

The increase in net interest income from continuing operations during the fourth quarter of 2024, as compared to the third quarter of 2024, was mainly due to a decrease in interest cost on deposits of $1.0 million.

The increase in net interest income from continuing operations during the fourth quarter of 2024, as compared to the year ago quarter, was mainly due to an increase in loan interest income, including fees, of $3.0 million, partially offset by higher interest expense on deposits of $0.9 million.

Net interest income from continuing operations was $38.0 million for the year ended December 31, 2024, an increase from $36.4 million for the year ended December 31, 2023. The increase was mainly due to an increase in loan interest income, including fees, of $15.6 million, partially offset by an increase in interest expense on deposits of $12.1 million.

Noninterest Income

Noninterest income from continuing operations was $22.3 million for the fourth quarter of 2024, which was an increase from $12.3 million in the third quarter of 2024 and an increase from $14.7 million in the fourth quarter of 2023. The increase in the fourth quarter of 2024, as compared to the third quarter of 2024, was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million, which was part of a sale-leaseback transaction, and an increase in gain on sale of government guaranteed loans of $2.3 million, partially offset by a decrease in government guaranteed loan fair value gains of $3.5 million. The decrease in fair value gains on government guaranteed loans was the result of not measuring any newly originated government guaranteed loans at fair value in the fourth quarter. The increase in the fourth quarter of 2024, as compared to the fourth quarter of 2023, was the result of the pre-tax gain on sale of two branch office properties of $11.6 million and an increase in gain on sale of government guaranteed loans of $1.4 million, partially offset by a decrease in fair value gains on government guaranteed loans of $4.8 million.

Noninterest income from continuing operations was $60.5 million for the year ended 2024, which was an increase from $49.8 million for the year ended 2023. The increase was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million and an increase in gain on sale of government guaranteed loans of $3.7 million, partially offset by a decrease in fair value gains on government guaranteed loans of $5.9 million.

Noninterest Expense

Noninterest expense from continuing operations was $15.3 million in the fourth quarter of 2024 compared to $17.1 million in the third quarter of 2024 and $18.5 million in the fourth quarter of 2023. The decrease in the fourth quarter of 2024, as compared to the prior quarter, was primarily due to a decrease in compensation expense of $0.6 million and a decrease in loan origination and collection expense of $1.2 million. The decrease in the fourth quarter of 2024, as compared to the fourth quarter of 2023, was primarily due to lower compensation expense of $1.2 million and lower loan origination and collection expenses of $2.0 million.

Noninterest expense from continuing operations was $66.8 million for the year ended 2024 compared to $67.7 million for the year ended 2023. The decrease was the result of decreases in compensation expenses of $1.2 million, loan origination and collection expense of $1.0 million, and marketing and business development expenses of $1.3 million. The decreases were partially offset by increases in data processing expenses of $1.1 million, regulatory assessments of $0.4 million, and other noninterest expenses of $0.8 million.

Balance Sheet

Assets

Total assets increased $43.2 million, or 3.5%, during the fourth quarter of 2024 to $1.29 billion, mainly due to increases in loans held for investment of $24.1 million, cash and cash equivalents of $13.4 million, and right-of-use operating lease assets of $13.8 million, partially offset by a decrease in premises and equipment of $5.5 million. The increase in the right-of-use operating lease asset and decrease in premises and equipment was primarily the result of the fourth quarter 2024 sale-leaseback transaction. Compared to the end of the fourth quarter last year, total assets increased $170.5 million, or 15.3%, driven by growth of loans held for investment of $150.8 million, higher cash and cash equivalents of $19.4 million, and an increase in right-of-use operating lease asset of $13.4 million, partially offset by a decrease in premises and equipment of $5.6 million.

Loans

Loans held for investment increased $24.1 million, or 2.3%, during the fourth quarter of 2024 and $150.8 million, or 16.5%, over the past year to $1.07 billion, due to originations in both conventional community bank loans and government guaranteed loans, partially offset by government guaranteed loan sales.

Deposits

Deposits increased $31.0 million, or 2.8%, during the fourth quarter of 2024 and increased $158.1 million, or 16.0%, from the fourth quarter of 2023, ending December 31, 2024 at $1.14 billion. During the fourth quarter, there were increases in noninterest-bearing deposit account balances of $5.7 million, interest-bearing transaction account balances of $8.9 million, and savings and money market deposit account balances of $19.1 million, partially offset by a decrease in time deposit balances of $2.7 million. The majority of the deposits are generated through the community bank in the Tampa Bay/Sarasota area. At December 31, 2024, approximately 74% of total deposits were insured by the FDIC. At times, the Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. At December 31, 2024, September 30, 2024, and December 31, 2023, the Company had $112.1 million, $76.7 million, and $0.2 million, respectively, of brokered deposits.

Asset Quality

The Company recorded a provision for credit losses in the fourth quarter of $4.5 million, compared to provisions of $3.1 million for the third quarter of 2024 and $2.7 million during the fourth quarter of 2023.

The ratio of ACL to total loans held for investment at amortized cost was 1.54% at December 31, 2024, 1.48% as of September 30, 2024, and 1.64% as of December 31, 2023. The ratio of ACL to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 1.79% at December 31, 2024, 1.70% as of September 30, 2024, and 2.03% as of December 31, 2023. To date, we have not learned of a material loss to the Company as a result of the recent hurricanes. Therefore, additional loss reserves have not been deemed necessary.

Net charge-offs for the fourth quarter of 2024 were $3.4 million, which was an increase from $2.8 million for the third quarter of 2024 and $2.6 million in the fourth quarter of 2023. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.34% for the fourth quarter of 2024, compared to 1.16% in the third quarter of 2024 and 1.27% in the fourth quarter of 2023. Nonperforming assets to total assets were 1.50% as of December 31, 2024, compared to 1.38% as of September 30, 2024, and 0.92% as of December 31, 2023. Nonperforming assets, excluding government guaranteed loan balances, to total assets were 1.06% as of December 31, 2024, compared to 0.88% as of September 30, 2024, and 0.74% as of December 31, 2023. As we discussed in previous quarters, the Bank developed an express modification program for SBA 7(a) borrowers to help those borrowers who are challenged with larger payments in the higher interest rate environment compared to interest rates at the time the loans were originated. To date, 496 SBA 7(a) borrowers have been offered loan modification options. These efforts have helped and are expected to continue to help reduce the risk of loss.

Capital

The Bank’s Tier 1 leverage ratio was 8.82% as of December 31, 2024, compared to 8.41% as of September 30, 2024, and 9.38% as of December 31, 2023. The CET 1 and Tier 1 capital ratio to risk-weighted assets were 10.89% as of December 31, 2024, compared to 10.14% as of September 30, 2024, and 11.77% as of December 31, 2023. The total capital to risk-weighted assets ratio was 12.14% as of December 31, 2024, compared to 11.39% as of September 30, 2024, and 13.03% as of December 31, 2023.

Liquidity

The Bank’s overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at December 31, 2024 was 9.17%, as compared to 9.33% at December 31, 2023. The Bank has robust liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of December 31, 2024, the Bank had no borrowings from the FHLB, the FRB or other financial institutions. This compares to $10.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions at September 30, 2024 and December 31, 2023.

Recent Events

Share Repurchase Program

The Company announced that its Board of Directors has adopted a share repurchase program. Under the repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares, over a period beginning on January 28, 2025, and continuing until the earlier of the completion of the repurchase, or December 31, 2025, or termination of the program by the Board of Directors.

First Quarter Common Stock Dividend. On January 28, 2025, BayFirst’s Board of Directors declared a first quarter 2025 cash dividend of $0.08 per common share. The dividend will be payable March 15, 2025 to common shareholders of record as of March 1, 2025. The Company has continuously paid quarterly common stock cash dividends since 2016.

Conference Call

BayFirst’s management team will host a conference call on Friday, January 31, 2025, at 9:00 a.m. ET to discuss its fourth quarter results. Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com. Investment professionals are invited to dial (800) 549-8228 to participate in the call using Conference ID 71006. A replay of the call will be available for one year at www.bayfirstfinancial.com.

About BayFirst Financial Corp.

BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. It was named the best bank in Florida in 2024, according to Forbes and was the 9th largest SBA 7(a) lender by number of units originated and 16th largest by dollar volume nationwide through the SBA’s quarter ended December 31, 2024. As of December 31, 2024, BayFirst Financial Corp. had $1.29 billion in total assets.

Forward-Looking Statements

In addition to the historical information contained herein, this presentation includes “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.

Contacts:
Thomas G. Zernick	Scott J. McKim
Chief Executive Officer	Chief Financial Officer
727.399.5680	727.521.7085

BAYFIRST FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)

	At or for the three months ended
(Dollars in thousands, except for share data)	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Balance sheet data:
Average loans held for investment at amortized cost	$	1,003,867		$	948,528		$	902,417		$	855,040		$	825,196
Average total assets		1,273,296			1,228,040			1,178,501			1,126,315			1,108,550
Average common shareholders’ equity		87,961			86,381			84,948			85,385			82,574
Total loans held for investment		1,066,559			1,042,445			1,008,314			934,868			915,726
Total loans held for investment, excl gov’t gtd loan balances		917,075			885,444			844,659			776,302			698,106
Allowance for credit losses		15,512			14,186			13,843			13,906			13,497
Total assets		1,288,297			1,245,099			1,217,869			1,144,194			1,117,766
Common shareholders’ equity		94,869			86,242			84,911			84,578			84,656
Share data:
Basic earnings per common share	$	2.27		$	0.18		$	0.12		$	0.11		$	0.32
Diluted earnings per common share		2.11			0.18			0.12			0.11			0.32
Dividends per common share		0.08			0.08			0.08			0.08			0.08
Book value per common share		22.95			20.86			20.54			20.45			20.60
Tangible book value per common share ⁽¹⁾		22.95			20.86			20.54			20.45			20.60
Performance and capital ratios:
Return on average assets⁽²⁾		3.07	%		0.37	%		0.29	%		0.29	%		0.60	%
Return on average common equity⁽²⁾		42.71	%		3.48	%		2.26	%		2.06	%		6.37	%
Net interest margin⁽²⁾		3.60	%		3.34	%		3.43	%		3.42	%		3.48	%
Dividend payout ratio		3.52	%		43.98	%		68.91	%		75.27	%		25.03	%
Asset quality ratios:
Net charge-offs	$	3,369		$	2,757		$	3,261		$	3,652		$	2,612
Net charge-offs/avg loans held for investment at amortized cost⁽²⁾		1.34	%		1.16	%		1.45	%		1.71	%		1.27	%
Nonperforming loans⁽³⁾	$	17,607		$	15,489		$	12,312		$	9,877		$	9,688
Nonperforming loans (excluding gov’t gtd balance)⁽³⁾	$	13,570		$	10,992		$	8,054		$	7,568		$	8,264
Nonperforming loans/total loans held for investment⁽³⁾		1.75	%		1.62	%		1.34	%		1.15	%		1.18	%
Nonperforming loans (excl gov’t gtd balance)/total loans held for investment⁽³⁾		1.35	%		1.15	%		0.87	%		0.88	%		1.00	%
ACL/Total loans held for investment at amortized cost		1.54	%		1.48	%		1.50	%		1.62	%		1.64	%
ACL/Total loans held for investment at amortized cost, excl government guaranteed loans		1.79	%		1.70	%		1.73	%		1.88	%		2.03	%
Other Data:
Full-time equivalent employees		299			295			302			313			305
Banking center offices		12			12			12			12			11
⁽¹⁾ See section entitled “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” below for a reconciliation to most comparable GAAP equivalent.
⁽²⁾ Annualized
⁽³⁾ Excludes loans measured at fair value

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders’ equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.

The following presents these non-GAAP financial measures along with their most directly comparable financial measures calculated in accordance with GAAP:

Tangible Common Shareholders’ Equity and Tangible Book Value Per Common Share (Unaudited)
	As of
(Dollars in thousands, except for share data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Total shareholders’ equity	$	110,920		$	102,293		$	100,962		$	100,629		$	100,707
Less: Preferred stock liquidation preference		(16,051	)		(16,051	)		(16,051	)		(16,051	)		(16,051	)
Total equity available to common shareholders		94,869			86,242			84,911			84,578			84,656
Less: Goodwill		—			—			—			—			—
Tangible common shareholders’ equity	$	94,869		$	86,242		$	84,911		$	84,578		$	84,656

Common shares outstanding		4,132,986			4,134,059			4,134,219			4,134,914			4,110,470
Tangible book value per common share	$	22.95		$	20.86		$	20.54		$	20.45		$	20.60

BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)	12/31/2024			9/30/2024			12/31/2023
Assets	(Unaudited)			(Unaudited)
Cash and due from banks	$	4,499		$	4,708		$	4,099
Interest-bearing deposits in banks		73,289			59,675			54,286
Cash and cash equivalents		77,788			64,383			58,385
Time deposits in banks		2,270			2,264			4,646
Investment securities available for sale, at fair value (amortized cost $40,279, $41,104, and $43,597 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively)		36,291			37,984			39,575
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $12, $13, and $17 (fair value: $2,346, $2,321, and $2,263 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively)		2,488			2,487			2,484
Nonmarketable equity securities		4,526			4,997			4,770
Government guaranteed loans held for sale		—			595			—
Government guaranteed loans held for investment, at fair value		60,833			86,441			91,508
Loans held for investment, at amortized cost		1,005,726			956,004			824,218
Allowance for credit losses on loans		(15,512	)		(14,186	)		(13,497	)
Net Loans held for investment, at amortized cost		990,214			941,818			810,721
Accrued interest receivable		9,155			8,537			7,130
Premises and equipment, net		33,249			38,736			38,874
Loan servicing rights		16,534			15,966			14,959
Right-of-use operating lease assets		15,814			2,018			2,416
Bank owned life insurance		26,513			26,330			25,800
Other real estate owned		132			—			—
Other assets		12,490			12,543			16,150
Assets from discontinued operations		—			—			348
Total assets	$	1,288,297		$	1,245,099		$	1,117,766
Liabilities:
Noninterest-bearing deposits	$	101,743		$	95,995		$	93,708
Interest-bearing transaction accounts		256,793			247,923			259,422
Savings and money market deposits		474,425			455,297			373,000
Time deposits		310,268			312,981			259,008
Total deposits		1,143,229			1,112,196			985,138
FHLB borrowings		—			10,000			10,000
Subordinated debentures		5,956			5,954			5,949
Notes payable		1,934			2,048			2,389
Accrued interest payable		1,036			1,114			882
Operating lease liabilities		14,510			2,271			2,619
Deferred income tax liabilities		301			1,488			482
Accrued expenses and other liabilities		10,411			7,735			8,980
Liabilities from discontinued operations		—			—			620
Total liabilities		1,177,377			1,142,806			1,017,059
Shareholders’ equity:	(Unaudited)			(Unaudited)
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023; aggregate liquidation preference of $6,395 each period		6,161			6,161			6,161
Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023; aggregate liquidation preference of $3,210 each period		3,123			3,123			3,123
Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023; aggregate liquidation preference of $6,446 at December 31, 2024, September 30, 2024, and December 31, 2023		6,446			6,446			6,446
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,132,986, 4,134,059, and 4,110,470 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023, respectively		54,764			54,780			54,521
Accumulated other comprehensive loss, net		(2,956	)		(2,312	)		(2,981	)
Unearned compensation		(752	)		(978	)		(958	)
Retained earnings		44,134			35,073			34,395
Total shareholders’ equity		110,920			102,293			100,707
Total liabilities and shareholders’ equity	$	1,288,297		$	1,245,099		$	1,117,766

BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
	For the Quarter Ended								Year-to-Date
(Dollars in thousands, except per share data)	12/31/2024			9/30/2024		12/31/2023			12/31/2024			12/31/2023
Interest income:	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)
Loans, including fees	$	20,747		$	20,442	$	17,714		$	78,831		$	63,189
Interest-bearing deposits in banks and other		1,007			1,000		1,140			3,979			5,328
Total interest income		21,754			21,442		18,854			82,810			68,517
Interest expense:
Deposits		10,600			11,609		9,719			42,872			30,795
Other		501			384		258			1,912			1,291
Total interest expense		11,101			11,993		9,977			44,784			32,086
Net interest income		10,653			9,449		8,877			38,026			36,431
Provision for credit losses		4,546			3,122		2,737			14,726			10,445
Net interest income after provision for credit losses		6,107			6,327		6,140			23,300			25,986
Noninterest income:
Loan servicing income, net		582			918		677			3,100			2,826
Gain on sale of government guaranteed loans, net		8,425			6,143		6,977			28,252			24,553
Service charges and fees		451			447		555			1,794			1,721
Government guaranteed loans fair value gain, net		(80	)		3,416		4,697			9,843			15,718
Government guaranteed loan packaging fees		773			903		1,588			4,105			3,664
Gain on sale of premises and equipment		11,649			—		—			11,649			—
Other noninterest income		476			445		197			1,726			1,273
Total noninterest income		22,276			12,272		14,691			60,469			49,755
Noninterest Expense:
Salaries and benefits		7,351			7,878		7,446			31,063			30,973
Bonus, commissions, and incentives		1,074			1,141		2,211			4,445			5,726
Occupancy and equipment		1,217			1,248		1,150			4,848			4,758
Data processing		1,749			1,789		1,422			6,745			5,611
Marketing and business development		390			532		640			2,050			3,336
Professional services		803			853		1,070			3,882			3,657
Loan origination and collection		758			1,956		2,728			6,391			7,425
Employee recruiting and development		445			595		510			2,186			2,177
Regulatory assessments		379			309		266			1,249			881
Other noninterest expense		1,169			763		1,023			3,923			3,163
Total noninterest expense		15,335			17,064		18,466			66,782			67,707
Income before taxes from continuing operations		13,048			1,535		2,365			16,987			8,034
Income tax expense from continuing operations		3,272			398		704			4,315			2,119
Net income from continuing operations		9,776			1,137		1,661			12,672			5,915
Loss from discontinued operations before income taxes		—			—		(8	)		(92	)		(283	)
Income tax benefit from discontinued operations		—			—		(2	)		(23	)		(70	)
Net loss from discontinued operations		—			—		(6	)		(69	)		(213	)

Net income		9,776			1,137		1,655			12,603			5,702
Preferred dividends		385			385		341			1,541			965
Net income available to common shareholders	$	9,391		$	752	$	1,314		$	11,062		$	4,737
Basic earnings (loss) per common share:	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)
Continuing operations	$	2.27		$	0.18	$	0.32		$	2.69		$	1.21
Discontinued operations		—			—		—			(0.01	)		(0.05	)
Basic earnings per common share	$	2.27		$	0.18	$	0.32		$	2.68		$	1.16

Diluted earnings (loss) per common share:
Continuing operations	$	2.11		$	0.18	$	0.32		$	2.64		$	1.17
Discontinued operations		—			—		—			(0.02	)		(0.05	)
Diluted earnings per common share	$	2.11		$	0.18	$	0.32		$	2.62		$	1.12

Loan Composition

(Dollars in thousands)	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Real estate:
Residential	$	330,870		$	321,740		$	304,234		$	285,214		$	264,126
Commercial		305,721			292,026			288,185			273,227			293,595
Construction and land		32,914			33,784			35,759			36,764			26,272
Commercial and industrial		226,522			200,212			192,140			182,264			177,566
Commercial and industrial – PPP		941			1,656			2,324			2,965			3,202
Consumer and other		93,826			92,546			85,789			63,854			47,287
Loans held for investment, at amortized cost, gross		990,794			941,964			908,431			844,288			812,048
Deferred loan costs, net		19,499			18,060			17,299			16,233			14,707
Discount on government guaranteed loans		(8,306	)		(7,880	)		(7,731	)		(7,674	)		(7,040	)
Premium on loans purchased, net		3,739			3,860			4,173			4,252			4,503
Loans held for investment, at amortized cost, net		1,005,726			956,004			922,172			857,099			824,218
Government guaranteed loans held for investment, at fair value		60,833			86,441			86,142			77,769			91,508
Total loans held for investment, net	$	1,066,559		$	1,042,445		$	1,008,314		$	934,868		$	915,726

Nonperforming Assets (Unaudited)

(Dollars in thousands)	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Nonperforming loans (government guaranteed balances), at amortized cost, gross	$	4,037		$	4,497		$	4,258		$	2,309		$	1,424
Nonperforming loans (unguaranteed balances), at amortized cost, gross		13,570			10,992			8,054			7,568			8,264
Total nonperforming loans, at amortized cost, gross		17,607			15,489			12,312			9,877			9,688
Nonperforming loans (government guaranteed balances), at fair value		—			24			341			94			—
Nonperforming loans (unguaranteed balances), at fair value		1,490			1,535			1,284			729			648
Total nonperforming loans, at fair value		1,490			1,559			1,625			823			648
OREO		132			—			1,633			404			—
Repossessed assets		36			94			—			—			—
Total nonperforming assets, gross	$	19,265		$	17,142		$	15,570		$	11,104		$	10,336
Nonperforming loans as a percentage of total loans held for investment⁽¹⁾		1.75	%		1.62	%		1.34	%		1.15	%		1.18	%
Nonperforming loans (excluding government guaranteed balances) to total loans held for investment⁽¹⁾		1.35	%		1.15	%		0.87	%		0.88	%		1.00	%
Nonperforming assets as a percentage of total assets		1.50	%		1.38	%		1.28	%		0.97	%		0.92	%
Nonperforming assets (excluding government guaranteed balances) to total assets		1.06	%		0.88	%		0.82	%		0.70	%		0.74	%
ACL to nonperforming loans⁽¹⁾		88.10	%		91.59	%		112.44	%		140.79	%		139.32	%
ACL to nonperforming loans (excluding government guaranteed balances)⁽¹⁾		114.31	%		129.06	%		171.88	%		183.75	%		163.32	%

⁽¹⁾ Excludes loans measured at fair value

Note: Transmitted on Globe Newswire on January 30, 2025, at 4:00 p.m. ET.

The MIL Network –

January 31, 2025

MIL-OSI: Medallion Bank Reports 2024 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, Jan. 30, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced its results for the quarter and year ended December 31, 2024. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

2024 Fourth Quarter Highlights

Net income of $15.6 million, compared to $21.9 million in the prior year quarter.
Net interest income of $53.1 million, compared to $48.9 million in the prior year quarter.
Net interest margin of 8.28%, compared to 8.62% in the prior year quarter.
Total provision for credit losses was $20.5 million, compared to $9.7 million in the prior year quarter. Total provision for credit losses included $0.9 million of net taxi medallion recoveries, compared to $12.0 million of net taxi medallion recoveries in the prior year quarter.
Annualized net charge-offs were 3.28% of average loans outstanding, compared to 1.04% in the prior year quarter.
In December 2024, the Bank signed a letter of intent to sell up to $121 million of recreation loans at a premium to par value.

2024 Full-Year Highlights

Net income of $60.6 million, compared to net income of $79.9 million in 2023.
Net interest income of $204.7 million, compared to $188.9 million in 2023.
Net interest margin of 8.48%, compared to 8.84% in 2023.
Total provision for credit losses was $75.8 million, compared to $36.5 million in 2023. Total provision for credit losses included $4.9 million of net taxi medallion recoveries, compared to $18.1 million of net taxi medallion recoveries in 2023.
Total net charge-offs were 2.82% of average loans outstanding, compared to 1.52% in 2023.
Return on assets and return on equity were 2.52% and 16.62%, respectively, compared to 3.74% and 24.57% in 2023.
Total loan portfolio grew 13% to $2.4 billion.
Total assets were $2.5 billion, total capital was $382.4 million, and the Tier 1 leverage ratio was 15.68% as of December 31, 2024.

Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We finished 2024 on a solid note, with quarterly earnings of $15.6 million and net interest income above $53 million. Volumes in our strategic partnership business tripled to $124 million from $40 million in the third quarter. As anticipated, recreation and home improvement loan volumes slowed with the winter season, and loan delinquency and net charge-offs rose in the quarter as is expected. With record recreation loan originations of more than $526 million in 2024, we initiated another loan sale — our fifth since 2016 — in preparation for the projected demand from our customers in 2025. We view loan sales as an efficient method to recycle capital that can also generate earnings when demand exceeds our capacity. Reclassifying these recreation loans as held for sale resulted in a release of $3.9 million in related allowance for credit losses. As we look ahead, our priorities remain constant: loan originations of predictable credit quality and managed growth that continues to deliver increasing net interest income while maintaining or growing our market position.”

Recreation Lending Segment

The Bank’s recreation loan portfolio grew 15% to $1.543 billion as of December 31, 2024, compared to $1.336 billion at December 31, 2023. Loan originations were $72.2 million in the fourth quarter 2024, compared to $62.7 million in the prior year quarter. For the year, loan originations were $526.6 million, compared to $447.0 million in 2023.
Net interest income was $39.4 million for the fourth quarter 2024, compared to $36.2 million in the prior year quarter. For the year, net interest income was $153.1 million, compared to $140.3 million in 2023.
Recreation loans were 65% of loans receivable as of December 31, 2024, compared to 64% at December 31, 2023.
Annualized net charge-offs were 4.35% of average recreation loans outstanding in the fourth quarter 2024, compared to 4.23% in the prior year quarter. For the year, total net charge-offs were 3.72% of average recreation loans outstanding, compared to 3.04% in 2023.
The provision for recreation credit losses was $17.7 million in the fourth quarter 2024, compared to $14.8 million in the prior year quarter. For the year, the provision for recreation credit losses was $68.0 million, compared to $44.6 million in 2023. The provisions for the three and twelve months ended December 31, 2024 included $3.9 million of allowance for credit losses released as $121 million of recreation loans were reclassified as held for sale.
The recreation allowance for credit losses was 5.00% of the outstanding balance as of December 31, 2024, compared to 4.31% of the outstanding balance as of December 31, 2023. The Bank does not record an allowance for loans held for sale, so the allowance as of December 31, 2024 relates only to the remaining recreation loans held for investment.

Home Improvement Lending Segment

The Bank’s home improvement loan portfolio grew 9% to $827.2 million as of December 31, 2024, compared to $760.6 million at December 31, 2023. Loan originations were $82.5 million in the fourth quarter 2024, compared to $66.0 million in the prior year quarter. For the year, loan originations were $298.7 million, compared to $357.4 million in 2023.
Net interest income was $13.1 million for the fourth quarter 2024, compared to $12.2 million in the prior year quarter. For the year, net interest income was $50.2 million, compared to $46.6 million in 2023.
Home improvement loans were 35% of loans receivable as of December 31, 2024, compared to 36% at December 31, 2023.
Annualized net charge-offs were 1.75% of average home improvement loans outstanding in the fourth quarter 2024, compared to 1.67% in the prior year quarter. For the year, total net charge-offs were 1.78% of average home improvement loans outstanding, compared to 1.33% in 2023.
The provision for home improvement credit losses was $4.4 million in the fourth quarter 2024, compared to $6.9 million in the prior year quarter. For the year, the provision for home improvement credit losses was $13.5 million, compared to $17.6 million in 2023.
The home improvement allowance for credit losses was 2.48% of the outstanding balance at December 31, 2024, compared to 2.76% of the outstanding balance at December 31, 2023.

Series F Preferred Stock Dividend

On January 23, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable on April 1, 2025, to holders of record at the close of business on March 17, 2025.

About Medallion Bank

Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

For more information, visit www.medallionbank.com

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales (including loan sales), net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “continue,” “may,” “maintain” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com

MEDALLION BANK STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended December 31,				For the Years Ended December 31,
(In thousands)	2024		2023		2024		2023
Interest income
Loan interest including fees	$	71,577	$	61,668	$	268,914	$	231,496
Investments		1,564		1,585		6,306		5,171
Total interest income		73,141		63,253		275,220		236,667
Interest expense		20,039		14,401		70,509		47,785
Net interest income		53,102		48,852		204,711		188,882
Provision for credit losses		20,500		9,717		75,845		36,457
Net interest income after provision for credit losses		32,602		39,135		128,866		152,425
Other non-interest income		16		839		2,134		2,102
Non-interest expense
Salaries and benefits		5,014		4,997		19,985		19,001
Loan servicing		3,173		2,903		12,248		11,626
Collection costs		1,517		1,492		6,095		5,965
Regulatory fees		969		692		3,795		3,176
Professional fees		508		631		1,694		2,243
Information technology		329		281		1,186		1,031
Occupancy and equipment		541		206		1,167		830
Other		938		818		3,624		3,524
Total non-interest expense		12,989		12,020		49,794		47,396
Income before income taxes		19,629		27,954		81,206		107,131
Provision for income taxes		4,040		6,011		20,624		27,279
Net income	$	15,589	$	21,943	$	60,582	$	79,852
Less: Preferred stock dividends		1,512		1,512		6,047		6,047
Net income attributable to common shareholder	$	14,077	$	20,431	$	54,535	$	73,805

MEDALLION BANK
BALANCE SHEETS
(UNAUDITED)

(In thousands)	December 31, 2024			December 31, 2023
Assets
Cash and federal funds sold	$	126,196		$	110,043
Investment securities, available-for-sale		54,805			54,282
Loans held for sale, at the lower of amortized cost or fair value		128,226			—

Loan receivables, inclusive of net deferred loan acquisition cost and fees		2,249,613			2,100,338
Allowance for credit losses		(91,638	)		(79,283	)
Loans, net		2,157,975			2,021,055
Loan collateral in process of foreclosure		3,326			4,165
Fixed assets and right-of-use lease assets, net		9,126			8,140
Deferred tax assets		14,036			12,761
Accrued interest receivable		15,083			13,439
Other assets		40,326			38,171
Total assets	$	2,549,099		$	2,262,056
Liabilities and Shareholders’ Equity
Liabilities
Deposits and other funds borrowed	$	2,125,071		$	1,866,657
Accrued interest payable		5,586			4,029
Income tax payable		17,951			21,219
Other liabilities		17,204			17,509
Due to affiliates		910			849
Total liabilities		2,166,722			1,910,263
Shareholder’s Equity
Series E Preferred stock		26,303			26,303
Series F Preferred stock		42,485			42,485
Common stock		1,000			1,000
Additional paid in capital		77,500			77,500
Accumulated other comprehensive loss, net of tax		(4,480	)		(4,529	)
Retained earnings		239,569			209,034
Total shareholders’ equity		382,377			351,793
Total liabilities and shareholders’ equity	$	2,549,099		$	2,262,056

The MIL Network –

January 31, 2025

MIL-OSI: RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter and Year Ending December 31, 2024

Source: GlobeNewswire (MIL-OSI)

PHOENIX, Jan. 30, 2025 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (OTCIQ: RBAZ) (the “Company”), parent company of Republic Bank of Arizona (the “Bank” or “RBAZ”), announced a consolidated net income of $793,000, or $0.44 per share, for the quarter ended December 31, 2024 and $3,379,000, or $1.90 per share, for the twelve months ended December 31, 2024 as compared to a consolidated net income of $688,000, or $0.38 per share, for the quarter ended December 31, 2023 and $2,460,000, or $1.36 per share, for the twelve months ended December 31, 2023.

President and CEO Brian Ruisinger stated “I am proud to report record earnings for RBAZ in our 17-year history reflecting a 37% year-over-year increase bolstered by Q4 featuring a 15% increase over the same quarter of the prior year. Solid loan growth at higher yields coupled with deposit growth concentrated in non-interest-bearing funds resulted in a 27% net interest income improvement. This was accomplished while managing expenses allowing for an increase of only 11%. However, these expenses included $365,000 of deal costs related to our prior announcement of merging with Pima Federal Credit Union.”

Mr. Ruisinger continued, “As an update to our May 16, 2024 announcement of our intent to join forces with Pima Federal Credit Union, RBAZ shareholders approved the transaction on August 22, 2024 and regulatory applications were accepted in January 2025 entering into the customary review period to obtain approval. We anticipate a closing date in the second quarter of this year, and additional information will be provided once approvals are obtained.”

December 31, 2024 Company Highlights Include:

Total loans of $222,731,000 increased $20,902,000, or 10.4%, from December 31, 2023. This increase consisted of $51,397,000 in new loan originations and advances on construction lines of credit, offset by $29,397,000 in loan maturities and participations sold. Advances and repayments on commercial lines of credit and normal payment attrition comprised the balance of the loan activity in 2024.
Total deposits of $250,201,000 increased $22,029,000, or 9.7%, from December 31, 2023 and related entirely to core deposit generation, in which 74.1% was in non-interest-bearing funds. The increase in core deposits was a mix of deepening of existing relationships and cultivation of new banking relationships.
Total interest income increased $800,000 to $4,615,000 for the quarter ended December 31, 2024 outpacing total interest income of $3,815,000 for the same period of the prior year equating to an increase of 21.0%.
Cost of deposits was 2.13% for the quarter ended December 31, 2024. After peaking at 2.36% in Q1 2024, this reduction of 23 basis points indicates a turning point in the interest rate environment within the greater Phoenix market following the Federal Reserve’s rate reductions totaling 100 basis points in the second half of 2024.
Total non-interest expense increased $239,000 to $2,097,000 for the quarter ended December 31, 2024 compared to $1,858,000 for the same period of the prior year. However, this increase includes $365,000 in non-recurring expenses associated with the pending transaction with Pima Federal Credit Union incurred in 2024. Therefore, core operating expenses decreased $126,000 between comparative quarters resulting primarily from a reduction in professional fees and marketing expenses.

The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:

	December 31, 2024 (%)		Ratio to be Well Capitalized (%)
CBLR ratio	11.06		9.00

About the Company
RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding company for its Arizona state-chartered bank subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.

About the Bank
Republic Bank of Arizona is a locally owned, community bank in Phoenix, Scottsdale and Gilbert, Arizona. RBAZ is a full service, community bank providing deposit and loan products and convenient, online and mobile banking to individuals, businesses and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Additional branches are located at 7373 N. Scottsdale Road, Suite A-195, Scottsdale, AZ and 1417 W. Elliot Road, Gilbert, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For further information, please visit our web site: www.republicbankaz.com.

Forward-Looking Statements
This press release may include forward-looking statements about the Company and the Bank (collectively referred to herein as the “Company”), for which the Company claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

	Summary Company Financial Information (unaudited)
	For the three months ended December 31,		For the twelve months ended December 31,
	2024	2023	2024	2023
	*(dollars in thousands, except per share data)*
Summary Income Data:
Interest income	$4,615	$3,815	$17,935	$14,208
Interest expense	1,457	1,359	5,923	4,742
Net interest income	3,158	2,456	12,012	9,466
Provision for credit losses	233	–	627	–
Non-interest income	245	219	967	820
Non-interest expense	2,097	1,858	7,907	7,142
Income before provision for income tax	1,073	817	4,445	3,144
Provision for income tax	280	129	1,066	684
Net income	$793	$688	$3,379	$2,460
Per Share Data:
Shares outstanding end-of-period	1,790	1,795	1,790	1,795
Earnings per common share	$0.44	$0.38	$1.90	$1.36
Diluted earnings per common share	$0.42	$0.37	$1.77	$1.33
Book value per share	$13.81	$11.77	$13.81	$11.77
Selected Balance Sheet Data:
Total assets	$282,511	$272,044	$282,511	$272,044
Securities available-for-sale, at fair value	32,731	40,998	32,731	40,998
Securities held-to-maturity	9,855	10,648	9,855	10,648
Loans	222,731	201,829	222,731	201,829
Allowance for credit losses	2,428	2,116	2,428	2,116
Deposits	250,201	228,172	250,201	228,172
Other borrowings	5,958	20,929	5,958	20,929
Shareholders’ equity	24,723	21,128	24,723	21,128
Performance Ratios:
Return on average shareholders’ equity (annualized) (%)	12.83	13.03	13.67	11.64
Net interest margin (%)	4.58	3.81	4.32	3.68
Average assets	$288,408	$265,190	$289,763	$264,488
Return on average assets (annualized) (%)	1.10	1.04	1.17	0.93
Shareholders’ equity to assets (%)	8.75	7.77	8.75	7.77
Efficiency ratio (%)	61.62	69.46	60.92	69.43
Asset Quality Data:
Nonaccrual loans	$418	$209	$418	$209
Loan modifications to borrowers experiencing financial difficulty	$-	$-	$-	$-
Other real estate owned	$-	$-	$-	$-
Nonperforming loans	$418	$209	$418	$209
Nonperforming loans to total assets (%)	0.15	0.08	0.15	0.08
Nonperforming loans to total loans (%)	0.19	0.10	0.19	0.10
Allowance for credit losses to total loans (%)	1.09	1.05	1.09	1.05
Allowance for credit losses to nonperforming loans (%)	580.86	1,012.44	580.86	1,012.44
Net charge-offs (recoveries) for period	$26	$-	$190	($352	)
Average loans	$221,193	$192,129	$208,799	$176,146
Ratio of net charge-offs (recoveries) to average loans (%)	0.01	n/a	0.09	(0.20	)

Contact: Brian Ruisinger
President and Chief Executive Officer
Phone: 602.280.9404
Email: bruisinger@republicaz.com

The MIL Network –

January 31, 2025

MIL-OSI: Federal Home Loan Bank of Atlanta Declares a 7.10% Dividend for Fourth Quarter 2024

Source: GlobeNewswire (MIL-OSI)

ATLANTA, Jan. 30, 2025 (GLOBE NEWSWIRE) — The board of directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a cash dividend for the fourth quarter 2024 at an annualized rate of 7.10 percent.

“Throughout the fourth quarter of 2024, our commitment to helping members through economic uncertainty and advancing our mission remained steadfast,” said FHLBank Atlanta Chair of the Board, Thornwell Dunlap. “Our strong financial performance reflects this dedication, allowing us to return a competitive dividend to our members.”

The dividend payout will be calculated based on members’ capital stock held during the fourth quarter of 2024 and will be credited to members’ daily investment accounts at the close of business on February 5, 2025.

If you have questions, please contact FHLBank Atlanta’s Funding Desk at 1.800.536.9650, ext. 8011.

About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

For more information, visit our website at www.fhlbatl.com.

To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by the forward-looking statements, the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory changes; future economic and market conditions (including the housing market); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, and world events; disruptions in information systems; membership changes; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLBank System in general. Additional risk factors that might cause the Bank’s results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.

These statements speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New risk factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.

CONTACT: Sheryl Touchton
Federal Home Loan Bank of Atlanta
stouchton@fhlbatl.com

The MIL Network –

January 31, 2025
MIL-OSI Economics: Mission 300: African leaders pledge to advance clean cooking solutions for Africa at milestone Energy Summit

Source: African Development Bank Group

African countries have taken bold commitments to implement clean cooking energy solutions to offset the devastating effects of open fire cooking which kills roughly 600,000 women and children annually across the continent.

In energy compacts signed during the Mission 300 Africa Energy Summit, held in Tanzania 27-28 January, 12 African countries signalled their intent to accelerate the pace of access to electricity and clean cooking solutions on the world’s fastest-growing continent, in line with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063.

Commending these countries, Tanzanian President Suluhu Hassan stated in closing remarks: “I understand that the 12 governments have only pioneered, and many others will join us in the future.” Earlier, at the opening speaking about the purpose of the summit she said, “This gathering is a platform to consolidate commitments, announce new partnerships and drive momentum towards the 2030 goal.”

President Suluhu Hassan of Tanzania, global Clean Cooking ambassador at the Africa Energy Summit. January 2025

The two-day meeting was organized by the Government of Tanzania and Mission 300, an unprecedented collaboration between the African Development Bank Group, the World Bank Group and global partners, to address Africa’s electricity access gap through the use of new technology and innovative financing.

Moderating a special panel on clean cooking on Monday, Rashid Abdallah, Executive Director of the African Energy Commission (AFREC), noted that whilst 600 million Africans live without access to electricity, one billion -nearly double the number – were without access to clean cooking, relying on biomass fuels such as wood and charcoal, with severe economic, social and environmental impact. Conservative estimates put the cost of this across the continent to $790 billion a year, he noted.

Abdallah was joined by Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Peter Scott, CEO of Burn Manufacturing, and Martin Kimani, CEO of M-Gas, who each highlighted the significant health, environmental, and economic impacts of relying on polluting fuels for cooking, as well as the innovative approaches being developed to address this crisis.

Muyungi shared Tanzania’s experience in launching a comprehensive National Clean Cooking Strategy, emphasizing the importance of high-level political commitment, coordinated stakeholder engagement, and the integration of private sector participation.

He praised President Hassan’s role as a global champion bringing the issue to the highest level of African governments.

“It is important to elevate it to the highest level… She is the champion of clean cooking,” he said. He stressed: “It’s important that there is a champion who can elevate clean cooking in terms of partnerships and partner with others to address this issue. He added that Tanzania is on track to transition 80 percent of its population to clean cooking technologies by 2034, thanks to the efforts of President Hassan.

Scott, whose company Burn Manufacturing is the largest clean cooking manufacturer in Africa, discussed the diverse range of solutions being deployed across the continent, from fuel-efficient biomass stoves to cutting-edge electric cooking appliances with pay-as-you-go financing models. He stressed the availability of funding for clean cooking projects, pending the approval of carbon credit regulations by governments.

Panel session on clean cooking at Mission 300 Africa Energy Summit. Tanzania, January 2025. (L-R ) Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Martin Kimani, CEO,M-Gas, Peter Scott, CEO of Burn Manufacturing, Rashid Abdallah ED, African Energy Commission (AFREC)

“This is the most exciting time in the history of clean cooking,” Scott declared. “Now, there’s a lot of money standing by to approve carbon credit regulations to allow carbon trading, carbon finance, to grow. “

Kimani’s pioneering pay-as-you-cook LPG model has provided an innovative and affordable solution to enable households to transition to clean cooking. He shared the success of M-Gas in onboarding half a million households in Kenya and Tanzania within just three years, demonstrating the scalability of this approach. “One of the most important considerations is affordability, how do we close that gap?” he asked.

M-Gas has found an answer by installing IOT enabled smart meters which are fixed into gas cylinders without upfront payment.

“We mirror the (pay as you go) environment they can now cook using LPG. With 35 cents they can cook three meals in a day,” he added.

Tanzania pioneers clean cooking and global awareness

Tanzania published its clean cooking strategy in 2024-2034 last year in response to its own challenges – 3,000 people dying annually and the effects of a devastating 400 hectares of deforestation annually from the use of charcoal and firewood.

Championed by President Hassan, the Clean Cooking agenda has embraced everyone and is part of the national agenda, Muyungi said. “This discussion has highlighted the innovative approaches and the political will required to transform the lives of millions of Africans and secure a sustainable future for the continent.”

In a recognition of national efforts, awards were handed out to winners of a national clean cooking innovation challenge on the first day of the summit. The winners included creators of a biogas production plant and a click gas LPG delivery system.

Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025.

The African Development Bank Group has pledged $2 billion over 10 years towards clean cooking solutions in Africa. The pledge represents an important contribution to the $4 billion per year needed to allow African families to have access to clean cooking by 2030.

“Why should anybody have to die just for trying to cook a decent meal that is taken for granted in other parts of the world,” African Development Bank President Akinwumi Adesina asked during a discussion as part of the summit. “Africa must develop with dignity, with pride. Its women, its population must have access to clean energy solutions.”

Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025.

MIL OSI Economics –

January 31, 2025
MIL-OSI Banking: 🇮🇱 Zion Oil & Gas Update: January 30, 2025

Source: Zion Oil and Gas

Headline: Zion Oil & Gas Update: January 30, 2025

January 30, 2025

Dear Zion Shareholders and Supporters,

We are pleased to bring you the latest update as we continue progressing toward the next critical phase of operations at our Megiddo-Jezreel #1 (MJ-01) well.

As we have previously shared, logistical and geopolitical challenges necessitated an operational pause at the wellsite over recent months. Thankfully, we are preparing to launch our targeted re-completion work on the MJ-01 well in Q1 as expected. Our rig crew is informed and scheduled to arrive in Israel in the latter part of February to commence rig startup procedures. This includes minor repairs and maintenance, as well as drilling out the temporary plug that has been sealing MJ-01 during the pause. Once this work is complete, the team will focus on preparing both the location and the wellbore for the upcoming recompletion operation.

While our crew carries out these preparations, the necessary stimulation, well testing, and nitrogen equipment will be transported from various locations in Europe to Israel. Based on current projections, we anticipate receiving this equipment on-site in March, subject to final availability and shipping schedules.

Following equipment arrival, our plan is to proceed with rigging up, setting a bottom plug, and installing a swell plug, which is an essential step to isolate the targeted zone of interest. Once the plug has properly set, we will run in hole with the stimulation equipment, stimulate the zones, and initiate flowback operations.

Flowback duration will depend on well response; if all key components come together as expected, we anticipate completing these operations in early Q2.

While there are always variables in an operation of this nature, our team remains optimistic about the timeline and continues working diligently to achieve success.

As always, we deeply appreciate your ongoing support and prayers. We remain steadfast in our mission and will continue to provide updates as we progress.

Warm regards,
Rob Dunn
CEO
Zion Oil & Gas, Inc.

I waited patiently for the Lord; And He inclined to me and heard my cry.”
Psalm 40:1 NASB

“Then they said, “Let us arise and build.” So they put their hands to the good work.”
Nehemiah 2:18b NASB

MIL OSI Global Banks –

January 31, 2025

MIL-OSI: Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year of 2024 Results, Quarterly Cash Dividend of $0.12 Per Share

Source: GlobeNewswire (MIL-OSI)

OAK RIDGE, N.C., Jan. 30, 2025 (GLOBE NEWSWIRE) — Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the fourth quarter and full year of 2024, and a quarterly cash dividend of $0.12 per share.

Full Year 2024 Highlights

Earnings per share of $2.06 for 2024, compared to $2.10 for 2023.
Return on equity of 9.27% for 2024, compared to 10.38% for 2023.
Dividends declared per common share of $0.44 for 2024, compared to $0.30 for 2023.
Tangible book value per common share of $23.02 as of year-end 2024, compared to $22.78 at the end of the prior quarter-end, and $21.36 as of year-end 2023.
Net interest margin of 3.83% for 2024, compared to 3.86% for 2023.
Efficiency ratio of 67.7% for 2024, compared to 68.8% for 2023.
Loans receivable of $508.4 million as of December 31, 2024, up 6.9% (annualized) from $500.2 million as of the prior quarter-end, and up 10.2% from $461.9 million as of December 31, 2023.
Nonperforming assets to total assets of 0.53% as of December 31, 2024, compared to 0.45% as of the prior quarter-end end and 0.07% as of December 31, 2023.
Nonperforming assets were $3.5 million as of December 31, 2024, compared to $2.9 million as of the prior quarter-end end and $461,000 as of December 31, 2023. $2.8 million of the $3.0 million increase in nonperforming assets from the prior year end to the current year end were due to the guaranteed and nonguaranteed balances of six Small Business Administration (“SBA”) 7(a) loans that moved to nonaccrual status during the third and fourth quarters of 2024. The balances as of December 31, 2024, of SBA nonperforming loans guaranteed and unguaranteed by the SBA were $2.1 million and $700,000, respectively.
Securities available-for-sale and held-to maturity of $104.4 million as of year-end 2024, up 7.5% (annualized) from $102.4 million as of the prior quarter-end, and down 5.6% from $110.6 million as of year-end 2023.
Total deposits of $531.3 million at quarter-end end, up 16.2% (annualized) from $510.5 million as of the prior quarter-end, and up 7.7% from $493.1 million as of year-end 2023.
Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $58.2 million at quarter-end end, down 67.96% (annualized) from $70.2 million as of the prior quarter-end, and unchanged from $58.2 million as of year-end 2023.
Total stockholders’ equity of $63.0 million as of year-end 2024, up 0.6% (annualized) from $62.9 million as of the prior quarter-end, and up 8.0% from $58.3 million as of year-end 2023. At December 31, 2024, the Bank’s Community Bank Leverage Ratio (CBLR) was 11.04%, down slightly from 11.18% as of December 31, 2023. A bank or savings institution electing to use the CBLR will generally be considered well-capitalized and to have met the risk-based and leverage capital requirements of the applicable capital regulations if it has a leverage ratio greater than 9.0%.
Ranked #8 in 2024 North Carolina Small Business Administration (SBA) 7(a) loan production.
Recognized as one of American Banker’s Top 100 Publicly Traded Community Banks under $2 billion in assets. The rankings were based on three-year return on average equity (ROAE), a key measure of shareholder return, for 2021 to 2023.

Tom Wayne, Chief Executive Officer, announced, “While our full-year earnings per share for 2024 decreased slightly to $2.06 compared to $2.10 for 2023, we saw significant positive developments. In 2024, we achieved loan growth of 10.2%, alongside strong deposit growth of 7.7%. Our tangible book value per common share increased to $23.02, up from $21.36 at the previous year-end. We declared cash dividends of $0.44 per common share, up from $0.30 in 2023. We implemented a 50,000 share repurchase program and repurchased 25,100 shares during 2024. Our net interest margin remained stable at 3.83% for 2024, and our capital and liquidity positions remained strong. Despite an increase in nonperforming assets to $3.5 million at the end of 2024, $2.8 million of this was due to six SBA loans moving to nonaccrual status, with $2.1 million guaranteed by the SBA. We are pleased to be ranked #8 in North Carolina for SBA 7(a) loan production and recognized among American Banker’s Top 100 Publicly Traded Community Banks under $2 billion in assets. We owe these accomplishments to our dedicated employees and the invaluable support of our Board of Directors. I am thankful for their continued commitment to serving our clients and ensuring the Bank’s enduring strength and success.”

A quarterly cash dividend of $0.12 per share of common stock will be paid on March 3, 2025, to stockholders of record as of the close of business on February 18, 2025, which represents the 25^th consecutive quarterly dividend paid by the Company. “We are pleased to pay another quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.”

The Company adopted and implemented a share repurchase program in the third quarter of 2024. There were no shares repurchased during the third quarter of 2024. During the fourth quarter of 2024, the Company repurchased a total of 25,100 shares for $321,000.

For 2024 and 2023, net interest income was $23.7 million and $22.1 million, respectively, and the net interest margin was 3.83% in 2024 compared to 3.86% in 2023, a decrease of three basis points. For the three months ending December 31, 2024 and 2023, net interest income was $6.3 million and $5.7 million, respectively. For the three months ending December 31, 2024, the net interest margin increased 13 basis points to 3.92%, compared to 3.79% in 2023.

For 2024, the Company recorded a provision for credit losses of $1.4 million, compared to a provision for credit losses of $727,000 in 2023. For the three months ending December 31, 2024, the Company recorded a provision for credit losses of $514,000, compared to a provision for credit losses of $432,000 in the same period in 2023. The allowance for credit losses as a percentage of total loans was 1.05% on December 31, 2024 and 2023. Nonperforming assets represented 0.53% of total assets on December 31, 2024, compared to 0.07% on December 31, 2023. The recorded balances of nonperforming loans were $3.5 million on December 31, 2024, compared to $461,000 on December 31, 2023. The $3.0 million increase in nonperforming loans from December 31, 2023 to December 31, 2024, was primarily attributable to six SBA 7(a) loans totaling $2.8 million moving to nonaccrual status during the third quarter of 2024, of which $2.1 million is guaranteed by the SBA. The SBA loans are also secured by real estate and personal guarantees.

Noninterest income totaled $3.2 million and $3.9 million for 2024 and 2023, respectively. There were increases and decreases in components of noninterest income from 2023 to 2024, with the following categories significantly contributing to the overall net decrease: Service charges on deposit accounts were $234,000 for 2024 compared to $169,000 in 2023. The increase was due to a new deposit account fee established in 2024 that was not in effect during 2023. Income from Small Business Investment Company investments were $211,000 for 2024 compared to $395,000 in 2023. The Company received fewer income distributions from Small Business Investment Company investments in 2024 compared to 2023. Other service charges and fees were $380,000 for 2024 compared to $524,000 in 2023. The decrease is due to fees realized on a sold deposit relationship in 2023 with no comparable fees in 2024.

Noninterest income totaled $784,000 and $918,000 for the three months ended December 31, 2024 and 2023, respectively. There were increases and decreases in components of noninterest income from 2023 to 2024, with the following categories significantly contributing to the overall net decrease: Service charges on deposit accounts were $836,000 for the quarter ended December 31, 2024, compared to $628,000 in the 2023 quarter. The increase was due to a new deposit account fee established in 2024. Income from Small Business Investment Company investments was $209,000 for the quarter ended December 31, 2023, with no comparable income in 2024. The Company received fewer income distributions from Small Business Investment Company investments in 2024 compared to the 2023 quarter.

Noninterest expense totaled $18.3 million and $17.9 million for 2024 and 2023, respectively. There were increases and decreases in components of noninterest expense from 2023 to 2024, with the following categories significantly contributing to the overall net increase of $409,000: Occupancy expense was $1.3 million for 2024 compared to $1.1 million in 2023. The increase in occupancy expense is mostly due to higher property maintenance expenses in 2024 compared to 2023. Equipment expense was $595,000 for 2024 compared to $872,000 for 2023. The decrease in equipment expense is mostly due to lower equipment depreciation expense in 2024 compared to 2023. Data and items processing expense was $2.3 million for 2024 compared to $2.0 million for 2023. The increase in data and items processing expense is mostly due to higher software licensing fees paid or payable to our core processing vendor. Professional and advertising expenses were $1.2 million for 2024 compared to $1.4 million for 2023. The decrease in professional and advertising expenses is mostly due to decreases in information technology contracted services in 2024 compared to 2023. Telecommunications expense was $278,000 for 2024 compared to $438,000 for 2023. The decrease in telecommunications expense is mostly due to the reduction in unnecessary or redundant telecommunications expenses.

Noninterest expense totaled $4.7 million and $4.3 million for the three months ended December 31, 2024 and 2023, respectively. There were increases and decreases in components of noninterest expense from 2023 to 2024, with the following categories significantly contributing to the overall net increase of $267,000: Salaries were $2.2 million for the three months ended December 31, 2024, compared to $2.1 million for 2023. The increase in salaries is mostly due to higher salaries and incentive payments to employees for the three months ended December 31, 2024, compared to the same period in 2023. Employee benefits were $370,000 for the three months ended December 31, 2024, compared to $270,000 for 2023. The increase in employee benefits is mostly due to higher expenses related to the Bank’s employee stock ownership plan and employee benefits for the three months ended December 31, 2024, compared to the same period in 2023. Occupancy expenses were $321,000 for the three months ended December 31, 2024 compared to $274,000 for 2023. The increase in occupancy expense is mostly due to higher property maintenance expenses in the three months ended December 31, 2024 compared to the same period in 2023. Equipment expense was $134,000 for the three months ended December 31, 2024 compared to $214,000 for 2023. The decrease in equipment expense is mostly due to lower equipment depreciation expense in the three months ended December 31, 2024, compared to 2023. Data and items processing expense was $602,000 for the three months ended December 31, 2024 compared to $494,000 for 2023. The increase in data and items processing expense is mostly due to higher software licensing fees paid or payable to our core processing vendor.

About Oak Ridge Financial Services, Inc., and Bank of Oak Ridge
At Bank of Oak Ridge, we pride ourselves on knowing your name when you walk through our door. Whether in-person or through our digital offerings, managing your financial well-being is easy, safe, and convenient. We are the longest-running employee-owned community bank in the Triad and have served community members, local businesses, and non-profit organizations since 2000. Learn more about what makes Bank of Oak Ridge the Triad’s community bank by visiting one of our convenient locations in Greensboro, High Point, Summerfield, and Oak Ridge.

Oak Ridge Financial Services, Inc. (OTC Pink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender.

Awards & Recognitions | Best Bank in the Triad | Triad’s Top Workplace Finalist | 2016 Better Business Bureau Torch Award for Business Ethics | Triad’s Healthiest Employer Winner

Let’s Talk | 336.644.9944 | www.BankofOakRidge.com | Extended Interactive Teller Machine Hours at all Triad Locations

Forward-looking Information This earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of the words “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements.


OAK RIDGE FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
	December 31,			September 30,			December 31,
	2024			2024			2023
ASSETS	(unaudited)			(unaudited)			(audited)
Cash and due from banks	$	8,075		$	10,522		$	7,792
Interest-bearing deposits with banks		13,102			11,308			12,633
Total cash and cash equivalents		21,177			21,830			20,425
Securities available-for-sale		85,714			83,769			91,849
Securities held-to-maturity, net of allowance for credit losses		18,662			18,668			18,706
Restricted stock, at cost		3,439			4,006			2,404
Loans receivable		514,292			505,521			466,796
Allowance for credit losses		(5,388	)		(5,354	)		(4,920	)
Net loans receivable		508,904			500,167			461,876
Property and equipment, net		8,664			8,827			8,366
Accrued interest receivable		3,135			3,098			2,580
Bank owned life insurance		6,268			6,244			6,178
Right-of-use assets – operating leases		2,166			2,242			2,466
Other assets		5,553			4,613			4,544
Total assets	$	663,682		$	653,464		$	619,394
LIABILITIES
Noninterest-bearing deposits	$	119,851		$	114,152		$	99,702
Interest-bearing deposits		411,464			396,346			393,442
Total deposits		531,315			510,498			493,144
Federal Funds purchased		1,725			–			–
Short-term borrowings		18,000			52,000			40,000
Long-term borrowings		22,000			–			–
Junior subordinated notes – trust preferred securities		8,248			8,248			8,248
Subordinated debentures, net of discount		9,983			9,973			9,943
Lease liabilities – operating leases		2,166			2,242			2,466
Accrued interest payable		709			1,021			1,154
Other liabilities		6,546			6,579			6,091
Total liabilities		600,692			590,561			561,046
STOCKHOLDERS’ EQUITY
Common stock		26,733			27,100			26,736
Retained earnings		37,771			36,575			33,365
Net unrealized loss on debt securities, net of tax		(1,771	)		(412	)		(1,580	)
Net unrealized gain (loss) on hedging derivative instruments, net of tax		257			(360	)		(173	)
Total accumulated other comprehensive loss		(1,514	)		(772	)		(1,753	)
Total stockholders’ equity		62,990			62,903			58,348
Total liabilities and stockholders’ equity	$	663,682		$	653,464		$	619,394
Common shares outstanding		2,736,770			2,732,720			2,732,020
Common shares authorized		50,000,000			50,000,000			50,000,000


OAK RIDGE FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
	Three Months Ended									For the year ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Interest and dividend income:
Loans and fees on loans	$	8,212		$	7,971		$	6,999		$	31,076		$	25,150
Interest on deposits in banks		217			275			240			887			903
Restricted stock dividends		64			67			45			241			186
Interest on investment securities		1,279			1,402			1,493			5,578			5,215
Total interest and dividend income		9,772			9,715			8,777			37,782			31,454
Interest expense
Deposits		2,700			2,758			2,168			10,268			6,242
Short-term and long-term debt		786			961			925			3,777			3,155
Total interest expense		3,486			3,719			3,093			14,045			9,397
Net interest income		6,286			5,996			5,684			23,737			22,057
Provision for credit losses		514			261			432			1,361			727
Net interest income after provision for credit losses		5,772			5,735			5,252			22,376			21,330
Noninterest income:
Service charges on deposit accounts		234			231			169			836			628
Gain on sale of securities		19			–			–			19			77
Brokerage commissions on mortgage loans		–			–			–			–			43
Insurance commissions		125			169			121			553			462
Gain on sale of Small Business Administration loans		–			–			–			–			475
Debit and credit card interchange income		285			292			301			1,174			1,225
Income from Small Business Investment Company investments		–			111			209			211			395
Income earned on bank owned life insurance		23			23			23			90			82
Other Service Charges and Fees		98			98			95			380			524
Total noninterest income		784			924			918			3,263			3,911
Noninterest expenses:
Salaries		2,198			2,287			2,112			8,962			8,777
Employee Benefits		370			310			270			1,294			1,177
Occupancy		321			358			274			1,325			1,092
Equipment		134			143			214			595			872
Data and Item Processing		602			607			494			2,255			1,959
Professional & Advertising		298			332			295			1,249			1,377
Stationary and Supplies		21			32			36			131			129
Telecommunications		65			71			48			278			438
FDIC Assessment		118			118			110			460			418
Other expense		441			438			448			1,711			1,612
Total noninterest expenses		4,568			4,696			4,301			18,260			17,851
Income before income taxes		1,988			1,963			1,869			7,379			7,390
Income tax expense		461			460			392			1,706			1,648
Net income and income available to common shareholders	$	1,527		$	1,503		$	1,477		$	5,673		$	5,742
Basic income per common share	$	0.56		$	0.54		$	0.54		$	2.06		$	2.10
Diluted income per common share	$	0.56		$	0.54		$	0.54		$	2.06		$	2.10
Basic weighted average shares outstanding		2,744,609			2,761,870			2,732,720			2,752,991			2,728,094
Diluted weighted average shares outstanding		2,744,609			2,761,870			2,732,720			2,752,991			2,728,094


OAK RIDGE FINANCIAL SERVICES, INC.
Selected Financial Data
	As Of Or For The Three Months Ended,
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
Return on average common stockholders’ equity¹		9.63	%		9.56	%		8.57	%		9.31	%		10.44	%
Tangible book value per share	$	23.02		$	22.78		$	21.95		$	21.56		$	21.36
Return on average assets¹		0.91	%		0.91	%		0.80	%		0.88	%		0.95	%
Net interest margin¹		3.92	%		3.81	%		3.81	%		3.79	%		3.79	%
Efficiency ratio		64.6	%		67.9	%		70.0	%		68.3	%		65.2	%
Nonperforming assets to total assets		0.53	%		0.45	%		0.08	%		0.06	%		0.07	%
Allowance for credit losses to total loans		1.05	%		1.06	%		1.06	%		1.03	%		1.05	%
¹Annualized

Contact: Skylar Mearing, Marketing Director
Phone: 336.662.4840

The MIL Network –

January 31, 2025

MIL-OSI Asia-Pac: Meeting of Government with Leaders of Political Parties held today
Source: Government of India (2)

Meeting of Government with Leaders of Political Parties held today

Meeting attended by 52 Leaders from 36 political parties

Posted On: 30 JAN 2025 7:59PM by PIB Delhi

A meeting was held under the Chairmanship of Shri Raj Nath Singh, Union Minister of Defence with Leaders of political parties today (30^th January, 2025) in Parliament House Complex, New Delhi to discuss issues relating to ensuing Budget Session of Parliament, 2025. The meeting was called by Shri Kiren Rijiju, Union Minister of Parliamentary Affairs. The meeting was also attended by Union Minister for Health & Family Welfare and Ministry of Chemicals & Fertilizers, Shri Jagat Prakash Nadda, who is also Leader of the House in Rajya Sabha, Minister of State (Independent Charge) of the Ministry of Law & Justice and Minister of State in the Ministry of Parliamentary Affairs, Shri Arjun Ram Meghwal and Minister of State in the Ministry of Parliamentary Affairs and Minister of State in the Ministry of Information and Broadcasting, Dr. L. Murugan. In total, the meeting was attended by 52 Leaders from 36 political parties including Ministers.

At the outset, Shri Rajnath Singh, Minister of Defence made introductory remarks and welcomed all the Leaders attending the meeting and thereafter, Minister of Parliamentary Affairs conducted the meeting. He informed the leaders that the Budget Session, 2025 of Parliament will commence on Friday the 31^st January, 2025 and subject to exigencies of Government Business, the session may conclude on Friday the 4^th April, 2025. During this period, both the Houses will be adjourned for recess on Thursday, the 13^th of February, 2025 to reassemble on Monday, the 10^th of March, 2025 to enable the Standing Committees to examine the Demands for Grants of various Ministries/Departments and make their Reports thereon. The Session will provide a total of 27 sittings (09 sittings in first part and 18 sittings in second part) spread over a period of 64 days.

Shri Rijiju further stated that Session will mainly be devoted to the Financial Business relating to Union Budget for 2025-26 and discussion on the Motion of Thanks on President’s Address. However, essential Legislative and other Business will also be taken up during the Session. He mentioned that Economic survey of India and Union Budget for 2025-26 will be presented to Parliament on Friday, the 31^st of January, 2025 and the Saturday, 1^st February, 2025 respectively. He also informed that tentatively 16 items of legislative business and 3 items of financial business have been identified for being taken up during this session.

The Minister of Parliamentary Affairs also stated that the Government is prepared and ready to discuss any other important issue on the floors of the Houses as per rules of both Houses. Leaders of different political parties expressed their views on various issues likely to be raised by them during the forthcoming Budget Session of Parliament and assured the Government to provide full co-operation. He also thanked all the Hon’ble Leaders for attending the meeting, expressing their views and for their active and effective participation.

LIST OF BILLS LIKELY TO BE TAKEN UP DURING BUDGET SESSION, 2025

I – LEGISLATIVE BUSINESS
1. The Banking Laws (Amendment) Bill, 2024
2. The Railways (Amendment) Bill, 2024
3. The Disaster Management (Amendment) Bill, 2024
4. The Oilfields (Regulation and Development) Amendment Bill, 2024
5. The Boilers Bill, 2024
6. The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024
7. The Waqf (Amendment) Bill, 2024
8. The Mussalman Wakf (Repeal) Bill, 2024
9. The Bills of Lading Bill, 2024
10. The Carriage of Goods by Sea Bill, 2024
11. The Coastal Shipping Bill, 2024
12. The Merchant Shipping Bill, 2024
13. The Finance Bill, 2025
14. The Protection of Interests in Aircraft Objects Bill, 2025
15. The “Tribhuvan” Sahkari University Bill, 2025
16. The Immigration and Foreigners Bill, 2025
II – FINANCIAL BUSINESS
1. Discussion and voting on Demands for Grants for the year 2025-26 and introduction, consideration and passing/return of the related Appropriation Bill.
2. Discussion and voting on Second and Final Batch of Supplementary Demands for Grants for the year 2024-25 and introduction, consideration and passing/return of the related Appropriation Bill.
3. Discussion and voting on Demands for Excess Grants for the year 2021-22 and introduction, consideration and passing/return of the related Appropriation Bill.
*****

SS/NSK

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MIL OSI Asia Pacific News –
January 31, 2025
MIL-OSI Europe: Poland: EIB contributes €400 million to building the EU’s largest offshore wind farm
Source: European Investment Bank
- EIB makes leading contribution to development of large-scale Baltic Sea offshore wind farm
- With capacity of 1.5 GW, Baltica 2 is the EU’s largest offshore wind fam to date
- Initial loan under record €1.4 bln EIB financing approved for expanding Polish offshores
- Underpinned by significant EU funding, investment will boost Poland’s energy transition
The European Investment Bank (EIB) signed an agreement to support Poland’s largest utility Polska Grupa Energetyczna (PGE) with a €400 mln loan towards the design and construction of Baltica 2, the European Union’s largest offshore wind farm to date. Baltica 2 will feature innovative technology for a 1.5 GW capacity and sit off the Polish coast in the Baltic Sea. Supported by major European funding, it is being developed by PGE and leading offshore wind company, Denmark’s Ørsted.

The EIB loan is the biggest own resources contribution by a financial institution to the project. It is also the first part of a €1.4 bln package approved by the European Union’s climate bank to support PGE and Ørsted in erecting two new, large-scale offshore wind farms in the Baltic Sea. Featuring state-of-the-art turbine technology, Baltica 2 is due to be completed as early as 2027. It will comprise of 107 turbines located some 40 km north of Poland’s Baltic shore. Together with its sister project Baltica 3, they are to have total capacity of 2.5 GW and double PGE’s existing renewable energy portfolio. Underpinned by significant EU support that includes funds from InvestEU, REPowerEU and Recovery and Resilience Facility, the strategic investment will contribute to Poland’s energy transition and security, as well as strengthening cooperation and energy security in the Baltic Sea region.

“As the climate bank of the European Union and a leading partner of multidimensional energy transition in Poland, the EIB is keenly supporting Baltica 2. The EIB’s investment of €400 million is the largest own resources contribution to this transformative project by a financial institution. Baltica 2 is the biggest offshore wind farm under construction in the European Union. It will increase the share of renewables in Poland’s energy mix and help reduce greenhouse gas emissions. It will strengthen Poland’s energy security and support economic competitiveness by harnessing innovative technologies. I thank all partners involved and keep my fingers crossed for a swift and successful completion of this high-impact project,“ said EIB Vice-President Teresa Czerwińska.

The €400 mln loan to PGE for Baltica 2 comes on top of the EIB financing previously granted to Ørsted to support the roll-out of new wind energy installations, including off the Polish coast. In Poland, the EIB has endorsed multiple energy transition projects by PGE, including to modernise the country’s railway power system. In 2023, EIB also co-financed the country’s first offshore wind farm project.

Background information

The EIB is the EU institution providing long-term financing for sound projects that pursue EU priorities. Owned by the 27 Member States, the EIB offers financing and advisory services to support economic competitiveness, spur innovation, promote sustainable development, enhance social and territorial cohesion, and support a swift and fair transition to climate neutrality.

Last year, the EIB Group granted €89 billion in new financing, with a record €100 billion of total investments supported to the benefit of Europe’s energy security. Nearly 60% of last year’s funding supported climate action and environmental sustainability. The Group – which comprises the European Investment Bank and the European Investment Fund – is on track to meeting its goal of mobilising €1 trillion of climate investment by the end of this decade.

In Poland, more than half of the €5.1 billion provided by the EIB Group in 2023 was awarded to green and climate-friendly projects. Financing for Poland’s energy transition amounted to €1.78 billion that year. The Group will shortly publish results of its operations in Poland in 2024.
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: EIB Group invested €314 million in Hungary last year
Source: European Investment Bank
- EIB Group financing in Hungary totalled €314 million last year, with major investments to improve rail services, deliver power for local manufacturers and support small and medium enterprises
- Latest annual figures bring total EIB Group investments in Hungary to more than €25 billion since 1991
The European Investment Bank (EIB) Group’s new financing in Hungary last year amounted to €314 million, supporting projects to improve rail services, meet electricity demands from major local manufacturers and support small and medium enterprises (SME). This includes financing from both members of the EIB Group – the EIB and the European Investment Fund (EIF).

“Our 2024 results are good news for Hungary and the EU,” said EIB Vice-President Teresa Czerwinska. “They are a testament to our ability to support national and EU priorities and ensure our citizens and businesses can thrive, contribute towards a globally competitive, sustainable and green future and ensure equal opportunities and a higher quality of living. With more than €25 billion invested in the country since 1991, the EIB Group has established itself as one of the most reliable sources of financial and advisory support for Hungary. We are ready to pursue this role in the years ahead.”

Modern rail and power networks

The biggest operation in Hungary to receive EIB Group funding last year was a €160 million EIB loan to regional railway operator GYSEV to improve network infrastructure and replace old diesel-powered trains with new electric ones. The loan will significantly improve the reliability of train connections between Hungary and Austria. The credit will also accelerate modernisation of the national rail network – a development priority for Hungary. In addition, the financing will boost economic activities in cohesion regions in western Hungary, reduce travel times and increase comfort for hundreds of thousands of rail commuters annually and cut air pollution.

The EIB Group also provided a €90 million EIB financing to Hungary to support investments undertaken by the energy companies E.ON and MAVIR to expand power grids to meet the electricity needs of key industrial sites, including ones that will boost the European Union’s ability to produce electric vehicles strengthening the EU’s strategic autonomy in this area. The investment boosts economic activity in cohesion regions in Hungary.

Some €64 million in EIB Group financing supported Hungarian small and medium-sized enterprises and Mid-Caps, the backbone of the national economy and a major source of employment for Hungarians.

EIB Group Results

For more details on EIB group results please visit EIB Group press conference on annual results
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: 2024 marks year of record high EIB Group investment in Denmark
Source: European Investment Bank
- The EIB Group signed €2.1 billion in new financing for Danish projects last year, a 48% increase from 2023 and more than double the 2022 volume.
- 2024 flagship projects include support for dual-use infrastructure in the Port of Esbjerg, the Thor North Sea wind farm, and state-of-the-art medical research and development.
- Another notable highlight was the appointment of the Danish expert Merete Clausen as deputy Chief Executive of the European Investment Fund, the EIB’s subsidiary.
The European Investment Bank Group, consisting of the European Investment Bank and the European Investment Fund, invested a record €2.1 billion in Danish projects last year, a record volume in the country. Worldwide, the EIB Group investment also reached a record level of €88.8 billion, of which no less than €50.7 billion in climate and environmental financing.

In line with national and EU priorities, EIB financing in Denmark focused on key infrastructure, green energy, and innovation. The EIB signed a €115 million loan to upgrade and expand the Port of Esbjerg, Europe’s largest port for shipping offshore wind turbines, increasing its capacity to accommodate larger vessels, including for NATO operations. This way, the EIB supports Europe’s energy security and sustainability as well as its security and defence capabilities. In the energy sector, the EIB financed the massive 1.1 GW Thor wind farm project with a €1.2 billion loan to German company RWE. Located off the Danish coast in the North Sea, the new wind farm will produce enough green electricity to supply one in three Danish households.

In 2024 the EIB Group also saw a notable uptick in financing for smaller companies in Denmark. Through affordable loans, guarantees or equity, over half the Group’s 2024 financing went to Danish small and medium-sized companies and Mid-Caps. Notably, Danish scale-up companies like SNIPR Biome, Matr Foods and Norlase, signed up for EIB venture debt financing, which aims to make sure that critical technology from Europe can grow and thrive in the EU. In a similar vein, the European Investment Fund (EIF) made a €24.8 million commitment to PSV Hafnium, the first-ever Danish venture fund dedicated solely to deep tech. Building on its close ties with the innovation ecosystem and DTU, the fund will support science-based clean tech, health tech and next generation industrial solutions.

“2024 was a landmark year for the EIB Group in Denmark, with significant investments in green energy, innovative industries, and critical infrastructure, including the Thor wind farm and the Port of Esbjerg.” said EIB Vice-President Ioannis Tsakiris. “We also significantly increased our financing for Danish SMEs, Mid-Caps and scale-ups, through both the EIF and the EIB. Deals with EIFO, Sydbank and Danish investment funds will help ensure that Danish companies have access to the financing needed to grow and innovate. Congratulations to all teams for this outstanding achievement, let’s keep the momentum in 2025.”

The EIF signed 12 transactions in Denmark last year, including equity investments in PSV Hafnium, Nine Realms and Den Sociale Kapitalfond, and guarantee transactions with Denmark’s Export and Investment Fund EIFO, Kompasbank, Ringkjøbing Landbobank and others. The EIF, which saw Danish national Merete Clausen appointed as deputy chief executive just before year end, made available a total of €361.7 million for Danish SMEs in 2024.

Background information

The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, contribute to peace and security, and support a just and swift transition to climate neutrality. Denmark owns 2.64% of the European Investment Bank.
MIL OSI Europe News –
January 31, 2025
MIL-OSI Russia: Financial News: Stock Index of Benchmark Stock Issuers to Appear on the Market

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

The Bank of Russia, together with the Moscow Exchange, launched shareholder value creation programIt is addressed to Russian public joint-stock companies and is aimed at increasing their investment attractiveness, increasing capitalization and supporting best corporate practices.

The program provides for the creation of a benchmark – a group of issuers capable of growing at an accelerated rate and thus acting as a driver of capitalization of the entire stock market. Issuers whose shares are included in the first and second levels of the Moscow Exchange listing can participate in the program. Their securities will be included in the calculation base of its new stock index. It will become a useful benchmark for the market and a guide for investors on which securities are best to invest in. Based on the index, professional participants will be able to form collective investment funds, as well as index strategies for trust management.

The applications of candidates will be reviewed by a committee consisting of representatives of the Moscow Exchange, the Bank of Russia and the Analytical Credit Rating Agency. They will assess the effectiveness of corporate governance, the level of information transparency of the issuer and its financial and economic indicators. The status of the program participant will need to be confirmed at least once a year.

Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia:

“We will consider the program’s implementation successful if we achieve two results. First, the number of its participants will grow, which implies the dissemination of best practices in the market. Second, the share of the program participants’ value in the total market capitalization will grow. We believe that the launch of the program will not only stimulate demand for equity instruments. We expect that investors will view the shares of benchmark issuers as attractive objects for portfolio investments. We will be glad if representatives of various industries join the program, as well as those who have recently held an IPO or are preparing for an initial placement.”

Viktor Zhidkov, Chairman of the Board of the Moscow Exchange:

“Over the long term, the market grows primarily due to high-quality issuers. It is wonderful when such issuers become more numerous, and the process of their emergence is orderly and transparent. This can be facilitated by a number of procedures and instruments that the Bank of Russia and the Moscow Exchange have tried to combine within the framework of the shareholder value creation program. Discussing how best to broadcast the new benchmark to the market, we came to the conclusion that the launch of a separate stock index is preferable to marking or creating a separate sector. Thus, the issuer will receive the status of a program participant precisely after the official inclusion of its shares in the calculation base of the new index. I hope that the market will appreciate our initiative, and the criteria for inclusion in the corresponding index will become a guide for a wide range of issuers.”

Applications from issuers to participate in the program will be accepted from March 31 to June 15, 2025, inclusive.

Preview photo: Emerald_media / Shutterstock / Fotodom

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.KBR.ru/Press/Event/? ID = 23328

MIL OSI Russia News –

January 31, 2025
MIL-OSI Russia: Financial news: The Bank of Russia and the Moscow Exchange have launched a program to create shareholder value for public companies

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

The Bank of Russia, together with the Moscow Exchange, launched Shareholder Value Creation ProgramIt is addressed to Russian public joint-stock companies and is aimed at increasing their investment attractiveness, increasing capitalization and supporting best corporate practices.

The program provides for the creation of a benchmark – a group of issuers capable of growing at an accelerated rate and thus acting as a driver of capitalization of the entire stock market. Issuers whose shares are included in the first and second levels of the Moscow Exchange listing can participate in the Program. Their securities will be included in the calculation base of the new Moscow Exchange stock index. It will become a useful benchmark for the market and a guide for investors on which securities are best to invest in. Based on the index, professional participants will be able to form collective investment funds, as well as index strategies for trust management.

The candidates’ applications will be reviewed by a committee consisting of representatives of the Moscow Exchange, the Bank of Russia and the Analytical Credit Rating Agency. They will assess the corporate governance, the level of information transparency of the issuer and its financial and economic indicators. The status of the Program participant will need to be confirmed at least once a year.

Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia:

“We will consider the implementation of the Program successful if we achieve two results. Firstly, the number of its participants will grow, which implies the dissemination of best practices in the market. Secondly, the share of the value of the Program participants in the total market capitalization will increase. We believe that the launch of the Program will not only stimulate demand for equity instruments. We expect that investors will look at the shares of benchmark issuers as attractive objects for portfolio investments. We will be glad if representatives of various industries join the Program, as well as those who have recently held an IPO or are preparing for an initial placement.”

Viktor Zhidkov, Chairman of the Board of Moscow Exchange:

“Over the long term, the market grows primarily due to high-quality issuers. It is wonderful when such issuers become more numerous, and the process of their emergence is orderly and transparent. This can be facilitated by a number of procedures and instruments that the Bank of Russia and the Moscow Exchange have tried to combine within the framework of the Shareholder Value Creation Program. Discussing how best to broadcast the new benchmark to the market, we came to the conclusion that launching a separate stock index is preferable to marking or creating a separate sector. Thus, the issuer will receive the status of a participant in the Program precisely after the official inclusion of its shares in the calculation base of the new index. I hope that the market will appreciate our initiative, and the criteria for inclusion in the corresponding index will become a guide for a wide range of issuers.”

Applications from issuers to participate in the Program will be accepted from March 31 to June 15, 2025, inclusive.

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

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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.M.M.

MIL OSI Russia News –

January 31, 2025
MIL-OSI Russia: Financial news: The Bank of Russia has raised the property criterion for assigning the status of a qualified investor

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

The minimum amount of assets that a person must own to be recognized as a qualified investor increases from 6 to 12 million rubles. And from January 1, 2026, to 24 million rubles. The corresponding indicationThe regulator was registered by the Russian Ministry of Justice.

According to the Bank of Russia, such a measure will reduce the number of cases in which a person receives the status of a qualified investor, but does not understand the specifics of complex financial instruments and the risks associated with them.

The comprehensive reform that the regulator is consistently implementing is aimed at giving people more opportunities to obtain such status based on knowledge and experience, and at creating more investors in the market who make informed decisions.

Preview photo: Ulisse / Shutterstock / Fotodom

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: //vv. KBR.ru/Press/Event/? ID = 23329

MIL OSI Russia News –

January 31, 2025

MIL-OSI: The Victory Bancorp, Inc. Announces 2024 Fourth Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

LIMERICK, Pa., Jan. 30, 2025 (GLOBE NEWSWIRE) — The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, today announced record growth and financial highlights for the year ended December 31, 2024.

Financial Highlights for 2024:

Loan Growth: Loans increased by $26.6 million despite much higher interest rates and softening demand for loans, underlining the Bank’s commitment to a strong lending culture and continued investment in lending infrastructure.
Deposit Growth: Deposits grew by $33 million in 2024, driven by the bank’s focus on delivering exceptional customer service and focus on relationship banking.
Capital Acquisition: The Bancorp successfully issued $4.65 million of subordinated debt in the fourth quarter, of which $2.5 million was down-streamed to the bank to support growth initiatives and enhance capital strength.
Net consolidated earnings: Earnings rose by $83 thousand year-over-year in the fourth quarter. Compared to the third quarter, earnings remained stable, with a slight decrease from $586 thousand to $558 thousand. The return on average equity for the fourth quarter was 7.58%.
Book Value: Book value per common share remained nearly consistent, decreasing slightly from $14.89 in the third quarter to $14.84 in the fourth quarter. This stability reflects a solid foundation and demonstrates the company’s ability to maintain value per share despite market fluctuations.
Stockholders’ Equity: As of December 31, 2024, the company’s equity position grew by $1.4 million compared to the end of 2023.
Dividends: The bank paid a quarterly cash dividend of $0.065 per share; $0.26 per share for the calendar year

Loan Quality Metrics: The bank maintained superior loan quality metrics that outperformed peers:

Losses to Average Loans at 0.0% as of December 31, 2024, compared to the peer average of 0.05% (as of September 30, 2024).
30-89 Day Past Due Loans at 0.01%, significantly better than the peer average of 0.42%.
Non-Performing Loans at 0.05%, well below the peer average of 0.49%.

Bank Leader, Joseph W. Major, stated, “The year 2024 has been a remarkable period of growth and achievement. Despite a challenging economic landscape, our team’s dedication and strategic initiatives have driven record results. The $26.7 million growth in our loan portfolio and $33 million increase in deposits underscore our ability to attract and retain high-value clients, and earnings showed substantial improvement based on improvements to net interest margin and overall balance sheet growth. Additionally, our successful capital acquisition strengthens our financial foundation and positions us for continued expansion.”

“Our commitment to maintaining exceptional asset quality remains unwavering. The fact that our loan quality metrics significantly outperform peers is a testament to the vast experience of our lending and credit teams, our disciplined approach to risk management and our focus on long-term stability.”

“We are excited about the future and remain committed to delivering exceptional value to our shareholders, clients, and communities.”

Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB (https://www.otcmarkets.com) and is the parent company of The Victory Bank, a Pennsylvania state-chartered commercial bank, headquartered in Limerick, Pennsylvania, which is located just outside the Philadelphia market in Montgomery County. The Victory Bank was established in 2008 as a specialized business lender that provides high-quality banking services to small and mid-sized businesses and professionals through its three offices located in Montgomery and Berks Counties, Pennsylvania. Additional information about Victory Bancorp is available on its website, VictoryBank.com.

This presentation may contain forward-looking statements (within the meaning of Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.

Contact:
Joseph W. Major,
Chairman and Chief Executive Officer

Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer

Owen Magers
Investor Relations
484-791-3435

The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468


CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
(dollars in thousands, except per share data)
		December 31,			September 30,			December 31,
Selected Financial Data		2024			2024			2023

Investment securities	$	44,642		$	46,110		$	47,931

Loans, net of allowance for loan losses		390,954			395,213			364,383

Total assets		461,024			467,939			442,163

Deposits		397,080			398,169			364,032

Borrowings		15,440			24,692			36,200

Subordinated debt		17,309			12,851			12,830

Stockholders’ equity	$	29,337		$	29,437		$	27,948

Book value per common share	$	14.84		$	14.89		$	14.17

Allowance/loans		0.92	%		0.91	%		0.94	%

Nonperforming assets/total assets		0.05	%		0.04	%		0.49	%

		3 Months Ended
		December 31,			September 30,			December 31,
Selected Operations Data		2024			2024			2023

Interest income	$	7,281		$	7,526		$	6,680

Interest expense		3,886			4,064			3,337

Net interest income		3,395			3,462			3,343

Provision for loan losses		(32	)		71			170

Other income		299			239			210

Other expense		3,000			2,895			2,748

Income before income taxes		726			735			635

Income taxes		(168	)		(149	)		(160	)

Net income	$	558		$	586		$	475
Earnings per common share (basic)	$	0.28		$	0.30		$	0.24

Earnings per common share (diluted)	$	0.28		$	0.29		$	0.23

Return on average assets (annualized)		0.48	%		0.50	%		0.45	%

Return on average equity (annualized)		7.58	%		8.14	%		6.97	%

Net charge-offs (recoveries)/average loans		0.00	%		0.00	%		0.00	%

The MIL Network –

January 31, 2025

MIL-OSI: Mitsubishi HC Capital America Shares Predictions for 2025 in the Equipment Finance Industry

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Jan. 30, 2025 (GLOBE NEWSWIRE) — With the start of a year that is expected to have less inflation, monetary easing and more economic growth, Mitsubishi HC Capital America, the largest non-bank, non-captive finance provider in North America, has outlined six key predictions that are likely to play a significant role in shaping the equipment finance industry in 2025.

“The convergence of economic shifts and technological advancements in 2024 has created a unique financing landscape for 2025,” said Brian Rosa, President of Commercial Finance for Mitsubishi HC Capital America. “While many organizations may take a measured approach initially, we’re seeing that those who strategically leverage financing solutions – particularly for technology and sustainability initiatives – are positioning themselves for significant growth.”

1. Banks pull back on small business lending

Recent Federal Reserve data shows bank lending to small businesses dropped by 18% in 2024. However, the U.S. Chamber of Commerce reports 60% of small businesses plan to make significant capital investments in 2025, up from 42% two years ago.

This divergence creates both challenges and opportunities for small businesses looking to secure financing in 2025. Small business owners should partner with independent lenders for creative and flexible financing options to stay competitive and thrive in the new year.

2. AI and supercomputing needs will need financing support

Much like the infinite nature of the scale that supercomputing projects offer the world, financing these projects feels equally as infinite. Large scale computing projects involving AI or cloud computing will become more frequent and larger in 2025 and in the years to come. Driven by hyperscalers and other large companies, these projects require a significant amount of time, capital and energy to complete. “Financing models that can support project completion and scale as the project grows will be a necessary lever for tech companies to support these projects,” adds Rosa.

3. Technology enables new financing models and competitive advantage

“Advancements in technology are revolutionizing equipment financing through enhanced usage analytics and “as-a-service” models,” explains Rosa. “Advanced IoT and telematics now provide real-time analytics and insights, enabling both financing providers and customers to make faster, more informed decisions about equipment utilization.”

This technology allows lenders to develop more competitive rates based on actual usage patterns, while creating new opportunities for usage-based financing structures. Beyond basic implementation, organizations that can creatively apply these technological capabilities to develop innovative financing solutions will gain a competitive edge. The winners, he says, will be those who can leverage these tools to identify market trends faster and develop flexible financing arrangements that align with true operational needs.

4. High inventory levels will make rentals attractive

The flexibility of short-term leases and equipment rental opportunities are helping organizations take advantage of higher inventory levels and use new technology without a large payment or significant operating expense.

Rosa explains, “Short-term leases provide organizations with more flexibility, and the financing landscape is evolving to support this trend.” He further says that the increasing popularity of these financing models will help organizations more accurately budget for a project, allowing them to buy the equipment they need without restricting their up-front cash flow. With an increase in demand for projects and an influx of equipment that is available, Rosa projects it will be less expensive and more flexible for companies to rent equipment.

5. Business case for sustainability remains strong

In recent years, both U.S. and Canadian governments and corporations have pulled back on sustainability initiatives. However, the business case for sustainability remains strong and we expect corporations to continue to fund sustainability programs, says Rosa.

He adds, “Prioritizing sustainability initiatives that have a direct business case will aid organizations in making an impact not just on the world, but also their bottom line. From financing electric vehicle projects to supporting more sustainable manufacturing in supply chains, environmentally friendly investments will drive shareholder returns on clean energy targets.”

6. Shifting Political Dynamics in the U.S. and Canada
New leadership in the U.S. with talks of international tariffs, along with a very fluid political environment in Canada, will impact both countries in 2025, predicts Rosa. He expects governments in both countries to take a cautious approach to determine the next steps with rate cuts as economic data is released.

“Organizations that position themselves to take advantage of new regulations or seize new opportunities quickly will be well suited in 2025,” Rosa anticipates.

About Mitsubishi HC Capital America

Mitsubishi HC Capital America is a commercial finance company that has extensive capabilities throughout North America with its affiliate, Mitsubishi HC Capital Canada, combining a consultative approach and expansive digital platform to help organizations of all sizes accelerate growth. With $7.5 billion in assets and more than 800 employees, the company is the largest non-captive, non-bank commercial finance company in North America. Mitsubishi HC Capital America partners with equipment manufacturers, dealers, and distributors, as well as end customers, in providing customized financial solutions, including transportation and commercial finance. Dedicated to improving the communities where it operates, the company is committed to the United Nations Sustainable Development Goals. Visit Mitsubishi HC Capital America for more information.

The MIL Network –

January 31, 2025
MIL-OSI NGOs: Joint Statement by humanitarian, development and human rights organisations in Lebanon: We need a Permanent Ceasefire and a Just Recovery
Source: Oxfam –

We, the undersigned organisations operating in Lebanon, urgently call on parties to abide by their commitments towards a permanent ceasefire in Lebanon and appeal to the international community to ensure the respect and full implementation of the temporary ceasefire agreement, now being extended until February 18th 2025.

While the temporary ceasefire remains in effect and has been extended, we express deep concern about the numerous reported violations that continue to weaken the agreement.. Over 800 violations by Israeli forces[1] and at least one violation by Hezbollah[2] have been reported. As of January 23, 2025 violations by Israeli forces have included indiscriminate ground and air attacks, killing at least 30 people, since November 27, 2024, bringing the total number of people killed by Israeli forces since October 8, 2023 to 4,285, including 241 health care workers, and 17,200 wounded[3]. On Sunday January 26, 2025, alone, Israeli military forces killed 24 individuals, including six women and a Lebanese soldier, and injured 134 including 12 children in the South of Lebanon[4]. Thousands of people, including women and children, older people and people with disabilities have been uprooted from their homes, cut off from food, healthcare and education and exposed to hugely traumatic events – with, so far, no accountability for the destruction or indiscriminate killing.

This agreement represents a step towards implementing UN Security Resolution 1701 and included a “phased withdrawal of the Israeli Defense Forces south of the Blue Line and the parallel deployment of the Lebanese Armed Forces (LAF) south of the Litani river” that “should not exceed 60 days”.[5] There is still an opportunity to transform temporary undertakings into longer term commitments.

While many are attempting to return to their homes, hundreds of thousands of people still face the grim reality of either not being able to return because of ongoing Israeli forces’ ground occupation or because of the scale of destruction. Israeli forces have razed entire villages and destroyed agricultural lands and vital infrastructure, including hospitals and schools. Lands are contaminated by unexploded ordnance posing threats to life and risks for the reconstruction efforts.

As human rights and humanitarian organisations, we will continue supporting all affected people with emergency assistance, recovery and reconstruction[6], but the humanitarian crisis remains severe. Plans for recovery and reconstruction have begun amidst a lingering socio-economic crisis and skyrocketing poverty rates, with nearly one Third of children in Lebanon facing crisis levels of hunger[7]. The economic losses due to the conflict are estimated at 8.5 billion USD[8], and Lebanon desperately needs support for its recovery. The consequences of this destruction will be felt in Lebanon for years to come, and yet again, with no accountability.

As humanitarian and human rights organisations involved in the immediate relief, early recovery and reconstruction efforts in Lebanon, we urgently call for:
1. Immediate, Unconditional and Definitive Ceasefire in Lebanon and the Region:
- The international community to take every step possible, including through diplomatic and political leverage, to ensure an immediate and definitive ceasefire in Lebanon. The temporary and conditional agreement must allow for a transition to a permanent ceasefire.
- The international community must also ensure the respect and implementation of the pause in hostilities in Gaza and an end to excessive use of force in the West Bank, acknowledging that this is essential to protect civilians and prevent further escalation and regional spillover.
1. Unconditional Humanitarian Access and Scaling Up Assistance:
- Ensure rapid, unhindered access to conflict-affected areas and safeguard humanitarian facilities and personnel across the country.
- Fully fund the humanitarian flash appeal to address the acute needs across Lebanon to enable the provision of immediate, flexible funding for gender, age and disability responsive humanitarian responses, including cash assistance, safe shelter, and healthcare.
- Support reconstruction efforts through grants, not loans, and fund early warning and early action and anticipatory action to mitigate further shocks.
1. Inclusive Recovery Focusing on Social Cohesion:
1. Supporting Local and National NGOs in Response Planning and Implementation:
- Increase financial and logistical support to local and national NGOs[9], including women’s rights and women-led organizations, and ensure these are at the forefront of responding to the crisis and receive direct, timely and flexible funding to meet growing needs.
1. Halt the Transfer of Arms to Conflict Parties:
- Suspend immediately the transfer of all weapons, parts, munitions, and ammunition to parties to the armed conflict when there is a risk they might be used to commit or facilitate violations of IHL and IHRL and other further grave violations in Lebanon and the region.
1. Accountability and Respect for International Law:
There is cautious optimism following recent political developments, including the appointments of both President and Prime Minister. However, meaningful international support is critical to fulfill the aspirations of the people in Lebanon for sustainable peace and justice. It is the persistent failure to seek accountability for violations that has fuelled cycles of violence now affecting the entire region. The time for action is now to ensure a just recovery and lasting peace in Lebanon and the region.
MIL OSI NGO –
January 31, 2025
MIL-OSI USA: Hoeven, Colleagues Reintroduce Bill to Protect AM Radio in New Vehicles

US Senate News:

Source: United States Senator for North Dakota John Hoeven
01.30.25
WASHINGTON – Senator John Hoeven joined Senator Ted Cruz (R-Texas) and Senator Edward J. Markey (D-Mass.) in reintroducing the AM Radio for Every Vehicle Act that 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 essential for North Dakotans, especially during weather-related disruptions in power. It provides dependable emergency updates, helping to keep Americans safe,” said Senator Hoeven. “Additionally, AM radio delivers entertainment from music and sports to current events. This legislation guarantees that this critical service remains in vehicles, ensuring individuals can access important information, entertainment and emergency broadcasts when needed most.”
Joining Hoeven, Cruz and Markey in reintroducing this legislation are Senators Tammy Baldwin (D-Wisc.), 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.), Chuck Grassley (R-Iowa), 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.), and Jim Banks (R-Ind.)

MIL OSI USA News –

January 31, 2025
MIL-OSI Security: Defense News: Five Broward Residents to Enlist During Florida Panthers Game

Source: United States Navy

SUNRISE, Fla. – Navy Chief Information Officer (CHINFO) Rear Adm. Ryan Perry, a Fort Lauderdale native, will administer the oath of enlistment to five Broward County residents during the Florida Panthers game against the L.A. Kings on January 29, 2025, at Amerant Bank Arena.

“They jumped at the opportunity,” said Electronics Technician (Nuclear) 2nd Class Robert Logozzo, attached to Navy Talent Acquisition Group Miami, who will accompany the future Sailors. “They recognized it as a once-in-a-lifetime chance and are excited to create lasting memories as they make life-changing decisions. The community’s support is truly appreciated.”

The ceremony, set to take place before the pregame activities, is part of Perry’s ongoing visit to his hometown. So far, his engagement has included meetings with members of legislature and non-profit organizations. The trip, which runs through January 30th, is focused on raising Navy awareness, promoting its 250th anniversary, and supporting local recruiting efforts.

NTAG Miami has 38 recruiting locations throughout South Florida, Puerto Rico, and the Virgin Islands, with a shared mission to recruit the highest caliber Sailors to meet the needs of the fleet.

Don’t know what Navy Sailors do? Check out navy.com/careers-benefits/careers to explore more about the 150+ jobs they do!

MIL Security OSI –

January 31, 2025
MIL-OSI: Landsbankinn hf.: 2024 financial results of Landsbankinn
Source: GlobeNewswire (MIL-OSI)
- Landsbankinn’s profit in 2024 was ISK 37.5 billion after taxes, as compared with ISK 33.2 billion the previous year.
- Return on equity (ROE) in 2024 was 12.1%, compared with 11.6% in 2023.
- Profit in the fourth quarter of 2024 was ISK 10.6 billion and return on equity 13.3%.
- The Board of Directors intends to propose that the Annual General Meeting approve a dividend payment in the amount of nearly ISK 19 billion for the year 2024, corresponding to around 50% of the year’s profit.
- Total taxes paid by the Bank, both income tax and a special tax on financial undertakings, amounted to ISK 17.2 billion.
- Operating expenses increase in line with price levels yet the Bank’s cost-income ratio has never been lower, or 32.4%.
- Lending grew by ISK 177 billion during the year, or 10.8%. Customer deposits increased by ISK 180 billion, or 17,2%, at the same time.
- Increased activity and new services contributed to growing commission income, with net fee and commission income increasing by 2.3%.
- Net interest margin as a ratio of average asset position was 2.7% in 2024 compared to 3.0% for 2023. The net interest margin of domestic households was 2.1%.
- Use of Landsbankinn’s app continued to grow and surveys show that users are very satisfied with it. Customers who invest their under Smart Savings in the app grew by 39% in 2024, meaning that around 59,000 customers now gain the best interest terms offered on a non-indexed account.
- Net credit impairment of financial assets was negative by ISK 2.8 billion, with ISK 2.7 billion thereof attributable to natural disaster on the Reykjanes peninsula.
- The capital ratio at year end was 24.3%. The Financial Supervisory Authority (FSA) of the Central Bank of Iceland sets Landsbankinn’s total capital requirement at 20.4%.
- Today, the Bank publishes detailed sustainability information, including calculation of the carbon footprint of its credit portfolio, which has decreased by 20% from the reference year, 2019.
- In 2024, 57.7% of the Bank’s new funding was green and a total of 61.3% of non-domestic funding is green.
- In September, the FSA published the results of its assessment, finding that Landsbankinn is eligible to control a qualifying holding in TM tryggingar hf. (TM). The conclusion of the Icelandic Competition Authority in the same case is pending.
- The Pillar III risk report for 2024 is published alongside the annual financial statements.
- Landsbankinn’s Annual & Sustainability Report will be published 13 February 2025.
 
Lilja Björk Einarsdóttir, CEO of Landsbankinn:

“Landsbankinn achieved all of its main objectives in 2024, whether related to customer service, financial performance or operations. Profit amounted to ISK 10.6 billion in the fourth quarter and ISK 37.5 billion for the full year. Annualised return on equity was 12.1%. The fourth quarter was one of the strongest in the Bank’s history.

The Bank’s strong performance is built on solid foundations. Over the past ten years, the Bank’s total assets have grown by ISK 1,083 billion and equity by ISK 74 billion, alongside total dividend payments to shareholders amounting to ISK 192 billion. Operating expenses have remained stable, the number of full-time positions has decreased in tandem with technological advancements and the ratio of operating expenses to average total assets – a common measure of bank efficiency – has never been lower. As a result, the Bank’s competitiveness and strength have increased, enabling it to better support value creation and investments. The net interest margin has declined between periods, and the Bank is positioned to offer more favourable terms while still maintaining acceptable profitability.

The Bank’s strong financial position benefits society by increasing lending capacity. Total loan growth for the year amounted to ISK 177 billion, with around 60% of this increase from corporate lending. Landsbankinn remains the largest lender to the construction industry and has maintained a strong position in lending to fisheries, despite intense competition from foreign financial institutions, which can offer better terms due to greater economies of scale and lower taxes. Our focus on improving services for small and medium-sized enterprises has yielded strong results and we see many opportunities in this market. Demand for the Bank’s mortgage loans exceeded expectations, clearly indicating that borrowers are seeking competitive terms, fast service, and high-quality customer support. When the fixed interest rate period ended for customers who had fixed rates when they were at their lowest, we personally called each one to offer advice and go over the available options.

The increase in lending is backed by strong financing, not least growing customer deposits, which increased by ISK 180 billion over the year. Competitive rates and first-rate digital services have played a key role in this development. Throughout the year, the number of customers using the Bank’s Smart Savings in the app grew by 39%, allowing them to benefit from the best available rates on unrestricted accounts. Currently, around 59,000 individuals use this simple and favourable savings solution. Funding on both international and domestic capital markets was also successful. A noteworthy milestone was the issuance of senior non-preferred bonds, the first-ever issuance of its kind by an Icelandic bank. The success of bond issuances confirms the Bank’s strong financial position, which was also reflected in an upgrade in its credit rating. We believe that all conditions are in place for further improvements in the credit rating over the coming 1-2 years.

The Bank’s net interest margin declined during the year, reflecting the lower interest rate environment and there was a slight decrease in net interest income. Fee and commission income grew, particularly due to strong performance in acquiring services, where the Bank has firmly established its position. In 2024, 757 new businesses joined our acquiring services, including several of the country’s largest retail companies. The payment acquiring service has expanded the Bank’s service offering, boosted customer satisfaction, and created new growth opportunities in the corporate market: Nearly 40% of businesses that joined the service had no prior banking relationship with us.

Similarly, the Bank’s acquisition of TM presents significant growth opportunities, both on the corporate and retail side. We believe that the integration of banking and insurance services will be beneficial for customers, cost-efficient and full of potential, as evidenced by the success of similar models across Europe. At the same time, the acquisition will diversify revenue streams and support long-term profitability. The Bank’s strategic focus in recent years, providing outstanding service across Iceland both on-site and through leading digital solutions, including a top-tier app, creates exciting opportunities for both the Bank and TM.

One of the most significant events on the Icelandic market last year was JBT’s acquisition of Marel. Landsbankinn has long held an indirect ownership stake in Marel through Eyrir Invest, dating back to Eyrir’s refinancing in 2009. The value of this stake in Eyrir has fluctuated significantly over the years, at times impacting the Bank’s financial results considerably. Overall, the Bank’s involvement with Marel and Eyrir has been successful.

The vast majority of our customers use Landsbankinn’s app for their banking needs. The app is intuitive, offering unique features not available elsewhere and user satisfaction surveys indicate high approval. We are committed to continuous improvement, having released 33 app updates last year. Alongside our focus on development of the app and other digital innovation, we remain dedicated to the human element in customer service. We operate 35 branches and outlets across Iceland and this year we placed even greater emphasis on enabling employees all over the country to work on tasks that are not limited to geographic location. The results have been undeniably positive, reflected in shorter processing and wait times, as well as higher employee satisfaction, with staff appreciating the diverse and challenging work opportunities. Landsbankinn is a trusted bank for a successful future and its performance in recent years proves that with a dedicated and ambitious team, anything is possible.”

Landsbankinn’s financial calendar
- Annual General Meeting 19 March 2025
- Q1 2025 results 30 April 2025
- Q2 2025 results 17 July 2025
- Q3 2025 results 23 October 2025
- Annual results 2025 29 January 2026
For further information contact:

Public Relations, pr@landsbankinn.is

Investor Relations, ir@landsbankinn.is

Attachments

The MIL Network –
January 31, 2025
MIL-OSI Banking: Introducing new Surface Copilot+ PCs for Business

Source: Microsoft

Headline: Introducing new Surface Copilot+ PCs for Business

As organizations look to the future, accessing and unlocking value through both the cloud and endpoints will become a cornerstone of every AI strategy. Combining the scalability of cloud compute with the efficiency of local AI compute through powerful Neural Processing Units (NPU) with a groundbreaking new category of PCs: Copilot+ PCs. These devices are built to deliver unparalleled performance and intelligence.

Today, we are excited to announce the latest additions to our Surface for Business Copilot+ PC family: Surface Pro and Surface Laptop, now available with the latest Intel Core Ultra processors (Series 2). Starting Feb. 18, business customers can choose between Intel and Snapdragon-powered Copilot+ PCs from Surface, and experience the most advanced, intelligent and secure PCs available across both platforms.

In response to one of our top customer requests to provide more cellular connectivity options for mobile work, we are thrilled to share that for the first time, 5G will be coming to Surface Laptop for Business, available later in 2025[i]. This laptop has been redesigned from the ground up to exceed our customers’ expectations for a connected Windows 11 Copilot+ PC and is also equipped with Intel Core Ultra processors (Series 2).

To round out our business offerings, we are also excited to introduce the new Surface USB4 Dock, new experiences with Microsoft Teams Rooms on Surface Hub 3 and the public preview of Security Copilot in the Surface Management Portal.

New Surface Copilot+ PCs for Business

Customers are choosing Surface Copilot+ PCs today for the best in performance, battery life and security. Paired with Microsoft 365 Copilot[ii] and enhanced AI processing power, these devices transform the employee experience to amplify your team’s efficiency and creativity through Copilot+ PC experiences designed for work.

“At CES, we showcased Copilot+ PCs powered by Intel Core Ultra processors (Series 2) and partnered with Microsoft to ensure that it delivers exceptional performance, longer battery life and cutting-edge security for the Windows ecosystem. We’re excited to introduce new Surface for Business Copilot+ PCs and provide businesses with a wider range of AI-powered devices to enhance efficiency and productivity. Our partnership will continue to drive momentum in the category.”
Jim Johnson, Senior Vice President and Interim General Manager of Intel’s Client Computing Group

Surface Laptop for Business with Intel Core Ultra processors (Series 2)

Available starting Feb. 18, 2025, starting at $1,499.99 (MSRP)

Customers choose Surface Laptop because it redefines the premium PC built for work, combining a sleek modern design with incredible performance and industry-leading security. It’s designed to strike the perfect balance between power and portability, maximizing productivity while being a device that employees are proud to carry and use.

The new Surface Laptop for Business is built with the latest Intel Core Ultra processors (Series 2), an incredible battery that lasts up to 22 hours[iii], anti-reflective displays with ultra-thin bezels, Wi-Fi 7[iv], more ports and an optional smart card reader[v].

Available in two sizes, the 13.8-inch display offers a larger viewing area than traditional 14-inch screens within a more compact frame, while the 15-inch version provides even more viewing space while remaining easy to carry.

This thin and compact design delivers on the critical fundamentals that businesses rely on. When compared to Surface Laptop 5, the new Surface Laptop delivers up to 26% faster performance for multi-tasking[vi], up to 2x faster graphics performance[vii], up to 3x the battery life when on Teams calls[viii] and can easily power new AI-powered experiences through the NPU.

The keyboard on Surface Laptop provides an exceptional typing experience, perfected for comfort, speed and sound with every keystroke. The large precision haptic touchpad delivers realistic feedback when tapped or clicked. Designed for inclusivity, the touchpad allows users to easily adjust pressure sensitivity and use intuitive touch gestures for easier navigation.

Advancements in laptop design support our customers’ sustainability goals, a critical factor when equipping a large workforce with new devices. The new Surface Laptop contains more recycled content than any other Surface device including 100% recycled rare earth metals in the magnets[ix] and featuring our first ever battery cell to make use of 100% recycled cobalt[x].

For the first time ever, we’re adding cellular connectivity to our Surface Laptop lineup. Surface Laptop 5G will be available later in 2025, enabling your team to work comfortably and productively from virtually anywhere. We’ll share more details on Surface Laptop 5G in the coming months.

The new Surface Laptop is a true business machine, designed to meet the needs of modern professionals and enhance productivity in any work environment.

Surface Pro for Business with Intel Core Ultra processors (Series 2)

Available starting Feb. 18, 2025, starting at $1,499.99 (MSRP)

Surface Pro is the go-to device for customers that are looking for a device that can do it all, offering powerful performance, incredible versatility and enterprise-grade security from Microsoft. It quickly adapts to your team’s needs, whether that is typing a report with a Surface Pro Keyboard[xi], taking notes with the Surface Slim Pen[xi] or using the AI-powered ultrawide camera to keep you in frame on Teams calls. With the versatile design of Surface Pro, it can replace the need to use a tablet and a laptop with one device that can give you the best of both.

The new Surface Pro is built with the latest Intel Core Ultra processors (Series 2), delivers up to 28% more performance[xii], up to 98% more graphics performance[vii] and up to 2x the battery life during Teams calls[xiii] compared to Surface Pro 9. It also features enhanced local AI processing power with an NPU to amplify your team’s intelligence, efficiency and creativity through Copilot+ PC experiences designed for work.

When paired with the Surface Pro Flex Keyboard[xi], Surface Pro transforms into a highly versatile Windows laptop. The keyboard can be used either attached or wirelessly, allowing users to adapt quickly and work efficiently in any environment, from the office to an airplane or train seat. This flexibility enables users to have a comfortable and premium typing experience that enhances productivity wherever they work.

The 13-inch PixelSense display extends the versatility of Surface Pro even further. It’s designed to be used easily with touch and pen input as a tablet or a laptop, and the anti-reflective and adaptive color technology helps users to clearly see the content on the screen in almost any lighting environment and reduces reflections by up to 50%. The new optional OLED display delivers new levels of peak brightness and immersive colors that improve readability in even fluorescent office lighting environments or even in direct sunlight.

Surface Pro also offers versatile and secure sign-in options. Customers can sign in with facial recognition with the built-in Windows Hello Camera or the built-in NFC reader with security keys like the YubiKey 5C NFC to securely get to work without using a password. Surface Pro is also certified for use with Imprivata Enterprise Access Management (EAM), enabling healthcare providers to tap their NFC-enabled badge or security key to quickly sign in and out. This enhances healthcare workflows and safeguards patient data by logging users off instantly, reduces errors by preventing clinicians from charting under the wrong profile, and increases productivity by providing fast and secure user switching.

Across industries – from retail to education – our customers call out the importance of sustainability in making device purchases, and Surface Pro is designed with those goals in mind. The enclosure is made with a minimum of 89% recycled content, including 100% recycled aluminum alloy and 100% recycled rare earth metals[xiv]. It is also designed for serviceability, with replaceable components such as the motherboard, battery, cameras and a removable SSD that can be accessed through an easy-to-open door behind the kickstand[xv].

Surface Pro is the perfect device for on the go productivity, delivering lightning-fast performance, AI-accelerated power, all in a thin, light and versatile package.

Secure by design and by default

In line with Microsoft’s Secure Future Initiative commitment, security is our top priority, and we’re intently focused on designing our products to be secure by design and by default. We continually raise the bar to deliver robust defense against the evolving threat landscape for both our customers and the entire Windows ecosystem.

Windows 11, our most secure operating system yet, dramatically reduces exposure to attack by enabling advanced security tools and technologies by design and by default. This protects against phishing, malware, ransomware and other evolving threats.

Beyond Windows, every layer of a Surface device, from the hardware to the cloud is maintained and protected by Microsoft. This gives customers ultimate control, proactive protection and peace of mind wherever and however they work. Our team constantly thinks about how malicious actors could threaten your business and seamlessly ensures you always have the latest through Windows Update, ensuring you and your teams remain protected and secure.

Copilot+ PCs are the most secure Windows PCs ever, with the Microsoft Pluton security processor enabled by default on all Copilot+ PCs. Pluton, a chip-to-cloud security technology designed by Microsoft and embedded by silicon partners directly into the CPU, ensures Zero Trust principles at the core. This design helps protect sensitive information such as passwords, user identities and encryption keys from potential attacks. It acts as a secure vault within the computer, ensuring that even if someone gains physical access to the device, they cannot easily steal critical data.

Pluton receives regular updates directly from Microsoft, ensuring it always has the latest security features and protections against evolving threats. Microsoft is also working across the Windows ecosystem to update the capabilities of Pluton by introducing the Key Storage Provider (KSP) on Intel Core Ultra (Series 2), Snapdragon X Series and AMD Ryzen AI 300 series processors. This will allow for more secure storage and management of cryptographic keys, further strengthening the overall security of the device, and we’ll share more details on this in the coming months.

This comprehensive approach ensures every layer of a Surface device is protected, providing a seamless and secure experience for users and peace of mind for IT professionals.

Learn more about what’s new with Microsoft Pluton on the Windows IT Pro Blog.

Unlocking AI productivity with Windows

These great new Surface Copilot+ PCs are part of an expanding ecosystem of Windows commercial solutions that serve every job, in every organization. We’re listening to our customers and providing them with more choice so that they can find a Copilot+ PC that fits every need.

At Ignite, we introduced several AI features that enhance workflows, and boost communication and collaboration by tapping into the NPU on Copilot+ PCs. One of these new experiences is the new and improved Windows Search experience[xvi]. It allows users to find files using associated words and phrases, without needing to remember exact file names or content for both local and active OneDrive for Business files. For example, users can find a document about sustainability by searching for “green presentation.” They can also search images based on their content, including text found in an image. Removing the need for precise keyword matching in file names or content can save valuable time, enabling users to intuitively search for files, information or settings in the ways that they can easily remember.

Windows, combined with Microsoft 365 and Surface devices, provides a powerful platform for businesses to securely boost productivity, simplify workflows and enhance collaboration. With tools like Windows Autopatch, Autopilot in Intune, and Windows Backup and Hotpatch, deploying and managing these new PCs securely has never been easier.

New Security Copilot in Surface Management Portal (Preview)

Available in public preview starting Feb. 24, 2025

Streamline the management of Surface devices within your organization with the Surface Management Portal in Microsoft Intune. This powerful tool provides IT admins with a centralized platform to monitor, manage and secure all Surface devices, ensuring they are always up-to-date and performing optimally. Capabilities like device health monitoring, warranty and servicing management help businesses maintain a secure and efficient IT environment, reducing downtime and enhancing productivity of their employees.

We are excited to share that later this month, customers will have access to Security Copilot in the Surface Management Portal. Copilot provides the power of generative AI in Intune to simplify and enhance the device management experience for IT admins.

With Copilot, IT admins can quickly search for and resolve specific device issues, summarize warranty information, and access support tickets and service orders related to their organization’s Surface devices. This reduces the time and effort needed for routine maintenance tasks, creating more time to focus on other initiatives. In addition, Copilot pulls contextually relevant data from your Intune-enrolled Surface devices along with public information into a single view, streamlining the management process and enhancing overall efficiency.

We’ve been in private preview with a select group of customers, allowing us to gather critical feedback and insights that have shaped the current experience. Starting Feb. 24, customers can join the public preview, and the insights and learnings we’ll gain can help us shape the future of the Surface Management Portal.

Learn more about Security Copilot in Surface Management Portal on the Surface IT Pro Blog.

New Surface USB4 Dock

Available starting Feb. 18, 2025, at $199.99 (MSRP)

Enhance your team’s workspace with the new Surface USB4 Dock, the essential dock for productivity and connectivity. Connect and power devices like the new Surface Pro and Surface Laptop with accessories via two USB-C, one USB-A, Ethernet and HDMI ports. This new dock delivers fast charging with the new Surface Pro and Surface Laptop with up to 65W power passthrough and enables fast data transfer of up to 40 Gbps. Dual 4K monitor support, via USB-C or HDMI transforms your workspace into a three-screen powerhouse.

New Surface Hub 3 experiences

Surface Hub 3 is the first-party Teams Rooms touch board. We’ve brought iconic Surface design together with the inclusive and collaborative Teams Rooms experiences that define the meeting space. It’s helped our customers create a consistent experience across Hub and other conference rooms and collaborative spaces, for both the teams meeting in those spaces and the IT administrators managing the technology.

Now, we’re partnering with Teams to bring new experiences to Surface Hub 3. Microsoft Edge on Surface Hub 3 will offer seamless access to websites, third-party web apps and personal content[xvii], with an easy-to-use home screen button for walk-up browsing. Edge will run in Kiosk Mode for privacy and security, and Edge sessions can be shared into Teams meetings.[xviii] General availability for Edge on Hub 3 is targeting Q3 2025.

Employees want the option to share content however is best for them – so we’re also adding Miracast support to Teams Rooms on Windows devices. Miracast makes it possible to wirelessly project content from a Surface PC to Surface Hub 3.

Learn more about the new experiences coming to Surface Hub 3 on the Surface IT Pro Blog.

Order today

With Windows 10 End-of-Support upcoming on Oct. 14, 2025, now is the time to transition your fleet from Windows 10 to Windows 11 with confidence. After providing 10 years of updates and support, Windows 10 PCs will no longer receive security or feature updates. Our focus is to help businesses and their employees stay protected and more productive by moving to Windows 11 PCs. Surface Copilot+ PCs are the ideal choice to modernize your business. They offer a powerful combination of hardware, software and unparalleled security, to support your business needs while future-proofing to take advantage of new Copilot+ PC experiences being released in the future.

As you trial and deploy Copilot+ PCs in your environment, consider Surface as your partner to unlock exclusive AI features to help drive bottom-line business results. With options for both Intel and Snapdragon-powered Copilot+ PCs, Surface provides the flexibility to meet your specific business requirements. Order your Surface Copilot+ PCs today and experience the future of business productivity.

Visit Surface.com/Business to learn more, find a partner or order the new Surface Pro and new Surface Laptop directly from the Microsoft Store. When shopping at Microsoft.com, customers can take advantage of free shipping and an extended 60-day price protection and return window.

Footnotes:
[i] Surface Laptop with 5G will be available later in 2025 and not available in all areas. eSIM and 5G support are also not available in all areas; compatibility and performance depend on carrier network, plan and other factors. See carrier for details and pricing

[ii] Copilot for Microsoft 365 sold separately and requires a qualifying volume license or subscription. Microsoft Copilot for Microsoft 365 | Microsoft 365.

[iii] Up to 22 hours of battery life based on local video playback test on Surface Laptop 15-inch, 7^th Edition with Intel Core Ultra processors (Series 2). Based on local video playback test. Testing conducted by Microsoft in January 2025 using preproduction software and preproduction Surface Laptop 13.8-inch Intel Core Ultra 5 256GB, 16GB RAM devices and Surface Laptop 15-inch Intel Core Ultra 7 256GB, 16GB RAM devices. Testing consisted of full battery discharge during video playback of a .mov file through the Windows Media Player application in 1080p at 24 FPS. All settings were default except screen brightness set to 150 nits with Auto-brightness disabled. Wi-Fi was connected to a network. Battery life varies significantly with settings, usage and other factors.

[iv] 6GHz band not available in all regions.

[v] Integrated smart card reader available only on Surface Laptop 15-inch, 7^th Edition with Intel Core Ultra processors (Series 2). See Surface.com/Business for more information.

[vi] Tested January 2025 using CineBench 2024 Multi-Core benchmark. Up to 26% faster comparing Laptop 13.8-inch with Intel Core Ultra 7 processors to Surface Laptop 5 13.5-inch with Intel Core i7. Up to 12% faster comparing Surface Laptop 15-inch with Intel Core Ultra 7 processors to Surface Laptop 5 15-inch with Intel Core i7.

[vii] Based on 3D Mark WildLife Extreme Unlimited performance testing conducted by Microsoft in January 2025.

[viii] Based on a Microsoft Teams 10-person video call test. Testing conducted by third-party lab in January 2025 using preproduction software and preproduction Surface Laptop 15-inch, 7th Edition Intel Core Ultra 7 266V, 16GB RAM, 256 GB and Surface Laptop 5 15-inch Intel Core i7-1265U, 16 GB RAM, 512 GB. Testing consisted of full battery discharge during a Microsoft Teams 10-person video call. All settings were default except screen brightness set to 150 nits with Auto-brightness disabled. Wi-Fi was connected to a network. Tested with Windows 11. Battery life varies significantly with settings, usage and other factors.

[ix] Enclosure includes A Cover, C Bucket, D Cover. 100% recycled aluminum alloy in A Cover, C Bucket and SIM Tray. 100% recycled rare earth metals in magnets. Based on validation performed by Underwriter Laboratories, Inc. using Environmental Claim Validation Procedure (ECVP) for Recycled Content, dated June 20, 2024.

[x] Contains 1.5% recycled cobalt, consisting of 100% recycled cobalt in the battery cell. Based on validation performed by Underwriter Laboratories, Inc. using Environmental Claim Validation Procedure (ECVP) for Recycled Content, UL ECVP 2809-2, Second Edition, dated June 20, 2024.

[xi] Surface Pro Keyboard, Surface Pro Flex Keyboard, Surface Slim Pen sold separately.

[xii] Based on Cinebench 2024 multithread performance testing conducted by Microsoft in January 2025.

[xiii] Based on a Microsoft Teams 10-person video call test. Testing conducted by third-party lab in January 2025 using preproduction software and preproduction Surface Pro, 11th Edition Intel Core Ultra 7 236V, 16GB RAM, 256 GB storage and a Surface Pro 9 with an i7-1225U processor, 16GB RAM and 256GB storage. Testing consisted of full battery discharge during a Microsoft Teams 10-person video call. All settings were default except screen brightness set to 150 nits with Auto-brightness disabled. Wi-Fi was connected to a network. Tested with Windows 11. Battery life varies significantly with settings, usage and other factors.

[xiv] Enclosure includes bucket and kickstand. 100% recycled aluminum alloy in bucket. 100% recycled rare earth metals in magnets. Based on validation performed by Underwriter Laboratories, Inc. using Environmental Claim Validation Procedure (ECVP) for Recycled Content, UL ECVP 2809-2, Second Edition, dated June 20, 2024.

[xv] Solid State Drive (SSD) Retention is only available on Microsoft Surface devices in which the SSD is marketed as removable per the Technical Specifications. Solid State Drive (SSD) Retention is included in both Extended Hardware Service Plus and Microsoft Complete for Business Plus and is also available as an Optional Add-on when purchasing Microsoft Extended Hardware Service and Microsoft Complete for Business. Devices returned to Microsoft with a missing Solid State Drive (SSD) are subject to a Solid State Drive (SSD) replacement fee unless the device is enrolled in the Drive (SSD) Retention offer.

[xvi] Releasing first to our Windows Insider community on Copilot+ PCs for select languages (Chinese, English, French, German, Japanese and Spanish) and file formats, starting early next year, before rolling out more broadly to our customers. See aka.ms/copilotpluspcs

[xvii] Software license required.

[xviii] Pre-release product shown; subject to change prior to commercial release.

MIL OSI Global Banks –

January 31, 2025
MIL-OSI: First American Bank Welcomes Stephen Penney as New Associate Advisor

Source: GlobeNewswire (MIL-OSI)

MIAMI, Jan. 30, 2025 (GLOBE NEWSWIRE) — First American Bank is excited to announce the addition of Stephen Penney as the newest Associate Advisor to its team, furthering the bank’s efforts to build and grow its wealth management business in Florida. Stephen joins the bank from Deutsche Bank, bringing over 8 years of experience in the financial services industry. His deep expertise in wealth management, combined with a passion for client service, will be invaluable as the bank continues to expand its offerings and deliver personalized financial solutions to clients across the state.

In his own words, Stephen shared, “I joined First American Bank because of its strong family-owned foundation and commitment to client service. I’m excited to contribute to a growing institution with a clear vision for the future.”

As an Associate Advisor, Stephen will specialize in wealth planning, helping individuals, families, and businesses achieve their financial goals. He will leverage his extensive experience in financial services to craft tailored strategies that address clients’ unique needs.

About Stephen Penney
Stephen Penney is a wealth management professional with over 8 years of experience in the financial sector. Prior to joining First American Bank, Stephen served as a client associate at Deutsche Bank, where he provided exceptional support to top advisors and high-net-worth clients. He also held the role of Investment Specialist on Bank of America’s trade desk. Stephen holds an MBA from the University of Florida, is FINRA licensed, and is actively pursuing the CFA designation.

Outside of his professional life, Stephen enjoys sailing on Biscayne Bay, learning to play golf, and spending time with friends and family.

First American Bank investment products are not FDIC insured, not bank guaranteed, and may lose value.

Contact:
Teresa Lee
305-631-6400
tlee@firstambank.com

The MIL Network –

January 31, 2025
MIL-OSI Video: President Lagarde presents the latest monetary policy decisions – 30 January 2025

Source: European Central Bank (video statements)

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.

Listen to President Christine Lagarde present today’s decisions. The statement also covers:
• how the economy is performing
• how we expect prices to develop
• the risks to the economic outlook
• the dynamics behind financial and monetary conditions

Published and recorded during our press conference on 30 January 2025

Our monetary policy statement at a glance, 30 January 2025 www.ecb.europa.eu/press/press_conf…_january.en.html

Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 January 2025 www.ecb.europa.eu/press/press_conf…418aa0f4.en.html

Monetary policy decisions, 30 January 2025 www.ecb.europa.eu/press/pr/date/20…0b29e622.en.html

Combined monetary policy decisions and statement, 30 January 2025 www.ecb.europa.eu/press/press_conf…fb5af6f3189be827

European Central Bank
www.ecb.europa.eu/home/html/index.en.html

You can also listen on all major podcast platforms.

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

MIL OSI Video –

January 31, 2025
MIL-OSI Banking: Turn Last Year’s Dreams Into Reality with Samsung’s Blue Tag Sale

Source: Samsung

As the new year unfolds, it’s time to turn your dreams into reality with Samsung’s Blue Tag Sale, running from 13 January to 2 March 2025. Whether you’re looking to upgrade your home appliances, tech gadgets, or enhance your lifestyle, Samsung’s latest innovations are here to help you make your 2025 a year of progress and transformation.

Featuring cutting-edge products packed with advanced AI technology, Samsung is your partner in elevating your home and turning it into a space that works harder for you. We can help you turn last year’s dreams, into this year’s upgrade. From the kitchen to the living room, from productivity to entertainment, Samsung is committed to helping you create the home and lifestyle you’ve always dreamed of.

Samsung believes in making your home a place where technology supports your goals and where AI-driven solutions empower you to live better, work smarter, and enjoy more. So start the new year with a Samsung upgrade that will elevate your home.

Thanks to this year’s Blue Tag Sale offers of up to 30% off, you can get a wide selection of Samsung products, each designed to enhance your personal, professional, and lifestyle goals. Whether you want a smarter, more efficient kitchen, a seamless entertainment setup, or a connected home, Samsung’s ground-breaking technology helps you level up in every area.

Deals to Jumpstart Your Year
Take advantage of the incredible Blue Tag Sale offers including these:
Side by Side Fridge, Non-Plumbed Water & Ice Dispenser, Gentle Black, 617L (RS64DG53R3B1FA) – Now at R29,999* (Save R2,100). The sophisticated, modern design of this fridge makes it a perfect addition to any kitchen.
Side by Side Fridge, Plumbed Water & Ice Dispenser, Gentle Silver, 617L (RS65DG54R3S9FA) – Now at R28,999* (Save R2,200). Samsung’s SpaceMax technology offers more storage capacity inside, while maintaining a sleek, space-efficient exterior.

These fridges deliver both functionality and style. They make smart living simple with SmartThings, enabling energy monitoring and usage patterns from the app. It is designed for families who need more from their home appliances. Plus, when you purchase any of the above fridges, you’ll receive a complimentary Samsung Galaxy Tab S9 FE 5G, allowing you to stay connected and productive throughout the year.

Redemption steps:

BUY
Simply purchase any participating refrigerators. Purchase on or before 23 February 2025.

VISIT
https://www.samsung.com/za/offer/blue-tag-sale/redemption/

COMPLETE
Complete the redemption form, upload all required documents before the 31 March 2025. Upon successful submission and verification, an email will be sent to the participant, who will receive their gift within 7 to 14 working days.

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

MIL OSI Global Banks –

January 31, 2025
MIL-OSI Banking: Calling all small business champions of the circular economy
Source: International Chamber of Commerce

Headline: Calling all small business champions of the circular economy
Share this:
Launched in 2021, the Small Business Champions Initiative celebrates organisations that empower small businesses to participate and succeed in global trade. This year, the organisers – the International Chamber of Commerce, International Trade Centre and World Trade Organization’s Informal Working Group on Micro-, Small- and Medium-Sized Enterprises, in partnership with United Nations Trade and Development – will recognise concepts and initiatives that help small businesses embrace the circular economy.

Along with the recognition, the winners will be invited to Geneva for an award ceremony on 27 June 2025. The International Trade Centre will additionally award each winner US$4,000 prize money to support the development or further scaling of their winning project and issue an award certificate.

What are we looking for and who can participate?

Small businesses, enterprises, industry associations, chambers of commerce and non-governmental organisations leading initiatives such as awareness-raising campaigns, competitions, capacity building, training, mentoring and networking programmes related to the circular economy

Small businesses engaged in the circular economy with innovative business concepts that reduce, prevent or repurpose waste

All proposals must have a clear link to international trade and include an action plan (see past competitions for reference).

Submit your proposal  

Proposals should be submitted through this form by 28 March 2025. The winning proposals will be jointly selected by representatives from the competition organisers. For additional information, consult this guide.

Related publication

Sustainability

Circular economy: Challenges and opportunities for businesses and policymakers
MIL OSI Global Banks –
January 31, 2025
MIL-OSI Video: Holocaust Remembrance Day 2025 at the ECB

Source: European Central Bank (video statements)

For the International Holocaust Remembrance Day the ECB held a ceremony on Monday, 27 January 2025 in the Grossmarkthalle Jewish memorial.

The European Central Bank annually commemorates the victims of the Holocaust, including those deported from Frankfurt’s Grossmarkthalle. This year, we feature a special photo exhibition, “Survivors, Faces of Life after the Holocaust,” by renowned photographer Martin Schoeller. The exhibition showcases 56 portraits of Holocaust survivors, including Maurice Gluck, who was also present for a discussion.

https://www.youtube.com/watch?v=L3ESLEJQ530

MIL OSI Video –

January 31, 2025

MIL-OSI United Nations: UNECE Expert Meeting on Statistical Data Editing 2024

Source: United Nations Economic Commission for Europe

The focus of the meeting will be on cutting edge ideas, approaches, and tools in the area of statistical data editing. In addition to the traditional presentations, the agenda of the meeting anticipates interactive discussions related to particular topics within this field.

The target audience of the expert meeting includes senior and middle-level methodologists, statisticians and researchers, working on editing and imputation of statistical data derived from surveys, censuses, administrative and external sources.

Document Title	Documents		Presentations
Information Notice 1	PDF
Information Notice 2 (logistical information)	PDF
Preliminary timetable	PDF
Session 1: E&I quality
*Keynote Presentation: Current work on automatic multisource editing at Statistics Netherlands. Sander Scholtus (Statistics Netherlands)*	Abstract	Paper	Presentation
Leveraging AI for statistical editing: the case of the BIS AI Metadata Editor – Olivier Sirello (Bank for International Settlements)	Abstract	Paper	Presentation
Lightning Talk: Using hidden Markov and macro integration models for combining data from different sources – Sander Scholtus (Statistics Netherlands)	Abstract	–	Presentation
Session 2: E&I process
National guidelines on data editing; the foundation for building a solution for the future – Aslaug Hurlen Foss (Statistics Norway)	Abstract	Paper	Presentation
Moving towards the standardized process of automatic statistical data editing using machine learning techniques – Ieva Burakauskaitė (State Data Agency, Statistics Lithuania)	Abstract	Paper	Presentation
The editing and imputation process of the 2021 household and nuclei types reconstruction in Italy – Rosa Maria Lipsi (Istat, Italy)	Abstract	Paper	Presentation
*Keynote Presentation: Building the new Banff: an open-source data editing system based on GSDEM concepts* – *Darren Gray (Statistics Canada)*	Abstract	–	Presentation
Session 3: Imputation
Full conditional distributions for handling restrictions in the context of automated statistical data editing – Christian Aßmann (Leibniz Institute for Educational Trajectories)	Abstract	Paper	Presentation
Application of the MissForest algorithm for imputing income variables in the Survey on Income and Living Conditions – Blandine Bianchi (Swiss Federal Statistical Office)	Abstract	Paper	Presentation
Assessment of Manual vs Automated Survey Editing and Imputation – Sean Rhodes (U.S. Department of Agriculture National Agricultural Statistics Service)	Abstract	Paper	Presentation
Enhancing Official Statistics through Artificial Intelligence: A Comparative Study of Imputation Techniques – Simona Cafieri (Istat, Italy)	Abstract	Paper	Presentation
Lightning Talk: Random forest imputation of nutritional information for statistics on food consumption in Norway – Magne Furuholmen Myhren (Statistics Norway)	Abstract	–	Presentation
Session 4: Selective editing and outlier detection
Detecting Extreme Numerical Outliers in Trade Data: A Novel Method for Highly Asymmetric Distributions – Andrea Cerasa (European Commission, Joint Research Centre)	Abstract	Paper	Presentation
Selective editing for the production of new Services Producer Price Indices (SPPIs) from indirect data sources – Simona Rosati (Istat, Italy)	Abstract	Paper	Presentation
Outlier Identification and Adjustment for Time Series – Markus Fröhlich (Statistics Austria)	Abstract	Paper	Presentation
Session 5: International community building
Organisational Aspects of Implementing ML Based Data Editing in Statistical Production – Steffen Moritz (Destatis)	Abstract	Paper	Presentation
Presentation on the various themes of AIML4OS: project overview – Alexander Kowarik (Statistics Austria)	–	–	Presentation
The European One-Stop-Shop for Artificial Intelligence and Machine Learning for Official Statistics (AIML4OS): WP8 Use Case focused on data editing – Steffen Moritz (Destatis, Germany)	Abstract	Paper	Presentation
The European One-Stop-Shop for Artificial Intelligence and Machine Learning for Official Statistics (AIML4OS): WP9 Use Case focused on imputation – David Salgado (Statistics Spain)	Abstract	Paper	Presentation

MIL OSI United Nations News –

January 31, 2025

MIL-OSI United Nations: Workshop on Ethics in Modern Statistical Organisations

Source: United Nations Economic Commission for Europe

About the meeting

The workshop will address questions of business and data ethics in the current evolving landscape of Official Statistics. With adoption of new technologies and methodologies, old policy and guidelines of National Statistical Offices are no longer cover all aspects of business operations, so progress in data ethics is now more important than ever. Business ethics is also gaining importance, as NSOs must act as moral agents upholding ethical behavior. Addressing both these questions is essential to maintain public trust and credibility in an evolving and data driven environment.

The target audience of the includes senior and middle-level managers responsible for business, institutional and data ethics in their NSOs. As well as communication experts who handle ethical issues within their NSOs.

Detailed information and examples of topics to be covered in the meeting, registration, contributions and other organizational aspects can be found in Information Notice #1.

Document Title	Documents	Presentations
Document Title	ENG	ENG
Information Notice 1	PDF
Information Notice 2 (logistic information)	PDF
Timetable	PDF
Report	PDF
Opening
Do statistical ethics apply equally to all – NSOs and other official statistics producers, whether regional/international or other national statistical authorities? Andreas Georgiou (Amherst College)		PDF
Session 1: Ethics in institutional contexts
Introducing Session 1: Ethics in Institutional Contexts. Fabrizio Rotundi (Istat, Italy)		PDF
Democracy dies in darkness without Official Data. Luca Di Gennaro Splendore (University of Malta)	PDF	PDF
Structure of ethical issues in new data ecosystems. Marianne Johnson, Timo Koskimäki, Markus Sovala (Statistics Finland)	PDF	PDF
Revision of the Swiss Official Statistics Charter: opportunities and risks. Peter Laube (Swiss Ethics Council for Official Statistics), Marcus Baumann (Federal Statistical Office, Switzerland)	PDF	PDF
UK Statistic Authority’s Centre for Applied Data Ethics (CADE) – the first three years. Nicola Shearman (Office of National Statistics, UK)	PDF	PDF
Investigating Ethical Practices in NSOs – Surveys Results. Katia Ambrosino (Istat)	PDF	PDF
Ethics Boot Camp Introduction. Angela Leonetti (Istat, Italy)		PDF
Session 2: Ethics in daily work life
Rules of Professional Ethics in the State Statistics Bodies of the Republic of Belarus. Volha Pazharytskaya (National Statistical Committee of the Republic of Belarus)	PDF	PDF
Proposals to Promote Change from Compliance to Ethical Commitment in Istat. Angela Leonetti (Istat)		PDF
Incorporating ethics in statistical organizations through GSBPM and GAMSO. InKyung Choi (UNECE)		PDF
French official statistician and ethics: from law to practice. Mylène Chaleix, Olivier Lefebvre (Insee, France)	PDF(en) / PDF (fr)	PDF
Ethics in staff and user satisfaction survey (Case of Albania). Vjollca Lasku (Instat, Albania)		PDF
Session 3: Ethics for new data sources and technology
Reimagining how we deliver quality data and statistics: Stats NZ Journey. Emma MacDonald (New Zealand)		PDF
The Role of Data Ethics to Maintain and Improve Public Trust: The Statistics Canada Experience. Martin Beaulieu (Statistics Canada)		PDF
Towards a data ethics program for the Australian Bureau of Statistics: Considering privacy, ethics and trust for our innovative data uses. Joanne Hillermann (ABS, Australia)		PDF
Statistics Netherlands ethics committee – purpose, composition and methods. Esther de Heij (Statistics Netherlands)		PDF
Ethics of Technology. Milana Karaganis (Statistics Canada)		PDF
The role of geo-information in ethics within modern statistical institutions. Mirela Deva (Instat, Albania)		PDF
Session 4: Ethics and proactive communication
An ethical approach to the development of social acceptance and its application. John Byrne (Central Statistics Office, Ireland)		PDF
An assessment of ethics and proactive communication practices in The Nigerian Statistical System. Kumafan Dzaan (Central Bank of Nigeria)	PDF	PDF
Ethics and proactive communication: The Istat case. Giulia Peci and Michela Troia (Istat)	PDF	PDF
Building trust culture in the office – examples of ethics-driven proactive internal communication at Statistics Poland. Anna Borowska and Olga Świerkot-Strużewska (Statistics Poland)		PDF
Open discussion for the Reference Book on Ethics
Introduction to the Open Discussion for the Reference Book on Ethics. Fabrizio Rotundi (Istat, Italy)		PDF

MIL OSI United Nations News –

January 31, 2025

MIL-OSI United Nations: Workshop on Financial Accounts | UNECE

Source: United Nations Economic Commission for Europe

Agenda	PDF	PDF
Report	PDF	PDF
Session 1: Recapitulation from the previous workshop
Session 1: Video recording	Part 1, Part 2	Part 1, Part 2
Consistency and Balancing (IMF)	PDF	PDF
Practical exercise, including solutions	EXCEL	EXCEL
Financial account in Kazakhstan	PDF	PDF
Financial accounts in Kyrgyzstan	PDF	PDF
Session 2: Financial accounts and monetary data
Session 2: Video recording	Video	Video
Monetary aggregates and financial accounts (Eurostat)	PDF	PDF
Monetary aggregates and financial accounts. Responses to the exercise (Eurostat)	PDF	PDF
Session 3: Whom-to-whom matrices
Session 3: Video recording	Part 1, Part 2	Part 1, Part 2
Who-to-whom matrices (ECB)	PDF	PDF
Compiling the who-to-whom matrix for Belgium	PDF	PDF
Session 4: Issues related to financial corporations
Session 4: Video recording	Part 1, Part 2	Part 1, Part 2
Compiling financial corporations sub-sectors (ECB)	PDF	PDF
Automation of the preparation process of financial corporations statistics with Python (Türkiye)	PDF	PDF
Financial corporations and interest rates, sectors’ sensitivity to interest rates, FISIM (Eurostat)	PDF	PDF
Financial corporations and interest rates. Interest rates – practical exercise, including solutions	PDF	PDF
Sessions 5: Issues related to non-financial corporations and household sectors
Session 5: Video recording	Part 1, Part 2, Part 3	Part 1, Part 2, Part 3
Analysing non-financial corporate and household sectors issues using institutional sector accounts (IMF)	PDF	PDF
Analysing non-financial corporate and household sectors issues using institutional sector accounts. (IMF) OFVB exercise	EXCEL	EXCEL
Analysing non-financial corporate and household sectors issues using institutional sector accounts. (IMF) OFVB solution	EXCEL	EXCEL
Financial Accounts of the Household Sector: Sources, Compilation and some Results (Netherlands)	PDF	PDF
Compilation and utilisation of the financial account of the household sector (Indonesia)	PDF	PDF
Session 6: Conclusions and future work
Conclusions and way forward	PDF	PDF
Session 6: Video recording	Video	Video

MIL OSI United Nations News –

January 31, 2025

MIL-OSI USA: Acting Chairman Mark T. Uyeda Names Natalia Díez Riggin as Senior Advisor and Acting Director of Legislative and Intergovernmental Affairs

Source: Securities and Exchange Commission

The Securities and Exchange Commission today announced Acting Chairman Mark T. Uyeda has named Natalia Díez Riggin as Senior Advisor and Acting Director of the Office of Legislative and Intergovernmental Affairs.

“I’m thrilled that Natalia has joined us after her tenure working for Chairman Scott on the Senate Banking Committee,” Acting Chairman Uyeda said. “Her expertise will help guide us as we focus our efforts at the SEC on capital formation and ensuring companies aren’t impeded by ineffective regulation.”

Ms. Riggin joined the SEC after serving as a Senior Professional Staff Member on the U.S. Committee on Banking, Housing, and Urban Affairs for Chairman Tim Scott of South Carolina. Prior to that, she was the Deputy Legislative Director for U.S. Senator John Kennedy of Louisiana as well as Staff Director for the Economic Policy Subcommittee of the Senate Banking Committee. Earlier in her career, Ms. Riggin served as a policy aide to U.S. Senators Mike Enzi of Wyoming and Mark Kirk of Illinois, respectively. Ms. Riggin received a B.A. in political science and history from the University of Illinois Chicago.

MIL OSI USA News –

January 31, 2025

Category: Banking

Tanzania pioneers clean cooking and global awareness

January 30, 2025

Dear Zion Shareholders and Supporters,

Meeting of Government with Leaders of Political Parties held todayMeeting attended by 52 Leaders from 36 political parties

New Surface Copilot+ PCs for Business

Surface Laptop for Business with Intel Core Ultra processors (Series 2)

Surface Pro for Business with Intel Core Ultra processors (Series 2)

Secure by design and by default

Unlocking AI productivity with Windows

New Security Copilot in Surface Management Portal (Preview)

New Surface USB4 Dock

New Surface Hub 3 experiences

Order today

What are we looking for and who can participate?

Submit your proposal

Related publication

Circular economy: Challenges and opportunities for businesses and policymakers

Session 1: E&I quality

Session 2: E&I process

Session 3: Imputation

Session 4: Selective editing and outlier detection

Session 5: International community building

Meeting of Government with Leaders of Political Parties held today

Meeting attended by 52 Leaders from 36 political parties

Submit your proposal  