Category: Business

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

Source: IMF – News in Russian

January 30, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with South Africa.

South Africa’s economy has continued to face challenges in recent years. Power shortages and disruptions to rail and port operations constrained growth to 0.7 percent in 2023. Activity remained subdued in 2024, given election-related uncertainty in the first half of the year and severe droughts. Nonetheless, power generation was stabilized and, following the formation of a reform-oriented Government of National Unity in June, consumer, business, and investor confidence rebounded. Inflation moderated from 5.9 percent in 2023 to an estimated
4.5 percent in 2024, with the central bank cutting interest rates by 50 basis points in 2024. While still high, unemployment declined to an estimated 32.8 percent in 2024. Government deficits remained elevated, pushing public debt to above 75 percent of GDP by end-2024.

Looking ahead, real GDP growth is projected to accelerate to 1.5 percent in 2025, driven by recovering private consumption and investment supported by stable electricity generation. Over the medium term, annual growth is expected to reach 1.8 percent, as investment improves gradually on the back of ongoing reform efforts to address electricity and logistics bottlenecks. Inflation is projected to average 4 percent in 2025 and stabilize at the midpoint of the SARB’s target range (4.5 percent) in the medium run. With fiscal deficits projected to stay elevated over the medium term, public debt is expected to continue to rise.

The outlook remains marked by high uncertainty, with the balance of risks tilted to the downside. Key downside external risks relate to a further deepening of geoeconomic fragmentation and intensification of protectionist policies, an escalation of ongoing conflicts, a deeper slowdown in main trading partners, or slower global disinflation and tightening financial conditions. Domestically, resistance to and delays in the implementation of needed reforms could add to downside risks. On the upside, faster and more ambitious reform implementation by the new government, or stronger global growth, could boost confidence and growth.

Executive Board Assessment[2]

“Directors agreed with the thrust of the staff appraisal. They welcomed South Africa’s new Government of National Unity and its commitment to reforms aimed at addressing long‑standing challenges. While there are signs of recovery, economic activity remains subdued amid heightened global uncertainty and long‑standing structural impediments. Against this background, Directors emphasized the importance of prudent macroeconomic policies complemented by ambitious structural reforms to support macroeconomic stability and place the economy on a path toward higher, more inclusive, and greener growth.

“Directors welcomed the authorities’ commitment to fiscal prudence, including plans to reduce the fiscal deficit and stabilize debt. Given increased risks, most Directors called for more ambitious fiscal consolidation efforts to lower debt to more prudent levels and rebuild fiscal buffers, although a few felt that the authorities’ preferred approach may be more appropriate given political economy considerations. Directors considered that an evenly paced fiscal consolidation focused on cutting inefficient spending while protecting priority social and infrastructure spending, and continuing to strengthen tax administration, can support debt sustainability while minimizing the negative impact on the economy. Most Directors agreed that introducing a prudent debt anchor supported by a fiscal rule could help underpin the adjustment and bolster credibility, although a few Directors felt that a debt ceiling could constrain flexibility. Enhancing fiscal transparency and risk management can further support the resilience of public finances.

“Directors commended the South African Reserve Bank’s effective monetary management, which supported a decline in inflation. Looking forward, they recommended maintaining a flexible and data‑driven approach to monetary policy decisions amid ongoing uncertainties. Directors saw merit in shifting, at an opportune time, from the current inflation target band to a lower point target, which will require careful design, gradual implementation, close coordination, and appropriate communication.

“Directors welcomed the authorities’ efforts to safeguard financial stability, including recent banking‑resolution and safety‑net reforms and macro‑prudential policies. They encouraged the authorities to continue to monitor risks, including those related to the sovereign‑bank nexus, and to stand ready to implement prudential measures as needed. They considered that strengthened supervision, including for non‑bank financial institutions, alongside continued efforts to bolster the AML/CFT framework, remain essential.

“Directors commended the authorities for their structural reform efforts aimed at removing critical impediments to growth. They encouraged the new government to implement resolutely ongoing energy and logistics reforms, including by promoting private sector participation. To support higher and greener growth and job creation, particularly among the youth, while reducing inequality and poverty, Directors recommended additional reforms to enhance the business environment, bolster governance, and improve labor market flexibility, along with sustained efforts to facilitate trade and achieve climate goals.

Directors wished the authorities success during South Africa’s G20 Presidency and welcomed their leadership in support of multilateral cooperation.”

South Africa: Selected Economic Indicators, 2022–27
Social Indicators
GDP			Poverty (percent of population)
Nominal GDP (2022, billions of US dollars)	407		Lower national poverty line (2015)				40
GDP per capita (2022, in US dollars)	6,712		Undernourishment (2019)				7

Population characteristics			Inequality (income shares unless otherwise specified)
Total (2022, million)	62		Highest 10 percent of population (2015)				53
Urban population (2020, percent of total)	67		Lowest 40 percent of population (2015)				7
Life expectancy at birth (2020, number of years)	64		Gini coefficient (2015)				65
Economic Indicators
		2022	2023	2024	2025	2026	2027
					Proj.
National Income and Prices (Annual Percentage Change Unless Otherwise Indicated)
Real GDP		1.9	0.7	0.8	1.5	1.6	1.7
Domestic demand		3.9	0.8	0.4	1.5	1.6	1.8
Private Consumption		2.5	0.7	1.2	1.4	1.5	1.6
Government Consumption		0.6	1.9	1.0	1.0	1.2	1.3
Gross Fixed Investment		4.8	3.9	-3.4	2.5	2.7	3.1
Inventory Investment (contribution to growth)		1.5	-0.6	0.0	0.0	0.0	0.0
Net export (contribution to growth)		-2.1	-0.1	0.4	0.1	-0.1	-0.1
Real GDP per capita 1/		1.1	-0.8	-0.7	0.1	0.1	0.2
GDP deflator		5.0	4.8	4.4	4.1	4.5	4.5
CPI (annual average)		6.9	5.9	4.5	4.0	4.5	4.5
CPI (end of period)		7.4	5.5	3.0	4.5	4.5	4.5
Labor Market (Annual Percentage Change Unless Otherwise Indicated)
Unemployment rate (percent of labor force, annual average)		33.5	33.1	32.8	32.7	32.5	32.3
Unit labor costs (formal nonagricultural)		2.1	-0.8	-0.7	0.1	0.1	0.2
Savings and Investment (Percent of GDP)
Gross national saving		15.0	13.9	13.2	12.9	13.0	13.0
Investment (including inventories) 2/		15.4	15.5	14.5	14.6	14.8	15.0
Fiscal Position (Percent of GDP Unless Otherwise Indicated) 3/
Revenue, including grants 4/		27.6	26.8	26.8	26.8	26.9	26.9
Expenditure and net lending		31.9	32.7	32.9	33.3	32.6	32.3
Overall balance		-4.3	-5.9	-6.1	-6.6	-5.8	-5.4
Primary balance		0.3	-0.9	-0.7	-1.0	-0.1	0.4
Gross government debt 5/		70.8	73.4	75.7	78.3	80.1	81.7
Government bond yield (10-year and over, percent)		10.7	11.6	11.2	…	…	…
Money and Credit (Annual Percentage Change Unless Otherwise Indicated)
Broad money		8.3	7.9	5.2	5.7	6.2	6.3
Credit to the private sector 6/		8.2	4.1	5.0	5.6	6.2	6.3
Repo rate (percent, end-period)		7.0	8.25	7.75	…	…	…
3-month Treasury bill interest rate (percent)		5.2	8.0	8.3	…	…	…
Private sector credit growth (total) 7/		9.2	4.8	4.3	…	…	…
Credit growth (households) 8/		7.7	4.4	3.1	…	…	…
Credit growth (corporates) 8/		10.7	5.2	6.4	…	…	…
Balance of Payments (Annual Percentage Change Unless Otherwise Indicated)
Current account balance (billions of U.S. dollars)		-1.8	-6.1	-5.3	-7.3	-7.8	-8.9
percent of GDP		-0.5	-1.6	-1.3	-1.7	-1.8	-2.0
Exports growth (volume)		7.4	3.5	-4.0	2.7	2.8	2.9
Imports growth (volume)		14.9	4.1	-4.9	2.2	3.0	3.2
Terms of trade		-8.6	-4.8	1.7	-1.7	-0.3	0.0
Overall balance (percent of GDP)		0.0	0.5	0.8	0.0	0.0	0.0
Gross reserves (billions of U.S. dollars)		60.6	62.5	65.9	65.9	65.9	65.9
in percent of ARA		88.9	97.0	97.1	…	…	…
Total external debt (percent of GDP)		40.4	41.5	43.2	44.7	45.1	45.6
Nominal effective exchange rate (period average)		16.6	18.8	18.6	…	…	…
Real effective exchange rate (period average)		6.8	7.7	7.5	…	…	…
Exchange rate (Rand/U.S. dollar, end-period)		17.0	18.5	18.7	…	…	…
Sources: Bloomberg, Haver, National Treasury South Africa, SARB, World Bank, and IMF staff calculations.
1/ Per-capita GDP figures are computed using STATS SA mid-year population estimates. 2/ Inventories data are volatile and excluded from the investment breakdown to help clarify fixed capital formation developments. 3/ Consolidated government as defined in the budget unless otherwise indicated. 4/ Revenue excludes “transactions in assets and liabilities” classified as part of revenue in budget documents. This item represents proceeds from the sales of assets, realized valuation gains from holding of foreign currency deposits, and other conceptually similar items, which are not classified as revenue by the IMF’s Government Finance Statistics Manual 2014. 5/ Central government. 6/ Depository institution’s domestic claims on private sector in all currencies. 7/ Credit extended by all monetary institutions/ Claims on the domestic private sector/ Total loans & advances. Data for 2024 is as of November. 8/ Data for 2024 is as of August.

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

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

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Tatiana Mossot

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

https://www.imf.org/en/News/Articles/2025/01/29/pr-2519-south-africa-imf-executive-board-concludes-2024-article-iv-consultation

MIL OSI

MIL OSI Russia News –

MIL-OSI: Invesco Ltd: Form 8.3 – American Axle & Manufacturing Holdings Inc; Opening Position disclosure

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

OPENING POSITION DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.

KEY INFORMATION

(a)

Full name of discloser:

Invesco Ltd.

(b)

Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

(c)

Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree

American Axle & Manufacturing Holdings, Inc.

(d)

If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:

(e)

Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure

29.01.2025

(f)

In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”

Yes, Dowlais Group plc

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)

Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:

USD 0.01 common US0240611030

Interests

Short Positions

Number

%

Number

%

(1)

Relevant securities owned and/or controlled:

1,889,922

1.60

(2)

Cash-settled derivatives:

(3)

Stock-settled derivatives (including options) and agreements to purchase/sell:

Total

1,889,922

1.60

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)

Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:

Details, including nature of the rights concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)

Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

(b)

Cash-settled derivative transactions

Class of relevant security

Product description e.g. CFD

Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)

Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)

Agreements, arrangements, or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure

30.01.2025

Contact name

Philippa Holmes

Telephone number

+441491417447

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

MIL-OSI: Military Drones Market Heating Up as Multi-Billion Dollar Industry Realizing Rapidly Increasing Demand

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla. , Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Military drone refers to unmanned aerial vehicles that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry. The main types of military drones are fixed-wing, rotary-wing, and hybrid. A fixed-wing drone is a plane that doesn’t have a human pilot on board. Fixed-wing UAVs can be commanded remotely by a human or Autonomously by onboard systems. The different types of drones include MALE, HALE, TUAV, UCAV, SUAV and involve various technologies such as remotely operated, semi-autonomous, autonomous. It is used in Search And Rescue, national defense, military exercises, and others. According to a report from The Business Research Company, the military drones market size has grown strongly in recent years. It will grow from $15.93 billion in 2024 to $17.05 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates. The report said: “The military drones market size is expected to see strong growth in the next few years. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3D printing, use of the internet of things (IoT), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (AI).” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Northrop Grumman Corporation (NYSE: NOC), AeroVironment, Inc. (NASDAQ: AVAV), The Boeing Company (NYSE: BA), Red Cat Holdings, Inc. (NASDAQ: RCAT).

The Business Research Company concluded: “The increasing terrorism is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones… Asia-Pacific was the largest region in military drones’ market in 2024. Western Europe is expected to be the fastest-growing region in the global military drones market share during the forecast period.”

ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

“We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

“The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the defense/military industry include:

Northrop Grumman Corporation (NYSE: NOC) recently announced that its fourth quarter and full-year 2024 financial results will be posted on its investor relations website on January 30, 2025. Prior to the market opening, the company will issue an advisory release notifying the public of the availability of the complete and full text earnings release on the company’s website at http://investor.northropgrumman.com.

The company’s fourth quarter and 2024 conference call will be held at 9 a.m. Eastern time, Thursday, January 30, 2025. The conference call will be webcast live on Northrop Grumman’s website at http://investor.northropgrumman.com. Replays of the call will be available on the Northrop Grumman website for a limited time. Presentations may be supplemented by a series of slides appearing on the company’s investor relations home page.

AeroVironment, Inc. (NASDAQ: AVAV) recently reported financial results for the fiscal second quarter ended October 26, 2024. Second Quarter Highlights were: Record second quarter revenue of $188.5 million up 4% year-over-year; Second quarter net income of $7.5 million and non-GAAP adjusted EBITDA of $25.9 million; Funded backlog of $467.1 million as of October 26, 2024; and announced its entry into an agreement for the acquisition of BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1 billion.

“AeroVironment continues to deliver strong results, including record second-quarter revenue along with a healthy funded backlog that is 25% higher than the prior quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Key wins from our Loitering Munition Systems segment continue to drive growth for the company.

“We expect our proposed acquisition of BlueHalo to further advance our growth opportunities with a highly complementary portfolio of products, customers and capabilities in key defense space and intelligence sectors and establish AeroVironment as the next generation defense technology company for our customers. We look forward to continued momentum beyond fiscal year 2025.”

The Boeing Company (NYSE: BA) recently released Fourth Quarter Results which were: Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs; Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year; Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP) loss per share of ($5.90); and Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion. Full Year 2024; Delivered 348 commercial airplanes and recorded 279 net orders; Total company backlog grew to $521 billion, including over 5,500 commercial airplanes.

The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP) of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP).

“We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” said Kelly Ortberg, Boeing president and chief executive officer. “My team and I are focused on making the fundamental changes needed to fully recover our company’s performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us.”

Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced it has secured new orders for its Edge 130 drone from the Army National Guard and another U.S. Government Agency (OGA), totaling $518,000.

FlightWave, a leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

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SOURCE: FN Media Group

MIL-OSI: Invesco Ltd: Form 8.3 – Dowlais Group PLC; Opening Position disclosure

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

OPENING POSITION DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.

KEY INFORMATION

(a)

Full name of discloser:

Invesco Ltd.

(b)

Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

(c)

Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree

Dowlais Group plc

(d)

If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:

(e)

Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure

29.01.2025

(f)

In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”

Yes, American Axle & Manufacturing Holdings, Inc.

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)

Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:

1p ordinary GB00BMWRZ071

Interests

Short Positions

Number

%

Number

%

(1)

Relevant securities owned and/or controlled:

360,552

0.02

(2)

Cash-settled derivatives:

(3)

Stock-settled derivatives (including options) and agreements to purchase/sell:

Total

360,552

0.02

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)

Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:

Details, including nature of the rights concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)

Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

(b)

Cash-settled derivative transactions

Class of relevant security

Product description e.g. CFD

Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)

Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)

Agreements, arrangements, or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure

30.01.2025

Contact name

Philippa Holmes

Telephone number

+441491417447

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

MIL-OSI Economics: Greece: Staff Concluding Statement of the 2025 Article IV Consultation Mission

Source: International Monetary Fund

January 30, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

Robust Expansion with Declining Debt

1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

Growth-friendly Fiscal Consolidation

6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

Structural reforms for boosting potential growth

10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

Strengthening financial system resilience

12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

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

MIL OSI Economics –

MIL-OSI USA: FEMA Urges Georgians to Apply for Assistance Despite Concerns About Homeowners’ Insurance

Source: US Federal Emergency Management Agency 2

f you were affected by Tropical Storm Debby (Aug. 4—20, 2024) or Hurricane Helene (Sept. 24—Oct. 30, 2024) and have an active insurance policy, state and FEMA officials urge you to check with both your insurance company and FEMA to help you on your road to recovery.
You do not need to have insurance to qualify for FEMA assistance and should not wait to submit your FEMA application. While FEMA assistance can only help with losses not covered by insurance, the assistance may help provide additional coverage for losses caused by Tropical Storm Debby or Hurricane Helene.
If you do have an active insurance policy, you are urged to apply with FEMA because you may be eligible for disaster assistance for basic home repairs, personal property losses and other disaster-caused expenses that insurance didn’t cover. While you do not have to file an insurance claim before applying for FEMA disaster assistance, you will be required to provide FEMA with documentation regarding your insurance settlement or denial of your claim before being considered for certain types of assistance. Also, if your insurance benefits are delayed, FEMA can provide assistance to meet your immediate needs.
While some survivors are likely concerned about the impact filing a claim may have on increasing their premiums, people affected by either or both of the storms should talk with their insurance agent to understand their deductible and associated out-of-pocket expenses to determine whether it makes sense to file a claim.
In many instances, damage may fall below the policy deductible or otherwise not be covered by the policy. Insurance companies are encouraged to provide documentation necessary for their customers to apply for FEMA assistance for uncovered losses.
If you feel your insurance settlement is insufficient to cover the damage, you may be able to use the free Disaster Legal Assistance to help appeal your claim with your insurance. Georgia residents can use this service to receive confidential, free legal assistance due to the disasters, who do not have the money to hire adequate legal services. If you are interested in receiving this legal assistance, call the toll-free legal hotline at 866-584-8027 or 404-527-8793.
If you are in one of the 63 affected counties designated for Individual Assistance, you are eligible to apply for FEMA disaster assistance. You can apply online at DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or by calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages. You can also contact the Georgia Call Center at 678-547-2861 Monday through Saturday for assistance with your application.
To view an accessible video on how to apply, visit Three Ways to Apply for FEMA Disaster Assistance – YouTube.
For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia. Follow FEMA Region 4 @FEMARegion4 on X or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Acting Administrator Cameron Hamilton on X @FEMA_Cam.
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FEMA’s mission is helping people before, during and after disasters.

MIL-OSI Africa: Driving Africa’s Sports Future: Meet the Partners Powering the Sports Africa Investment Summit (SAIS25)

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

LAGOS, Nigeria, January 30, 2025/APO Group/ —

The Sports Africa Investment Summit (SAIS25) is more than an event—it’s a movement to unlock Africa’s potential by investing in sports infrastructure for a sustainable future. This mission wouldn’t be possible without the support of visionary partners committed to driving innovation, policy development, and investment in Africa’s sports industry.

Meet the Partners

Afreximbank – A leading financial institution fostering trade and development across Africa, Afreximbank brings its expertise in funding large-scale projects, making it a key player in sports infrastructure financing.

Bank of Industry (BOI) – As Nigeria’s leading development finance institution, BOI plays a critical role in driving local economic growth. Through strategic financing, BOI is supporting the expansion of Nigeria’s sports sector, creating opportunities for businesses and communities to thrive.

International Centre for Sport Security (ICSS) – A global leader in sport integrity, ICSS works across continents to promote safety, transparency, and governance in sports. Their partnership with SAIS25 reinforces the need for robust security frameworks that protect investments and ensure the long-term sustainability of Africa’s sports ecosystem.

UN Global Compact Network Nigeria – Championing responsible business practices, this network is instrumental in promoting sustainability within sports investments, ensuring that SAIS25 initiatives align with global environmental, social, and governance (ESG) standards.

NESH Foundation – With a focus on Nigerian entrepreneurship, NESH plays a vital role in connecting sports investment with local economic empowerment, creating opportunities for homegrown businesses to thrive.

Nigerian Economic Summit Group (NESG) – As a Nigerian policy think tank, NESG drives economic transformation by shaping investment-friendly policies across multiple sectors, including sports. Their expertise in fostering collaboration between governments, private sector players, and investors positions them as a key advocate for a sustainable and profitable sports industry across Africa.

Why This Matters

The collective efforts of these esteemed partners underscore SAIS25’s mission: to transform Africa’s sports sector through strategic investments, infrastructure development, and policies that foster long-term sustainability.

As SAIS25 approaches on February 17-18, 2025, in Lagos, we invite investors, policymakers, industry leaders, athletes, sports talent managers, sports merchandisers, fans and enthusiasts to join us in shaping the future of African sports.

Register now at https://apo-opa.co/4gjbCZg and be part of the conversation.

MIL OSI Africa –

MIL-OSI Global: Why Trump’s meme coin is a cash grab

Source: The Conversation – USA – By Maximilian Brichta, Doctoral Student of Communication, University of Southern California

The Trump meme coin has already attracted over a half-million buyers. Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images

Three days before his presidential inauguration, Donald Trump launched a meme coin, a type of cryptocurrency whose value is buoyed by social media and internet culture, rather than any sort of functionality or intrinsic value.

The coin – officially called $Trump – briefly ascended into the top 15 cryptocurrencies by market capitalization and attracted over a half-million buyers.

Referencing the coin in a news conference on Jan. 21, 2025, a reporter asked Trump if he intended to continue selling products that benefited him personally while being president.

“You made a lot of money [on $Trump], sir,” he told Trump, who seemed oblivious to its meteoric rise in value.

“How much?” Trump asked.

“Several billion dollars, it seems like, in the last couple days.”

Donald Trump is asked about the successful launch of his new meme coin.

Over the following week, various publications claimed the meme coin had “ballooned [Trump’s] net worth” making him a “crypto billionaire.”

While it’s true that Trump stands to benefit handsomely from the meme coin and his other crypto ventures, the claims of Trump himself earning billions off it are overblown.

Funny money or filch?

Meme coins became popular in 2013 with the launch of Dogecoin, which its creators intended as a joke, spoofing the many other seemingly useless cryptocurrencies that were popping up at the time. It was never supposed to be a popular investment. The creators even attempted to make it as undesirable as possible to ensure it wouldn’t.

Twelve years later, it remains in the top 10 cryptocurrencies and has inspired thousands of other meme coins to launch.

In 2025, it’s cheaper and easier than ever to launch and trade these tokens.

For example, all it takes to create a new coin on the website Pump.fun is a name, ticker symbol, description, image and the equivalent of roughly US$5 worth of cryptocurrency.

Moonshot, the crypto exchange that Trump’s meme coin website routes interested buyers to, allows users to sign up in as little as 10 minutes. They’re then able to purchase the Trump coin and a slew of other meme coins.

The vast majority of meme coins launched are dubious. Many are outright scams. For instance, in August 2024 the Instagram account of McDonald’s was hacked to advertise a meme coin named $Grimace in a nod to the fast-food chain’s purple mascot. After artificially inflating the price of the coin, the creators cashed out close to $700,000.

There are countless other scam coins that fly under the radar using the same dynamic: generate hype, pump the price and dump on investors.

Looking under the hood

So how much might Trump and his associates actually benefit from his new meme coin and, more broadly, the “free-for-all” attitude his administration is taking toward the crypto industry?

I study the gray area between participation and exploitation in crypto markets, and I dug deeper into the Trump meme coin.

One way to assess whether a meme coin offering is a scam is to look at its “tokenomics” – that is, the predetermined number of units of its supply, how that supply is distributed and how much of it the creator gets to keep. The higher the percentage of the supply allocated to the creators, the more they can sell for profit. As media studies scholar Lana Swartz points out, creator tokens were originally intended for developers to crowdfund their startups. But with meme coins – which typically don’t claim to build anything – they exist to enrich their creators and, potentially, fund continued marketing of the coin.

Unlike Dogecoin, which took a “fair launch” approach – meaning that its creators didn’t allocate a portion of the initial coins to themselves before allowing others to trade it – the majority of Trump tokens are allocated to its creators on a three-year-long distribution schedule.

In fact, 80% of the coin supply will be distributed to the coin’s creators over the course of three years. In other words, the tokenomics of the Trump meme coin are set up so that its creators can slowly sell off their large supply without drastically manipulating its price. Rather than quickly pulling the rug from under investors’ feet, they can do it slowly.

None of this is hidden information – the tokenomics of the Trump meme coin are featured prominently on the coin’s website.

Notably, none of the people behind the coin will begin receiving portions of the supply until March 2025. The amount of profit they can reap will be based on future prices. At the time of this writing, the Trump meme coin was down roughly 60% from its peak.

Who are these creators anyway? The various layers of limited liability companies behind the project, listed in fine print on the $Trump meme website, obscure which individuals stand to benefit.

Presuming Trump is one of these creators, the president technically doesn’t have an allotment of the supply to cash out – not until March, at least.

So, no, Trump didn’t make billions from the coin. But he still stands to potentially vacuum up millions of dollars from unwitting investors. Judging by the spike in crypto exchange downloads over the weekend of the Trump coin’s launch, it attracted many new, and likely novice, speculators. Coins like this, which can significantly devalue in a matter of hours, can be distressing introductions to the world of investing.

This isn’t the first time Trump has tried to make a killing on crypto, either. He’s already brought in millions off the sales of five nonfungible token launches – which are essentially digital trading cards – since 2022.

Have fun!

The final words in Trump’s meme coin announcement on his social media platform Truth Social sum up his administration’s attitude toward the crypto industry over the next four years: “Have fun!”

On Jan. 23, Trump signed an executive order containing a slew of decrees aimed at making the U.S. the “crypto capital of the world.”

He has tapped venture capitalist David Sacks to chair the group tasked with reworking the prohibitive regulations around the crypto industry. Sacks has invested in crypto-focused companies and has bragged about his personal crypto investments on his podcast.

In a recent Fox Business interview, Sacks was asked if he thought Trump’s meme coin was a conflict of interest. He said no, suggesting that the coins should be thought of as “collectibles” akin to “a baseball card or a stamp.”

David Sacks, Donald Trump’s crypto czar, sees little issue with Trump’s crypto investments.

Notably, the $Trump website also refers to the tokens as “cards” and “memes,” rather than coins. This could be an attempt to skirt legal trouble: It frames them as tokens of mere amusement rather than serious investment vehicles with expectations of profit.

Nonetheless, several members of Congress have already called for a probe into the Trump meme coin.

No matter how you define $Trump, one thing remains clear: The structure of the coin is set up to siphon money out of retail investors for at least the next three years. Sure, ordinary speculators can still profit off it, so long as its value remains propped up. That’s basically a gamble.

With Trump starting to accumulate a stockpile of various cryptocurrencies through his other venture, World Liberty Financial, he could also benefit immensely from a looser regulatory environment.

Fun indeed.

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

– ref. Why Trump’s meme coin is a cash grab – https://theconversation.com/why-trumps-meme-coin-is-a-cash-grab-248215

MIL-OSI Global: ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay

Source: The Conversation – USA – By Alexandra Moore, Professor of Human Rights in Literary and Cultural Studies, Binghamton University, State University of New York

Sailing ships are a common feature of Moath al-Alwi’s art. Moath al-Alwi, 2016, CC BY-SA

When Moath al-Alwi left Guantánamo Bay for resettlement in Oman, accompanying him on his journey was a cache of artwork he created during more than two decades of detention.

Al-Alwi was detainee number “028” – an indication that he was one of the first to arrive at the U.S. military prison off Cuba after it opened in January 2002. His departure from the detention center on Jan. 6, 2025, along with 10 fellow inmates, was part of an effort to reduce the prison’s population before the end of President Joe Biden’s term.

For al-Alwi, it meant freedom not only for himself, but also for his artwork. While not all detainees shared his passion, creating art was not an uncommon pursuit inside Guantánamo – indeed it has been a feature, formally and informally, of the detention center since its opening more than 20 years ago.

As editors of the recently published book “The Guantánamo Artwork and Testimony of Moath al-Alwi: Deaf Walls Speak,” we found that art-making in Guantánamo was more than self-expression; it became a testament to detainees’ emotions and experiences and influenced relationships inside the detention center. Examining the art offers unique ways of understanding conditions inside the facility.

Art from tea bags and toilet paper

Detained without charge or trial for 23 years, al-Alwi was first cleared for release in December 2021. Due to unstable conditions in his home country of Yemen, however, his transfer was subject to finding another country for resettlement. Scheduled for release in early October 2023, he and 10 other Yemeni detainees were further delayed when the Biden administration canceled the flight due to concerns over the political climate after the Oct. 7 attacks in Israel.

Sabri Mohammad Ibrahim Al Qurashi depicted Lady Liberty with a cage at her base.
Sabri Mohammad Ibrahim Al Qurashi, CC BY-SA

During his detention, al-Alwi suffered abuse and ill treatment, including forced feedings. Making art was a way for him, and others, to survive and assert their humanity, he said. Along with fellow former detainees Sabri al-Qurashi, Ahmed Rabbani, Muhammad Ansi and Khalid Qasim, among others, al-Alwi became an accomplished artist while being held. His work was featured in several art shows and in a New York Times opinion documentary short

During the detention center’s early years, these men used whatever materials were at hand to create artwork – the edge of a tea bag to write on toilet paper, an apple stem to imprint floral and geometric patterns and poems onto Styrofoam cups, which the authorities would destroy after each meal.

In 2010, the Obama administration began offering art classes at Guantánamo in an attempt to show the world they were treating prisoners humanely and helping them occupy their time.

However, those attending were given only rudimentary supplies. And they were subjected to invasive body searches to and from class and initially shackled to the floor, with one hand chained to the table, throughout each session. Furthermore, the subject matter for their art was restricted – detainees were forbidden from representing certain aspects of their detention, and all artwork was subject to approval and risked being destroyed.

Despite this, many detainees participated in the classes for camaraderie and the opportunity to engage in some form of creative expression.

A window to freedom

Making art served many purposes. Mansoor Adayfi, a former Guantánamo Bay detainee and author of “Don’t Forget Us Here: Lost and Found at Guantanamo,” wrote in his contribution to the book on al-Alwi that initially, “we painted what we missed: the beautiful blue sky, the sea, stars. We painted our fear, hope and dreams.”

Those who have been transferred from Guantánamo describe the art as a way to express their appreciation for culture, the natural world and their families while imprisoned by a regime that consistently characterized them as violent and inhuman.

The Statue of Liberty became a frequent motif Guantánamo artists deployed to communicate the betrayal of U.S. laws and ideals. Often, Lady Liberty was depicted in distress – drowning, shackled or hooded. For Sabri al-Qurashi, the symbol of freedom under duress represented his own condition when he painted it. “I am in prison, not free, and without any rights,” he told us.

Sabri Mohammad Ibrahim Al Qurashi painting of the Statue of Liberty.
Sabri Mohammad Ibrahim Al Qurashi, 2012, CC BY-SA

Other times, the artwork responded directly to the men’s day-to-day conditions of confinement.

One of al-Alwi’s early pieces was a model of a three-dimensional window. Approximately 40 x 55 inches, the window was filled in with images carefully torn from nature and travel magazines, and layered to create depth, so that it appeared to look out on an island with a house with palm and coconut trees made from twisted pieces of rope and soap.

Al-Alwi was initially allowed to keep it in his windowless cell, and fellow detainees and guards would visit to “look out” the window.

But, as far as we know, it was eventually lost or destroyed in a prison raid.

Art as representation and respite

In another example of how artwork can be an expression of what former detainees call their “brotherhood,” Khalid Qasim, who was imprisoned at the age of 23 and held for more than two decades before being transferred alongside al-Alwi, mixed coffee grounds and coarse sand to create a series of nine textured, evocative paintings to memorialize each of the nine men who died while held at Guantánamo.

Especially in periods when camp rules allowed detainees to create artwork in their cells, the artists’ use of prison detritus and found objects made the artwork more than simply a depiction of what the men lacked, desired or imagined. Artwork helped create an alternative forum for the men’s experiences, especially for those artists who, along with the vast majority of Guantánamo’s 779 detainees, never faced charge or trial.

The pieces served as symbols and metaphors of the detainees’ experiences. For example, al-Alwi describes his 2015 large model ship, The Ark, as fighting against the waves of an imagined, threatening sea. In creating it, he wrote, “I felt I was rescuing myself.”

Moath al-Alwi used found items to create his model ships.
Moath al-Alwi, 2017, CC BY-SA

Constructed out of the materials of his imprisonment, the work also points to the conditions of his daily life in Guantánamo. Made from the strands of mops, unraveled prayer cap and T-shirt threads, bottle caps, bits of sponges and cardboard from meal packaging, al-Alwi’s ships – he went on to create at least seven – reveal both his artistic ingenuity and his circumstances.

Guantánamo artists talk about the artwork as being imprisoned like them and subjected to the same restrictions and seemingly arbitrary processes of approval or disappearance.

The transfer to Oman of al-Alwi and his artwork releases both from those processes. It also creates an opportunity to inform the public about what Guantánamo meant to those who were held there, and to the 15 men who remain.

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

– ref. ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay – https://theconversation.com/we-painted-our-fear-hope-and-dreams-examining-the-art-and-artists-of-guantanamo-bay-246964

MIL-OSI Global: Gen Z seeks safety above all else as the generation grows up amid constant crisis and existential threat

Source: The Conversation – USA – By Yalda T. Uhls, Founder and Executive Director of the Center for Scholars & Storytellers and Assistant Adjunct Professor in Psychology, University of California, Los Angeles

Asked to rate the importance of 14 personal goals, Gen Z reported ‘to be safe’ as the top goal. Darya Komarova/Getty Images

After many years of partisan politics, increasingly divisive language, finger-pointing and inflammatory speech have contributed to an environment of fear and uncertainty, affecting not just political dynamics but also the priorities and perceptions of young people.

As a developmental psychologist who studies the intersection of media and adolescent mental health, and as a mother of two Gen Z kids, I have seen firsthand how external societal factors can profoundly shape young people’s emotional well-being.

This was brought into sharp relief through the results of a recent survey my colleagues and I conducted with 1,644 young people across the U.S., ages 10 to 24. The study was not designed as a political poll but rather as a window into what truly matters to adolescents. We asked participants to rate the importance of 14 personal goals. These included classic teenage desires such as “being popular,” “having fun” and “being kind.”

None of these ranked as the top priority. Instead, the No. 1 answer was “to be safe.”

It lurks everywhere: Gen Z’s perception of danger is further shaped by events like the recent fires devastating Los Angeles.
Agustin Paullier/AFP via Getty Images

What was once taken for granted

The findings are both illuminating and heartbreaking. As a teenager, I did countless unsafe things. My peers and I didn’t dwell on harm; we chased fun and freedom.

Whereas previous generations may have taken safety for granted, today’s youth are growing up in an era of compounded crises — school shootings, a worsening climate crisis, financial uncertainty and the lingering trauma of a global pandemic. Even though our research did not pinpoint the specific causes of adolescent fears, the constant exposure to crises, amplified by social media, likely plays a significant role in fostering a pervasive sense of worry.

Despite data showing that many aspects of life are safer now than in previous generations, young people just don’t feel it. Their perception of danger is further shaped by events like the recent fires that devastated Los Angeles, reinforcing a belief that danger, possibly caused by global crises like climate change, lurks everywhere.

This shift in perspective has profound implications for the future of this generation and those to come.

Especially vulnerable time

Adolescence, like early childhood, is a pivotal period for brain development. Young people are particularly sensitive to their surroundings as their brains evaluate the environment to prepare them for independence.

This developmental stage – when the capacity to regulate emotions and critically assess information is still maturing – makes them especially vulnerable to enduring impacts.

Studies show that adolescents are more likely to overestimate risks and struggle to put threats in context. This makes them particularly vulnerable to fear-driven messaging prevalent in both traditional and social media, which is further amplified by political rhetoric and blame-shifting. This vulnerability has implications for their mental health, as prolonged exposure to fear and uncertainty has been linked to increased rates of anxiety, depression and even physical health issues.

So when the media that Gen Z consumes are dominated by fear – be it through headlines, social media posts, political rhetoric or even storylines in movies and TV – it could shape their worldview in ways that may reverberate for generations to come.

Enduring generational impact

Historical events have long been shown to shape the worldview of entire generations.

For instance, the Great Depression primarily impacted the daily lives of the Silent Generation, those born between 1928 and 1945. Moreover, its long-term effects on financial attitudes and security concerns echoed into the Baby Boomer generation, influencing how those born between 1946 and 1964 approached money, stability and risk throughout their lives.

Similarly, today’s adolescents, growing up amid a series of compounded global crises, will likely carry the imprint of this period of heightened fear and uncertainty well into adulthood. This formative experience could shape their mental health, decision-making and even their collective identity and values for decades to come.

In addition, feelings of insecurity and instability can make people more responsive to fear-based messaging, which could potentially influence their political and social choices. In an era marked by the rise of authoritarian governments, this susceptibility could have far-reaching implications because fear often drives individuals to prioritize immediate safety over moral or ideological ideals.

As such, these dynamics may profoundly shape how this generation engages with the world, the causes they champion and the leaders they choose to follow.

Room for optimism?

Interestingly, “being kind” was rated No. 2 in our survey, irrespective of other demographics. While safety dominates their priorities, adolescents still value qualities that foster connection and community.

This finding indicates a duality in their aspirations: While they feel a pervasive sense of danger, they also recognize the importance of interpersonal relationships and emotional well-being.

Our findings are a call to look at the broader societal context shaping adolescent development. For instance, the rise in school-based safety drills, while intended to provide a sense of preparedness, may unintentionally reinforce feelings of insecurity. Similarly, the apocalyptic narrative around climate change may create a sense of powerlessness that could further compound their fears and leave them wanting to bury their heads in the sand.

Understanding how these perceptions are formed and their implications for mental health, decision-making and behavior is essential for parents, storytellers, policymakers and researchers.

I believe we must also consider how societal systems contribute to the pervasive sense of uncertainty and fear among youth. Further research can help untangle the complex relationship between external stressors, media consumption and youth well-being, shedding light on how to best support adolescents during this formative stage of life.

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

– ref. Gen Z seeks safety above all else as the generation grows up amid constant crisis and existential threat – https://theconversation.com/gen-z-seeks-safety-above-all-else-as-the-generation-grows-up-amid-constant-crisis-and-existential-threat-245455

MIL-OSI Global: Biden targeted the online right-wing terrorism threat − now it’s up to Trump

Source: The Conversation – USA – By Jason M. Blazakis, Professor of Practice and Director of Center on Terrorism, Extremism and Counterterrorism, Middlebury

U.S. officials say the right-wing terrorism threat is significant. Farion_O/iStock via Getty Images

In the waning days of the Biden administration, the U.S. Department of State took its first major step against terrorism groups primarily focused on what is called “accelerationism” – the effort to inspire independent followers to engage in violence in ways that broadly destabilize society. The U.S. government has long targeted actively violent terrorist organizations such as al-Qaida – the group behind the 9/11 attacks – and the Islamic State group, which carried out beheadings of innocent civilians in Iraq and Syria.

Then-FBI Director Christopher Wray repeatedly warned Congress about the threat to national security from far-right accelerationist groups. In a move to respond to those warnings, the Biden administration labeled the online-only “Terrorgram Collective” and three of its leaders as specially designated global terrorists, which means their financial assets are frozen and anyone who tries to support them can be arrested.

The Terrorgram Collective aims to destroy the current global economic and political structure and spark a war between white people and people of other racial and ethnic backgrounds. To accomplish that, it maintains an online forum on the Telegram social media platform. The forum’s posts, from leaders and followers alike, are characterized by people spouting violent rhetoric and incitement to violence against minorities, Jewish people and governments.

Widespread radicalization

The State Department’s action also specifically targets two U.S. citizens: Dallas Humber of California and Matthew Allison of Idaho, who allegedly played leading roles in the Terrorgram Collective and are facing federal charges for soliciting the murder of government officials.

As my colleagues at Middlebury’s Center on Terrorism, Extremism and Counterterrorism wrote in a 2022 report, Terrorgram’s danger is primarily in its ability to spread far-right propaganda to radicalize almost anyone active on Telegram or elsewhere online.

The State Department has not attributed specific attacks to the Terrorgram Collective but rather warns of its influence and potential to inspire attacks by people who encounter the ideas it spreads. For instance, Terrorgram material was reportedly used as the basis for writings by a 17-year-old high school student who killed two fellow students and injured a third in a Jan. 22, 2025, school shooting in Nashville, Tennessee.

The Telegram app icon on a smartphone screen.
Nikolas Kokovlis/NurPhoto via Getty Images

Little targeting of fascist groups

The Terrorgram action came seven months after the Biden administration’s labeling of a Scandinavia-based far-right extremist group, the Nordic Resistance Movement, as terrorists as well.

These were two of just three times fascist extremist groups anywhere in the world were labeled terrorists by the U.S. government. Early in his first term, President Donald Trump’s State Department did label one far-right group as a specially designated global terrorist organization: the Russian Imperial Movement, based in Russia.

But as the former head of the State Department office that sanctions terrorists, I know that neither Trump nor Biden marshaled the full force of the nation’s anti-terrorism efforts against these groups.

There’s a hierarchy in the U.S. government’s labels for these organizations. That hierarchy reflects the degree of danger an organization poses as well as the strength of the U.S. response to it.

The highest-level designation and the most significant sanctions the U.S. government can impose come from placing a group on the State Department’s list of foreign terrorist organizations. That list includes groups such as al-Qaida and the Islamic State group – also called ISIS or ISIL – which are subject to asset freezes and extended prison sentences and are barred from entering the U.S.

The second-tier list covers what are called specially designated global terrorists, which carries similar, but less severe, restrictions.

It’s easier to prove someone did something to support a group on the foreign terrorist organization list than to prove support for a group on the specially designated list. And jail time for foreign terrorist organization backers is typically longer.

All three right-wing groups are on the specially designated list, though the Trump administration could upgrade them to the top-level list, as Trump has asked the State Department to do with the Houthi militants in Yemen.

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

– ref. Biden targeted the online right-wing terrorism threat − now it’s up to Trump – https://theconversation.com/biden-targeted-the-online-right-wing-terrorism-threat-now-its-up-to-trump-247977

MIL-OSI USA: Gross Domestic Product, 4th Quarter and Year 2024 (Advance Estimate)

Source: US Bureau of Economic Analysis

Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024 (October, November, and December), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.

The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below.

Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports. Imports turned down.

The price index for gross domestic purchases increased 2.2 percent in the fourth quarter, compared with an increase of 1.9 percent in the third quarter. The personal consumption expenditures (PCE) price index increased 2.3 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 2.5 percent, compared with an increase of 2.2 percent.

Real GDP and Related Measures
(Percent change from preceding quarter)
Real GDP	2.3
Current-dollar GDP	4.5
Gross domestic purchases price index	2.2
PCE price index	2.3
PCE price index excluding food and energy	2.5

GDP for 2024

Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), compared with an increase of 2.9 percent in 2023. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.

The price index for gross domestic purchases increased 2.3 percent in 2024, compared with an increase of 3.3 percent in 2023. The PCE price index increased 2.5 percent, compared with an increase of 3.8 percent. Excluding food and energy prices, the PCE price index increased 2.8 percent, compared with an increase of 4.1 percent.

Next release: February 27, 2025, at 8:30 a.m. EST
Gross Domestic Product, 4th Quarter and Year 2024 (Second Estimate)

For definitions, statistical conventions, updates to GDP, and more, visit “Additional Information.”

Technical Notes

Sources of change for real GDP

Real GDP increased at an annual rate of 2.3 percent (0.6 percent at a quarterly rate¹), primarily reflecting increases in both consumer and government spending. Imports, which are a subtraction in the calculation of GDP, decreased.

The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributor to the increase was health care. Within goods, the leading contributors to the increase were recreational goods and vehicles as well as motor vehicles and parts.
- Within health care, hospital and nursing home services (notably hospital services) and outpatient services increased, based primarily on Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) employment, earnings, and hours data.
- The increase in recreational goods and vehicles was led by information processing equipment, based on Census Bureau Monthly Retail Trade Survey data.
- The increase in motor vehicles and parts was led by new light trucks, based primarily on unit sales data from Wards Intelligence.
The increase in government spending reflected increases in state and local as well as federal government spending.
- Within state and local government spending, the increase was led by compensation of employees, based primarily on employment data from the BLS CES.
- Within federal government spending, the increase was led by defense consumption expenditures, based primarily on Monthly Treasury Statement data.

More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table.

Impact of Hurricane Milton on fourth-quarter 2024 estimates

Hurricane Milton made landfall as a Category 3 hurricane just south of Tampa Bay, Florida, on October 9, 2024, bringing damage from high winds, including significant tornado activity, and extensive inland flooding.

This disaster disrupted usual consumer and business activities and prompted emergency services and remediation activities. The responses to this disaster are included, but not separately identified, in the source data that BEA uses to prepare the estimates of GDP; consequently, it is not possible to estimate the overall impact of Hurricane Milton on fourth-quarter GDP. The destruction of fixed assets, such as residential and nonresidential structures, does not directly affect GDP or personal income. BEA estimates of disaster losses are presented in NIPA table 5.1, “Saving and Investment.” BEA’s preliminary estimates show that Hurricane Milton resulted in losses of $27.0 billion in privately owned fixed assets ($108.0 billion at an annual rate) and $3.0 billion in state and local government-owned fixed assets ($12.0 billion at an annual rate).

For additional information, refer to “How are the measures of production and income in the national accounts affected by a disaster?” and “How are the fixed assets accounts (FAAs) and consumption of fixed capital (CFC) impacted by disasters?”

1. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ Why does BEA publish percent changes in quarterly series at annual rates?.

MIL-OSI: Siebert.SPS Expands Leadership Team with Key Industry Experts to Serve Companies of All Sizes

Source: GlobeNewswire (MIL-OSI)

MIAMI, Jan. 30, 2025 (GLOBE NEWSWIRE) — Siebert Stock Plan Services (Siebert.SPS), a division of Siebert Financial Corp. (NASDAQ: SIEB), today announced that Daniel Coyle and Hunter Sattich have joined its leadership team. With decades of combined expertise in finance and equity compensation, their arrival bolsters Siebert.SPS’s ability to provide customized, high-touch solutions for businesses of all sizes, especially those often underserved by larger, consolidated providers.

“Dan and Hunter bring unparalleled expertise and a hands-on approach that perfectly align with Siebert.SPS’s mission to offer tailored equity compensation solutions,” said Eric Tassell, President and Head of Stock Plan Services at Siebert, highlighting the significance of these hires. “Our unique positioning enables us to support companies of all sizes, from emerging firms to established enterprises, with a level of personalization and innovation that larger providers can’t match.”

Hunter Sattich, a Certified Equity Professional (CEP) with more than 30 years of industry experience, has built a reputation for streamlining equity plan processes, optimizing workflows, and driving superior client outcomes. His expertise lies in helping companies navigate complex stock plan challenges while delivering seamless participant experiences.

“I’ve seen firsthand how many businesses are overlooked by large providers,” said Sattich. “Siebert.SPS’s commitment to addressing these gaps and delivering impactful solutions is what excites me most about this opportunity.”

Daniel Coyle, with more than 20 years of experience in finance and compensation, specializes in crafting tailored strategies that address the unique needs of public companies. Known for his consultative approach, Dan excels at aligning operational efficiencies with strategic goals, ensuring that clients receive equity solutions that drive measurable success.

“Siebert.SPS offers a refreshing approach to equity compensation—one that prioritizes flexibility and client-focused results,” said Coyle. “I’m thrilled to be part of a team redefining how companies, big and small, manage their stock plans.”

John J Gebbia Senior, CEO of Siebert Financial, emphasized the strategic importance of these additions:
“Dan and Hunter are invaluable additions to our team,” said John J. Gebbia, Sr., CEO of Siebert Financial. “Their expertise and client-first mentality will help us expand Siebert.SPS’s reach and redefine what’s possible in equity compensation. This is a pivotal step in our ongoing mission to deliver best-in-class solutions to companies of all sizes.”

About Siebert.SPS
Siebert Stock Plan Services (Siebert). SPS partners with publicly traded companies to deliver tailored equity compensation solutions. Focusing on technology-driven platforms and exceptional customer service, Siebert.SPS supports businesses in streamlining their stock plan administration, ensuring compliance, and maximizing participant engagement.

About Siebert Financial Corp.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, and StockCross Digital Solutions, Ltd, and Gebbia Entertainment LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media productions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by, or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of the management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws.

Media Contact:
Deborah Kostroun, Zito Partners
deborah@zitopartners.com
+1 (201) 403-8185

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fe733b9-5a10-411c-a0da-a8b372e1b53d

MIL-OSI: Kearny Financial Corp. Announces Second Quarter Fiscal 2025 Results and Declaration of Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FAIRFIELD, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2024 of $6.6 million, compared to $6.1 million for the quarter ended September 30, 2024.

Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024. This compares to earnings per basic and diluted share of $0.10 for the quarter ended September 30, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025, to stockholders of record as of February 12, 2025.

Craig L. Montanaro, President and Chief Executive Officer, commented, “As anticipated, this quarter reflected the early stages of growth in net interest income and expansion of net interest margin. We are pleased to report growth in deposits of 3.7% from September 30, 2024, reflecting robust performance from our branch network, digital channels and commercial lending relationships. This growth allowed us to shrink the balance of outstanding borrowings while reducing our cost of funds by nine basis points quarter-over-quarter.”

Mr. Montanaro continued, “Although market expectations for fed funds rate cuts have moderated, the continuation of positive deposit trends coupled with the reinvestment of low-coupon cash flows from our loan and securities portfolio should serve as earnings tailwinds in the coming quarters.”

Balance Sheet

Total assets were $7.73 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024.
Investment securities totaled $1.15 billion at December 31, 2024, a decrease of $57.5 million, or 4.8%, from September 30, 2024.
Loans receivable totaled $5.79 billion at December 31, 2024, an increase of $7.5 million, or 0.1%, from September 30, 2024.
Deposits were $5.67 billion at December 31, 2024, an increase of $200.5 million, or 3.7%, from September 30, 2024. This increase was primarily driven by increases in interest and non-interest bearing demand deposits of $142.1 million, and an increase of $60.6 million in consumer savings deposits.
Borrowings were $1.26 billion at December 31, 2024, a decrease of $220.9 million, or 14.9%, from September 30, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) and other borrowings.
At December 31, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.32 billion, an increase of $256.0 million from September 30, 2024, representing 30.0% of total assets.

Earnings

Net Interest Income and Net Interest Margin

Net interest margin expanded two basis points from the quarter ended September 30, 2024 to 1.82% for the quarter ended December 31, 2024. The increase for the quarter was driven by the replacement of borrowings with relatively lower cost deposits and broad based decreases in deposit rates, partially offset by higher costs and average balances of brokered certificates of deposit (“CDs”), along with reduced average balances and yields on interest-earning assets.
For the quarter ended December 31, 2024, net interest income increased $166,000 to $32.6 million from $32.4 million for the quarter ended September 30, 2024. Included in net interest income for the quarters ended December 31, 2024 and September 30, 2024, respectively, was purchase accounting accretion of $685,000 and $649,000, and loan prepayment penalty income of $288,000 and $52,000.

Non-Interest Income

Non-interest income increased $247,000 to $4.9 million for the quarter ended December 31, 2024, from $4.6 million for the quarter ended September 30, 2024. This increase was primarily driven by a $104,000 larger gain on the sale of loans held-for-sale compared to the prior comparative period and a $102,000 increase in electronic banking fees and charges.

Non-Interest Expense

For the quarter ended December 31, 2024, non-interest expense decreased $225,000, or 0.8%, to $29.6 million from $29.8 million for the quarter ended September 30, 2024. This decrease was primarily driven by a decrease in other expense, partially offset by an increase in salary and benefits expense.
Salary and benefits expense increased $81,000 primarily driven by the absence of a non-recurring decrease in stock-based compensation recorded in the prior comparative period, partially offset by a decrease in payroll taxes.
Other expense decreased $280,000 primarily driven by a reversal of $116,000 for credit losses related to off balance sheet commitments compared to a provision for credit losses on off balance sheet commitments of $274,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Income Taxes

Income tax expense totaled $1.3 million for the quarter ended December 31, 2024 compared to $1.1 million for the quarter ended September 30, 2024, resulting in an effective tax rate of 16.0% and 15.1%, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter.

Asset Quality

The balance of non-performing assets decreased $2.2 million to $37.7 million, or 0.49% of total assets, at December 31, 2024, from $39.9 million, or 0.51% of total assets, at September 30, 2024, respectively.
Net charge-offs totaled $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024, compared to $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024. The net charge-offs recorded for the quarter ended December 31, 2024 had previously been individually reserved for within the allowance for credit losses (“ACL”).
For the quarter ended December 31, 2024, the Company recorded a provision for credit losses of $107,000, compared to $108,000 for the quarter ended September 30, 2024. The provision for credit loss expense for the quarter ended December 31, 2024 was primarily driven by loan growth.
The ACL was $44.5 million, or 0.77% of total loans, at December 31, 2024, a decrease of $466,000 from $44.9 million, or 0.78% of total loans, at September 30, 2024. The decrease in the ACL from September 30, 2024 was largely attributable to a reduction in reserves for individually evaluated loans, resulting from the charge-offs noted above.

Capital

For the quarter ended December 31, 2024, book value per share decreased $0.11, or 0.9%, to $11.53 while tangible book value per share decreased $0.10, or 1.0%, to $9.75. These decreases were driven by a $7.4 million larger accumulated other comprehensive loss due primarily to a decrease in the fair value of the Company’s available for sale securities, partially offset by an increase in the fair value of the Company’s derivatives portfolio.
At December 31, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $89.8 million, partially offset by after-tax unrealized gains on derivatives of $17.4 million. After-tax net unrecognized losses on securities held to maturity of $11.3 million were not reflected in total stockholders’ equity.
At December 31, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.27% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q2 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Category: Earnings

For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500

Linked-Quarter Comparative Financial Analysis


Kearny Financial Corp. Consolidated Balance Sheets (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents	$	141,554		$	155,574		$	(14,020	)	-9.0	%
Securities available for sale		1,018,279			1,070,811			(52,532	)	-4.9	%
Securities held to maturity		127,266			132,256			(4,990	)	-3.8	%
Loans held-for-sale		5,695			8,866			(3,171	)	-35.8	%
Loans receivable		5,791,758			5,784,246			7,512		0.1	%
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(466	)	-1.0	%
Net loans receivable		5,747,301			5,739,323			7,978		0.1	%
Premises and equipment		45,127			45,189			(62	)	-0.1	%
Federal Home Loan Bank stock		64,443			57,706			6,737		11.7	%
Accrued interest receivable		27,772			29,467			(1,695	)	-5.8	%
Goodwill		113,525			113,525			—		—	%
Core deposit intangible		1,679			1,805			(126	)	-7.0	%
Bank owned life insurance		301,339			300,186			1,153		0.4	%
Deferred income taxes, net		53,325			50,131			3,194		6.4	%
Other assets		84,080			67,540			16,540		24.5	%
Total assets	$	7,731,385		$	7,772,379		$	(40,994	)	-0.5	%

Liabilities
Deposits:
Non-interest-bearing	$	601,510		$	592,099		$	9,411		1.6	%
Interest-bearing		5,069,550			4,878,413			191,137		3.9	%
Total deposits		5,671,060			5,470,512			200,548		3.7	%
Borrowings		1,258,949			1,479,888			(220,939	)	-14.9	%
Advance payments by borrowers for taxes		17,986			17,824			162		0.9	%
Other liabilities		38,537			52,618			(14,081	)	-26.8	%
Total liabilities		6,986,532			7,020,842			(34,310	)	-0.5	%

Stockholders’ Equity
Common stock		646			646			—		—	%
Paid-in capital		494,092			493,523			569		0.1	%
Retained earnings		342,155			342,522			(367	)	-0.1	%
Unearned ESOP shares		(19,943	)		(20,430	)		487		2.4	%
Accumulated other comprehensive loss		(72,097	)		(64,724	)		(7,373	)	-11.4	%
Total stockholders’ equity		744,853			751,537			(6,684	)	-0.9	%
Total liabilities and stockholders’ equity	$	7,731,385		$	7,772,379		$	(40,994	)	-0.5	%

Consolidated capital ratios
Equity to assets		9.63	%		9.67	%		-0.04	%
Tangible equity to tangible assets ⁽¹⁾		8.27	%		8.31	%		-0.04	%

Share data
Outstanding shares		64,580			64,580			—		—	%
Book value per share	$	11.53		$	11.64		$	(0.11	)	-0.9	%
Tangible book value per share ⁽²⁾	$	9.75		$	9.85		$	(0.10	)	-1.0	%

_________________________

(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Consolidated Statements of Income (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Interest income
Loans	$	65,408		$	66,331		$	(923	)	-1.4	%
Taxable investment securities		13,803			14,384			(581	)	-4.0	%
Tax-exempt investment securities		59			71			(12	)	-16.9	%
Other interest-earning assets		2,215			2,466			(251	)	-10.2	%
Total interest income		81,485			83,252			(1,767	)	-2.1	%

Interest expense
Deposits		36,721			35,018			1,703		4.9	%
Borrowings		12,152			15,788			(3,636	)	-23.0	%
Total interest expense		48,873			50,806			(1,933	)	-3.8	%
Net interest income		32,612			32,446			166		0.5	%
Provision for credit losses		107			108			(1	)	-0.9	%
Net interest income after provision for credit losses		32,505			32,338			167		0.5	%

Non-interest income
Fees and service charges		627			635			(8	)	-1.3	%
Gain on sale of loans		304			200			104		52.0	%
Income from bank owned life insurance		2,619			2,567			52		2.0	%
Electronic banking fees and charges		493			391			102		26.1	%
Other income		830			833			(3	)	-0.4	%
Total non-interest income		4,873			4,626			247		5.3	%

Non-interest expense
Salaries and employee benefits		17,579			17,498			81		0.5	%
Net occupancy expense of premises		2,831			2,798			33		1.2	%
Equipment and systems		3,892			3,860			32		0.8	%
Advertising and marketing		311			342			(31	)	-9.1	%
Federal deposit insurance premium		1,503			1,563			(60	)	-3.8	%
Directors’ compensation		361			361			—		—	%
Other expense		3,084			3,364			(280	)	-8.3	%
Total non-interest expense		29,561			29,786			(225	)	-0.8	%
Income before income taxes		7,817			7,178			639		8.9	%
Income taxes		1,251			1,086			165		15.2	%
Net income	$	6,566		$	6,092		$	474		7.8	%

Net income per common share (EPS)
Basic	$	0.11		$	0.10		$	0.01
Diluted	$	0.10		$	0.10		$	—

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,933		$	6,896		$	37
Dividend payout ratio		105.6	%		113.2	%		-7.6	%

Weighted average number of common shares outstanding
Basic		62,443			62,389			54
Diluted		62,576			62,420			156


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars in Thousands)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,762,053		$	5,761,593		$	460		—	%
Taxable investment securities		1,285,800			1,314,945			(29,145	)	-2.2	%
Tax-exempt investment securities		9,711			12,244			(2,533	)	-20.7	%
Other interest-earning assets		116,354			131,981			(15,627	)	-11.8	%
Total interest-earning assets		7,173,918			7,220,763			(46,845	)	-0.6	%
Non-interest-earning assets		459,982			467,670			(7,688	)	-1.6	%
Total assets	$	7,633,900		$	7,688,433		$	(54,533	)	-0.7	%

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,314,378		$	2,282,608		$	31,770		1.4	%
Savings		711,801			668,240			43,561		6.5	%
Certificates of deposit (retail)		1,211,985			1,203,770			8,215		0.7	%
Certificates of deposit (brokered and listing service)		735,736			551,819			183,917		33.3	%
Total interest-bearing deposits		4,973,900			4,706,437			267,463		5.7	%
Borrowings:
Federal Home Loan Bank advances		1,085,455			1,325,583			(240,128	)	-18.1	%
Other borrowings		156,522			237,011			(80,489	)	-34.0	%
Total borrowings		1,241,977			1,562,594			(320,617	)	-20.5	%
Total interest-bearing liabilities		6,215,877			6,269,031			(53,154	)	-0.8	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		604,915			599,095			5,820		1.0	%
Other non-interest-bearing liabilities		65,258			69,629			(4,371	)	-6.3	%
Total non-interest-bearing liabilities		670,173			668,724			1,449		0.2	%
Total liabilities		6,886,050			6,937,755			(51,705	)	-0.7	%
Stockholders’ equity		747,850			750,678			(2,828	)	-0.4	%
Total liabilities and stockholders’ equity	$	7,633,900		$	7,688,433		$	(54,533	)	-0.7	%

Average interest-earning assets to average interest-bearing liabilities		115.41	%		115.18	%		0.23	%	0.2	%


Kearny Financial Corp. Performance Ratio Highlights (Unaudited)

	Three Months Ended				Variance or Change
	December 31, 2024		September 30, 2024		Variance or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.54	%	4.61	%	-0.07	%
Taxable investment securities	4.29	%	4.38	%	-0.09	%
Tax-exempt investment securities ⁽¹⁾	2.42	%	2.32	%	0.10	%
Other interest-earning assets	7.62	%	7.47	%	0.15	%
Total interest-earning assets	4.54	%	4.61	%	-0.07	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.96	%	3.13	%	-0.17	%
Savings	1.29	%	1.05	%	0.24	%
Certificates of deposit (retail)	4.06	%	4.12	%	-0.06	%
Certificates of deposit (brokered and listing service)	2.71	%	2.18	%	0.53	%
Total interest-bearing deposits	2.95	%	2.98	%	-0.03	%
Borrowings:
Federal Home Loan Bank advances	3.78	%	3.82	%	-0.04	%
Other borrowings	4.88	%	5.28	%	-0.40	%
Total borrowings	3.91	%	4.04	%	-0.13	%
Total interest-bearing liabilities	3.15	%	3.24	%	-0.09	%

Interest rate spread ⁽²⁾	1.39	%	1.37	%	0.02	%
Net interest margin ⁽³⁾	1.82	%	1.80	%	0.02	%

Non-interest income to average assets (annualized)	0.26	%	0.24	%	0.02	%
Non-interest expense to average assets (annualized)	1.55	%	1.55	%	—	%

Efficiency ratio ⁽⁴⁾	78.86	%	80.35	%	-1.49	%

Return on average assets (annualized)	0.34	%	0.32	%	0.02	%
Return on average equity (annualized)	3.51	%	3.25	%	0.26	%
Return on average tangible equity (annualized) ⁽⁵⁾	4.21	%	3.89	%	0.32	%

_________________________

(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3) Net interest income divided by average interest-earning assets.
(4) Non-interest expense divided by the sum of net interest income and non-interest income.
(5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

Five-Quarter Financial Trend Analysis


Kearny Financial Corp. Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	141,554		$	155,574		$	63,864		$	71,027		$	73,860
Securities available for sale		1,018,279			1,070,811			1,072,833			1,098,655			1,144,175
Securities held to maturity		127,266			132,256			135,742			139,643			141,959
Loans held-for-sale		5,695			8,866			6,036			4,117			14,030
Loans receivable		5,791,758			5,784,246			5,732,787			5,758,336			5,745,629
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(44,939	)		(44,930	)		(44,867	)
Net loans receivable		5,747,301			5,739,323			5,687,848			5,713,406			5,700,762
Premises and equipment		45,127			45,189			44,940			45,053			45,928
Federal Home Loan Bank stock		64,443			57,706			80,300			81,347			83,372
Accrued interest receivable		27,772			29,467			29,521			31,065			30,258
Goodwill		113,525			113,525			113,525			210,895			210,895
Core deposit intangible		1,679			1,805			1,931			2,057			2,189
Bank owned life insurance		301,339			300,186			297,874			296,493			256,064
Deferred income taxes, net		53,325			50,131			50,339			47,225			46,116
Other real estate owned		—			—			—			—			11,982
Other assets		84,080			67,540			98,708			100,989			136,242
Total assets	$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832

Liabilities
Deposits:
Non-interest-bearing	$	601,510		$	592,099		$	598,366		$	586,089		$	584,130
Interest-bearing		5,069,550			4,878,413			4,559,757			4,622,961			4,735,500
Total deposits		5,671,060			5,470,512			5,158,123			5,209,050			5,319,630
Borrowings		1,258,949			1,479,888			1,709,789			1,722,178			1,667,055
Advance payments by borrowers for taxes		17,986			17,824			17,409			17,387			16,742
Other liabilities		38,537			52,618			44,569			44,279			46,427
Total liabilities		6,986,532			7,020,842			6,929,890			6,992,894			7,049,854

Stockholders’ Equity
Common stock		646			646			644			644			645
Paid-in capital		494,092			493,523			493,680			493,187			493,297
Retained earnings		342,155			342,522			343,326			440,308			439,755
Unearned ESOP shares		(19,943	)		(20,430	)		(20,916	)		(21,402	)		(21,889	)
Accumulated other comprehensive loss		(72,097	)		(64,724	)		(63,163	)		(63,659	)		(63,830	)
Total stockholders’ equity		744,853			751,537			753,571			849,078			847,978
Total liabilities and stockholders’ equity	$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832

Consolidated capital ratios
Equity to assets		9.63	%		9.67	%		9.81	%		10.83	%		10.74	%
Tangible equity to tangible assets ⁽¹⁾		8.27	%		8.31	%		8.43	%		8.34	%		8.26	%

Share data
Outstanding shares		64,580			64,580			64,434			64,437			64,445
Book value per share	$	11.53		$	11.64		$	11.70		$	13.18		$	13.16
Tangible book value per share ⁽²⁾	$	9.75		$	9.85		$	9.90		$	9.87		$	9.85

_________________________

(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,722,623		$	2,646,187		$	2,645,851		$	2,645,195		$	2,651,274
Nonresidential mortgage		950,194			950,771			948,075			965,539			947,287
Commercial business		135,740			145,984			142,747			147,326			144,134
Construction		176,704			227,327			209,237			229,457			221,933
Total commercial loans		3,985,261			3,970,269			3,945,910			3,987,517			3,964,628
One- to four-family residential mortgage		1,765,160			1,768,230			1,756,051			1,741,644			1,746,065
Consumer loans:
Home equity loans		47,101			44,741			44,104			42,731			43,517
Other consumer		2,778			2,965			2,685			3,198			2,728
Total consumer loans		49,879			47,706			46,789			45,929			46,245
Total loans, excluding yield adjustments		5,800,300			5,786,205			5,748,750			5,775,090			5,756,938
Unaccreted yield adjustments		(8,542	)		(1,959	)		(15,963	)		(16,754	)		(11,309	)
Loans receivable, net of yield adjustments		5,791,758			5,784,246			5,732,787			5,758,336			5,745,629
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(44,939	)		(44,930	)		(44,867	)
Net loans receivable	$	5,747,301		$	5,739,323		$	5,687,848		$	5,713,406		$	5,700,762

Asset quality:
Nonperforming assets:
Accruing loans – 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans		37,697			39,854			39,882			39,546			28,089
Total nonperforming loans		37,697			39,854			39,882			39,546			28,089
Nonaccrual loans held-for-sale		—			—			—			—			9,700
Other real estate owned		—			—			—			—			11,982
Total nonperforming assets	$	37,697		$	39,854		$	39,882		$	39,546		$	49,771

Nonperforming loans (% total loans)		0.65	%		0.69	%		0.70	%		0.69	%		0.49	%
Nonperforming assets (% total assets)		0.49	%		0.51	%		0.52	%		0.50	%		0.63	%

Classified loans	$	132,216		$	119,534		$	118,700		$	115,772		$	94,676

Allowance for credit losses on loans (ACL):
ACL to total loans		0.77	%		0.78	%		0.78	%		0.78	%		0.78	%
ACL to nonperforming loans		117.93	%		112.72	%		112.68	%		113.61	%		159.73	%
Net charge-offs	$	573		$	124		$	3,518		$	286		$	4,110
Average net charge-off rate (annualized)		0.04	%		0.01	%		0.25	%		0.02	%		0.29	%


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Funding composition:
Deposits:
Non-interest-bearing deposits	$	601,510		$	592,099		$	598,367		$	586,089		$	584,130
Interest-bearing demand		2,380,408			2,247,685			2,308,915			2,349,032			2,347,262
Savings		742,266			681,709			643,481			630,456			646,182
Certificates of deposit (retail)		1,194,865			1,215,746			1,199,127			1,235,261			1,283,676
Certificates of deposit (brokered and listing service)		752,011			733,273			408,234			408,212			458,380
Interest-bearing deposits		5,069,550			4,878,413			4,559,757			4,622,961			4,735,500
Total deposits		5,671,060			5,470,512			5,158,124			5,209,050			5,319,630

Borrowings:
Federal Home Loan Bank advances		1,028,949			1,209,888			1,534,789			1,457,178			1,432,055
Overnight borrowings		230,000			270,000			175,000			265,000			235,000
Total borrowings		1,258,949			1,479,888			1,709,789			1,722,178			1,667,055

Total funding	$	6,930,009		$	6,950,400		$	6,867,913		$	6,931,228		$	6,986,685

Loans as a % of deposits		101.4	%		105.1	%		110.4	%		109.8	%		107.4	%
Deposits as a % of total funding		81.8	%		78.7	%		75.1	%		75.2	%		76.1	%
Borrowings as a % of total funding		18.2	%		21.3	%		24.9	%		24.8	%		23.9	%

Uninsured deposits:
Uninsured deposits (reported) ⁽¹⁾	$	1,935,607		$	1,799,726		$	1,772,623		$	1,760,740		$	1,813,122
Uninsured deposits (adjusted) ⁽²⁾	$	797,721		$	773,375		$	764,447		$	718,026		$	694,510

_________________________

(1) Uninsured deposits of Kearny Bank.
(2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Interest income
Loans	$	65,408		$	66,331		$	65,819		$	64,035		$	63,384
Taxable investment securities		13,803			14,384			14,802			15,490			16,756
Tax-exempt investment securities		59			71			80			85			84
Other interest-earning assets		2,215			2,466			2,289			2,475			2,401
Total interest income		81,485			83,252			82,990			82,085			82,625

Interest expense
Deposits		36,721			35,018			32,187			32,320			30,340
Borrowings		12,152			15,788			17,527			15,446			16,446
Total interest expense		48,873			50,806			49,714			47,766			46,786
Net interest income		32,612			32,446			33,276			34,319			35,839
Provision for credit losses		107			108			3,527			349			2,105
Net interest income after provision for credit losses		32,505			32,338			29,749			33,970			33,734

Non-interest income
Fees and service charges		627			635			580			657			624
Loss on sale and call of securities		—			—			—			—			(18,135	)
Gain (loss) on sale of loans		304			200			111			(712	)		104
Loss on sale of other real estate owned		—			—			—			—			(974	)
Income from bank owned life insurance		2,619			2,567			3,209			3,039			1,162
Electronic banking fees and charges		493			391			1,130			464			396
Other income		830			833			776			755			811
Total non-interest income		4,873			4,626			5,806			4,203			(16,012	)

Non-interest expense
Salaries and employee benefits		17,579			17,498			17,266			16,911			17,282
Net occupancy expense of premises		2,831			2,798			2,738			2,863			2,674
Equipment and systems		3,892			3,860			3,785			3,823			3,814
Advertising and marketing		311			342			480			387			301
Federal deposit insurance premium		1,503			1,563			1,532			1,429			1,495
Directors’ compensation		361			361			360			360			393
Goodwill impairment		—			—			97,370			—			—
Other expense		3,084			3,364			3,020			3,286			3,808
Total non-interest expense		29,561			29,786			126,551			29,059			29,767
Income (loss) before income taxes		7,817			7,178			(90,996	)		9,114			(12,045	)
Income taxes		1,251			1,086			(917	)		1,717			1,782
Net income (loss)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)

Net income (loss) per common share (EPS)
Basic	$	0.11		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)
Diluted	$	0.10		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,933		$	6,896		$	6,903		$	6,844		$	6,882
Dividend payout ratio		105.6	%		113.2	%		-7.7	%		92.5	%		-49.8	%

Weighted average number of common shares outstanding
Basic		62,443			62,389			62,254			62,205			62,299
Diluted		62,576			62,420			62,254			62,211			62,299


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

	Three Months Ended
(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,762,053		$	5,761,593		$	5,743,008		$	5,752,477		$	5,726,321
Taxable investment securities		1,285,800			1,314,945			1,343,541			1,382,064			1,509,165
Tax-exempt investment securities		9,711			12,244			13,737			14,614			15,025
Other interest-earning assets		116,354			131,981			128,257			125,155			139,740
Total interest-earning assets		7,173,918			7,220,763			7,228,543			7,274,310			7,390,251
Non-interest-earning assets		459,982			467,670			466,537			577,411			554,335
Total assets	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,314,378		$	2,282,608		$	2,310,521		$	2,378,831		$	2,301,169
Savings		711,801			668,240			631,622			635,226			664,926
Certificates of deposit (retail)		1,211,985			1,203,770			1,208,101			1,257,362			1,292,837
Certificates of deposit (brokered and listing service)		735,736			551,819			405,697			448,151			531,479
Total interest-bearing deposits		4,973,900			4,706,437			4,555,941			4,719,570			4,790,411
Borrowings:
Federal Home Loan Bank advances		1,085,455			1,325,583			1,507,192			1,428,801			1,513,497
Other borrowings		156,522			237,011			228,461			210,989			142,283
Total borrowings		1,241,977			1,562,594			1,735,653			1,639,790			1,655,780
Total interest-bearing liabilities		6,215,877			6,269,031			6,291,594			6,359,360			6,446,191
Non-interest-bearing liabilities:
Non-interest-bearing deposits		604,915			599,095			589,438			581,870			597,294
Other non-interest-bearing liabilities		65,258			69,629			62,978			65,709			62,387
Total non-interest-bearing liabilities		670,173			668,724			652,416			647,579			659,681
Total liabilities		6,886,050			6,937,755			6,944,010			7,006,939			7,105,872
Stockholders’ equity		747,850			750,678			751,070			844,782			838,714
Total liabilities and stockholders’ equity	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Average interest-earning assets to average interest-bearing liabilities		115.41	%		115.18	%		114.89	%		114.39	%		114.65	%


Kearny Financial Corp. Performance Ratio Highlights

	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.54	%	4.61	%	4.58	%	4.45	%	4.43	%
Taxable investment securities	4.29	%	4.38	%	4.41	%	4.48	%	4.44	%
Tax-exempt investment securities ⁽¹⁾	2.42	%	2.32	%	2.32	%	2.32	%	2.25	%
Other interest-earning assets	7.62	%	7.47	%	7.14	%	7.91	%	6.87	%
Total interest-earning assets	4.54	%	4.61	%	4.59	%	4.51	%	4.47	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.96	%	3.13	%	3.06	%	3.08	%	2.91	%
Savings	1.29	%	1.05	%	0.63	%	0.46	%	0.44	%
Certificates of deposit (retail)	4.06	%	4.12	%	3.95	%	3.52	%	3.06	%
Certificates of deposit (brokered and listing service)	2.71	%	2.18	%	1.59	%	1.97	%	2.24	%
Total interest-bearing deposits	2.95	%	2.98	%	2.83	%	2.74	%	2.53	%
Borrowings:
Federal Home Loan Bank advances	3.78	%	3.82	%	3.86	%	3.55	%	3.82	%
Other borrowings	4.88	%	5.28	%	5.24	%	5.22	%	5.65	%
Total borrowings	3.91	%	4.04	%	4.04	%	3.77	%	3.97	%
Total interest-bearing liabilities	3.15	%	3.24	%	3.16	%	3.00	%	2.90	%

Interest rate spread ⁽²⁾	1.39	%	1.37	%	1.43	%	1.51	%	1.57	%
Net interest margin ⁽³⁾	1.82	%	1.80	%	1.84	%	1.89	%	1.94	%

Non-interest income to average assets (annualized)	0.26	%	0.24	%	0.30	%	0.21	%	-0.81	%
Non-interest expense to average assets (annualized)	1.55	%	1.55	%	6.58	%	1.48	%	1.50	%

Efficiency ratio ⁽⁴⁾	78.86	%	80.35	%	323.81	%	75.43	%	150.13	%

Return on average assets (annualized)	0.34	%	0.32	%	-4.68	%	0.38	%	-0.70	%
Return on average equity (annualized)	3.51	%	3.25	%	-47.97	%	3.50	%	-6.59	%
Return on average tangible equity (annualized) ⁽⁵⁾	4.21	%	3.89	%	3.33	%	4.68	%	-8.84	%

_________________________

(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3) Net interest income divided by average interest-earning assets.
(4) Non-interest expense divided by the sum of net interest income and non-interest income.
(5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Adjusted net income:
Net income (loss) (GAAP)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)
Non-recurring transactions – net of tax:
Net effect of sale and call of securities		—			—			—			—			12,876
Net effect of bank-owned life insurance restructure		—			—			392			—			6,286
Goodwill impairment		—			—			95,283			—			—
Adjusted net income	$	6,566		$	6,092		$	5,596		$	7,397		$	5,335

Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)
Adjustments to net income (GAAP):
Provision for income taxes		1,251			1,086			(917	)		1,717			1,782
Provision for credit losses		107			108			3,527			349			2,105
Pre-tax, pre-provision net revenue (non-GAAP)	$	7,924		$	7,286		$	(87,469	)	$	9,463		$	(9,940	)

Adjusted earnings per share:
Weighted average common shares – basic		62,443			62,389			62,254			62,205			62,299
Weighted average common shares – diluted		62,576			62,420			62,330			62,211			62,367

Earnings per share – basic (GAAP)	$	0.11		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)
Earnings per share – diluted (GAAP)	$	0.10		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)

Adjusted earnings per share – basic (non-GAAP)	$	0.11		$	0.10		$	0.09		$	0.12		$	0.09
Adjusted earnings per share – diluted (non-GAAP)	$	0.10		$	0.10		$	0.09		$	0.12		$	0.09

Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share – basic (non-GAAP)	$	0.13		$	0.12		$	(1.41	)	$	0.15		$	(0.16	)
Pre-tax, pre-provision net revenue per share – diluted (non-GAAP)	$	0.13		$	0.12		$	(1.41	)	$	0.15		$	(0.16	)

Adjusted return on average assets:
Total average assets	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Return on average assets (GAAP)		0.34	%		0.32	%		-4.68	%		0.38	%		-0.70	%
Adjusted return on average assets (non-GAAP)		0.34	%		0.32	%		0.29	%		0.38	%		0.27	%

Adjusted return on average equity:
Total average equity	$	747,850		$	750,678		$	751,070		$	844,782		$	838,714

Return on average equity (GAAP)		3.51	%		3.25	%		-47.97	%		3.50	%		-6.59	%
Adjusted return on average equity (non-GAAP)		3.51	%		3.25	%		2.98	%		3.50	%		2.54	%


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Adjusted return on average tangible equity:
Total average equity	$	747,850		$	750,678		$	751,070		$	844,782		$	838,714
Less: average goodwill		(113,525	)		(113,525	)		(113,525	)		(210,895	)		(210,895	)
Less: average other intangible assets		(1,761	)		(1,886	)		(2,006	)		(2,138	)		(2,277	)
Total average tangible equity	$	632,564		$	635,267		$	635,539		$	631,749		$	625,542

Return on average tangible equity (non-GAAP)		4.21	%		3.89	%		3.33	%		4.68	%		-8.84	%
Adjusted return on average tangible equity (non-GAAP)		4.21	%		3.89	%		3.58	%		4.68	%		3.41	%

Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	29,561		$	29,786		$	126,551		$	29,059		$	29,767
Non-recurring transactions:
Goodwill impairment		—			—			(97,370	)		—			—
Non-interest expense (non-GAAP)	$	29,561		$	29,786		$	29,181		$	29,059		$	29,767

Non-interest expense ratio (GAAP)		1.55	%		1.55	%		6.58	%		1.48	%		1.50	%
Adjusted non-interest expense ratio (non-GAAP)		1.55	%		1.55	%		1.52	%		1.48	%		1.50	%

Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	29,561		$	29,786		$	29,181		$	29,059		$	29,767

Net interest income (GAAP)	$	32,612		$	32,446		$	33,276		$	34,319		$	35,839
Total non-interest income (GAAP)		4,873			4,626			5,806			4,203			(16,012	)
Non-recurring transactions:
Net effect of sale and call of securities		—			—			—			—			18,135
Net effect of bank-owned life insurance restructure		—			—			392			—			573
Total revenue (non-GAAP)	$	37,485		$	37,072		$	39,474		$	38,522		$	38,535

Efficiency ratio (GAAP)		78.86	%		80.35	%		323.81	%		75.43	%		150.13	%
Adjusted efficiency ratio (non-GAAP)		78.86	%		80.35	%		73.92	%		75.43	%		77.25	%

MIL-OSI: Red River Bancshares, Inc. Reports Fourth Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

ALEXANDRIA, La., Jan. 30, 2025 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the fourth quarter of 2024.

Net income for the fourth quarter of 2024 was $9.3 million, or $1.37 per diluted common share (“EPS”), an increase of $552,000, or 6.3%, compared to $8.8 million, or $1.27 EPS, for the third quarter of 2024, and an increase of $1.0 million, or 12.2%, compared to $8.3 million, or $1.16 EPS, for the fourth quarter of 2023. For the fourth quarter of 2024, the quarterly return on assets was 1.18%, and the quarterly return on equity was 11.46%.

Net income for the year ended December 31, 2024, was $34.2 million, or $4.95 EPS, a decrease of $644,000, or 1.8%, compared to $34.9 million, or $4.86 EPS, for the year ended December 31, 2023. For the year ended December 31, 2024, the return on assets was 1.11%, and the return on equity was 11.02%.

Fourth Quarter 2024 Performance and Operational Highlights

In the fourth quarter of 2024, the Company had an improved net interest margin, which resulted in higher net interest income and earnings, along with slightly higher loans and deposits. A significant stock repurchase transaction was completed, and a stock repurchase program for 2025 was renewed. During the fourth quarter, the target range of the federal funds rate was reduced by 50 basis points (“bps”).

Net income for the fourth quarter of 2024 was $9.3 million compared to $8.8 million for the prior quarter. Net income for the fourth quarter benefited from an improved net interest margin fully tax equivalent (“FTE”) and higher net interest income.
Net interest income and net interest margin FTE increased for the fourth quarter of 2024 compared to the prior quarter. Net interest income for the fourth quarter of 2024 was $23.7 million compared to $22.5 million for the prior quarter. Net interest margin FTE for the fourth quarter of 2024 was 3.09% compared to 2.98% for the prior quarter. These improvements were due to higher loan balances, combined with higher securities yields and lower deposit rates.
As of December 31, 2024, assets were $3.15 billion, which was $47.8 million, or 1.5%, higher than September 30, 2024. The increase was mainly due to a $58.0 million increase in deposits.
Deposits totaled $2.81 billion as of December 31, 2024, an increase of $58.0 million, or 2.1%, compared to $2.75 billion as of September 30, 2024. This increase was mainly due to the seasonal inflow of funds from public entity customers.
As of December 31, 2024, loans held for investment (“HFI”) were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which we expect to fund over time.
As of December 31, 2024, total securities were $684.9 million, which was $12.8 million, or 1.8%, lower than September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities available-for-sale (“AFS”). New securities purchased were offset by securities maturities and principal repayments.
As of December 31, 2024, liquid assets, which are cash and cash equivalents, were $269.0 million, and the liquid assets to assets ratio was 8.54%. We do not have any borrowings, brokered deposits, or internet-sourced deposits.
In the fourth quarter of 2024, the provision for credit losses totaled $300,000. This included $200,000 for loans and $100,000 for unfunded loan commitments.
As of December 31, 2024, nonperforming assets (“NPA(s)”) were $3.3 million, or 0.10% of assets, and the allowance for credit losses (“ACL”) was $21.7 million, or 1.05% of loans HFI.
We paid a quarterly cash dividend of $0.09 per common share in the fourth quarter of 2024.
The 2024 stock repurchase program authorized us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2024 through December 31, 2024. Under this plan, in the fourth quarter of 2024, we repurchased 632 shares on the open market at an aggregate cost of $33,000. The 2024 stock repurchase program expired on December 31, 2024, with $1.1 million of remaining availability. On December 19, 2024, our Board of Directors approved the renewal of our stock repurchase program for 2025. The 2025 stock repurchase program authorizes us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2025 through December 31, 2025.
On November 5, 2024, we entered into a privately negotiated stock repurchase agreement for the repurchase of 50,000 shares of our common stock at a purchase price of $2.5 million. This repurchase was supplemental to our 2024 stock repurchase program.
In 2024, we repurchased 327,085 shares of our common stock. For the year ended December 31, 2024, these repurchases benefited earnings per share by $0.14.
As of December 31, 2024, capital levels were strong, with a stockholders’ equity to assets ratio of 10.15%, a leverage ratio of 11.86%, and a total risk-based capital ratio of 18.28%.
In the fourth quarter of 2024, we continued implementing our organic expansion plan. We purchased property in Lafayette, Louisiana and plan to build a new banking center at that location, which would be our second banking center in the Acadiana market.
The American Banker publication included Red River Bank in its “2024 Best Banks To Work For” ranking.

Blake Chatelain, President and Chief Executive Officer, stated, “We are pleased to finish out 2024 with a strong fourth quarter, which included steady net interest margin improvement, higher net income, solid loan activity, and good liquidity.

“In the fourth quarter, the Federal Reserve lowered short-term interest rates; however, longer term rates remained fairly consistent. Due to diligent balance sheet management, our net interest margin FTE increased by 11 bps and net interest income increased by 5.5% in the fourth quarter. New loan activity was very good in the fourth quarter; however, the loan portfolio was impacted by higher than normal paydowns on loans. For the second quarter in a row, we closed on a significant amount of construction loan commitments, which we expect to fund over time. Our balance sheet is well positioned for the forecasted interest rate environment and a normal shaped yield curve. This should enable us to continue improving the net interest margin slightly in the first half of 2025.

“In the fourth quarter of 2024, we completed a third, significant private stock repurchase transaction. In 2024, we repurchased 4.6% of outstanding shares, which positively impacted earnings per share, while also maintaining strong capital levels and ratios.

“The fourth quarter of 2024 wrapped up a good year for our Company and our communities. Our Company is well positioned for the future, with robust capital and liquidity levels combined with a great team of community bankers. We look forward to 2025 as we continue to grow and build value for our shareholders.”

Net Interest Income and Net Interest Margin FTE

Net interest income and net interest margin FTE increased in the fourth quarter of 2024 compared to the prior quarter. These measures were both impacted by improved yields on securities, as well as lower deposit rates. After keeping the federal funds rate consistent since the third quarter of 2023, the Federal Open Market Committee (“FOMC”) decreased the federal funds rate by 50 bps in September of 2024, and by an additional 50 bps during the fourth quarter of 2024.

Net interest income for the fourth quarter of 2024 was $23.7 million, which was $1.2 million, or 5.5%, higher than the third quarter of 2024, due to a $729,000 increase in interest and dividend income, combined with a $501,000 decrease in interest expense. The increase in interest and dividend income was due to higher interest income on loans and securities. Loan income increased $376,000 primarily due to higher average loan balances during the fourth quarter. Securities income increased $289,000 due to reinvesting lower yielding securities cash flows into higher yielding securities. The decrease in interest expense was primarily due to lower rates on interest-bearing transaction deposits and time deposits.

The net interest margin FTE increased 11 bps to 3.09% for the fourth quarter of 2024, compared to 2.98% for the prior quarter. This increase was due to improved yields on securities, combined with lower deposit costs. The yield on securities increased 13 bps due to reinvesting lower yielding securities cash flows into higher yielding securities. The yield on loans increased 2 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The average rate on new and renewed loans was 7.25% for the fourth quarter of 2024 and 7.89% for the prior quarter. The cost of deposits decreased 10 bps to 1.71% for the fourth quarter of 2024, compared to 1.81% for the previous quarter, due to our lowering of selected deposit rates. As a result of this change, there was a 17 bp decrease in the rate on interest-bearing transaction deposits and a 9 bp decrease on time deposits during the fourth quarter.

The FOMC lowered the federal funds rate by 50 bps in the fourth quarter of 2024, reducing the target federal funds range to 4.25%-4.50%. The market’s expectation is that the FOMC may lower the target range of the federal funds rate by at least 25 bps in 2025. In 2025, we anticipate receiving approximately $101.0 million in securities cash flows with an average yield of 3.01%, and we project approximately $194.0 million of fixed rate loans will mature with an average yield of 6.04%. We expect to redeploy these balances into higher yielding assets. Additionally, in 2025, we expect $541.9 million of time deposits to mature with an average rate of 4.10%, which we anticipate repricing into lower cost deposits. As of December 31, 2024, floating rate loans were 16.0% of loans HFI, and floating rate transaction deposits were 8.1% of interest-bearing transaction deposits. Depending on balance sheet activity and the movement in interest rates, we expect the net interest income and net interest margin FTE to improve slightly during the first half of 2025.

Provision for Credit Losses

The provision for credit losses for the third and fourth quarters of 2024 was $300,000, which included $200,000 for loans and $100,000 for unfunded loan commitments for each quarter. The provision in the third and fourth quarters was due to potential economic challenges resulting from the recent inflationary environment, changing monetary policy, and loan growth. In the second half of 2024, we had an increase in unfunded loan commitments. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

Noninterest Income

Noninterest income totaled $5.0 million for the fourth quarter of 2024, a decrease of $424,000, or 7.8%, compared to $5.4 million for the previous quarter. The decrease was mainly due to a loss on equity securities and lower loan and deposit income.

Equity securities are an investment in a Community Reinvestment Act (“CRA”) mutual fund consisting primarily of bonds. The gain or loss on equity securities is a fair value adjustment primarily driven by changes in the interest rate environment. Due to the fluctuations in market rates between quarters, equity securities had a loss of $91,000 in the fourth quarter of 2024, compared to a gain of $107,000 for the previous quarter.

Loan and deposit income totaled $463,000 for the fourth quarter of 2024, a decrease of $125,000, or 21.3%, compared to $588,000 for the previous quarter. The third quarter of 2024 benefited from the receipt of a $151,000 nonrecurring loan related fee.

Operating Expenses

Operating expenses totaled $16.8 million for the fourth quarter of 2024, which was fairly consistent with the previous quarter. Higher occupancy and equipment expenses were offset by lower other taxes.

Occupancy and equipment expenses totaled $1.7 million for the fourth quarter of 2024, which was $55,000, or 3.3% higher than the previous quarter. In the fourth quarter of 2024, there was $35,000 of nonrecurring expenses related to a new administrative office in the New Orleans market.

Other taxes totaled $547,000 for the fourth quarter of 2024, a decrease of $75,000, or 12.1%, compared to $622,000 for the previous quarter. In the fourth quarter of 2024, the State of Louisiana bank stock tax expense was lower due to a $68,000 adjustment with receipt of the year-end bank stock tax invoices.

Asset Overview

As of December 31, 2024, assets were $3.15 billion, compared to assets of $3.10 billion as of September 30, 2024, an increase of $47.8 million, or 1.5%. In the fourth quarter, assets were mainly impacted by a $58.0 million, or 2.1%, increase in deposits. In the fourth quarter of 2024, liquid assets increased $36.3 million, or 15.6%, to $269.0 million and averaged $256.2 million for the fourth quarter. As of December 31, 2024, we had sufficient liquid assets available and $1.62 billion accessible from other liquidity sources. The liquid assets to assets ratio was 8.54% as of December 31, 2024. Total securities decreased $12.8 million, or 1.8%, to $684.9 million in the fourth quarter and were 21.7% of assets as of December 31, 2024. During the fourth quarter, loans HFI increased $19.0 million, or 0.9%, to $2.08 billion. The loans HFI to deposits ratio was 73.97% as of December 31, 2024, compared to 74.84% as of September 30, 2024.

Securities

Total securities as of December 31, 2024, were $684.9 million, a decrease of $12.8 million, or 1.8%, from September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities AFS. New securities purchased were offset by securities maturities and principal repayments.

The estimated fair value of securities AFS totaled $550.1 million, net of $63.2 million of unrealized loss, as of December 31, 2024, compared to $560.6 million, net of $49.5 million of unrealized loss, as of September 30, 2024. As of December 31, 2024, the amortized cost of securities held-to-maturity (“HTM”) totaled $131.8 million compared to $134.1 million as of September 30, 2024. As of December 31, 2024, securities HTM had an unrealized loss of $22.8 million compared to $17.3 million as of September 30, 2024.

As of December 31, 2024, equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled $2.9 million compared to $3.0 million as of September 30, 2024.

Loans

Loans HFI as of December 31, 2024, were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which, depending on customer activity, we expect to fund over time. Unfunded loan commitments that originated in the fourth quarter of 2024 totaled $106.2 million.

Loans HFI by Category
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Amount		Percent		Amount		Percent		$ Change			% Change
Real estate:
Commercial real estate	$	884,641	42.6	%	$	875,590	42.6	%	$	9,051		1.0	%
One-to-four family residential		614,551	29.6	%		616,467	30.0	%		(1,916	)	(0.3	%)
Construction and development		155,229	7.5	%		141,525	6.9	%		13,704		9.7	%
Commercial and industrial		327,086	15.8	%		327,069	15.9	%		17		—	%
Tax-exempt		64,930	3.1	%		66,436	3.2	%		(1,506	)	(2.3	%)
Consumer		28,576	1.4	%		28,961	1.4	%		(385	)	(1.3	%)
Total loans HFI	$	2,075,013	100.0	%	$	2,056,048	100.0	%	$	18,965		0.9	%

Commercial real estate (“CRE”) loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $56.4 million, or 2.7% of loans HFI, as of December 31, 2024, and are primarily centered in low-rise suburban areas. The average CRE loan size was $953,000 as of December 31, 2024.

Health care loans are our largest industry concentration and are made up of a diversified portfolio of health care providers. As of December 31, 2024, total health care loans were 8.1% of loans HFI. Within the health care sector, loans to nursing and residential care facilities were 4.4% of loans HFI, and loans to physician and dental practices were 3.4% of loans HFI. The average health care loan size was $372,000 as of December 31, 2024.

Asset Quality and Allowance for Credit Losses

NPAs totaled $3.3 million as of December 31, 2024, an increase of $166,000, or 5.3%, from September 30, 2024, primarily due to an increase in past due loans, partially offset by payoffs and charge-offs of nonaccrual loans. The ratio of NPAs to assets was 0.10% as of December 31, 2024 and September 30, 2024.

As of December 31, 2024, the ACL was $21.7 million. The ratio of ACL to loans HFI was 1.05% as of December 31, 2024 and 1.06% as of September 30, 2024. The net charge-offs to average loans ratio was 0.01% for the fourth quarter of 2024 and 0.00% for the third quarter of 2024.

Deposits

As of December 31, 2024, deposits were $2.81 billion, an increase of $58.0 million, or 2.1%, compared to September 30, 2024. Average deposits for the fourth quarter of 2024 were $2.78 billion, an increase of $53.5 million, or 2.0%, from the prior quarter. The following tables provide details on our deposit portfolio:

Deposits by Account Type
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Balance		% of Total		Balance		% of Total		$ Change			% Change
Noninterest-bearing demand deposits	$	866,496	30.9	%	$	882,394	32.1	%	$	(15,898	)	(1.8	%)
Interest-bearing deposits:
Interest-bearing demand deposits		154,720	5.5	%		163,787	6.0	%		(9,067	)	(5.5	%)
NOW accounts		467,118	16.7	%		379,566	13.8	%		87,552		23.1	%
Money market accounts		556,769	19.8	%		551,229	20.0	%		5,540		1.0	%
Savings accounts		169,894	6.1	%		166,723	6.1	%		3,171		1.9	%
Time deposits less than or equal to $250,000		403,096	14.3	%		411,361	15.0	%		(8,265	)	(2.0	%)
Time deposits greater than $250,000		187,013	6.7	%		192,065	7.0	%		(5,052	)	(2.6	%)
Total interest-bearing deposits		1,938,610	69.1	%		1,864,731	67.9	%		73,879		4.0	%
Total deposits	$	2,805,106	100.0	%	$	2,747,125	100.0	%	$	57,981		2.1	%

Deposits by Customer Type
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Balance		% of Total		Balance		% of Total		$ Change			% Change
Consumer	$	1,362,740	48.6	%	$	1,348,281	49.1	%	$	14,459		1.1	%
Commercial		1,178,488	42.0	%		1,191,625	43.4	%		(13,137	)	(1.1	%)
Public		263,878	9.4	%		207,219	7.5	%		56,659		27.3	%
Total deposits	$	2,805,106	100.0	%	$	2,747,125	100.0	%	$	57,981		2.1	%

The increase in deposits in the fourth quarter of 2024 was mainly due to the seasonal inflow of funds from public entity customers, partially offset by a decrease in commercial customer deposit balances related to normal business activity.

The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of December 31, 2024, the average deposit account size was approximately $28,000.

As of December 31, 2024, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $879.8 million, or 31.4% of total deposits. This amount was estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of December 31, 2024, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $667.6 million, or 23.8% of total deposits. Our cash and cash equivalents of $269.0 million, combined with our available borrowing capacity of $1.62 billion, equaled 214.6% of our estimated uninsured deposits and 282.8% of our estimated uninsured deposits, excluding collateralized public entity deposits.

Stockholders’ Equity

Total stockholders’ equity as of December 31, 2024, was $319.7 million compared to $324.3 million as of September 30, 2024. The $4.6 million, or 1.4%, decrease in stockholders’ equity during the fourth quarter of 2024 was attributable to a $10.6 million, net of tax, market adjustment to accumulated other comprehensive loss related to securities, the repurchase of 50,632 shares of common stock for $2.7 million, and $610,000 in cash dividends related to a $0.09 per share cash dividend that we paid on December 19, 2024. The common stock repurchase of $2.7 million includes $213,000 of stock repurchase excise tax related to our 2023 and 2024 stock repurchases, which tax regulations require to be recorded as a reduction to shareholders’ equity. These decreases in stockholders’ equity were partially offset by $9.3 million of net income and $95,000 of stock compensation.

Non-GAAP Disclosure

Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables.

About Red River Bancshares, Inc.

Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business, interest rates, and markets, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.

Contact:
Isabel V. Carriere, CPA, CGMA
Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
318-561-4023
icarriere@redriverbank.net

FINANCIAL HIGHLIGHTS (UNAUDITED)

	As of and for the Three Months Ended									As of and for the Years Ended
(dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net Income	$	9,306		$	8,754		$	8,292		$	34,235		$	34,879

Per Common Share Data:
Earnings per share, basic	$	1.37		$	1.28		$	1.16		$	4.96		$	4.87
Earnings per share, diluted	$	1.37		$	1.27		$	1.16		$	4.95		$	4.86
Book value per share	$	47.18		$	47.51		$	42.85		$	47.18		$	42.85
Tangible book value per share ⁽¹⁾	$	46.95		$	47.28		$	42.63		$	46.95		$	42.63
Realized book value per share ⁽¹⁾	$	56.07		$	54.78		$	51.38		$	56.07		$	51.38
Cash dividends per share	$	0.09		$	0.09		$	0.08		$	0.36		$	0.32
Shares outstanding		6,777,238			6,826,120			7,091,637			6,777,238			7,091,637
Weighted average shares outstanding, basic		6,797,469			6,851,223			7,128,988			6,898,286			7,164,314
Weighted average shares outstanding, diluted		6,816,299			6,867,474			7,145,870			6,918,060			7,181,728

Summary Performance Ratios:
Return on average assets		1.18	%		1.13	%		1.08	%		1.11	%		1.15	%
Return on average equity		11.46	%		11.11	%		11.63	%		11.02	%		12.44	%
Net interest margin		3.04	%		2.93	%		2.78	%		2.91	%		2.87	%
Net interest margin FTE		3.09	%		2.98	%		2.82	%		2.96	%		2.91	%
Efficiency ratio		58.71	%		60.09	%		60.51	%		60.29	%		59.39	%
Loans HFI to deposits ratio		73.97	%		74.84	%		71.13	%		73.97	%		71.13	%
Noninterest-bearing deposits to deposits ratio		30.89	%		32.12	%		32.71	%		30.89	%		32.71	%
Noninterest income to average assets		0.63	%		0.70	%		0.67	%		0.66	%		0.70	%
Operating expense to average assets		2.14	%		2.17	%		2.08	%		2.14	%		2.11	%

Summary Credit Quality Ratios:
NPAs to assets		0.10	%		0.10	%		0.08	%		0.10	%		0.08	%
Nonperforming loans to loans HFI		0.16	%		0.15	%		0.13	%		0.16	%		0.13	%
ACL to loans HFI		1.05	%		1.06	%		1.07	%		1.05	%		1.07	%
Net charge-offs to average loans		0.01	%		0.00	%		0.01	%		0.03	%		0.02	%

Capital Ratios:
Stockholders’ equity to assets		10.15	%		10.46	%		9.71	%		10.15	%		9.71	%
Tangible common equity to tangible assets⁽¹⁾		10.11	%		10.41	%		9.67	%		10.11	%		9.67	%
Total risk-based capital to risk-weighted assets		18.28	%		18.07	%		18.28	%		18.28	%		18.28	%
Tier 1 risk-based capital to risk-weighted assets		17.12	%		17.05	%		17.24	%		17.12	%		17.24	%
Common equity Tier 1 capital to risk-weighted assets		17.12	%		17.05	%		17.24	%		17.12	%		17.24	%
Tier 1 risk-based capital to average assets		11.86	%		11.90	%		11.56	%		11.86	%		11.56	%

_{⁽¹⁾Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.}

RED RIVER BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
ASSETS
Cash and due from banks	$	30,558		$	39,664		$	35,035		$	19,401		$	53,062
Interest-bearing deposits in other banks		238,417			192,983			178,038			210,404			252,364
Securities available-for-sale, at fair value		550,148			560,555			526,890			545,967			570,092
Securities held-to-maturity, at amortized cost		131,796			134,145			136,824			139,328			141,236
Equity securities, at fair value		2,937			3,028			2,921			2,934			2,965
Nonmarketable equity securities		2,328			2,305			2,283			2,261			2,239
Loans held for sale		2,547			1,805			3,878			1,653			1,306
Loans held for investment		2,075,013			2,056,048			2,047,890			2,038,072			1,992,858
Allowance for credit losses		(21,731	)		(21,757	)		(21,627	)		(21,564	)		(21,336	)
Premises and equipment, net		59,441			57,661			57,910			57,539			57,088
Accrued interest receivable		10,048			9,465			9,570			9,995			9,945
Bank-owned life insurance		30,380			30,164			29,947			29,731			29,529
Intangible assets		1,546			1,546			1,546			1,546			1,546
Right-of-use assets		2,733			2,853			2,973			3,091			3,629
Other assets		33,433			31,285			34,450			32,940			32,287
Total Assets	$	3,149,594		$	3,101,750		$	3,048,528		$	3,073,298		$	3,128,810
LIABILITIES
Noninterest-bearing deposits	$	866,496		$	882,394		$	892,942		$	895,439		$	916,456
Interest-bearing deposits		1,938,610			1,864,731			1,823,704			1,850,452			1,885,432
Total Deposits		2,805,106			2,747,125			2,716,646			2,745,891			2,801,888
Accrued interest payable		7,583			11,751			8,747			8,959			8,000
Lease liabilities		2,864			2,982			3,100			3,215			3,767
Accrued expenses and other liabilities		14,302			15,574			13,045			15,919			11,304
Total Liabilities		2,829,855			2,777,432			2,741,538			2,773,984			2,824,959
COMMITMENTS AND CONTINGENCIES		—			—			—			—			—
STOCKHOLDERS’ EQUITY
Preferred stock, no par value		—			—			—			—			—
Common stock, no par value		38,655			41,402			44,413			45,177			55,136
Additional paid-in capital		2,777			2,682			2,590			2,485			2,407
Retained earnings		338,554			329,858			321,719			314,352			306,802
Accumulated other comprehensive income (loss)		(60,247	)		(49,624	)		(61,732	)		(62,700	)		(60,494	)
Total Stockholders’ Equity		319,739			324,318			306,990			299,314			303,851
Total Liabilities and Stockholders’ Equity	$	3,149,594		$	3,101,750		$	3,048,528		$	3,073,298		$	3,128,810

RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	For the Three Months Ended							For the Years Ended
(in thousands)		December 31, 2024			September 30, 2024		December 31, 2023		December 31, 2024			December 31, 2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	28,285		$	27,909	$	24,898	$	108,969		$	93,439
Interest on securities		4,623			4,334		3,656		17,089			14,291
Interest on federal funds sold		—			—		—		—			886
Interest on deposits in other banks		2,699			2,630		3,438		11,077			9,797
Dividends on stock		23			28		49		95			155
Total Interest and Dividend Income		35,630			34,901		32,041		137,230			118,568
INTEREST EXPENSE
Interest on deposits		11,943			12,444		10,747		47,936			32,066
Interest on other borrowed funds		—			—		—		—			64
Total Interest Expense		11,943			12,444		10,747		47,936			32,130
Net Interest Income		23,687			22,457		21,294		89,294			86,438
Provision for credit losses		300			300		250		1,200			735
Net Interest Income After Provision for Credit Losses		23,387			22,157		21,044		88,094			85,703
NONINTEREST INCOME
Service charges on deposit accounts		1,452			1,486		1,459		5,674			5,776
Debit card income, net		960			905		875		3,836			3,563
Mortgage loan income		652			732		441		2,490			1,965
Brokerage income		924			987		1,039		3,791			3,798
Loan and deposit income		463			588		575		2,034			2,140
Bank-owned life insurance income		216			217		197		851			754
Gain (Loss) on equity securities		(91	)		107		132		(28	)		(14	)
SBIC income		346			301		393		1,453			2,873
Other income (loss)		73			96		76		340			259
Total Noninterest Income		4,995			5,419		5,187		20,441			21,114
OPERATING EXPENSES
Personnel expenses		9,769			9,700		9,233		38,623			37,241
Occupancy and equipment expenses		1,716			1,661		1,647		6,691			6,581
Technology expenses		884			865		693		3,182			2,759
Advertising		313			317		347		1,374			1,302
Other business development expenses		486			521		537		2,076			1,987
Data processing expense		681			652		631		2,331			2,320
Other taxes		547			622		679		2,407			2,721
Loan and deposit expenses		334			294		256		895			984
Legal and professional expenses		658			653		664		2,657			2,378
Regulatory assessment expenses		428			421		423		1,654			1,645
Other operating expenses		1,024			1,046		913		4,264			3,955
Total Operating Expenses		16,840			16,752		16,023		66,154			63,873
Income Before Income Tax Expense		11,542			10,824		10,208		42,381			42,944
Income tax expense		2,236			2,070		1,916		8,146			8,065
Net Income	$	9,306		$	8,754	$	8,292	$	34,235		$	34,879

RED RIVER BANCSHARES, INC.
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)

	For the Three Months Ended
	December 31, 2024							September 30, 2024
(dollars in thousands)	Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate		Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans^(1,2)	$	2,072,858		$	28,285	5.34	%	$	2,054,451		$	27,909	5.32	%
Securities – taxable		555,622			3,636	2.62	%		545,171			3,344	2.45	%
Securities – tax-exempt		190,470			987	2.07	%		191,285			990	2.07	%
Interest-bearing deposits in other banks		225,660			2,699	4.74	%		194,229			2,630	5.36	%
Nonmarketable equity securities		2,307			23	3.99	%		2,284			28	4.85	%
Total interest-earning assets		3,046,917		$	35,630	4.60	%		2,987,420		$	34,901	4.59	%
Allowance for credit losses		(21,824	)						(21,702	)
Noninterest-earning assets		109,992							104,599
Total assets	$	3,135,085						$	3,070,317
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,263,775		$	5,658	1.78	%	$	1,230,487		$	6,042	1.95	%
Time deposits		599,910			6,285	4.17	%		597,286			6,402	4.26	%
Total interest-bearing deposits		1,863,685			11,943	2.55	%		1,827,773			12,444	2.71	%
Other borrowings		—			—	—	%		—			—	—	%
Total interest-bearing liabilities		1,863,685		$	11,943	2.55	%		1,827,773		$	12,444	2.71	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		918,804							901,192
Accrued interest and other liabilities		29,567							28,006
Total noninterest-bearing liabilities		948,371							929,198
Stockholders’ equity		323,029							313,346
Total liabilities and stockholders’ equity	$	3,135,085						$	3,070,317
Net interest income				$	23,687						$	22,457
Net interest spread						2.05	%						1.88	%
Net interest margin						3.04	%						2.93	%
Net interest margin FTE⁽³⁾						3.09	%						2.98	%
Cost of deposits						1.71	%						1.81	%
Cost of funds						1.56	%						1.66	%

_{⁽¹⁾Includes average outstanding balances of loans held for sale of $3.2 million and $3.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively.}
_{⁽²⁾Nonaccrual loans are included as loans carrying a zero yield.}
_{⁽³⁾Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.}

RED RIVER BANCSHARES, INC.
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)

	For the Years Ended
	December 31, 2024							December 31, 2023
(dollars in thousands)	Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate		Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans^(1,2)	$	2,046,339		$	108,969	5.24	%	$	1,943,381		$	93,439	4.74	%
Securities – taxable		554,194			13,098	2.36	%		605,692			10,169	1.68	%
Securities – tax-exempt		193,368			3,991	2.06	%		202,673			4,122	2.03	%
Federal funds sold		—			—	—	%		18,594			886	4.70	%
Interest-bearing deposits in other banks		210,959			11,077	5.22	%		188,199			9,797	5.17	%
Nonmarketable equity securities		2,273			95	4.19	%		3,353			155	4.61	%
Total interest-earning assets		3,007,133		$	137,230	4.50	%		2,961,892		$	118,568	3.96	%
Allowance for credit losses		(21,646	)						(20,980	)
Noninterest-earning assets		102,951							86,939
Total assets	$	3,088,438						$	3,027,851
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,246,528		$	23,082	1.85	%	$	1,249,259		$	17,555	1.41	%
Time deposits		593,817			24,854	4.19	%		470,522			14,511	3.08	%
Total interest-bearing deposits		1,840,345			47,936	2.60	%		1,719,781			32,066	1.86	%
Other borrowings		—			—	—	%		1,151			64	5.49	%
Total interest-bearing liabilities		1,840,345		$	47,936	2.60	%		1,720,932		$	32,130	1.87	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		910,507							1,004,107
Accrued interest and other liabilities		26,884							22,385
Total noninterest-bearing liabilities		937,391							1,026,492
Stockholders’ equity		310,702							280,427
Total liabilities and stockholders’ equity	$	3,088,438						$	3,027,851
Net interest income				$	89,294						$	86,438
Net interest spread						1.90	%						2.09	%
Net interest margin						2.91	%						2.87	%
Net interest margin FTE⁽³⁾						2.96	%						2.91	%
Cost of deposits						1.74	%						1.18	%
Cost of funds						1.59	%						1.08	%

_{⁽¹⁾Includes average outstanding balances of loans held for sale of $2.9 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.}
_{⁽²⁾Nonaccrual loans are included as loans carrying a zero yield.}
_{⁽³⁾Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.}

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			December 31, 2023
Tangible common equity
Total stockholders’ equity	$	319,739		$	324,318		$	303,851
Adjustments:
Intangible assets		(1,546	)		(1,546	)		(1,546	)
Total tangible common equity (non-GAAP)	$	318,193		$	322,772		$	302,305
Realized common equity
Total stockholders’ equity	$	319,739		$	324,318		$	303,851
Adjustments:
Accumulated other comprehensive (income) loss		60,247			49,624			60,494
Total realized common equity (non-GAAP)	$	379,986		$	373,942		$	364,345
Common shares outstanding		6,777,238			6,826,120			7,091,637
Book value per share	$	47.18		$	47.51		$	42.85
Tangible book value per share (non-GAAP)	$	46.95		$	47.28		$	42.63
Realized book value per share (non-GAAP)	$	56.07		$	54.78		$	51.38

Tangible assets
Total assets	$	3,149,594		$	3,101,750		$	3,128,810
Adjustments:
Intangible assets		(1,546	)		(1,546	)		(1,546	)
Total tangible assets (non-GAAP)	$	3,148,048		$	3,100,204		$	3,127,264
Total stockholders’ equity to assets		10.15	%		10.46	%		9.71	%
Tangible common equity to tangible assets (non-GAAP)		10.11	%		10.41	%		9.67	%

MIL-OSI: iPower Schedules Fiscal Second Quarter 2025 Conference Call for February 13, 2025 at 4:30 p.m. ET

Source: GlobeNewswire (MIL-OSI)

RANCHO CUCAMONGA, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, will host a conference call on Thursday, February 13, 2025 at 4:30 p.m. Eastern time to discuss its financial results for the fiscal second quarter ended December 31, 2024. The Company’s results will be reported in a press release prior to the call.

iPower management will host the conference call, followed by a question-and-answer period.

Date: Thursday, February 13, 2025
Time: 4:30 p.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the company’s investor relations team at IPW@elevate-ir.com.

The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

About iPower Inc.

iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

Forward Looking Statements

This press release may contain information about iPower’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements because of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives and competition in the industry. iPower encourages you to review other factors that may affect its future results in its filings with the SEC.

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
IPW@elevate-ir.com

MIL-OSI: FDCTech, Inc.’s Wholly Owned Subsidiary, Alchemy Markets, Recognized as “Best Emerging Broker MEA 2025”

Source: GlobeNewswire (MIL-OSI)

Driving innovation, seamless integration, and sustained growth following the Q4 2023 acquisition of Alchemy Markets.

Irvine, CA, Jan. 30, 2025 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company,” PINK: FDCT), a fintech-driven company specializing in acquiring and integrating small—to mid-size legacy financial services firms, proudly announces that its wholly owned subsidiary, Alchemy Markets Ltd. (“Alchemy Markets”), has been awarded the “Best Emerging Broker MEA 2025” at the UF Awards MEA.

This prestigious accolade underscores Alchemy Markets’ rapid ascent as a premier brokerage in the Middle East and Africa (MEA), reflecting its commitment to innovation, client-centric services, and cutting-edge trading technology. The award also reaffirms FDC’s strategic foresight in acquiring and integrating high-potential financial firms to enhance global market accessibility.

Strategic Vision Driving Success

FDC’s acquisition of Alchemy Markets has proven to be a transformative success, reinforcing the Company’s ability to identify, acquire, and elevate legacy financial services firms through superior technology and operational expertise. The recognition as “Best Emerging Broker MEA 2025” validates FDC’s ongoing mission to deliver scalable, high-performance trading solutions in emerging markets.

Alchemy Markets has exceeded expectations by rapidly expanding its presence in the MEA region while maintaining an unwavering commitment to technological innovation and client satisfaction. FDC remains dedicated to accelerating our global expansion and delivering superior trading solutions.

Alchemy Markets: A Leader in Emerging Markets:

Next-Generation Trading Technology: Alchemy Markets delivers a high-performance trading experience with ultra-low latency execution, ensuring precision and efficiency for traders.
Interest-Bearing Accounts: A groundbreaking feature allowing clients to earn competitive interest on uninvested funds while maintaining instant access to trading capital.
Localized MEA-Focused Services: With multilingual support, region-specific products, and tailored financial solutions, Alchemy Markets is bridging gaps in accessibility and trading excellence for MEA traders.
Institutional Grade Liquidity: Traders benefit from tier-one liquidity sourced from over 20 global banks and non-bank liquidity providers, enabling optimal trading conditions.

Expanding Global Presence & Future Innovations

Looking ahead, FDC and Alchemy Markets remain steadfast in their commitment to expanding market reach, introducing innovative trading products, and enhancing the client experience. With a strong foundation in the MEA region, Alchemy Markets plans to strengthen its technology further, broaden its financial offerings, and reinforce its position as a premier brokerage platform.

FDC’s proven track record in seamlessly acquiring and scaling financial services firms ensures that Alchemy Markets will continue to thrive, setting new industry standards and driving sustainable growth in 2025 and beyond.

For further details, click here.

Please visit our SEC filings or the Company’s website for more information on the full results and management’s plan.

About Alchemy Markets

Alchemy Markets is a leading forex and CFD broker providing clients with access to a wide range of financial instruments, including currencies, commodities, indices, and cryptocurrencies. With a focus on transparency, advanced technology, and exceptional customer support, the company has rapidly established itself as a trusted name in the trading industry.

FDCTech, Inc.

FDCTech, Inc. (“FDC”) is a regulatory-grade financial technology infrastructure developer designed to serve the future financial markets. Our clients include regulated and OTC brokerages and prop and algo trading firms of all sizes in forex, stocks, CFDs, commodities, indices, ETFs, precious metals, and other asset classes. Our growth strategy involves acquiring and integrating small to mid-size legacy financial services companies, leveraging our proprietary trading technology and liquidity solutions to deliver exceptional value to our clients.

Press Release Disclaimer

This press release’s statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

Contact Media Relations
FDCTech, Inc.
info@fdctech.com
www.fdctech.com
+1 877-445-6047
200 Spectrum Center Drive, Suite 300,
Irvine, CA, 92618

MIL-OSI: Live Ventures to Issue Fiscal First Quarter 2025 Financial Results and Hold Earnings Conference Call on February 6, 2025

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, Jan. 30, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (NASDAQ: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, will issue its financial results for its fiscal first quarter ended December 31, 2024, before the market opens on Thursday, February 6, 2025. The Company will hold a conference call to discuss the results on Thursday, February 6, 2025, at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time).

The dial-in numbers are as follows:

800.231.0316 (U.S.)
+1.314.696.0504 (International/caller-paid)
Conference Title: Live Ventures FY 2025 First Quarter Earnings Conference Call

Please dial in at least 15 minutes in advance, but no sooner than 30 minutes, to ensure you are connected. To listen to the discussion after the call, please go to the “Investor Relations” page of the Live Ventures website (https://ir.liveventures.com/) for a recording.

About Live Ventures Incorporated
Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011 Jon Isaac, CEO and strategic investor, joined the Board of Directors of the Company and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

Contact:
Live Ventures Incorporated
Greg Powell, Director of Investor Relations
725.500.5597
gpowell@liveventures.com
www.liveventures.com

Source: Live Ventures Incorporated

MIL-OSI: Nord Security partners up with Gridheart to support Nordic businesses on their cybersecurity journey

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Nord Security, home for advanced cybersecurity solutions, proudly announces a partnership with Gridheart, a leading Nordic cloud distributor, to deliver comprehensive, business-oriented cybersecurity solutions for managed service providers (MSPs). With this step, Gridheart has become the first distributor representing the full Nord Security business suite, including the newest addition — NordStellar, a threat exposure management platform.

“We are thrilled to partner with such a trusted organization as Gridheart. While we have spent the last few years focusing heavily on global markets, in 2025, we are giving greater attention to Europe,” says Justas Morkunas, Chief Commercial Officer for B2B at Nord Security. “The Scandinavian market in particular stands out for its notably higher adoption of cybersecurity solutions than other parts of Europe. Together with Gridheart, we are ready to accelerate this momentum, educate the market, and deliver a comprehensive cybersecurity offering tailored to the needs of SMBs.”

This collaboration integrates three products from Nord Security’s business suite into Gridhearts’ portfolio: NordPass — a next-generation password manager, NordLayer — a toggle-ready network security platform for business, and NordStellar — a threat exposure manager platform that helps companies detect and respond to emerging cyber threats. All three products are designed to ensure comprehensive cybersecurity, protecting employees and employers from potential data leaks and equipping them with the right toolset to get ahead of any cyberattacks.

“We’re thrilled to join forces with Nord Security,” says Carl Hagström, CEO of Gridheart. “This partnership strengthens our ability to provide MSPs comprehensive cybersecurity solutions tailored for businesses that secure their clients’ operations and enhance service delivery and compliance. Together, we empower businesses to operate safely and efficiently in an increasingly digital hostile environment.”

Gridheart partners can now add all of the above-mentioned Nord Security products to their portfolio. For more information, read here: https://www.gridheart.com/nordsecurity.

About Nord Security

Nord Security is home to advanced cybersecurity solutions that share the Nord brand and values, including the world’s most advanced VPN service NordVPN, the next-generation password manager NordPass, the file encryption tool NordLocker, threat exposure management platform NordStellar, the toggle-ready network security platform for business NordLayer, an all-around identity theft protection service NordProtect, and Saily, an eSIM service. Established in 2012, Nord Security’s products are now acknowledged by the most influential tech sites and IT security specialists. More information: nordsecurity.com.

About Gridheart

Gridheart is a leading provider of cloud-based solutions for MSPs in the Nordics. In a digital age where IT security is of utmost importance, Gridheart offers world-class security solutions. We specialize in delivering cloud services that protect digital assets in an ever-changing IT landscape, where new cyber threats constantly emerge. More information: gridheart.com

Contact:
inga@nordsec.com

MIL-OSI Russia: Greece: Staff Concluding Statement of the 2025 Article IV Consultation Mission

Source: IMF – News in Russian

January 30, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

Robust Expansion with Declining Debt

1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

Growth-friendly Fiscal Consolidation

6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

Structural reforms for boosting potential growth

10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

Strengthening financial system resilience

12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

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

https://www.imf.org/en/News/Articles/2025/01/30/CS-Greece-2025

MIL OSI

MIL OSI Russia News –

MIL-OSI: DTE Energy schedules full year 2024 earnings release, conference call

Source: GlobeNewswire (MIL-OSI)

Detroit, Jan. 30, 2025 (GLOBE NEWSWIRE) — DTE Energy (NYSE:DTE) will announce its full year 2024 earnings before the market opens Thursday, February 13, 2025.

The company will conduct a conference call to discuss earnings results at 9:00 a.m. ET the same day.

Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (888) 510-2008. The U.S. and international toll telephone dial-in number is: (646) 960-0306 and the Canada dial-in toll is: (289) 514-5035. The passcode is 4987588. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.

About DTE Energy

DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy.

For more information, members of the media may contact:
Dan Miner, DTE Energy: 313.235.5555
For further information, analysts may call:
Matt Krupinski, DTE Energy: 313.235.6649
John Dermody, DTE Energy: 313.235.8750

MIL-OSI Economics: Result of OMO Purchase auction held on January 30, 2025 and Settlement on January 31, 2025

Source: Reserve Bank of India

I. SUMMARY OMO PURCHASE RESULTS

Aggregate Amount (Face value) notified by RBI	: ₹20,000 crore
Total amount offered (Face value) by participants	: ₹1,20,626 crore
Total amount accepted (Face value) by RBI	: ₹20,020 crore

II. DETAILS OF OMO PURCHASE ISSUE

Security	7.59% GS 2029	7.18% GS 2033	7.10% GS 2034	6.79% GS 2034	7.18% GS 2037
No. of offers received	33	170	117	100	181
Total amount (face value) offered (₹ in crores)	12,492	33,760	19,491	14,147	40,736
No. of offers accepted	NIL	18	30	36	21
Total offer amount (face value) accepted by RBI (₹ in crores)	NIL	4,375	4,125	5,000	6,520
Cut off yield (%)	NA	6.7764	6.7448	6.6747	6.8521
Cut off price (₹)	NA	102.58	102.39	100.80	102.72
Weighted average yield (%)	NA	6.7803	6.7527	6.6843	6.8601
Weighted average price (₹)	NA	102.55	102.34	100.73	102.65
Partial allotment % of competitive offers at cut off price	NA	NA	NA	39.68	12.82

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2046

MIL OSI Economics –

MIL-OSI Global: Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act

Source: The Conversation – Africa – By Zsa-Zsa Temmers Boggenpoel, Academic, Stellenbosch University

South Africa has a new law to govern the expropriation (or compulsory acquisition) of private property by government for public purposes or in the public interest.

The passing of the Expropriation Act 13 of 2024 followed a parliamentary process that began in 2020.

The act repeals the apartheid-era Expropriation Act 63 of 1975, and aims to align expropriation law with the constitution. It sets out the procedures, rules and regulations for expropriation. Besides setting out in quite a detailed fashion how expropriations are to take place, the act also provides an outline regarding how compensation is to be determined.

In South Africa’s colonial and apartheid past, land distribution was grossly unequal on the basis of race. The country is still suffering the effects of this. So expropriation of property is a potential tool to reduce land inequality. This has become a matter of increasing urgency. South Africans have expressed impatience with the slow pace of land reform.

Property rights and land reform

There is much debate in the country about the provisions of the new act. The debate is mostly about the extent to which it affects existing private property rights. Some argue the act is unconstitutional. Others welcome it as a necessary step in the right direction.

I’m a professor of law with a keen interest in this area of the law, and recently edited a book on land expropriation in South Africa by leading experts. My view is that an expropriation act that is aligned with the constitution should be welcomed, to enable land reform to work effectively.

Land reform also needs a capable and proactive state that implements the legal framework in such a manner that prioritises expropriation as a mechanism to ensure land reform.

So far, expropriation has not been used effectively to redistribute land more equitably, as part of land reform.

I am not convinced that the act, in its current form, is the silver bullet to effect large-scale land reform – at least not the type of radical land reform that South Africa urgently needs.

Understandably, the act will have a severe impact on property rights. But it still substantially protects landowners affected by expropriation. Only in very limited cases would they not be compensated.

Protections for land owners

The act says that property must not be expropriated arbitrarily or for a purpose other than a public purpose or in the public interest.

Public purpose means by or for the benefit of the public. For example, expropriating property to build roads, schools and hospitals. Public interest is broader and includes the nation’s commitment to land reform.

“Arbitrary” would usually mean without reason or justification.

The act further requires that an expropriating authority – an organ of state or person empowered by the act or any other legislation – must first try to reach an agreement with the owner to acquire the property on reasonable terms before considering expropriation.

This gives some power to a landowner, even though expropriation does not normally require consent. The act also says a specific expropriation must always be authorised by a law.

No compensation?

Section 12 of the act deals with compensation for expropriation. It is arguably the most controversial part of the new legislation. Section 12(1) does not appear to be problematic and is largely the same wording as section 25(3) of the constitution. This part of the property clause sets out what must be taken into account when compensation for expropriation is determined.

Section 12(3) of the act refers to “nil compensation” – when nil rand (monetary) compensation may be paid. There is no explicit reference to nil compensation in the current wording of section 25 of the constitution. It’s a new thing in the Expropriation Act.

However, courts have toyed with the idea that section 25 of the constitution already provides room for a reduction in compensation.

The circumstances in which nil compensation could be granted in terms of the new act are in fact very limited. Section 12(3) leaves the discretion to the expropriating authority to determine when it may be just and equitable to pay nil compensation. However, the act lacks guidelines on how such a discretion must be exercised.

The scope of section 12(3) is also limited in some respects. For one, it is restricted to land. Only where land is expropriated would nil compensation be an option. Therefore, not all forms of property can be expropriated without compensation. The notion of property under section 25(1) of the constitution is generally wide and includes various rights and interests, which are broader than just land. For instance, personal rights, mineral rights and licences are included under the section 25(1) notion of property.

This wide understanding of property is not applicable to section 12(3), which refers to “land” being expropriated.

Section 12(3) is also limited to the expropriation of land “in the public interest”. Nil compensation is therefore envisaged only in the context of expropriation of land undertaken in the public interest, and not also for a public purpose.

Three of the four categories listed in section 12(3), where nil compensation is envisaged, are linked to the way in which the property was being used prior to the expropriation. Land used in a productive manner is therefore not evidently envisaged under section 12(3).

Nil compensation is not necessarily limited to the instances listed. Still, the amount of compensation must – in all instances – be just and equitable.

Novel approach

The act forces South Africans to engage with the idea of nil compensation in a much more direct manner.

The presence of a clause dedicated to nil compensation provides new clarity on when this could apply.

It is hard to determine whether this act will pass constitutional muster without seeing how expropriation under it will work in practice. It remains to be seen whether it will have the far-reaching consequences that many fear, or call for.

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

– ref. Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act – https://theconversation.com/land-seizure-and-south-africas-new-expropriation-bill-scholar-weighs-up-the-new-act-244697

MIL-OSI United Kingdom: Statement on Colomendy Outdoor Activity Centre

Source: City of Liverpool

The lease of Colomendy Outdoor Activity Centre will be returned to Liverpool City Council following the current leaseholder entering into administration.

Earlier this month, Kingswood Colomendy Ltd, the site’s tenant, and its parent company, Inspiring Learning Ltd, both ceased trading and administrators were appointed.

Kingswood Colomendy Ltd was granted a 30-year lease on the North Wales site in 2007 but administrators have informed LCC, as the freehold owner, that the lease will be handed back to the council. This is known as disclaiming the lease.

The centre, which is at Loggerheads, near Mold, is now closed.

When the lease is returned, the council will perform an options appraisal for the long-term use of the site.

MIL OSI United Kingdom –

MIL-OSI USA: U.S. nuclear generators import nearly all the uranium concentrate they use

Source: US Energy Information Administration

In-brief analysis

January 30, 2025

In 2023, U.S. nuclear generators used 32 million pounds of imported uranium concentrate (U₃O₈) and only 0.05 million pounds of domestically produced U₃O₈. Imports accounted for 99% of the U₃O₈ they used in 2023 to make nuclear fuel. Foreign producers predominantly supply the U.S. front-end nuclear fuel cycle, but federal policies have been implemented recently to build out the domestic U.S. nuclear fuel supply chain. The U.S. Department of Energy (DOE) recently received $2.7 billion in congressional funding to help revive domestic fuel production for commercial nuclear power plants.

U₃O₈ is chemically extracted from uranium ore that has been mined and milled. The fine powder is packaged in steel drums and later enriched and processed further to prepare it for use as fuel in nuclear reactors. U.S. production of U₃O₈ in the third quarter of 2024 totaled 121,296 pounds, a 24% increase from production of 97,709 pounds in the second quarter. Production in the third quarter occurred at five U.S. facilities: three in Wyoming (Nichols Ranch ISR Project, Lost Creek Project, and Smith Ranch-Highland Operation) and two in Texas (Alta Mesa Project and Rosita).

In 2023, the United States imported U₃O₈ and equivalents primarily from Canada, Australia, Russia, Kazakhstan, and Uzbekistan. The origin of U₃O₈ used in U.S. nuclear reactors could change in the coming years. In May 2024, the United States banned imports of uranium products from Russia beginning in August, although companies may apply for waivers through January 1, 2028.

More information regarding U.S. uranium production and sourcing is available in our Domestic Uranium Production Report and Uranium Marketing Annual Report.

Principal contributor: Slade Johnson
Data visualization: Kristen Tsai

MIL-OSI USA: Derek Cearley Appointed Southern Territory Special Representative

Source: US GOIAM Union

IAM International President Brian Bryant has announced the appointment of Derek Cearley as an IAM Southern Territory Special Representative, effective Feb. 1, 2025.

Cearley, who has been serving as the Business Representative for IAM District 776 in Texas since 2020, brings a wealth of experience and dedication to his new role.

A seasoned leader and union advocate, Cearley has been a dedicated IAM member since 2003. He began his union career at Lockheed Martin in Fort Worth, where he joined IAM Local 776B. Over the years, Cearley has proven himself as an advocate for workers’ rights, rising through the ranks with a deep understanding of the issues facing IAM members.

“We’re excited to have Derek in this role,” said IAM Southern Territory General Vice President Craig Martin. “His years of experience, coupled with his deep commitment to our members and their needs, make him the ideal representative to advocate for workers in the Southern Territory.”

Cearley’s leadership journey within the IAM is marked by a variety of key roles and responsibilities that reflect his broad skill set and strong connection with the union’s core values. He has served in multiple capacities, including on Local 776B’s Audit and New Applications Committees, as Departmental Steward, and as a member of the STEP III Plant Grievance Committee.

Additionally, Cearley has held the roles of Vice President and President of Local 776B, further demonstrating his leadership capabilities and his commitment to advocating for the rights and needs of IAM members.

Share and Follow:

MIL-OSI USA: NEWS RELEASE: MONTHLY SIREN AND EMERGENCY ALERT SYSTEM TEST – FEBRUARY 2025

Source: US State of Hawaii

NEWS RELEASE: MONTHLY SIREN AND EMERGENCY ALERT SYSTEM TEST – FEBRUARY 2025

Posted on Jan 29, 2025 in Latest Department News, Newsroom

DEPARTMENT OF DEFENSE

KA ʻOIHANA PILI KAUA

Hawai‘i Emergency Management Agency

Keʻena Hoʻomalu Pōulia O Hawaiʻi

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA

MAJOR GENERAL STEPHEN F. LOGAN

DIRECTOR OF EMERGENCY MANAGEMENT
Luna Hoʻomalu Pōulia

JAMES DS. BARROS

ADMINISTRATOR OF EMERGENCY MANAGEMENT
Kahu Hoʻomalu Pōulia

MONTHLY SIREN AND EMERGENCY ALERT SYSTEM TEST FOR FEBRUARY 2025

For Immediate Release 2025-001

JANUARY 29, 2025

HONOLULU — The monthly test of the all-hazard Statewide Outdoor Warning Siren System is scheduled for Monday, February 3, 2025, at 11:45 a.m. The siren test will be coordinated with a test of the Live Audio Broadcast segment of the Emergency Alert System.

During this monthly test, all Statewide Outdoor Warning Sirens will sound a one-minute Attention Alert Signal (steady tone). Atest of the Live Audio Broadcast segment of the Emergency Alert System is conducted at roughly the same time as the monthly siren sounding, in cooperation with the Hawai‘i broadcast industry. There will be no exercise or drill accompanying the test.

The all-hazard Outdoor Siren Warning System for Public Safety is one part of the Hawai‘i Statewide Alert and Warning System used to notify the public during emergencies. If you hear this siren tone in circumstances other than a test, follow emergency information and instructions provided by official government channels. These may be in the form of a local radio or television station broadcast and/or a cellular Wireless Emergency Alert.

Wireless Emergency Alerts deliver sound-and-text warnings to compatible mobile cellular phones. The Emergency Alert System and Wireless Emergency Alert notifications are sent via the Integrated Public Alert and Warning System, the nation’s alert and warning infrastructure, managed by the Federal Emergency Management Agency.

Emergency management and disaster preparedness information may be found in the “Get Ready” section of ready.hawaii.gov,as well as in the front section of telephone directories in most counties. For the latest information from the Hawai‘i Emergency Management Agency (HI-EMA), or to sign up for county alerts, visit ready.hawaii.gov.

The public may contact emergency management and county civil defense agencies to report siren operation issues through the following numbers:

City and County of Honolulu: 808-723-8960
Maui County: 808-270-7285
Kauaʻi County: 808-241-1800
Hawaiʻi County: 808-935-0031

# # #

Contact:

Kīelekū Amundson

Communications Director

808-733-4300 Ext 522

[email protected]

MIL-OSI USA: RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

Source: US State of Hawaii

RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

Posted on Jan 29, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

KA ʻOIHANA PILI KĀLEPA

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA

NADINE Y. ANDO

DIRECTOR

KA LUNA HOʻOKELE

DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

FOR IMMEDIATE RELEASE

January 29, 2025

HONOLULU — The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) is urging residents and business owners to prioritize emergency preparedness in response to the rise of weather events throughout the state. The department is offering vital resources and information on how to safeguard property, ensure continued utility services, understand insurance coverage, avoid scams, and navigate the disaster recovery process.

Key Emergency Preparedness Tips:

Preparing Homes and Businesses for Disasters

Create an Emergency Plan: Establish clear evacuation routes, designating safe areas for family members or employees. Ensure everyone knows the plan and conduct practice drills regularly.
Secure Property: Reinforce windows and doors, check roofing and siding for potential vulnerabilities, and secure outdoor objects that could become projectiles.
Emergency Kits: Stock essential supplies including water, non-perishable food, medications, flashlights, batteries, first-aid supplies, cash, and any special items required by family members or staff.
Prepare for Business Disruption: Businesses should develop continuity plans, back up important data, and ensure essential services can be maintained during and after a disaster.

Utility Emergency Preparedness

Sign Up for Crucial Updates: Register for utility provider notifications to receive alerts about service disruptions, outages and updates during emergencies. Visit the links below to sign up:
- Hawaiian Electric
- KIUC
Keep the Lights On: Consider investing in backup power sources like generators or solar-powered systems to maintain key operations during service outages.
Stay Safe: Keep gas, water and electrical systems well-maintained, and learn how to shut off utilities in case of a leak or other emergency. Visit the links below to report a power outage or potential safety issues:
- Hawaiian Electric
- KIUC
Stay Informed: To learn more about public utilities and utility preparedness, please visit the DCCA Division of Consumer Advocacy.

Understanding Insurance Coverage for Disasters

Review Your Insurance Policy: Ensure that your home and business insurance policies cover common disaster-related risks, including floods, fires and hurricanes. Standard policies may not cover all types of damage.
Document Property: Take inventory of your belongings and keep photos and/or videos of property, valuables and important documents in case you need to file an insurance claim.
Know Your Deductibles and Coverage Limits: Be aware of your policy’s terms, including any exclusions or specific disaster-related deductibles.
Seek Input or Assistance: The DCCA Insurance Division can help you understand the claims process and provide assistance with other insurance questions or issues.
Stay Informed: To learn more about Insurance, please visit the DCCA Insurance Division.

Identifying Disaster-Related Consumer Scams

Be Cautious of Fraud: Scammers often exploit disasters to prey on vulnerable consumers. Common scams include fake contractors, charity fraud and phishing emails or texts offering government assistance.
Check Credentials: When doing repairs on your property, always hire licensed and insured contractors, and never pay for services up front. Report suspicious activities to the DCCA Regulated Industries Complaints Office.
Verify Charity Solicitations: Before donating to disaster relief efforts, ensure that the charity is legitimate. Use resources like the Better Business Bureau or Charity Navigator to check organizations’ credibility.
Stay Informed: To learn more about consumer protection, please visit the DCCA Office of Consumer Protection.

Disaster Recovery Resources for Homeowners and Business Owners

For Homeowners: FEMA and other government agencies offer financial assistance for home repairs, temporary housing and disaster-related expenses. Visit https://www.fema.gov/ for more information.
For Business Owners: The U.S. Small Business Administration (SBA) provides low-interest disaster loans to help businesses recover from physical damage and economic losses. Visit https://www.sba.gov/ for more information.
Stay Informed: To learn more about disaster recovery loans and financial assistance, please visit the DCCA Division of Financial Institutions.

These resources, along with other emergency preparedness information, are available on the DCCA website.

“Taking steps to prepare now can make all the difference in the aftermath of a disaster,” shares DCCA Director Nadine Ando. “Whether it’s preparing your property, understanding your insurance, or protecting yourself from fraud, DCCA is here to help our community stay safe and recover quickly.”

For more information or to report any disaster-related consumer concerns, visit the DCCA website or contact the DCCA directly.

###

Media Contact:

Communications Office
Department of Commerce and Consumer Affairs

Phone: 808-586-2760
Email: [email protected]

MIL-OSI USA: Governor Newsom provides ongoing support to help business owners and workers recover from LA firestorms

Source: US State of California 2

Jan 29, 2025

What you need to know: As part of ongoing actions to help support workers and businesses impacted by the Los Angeles area fires, Governor Newsom is issuing an executive order to defer licensing fees and streamline requirements for certain small businesses. The order also defers annual licensure fees for thousands of impacted workers – from nurses and barbers to contractors and dental hygienists.

LOS ANGELES — To help Los Angeles continue to recover and rebuild, Governor Gavin Newsom today issued an executive order to support small business owners and workers impacted by Los Angeles-area firestorms. The executive order provides relief to help local businesses recover quickly by deferring annual licensure fees for workers and businesses and waiving other requirements that may impose barriers to recovery.

“Small businesses are not only key to a thriving economy but make up the heart of healthy communities. As we help Los Angeles rise and rebuild, it is crucial that we protect and support the businesses and workers affected. Just as we have removed red tape to rebuild our homes, we are breaking down barriers and helping pave the way for impacted businesses and workers to get back on their feet.”

Governor Gavin Newsom

The executive order helps workers and business owners by:

Extending the deadline to pay for renewing licenses, certificates, and permits for one year for licenses with a renewal date occurring between January 1, 2025, and July 1, 2025.
Waiving fees for businesses and workers requesting duplicate or replacement of a license certificate that was burned or destroyed.
Extending deadlines for businesses to appeal license-related proceedings.
Eliminating requirements that make it more difficult to relocate certain businesses impacted by the fires.

Find resources to help your business at gov.ca.gov/LAfires/help-your-business.

Helping businesses and workers recover

California has worked with federal and local providers to help businesses and workers with the resources and support they need to recover and rebuild from the firestorms.

Supporting workers and employers: The Employment Development Department (EDD) supports workers with unemployment, disability insurance, or Paid Family Leave benefits, including Disaster Unemployment Assistance (DUA) for those who do not qualify for regular unemployment benefits. Citizenship or immigration status doesn’t affect eligibility for disability insurance or Paid Family leave. Employers can request a 60-day extension on payroll reports and taxes, or participate in the Work Sharing program. California also announced $20 million to create temporary jobs in impacted areas and deliver other supportive services through America’s Job Center of California.
On-the-ground advisors for small businesses: 200+ business advisors from Small Business Support Centers funded through the California Office of the Small Business Advocate’s (CalOSBA) Technical Assistance Program (TAP) are staffed across the region, including business advisors from the Small Business Development Center (SBDC) and Women’s Business Center (WBC). All of these TAP partners can answer questions about key aspects of economic recovery, including the loan application process, insurance inquiries, employee and workforce support, and business planning related individual recovery plans. SBDC and WBC staff are co-located at the Disaster Recovery Center at Pasadena City College and the Disaster Loan Outreach Center in Camarillo (Ventura County), as well as various Business Recovery Centers organized by the U.S. Small Business Administration (SBA).
Providing resources for recovery: CalOSBA has launched a Resource Guide for small businesses impacted by the wildfires through its Outsmart Disaster website, and is conducting a series of online trainings in both English and Spanish.
Financial assistance for businesses: The California Infrastructure and Economic Development Bank (IBank) is offering loan programs for businesses from one to 750 employees affected by the LA wildfires. Disaster Relief Loan Guarantee Program (DRLGP) issues loan guarantees up to 95% of the loan through IBank’s partner Financial Development Corporations to help small business borrowers impacted by disaster who need term loans or lines of credit for working capital.
Expediting licensing for contractors: The Contractor State Licensing Board (CSLB) is processing licensing applications as fast as 48 hours from the time an application and exam are complete. Rapid licensing will support the Governor’s efforts to rebuild the homes and businesses destroyed.
Helping fire survivors rebuild safely: CSLB is also partnering with state agencies to directly assist survivors at the Southern California Disaster Recovery Centers, urging them to only hire California-licensed contractors for repairs or to rebuild their homes or businesses. CSLB’s Disaster Hotline 1-800-962-1125 and online Disaster Help Center are also providing valuable support to survivors.
Protecting against unlicensed contractors: Investigation teams are on the ground, posting signs to put unlicensed contractors on notice that it is a felony to contract without a license in a California disaster area. Consumers are urged to always check licenses before hiring a contractor and notify the state of unlicensed activity immediately. Consumers can file complaints and find additional resources online at www2.cslb.ca.gov.
Helping licensees rebuild their businesses: The Board of Barbering and Cosmetology, the Board of Accountancy, and other DCA boards are rescheduling licensing examinations at no charge and assisting licensees by issuing duplicate licenses due to a physical license being lost in the fires.

Governor Newsom has issued a number of executive orders in response to the Los Angeles firestorms to help aid in rebuilding and recovery, create more temporary housing, and protect survivors from exploitation and price gouging.

Get help today

For those Californians impacted by the firestorms in Los Angeles, there are resources available.Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.

Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.

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