Category: Business

MIL-OSI: Oricidin Launches Groundbreaking Dental Gel for Long-Term Periodontitis Treatment

Source: GlobeNewswire (MIL-OSI)

BEVERLY HILLS, California, Jan. 28, 2025 (GLOBE NEWSWIRE) — Orocidin A/S, a subsidiary of Nordicus Partners Corporation (OTCQB: NORD) (“Nordicus” or the “Company”), a financial consulting company specializing in supporting Nordic and U.S. life sciences companies in establishing themselves in the U.S. market, has developed a novel, proprietary dental gel that represents a significant breakthrough in the long-term treatment of periodontitis.

This innovative low-viscosity gel, featuring a unique active ingredient, offers an effective and convenient solution for long-term management of this widespread oral health condition. The gel is applied by dentists using a syringe and flushing cannula to deliver the treatment directly into dental pockets. Upon contact with oral cavity moisture, the gel forms a semi-solid, bioadhesive crystalline matrix. This structure enables the slow and localized release of the active peptide, ensuring sustained treatment efficacy over time.

The formulation leverages an optimized ratio of triglycerides, monoglycerides, and water. When exposed to water naturally present in the oral cavity, the gel rapidly forms a semi-solid bioadhesive crystalline matrix, enabling the slow, localized release of the active peptide for effective, long-term treatment of periodontitis. All components are biocompatible and FDA-approved for oral use, ensuring safety and effectiveness for patients.

“Oricidin’s innovative dental gel represents a significant advancement in the treatment of periodontitis,” said Allan Wehnert, Founder and CEO of Orocidin. “By combining cutting-edge science with patient-centered design, we aim to improve both outcomes and the overall dental care experience,”.

For further information, contact:

Mr. Henrik Rouf
Chief Executive Officer
Phone +1 310 666 0750
Email hr@nordicuspartners.com

Investor Relations
Jonathan Paterson
Harbor Access Investor Relations
Jonathan.Paterson@Harbor-Access.com
Tel +1 475 477 9401

About Nordicus Partners Corporation

Nordicus Partners Corporation is the only U.S. publicly traded business accelerator and holding company for Nordic life sciences companies. Leveraging decades of combined management experience in domestic and global corporate sectors, Nordicus excels in corporate finance activities including business and market development, growth strategies, talent acquisition, partnership building, capital raising, and facilitating company acquisitions and sales. In 2024, Nordicus acquired 100% of Orocidin A/S, a Danish preclinical-stage biotech company developing next-generation therapies for periodontitis and 100% of Bio-Convert ApS, a Danish preclinical-stage biotech company dedicated to revolutionizing the treatment of oral leukoplakia. For more information about Nordicus, please visit: www.nordicuspartners.com, and follow us on LinkedIn, X, Threads and BlueSky.

Cautionary Note Regarding Forward-Looking Statements:

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MIL-OSI: Summit State Bank Reports Fourth Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA ROSA, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported a net loss of $6,605,000, or $0.98 loss per diluted share for the fourth quarter ended December 31, 2024, compared to net income of $1,901,000, or $0.28 per diluted share for the fourth quarter ended December 31, 2023. The current quarter’s results were impacted by expenses including a $6,646,000 provision for credit losses on loans and a $4,119,000 one-time non-cash impairment charge to write off the remaining balance of goodwill. The Bank has taken significant charge offs and provisions for credit losses in the fourth quarter of 2024 as a proactive step towards resolving its problem loans. The goodwill impairment was a result of the Bank’s stock price trading below book value and is a non-cash charge that does not impact the Bank’s cash flows, liquidity, or regulatory capital. The Bank ended the year with improved regulatory capital ratios and is focused on expanding net interest margin in 2025.

For the year ended December 31, 2024, the Bank reported a net loss of $3,656,000, or $0.54 loss per diluted share compared to net income of $10,822,000, or $1.62 per diluted share for the year ended December 31, 2023. The 2024 net income loss was primarily attributable to annual provision for credit losses on loans totaling $7,958,000 and a one-time non-cash goodwill impairment expense of $4,119,000.

Pre-tax, pre-provision net income before goodwill¹ was $2,994,000 for the quarter ended December 31, 2024, compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively. “At the beginning of 2024, the Bank was negatively impacted by the ongoing strains that the high-interest rate environment put on our funding costs,” said Brian Reed, President and CEO. “By the fourth quarter of 2024, the Bank’s core operating results improved due to a lower cost of funds and improved noninterest income.”

“The Bank continues to focus on maintaining strong capital levels and did that effectively in 2024 by strategically managing the balance sheet and suspending cash dividends.
As such, the Board determined it will also suspend cash dividends in the first quarter of 2025 so that we can build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”

“The largest negative impact on the Bank’s performance in 2024 was a result of the heightened level of non-performing assets,” said Reed. “We have been aggressively pursuing solutions to these problem loans and have reduced our non performing loans by $9,160,000 in the fourth quarter of 2024. We anticipate non performing loans will be further reduced by $18,187,000 in the first half of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract to be sold.”

“We are headed into 2025 feeling positive about our prospects subsequent to our significant progress in resolving problem loans. We continue to maintain our well capitalized status and sufficient liquidity after having realized successive quarters of improved net operating income results,” concluded Reed.

Fourth Quarter 2024 Financial Highlights (at or for the three months ended December 31, 2024)

The Bank’s Tier 1 Leverage ratio increased to 8.92% at December 31, 2024 compared to 8.85% at December 31, 2023. This ratio remains above the minimum of 5% required to be considered “well-capitalized” for regulatory capital purposes.
The Bank has implemented numerous operating cost saving initiatives including an 8% reduction in force.
The Bank’s annualized loss on average assets and annualized loss on average equity for the fourth quarter of 2024 was 2.39% and 25.94%, respectively. The pre-tax, pre-provision return on average assets before goodwill¹ and pre-tax, pre-provision return on average equity before goodwill¹ in the fourth quarter would have been 1.08% and 11.76%, respectively.
Net income was a loss of $6,605,000 for the fourth quarter of 2024. Pre-tax, pre-provision net income before goodwill¹ was $2,994,000 for the fourth quarter of 2024 compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
Collateral relating to two of the non performing loans is in contract to sell in the first half of 2025 and the expected proceeds represent 65% or $18,010,000 of the remaining $27,754,000 of non performing loans.
The allowance for credit losses to total loans was 1.50% after charging off $8,343,000 and recording a $6,646,000 provision for credit losses to replenish reserves on December 31, 2024.
The Bank maintained strong total liquidity of $435,409,000, or 40.8% of total assets as of December 31, 2024. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $111,471,000 or 10.4% of total assets, plus available borrowing capacity of $323,938,000 or 30.3% of total assets.
The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
- Net loans decreased $33,627,000 to $904,999,000 at December 31, 2024, compared to $938,626,000 one year earlier and decreased $12,368,000 compared to $917,367,000 three months earlier.
- Total deposits decreased 5% to $962,562,000 at December 31, 2024, compared to $1,009,693,000 at December 31, 2023, and decreased 4% when compared to the prior quarter end of $1,002,770,000.
Book value was $13.61 per share, compared to $14.40 per share a year ago and $14.85 in the preceding quarter.

Operating Results

For the fourth quarter of 2024, the annualized loss on average assets was 2.39% and the annualized loss on average equity was 25.94%. This compared to an annualized return on average assets of 0.67% and an annualized return on average equity of 8.02%, respectively, for the fourth quarter of 2023. These ratios were negatively impacted during the fourth quarter of 2024 by a credit loss provision and one-time goodwill impairment. Without the impact from these items, the pre-tax, pre-provision return on average assets before goodwill¹ and the pre-tax, pre-provision return on average equity before goodwill¹ would have been 1.08% and 11.76%, respectively, for the three months ended December 31, 2024.

For the year ended 2024, the loss on average assets was 0.37% and the loss on average equity was 3.69%. This compares to the return on average assets of 0.95% and return on average equity of 11.56%, respectively, for the year ended 2023.

The Bank’s net interest margin was 2.88% in the fourth quarter of 2024 compared to its lowest quarterly net interest margin this year of 2.71% which occurred in the second and third quarters of 2024. The current net interest margin is also higher compared to the fourth quarter of 2023 of 2.85%. This was primarily attributable to the cost of deposits decreasing in the fourth quarter of 2024 to 2.87% compared to 3.05% during the preceding quarter. “We are starting to see an improvement in cost of funds in response to the Federal Reserve rate decreases. As CDs mature, we expect to see continued improvement in deposit pricing in the near future,” said Reed. “In addition, loan yields have started to improve as our existing loans have started to reprice.”

Interest and dividend income decreased 1.0% to $14,935,000 in the fourth quarter of 2024 compared to $15,036,000 in the fourth quarter of 2023. The decrease in interest income is attributable to a $182,000 decrease in interest on investment securities and a $137,000 decrease in interest on deposits with banks offset by an increase of $214,000 in interest and fees on loans.

Noninterest income increased in the fourth quarter of 2024 to $1,373,000 compared to $297,000 in the fourth quarter of 2023. The increase is primarily attributed to the Bank recognizing $857,000 in gains on sales of SBA guaranteed loan balances in the fourth quarter of 2024 compared to no gains on sales of SBA guaranteed loan balances in the fourth quarter of 2023.

Operating expenses increased in the fourth quarter of 2024 to $10,200,000 compared to $5,483,000 in the fourth quarter of 2023. The increase is primarily due to a one-time non-cash impairment charge of $4,119,000 to write off the remaining balance of goodwill. In addition, the Bank recorded a $443,000 loss related to an external check fraud event during the fourth quarter of 2024. The Bank has filed an insurance claim related to this fraud loss and may be partially reimbursed by insurance at a later date.

“We remain focused on enhancing revenue generation and driving significant cost efficiencies to improving our operational effectiveness. To date we have leveraged existing staff and technologies to reduce third-party expenses, eliminated raises and bonuses, reduced employee benefits Bank-wide, and reduced director fees.”

Balance Sheet Review

During 2024, the Bank strategically managed its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. As a result of the efforts, net loans decreased 4% to $904,999,000 and total deposits also decreased 5% to $962,562,000 as of December 31, 2024 compared to December 31, 2023.

Net loans were $904,999,000 at December 31, 2024 compared to $938,626,000 at December 31, 2023, and decreased 1% compared to September 30, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio, “secured by farmland” totaling 9% of the portfolio, and 7% in commercial and industrial loans. Of the commercial real estate total, approximately 34% or $231,000,000 is owner occupied and the remaining 66% or $451,000,000 is non-owner occupied. The Bank’s entire loan portfolio is well diversified between industries including office space which totals $116,400,000.

Total deposits were $962,562,000 at December 31, 2024 compared to $1,009,693,000 at December 31, 2023, and decreased 4% compared to the prior quarter end. At December 31, 2024, noninterest bearing demand deposit accounts decreased 8% compared to a year ago and represented 19% of total deposits; savings, NOW and money market accounts decreased 9% compared to a year ago and represented 49% of total deposits, and CDs increased 4% compared to a year ago and comprised 32% of total deposits.

Shareholders’ equity was $92,261,000 at December 31, 2024, compared to $100,662,000 three months earlier and $97,678,000 a year earlier. The decrease in shareholders’ equity compared to a year ago was due to a reduction in retained earnings. At December 31, 2024 book value was $13.61 per share, compared to $14.85 three months earlier, and $14.40 at December 31, 2023.

The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of 5% necessary to be categorized as “well-capitalized” for regulatory capital purposes. The Tier-1 leverage ratio at the end of 2024 was 8.92%, an increase compared to 8.85% at the end of 2023.

Credit Quality

“Our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “To that end we charged off loans of $8,343,000 and recorded a $6,646,000 provision for credit losses to replenish reserves during the fourth quarter of 2024. Three credits represent 94% or $26,040,000 of our non performing loans and are “secured by farmland” which have been hit hard by the current environment. The bank holds a small portion of its total loans in this industry and actively monitors the performance of these loans. Collateral relating to two of these three non performing loans is in contract to sell in the first half of 2025 and represents 65% or $18,010,000 of the non performing portfolio. The remaining non performing loans are being reserved at current appraisal value less selling cost.”

Non performing assets were $32,884,000, or 3.08% of total assets, at December 31, 2024. This compared to $41,971,000 in non performing assets at September 30, 2024, and $44,206,000 in non performing assets at December 31, 2023. Non performing assets include $5,130,000 for one other real estate owned loan at December 31, 2024 and September 30, 2024, compared to no other real estate owned loans at December 31, 2023.

There were $8,343,000 in net charge-offs during the three months ended December 31, 2024, compared to no charge-offs during the three months ended September 30, 2024 and net recoveries of $9,000 during the three months ended December 31, 2023.

For the fourth quarter of 2024, consistent with factors within the allowance for credit losses model, the Bank recorded a $6,646,000 provision for credit loss expense for loans, a $8,000 provision for credit losses for unfunded loan commitments and a $2,000 reversal of credit losses on investments. This compared to a $31,000 reversal of credit loss expense on loans, a $65,000 reversal of credit losses on unfunded loan commitments and a $31,000 provision for credit losses on investments in the fourth quarter of 2023.

The allowance for credit losses to total loans was 1.50% on December 31, 2024, and 1.60% on December 31, 2023. The decrease is due to $9,690,000 in loan charge-offs offset with a provision for credit losses on loans of $7,958,000 and $91,000 reversal of credit losses on unfunded loan commitments recorded during the year ended December 31, 2024.

About Summit State Bank

Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of $1.1 billion and total equity of $92 million as of December 31, 2024. The Bank has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-K for the period ended December 31, 2024 and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions 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 are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

¹Non-GAAP Financial Measures

This release contains non-GAAP (Generally Accepted Accounting Principles) financial measures in addition to the results presented in accordance with GAAP. These Non-GAAP financial measures include pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision return on average assets before goodwill (“ROAA”), and pre-tax, pre-provision return on average equity (“ROAE”) before goodwill. We believe the presentation of these non-GAAP financial measures, provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our history results and those of our peers.

Not all companies use identical calculations or the same definitions of pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision ROAA before goodwill and pre-tax, pre-provision ROAE before goodwill, so the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. These non-GAAP financial measures should be taken together with the corresponding GAAP measure and should not be considered a substitute for the GAAP measure. Reconciliations of the most directly comparable GAAP measures to these non-GAAP financial measurements are presented below.

Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908


	Three Months Ended

	December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023
	(In thousands)
Reconciliation of non-GAAP pre-tax, pre-provision income net of goodwill

Net (loss) income	$	(6,605	)	$	626	$	928		$	1,395		$	1,901
Excluding provision for (reversal of) credit losses		6,652			1,294		(16	)		(85	)		(65	)
Excluding (reversal of) provision for income taxes		(1,172	)		202		355			645			807
Pre-tax, pre-provision income (non-GAAP)	$	(1,125	)	$	2,122	$	1,267		$	1,955		$	2,643

Excluding goodwill impairment		4,119			–		–			–			–
Pre-tax, pre-provision income net of goodwill (non-GAAP)	$	2,994		$	2,122	$	1,267		$	1,955		$	2,643



	Three Months Ended

	December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023
	(In thousands)
Reconciliation of non-GAAP return on average assets

Average assets	$	1,098,890		$	1,098,469	$	1,078,700		$	1,087,960		$	1,123,057
(Loss) return on average assets (1)		-2.39%			0.23%		0.35%			0.51%			0.67%

Net (loss) income	$	(6,605	)	$	626	$	928		$	1,395		$	1,901
Excluding provision for (reversal of) credit losses		6,652			1,294		(16	)		(85	)		(65	)
Excluding (reversal of) provision for income taxes		(1,172	)		202		355			645			807
Pre-tax, pre-provision income (non-GAAP)	$	(1,125	)	$	2,122	$	1,267		$	1,955		$	2,643

Excluding goodwill impairment		4,119			–		–			–			–
Pre-tax, pre-provision income net of goodwill (non-GAAP)	$	2,994		$	2,122	$	1,267		$	1,955		$	2,643

Adjusted return on average assets (non-GAAP) (1)		1.08%			0.77%		0.47%			0.72%			0.93%

(1) Annualized.

	Three Months Ended

	December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023
	(In thousands)
Reconciliation of non-GAAP return on average shareholders’ equity

Average shareholders’ equity	$	101,313		$	99,962	$	97,548		$	97,471		$	94,096
(Loss) return on average shareholders’ equity (1)		-25.94%			2.48%		3.82%			5.74%			8.02%

Net (loss) income	$	(6,605	)	$	626	$	928		$	1,395		$	1,901
Excluding provision for (reversal of) credit losses		6,652			1,294		(16	)		(85	)		(65	)
Excluding (reversal of) provision for income taxes		(1,172	)		202		355			645			807
Pre-tax, pre-provision income (non-GAAP)	$	(1,125	)	$	2,122	$	1,267		$	1,955		$	2,643

Excluding goodwill impairment		4,119			–		–			–			–
Pre-tax, pre-provision income net of goodwill (non-GAAP)	$	2,994		$	2,122	$	1,267		$	1,955		$	2,643

Adjusted return on average shareholders’ equity (non-GAAP) (1)		11.76%			8.42%		5.21%			8.04%			11.14%

(1) Annualized.


SUMMIT STATE BANK
STATEMENTS OF INCOME
(In thousands except earnings per share data)

	Three Months Ended						Year Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Interest and dividend income:
Interest and fees on loans	$	13,623		$	13,409		$	53,574		$	52,560
Interest on deposits with banks		655			792			2,060			4,410
Interest on investment securities		530			712			2,614			2,855
Dividends on FHLB stock		127			123			514			416
Total interest and dividend income		14,935			15,036			58,762			60,241
Interest expense:
Deposits		7,099			7,113			28,495			24,227
Federal Home Loan Bank advances		6			–			337			177
Junior subordinated debt		128			94			454			375
Total interest expense		7,233			7,207			29,286			24,779
Net interest income before provision for credit losses		7,702			7,829			29,476			35,462
Provision for (reversal of) credit losses on loans		6,646			(31	)		7,958			342
Provision for (reversal of) credit losses on unfunded loan commitments		8			(65	)		(91	)		(68	)
(Reversal of) provision for credit losses on investments		(2	)		31			(22	)		58
Net interest income after provision for (reversal of) credit
losses, unfunded loan commitments and investments		1,050			7,894			21,631			35,130
Non-interest income:
Service charges on deposit accounts		225			219			926			872
Rental income		61			54			241			193
Net gain on loan sales		857			–			2,114			2,481
Net gain on securities		6			–			6			–
FHLB prepayment fee		–			–			–			1,024
Other income		224			24			865			631
Total non-interest income		1,373			297			4,152			5,201
Non-interest expense:
Salaries and employee benefits		3,429			3,044			15,639			15,399
Occupancy and equipment		413			386			1,761			1,713
Goodwill impairment		4,119			–			4,119			–
Other expenses		2,239			2,053			7,889			7,938
Total non-interest expense		10,200			5,483			29,408			25,050
(Loss) income before provision for income taxes		(7,777	)		2,708			(3,625	)		15,281
(Reversal of) provision for income taxes		(1,172	)		807			31			4,459
Net (loss) income	$	(6,605	)	$	1,901		$	(3,656	)	$	10,822

Basic (loss) earnings per common share	$	(0.98	)	$	0.28		$	(0.54	)	$	1.62
Diluted (loss) earnings per common share	$	(0.98	)	$	0.28		$	(0.54	)	$	1.62

Basic weighted average shares of common stock outstanding		6,719			6,698			6,714			6,695
Diluted weighted average shares of common stock outstanding		6,719			6,698			6,714			6,698

SUMMIT STATE BANK
BALANCE SHEETS
(In thousands except share data)

	December 31, 2024		December 31, 2023
	(Unaudited)		(Unaudited)

ASSETS

Cash and due from banks	$	51,403	$	57,789
Total cash and cash equivalents		51,403		57,789

Investment securities:
Available-for-sale, less allowance for credit losses of $36 and $58
(at fair value; amortized cost of $80,887 in 2024 and $97,034 in 2023)		68,228		84,546

Loans, less allowance for credit losses of $13,769 in 2024 and $15,221 in 2023		904,999		938,626
Bank premises and equipment, net		5,155		5,316
Investment in Federal Home Loan Bank (FHLB) stock, at cost		5,889		5,541
Goodwill		–		4,119
Other real estate owned		5,130		–
Affordable housing tax credit investments		7,484		8,405
Accrued interest receivable and other assets		19,269		18,166

Total assets	$	1,067,557	$	1,122,508

LIABILITIES AND
SHAREHOLDERS’ EQUITY

Deposits:
Demand – non interest-bearing	$	185,756	$	201,909
Demand – interest-bearing		193,355		244,748
Savings		47,235		54,352
Money market		226,879		212,278
Time deposits that meet or exceed the FDIC insurance limit		70,717		63,159
Other time deposits		238,620		233,247
Total deposits		962,562		1,009,693

FHLB advances		–		–
Junior subordinated debt, net		5,935		5,920
Affordable housing commitment		583		4,094
Accrued interest payable and other liabilities		6,216		5,123

Total liabilities		975,296		1,024,830

Total shareholders’ equity		92,261		97,678

Total liabilities and shareholders’ equity	$	1,067,557	$	1,122,508


Financial Summary
(In thousands except per share data)

	As of and for the						As of and for the
	Three Months Ended						Year Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Statement of Income Data:
Net interest income	$	7,702		$	7,829		$	29,476		$	35,462
Provision for (reversal of) credit losses on loans		6,646			(31	)		7,958			342
Provision for (reversal of) credit losses on unfunded loan commitments		8			(65	)		(91	)		(68	)
(Reversal of) provision for credit losses on investments		(2	)		31			(22	)		58
Non-interest income		1,373			297			4,152			5,201
Non-interest expense		10,200			5,483			29,408			25,050
(Reversal of) provision for income taxes		(1,172	)		807			31			4,459
Net (loss) income	$	(6,605	)	$	1,901		$	(3,656	)	$	10,822

Selected per Common Share Data:
Basic earnings per common share	$	(0.98	)	$	0.28		$	(0.54	)	$	1.62
Diluted earnings per common share	$	(0.98	)	$	0.28		$	(0.54	)	$	1.62
Dividend per share	$	–		$	0.12		$	0.28		$	0.48
Book value per common share (1)	$	13.61		$	14.40		$	13.61		$	14.40

Selected Balance Sheet Data:
Assets	$	1,067,557		$	1,122,508		$	1,067,557		$	1,122,508
Loans, net		904,999			938,626			904,999			938,626
Deposits		962,562			1,009,693			962,562			1,009,693
Average assets		1,098,890			1,123,057			1,091,047			1,142,790
Average earning assets		1,064,872			1,089,808			1,058,766			1,110,801
Average shareholders’ equity		101,313			94,096			99,082			93,621
Nonperforming loans		27,754			44,206			27,754			44,206
Other real estate owned		5,130			–			–			–
Total nonperforming assets		32,884			44,206			32,884			44,206

Selected Ratios:
(Loss) return on average assets (2)		-2.39	%		0.67	%		-0.34	%		0.95	%
(Loss) return on average shareholders’ equity (2)		-25.94	%		8.02	%		-3.69	%		11.56	%
Efficiency ratio (3)		112.47	%		67.47	%		87.47	%		61.60	%
Net interest margin (2)		2.88	%		2.85	%		2.78	%		3.19	%
Common equity tier 1 capital ratio		10.19	%		9.90	%		10.19	%		9.90	%
Tier 1 capital ratio		10.19	%		9.90	%		10.19	%		9.90	%
Total capital ratio		11.94	%		11.75	%		11.94	%		11.75	%
Tier 1 leverage ratio		8.92	%		8.85	%		8.92	%		8.85	%
Common dividend payout ratio (4)		0.00	%		42.63	%		-51.81	%		30.05	%
Average shareholders’ equity to average assets		9.22	%		8.38	%		9.08	%		8.19	%
Nonperforming loans to total loans		3.02	%		4.63	%		3.02	%		4.63	%
Nonperforming assets to total assets		3.08	%		3.94	%		3.08	%		3.94	%
Allowance for credit losses to total loans		1.50	%		1.60	%		1.50	%		1.60	%
Allowance for credit losses to nonperforming loans		49.61	%		34.43	%		49.61	%		34.43	%

(1) Total shareholders’ equity divided by total common shares outstanding.
(2) Annualized.
(3) Non-interest expenses to net interest and non-interest income, net of securities gains.
(4) Common dividends divided by net (loss) income available for common shareholders.

MIL-OSI: CMD Portal Awards 2025: AFL wins ‘Most Improved Bond Issuer’ award

Source: GlobeNewswire (MIL-OSI)

Press release
28/01/2025

CMD Portal Awards 2025: AFL wins ‘Most Improved Bond Issuer’ award

AFL, the French local government funding agency, is rewarded for the second time by CMD Portal – a network of more than 35,000 bond market experts – and wins the “Most Improved Bond Issuer” prize, the most efficient bond issuer. This distinction reflects the bank’s proven ability to place its debt with a growing and diversified investor base across multiple currencies. Now well established as frequent bond issuer, AFL is on its way to become a significant borrower in the capital markets, offering investors the only diversified exposure to the French local public sector.

A funding program in full expansion for 10 years

Created 10 years ago by and for the French local authorities, AFL’s mission is to facilitate access to financing and is among the leading lenders to local governments.

Since its creation, the bank has been able to maintain its financial strength while expanding its operations. It has doubled its financing program, diversified its issuance currencies, and increased the frequency of both private placements and benchmark transactions with the objective to improve liquidity for investors. AFL’s bond issues are now located nearly on the entire Euro curve, which allows it to broaden its access to the market.

Ten years after the beginning of its activities, AFL’s balance sheet stands at nearly €11 billion, reflecting the dynamic growth in loan production granted to local authorities since its first bond issue in 2015.

Issuance of new products and expansion into new international markets

Since 2023, AFL has had the ability to issue callable bonds. On this segment, the bank has already and successfully completed six transactions of this type in 2024, with an average size of €37 million, totaling €221 million.

In April 2024, AFL entered the public Swiss Franc (CHF) market with an inaugural transaction of CHF 110 million. This strategic bond issuance broadened AFL’s already diverse investor base, which now spans France, Germany, Austria, Switzerland, the Benelux, the UK, Northern Europe, and Asia.

The institution now has a base of more than 300 international investors, including banks, private banks, fund managers, insurance companies, pension funds, and a growing number of central banks and official institutions.

Lastly, in December 2024, AFL issued €50 million of subordinated debt securities, with the aim of enabling it to deploy its business plan while strengthening its equity base.

2024 constitutes a pivotal year for AFL in two respects:

AFL was able to maintain its AA- rating when S&P downgraded France’s sovereign rating from AA to AA- in May 2024, leading the bank to now share the same as the French central government. AFL has thus strengthened its position compared to other public sector banking institutions.
Additionally, the HQLA 1 qualification granted by the ACPR in respect of for AFL’s debt on June 21, 2024, following the change in the risk weighting of French local authorities to 0%, has contributed to significantly enhancing the eligibility of AFL’s debt securities in the portfolios of investors, particularly banks.

Key Takeaways:

€11 billion in loans granted over the past 10 years

3rd largest lender to French local authorities

Recognized as a public development bank in 2021

HQLA 1 since June 2024

AA-/AA- (S&P/Fitch)
Same credit rating as the French government

About AFL

“The Company’s mission is to embody a responsible finance to strengthen the local world’s empowerment so as to better deliver the present and future needs of its inhabitants.”

By creating our bank, the first one that we own and manage, we, French local authorities, have decided to act to deepen decentralization. Our bank, Agence France Locale (AFL), is not a financial institution similar to any other. Created by and for local authorities, it aims to strengthen our freedom, our ability to develop projects and our responsibility as local public actors. Its culture of prudence spares us from the dangers of complexity and its governance from downward slides of conflicts of interest. The main objective is to provide local world with an access to cost-efficient resources, under total transparency. The principles of solidarity and equity drive us. We are convinced that together we go further. We decided that our institution would be agile, addressing all types of local authorities, from the largest regions to the smallest municipalities. We see profit as a means to maximize public spending, not as an end goal. Through AFL, we support a local world committed to take up social, economic, and environmental challenges. AFL strengthens our empowerment: to carry out projects in our territories, today and tomorrow, to the benefits of the inhabitants. We are proud to have a bank whose development is like us, even more responsible and sustainable. We are Agence France Locale.

Press contact
Justine GUIGUES – Press Relation Officer
justine.guigues@afl-banque.fr
+33 6 74 94 29 66

Attachment

2025.01.CP_AFL_Winner_CMD_Award

MIL-OSI USA: Attorney General Alan Wilson joins 19 states in urging Costco to end unlawful DEI policiesRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson joined attorneys general from 18 other states in calling on Costco to end its unlawful diversity, equity, and inclusion (DEI) policies, which they assert violate state and federal anti-discrimination laws. The letter, sent to Costco’s leadership, demands the company repeal these divisive policies within 30 days, emphasizing that Costco’s practices stand in direct opposition to its stated motto, “Do the right thing.”

“Costco’s DEI policies may have a fancy name, but at their core, they’re about discrimination, not diversity,” said Attorney General Wilson. “America was built on the idea that individuals are judged by their character and contributions, not the color of their skin. Costco should focus on merit, not woke politics.”

The letter highlights the Supreme Court’s recent decision in Students for Fair Admissions v. Harvard, which struck down race-based preferences and classifications. Justice Clarence Thomas’s opinion in that case reaffirmed that such practices contradict the principles outlined in the Declaration of Independence and the Constitution, which guarantee that all individuals are created equal and must be treated equally under the law.

In recent months, many companies, including Amazon, Ford, McDonald’s, Meta, and Walmart, have abandoned or reevaluated their DEI policies in light of legal challenges and public pressure. Costco, however, has doubled down, with its board of directors unanimously opposing a shareholder proposal to study the financial risks associated with these policies.

“Costco’s refusal to step away from discriminatory practices not only risks lawsuits but also jeopardizes the trust of its customers, employees, and investors,” added Attorney General Wilson. “The Supreme Court has made it crystal clear: eliminating racial discrimination means eliminating all of it.”

The letter also urges Costco to redirect its focus to other pressing issues, including allegations of slave labor in its supply chain, rather than clinging to policies that sow division and violate the law. The attorneys general have requested a response from Costco within 30 days, either confirming the repeal of its DEI policies or providing an explanation for their continuation.

You can read the letter here.

MIL OSI USA News –

MIL-OSI: Behavioral Innovations Transforms Applied Behavior Analysis Scheduling Operations with CentralReach’s AI-Powered Scheduling Solution, CR ScheduleAI

Source: GlobeNewswire (MIL-OSI)

Fort Lauderdale, FL, Jan. 28, 2025 (GLOBE NEWSWIRE) — CentralReach, the leading provider of Autism and IDD Care software for ABA, multidisciplinary, and special education, shared that its CR ScheduleAI™ solution is helping customers such as Behavioral Innovations transform ABA scheduling with just a few clicks. Powered by the company’s proprietary AI agent, cari™, CR ScheduleAI maximizes ABA and multidisciplinary schedules analyzing hundreds of data points to match the right provider with the right client to enable CentralReach customers including Behavioral Innovations maximize authorization hours, Registered Behavior Technician (RBT) requested hours, and reduce burden on scheduling staff.

Amid the ongoing shortage of qualified clinicians and RBTs in autism and IDD care, where waitlists often span 6 to 18+ months, CR ScheduleAI helps schedulers maximize RBT-to-client availability to enable providers to meet the growing demand more efficiently. CR ScheduleAI automatically accounts for language preferences, preferred providers, location of services, drive time, authorized service hours, client and technician availability and cancellations, and more, allowing users to see a minimum of 20% increase in appointments and helping reduce extensive wait times that often lead to delayed interventions or inconsistent treatment.

“Before CR ScheduleAI, it took upwards of eight to ten hours to create a schedule personalized to match client preferences and meet clinical requirements and RBT requested hours, often resulting in inefficiencies and unfilled time slots for providers,” explained Jennifer Stanley, Senior Director of Business Optimization for Behavioral Innovation. “With CR ScheduleAI, we now experience a 75% time savings, allowing us to create schedules for 3,000 employees across 86 clinics more efficiently, improving clinic utilization rates and drastically reducing time spent on manual scheduling tasks.”

The solution is also adding new enhancements that will further optimize the scheduling process, including:

● Embedded Cancellations: Schedulers can now quickly reoptimize the schedule to account for one or multiple cancellations that could be due to employee turnover, client churn, and other unexpected factors.

● Interactive Drafts: Schedulers can now also interact, bulk edit, and partially publish an optimized schedule in real-time, making scenario planning even easier.

“The complexities and layers involved in ABA scheduling are immense and increase exponentially as you scale to serve more clients. There are overt losses to inadequate scheduling, like revenue and turnover, but also many hidden costs that practices are often unaware of until it’s too late,” said Chris Sullens, CEO of CentralReach. “And, while third party point solutions can offer some benefit, I know from my 10+ years building software for a scheduling-intensive logistics and field service company that maximum benefit can only be achieved with a deeply integrated agent-based scheduling solution that is integrated into a practice’s core workflow and has full access to data and constraints in real time. We have made significant investments over many years to create the automation layer necessary to power an enterprise-grade solution and the coming user experience enhancements in the first half of 2025 will make CR ScheduleAI even easier and more powerful than it is today. We’re proud to see the impact that CR ScheduleAI is having on customers’ ability to meet rising demand more efficiently and excited to see the impact it will have in helping to close the autism and IDD care gap as adoption continues to ramp.”

For more information on CR ScheduleAI visit: https://centralreach.com/products/scheduleai/

About CentralReach
CentralReach is the leading provider of autism and IDD care software, providing the only complete, end-to-end software and services platform that helps children and adults diagnosed with autism spectrum disorder (ASD) and related intellectual and developmental disabilities (IDD) – and those who serve them – unlock potential, achieve better outcomes, and live more independent lives. With its roots in Applied Behavior Analysis, the company is revolutionizing how the lifelong journey of autism and IDD care is enabled at home, school, and work with powerful and intuitive solutions purpose-built for each care setting.

Trusted by more than 185,000 professionals globally, CentralReach is committed to ongoing product advancement, market-leading industry expertise, world-class client satisfaction, and support of the autism and IDD community to propel autism and IDD care into a new era of excellence. For more information, please visit CentralReach.com or follow us on LinkedIn and Facebook.

MIL-OSI Global: France’s military withdrawal presents opportunities and risks to West African states

Source: The Conversation – Canada – By Yolaine Frossard de Saugy, PhD Candidate, International Relations, McGill University

In early January, Côte d’Ivoire announced that French troops would be withdrawing from the country and the military base of Port-Bouët would be handed over to Côte d’Ivoire’s army. The announcement is part of a seismic shift in France’s decades-long presence across francophone Africa.

It is the latest echo of a larger trend that’s seen French troops withdraw or be expelled from its former sphere of influence, losing diplomatic and military weight in countries France had formerly colonized. Since 2022, Burkina Faso, Chad, Mali, Niger, Senegal, and now Côte d’Ivoire, have terminated defence agreements with France.

This may present an opportunity for a long overdue assertion of sovereignty by the region’s countries. However, an ongoing threat from terror groups and the eagerness of other entities to step in could instead lead to more instability and a reinforcement of authoritarianism or regime fragmentation.

France’s withdrawal

Following the wave of independence in the 1960s, France entered in an array of agreements with its former colonies. These helped ensure France’s continued influence in Western Africa and its international standing.

In addition to close political and economic ties, which included currency control by France and support to friendly leaders, this also involved the largest permanent military presence by a former colonial power, with troops stationed at various times in Cameroon, Gabon, Senegal, Burkina Faso, the Central African Republic, Djibouti, Chad, Niger, Mali and Côte d’Ivoire, as well as military assistance to others.

This large military presence has long been controversial. Historically, France was involved in a number of covert or overt military operations with dubious ends, including deadly interventions in Cameroon in the 1960s and support for the Rwandan government during the 1994 genocide.

More recently, it was criticized for backing of authoritarian regimes and leaders and an inadequate approach to anti-terrorism, including through the Serval and Barkhane missions in Mali and the broader Sahel region — the vast semi-arid region of Africa separating the Sahara Desert to the north and tropical savannahs to the south — between 2012 and 2022.

Criticism has also been leveraged at the neocolonial intent of France’s policy, especially in the wake of comments such as President Emmanuel Macron’s remark that African countries were not sufficiently grateful for France’s interventions, which many decried as insensitive to the historical context and implications of France’s role.

Change was therefore long overdue, and over the past three years, a number of developments have seemed to show that France’s star was waning.

A surge of anti-French sentiment spread across the Sahel and beyond. A series of coups in Mali, Niger and Burkina Faso put in power military leaders who were eager to shake off French presence, leading to the departure of French forces from bases there.

Leaving Côte d’Ivoire’s Port-Bouët was done in a more orderly fashion, and France presented it as part of a voluntary reorganization of its presence.

Still, it is hard not to read this withdrawal as part of a wider reckoning with the failure of past policies and a rising desire of African leaders to reclaim sovereignty. This was indeed voiced out loud in the cases of Burkina Faso, Chad and Senegal, where a symbolic repudiation of French heritage is also taking place through the changing of street names.

Risks of foreign influence

This moment could provide an opportunity for West African states to shake off the remnants of the power imbalance that characterized France’s presence, and reshuffle the cards of military and diplomatic co-operation. This could lead to an era of more equal partnerships and responsiveness to popular aspirations.

There are signs that such moves are taking place in the economic area, with Mali, for instance, asserting its sovereignty on resource extraction.

However, the security situation in the Sahel has continued to deteriorate since the French withdrawal. New partners of Burkina Faso, Chad, Mali and Niger — such as the new iterations of the Wagner group, a Russian mercenary corps used as a proxy by the Russian government to widen its influence — have failed to protect civilians or undermine insurgencies.

In some cases, they have even been accused of taking part in the violence. The military juntas in power have delayed promised democratic transitions, and sometimes turned to the scapegoating of minorities as a litmus test of their anti-western credentials instead.

This situation is therefore more likely to lead to further instability, especially as Russia is consolidating its involvement in the Sahel, China seeks to make further inroads in the region to strengthen its stance as the alternative to western support, and new nations such as Turkey and even Ukraine are seeking to widen their influence and reach.

Governments in countries like Chad seem to be turning to multiple new partners for support in maintaining security. This could help them conclude fairer agreements, but it also heightens the risk of regime fragmentation and internal violence if competing forces vie for influence.

Sudan’s civil war, fuelled by the support of external countries =like Egypt and the United Arab Emirates, offers a cautionary tale of what is at risk when multiple new entities seek access or export their rivalries to the continent.

Asserting sovereignity

The political landscape across West Africa is rapidly changing. France seeks new partners outside of its traditional area but sees its influence diminishing across the board. The potential for a more isolationist United States under President Donald Trump is likely to leave a power vacuum in many parts of the world, further opening the door to new forces drawn to Africa’s natural resources and geostrategic importance.

These trends provide African countries with an opportunity to change longstanding patterns. However, they also come with heightened risks, especially in an emerging multipolar world order where mid-level powers, rising major powers and reconstituting great powers seek opportunities to assert their influence.

The only potential counterbalance to these dangers is strong regional co-ordination between West African states.

Mali, Niger and Burkina Faso have left the historical regional grouping ECOWAS, whose effectiveness had been hampered by its historical dependence on western funding. They have, however, formed their own alliance and there are now talks of expanding co-operation with neighbours, including Togo and Ghana.

Whether this can at last provide truly African solutions to the continent’s challenges and offset the centrifugal forces already at play remains to be seen.

Yolaine Frossard de Saugy 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. France’s military withdrawal presents opportunities and risks to West African states – https://theconversation.com/frances-military-withdrawal-presents-opportunities-and-risks-to-west-african-states-248098

MIL OSI – Global Reports –

MIL-OSI United Kingdom: Charter Market traders offered FREE training in essential business skills

Source: St Albans City and District

Publication date: 28 Jan 2025

Traders at St Albans Charter Market are to be offered FREE training and advice to improve their skills and help their business grow.

St Albans City and District Council, which runs the market, has teamed up with St Albans Enterprise Agency (STANTA) to make the assistance available.

To qualify for the 12 hours of free help, a trader needs to be a regular at the Market and have run their business for up to five years.

They can then apply to have a choice of training and advice modules under the Government-backed Get Enterprising programme delivered by STANTA. This includes:

Business advice from an experienced adviser.
Assistance with choosing the most suitable business structure.
Free workshops with content ranging from business planning, bookkeeping to digital marketing and AI.

Get Enterprising is funded by the Government with the aim of helping new and fledgling businesses.

Councillor Paul de Kort, the Council’s Leader and Lead for Economic Development, said:

This is a great opportunity for some of our Charter Market entrepreneurs to get first class training and advice on a wide range of business matters.

We want to support our traders who not only create a great atmosphere in the City Centre, but also help the local economy by bringing in visitors and creating jobs.

This training will assist them, not just in managing their businesses but in growing them as well. A market is a wonderful place to start a business as some of Britain’s leading business people started out that way.

I am delighted that we are building a strong relationship with STANTA and together in the future we will look io provide more support and training opportunities for our traders.

STANTA’s Executive Director Steve Bedford said:

We are delighted to work alongside St Albans City and District Council to make available our business advice and skills workshop services to St Albans Market traders.

We have a wide remit in terms of supporting startups, young and small business in the area and look forward to working with the market traders.

STANTA is an independent enterprise agency which has been active in St Albans, Harpenden and the surrounding area for more than 40 years.

A not-for-profit service, it has helped local people start, grow and develop successful businesses: https://stanta.co.uk/.

Charter Market traders will receive details of how to apply to the scheme from the Council’s markets team.

Photo: the Charter Market.

Media contact: John McJannet, Principal Communications Officer: 01727- 819533; john.mcjannet@stalbans.gov.uk.

MIL-OSI Africa: Sonils Eyes Regional Growth, Steps Up as Champion Sponsor for Congo Energy & Investment Forum (CEIF) 2025

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

BRAZZAVILLE, Congo (Republic of the), January 28, 2025/APO Group/ —

Angolan logistics provider Sonils has joined the upcoming Congo Energy & Investment Forum (CEIF) 2025 – taking place in Brazzaville from March 24-26 – as a Champion Sponsor. The inaugural CEIF conference will convene industry leaders, policymakers and stakeholders to explore investment opportunities and advancements within the Republic of Congo’s burgeoning energy sector.

Sonils, which serves as the integrated logistics and services arm of Angola’s state-owned Sonangol, supports the country’s primary onshore oil and gas supply bases. The company provides support to Angola’s oil and gas industry through the provision of facilities and areas allocated for the management of the country’s offshore operations.

The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

Sonils has a history of supporting regional oil production through services related to cargo handling, engineering and the development of specialized oil and gas facilities. By leveraging its established infrastructure and industry knowledge, the company is well-positioned to play a pivotal role in supporting the Congo’s energy sector growth.

Having exported its first LNG cargo in February 2024 and with aims to double its crude oil production within the next three years, the Congo is well-positioned to leverage Sonils’ expertise in logistics and infrastructure development. The company’s experience in managing large-scale logistics operations can assist the Congo in efficiently handling increased production volumes and expanding its export capabilities.

MIL OSI Africa –

MIL-OSI Security: BATON ROUGE WOMAN SENTENCED TO 13 MONTHS IN FEDERAL PRISON FOR COVID-19 FRAUD

Source: Office of United States Attorneys

United States Attorney Ronald C. Gathe, Jr. announced that U.S. District Judge Brian A. Jackson sentenced Gernesia Williams, 47, of Baton Rouge, to 13 months in federal prison following her conviction for knowing conversion of government funds. The Court further sentenced Williams to serve three years of supervised release following her term of imprisonment and ordered her to pay $110,030.47 in restitution.

According to admissions made as part of her guilty plea, between approximately April 2020 and January 2023, Williams knowingly converted more than $100,000 in loan proceeds she obtained as part of the U.S. Small Business Administration’s COVID-19 Economic Injury Disaster Loan (“EIDL”) program for her own use. As a condition to obtaining the loans, she promised to use the proceeds solely as working capital to alleviate economic injury caused by the COVID-19 pandemic. Nevertheless, Williams misspent at least $110,030.47 of the loan proceeds on herself and others, including more than $30,000 on jewelry and more than $20,000 on a destination wedding in Florida.

Anyone with information about allegations of pandemic fraud can report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

This matter was investigated by the Federal Bureau of Investigation and the U.S. Treasury Inspector General for Tax Administration, and was prosecuted by Assistant United States Attorney Ben Wallace.

MIL Security OSI –

MIL-OSI: JLT Mobile Computers AB changes management following discontinuation of subsidiary JLT Software Solutions AB

Source: GlobeNewswire (MIL-OSI)

Växjö, Sweden, January 28, 2025 * * * JLT Mobile Computers, a leading supplier of reliable computers for demanding environments, announces a change in management following the discontinuation of JLT Software Solutions, which was announced on January 17, 2025 (press release 1/17/2025).

The software development is now being integrated with the Group’s other product development for better cost-efficiency, management, and customer-driven development. This means that the operations of JLT Software Solutions AB will be discontinued, and Andreas Nivard, former CEO and CPO, is leaving the company.

Visit jltmobile.com for more information about products and services. Financial information can be found on the company’s investor pages.

About JLT Mobile Computers

JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. 30 years of development and manufacturing experience have enabled JLT to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

MIL-OSI: Innovation: Infomaniak inaugurates a data center that recycles 100% of its energy and will heat 6,000 households a year for at least 20 years

Source: GlobeNewswire (MIL-OSI)

Yesterday, the Swiss cloud provider Infomaniak officially inaugurated its new data center, which has been recovering 100% of the electricity it uses since 11 November. Located in a residential area of Geneva, on an underground site of the participatory and eco-responsible cooperative of la Bistoquette, the data center has no impact on the landscape and recycles 100% of the local renewable energy it consumes. At full capacity, it will feed 1.7 MW (or 14.9 GWh/year) into the region’s heating network, enabling 6,000 Minergie-A households to be heated a year or 20,000 people to take a 5-minute shower every day. This new generation of data centers, which has already received a number of awards, has been documented by students from EPFL, IMD and the University of Lausanne with a view to making it open source and enabling it to be reproduced on a large scale.

Inauguration of the D4, a data center that is revolutionising the cloud industry

Infomaniak’s new data center, a symbol of technological innovation and sustainability, was officially inaugurated yesterday, with the public authorities and key project stakeholders in attendance. Their collective commitment was essential in making this world first a reality. The project exceeds the standards of similar infrastructures in terms of environmental integration and energy recovery.

Since 2 p.m. on 11 November 2024, all the electricity consumed by this structure, in the form of heat, has already been fed back into the district heating network of the Canton of Geneva. This achievement marks a key stage in the region’s energy transition, transforming an energy-intensive facility into an active player in energy recovery.

Currently operating at 25% of its potential capacity, Infomaniak’s data center will gradually increase its output to reach full capacity by 2028, guaranteeing a sustainable contribution to society for at least 20 years.

The future of the cloud: circular energy with no impact on the landscape

Having already won several awards for the energy efficiency of its infrastructures, which have been operating without air conditioning since 2013, Infomaniak is addressing four major challenges facing the cloud industry with this new data center model:

100% of the electricity used by the data center is reused to heat households via a district heating network.
The facility does not require additional water or air conditioning to be cooled.
It is built on an underground site in a residential area.
It has no impact on the landscape.

“In the real world, data centers convert electricity into heat. With the exponential growth of the cloud, this energy is currently being released into the atmosphere and wasted. There is an urgent need to upgrade this way of doing things, to connect these infrastructures to heating networks and adapt building standards,” explains Boris Siegenthaler, Infomaniak’s Founder and Chief Strategy Officer.

Nothing is wasted, everything is transformed

Unlike existing projects that recycle a fraction of the energy they consume, the system implemented by Infomaniak goes further.

All the electricity consumed (by servers, inverters, ventilation, etc.) is converted into heat at a temperature of 40 to 45°C. This heat is then transferred to an air/water exchanger, which integrates it into a hot water circuit. Heat pumps then raise its temperature to transfer the waste heat from the data center to the heating network.

The originality of the system lies in the use of both sides of the pump:

The gas in the heat pumps expands by capturing the energy in the water, which drops from 45°C to 28°C. This cooled water is fed into the air/water exchanger to cool the servers, eliminating the need for traditional air conditioning.
The gas in the pumps is then compressed to transmit energy to the district heating network, raising the water temperature to 67 °C in summer and 85 °C in winter to meet the needs of the district heating operator.

The recovery mechanism is therefore the same as the one that keeps the servers at an optimal operating temperature. The additional energy required to run the heat pumps is also recycled, and it is the cold released by this process that keeps the servers cool.

“Today, PUE, which measures the energy efficiency of data centers, is no longer sufficient in the face of the climate emergency. We also need to take ERE into account, which evaluates the energy actually consumed compared to the energy reused, as well as the ERF, which measures the proportion of the data center’s total energy that is reused for other purposes, such as district heating. Taken together, these three indicators provide a more complete picture of the energy impact of digital infrastructures,” explains Boris Siegenthaler, Infomaniak’s Founder and Chief Strategy Officer.

6,000 homes heated and 3,600 t CO₂e saved each year

At full capacity, the new data center will house some 10,000 servers in an underground area measuring 1,800 m². It will provide the heating network with 1.7 MW, equivalent to the energy needed to heat 6,000 Minergie-A households per year or allow 20,000 people to take a 5-minute shower every day.

Geneva will avoid having to burn 3,600 t CO₂e of natural gas per year or the equivalent of 5,500 t CO₂e of pellets per year, not to mention eliminate 211 lorries per year transporting 13 tonnes of material and the microparticles associated with pellet transport and combustion.

An economically neutral operation

In financial terms, recycling waste heat is a neutral operation for Infomaniak. Without the servers, this data center cost CHF 12 million, including a CHF 6 million advance from the cloud provider to adapt heat levels those required by heating network. Part of this CHF 6 million was provided by the Cantonal Energy Office of the Canton of Geneva (OCEN) and the heating network operator (SIG). The remainder will be gradually amortised by the heat produced by Infomaniak, at cost price.

From finding the site (June 2019) to commissioning the first servers (December 2023), the project took a total of four and a half years to complete, whereas Infomaniak would usually build a data center in two years. The main challenges involved were finding a location that was both secure and close to a district heating network capable of permanently absorbing the associated volume of heat, and negotiating a contract with the district heating network operator.

Good for Europe’s technological sovereignty

This data center strengthens Europe’s technological sovereignty and creates value for many local companies by relying on equipment manufactured exclusively in Europe, with the exception of the security cameras used:

Trane heat pumps (France)
Ebmpapst fans (Germany)
Siemens power rails (Germany)
Siemens switchboard (Germany)
Minkels server racks (Netherlands)
ABB inverters (Switzerland)
Margen generator (Italy)
Meyer-Burger solar panels (Switzerland/Germany)

The local economy will also benefit directly from the impact of this project.

A new generation of data centers that is open source

This innovation can be reproduced and the expertise gained during the course of the project has been made available free of charge. This model works, demonstrating to the cloud industry and policymakers that it is possible to double the value of energy from data centers. It also shows that the digital sector should no longer be seen as an end consumer of electricity, but as an actor in the energy transition.

Infomaniak’s new data center, which was awarded the Swiss Ethics Prize and the Sustainable Development Prize of the Canton of Geneva in 2023, has been documented by UNIL, IMD and EPFL as part of the e4s.center programme to illustrate its energy efficiency in real time and make it easier to reproduce. This work is available for free at https://d4project.org/ and includes:

A technical guide explaining how to replicate this data center model.
Real-time monitoring of data center operational performance
A summary for policymakers with information to improve regulations on the design and sustainability of data centers

Two new similar data centers already planned

To support its growth, Infomaniak is actively looking for heating networks for its future data centers. “We already have 1.1 MW ready to be fed into a heating network, and by 2028, a new data center of at least 3.3 MW will be needed to meet demand. The principle is simple: we buy electricity locally and provide our carbon-free waste heat free of charge,” explains Boris Siegenthaler.

Key figures

Average PUE: 1.09 (European average: 1.6)
ERE and ERF: see online
2 1.7 MW heat pumps
Total area: 1,800 m²
Total budget (without servers): CHF 12 million
Total energy recycled at full capacity: 1.7 MW
Number of servers at full capacity: approximately 10,000 (200 47U racks)
Capacity of the solar power plant linked to this data center: 130 kWp (364 modules)
GPUs currently installed in this data center: Nvidia L4, A100 and H100

Resources

MIL-OSI: Jeremy Michael Joins Guggenheim Securities to Expand Energy Investment Banking Practice

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) — Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, announced today that Jeremy Michael has joined the firm’s Energy, Power & Energy Transition investment banking business as a Senior Managing Director.

Mr. Michael brings more than two decades of investment banking experience to Guggenheim with a focus on upstream, midstream, and downstream energy. He joins the firm from Barclays where he served as Global Head of Natural Resources Investment Banking advising industry-leading companies and leading sector-defining transactions.

“We are pleased to welcome Jeremy to Guggenheim,” said Mark Van Lith, CEO of Guggenheim Securities. “Jeremy is a leading advisor in the energy sector and will play an important role as we continue to build our energy and power franchises. We look forward to his success at the firm.”

Mr. Michael earned his B.A. from Vanderbilt University.

About Guggenheim Securities

Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Guggenheim Securities offers services that fall into four broad categories: Advisory, Financing, Sales and Trading, and Research. Guggenheim Securities is headquartered in New York, with additional offices in Atlanta, Boston, Chicago, Houston, London, Menlo Park, and San Francisco. For more information, please visit GuggenheimSecurities.com, follow us on LinkedIn or contact us at GSinfo@GuggenheimPartners.com or 212.518.9200.

About Guggenheim Partners

Guggenheim Partners is a diversified financial services firm that delivers value to its clients through two primary businesses: Guggenheim Investments, a premier global asset manager and investment advisor, and Guggenheim Securities, a leading investment banking and capital markets business. Guggenheim’s professionals are based in offices around the world, and our commitment is to deliver long-term results with excellence and integrity while advancing the strategic interests of our clients. Learn more at GuggenheimPartners.com, and follow us on LinkedIn and Twitter @GuggenheimPtnrs.

Media Contact

Steven Lee
Guggenheim Securities
212.293.2811
Steven.Lee@guggenheimpartners.com

MIL-OSI United Nations: WFP reaches hundreds of thousands of people in Gaza in first week of the ceasefire

Source: World Food Programme

Photo: WFP/Photolibrary. WFP distribution point operated at the Nusierat camp by WFP’s partner, Global Communities.

Photo credit

GAZA/CAIRO – The United Nations World Food Programme (WFP) reached more than 330,000 people in Gaza with food assistance in the first week of the ceasefire, providing food parcels, hot meals and cash assistance to war-weary families.

“The first week has brought hope, but it is still early days. We must keep up this momentum,” said Antoine Renard, WFP Country Director in Palestine. “And with so many people on the move now, keen to reach their homes and reunite with their families in the north, we need to make sure they have food wherever they are. WFP’s priority is to ensure assistance follows the people.”

Here are the latest updates on WFP operations in Gaza:

WFP has brought 10,130 metric tons of food into Gaza since the ceasefire. Food entered Gaza through all available corridors from Jordan, Israel and Egypt.
For the first time in months, families in Gaza are now receiving significantly more rations – two food parcels and a 25-kg bag of wheat flour.

In total, WFP reached more 330,000 people in the first week of the ceasefire with food parcels and hot meals.

WFP has also distributed nutrition products to 46,000 people, including children under 5 and pregnant and breastfeeding women.

If the ceasefire holds, WFP aims to reach one million people each month for the next three months. WFP has enough food pre-positioned along the borders and on its way to Gaza to feed over a million people with full rations for three months.

A cash assistance programme started on Monday, with 7,000 people reached on day one, and more than 32,000 as of today. This money will enable families to meet their basic needs – not only food – as they seek to relocate and rebuild. The aim is to reach 30,000 families (150,000 people) in one month.

Thanks to the influx of fresh supplies entering the Strip, WFP has also been able to get bakeries up and running in the south – eight old and 5 new ones – and prepare hot meals and deliver ready-to-eat meals to families in shelters.

The humanitarian situation in the West Bank is also critical. WFP is ready to provide voucher assistance to approximately 3,750 people in Jenin camp, allowing them to obtain food at a local retailer or receive food parcels. Additionally, cash assistance will be provided to 12,750 displaced households affected by military operations.

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# # #

The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

Follow us on X, formerly Twitter, via @wfp_media

MIL OSI United Nations News –

Media images can be found here.

MIL-OSI: Atomicwork Secures $25M in Series A Funding to Transform Enterprise IT with Agentic AI

Source: GlobeNewswire (MIL-OSI)

San Francisco, Jan. 28, 2025 (GLOBE NEWSWIRE) — Atomicwork, a leading innovator in agentic service management solutions for Enterprise IT, today announced that it has raised $25 million in their Series A funding round. The round was led by Khosla Ventures and Z47, with participation from Battery Ventures, Blume Ventures, and Peak XV Partners. This new infusion of capital accelerates Atomicwork’s mission to transform IT service management (ITSM) with its innovative AI-native platform that modernizes how businesses operate and drive growth.

A New Era for Enterprise IT Service Management
Today’s enterprises face a pivotal moment. As operations expand globally and digital systems multiply, traditional ITSM tools are reaching their limits. These legacy solutions – built for an earlier era of process management – can’t keep pace with modern business demands.

CEOs and CIOs recognize the need for transformative change. The challenge isn’t just about managing IT anymore – it’s about empowering organizations to thrive in an increasingly dynamic digital landscape.

Atomicwork’s agentic service management platform combines an enterprise knowledge graph with agentic AI to offload work from IT teams, allowing them to focus on driving business impact rather than managing everyday processes. By radically simplifying enterprise workflows, managing incidents in real-time, and enabling self-healing, Atomicwork is helping businesses stay ahead in today’s fast-moving digital business environment.

Atomicwork founders: (L to R): Kiran Darisi, Vijay Rayapati and Parsuram Vijayasankar.

“We are pioneering agentic service management to transform how companies manage their IT workflows and enterprise services. This investment is a significant milestone, validating our vision of a future where smarter IT teams drive business growth and companies are empowered by technology, not bogged down by it.” said Vijay Rayapati, co-founder and CEO of Atomicwork. “Our unified and adaptive self-service experience will enable businesses to move faster.”

Global businesses like Zuora and Pepper Money use Atomicwork to empower their teams with seamless service, intelligent automation, and actionable insights, driving productivity and transforming their digital workplace experience.

Backing by Industry Leaders
The funding round comes on the heels of strong product adoption and backing from 40+ global CIOs, CTOs and industry veterans.

“Atomicwork’s AI agents can autonomously handle everyday IT services, and employees can then focus on actually growing the business,” said Kanu Gulati of Khosla Ventures. “This is the AI innovation that large organizations need to radically transform how they work.”

“Atomicwork has built a remarkable team and proven technology, and we’ve witnessed firsthand how they’re transforming IT service management for global businesses. Their potential is immense to redefine the future of enterprise IT with Agentic AI.” said Pranay Desai, Managing Director at Z47. “Having been part of their journey since the seed round, we’re thrilled to continue our partnership and support their next phase of growth. ”

Future growth and expansion
These Series A funds will be used to further scale and deploy Enterprise AI agents and invest in GTM expansion. The company plans to enhance its platform support for key enterprise integrations and ensure seamless scalability.

“Enterprise IT is undergoing a radical transformation and Atomicwork’s agentic service management platform is in a great position to innovate in this space,” said Neeraj Agrawal, General Partner at Battery Ventures. “We are excited to be a part of the company’s journey as it continues to scale and innovate for enterprise IT teams.”

Ends

About Atomicwork
Atomicwork helps enterprises reduce IT service costs and boost productivity through its agentic service management platform. Built for modern businesses, Atomicwork eliminates manual IT tasks, reducing resolution times by 90%, and empowers IT teams to focus on strategic initiatives that drive growth.

Trusted by leading enterprises, Atomicwork transforms enterprise service management while delivering exceptional employee experiences and accelerating business success. Headquartered in San Francisco, Atomicwork also has offices in Singapore and India. For more information please visit: www.atomicwork.com

MIL-OSI: Eagle Bancorp Montana Earns $3.4 Million, or $0.44 per Diluted Share, in the Fourth Quarter of 2024 and $9.8 Million, or $1.24 per Diluted Share for the Year 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share

Source: GlobeNewswire (MIL-OSI)

HELENA, Mont., Jan. 28, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and $2.2 million, or $0.28 per diluted share, in the fourth quarter of 2023. For the year ended December 31, 2024, net income was $9.8 million, or $1.24 per diluted share, compared to $10.1 million, or $1.29 per diluted share, in 2023.

Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on January 23, 2025. The dividend will be payable March 7, 2025, to shareholders of record February 14, 2025. The current dividend represents an annualized yield of 3.93% based on recent market prices.

“Eagle’s fourth quarter operating results were highlighted by strong quarterly deposit growth, sound revenue generation, and net interest margin expansion,” said Laura F. Clark, President and CEO. “We continue to maintain a stable core deposit base, with non-CDs representing 72.4% of total deposits at year end. Additionally, we continue to maintain quality credit. While loan growth has moderated in recent quarters, we are anticipating steady single-digit loan growth in the year ahead.”

Fourth Quarter 2024 Highlights (at or for the three-month period ended December 31, 2024, except where noted):

Net income increased 26.7% to $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and increased 58.6% compared to $2.2 million, or $0.28 per diluted share, in the fourth quarter a year ago.
Net interest margin (“NIM”) was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point increase compared to the fourth quarter a year ago.
Revenues (net interest income before the provision for credit losses, plus noninterest income) increased 2.8% to $21.4 million in the fourth quarter of 2024, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago.
Total loans increased 2.4% to $1.52 billion, at December 31, 2024, compared to $1.48 billion a year earlier, and decreased 0.9% compared to $1.53 billion at September 30, 2024.
Total deposits increased $46.0 million or 2.8% to $1.68 billion at December 31, 2024, compared to a year earlier, and increased $30.7 million or 1.9%, compared to September 30, 2024.
The allowance for credit losses represented 1.11% of portfolio loans and 437.7% of nonperforming loans at December 31, 2024, compared to 1.11% of portfolio loans and 195.2% of nonperforming loans at December 31, 2023.

The Company’s available borrowing capacity was approximately $404.0 million at December 31, 2024, compared to $398.5 million at December 31, 2023.

	December 31, 2024				December 31, 2023
(Dollars in thousands)	Borrowings Outstanding		Remaining Borrowing Capacity			Borrowings Outstanding		Remaining Borrowing Capacity
Federal Home Loan Bank advances	$	140,930	$	276,664		$	175,737	$	266,017
Federal Reserve Bank discount window		–		27,349			–		32,472
Correspondent bank lines of credit		–		100,000			–		100,000
Total	$	140,930	$	404,013		$	175,737	$	398,489

The Company paid a quarterly cash dividend in the fourth quarter of $0.1425 per share on December 6, 2024, to shareholders of record November 15, 2024.

Balance Sheet Results
Eagle’s total assets increased 1.3% to $2.10 billion at December 31, 2024, compared to $2.08 billion a year ago, and decreased 2.0% compared to $2.15 billion three months earlier. The investment securities portfolio totaled $292.6 million at December 31, 2024, compared to $318.3 million a year ago, and $307.0 million at September 30, 2024.

Eagle originated $68.1 million in new residential mortgages during the quarter and sold $64.0 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.18%. This production compares to residential mortgage originations of $58.0 million in the preceding quarter with sales of $51.0 million and an average gross margin on sale of mortgage loans of approximately 3.31%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

Total loans increased $36.2 million, or 2.4%, compared to a year ago, and decreased $14.0 million, or 0.9%, from three months earlier. Commercial real estate loans increased 6.1% to $646.0 million at December 31, 2024, compared to $608.7 million a year earlier. Commercial real estate loans were comprised of 71.4% non-owner occupied and 28.6% owner occupied at December 31, 2024. Agricultural and farmland loans increased 4.9% to $281.0 million at December 31, 2024, compared to $267.9 million a year earlier. Residential mortgage loans decreased 1.8% to $153.7 million, compared to $156.6 million a year earlier. Commercial loans increased 8.5% to $144.0 million, compared to $132.7 million a year ago. Commercial construction and development loans decreased 21.5% to $124.2 million, compared to $158.1 million a year ago. Home equity loans increased 12.2% to $97.5 million, residential construction loans increased 5.2% to $45.7 million, and consumer loans decreased 5.4% to $28.5 million, compared to a year ago.

“Similar to other community banks, our deposit mix has shifted towards higher yielding deposits over the last several quarters due to the higher interest rate environment. However, the recent Fed rate cuts have started to ease deposit pricing, and we anticipate this will continue as we move through this next rate cycle,” said Miranda Spaulding, CFO.

Total deposits increased to $1.68 billion at December 31, 2024, compared to $1.64 billion at December 31, 2023, and $1.65 billion at September 30, 2024. Noninterest-bearing checking accounts represented 24.9%, interest-bearing checking accounts represented 13.2%, savings accounts represented 12.5%, money market accounts comprised 21.8% and time certificates of deposit made up 27.6% of the total deposit portfolio at December 31, 2024. There were no brokered certificates at December 31, 2024, compared to $72.2 million at December 31, 2023, and $22.1 million at September 30, 2024. The average cost of total deposits was 1.71% in the fourth quarter of 2024, compared to 1.76% in the preceding quarter and 1.49% in the fourth quarter of 2023. The estimated amount of uninsured deposits was approximately $323.0 million, or 19% of total deposits, at December 31, 2024, compared to $307.0 million, or 18% of total deposits, at September 30, 2024.

Shareholders’ equity was $174.8 million at December 31, 2024, compared to $169.3 million a year earlier and $177.7 million three months earlier. Book value per share was $21.77 at December 31, 2024, compared to $21.11 a year earlier and $22.17 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, was $16.88 at December 31, 2024, compared to $16.05 a year earlier and $17.23 three months earlier.

Operating Results
“The higher yields on interest earning assets combined with a lower cost of funds contributed to our 25 basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate additional improvement in our cost of funds over the next several quarters.”

Eagle’s NIM was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point improvement compared to the fourth quarter a year ago. The interest accretion on acquired loans totaled $161,000 and resulted in a four basis-point increase in the NIM during the fourth quarter of 2024, compared to $167,000 and a three basis-point increase in the NIM during the preceding quarter. Funding costs for the fourth quarter of 2024 were 2.69%, compared to 2.89% in the third quarter of 2024 and 2.58% in the fourth quarter of 2023. Average yields on interest earning assets for the fourth quarter of 2024 increased to 5.70%, compared to 5.66% in the third quarter of 2024 and 5.36% in the fourth quarter a year ago. For the year, the NIM was 3.42% compared to 3.51% for 2023.

Net interest income, before the provision for credit losses, increased 6.3% to $16.8 million in the fourth quarter of 2024, compared to $15.8 million in the third quarter of 2024, and increased 10.5% compared to $15.2 million in the fourth quarter of 2023. For the year, net interest income increased 1.5% to $63.4 million, compared to $62.5 million in 2023.

Fourth quarter revenues increased 2.8% to $21.4 million, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago. For the year 2024, revenues were $81.2 million, compared to $85.2 million in 2023. The decrease compared to a year ago was largely due to lower volumes in mortgage banking activity.

Total noninterest income decreased 8.2% to $4.6 million in the fourth quarter of 2024, compared to $5.0 million in the preceding quarter, and decreased 21.3% compared to $5.8 million in the fourth quarter a year ago. The decrease compared to the preceding quarter was largely due to income from bank owned life insurance of $724,000 recorded during the third quarter of 2024. Net mortgage banking income, the largest component of noninterest income, totaled $2.8 million in the fourth quarter of 2024, compared to $2.6 million in the preceding quarter and $3.7 million in the fourth quarter a year ago. This decrease compared to the fourth quarter a year ago was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes. For the year, noninterest income decreased 21.8% to $17.8 million, compared to $22.7 million in 2023. Net mortgage banking income decreased 33.1% to $10.0 million in 2024, compared to $15.0 million in 2023. These decreases were driven by a decline in net gain on sale of mortgage loans.

Eagle’s fourth quarter noninterest expense was $17.7 million, an increase of 2.5% compared to $17.3 million in the preceding quarter and a 6.3% decrease compared to $18.9 million in the fourth quarter a year ago. Lower salaries and employee benefits contributed to the decrease compared to the year ago quarter. For the year, noninterest expense decreased 3.9% to $69.3 million, compared to $72.1 million in 2023.

For the fourth quarter of 2024, the Company recorded income tax expense of $269,000. This compared to income tax expense of $529,000 in the preceding quarter and an income tax benefit of $315,000 in the fourth quarter of 2023. The effective tax rate for the year was 14.2% compared to 13.7% for the prior year and is due to the increase in proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

Credit Quality
Due to muted loan growth and positive economic factors within the CECL modeling, Eagle recorded a recapture in its provision for credit losses of $36,000 during the fourth quarter of 2024. This compared to a $277,000 provision for credit losses in the preceding quarter and $270,000 in the fourth quarter a year ago. The allowance for credit losses represented 437.7% of nonperforming loans at December 31, 2024, compared to 356.7% three months earlier and 195.2% a year earlier. Nonperforming loans were $3.9 million at December 31, 2024, $4.8 million at September 30, 2024, and $8.4 million a year earlier. Net loan charge-offs totaled $44,000 in the fourth quarter of 2024, compared to net loan charge-offs of $17,000 in the preceding quarter and net loan charge-offs of $10,000 in the fourth quarter a year ago. The allowance for credit losses was $16.9 million, or 1.11% of total loans, at December 31, 2024, compared to $17.1 million, or 1.12% of total loans, at September 30, 2024, and $16.4 million, or 1.11% of total loans, a year ago.

Capital Management
The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.57% at December 31, 2024, up from 6.32% a year ago and 6.56% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of December 31, 2024, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.07% as of December 31, 2024.

About the Company
Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 29 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

Forward Looking Statements
This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; our ability to appropriately address social, environmental, and sustainability concerns that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

Balance Sheet
(Dollars in thousands, except per share data)				(Unaudited)
	December 31,			September 30,			December 31,
	2024			2024			2023

Assets:
Cash and due from banks	$	29,824		$	22,954		$	23,243
Interest bearing deposits in banks		1,735			19,035			1,302
Federal funds sold		–			200			–
Total cash and cash equivalents		31,559			42,189			24,545
Securities available-for-sale, at fair value		292,590			306,982			318,279
Federal Home Loan Bank (“FHLB”) stock		7,778			11,218			9,191
Federal Reserve Bank (“FRB”) stock		4,131			4,131			4,131
Mortgage loans held-for-sale, at fair value		13,368			13,429			11,432
Loans:
Real estate loans:
Residential 1-4 family		153,721			156,811			156,578
Residential 1-4 family construction		45,701			52,217			43,434
Commercial real estate		645,962			644,019			608,691
Commercial construction and development		124,211			125,323			158,132
Farmland		146,610			145,356			142,590
Other loans:
Home equity		97,543			93,646			86,932
Consumer		28,513			29,445			30,125
Commercial		144,039			143,190			132,709
Agricultural		134,346			144,645			125,298
Total loans		1,520,646			1,534,652			1,484,489
Allowance for credit losses		(16,850	)		(17,130	)		(16,440	)
Net loans		1,503,796			1,517,522			1,468,049
Accrued interest and dividends receivable		12,890			14,844			12,485
Mortgage servicing rights, net		15,376			15,443			15,853
Assets held-for-sale, at cost		960			257			–
Premises and equipment, net		101,540			100,297			94,282
Cash surrender value of life insurance, net		53,232			52,852			47,939
Goodwill		34,740			34,740			34,740
Core deposit intangible, net		4,499			4,834			5,880
Other assets		26,631			26,375			28,860
Total assets	$	2,103,090		$	2,145,113		$	2,075,666

Liabilities:
Deposit accounts:
Noninterest bearing	$	419,211		$	419,760		$	418,727
Interest bearing		1,262,017			1,230,752			1,216,468
Total deposits		1,681,228			1,650,512			1,635,195
Accrued expenses and other liabilities		47,018			38,593			36,462
FHLB advances and other borrowings		140,930			219,167			175,737
Other long-term debt, net		59,149			59,111			58,999
Total liabilities		1,928,325			1,967,383			1,906,393

Shareholders’ Equity:
Preferred stock (par value $0.01 per share; 1,000,000 shares
authorized; no shares issued or outstanding)		–			–			–
Common stock (par value $0.01; 20,000,000 shares authorized;
8,507,429 shares issued; 8,027,177, 8,016,784 and 8,016,784
shares outstanding at December 31, 2024, September 30, 2024, and
December 31, 2023, respectively		85			85			85
Additional paid-in capital		108,334			109,040			108,819
Unallocated common stock held by Employee Stock Ownership Plan		(4,011	)		(4,154	)		(4,583	)
Treasury stock, at cost (480,252, 490,645 and 490,645 shares at
December 31, 2024, September 30, 2024, and December 31, 2023, respectively)		(10,761	)		(11,124	)		(11,124	)
Retained earnings		101,264			98,979			96,021
Accumulated other comprehensive loss, net of tax		(20,146	)		(15,096	)		(19,945	)
Total shareholders’ equity		174,765			177,730			169,273
Total liabilities and shareholders’ equity	$	2,103,090		$	2,145,113		$	2,075,666

Income Statement				(Unaudited)						(Unaudited)
(Dollars in thousands, except per share data)	Three Months Ended									Years Ended
	December 31,			September 30,		December 31,				December 31,
	2024			2024		2023				2024			2023
Interest and dividend income:
Interest and fees on loans	$	23,756		$	23,802		$	21,481		$	92,282		$	79,423
Securities available-for-sale		2,475			2,598			2,790			10,428			11,376
FRB and FHLB dividends		308			266			247			1,085			727
Other interest income		148			94			23			416			89
Total interest and dividend income		26,687			26,760			24,541			104,211			91,615
Interest expense:
Interest expense on deposits		7,216			7,190			6,090			27,838			17,857
FHLB advances and other borrowings		2,005			3,084			2,569			10,211			8,562
Other long-term debt		676			684			684			2,724			2,719
Total interest expense		9,897			10,958			9,343			40,773			29,138
Net interest income		16,790			15,802			15,198			63,438			62,477
(Recapture) provision for credit losses		(36	)		277			270			518			1,456
Net interest income after provision for credit losses		16,826			15,525			14,928			62,920			61,021

Noninterest income:
Service charges on deposit accounts		387			430			444			1,645			1,757
Mortgage banking, net		2,818			2,602			3,718			10,014			14,970
Interchange and ATM fees		675			662			663			2,540			2,524
Appreciation in cash surrender value of life insurance		408			1,038			301			2,054			1,466
Net loss on sale of available-for-sale securities		(141	)		–			–			(141	)		(222	)
Other noninterest income		425			251			686			1,664			2,227
Total noninterest income		4,572			4,983			5,812			17,776			22,722

Noninterest expense:
Salaries and employee benefits		9,830			9,894			11,359			39,715			42,973
Occupancy and equipment expense		2,194			2,134			1,972			8,531			8,072
Data processing		1,715			1,587			1,673			6,209			5,943
Software subscriptions		576			511			519			2,127			2,064
Advertising		466			277			445			1,312			1,375
Amortization		337			337			386			1,391			1,587
Loan costs		372			385			461			1,567			1,887
FDIC insurance premiums		287			295			288			1,165			1,150
Professional and examination fees		596			438			438			1,941			1,922
Other noninterest expense		1,323			1,412			1,350			5,348			5,116
Total noninterest expense		17,696			17,270			18,891			69,306			72,089

Income before provision for income taxes		3,702			3,238			1,849			11,390			11,654
Provision (benefit) for income taxes		269			529			(315	)		1,612			1,598
Net income	$	3,433		$	2,709		$	2,164		$	9,778		$	10,056

Basic earnings per common share	$	0.44		$	0.35		$	0.28		$	1.25		$	1.29
Diluted earnings per common share	$	0.44		$	0.34		$	0.28		$	1.24		$	1.29

Basic weighted average shares outstanding		7,862,279			7,836,921			7,809,274			7,838,822			7,793,352

Diluted weighted average shares outstanding		7,868,507			7,860,138			7,815,022			7,853,792			7,798,244

ADDITIONAL FINANCIAL INFORMATION				(Unaudited)
(Dollars in thousands, except per share data)	Three Months Ended or Years Ended
	December 31,			September 30,		December 31,
	2024			2024		2023

Mortgage Banking Activity (For the quarter):
Net gain on sale of mortgage loans	$	2,036		$	1,691	$	2,845
Net change in fair value of loans held-for-sale and derivatives		(3	)		159		(40	)
Mortgage servicing income, net		785			752		913
Mortgage banking, net	$	2,818		$	2,602	$	3,718

Mortgage Banking Activity (Year-to-date):
Net gain on sale of mortgage loans	$	6,741				$	11,396
Net change in fair value of loans held-for-sale and derivatives		(5	)				194
Mortgage servicing income, net		3,278					3,380
Mortgage banking, net	$	10,014				$	14,970

Performance Ratios (For the quarter):
Return on average assets		0.65%			0.51%		0.42%
Return on average equity		8.12%			6.56%		5.68%
Yield on average interest earning assets		5.70%			5.66%		5.36%
Cost of funds		2.69%			2.89%		2.58%
Net interest margin		3.59%			3.34%		3.32%
Core efficiency ratio*		81.26%			81.47%		88.08%

Performance Ratios (Year-to-date):
Return on average assets		0.47%					0.50%
Return on average equity		5.94%					6.33%
Yield on average interest earning assets		5.62%					5.14%
Cost of funds		2.76%					2.11%
Net interest margin		3.42%					3.51%
Core efficiency ratio*		83.62%					82.75%

* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
costs and intangible asset amortization, by the sum of net interest income and non-interest income.



ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands, except per share data)

Asset Quality Ratios and Data:	As of or for the Three Months Ended
	December 31,			September 30,		December 31,
	2024			2024		2023

Nonaccrual loans	$	3,227		$	3,859	$	8,395
Loans 90 days past due and still accruing		623			944		26
Total nonperforming loans		3,850			4,803		8,421
Other real estate owned and other repossessed assets		45			4		5
Total nonperforming assets	$	3,895		$	4,807	$	8,426

Nonperforming loans / portfolio loans		0.25%			0.31%		0.57%
Nonperforming assets / assets		0.19%			0.22%		0.41%
Allowance for credit losses / portfolio loans		1.11%			1.12%		1.11%
Allowance for credit losses/ nonperforming loans		437.66%			356.65%		195.23%
Gross loan charge-offs for the quarter	$	51		$	22	$	11
Gross loan recoveries for the quarter	$	7		$	5	$	1
Net loan charge-offs for the quarter	$	44		$	17	$	10


	December 31,			September 30,		December 31,
	2024			2024		2023
Capital Data (At quarter end):
Common shareholders’ equity (book value) per share	$	21.77		$	22.17	$	21.11
Tangible book value per share**	$	16.88		$	17.23	$	16.05
Shares outstanding		8,027,177			8,016,784		8,016,784
Tangible common equity to tangible assets***		6.57%			6.56%		6.32%

Other Information:
Average investment securities for the quarter	$	300,088		$	305,730	$	306,678
Average investment securities year-to-date	$	306,538		$	308,688	$	328,533
Average loans for the quarter ****	$	1,533,686		$	1,547,246	$	1,494,181
Average loans year-to-date ****	$	1,523,384		$	1,519,951	$	1,436,672
Average earning assets for the quarter	$	1,858,078		$	1,874,669	$	1,817,419
Average earning assets year-to-date	$	1,850,120		$	1,847,468	$	1,780,727
Average total assets for the quarter	$	2,107,357		$	2,116,839	$	2,062,267
Average total assets year-to-date	$	2,092,051		$	2,086,951	$	2,015,586
Average deposits for the quarter	$	1,671,653		$	1,622,254	$	1,626,598
Average deposits year-to-date	$	1,636,390		$	1,624,636	$	1,603,861
Average equity for the quarter	$	169,054		$	165,162	$	152,516
Average equity year-to-date	$	164,591		$	163,106	$	158,807



** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
less goodwill and core deposit intangible, by common shares outstanding.
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
**** Includes loans held for sale

Reconciliation of Non-GAAP Financial Measures

Core Efficiency Ratio				(Unaudited)						(Unaudited)
(Dollars in thousands)	Three Months Ended									Years Ended
	December 31,			September 30,			December 31,			December 31,
	2024			2024			2023			2024			2023
Calculation of Core Efficiency Ratio:
Noninterest expense	$	17,696		$	17,270		$	18,891		$	69,306		$	72,089
Intangible asset amortization		(337	)		(337	)		(386	)		(1,391	)		(1,587	)
Core efficiency ratio numerator		17,359			16,933			18,505			67,915			70,502

Net interest income		16,790			15,802			15,198			63,438			62,477
Noninterest income		4,572			4,983			5,812			17,776			22,722
Core efficiency ratio denominator		21,362			20,785			21,010			81,214			85,199

Core efficiency ratio (non-GAAP)		81.26%			81.47%			88.08%			83.62%			82.75%

Tangible Book Value and Tangible Assets	(Unaudited)
(Dollars in thousands, except per share data)	December 31,			September 30,			December 31,
	2024			2024			2023
Tangible Book Value:
Shareholders’ equity	$	174,765		$	177,730		$	169,273
Goodwill and core deposit intangible, net		(39,239	)		(39,574	)	$	(40,620	)
Tangible common shareholders’ equity (non-GAAP)	$	135,526		$	138,156		$	128,653

Common shares outstanding at end of period		8,027,177			8,016,784			8,016,784

Common shareholders’ equity (book value) per share (GAAP)	$	21.77		$	22.17		$	21.11

Tangible common shareholders’ equity (tangible book value)
per share (non-GAAP)	$	16.88		$	17.23		$	16.05

Tangible Assets:
Total assets	$	2,103,090		$	2,145,113		$	2,075,666
Goodwill and core deposit intangible, net		(39,239	)		(39,574	)		(40,620	)
Tangible assets (non-GAAP)	$	2,063,851		$	2,105,539		$	2,035,046

Tangible common shareholders’ equity to tangible assets
(non-GAAP)		6.57%			6.56%			6.32%

Contacts:	Laura F. Clark, President and CEO (406) 457-4007 Miranda J. Spaulding, SVP and CFO (406) 441-5010

MIL-OSI Economics: IPAA Announces Michael Hillebrand as New Board Chairman

Source: Independent Petroleum Association of America

Headline: IPAA Announces Michael Hillebrand as New Board Chairman

Jan 28, 2025 IPAA Announces Michael Hillebrand as New Board Chairman

Posted at 09:53h in Press Releases by Jennifer Pett

IPAA Board Appoints Hillebrand, Huntley & Huntley CEO, as Chairman for 2024-2026 Term

WASHINGTON – The Independent Petroleum Association of America (IPAA) board of directors are pleased to announce Michael “Mike” A. Hillebrand, the chief executive officer of Pennsylvania-based Huntley & Huntley, as board chairman for a two-year term through 2026. IPAA advocates for thousands of oil and natural gas producers that develop 90 percent of wells nationwide. The IPAA board approved Hillebrand at the association’s annual meeting in late fall, and Hillebrand officially assumed the role this month.

“Mike brings fantastic business and technical expertise to the role of chairman, coupled with a passion for industry and association advocacy,” said Jeff Eshelman, IPAA president and chief executive officer. “Past-chairman Steve Pruett, the president and chief executive officer of Elevation Resources, has been invaluable in expanding IPAA’s reach in Texas and the Permian Basin. I look forward to working with Mike on deepening our roots and relationships in my home state of Pennsylvania and throughout the Appalachian Basin formations.”

Hillebrand is a principal shareholder and chief executive officer of one of the world’s oldest and continuously existing oil and gas companies, Huntley & Huntley (founded in 1912), the founder, shareholder, and board member of its institutional joint venture, Olympus Energy, the fifth largest shale producer in southwestern Pennsylvania. Mr. Hillebrand has thirty-nine years of combined experience in both vertical and horizontal well drilling, completions, and operations, as well as all operating and financial aspects of oil and natural gas business development, assembly and acquisition, and marketing.

He has played a key leadership role in securing over $1.1 billion of capital funding and/or commitments into several of Huntley’s affiliated companies. One of those companies, Olympus Energy, now operates nearly 100,000 acres and in one of SW Pennsylvania’s last undeveloped core Marcellus, deep Utica and Upper Devonian unconventional shale positions, now producing over 600 mmcf/d.

Mr. Hillebrand is a graduate of the Pennsylvania State University with a Bachelor of Science degree in Petroleum and Natural Gas Engineering. He is member of the Society of Petroleum Engineers (SPE) and the current Chairman of the Pennsylvania Independent Oil and Gas Association (PIOGA).

For the full IPAA Board of Directors, visit https://www.ipaa.org/board-of-directors/

###

MIL OSI Economics –

MIL-OSI USA: Warren Writes Fox News Digital Op-ed Challenging Elon Musk to Cut $2 Trillion in Waste By Taking On Billionaires and Giant Corporations

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
January 28, 2025
“Here’s something President Donald Trump, Elon Musk, and I agree on: the federal government throws away trillions of dollars on wasteful spending.”
“Instead of cutting help for people who rely on Medicare, Social Security and the VA, let’s focus on the billionaires and billionaire corporations who are feasting off the American taxpayer.”
Warren Op-Ed in Fox News Digital
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, published an op-ed outlining her recommendations for cutting government waste to make government more efficient and save taxpayers money. In a public letter last week, Warren proposed 30 recommendations for President Trump and Elon Musk, head of the Department of Government Efficiency, to cut at least $2 trillion in government waste over the next decade.
Musk has already walked back his goal of $2 trillion of cuts. Unlike the Republican plans, none of these recommendations would cut access to Medicare, Medicaid, Social Security, veterans’ benefits, and other programs that tens of millions of Americans count on–and instead focus on waste, fraud, and abuse in government spending.
Read the full op-ed here and below:
Senator Elizabeth Warren: Trump, Musk and I agree on something important. And I’ve got 30 ways to get it doneJanuary 28, 2025
Here’s something President Donald Trump, Elon Musk, and I agree on: the federal government throws away trillions of dollars on wasteful spending. I have spent years trying to squeeze government waste out of our budget, and I’m ready to work with Musk to make government more efficient and save taxpayers money. But here’s the thing: we need to focus in the right place. Instead of cutting help for people who rely on Medicare, Social Security and the VA, let’s focus on the billionaires and billionaire corporations who are feasting off the American taxpayer.
After promising his Department of Government Efficiency (DOGE) would cut $2 trillion in government waste, Musk’s ambition is rapidly shrinking. Within weeks, he cut his goal in half to $1 trillion– all before he’s actually cut a single dollar. I don’t want Musk to fold so quickly. I crunched the numbers and found $2 trillion that we could cut over the next 10 years by focusing on the guys who are getting rich off our government. Last week, I sent Musk my blueprint to do just that.
Congressional Republicans’ initial plans call for cuts to government programs that millions of Americans rely on to pay their bills each month – things like Social Security, money to cover nursing home costs, and help buying private health insurance. Scrapping essential services is not efficiency; it is cold-hearted cruelty. Tossing old folks out of nursing homes or telling people that their insurance has been cancelled won’t save money; it just makes lives tougher for the families that struggle to pick up the slack. If Musk and the Republicans take that route, it will be a disaster for working people and I will fight back.
But we don’t have to cut the programs Americans rely on. We can eliminate at least $2 trillion of government waste over the next decade without cutting programs that help our grandparents, our veterans, and our children. In fact, I have 30 specific proposals to do just that. I’ll share a few of them now, but you can read all about them in my letter to Musk here.
Here are a few examples of government waste we could start with. First, we could negotiate better contracts for the Department of Defense. In 2023, the DoD spent $440.7 billion on contracts – and giant contractors overcharge us on nearly everything. The Air Force pays over 7,500% more on soap dispensers than regular Americans do. The Army pays $71 for pins that should cost less than a nickel. Spending is so out of control at DoD that it is the only agency in government that cannot pass a simple audit. American taxpayers are sick of getting scammed by overpaid military contractors. My recommendations on Defense spending alone would save nearly $200 billion in the next 12 years.
Taxpayers are also getting swindled by for-profit health insurance companies. Right now, about half of all seniors have been lured into a privatized Medicare program called Medicare Advantage. This program was started to lower costs for seniors, but over time the insurers figured out how to boost their profits by manipulating claims and denying coverage. It’s so bad now that the non-partisan Medicare Payment Advisory Commission estimates that privatized Medicare insurers overcharged taxpayers by nearly $83 billion in 2024 alone, while other independent researchers put the dollar figure at $140 billion. Rooting out their dirty tactics could save more than a trillion dollars over ten years without cutting Medicare benefits by one penny.
Cracking down on health care profiteering isn’t a partisan issue. I’ve partnered with Republican Josh Hawley of Missouri to claw back billions more from corporations that are cheating the government on health care costs. He’s not the only Republican who agrees that we need to stop corporations from overcharging taxpayers for lifesaving medications: President Trump has voiced support for another one of my proposals to cut wasteful spending, Medicare price negotiations. By expanding this program to bring the prices down for the most expensive drugs covered by Medicare, the government could save taxpayers another $200 billion over the next decade.
We can bring down the deficit by cutting spending, but we can also improve our financial position by making millionaires and billionaires pay their fair share. Hedge funds and private equity companies use loopholes to avoid paying anywhere between $1.4 billion and $18 billion each year – that’s an easy fix. By closing just one big estate tax exemption loophole abused by the ultra-rich, the US government could save another $60 billion per year. We should close those loopholes – and fully fund the IRS to catch wealthy tax cheats who think they’re above the law.
My list of cuts and loophole closers will save $2 trillion. So where are Elon Musk, Donald Trump and the DOGE project? Why give up so quickly on beating back the defense contractors, health insurance giants, and other huge companies that are ripping off the American people? If Musk and Trump have the courage to cut this waste, I’ve got a plan and 30 specific recommendations to get it done.
Democrat Elizabeth Warren represents Massachusetts in the United States Senate.

MIL OSI USA News –

MIL-OSI Global: Nutrition advice is rife with misinformation − a medical education specialist explains how to tell valid health information from pseudoscience

Source: The Conversation – USA – By Aimee Pugh Bernard, Assistant Professor of Immunology and Microbiology, University of Colorado Anschutz Medical Campus

If a health claim about a dietary intervention sounds too good to be true, it probably is.
Mizina/iStock via Getty Images Plus

The COVID-19 pandemic illuminated a vast landscape of misinformation about many topics, science and health chief among them.

Since then, information overload continues unabated, and many people are rightfully confused by an onslaught of conflicting health information. Even expert advice is often contradictory.

On top of that, people sometimes deliberately distort research findings to promote a certain agenda. For example, trisodium phosphate is a common food additive in cakes and cookies that is used to improve texture and prevent spoilage, but wellness influencers exploit the fact that a similarly named substance is used in paint and cleaning products to suggest it’s dangerous to your health.

Such claims can proliferate quickly, creating widespread misconceptions and undermining trust in legitimate scientific research and medical advice. Social media’s rise as a news and information source further fuels the spread of pseudoscientific views.

Misinformation is rampant in the realm of health and nutrition. Findings from nutrition research is rarely clear-cut because diet is just one of many behaviors and lifestyle factors affecting health, but the simplicity of using food and supplements as a cure-all is especially seductive.

I am an assistant professor specializing in medical education and science communication. I also train scientists and future health care professionals how to communicate their science to the general public.

In my view, countering the voices of social media influencers and health activists promoting pseudoscientific health claims requires leaning into the science of disease prevention. Extensive research has produced a body of evidence-based practices and public health measures that have consistently been shown to improve the health of millions of people around the world. Evaluating popular health claims against the yardstick of this work can help distinguish which ones are based on sound science.

To parse pseudoscientific claims from sound advice about health and nutrition, it’s crucial to evaluate the information’s source.
tadamichi/Getty Images

Navigating the terrain of tangled information

Conflicting information can be found on just about everything we eat and drink.

That’s because a food or beverage is rarely just good or bad. Instead, its health effects can depend on everything from the quantity a person consumes to their genetic makeup. Hundreds of scientific studies describe coffee’s health benefits and, on the flip side, its health risks. A bird’s-eye view can point in one direction or another, but news articles and social media posts often make claims based on a single study.

Things can get even more confusing with dietary supplements because people who promote them often make big claims about their health benefits. Take apple cider vinegar, for example – or ACV, if you’re in the know.

Apple cider vinegar has been touted as an all-natural remedy for a variety of ailments, including digestive issues, urinary health and weight management. Indeed, some studies have shown that it might help lower cholesterol, in addition to having other health benefits, but overall those studies have small sample sizes and are inconclusive.

Advocates of this substance often claim that one particular component of it – the cloudy sediment at the bottom of the bottle termed “the mother” – is especially beneficial because of the bacteria and yeast it contains. But there is no research that backs the claim that it offers any health benefits.

One good rule of thumb is that health hacks that promise quick fixes are almost always too good to be true. And even when supplements do offer some health benefits under specific circumstances, it’s important to remember that they are largely exempt from Food and Drug Administration regulations. That means the ingredients on their labels might contain more or less of the ingredients promised or other ingredients not listed, which can potentially cause harms such as liver toxicity.

It’s also important to keep in mind that the global dietary supplements industry is worth more than US$150 billion per year, so companies – and wellness influencers – selling supplements have a financial stake in convincing the public of their value.

Misinformation about nutrition is nothing new, but that doesn’t make it any less confusing.

How nutrition science gets twisted

There’s no doubt that good nutrition is fundamental for your health. Studies consistently show that a balanced diet containing a variety of essential nutrients can help prevent chronic diseases and promote overall well-being.

For instance, minerals such as calcium and iron support bone health and oxygen circulation in the blood, respectively. Proteins are essential for muscle repair and growth, and healthy fats, like those found in avocados and nuts, are vital for brain health.

However, pseudoscientific claims often twist such basic facts to promote the idea that specific diets or supplements can prevent or treat illness. For example, vitamin C is known to play a role in supporting the immune system and can help reduce the duration and severity of colds.

But despite assertions to the contrary, consuming large quantities of vitamin C does not prevent colds. In fact, the body needs only a certain amount of vitamin C to function properly, and any excess is simply excreted.

Companies sometimes claim their supplement is “scientifically proven” to cure illness or boost brain function, with no credible research to back it up.

Some companies overstate the benefits while underplaying the hazards.

For example, wellness influencers have promoted raw milk over pasteurized milk as a more natural and nutritious choice, but consuming it is risky. Unpasteurized milk can contain harmful bacteria that leads to gastrointestinal illness and, in some cases, much more serious and potentially life-threatening diseases such as avian influenza, or bird flu.

Such dietary myths aren’t harmless. Reliance on nutrition alone can lead to neglecting other critical aspects of health, such as regular medical checkups and lifesaving vaccinations.

The lure of dietary myths has led people with cancer to replace proven science-backed treatments, such as chemotherapy or radiation, with unproven and misleading nutrition programs.

How to spot less-than-solid science

Pseudoscience exploits your insecurities and emotions, taking advantage of your desire to live the healthiest life possible.

While the world around you may be uncertain and out of your control, you want to believe that at the very least, you have control over your own health. This is where the wellness industry steps in.

What makes pseudoscientific claims so confusing is that they use just enough scientific jargon to sound believable. Supplements or powders that claim to “boost immunity” often list ingredients such as adaptogens and superfoods. While these words sound real and convincing, they actually don’t mean anything in science. They are terms created by the wellness industry to sell products.

I’ve researched and written about reliable ways to distinguish science facts from false health claims. To stay alert and find credible information, I’d suggest you follow a few key steps.

First, check your emotions – strong emotional reactions, such as fear and anger, can be a red flag.

Next, check that the author has experience or expertise in the field of the topic. If they’re not an expert, they might not know what they are talking about. It’s always a good idea to make sure the source is reputable – ask yourself, would this source be trusted by scientists?

Finally, search for references that back up the information. If very little or nothing else exists in the science world to back up the claims, you may want to put your trust in a different source.

Following these steps will separate the facts from fake news and empower you to make evidence-based decisions.

Aimee Pugh Bernard is an unpaid board member for Immunize Colorado

– ref. Nutrition advice is rife with misinformation − a medical education specialist explains how to tell valid health information from pseudoscience – https://theconversation.com/nutrition-advice-is-rife-with-misinformation-a-medical-education-specialist-explains-how-to-tell-valid-health-information-from-pseudoscience-246478

MIL OSI – Global Reports –

MIL-OSI United Kingdom: Middle East: Minister for Development’s statement, 28 January 2025

Source: United Kingdom – Executive Government & Departments

Development Minister Anneliese Dodds gave an oral statement to the House of Commons on the ceasefire agreement in Gaza and effect on humanitarian aid.

With permission, I will update the House on the ceasefire agreement in Gaza and detail our latest efforts to get aid to those in desperate need.

Madam Deputy Speaker, this is a fragile ceasefire – but it brings much-needed hope for the Israeli and Palestinian people.

The agreement to end the fighting and release the hostages is what this Labour government has been pressing for from the moment we came to office.

I thank Qatar, Egypt and the US for their tireless efforts, and echo the Prime Minister in wishing Emily Damari and the other former hostages well as they begin to recover from their horrific ordeals.

We continue to call, Madam Deputy Speaker, for their immediate release of all those still waiting to be reunited with their loved ones, including the remaining hostages with links to the UK.

Madam Deputy Speaker, civilians in Gaza have endured suffering that defies belief, and this deal brings hope that they can start to rebuild their lives.

In the days since the guns were silenced, Israel has opened up mechanisms to surge in aid.

The UN and aid organisations have been working tirelessly to deliver the humanitarian aims of the ceasefire agreement.

After so much time waiting at the border – delays I saw for myself in December – trucks are now streaming in.

Partners on the ground report that more than 200,000 food parcels have been dispatched to more than 130 distribution points since the ceasefire.

This government has been at the forefront of the humanitarian effort in Gaza since we came to office.

Overturning the suspension of funding to UNRWA and then boosting our support. Supporting UK-Med field hospitals to help the injured. Working with Egypt to support those Medevac-ed out of Gaza and providing vital resources to UNICEF and the World Food Programme.

Today, I am pleased to announce that the UK is investing in the ceasefire.

UK support will be distributed to the UN and key medical partners, so that tens of thousands of civilians get the healthcare, food and shelter they need.

That support will amount to £17 million from the UK to get more aid into Gaza and restore services. The figure also includes £2 million for the World Bank to support the construction and restoration of critical water and energy infrastructure.

The UK has already helped around 284,000 people in Gaza to access water, sanitation and hygiene services.

Today’s uplift brings our commitment for the Occupied Palestinian Territories and Palestinian refugees in the region to £129 million this financial year.

I am also pleased to announce to the House that this morning, Jordanian air force helicopters started landing in Gaza with UK-funded medical supplies and logistical support from UK armed forces.

I thank Jordan for their excellent commitment to getting aid in, in such challenging circumstances. We will continue to support our Jordanian partners in this initiative.

But more action is needed.

The air bridge to Gaza is no substitute for road routes, which must remain open.

We also call on Israel to allow more essential items like tents, mattresses and medical equipment in.

As people start to move home, basic services need to be put back in place, and unexploded bombs and mines cleared.

Without this, even more lives will be lost.

And of course, the UN and humanitarian agencies must be able to operate freely.

This Government has repeatedly stated the need for UNRWA to continue its lifesaving assistance to the people of Gaza, Jerusalem and the West Bank.

The Knesset legislation taking effect on the 30th of January risks impeding the progress made since the ceasefire. Israel must allow the agency to continue to operate.

The legislation does not and cannot change the fact that Israel has a responsibility under international law to facilitate humanitarian assistance.

As the UN Security Council heard last week, a million Gazan children need support to process their traumatic experiences – their suffering cannot be underestimated.

And around fifteen and a half thousand patients need medical evacuation, according to the World Health Organisation. Routes must be opened for them to get this treatment.

Madam Deputy Speaker, the UK and wider international community stand ready to support Palestinians as they begin to rebuild their lives, their homes and their communities.

We are under no illusions concerning the scale of the challenge ahead.

The overwhelming majority of homes in Gaza are damaged or destroyed. The economy has collapsed. And basic services, including energy and water, have been knocked out.

So, we are working with partners to urgently find ways to

best finance and support recovery and reconstruction efforts.

It is essential that the coming surge of assistance is properly coordinated, and with the access and security to reach those in need.

The Palestinian Authority has a crucial role to play and we are providing technical and financial assistance to the Authority, including to support the urgent recovery of basic services.

Madam Deputy Speaker, the UK has always been clear that this ceasefire is just the first step. We must build confidence on all sides to help sustain it, progress through all its phases and turn it into a lasting peace that assures the security of Israelis and Palestinians alike.

The UK will focus all of our efforts on keeping up the momentum, using every diplomatic channel available.

As you will know, Madam Deputy Speaker, the Foreign Secretary and the Minister for the Middle East kept up the drumbeat of engagement during their visits to Egypt and the United Nations last week.

We will keep up the pace until every hostage is released, aid reaches all those in need, and Palestinians are able to rebuild their homes and their lives.

I commend this statement to the House.

Published 28 January 2025

MIL-OSI Africa: International Islamic Trade Finance Corporation (ITFC) Launches New Environmental and Social Policy to Drive Sustainable Trade

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

JEDDAH, Saudi Arabia, January 28, 2025/APO Group/ —

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank Group (IsDB), unveiled its new Environmental and Social (ES) policy. This policy reinforces ITFC’s commitment to embedding sustainable practices across its trade finance operations, recognizing the essential role trade finance and trade development can play in mitigating climate change and promoting social equity.

ITFC’s member countries are among the most vulnerable to climate change, social challenges, and economic inequality. This ongoing climate crisis requires urgent action. With trade being responsible for 20-30% of global CO₂ emissions, ITFC is aligning its operations with international frameworks such as the Paris Agreement and the United Nations Sustainable Development Goals (SDGs) to make trading greener in its markets of operations. By championing responsible and inclusive trade finance, ITFC aims to reduce its carbon footprint while supporting its member countries in achieving sustainable economic growth.

This new ES policy is focused on 5 key areas:

Environmental Action. ITFC is proactively incorporating green practices throughout every aspect of its operations and work environment. By prioritizing digitization, implementing paperless solutions, and enhancing energy efficiency, we aim to lead by example in embracing environmentally responsible initiatives and demonstrating our commitment to sustainability.

Sustainable and Inclusive Trade Finance. ITFC aims to increase its share of financing in goods and services that promote sustainability. By prioritizing sectors that strengthen resilience, such as sustainable agriculture, financial inclusion, and eco-friendly supply chains, ITFC is contributing to sustainable and inclusive growth in our member countries.
Empowering for Sustainable Impact. Through capacity-building programs and technical assistance, ITFC will help businesses and governments reduce climate risks, advance social inclusion, and access green financing opportunities.
Innovative Treasury Solutions. ITFC is dedicated to increasing investment in Shariah-compliant sustainable financial instruments, including exploring the issuance of green Sukuk to bolster climate-resilient trade and development for ITFC member countries.
Credible Assessment and Disclosure. ITFC is committed to adopting best practices to embed environmental and social considerations in its transactions and projects. We aim to transparently disclose our ES performance, adhering to international best practices, promote accountability and build trust with our stakeholders.

On this note, Eng. Hani Salem Sonbol, CEO ITFC stated: “Our work in some of the world’s most climate-vulnerable regions have given us firsthand insight into the reality of climate change. From rural landscapes to urban centers, we are witnessing the effects of an accelerating environmental shift and as we remain true to our commitment to powering sustainable growth, it has become imperative for the Corporation to fully streamline and operationalize its new direction towards sustainability and climate change.”

ITFC’s new environmental and social policy reflects its vision to foster economic growth that is both inclusive and sustainable, setting a new standard for trade finance institutions globally. ITFC remains committed to fostering intra-OIC trade, enhancing member countries’ capacities to adopt green energy solutions.

MIL OSI Africa –

MIL-OSI United Kingdom: New humanitarian support for Gaza as ceasefire allows operations to scale up

Source: United Kingdom – Government Statements

The Minister for Development announces new £17 million package to support thousands of civilians across the Occupied Palestinian Territories.

UK aid package will ensure healthcare, food and shelter reaches tens of thousands of civilians and supports vital infrastructure across the Occupied Palestinian Territories.
Minister for Development, Anneliese Dodds announces £17 million package and reiterates need for much more aid to enter Gaza with the support of UN agencies including UNRWA.
Comes as 300,000 people now confirmed treated by UK-Med at field hospitals in Gaza thanks to UK funding.

Thousands of civilians in Gaza will receive humanitarian aid funded by the UK.

Food assistance programmes, water and sanitation services and maternal and children’s healthcare are some of the areas which will be scaled up with new funding.

This will build on UK efforts over the past 15 months which have ensured more than half a million people have received essential healthcare in Gaza.

Within this £17 million package announced today, £2 million in funding for the World Bank will support critical water and energy infrastructure construction and restoration across the Occupied Palestinian Territories (OPTs), including in Gaza. The UK’s ongoing support has meant 284,000 people in Gaza already have improved access to water, sanitation and hygiene services.

This announcement brings the total UK support for the OPTs this financial year to £129 million, demonstrating the UK’s commitment to playing a leading role in alleviating Palestinian suffering and helping to build security and economic recovery in the Middle East. This will help drive UK security, in support of the Government’s Plan for Change.

It comes as a Jordanian-led helicopter initiative flying aid directly to Gaza has started delivering lifesaving UK-funded medicines to civilians today. As well as providing up to £500,000 of supplies onboard, the UK has also deployed military planners to assist with logistics. Speaking in the House this afternoon, Minister Dodds will underscore the UK’s pride in working with Jordan – who have demonstrated leadership and commitment to deliver aid via all routes possible – to get the airbridge up and running in such challenging circumstances.

Minister for Development Anneliese Dodds said:

The scale of suffering in Gaza cannot be overstated and the UN and its agencies, including UNRWA, must be allowed by Israel to do their vital work.

This announcement is part of the UK’s investment in the ceasefire deal, scaling up aid operations and helping the most desperate people access healthcare, water, food and shelter.

We must seize this opportunity to get a surge of humanitarian aid to Gaza, all the hostages released and a path towards a viable Palestinian state.

Minister Dodds emphasised the UK will also continue to support the crucial role played by UN agencies and NGOs operating in Gaza. This includes UNRWA, which has played a vital role in the increase in humanitarian assistance since the ceasefire earlier this month.

Ahead of the upcoming implementation of Israel’s UNRWA legislation on 30 January, which risks jeopardising the humanitarian response in Gaza and the delivery of essential services in East Jerusalem and the West Bank, the UK has urged Israel to ensure that UNRWA can continue its lifesaving operations for Palestinian refugees. Israel has a responsibility under international law to facilitate humanitarian assistance. Minister Dodds will again reiterate that humanitarian operations must not face a cliff edge on 30 January.

The Minister for Development also confirmed that the UK provided an additional £4.5 million to UK-Med last year. The charity deploys staff, many of whom work in the NHS, to crisis-hit areas around the world to deliver life and limb-saving healthcare. NHS staff who work for UK-Med typically deploy to Gaza for a four-week period, supporting lifesaving efforts and gaining essential trauma experience.

UK funding has helped doctors in Gaza treat more than 300,000 patients in Gaza with a range of medical conditions as well as treating injuries directly associated with the conflict. This funding is on top of the £5.5 million announced for the charity on the Foreign Secretary’s first visit to Israel and the OPTs in July last year.

UK-Med CEO, David Wightwick said:

After more than two decades in humanitarian work, I have never seen a crisis of this scale and severity.

That’s why UK Government funding is vital in providing support to UK-Med to deliver life-saving care to over 300,000 patients in Gaza during 2024.

I want to thank our 400-strong team on the ground for their determination, professionalism and tireless work to address the health impacts of this devastating conflict.

This government’s steadfast support for UNRWA, including £41m of support this financial year, has helped the organisation deliver its humanitarian operation and provide essential services such as education, social care and vaccinations across the OPTs and to Palestinian refugees in the region.

Notes to editors

The £17 million package announced today consists of:
£15 million of UK funding comes from the Crisis Reserve pool to be allocated to partner agencies.
£2 million of funding for the World Bank to deliver water and energy infrastructure across the OPTs, including in Gaza
An additional £4.5 million of funding to UK-Med has previously been allocated and spent but not announced
UK-Med operate two field hospitals in Gaza, Deir Al Balah and Al Mawasi. The Al Mawasi field hospital has, among other facilities, an operating theatre, a maternity unit and physical rehabilitation services for patients. At Deir Al Balah, UK-Med staff deliver primary care and see over 400 patients a day. *This air bridge to Gaza is no substitute for the road routes. The terms of the ceasefire must be adhered to, so that many more trucks can safely and effectively distribute aid within Gaza.
Footage – b-roll of UK aid to Gaza via Jordanian helicopters and UK-Med field hospital

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

Published 28 January 2025

MIL-OSI USA: Changes Coming for Two Disaster Recovery Centers in Georgia

Source: US Federal Emergency Management Agency 2

he Disaster Recovery Center in Jefferson County will close permanently at 6 p.m. Thursday, Jan. 30. The recovery center in Coffee County will close at its current location at 6 p.m. Wednesday, Jan. 29, and reopen at a new location at 10 a.m. Thursday, Jan. 30.
The centers’ standard hours are 8 a.m. to 6 p.m. Monday through Saturday, except Fulton County center, where the hours are 10 a.m. to 5:30 p.m. Monday through Friday, closed Saturday. All centers are closed on Sundays.
Jefferson County (closing permanently 6 p.m. Jan. 30)
National Guard Bid-EOC
1841 Hwy. 24 West
Louisville, GA 30434
Coffee County (location through 6 p.m. Jan. 29)
The Atrium
114 N. Peterson Ave
Douglas, GA 31533
Coffee County (new location as of 10 a.m. Jan. 30)
Coffee County Service Center
1115 West Baker Hwy
Douglas, GA 31533
Residents can visit any open center. They can find the center closest to them by going to fema.gov/drc. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.
FEMA provides help to all disaster survivors, regardless of race, color, national origin, sex, sexual orientation, religion, age, disability, English proficiency or economic status. Our top priority is ensuring that disaster assistance is reaching people in need.
Homeowners and renters in Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Bryan, Bulloch, Burke, Butts, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Dodge, Echols, Effingham, Elbert, Emanuel, Evans, Fulton, Glascock, Glynn, Hancock, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Long, Lowndes, McDuffie, McIntosh, Montgomery, Newton, Pierce, Rabun, Richmond, Screven, Stephens, Taliaferro, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Ware, Warren, Washington, Wayne, Wheeler and Wilkes counties can visit any open center to meet with representatives of FEMA, the State of Georgia and the U.S. Small Business Administration. No appointment is needed.
If you are in an affected county, you are encouraged to apply for FEMA disaster assistance. The quickest way to apply is online at DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages.
For an accessible video on how to apply for assistance go to FEMA Accessible: Applying for Individual 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.
Learn more at fema.gov/helene/georgia

MIL OSI USA News –

MIL-OSI: Netcompany – Reporting of transactions made by persons discharging managerial responsibilities

Source: GlobeNewswire (MIL-OSI)

Company announcement
No. 07/2025

28 January 2025

Reporting of transactions made by persons discharging managerial responsibilities
Pursuant to the Market Abuse Regulation, Article 19, Netcompany Group A/S, CVR no. 39 48 89 14 (“Netcompany”), hereby notifies receipt of information of the following transactions made by persons discharging managerial responsibilities in Netcompany in connection with automatic vesting of Restricted Stock Units (“RSUs”) granted under the terms of the Long-Term Incentive Plan (the “LTIP”).

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	André Rogaczewski
2.	Reason for the notification
a)	Position/status	CEO
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Netcompany Group A/S, CVR no. 39488914
b)	LEI	5299006DEGAWX1Z1X779
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0060952919
b)	Nature of the transaction	Acquisition following the automatic vesting of 1,935 RSUs granted under the terms of the LTIP, resulting in the delivery of 1,935 shares previously held by Netcompany as treasury shares
c)	Price(s) and volume(s)	Price(s) Volume(s) DKK 0 1,935
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	28 January 2025
f)	Place of the transaction	Outside a trading venue (XOFF)

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Claus Jørgensen
2.	Reason for the notification
a)	Position/status	COO
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Netcompany Group A/S, CVR no. 39488914
b)	LEI	5299006DEGAWX1Z1X779
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0060952919
b)	Nature of the transaction	Acquisition following the automatic vesting of 1,935 RSUs granted under the terms of the LTIP, resulting in the delivery of 1,935 shares previously held by Netcompany as treasury shares
c)	Price(s) and volume(s)	Price(s) Volume(s) DKK 0 1,935
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	28 January 2025
f)	Place of the transaction	Outside a trading venue (XOFF)

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Thomas Johansen
2.	Reason for the notification
a)	Position/status	CFO
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Netcompany Group A/S, CVR no. 39488914
b)	LEI	5299006DEGAWX1Z1X779
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Shares DK0060952919
b)	Nature of the transaction	Acquisition following the automatic vesting of 1,075 RSUs granted under the terms of the LTIP, resulting in the delivery of 1,075 shares previously held by Netcompany as treasury shares
c)	Price(s) and volume(s)	Price(s) Volume(s) DKK 0 1,075
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	28 January 2025
f)	Place of the transaction	Outside a trading venue (XOFF)

Additional information
For additional information, please contact:

Netcompany Group A/S
Thomas Johansen, CFO, +45 51 19 32 24
Frederikke Linde, Head of IR, +45 60 62 60 87

Attachment

07. Netcompany – Reporting of transactions made by persons discharging managerial responsibilities

MIL-OSI: Coastal Financial Corporation Announces Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

EVERETT, Wash., Jan. 28, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank with an industry leading banking as a service (“BaaS”) segment, today reported unaudited financial results for the quarter ended December 31, 2024, including net income of $13.4 million, or $0.94 per diluted common share, compared to $13.5 million, or $0.97 per diluted common share, for the three months ended September 30, 2024 and $45.2 million, or $3.26 per diluted common share, for the year ended December 31, 2024, compared to $44.6 million, or $3.27 per diluted common share for the year ended December 31, 2023.

Management Discussion of the Quarter and Full-year Results

“2024 was highlighted by the completion of our $98.0 million capital raise during the fourth quarter, which we will utilize to support growth of the Bank including in our CCBX segment,” said CEO Eric Sprink. “We saw high quality net loan growth of $67.7 million despite selling $845.5 million in loans during the fourth quarter, and our CCBX program fee income continued to increase which was up 56.9% for full-year 2024 relative to the prior year. We continue to invest heavily in CCBX to support future growth, and we are pleased to have three letters of intent (“LOI”) signed going into 2025 with an active pipeline.”

Key Points for Fourth Quarter and Our Go-Forward Strategy

Completed Capital Raise Allows CCBX Growth to Continue. During the fourth quarter of 2024, we completed a $98.0 million common equity raise, which was priced at $71.00/share. Proceeds will be used for general corporate purposes and to support growth of the Bank including in our CCBX segment. As of December 31, 2024 we had three signed LOIs and continue to have an active pipeline for 2025. The growth in common-equity tier 1 and total risk-based capital to 12.04% and 14.67%, respectively, includes the benefit of the capital raise.
Strong Annual Growth in CCBX Program Fees. Total BaaS program fee income was $25.6 million for the year ended December 31, 2024, an increase of $9.3 million, or 56.9%, from the year ended December 31, 2023, and is representative of growth in partner transaction activity and expanded product offerings within our CCBX operating segment. Trends in CCBX noninterest income were also positive during the quarter, with total program fees of $8.2 million for the three months ended December 31, 2024, an increase of $1.8 million, or 27.6%, from the three months ended September 30, 2024.
Investments for Growth Continues. Total non-interest expense of $64.2 million was down $1.4 million, or 2.1%, as compared to $65.6 million in the third quarter of 2024, mainly driven by lower BaaS loan expense, partially offset by higher salaries and employee benefits, point of sale expense, and legal and professional expenses. As we increase the number of new CCBX partners and programs launching in 2025, we expect that expenses will tend to be front-loaded with a focus on compliance and operational risk before any new program reaches significant revenues.
Off Balance Sheet Activity Update. During the fourth quarter of 2024, we sold $845.5 million of loans, the majority of which were credit card receivables, and swept $273.2 million of deposits off balance-sheet. We are able to retain a portion of the fee income on these sold credit card loans. As of December 31, 2024 there were 182,449 credit cards with fee earning potential, an increase of 101,023 compared to the quarter ended September 30, 2024 and an increase of 172,400 from December 31, 2023.
Continued Monitoring of CCBX Risk. We remain fully indemnified against fraud and 98.7% indemnified against credit risk with our CCBX partners as of year-end of 2024.

Fourth Quarter 2024 Financial Highlights

The tables below outline some of our key operating metrics.

	Three Months Ended
(Dollars in thousands, except share and per share data; unaudited)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Income Statement Data:
Interest and dividend income	$	96,587		$	105,079		$	97,487		$	90,472		$	88,243
Interest expense		30,071			32,892			31,250			29,536			28,586
Net interest income		66,516			72,187			66,237			60,936			59,657
Provision for credit losses		61,867			70,257			62,325			83,158			60,789
Net interest (expense)/ income after provision for credit losses		4,649			1,930			3,912			(22,222	)		(1,132	)
Noninterest income		76,756			80,068			69,918			86,955			64,694
Noninterest expense		64,206			65,616			58,809			56,018			51,703
Provision for income tax		3,832			2,926			3,425			1,915			2,847
Net income		13,367			13,456			11,596			6,800			9,012

	As of and for the Three Month Period
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Balance Sheet Data:
Cash and cash equivalents	$	452,513		$	484,026		$	487,245		$	515,128		$	483,128
Investment securities		47,321			48,620			49,213			50,090			150,364
Loans held for sale		20,600			7,565			—			797			—
Loans receivable		3,486,565			3,418,832			3,326,460			3,199,554			3,026,092
Allowance for credit losses		(176,994	)		(170,263	)		(147,914	)		(139,258	)		(116,958	)
Total assets		4,121,208			4,065,821			3,961,546			3,865,258			3,753,366
Interest bearing deposits		3,057,808			3,047,861			2,949,643			2,888,867			2,735,161
Noninterest bearing deposits		527,524			579,427			593,789			574,112			625,202
Core deposits ⁽¹⁾		3,123,434			3,190,869			3,528,339			3,447,864			3,342,004
Total deposits		3,585,332			3,627,288			3,543,432			3,462,979			3,360,363
Total borrowings		47,884			47,847			47,810			47,771			47,734
Total shareholders’ equity		438,704			331,930			316,693			303,709			294,978

Share and Per Share Data ⁽²⁾:
Earnings per share – basic	$	0.97		$	1.00		$	0.86		$	0.51		$	0.68
Earnings per share – diluted	$	0.94		$	0.97		$	0.84		$	0.50		$	0.66
Dividends per share		—			—			—			—			—
Book value per share ⁽³⁾	$	29.37		$	24.51		$	23.54		$	22.65		$	22.17
Tangible book value per share ⁽⁴⁾	$	29.37		$	24.51		$	23.54		$	22.65		$	22.17
Weighted avg outstanding shares – basic		13,828,605			13,447,066			13,412,667			13,340,997			13,286,828
Weighted avg outstanding shares – diluted		14,268,229			13,822,270			13,736,508			13,676,917			13,676,513
Shares outstanding at end of period		14,935,298			13,543,282			13,453,805			13,407,320			13,304,339
Stock options outstanding at end of period		186,354			198,370			286,119			309,069			354,969

See footnotes that follow the tables below

	As of and for the Three Month Period
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Credit Quality Data:
Nonperforming assets ⁽⁵⁾ to total assets		1.52	%		1.63	%		1.34	%		1.42	%		1.43	%
Nonperforming assets ⁽⁵⁾ to loans receivable and OREO		1.80	%		1.94	%		1.60	%		1.71	%		1.78	%
Nonperforming loans ⁽⁵⁾ to total loans receivable		1.80	%		1.94	%		1.60	%		1.71	%		1.78	%
Allowance for credit losses to nonperforming loans		282.5	%		256.5	%		278.1	%		253.8	%		217.2	%
Allowance for credit losses to total loans receivable		5.08	%		4.98	%		4.45	%		4.35	%		3.86	%
Gross charge-offs	$	61,585		$	53,305		$	55,207		$	58,994		$	47,652
Gross recoveries	$	5,646		$	4,069		$	1,973		$	1,776		$	2,781
Net charge-offs to average loans ⁽⁶⁾		6.51	%		5.65	%		6.57	%		7.34	%		5.92	%

Capital Ratios:
Company
Tier 1 leverage capital		10.78	%		8.40	%		8.31	%		8.24	%		8.10	%
Common equity Tier 1 risk-based capital		12.04	%		9.24	%		9.03	%		8.98	%		9.10	%
Tier 1 risk-based capital		12.14	%		9.34	%		9.13	%		9.08	%		9.20	%
Total risk-based capital		14.67	%		11.89	%		11.70	%		11.70	%		11.87	%
Bank
Tier 1 leverage capital		10.64	%		9.29	%		9.24	%		9.19	%		9.06	%
Common equity Tier 1 risk-based capital		11.99	%		10.34	%		10.15	%		10.14	%		10.30	%
Tier 1 risk-based capital		11.99	%		10.34	%		10.15	%		10.14	%		10.30	%
Total risk-based capital		13.28	%		11.63	%		11.44	%		11.43	%		11.58	%

⁽¹⁾Core deposits are defined as all deposits excluding brokered and time deposits.
⁽²⁾Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
⁽³⁾We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
⁽⁴⁾Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
⁽⁵⁾Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
⁽⁶⁾Annualized calculations.

Key Performance Ratios

Return on average assets (“ROA”) was 1.30% for the quarter ended December 31, 2024 compared to 1.34% and 0.97% for the quarters ended September 30, 2024 and December 31, 2023, respectively. ROA for the quarter ended December 31, 2024, decreased 0.04% and increased 0.33% compared to September 30, 2024 and December 31, 2023, respectively. Noninterest expenses were lower for the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024 largely due to a decrease in BaaS loan expense, which is directly related to the amount of interest earned on CCBX loans, and higher than the quarter ended December 31, 2023 largely due to an increase in salaries and employee benefits, data processing and software licenses, legal and professional expenses and point of sale expenses, all of which are related to the growth of Company and investments in technology and risk management.

Yield on earning assets and yield on loans receivable decreased 1.14% and 0.99%, respectively, for the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024. This decrease is due to a combination of factors. We continue to refine our credit approach with partners, widening the scope of loans that we are moving to nonaccrual, which decreased loan interest income in the quarter ended December 31, 2024 as compared to prior quarters. Average loans receivable as of December 31, 2024 decreased $45.4 million compared to September 30, 2024 as we continue to sell CCBX loans as part of our on-going strategy to manage the loan portfolio and credit quality. New loans are being booked with enhanced credit standards, which typically results in a lower interest rate than some of the higher risk loans that have paid off or we have chosen to sell.

The following table shows the Company’s key performance ratios for the periods indicated.

	Three Months Ended					Twelve Months Ended
(unaudited)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023

Return on average assets ⁽¹⁾	1.30%	1.34%	1.21%	0.73%	0.97%	1.15%	1.28%
Return on average equity ⁽¹⁾	14.90%	16.67%	15.22%	9.21%	12.35%	14.11%	16.41%
Yield on earnings assets ⁽¹⁾	9.65%	10.79%	10.49%	10.07%	9.77%	10.25%	9.82%
Yield on loans receivable ⁽¹⁾	10.44%	11.43%	11.23%	10.85%	10.71%	10.99%	10.60%
Cost of funds ⁽¹⁾	3.24%	3.62%	3.60%	3.52%	3.39%	3.49%	2.91%
Cost of deposits ⁽¹⁾	3.21%	3.59%	3.58%	3.49%	3.36%	3.46%	2.87%
Net interest margin ⁽¹⁾	6.65%	7.41%	7.13%	6.78%	6.61%	6.99%	7.10%
Noninterest expense to average assets ⁽¹⁾	6.23%	6.54%	6.14%	6.04%	5.56%	6.24%	5.90%
Noninterest income to average assets ⁽¹⁾	7.45%	7.98%	7.30%	9.38%	6.95%	8.00%	5.97%
Efficiency ratio	44.81%	43.10%	43.19%	37.88%	41.58%	42.21%	45.92%
Loans receivable to deposits ⁽²⁾	97.82%	94.46%	93.88%	92.42%	90.05%	97.8%	90.1%

⁽¹⁾Annualized calculations shown for quarterly periods presented.
⁽²⁾Includes loans held for sale.

Management Outlook; CEO Eric Sprink

“As we look forward to 2025, our strategy involves selectively expanding our current base of CCBX partners while continuing to invest in and enhance our technology and risk management infrastructure. This will enable us to support the next phase of growth within CCBX more efficiently. Additionally, we are focused on growing noninterest income through increased transaction activity and new product offerings with our established partners. We plan to continue selling credit card loans while retaining a portion of the fee income for our role in processing transactions, which offers an additional source of noninterest income without adding on-balance-sheet risk. We believe that by increasing noninterest income, we can mitigate the uncertainties associated with fluctuating interest rates and provide a more stable income stream in the future.” said CEO Eric Sprink.

Coastal Financial Corporation Overview

The Company has one main subsidiary, the Bank which consists of three segments: CCBX, the community bank and treasury & administration. The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities, and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.

CCBX Performance Update

Our CCBX segment continues to evolve, and we have 24 relationships, at varying stages, including three signed letters of intent as of December 31, 2024. We continue to refine the criteria for CCBX partnerships, exploring relationships with larger more established partners, with experienced management teams, existing customer bases and strong financial positions and will continue to exit relationships where it makes sense for us to do so.

As we explore relationships with new partners we plan to continue expanding product offerings with our existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners positions us to reach a wide and established customer base with a modest increase in regulatory risk given that we have already vetted existing partners and have an operational history. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect that trend to continue as products launched earlier in the year gain traction. We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances, and plan to continue this strategy to provide an on-going and passive revenue stream with no on balance sheet risk.

The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

	As of
(unaudited)	December 31, 2024	September 30, 2024	December 31, 2023
Active	19	19	19
Friends and family / testing	1	1	1
Implementation / onboarding	1	1	1
Signed letters of intent	3	1	0
Wind down – active but preparing to exit relationship	0	0	0
Total CCBX relationships	24	22	21

CCBX loans increased $82.3 million, or 5.4%, to $1.60 billion despite selling $845.5 million loans during the three months ended December 31, 2024. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At December 31, 2024 the portion of this portfolio for which we are responsible represented $20.6 million in loans.

The following table details the CCBX loan portfolio:

CCBX	As of
	December 31, 2024					September 30, 2024					December 31, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans:
Capital call lines	$	109,017		6.8	%	$	103,924		6.8	%	$	87,494		7.3	%
All other commercial & industrial loans		33,961		2.1			36,494		2.4			54,298		4.5
Real estate loans:
Residential real estate loans		267,707		16.7			265,402		17.5			238,035		19.9
Consumer and other loans:
Credit cards		528,554		33.0			633,691		41.6			505,837		42.3
Other consumer and other loans		664,780		41.4			482,228		31.7			310,574		26.0
Gross CCBX loans receivable		1,604,019		100.0	%		1,521,739		100.0	%		1,196,238		100.0	%
Net deferred origination (fees) costs		(442	)				(447	)				(300	)
Loans receivable	$	1,603,577				$	1,521,292				$	1,195,938
Loan Yield – CCBX ⁽¹⁾⁽²⁾		15.28	%				17.35	%				17.36	%

⁽¹⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

The increase in CCBX loans in the quarter ended December 31, 2024, includes an increase of $77.4 million or 6.9%, in consumer and other loans, an increase of $5.1 million, or 4.9%, in capital call lines as a result of normal balance fluctuations and business activities, and an increase of $2.3 million, or 0.9%, in residential real estate loans. We continue to monitor and manage the CCBX loan portfolio, and sold $845.5 million in CCBX loans during the quarter ended December 31, 2024 compared to sales of $423.7 million in the quarter ended September 30, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and generate off balance sheet fee income.

CCBX loan yield decreased 2.06% for the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024 as a result of our widening the scope of loans that we are moving to nonaccrual, which decreased loan interest income in the quarter ended December 31, 2024. Also contributing to the decrease are lower interest rates on new CCBX loans, which are replacing higher risk and higher rate loans that have paid off or were sold as part of our strategy to manage the loan portfolio and credit quality. The recent decrease in the Fed funds interest rate further contributed to the change.

The following chart show the growth in credit card accounts that we are able to generate fee income from. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, but that we are still able to generate fee income on.

The following table details the CCBX deposit portfolio:

CCBX	As of
	December 31, 2024					September 30, 2024					December 31, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	55,686		2.7	%	$	60,655		2.9	%	$	63,630		3.4	%
Interest bearing demand and money market		1,958,459		94.9			1,991,858		94.6			1,794,168		96.3
Savings		5,710		0.3			5,204		0.3			4,964		0.3
Total core deposits		2,019,855		97.9			2,057,717		97.8			1,862,762		100.0
Other deposits		44,233		2.1			47,046		2.2			—		—
Total CCBX deposits	$	2,064,088		100.0	%	$	2,104,763		100.0	%	$	1,862,762		100.0	%
Cost of deposits ⁽¹⁾		4.19	%				4.82	%				4.90	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

CCBX deposits decreased $40.7 million, or 1.9%, in the three months ended December 31, 2024 to $2.06 billion as a result of normal balance fluctuations. This excludes the $273.2 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $214.5 million for the quarter ended September 30, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third party facilitator/vendor sweep product, to participating financial institutions.

Community Bank Performance Update

In the quarter ended December 31, 2024, the community bank saw net loans decrease $14.6 million, or 0.8%, to $1.88 billion.

The following table details the Community Bank loan portfolio:

Community Bank	As of
	December 31, 2024					September 30, 2024					December 31, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans	$	150,395		8.0	%	$	152,161		8.0	%	$	149,502		8.2	%
Real estate loans:
Construction, land and land development loans		148,198		7.8			163,051		8.6			157,100		8.5
Residential real estate loans		202,064		10.7			212,467		11.2			225,391		12.3
Commercial real estate loans		1,374,801		72.8			1,362,452		71.5			1,303,533		70.9
Consumer and other loans:
Other consumer and other loans		13,542		0.7			14,173		0.7			1,628		0.1
Gross Community Bank loans receivable		1,889,000		100.0	%		1,904,304		100.0	%		1,837,154		100.0	%
Net deferred origination fees		(6,012	)				(6,764	)				(7,000	)
Loans receivable	$	1,882,988				$	1,897,540				$	1,830,154
Loan Yield⁽¹⁾		6.53	%				6.64	%				6.32	%

⁽¹⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

Community bank loans decreased $14.9 million in construction, land and land development loans, decreased $1.8 million in commercial and industrial loans and decreased $631,000 in consumer and other loans, and were partially offset by an increase in commercial real estate loans of $12.3 million during the quarter ended December 31, 2024.

The following table details the community bank deposit portfolio:

Community Bank	As of
	December 31, 2024					September 30, 2024					December 31, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	471,838		31.0	%	$	518,772		34.1	%	$	561,572		37.5	%
Interest bearing demand and money market		570,625		37.5			552,108		36.3			846,072		56.5
Savings		61,116		4.0			62,272		4.1			71,598		4.8
Total core deposits		1,103,579		72.5			1,133,152		74.5			1,479,242		98.8
Other deposits		400,118		26.3			373,681		24.5			1		0.0
Time deposits less than $100,000		5,920		0.4			6,305		0.4			8,109		0.5
Time deposits $100,000 and over		11,627		0.8			9,387		0.6			10,249		0.7
Total Community Bank deposits	$	1,521,244		100.0	%	$	1,522,525		100.0	%	$	1,497,601		100.0	%
Cost of deposits⁽¹⁾		1.86	%				1.92	%				1.57	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

Community bank deposits decreased $1.3 million, or 0.1%, during the three months ended December 31, 2024 to $1.52 billion as result of normal balance fluctuations. The community bank segment includes noninterest bearing deposits of $471.8 million, or 31.0%, of total community bank deposits, resulting in a cost of deposits of 1.86%, which compared to 1.92% for the quarter ended September 30, 2024, largely due to the decreases in the Fed funds rate late in the third quarter and during the fourth quarter of 2024. The cost of community bank deposits are projected to decline further as the Fed funds rate had a decrease of 0.25%, which occurred in December 2024 and the full quarterly effect of that decrease will not be recognized until the first quarter of 2025.

Net Interest Income and Margin Discussion

Net interest income was $66.5 million for the quarter ended December 31, 2024, a decrease of $5.7 million, or 7.9%, from $72.2 million for the quarter ended September 30, 2024, and an increase of $6.9 million, or 11.5%, from $59.7 million for the quarter ended December 31, 2023. The decrease in net interest income compared to September 30, 2024, was a result of a decrease in average loans receivable as a result of selling $845.5 million in CCBX loans during the quarter ended December 31, 2024, the recent decrease in the Fed funds interest rate, and continued enhancements to our partner credit practices that resulted in a reduction of interest income on loans. The increase in net interest income compared to December 31, 2023 was largely related to increased yield on loans resulting from higher interest rates and growth in higher yielding loans, partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.

Net interest margin was 6.65% for the three months ended December 31, 2024, compared to 7.41% for the three months ended September 30, 2024, largely due to lower loan yield. Net interest margin, net of BaaS loan expense, (A reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release.) was 4.16% for the three months ended December 31, 2024, compared to 4.06% for the three months ended September 30, 2024. Net interest margin was 6.61% for the three months ended December 31, 2023. The increase in net interest margin for the three months ended December 31, 2024 compared to the three months ended December 31, 2023 was largely due to an increase in loan yield, partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable decreased $9.9 million, or 9.9%, to $89.7 million for the three months ended December 31, 2024, compared to $99.6 million for the three months ended September 30, 2024, as a result of loan sales and a decrease in the Fed funds interest rate. Additionally, as we continue to refine our credit approach with partners, we are widening the scope of loans that we are moving to nonaccrual which decreased interest income in the quarter ended December 31, 2024 and lowered loan yield and net interest margin; however this also decreased BaaS loan expense (which is in noninterest expense) resulting in no impact to net income. Interest and fees on loans receivable increased $8.6 million, or 10.5%, compared to $81.2 million for the three months ended December 31, 2023, due to an increase in outstanding balances and higher interest rates. Net interest margin, net of Baas loan expense (A reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release.) increased 0.10% for the three months ended December 31, 2024, compared to the three months ended September 30, 2024 and increased 0.25% compared the three months ended December 31, 2023.

The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

Consolidated	As of and for the Three Months Ended									As of and for the Twelve Months Ended
(dollars in thousands; unaudited)	December 31 2024			September 30 2024			December 31 2023			December 31 2024			December 31 2023
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		6.65	%		7.41	%		6.61	%		6.99	%		7.10	%
Earning assets		3,980,078			3,875,911			3,581,772			3,802,275			3,364,406
Net interest income (GAAP)		66,516			72,187			59,657			265,876			238,727
Less: BaaS loan expense		(24,859	)		(32,612	)		(24,310	)		(111,384	)		(86,900	)
Net interest income, net of BaaS loan expense⁽²⁾	$	41,657		$	39,575		$	35,347		$	154,492		$	151,827
Net interest margin, net of BaaS loan expense ⁽¹⁾⁽²⁾		4.16	%		4.06	%		3.92	%		4.06	%		4.51	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		10.44	%		11.43	%		10.71	%		10.99	%		10.60	%
Total average loans receivable	$	3,419,476		$	3,464,871		$	3,007,289		$	3,320,582		$	2,936,908
Interest and earned fee income on loans (GAAP)		89,714			99,590			81,159			364,869			311,441
BaaS loan expense		(24,859	)		(32,612	)		(24,310	)		(111,384	)		(86,900	)
Net loan income⁽²⁾	$	64,855		$	66,978		$	56,849		$	253,485		$	224,541
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾⁽²⁾		7.55	%		7.69	%		7.50	%		7.63	%		7.65	%

⁽¹⁾ Annualized calculations shown for periods presented.
⁽²⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Average investment securities decreased $820,000 to $48.2 million compared to the three months ended September 30, 2024 and decreased $101.5 million compared to the three months ended December 31, 2023 as a result of principal paydowns and maturing securities.

Cost of funds was 3.24% for the quarter ended December 31, 2024, a decrease of 38 basis points from the quarter ended September 30, 2024 and a decrease of 16 basis points from the quarter ended December 31, 2023. Cost of deposits for the quarter ended December 31, 2024 was 3.21%, compared to 3.59% for the quarter ended September 30, 2024, and 3.36% for the quarter ended December 31, 2023. The decreased cost of funds and deposits compared to September 30, 2024 and December 31, 2023 was largely due to the recent reductions in the Fed funds rate.

The following table summarizes the average yield on loans receivable and cost of deposits:

	For the Three Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023
	Yield on Loans ⁽²⁾	Cost of Deposits ⁽²⁾	Yield on Loans ⁽²⁾	Cost of Deposits ⁽²⁾	Yield on Loans ⁽²⁾	Cost of Deposits ⁽²⁾
Community Bank	6.53%	1.86%	6.64%	1.92%	6.32%	1.57%
CCBX ⁽¹⁾	15.28%	4.19%	17.35%	4.82%	17.36%	4.90%
Consolidated	10.44%	3.21%	11.43%	3.59%	10.71%	3.36%

⁽¹⁾Annualized calculations for periods shown for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Annualized calculations for periods shown.

The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

	For the Three Months Ended
	December 31, 2024			September 30, 2024				December 31, 2023
(dollars in thousands, unaudited)	Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾	Income / Expense		Income / expense divided by average CCBX loans⁽²⁾		Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾
BaaS loan interest income	$	58,671	15.28%	$	67,692	17.35	%	$	52,327	17.36%
Less: BaaS loan expense		24,859	6.48%		32,612	8.36	%		24,310	8.06%
Net BaaS loan income ⁽¹⁾	$	33,812	8.81%	$	35,080	8.99	%	$	28,017	9.30%
Average BaaS Loans⁽³⁾	$	1,527,178		$	1,552,443			$	1,196,137

⁽¹⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
⁽²⁾ Annualized calculations shown for quarterly periods presented.
⁽³⁾ Includes loans held for sale.

Noninterest Income Discussion

Noninterest income was $76.8 million for the three months ended December 31, 2024, a decrease of $3.3 million from $80.1 million for the three months ended September 30, 2024, and an increase of $12.1 million from $64.7 million for the three months ended December 31, 2023. The decrease in noninterest income for the quarter ended December 31, 2024 as compared to the quarter ended September 30, 2024 was primarily due to a decrease of $3.3 million in total BaaS income. The $3.3 million decrease in total BaaS income included an $8.0 million decrease in BaaS credit enhancements related to the provision for credit losses, partially offset by a a $3.0 million increase in BaaS fraud enhancements and an increase of $1.8 million in BaaS program income. The $1.8 million increase in BaaS program income is largely due to higher reimbursement of expenses as well as an increase in transaction fees and interchange fees, our primary BaaS source for recurring fee income, as well as higher reimbursement of expenses (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

The $12.1 million increase in noninterest income over the quarter ended December 31, 2023 was primarily due to a $7.9 million increase in BaaS credit and fraud enhancements and an increase of $3.8 million in BaaS program income.

Noninterest Expense Discussion
Total noninterest expense decreased $1.4 million to $64.2 million for the three months ended December 31, 2024, compared to $65.6 million for the three months ended September 30, 2024, and increased $12.5 million from $51.7 million for the three months ended December 31, 2023. The decrease in noninterest expense for the quarter ended December 31, 2024, as compared to the quarter ended September 30, 2024, was primarily due to a $4.8 million decrease in BaaS expense from a $7.8 million decrease in BaaS loan expense, partially offset by a $3.0 million increase in BaaS fraud expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners. Other variances that partially offset the net decrease in noninterest expense include an increase of $1.4 million in point of sale expenses as a result of increased partner transaction activity, an increase of $893,000 in salaries and employee benefits and an increase of $1.0 million in legal and professional fees as part of our continued investments in technology and risk management.

The increase in noninterest expenses for the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023 was largely due to an increase of $4.8 million in BaaS partner expense primarily from a $4.3 million increase in BaaS fraud expense, a $549,000 increase in BaaS loan expense, a $2.0 million increase in legal and professional expenses, a $1.8 million increase in point of sale expenses, a $1.5 million increase in salary and employee benefits, and a $1.2 million increase in data processing and software licenses due to enhancements in technology.

Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and all reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partners:

	Three Months Ended
	December 31,		September 30,		December 31,
(dollars in thousands; unaudited)	2024		2024		2023
Total noninterest expense (GAAP)	$	64,206	$	65,616	$	51,703
Less: BaaS loan expense		24,859		32,612		24,310
Less: BaaS fraud expense		5,043		2,084		779
Less: Reimbursement of expenses (Baas)		3,468		1,843		1,076
Noninterest expense, net of Baas loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) ⁽¹⁾	$	30,836	$	29,077	$	25,538

⁽¹⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Provision for Income Taxes

The provision for income taxes was $3.8 million for the three months ended December 31, 2024, $2.9 million for the three months ended September 30, 2024 and $2.8 million for the fourth quarter of 2023. The income tax provision was higher for the three months ended December 31, 2024 compared to the quarter ended September 30, 2024 as a result of the deductibility of certain equity awards which reduced tax expense during the quarter ended September 30, 2024 compared to the quarter ended December 31, 2024 despite net income being higher fairly even, and higher than the quarter ended December 31, 2023, primarily due to higher net income compared to that quarter, partially offset by the deductibility of certain equity awards.

The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.63% for calculating the provision for state income taxes.

Financial Condition Overview

Total assets increased $55.4 million, or 1.4%, to $4.12 billion at December 31, 2024 compared to $4.07 billion at September 30, 2024. The increase is primarily due to stronger loan growth, partially offset by lower cash balances. Total loans receivable increased $67.7 million to $3.49 billion at December 31, 2024, from $3.42 billion at September 30, 2024.

As of December 31, 2024, the Company had the capacity to borrow up to a total of $642.1 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, and an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of December 31, 2024.

The Company completed a $98.0 million capital raise during the quarter ended December 31, 2024. After contributing $50.0 million to the Bank, the Company had a cash balance of $47.7 million as of December 31, 2024, which is retained for general operating purposes, including debt repayment, and for funding $480,000 in commitments to bank technology investment funds.

Uninsured deposits were $543.0 million as of December 31, 2024, compared to $542.2 million as of September 30, 2024.

Total shareholders’ equity as of December 31, 2024 increased $106.8 million since September 30, 2024. The increase in shareholders’ equity was primarily due to an increase of $93.4 million in common stock outstanding as a result of the aforementioned capital raise and, to a lessor extent, equity awards exercised during the three months ended December 31, 2024 combined with $13.4 million in net earnings.

The Company and the Bank remained well capitalized at December 31, 2024, as summarized in the following table.

(unaudited)	Coastal Community Bank	Coastal Financial Corporation	Minimum Well Capitalized Ratios under Prompt Corrective Action ⁽¹⁾
Tier 1 Leverage Capital (to average assets)	10.64%	10.78%	5.00%
Common Equity Tier 1 Capital (to risk-weighted assets)	11.99%	12.04%	6.50%
Tier 1 Capital (to risk-weighted assets)	11.99%	12.14%	8.00%
Total Capital (to risk-weighted assets)	13.28%	14.67%	10.00%

⁽¹⁾ Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

Asset Quality

The total allowance for credit losses was $177.0 million and 5.08% of loans receivable at December 31, 2024 compared to $170.3 million and 4.98% at September 30, 2024 and $117.0 million and 3.86% at December 31, 2023. The allowance for credit loss allocated to the CCBX portfolio was $158.1 million and 9.86% of CCBX loans receivable at December 31, 2024, with $18.9 million of allowance for credit loss allocated to the community bank or 1.00% of total community bank loans receivable.

The following table details the allocation of the allowance for credit loss as of the period indicated:

	As of December 31, 2024									As of September 30, 2024									As of December 31, 2023
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Loans receivable	$	1,882,988		$	1,603,577		$	3,486,565		$	1,897,540		$	1,521,292		$	3,418,832		$	1,830,154		$	1,195,938		$	3,026,092
Allowance for credit losses		(18,924	)		(158,070	)		(176,994	)		(20,132	)		(150,131	)		(170,263	)		(21,595	)		(95,363	)		(116,958	)
Allowance for credit losses to total loans receivable		1.00	%		9.86	%		5.08	%		1.06	%		9.87	%		4.98	%		1.18	%		7.97	%		3.86	%

Net charge-offs totaled $55.9 million for the quarter ended December 31, 2024, compared to $49.2 million for the quarter ended September 30, 2024 and $44.9 million for the quarter ended December 31, 2023. Net charge-offs as a percent of average loans increased to 6.51% for the quarter ended December 31, 2024 compared to 5.65% for the quarter ended September 30, 2024. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $324.6 million loan portfolio. At December 31, 2024, our portion of this portfolio represented $20.6 million in loans. Net charge-offs for this $20.6 million in loans were $1.1 million for the three months ended December 31, 2024, compared to $1.1 million for the three months ended September 30, 2024 and $1.5 million for the three months ended December 31, 2023.

The following table details net charge-offs for the community bank and CCBX for the period indicated:

	Three Months Ended
	December 31, 2024									September 30, 2024									December 31, 2023
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Gross charge-offs	$	139		$	61,446		$	61,585		$	398		$	52,907		$	53,305		$	2		$	47,650		$	47,652
Gross recoveries		(3	)		(5,643	)		(5,646	)		(3	)		(4,066	)		(4,069	)		(4	)		(2,777	)		(2,781	)
Net charge-offs	$	136		$	55,803		$	55,939		$	395		$	48,841		$	49,236		$	(2	)	$	44,873		$	44,871
Net charge-offs to average loans ⁽¹⁾		0.03	%		14.54	%		6.51	%		0.08	%		12.52	%		5.65	%		0.00	%		14.88	%		5.92	%

⁽¹⁾ Annualized calculations shown for periods presented.

During the quarter ended December 31, 2024, a $63.7 million provision for credit losses was recorded for CCBX partner loans, compared to the $72.1 million provision for credit losses was recorded for CCBX partner loans for the quarter ended September 30, 2024, the provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $158.1 million at December 31, 2024 compared to $150.1 million at September 30, 2024. The increase in the allowance is due to the addition of new loans, partially offset by loan sales. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

The factors used in management’s analysis for community bank credit losses indicated that a provision recapture of $1.1 million and was needed for the quarter ended December 31, 2024 compared to a provision recapture of $519,000 and provision of $277,000 for the quarters ended September 30, 2024 and December 31, 2023, respectively. The recapture in the current period was due to the decrease in the community bank loan portfolio combined with an improvement in the forward look, which is driven by the future projected unemployment and GDP curves, which flattened since last quarter, lessening the impact of this factor.

The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

	Three Months Ended
(dollars in thousands; unaudited)	December 31, 2024			September 30, 2024			December 31, 2023
Community bank	$	(1,071	)	$	(519	)	$	277
CCBX		63,741			72,104			60,467
Total provision expense	$	62,670		$	71,585		$	60,744

A recapture for unfunded commitments of $803,000 was recorded for the quarter ended December 31, 2024 as a result of a decrease in the overall available balance combined with an improvement in the reserve rates.

At December 31, 2024, our nonperforming assets were $62.7 million, or 1.52%, of total assets, compared to $66.4 million, or 1.63%, of total assets, at September 30, 2024, and $53.8 million, or 1.43%, of total assets, at December 31, 2023. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of December 31, 2024, $60.8 million of the $62.6 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

Nonperforming assets decreased $3.7 million during the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024. This change is due to a decrease in CCBX and community bank nonaccrual loans. Community bank nonperforming loans decreased $1.0 million from September 30, 2024 to $100,000 as of December 31, 2024, and CCBX nonperforming loans decreased $2.7 million to $62.6 million from September 30, 2024. The decrease in CCBX nonperforming loans is due to an decrease of $570,000 in nonaccrual loans from September 30, 2024 to $19.5 million. Some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $17.2 million of these loans are less than 90 days past due as of December 31, 2024. Additionally, there was a $2.2 million decrease in CCBX loans that are past due 90 days or more and still accruing interest. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at December 31, 2024. Our nonperforming loans to loans receivable ratio was 1.80% at December 31, 2024, compared to 1.94% at September 30, 2024, and 1.78% at December 31, 2023.

For the quarter ended December 31, 2024, there were $136,000 community bank net charge-offs and $55.8 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

The following table details the Company’s nonperforming assets for the periods indicated.

Consolidated	As of
(dollars in thousands; unaudited)	December 31, 2024			September 30, 2024			December 31, 2023
Nonaccrual loans:
Commercial and industrial loans	$	334		$	531		$	—
Real estate loans:
Residential real estate		—			44			170
Commercial real estate		—			831			7,145
Consumer and other loans:
Credit cards		10,262			7,987			—
Other consumer and other loans		8,967			11,713			—
Total nonaccrual loans		19,563			21,106			7,315
Accruing loans past due 90 days or more:
Commercial & industrial loans		1,006			1,566			2,086
Real estate loans:
Residential real estate loans		2,608			3,025			1,115
Consumer and other loans:
Credit cards		34,490			34,562			34,835
Other consumer and other loans		4,989			6,111			8,488
Total accruing loans past due 90 days or more		43,093			45,264			46,524
Total nonperforming loans		62,656			66,370			53,839
Real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	62,656		$	66,370		$	53,839
Total nonaccrual loans to loans receivable		0.56	%		0.62	%		0.24	%
Total nonperforming loans to loans receivable		1.80	%		1.94	%		1.78	%
Total nonperforming assets to total assets		1.52	%		1.63	%		1.43	%

The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

CCBX	As of
(dollars in thousands; unaudited)	December 31, 2024			September 30, 2024			December 31, 2023
Nonaccrual loans:
Commercial and industrial loans:
All other commercial & industrial loans	$	234		$	333		$	—
Consumer and other loans:
Credit cards		10,262			7,987			—
Other consumer and other loans		8,967			11,713			—
Total nonaccrual loans		19,463			20,033			—
Accruing loans past due 90 days or more:
Commercial & industrial loans		1,006			1,566			2,086
Real estate loans:
Residential real estate loans		2,608			3,025			1,115
Consumer and other loans:
Credit cards		34,490			34,562			34,835
Other consumer and other loans		4,989			6,111			8,488
Total accruing loans past due 90 days or more		43,093			45,264			46,524
Total nonperforming loans		62,556			65,297			46,524
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	62,556		$	65,297		$	46,524
Total CCBX nonperforming assets to total consolidated assets		1.52	%		1.61	%		1.24	%

Community Bank	As of
(dollars in thousands; unaudited)	December 31, 2024		September 30, 2024			December 31, 2023
Nonaccrual loans:
Commercial and industrial loans	$	100	$	198		$	—
Real estate:
Residential real estate		—		44			170
Commercial real estate		—		831			7,145
Total nonaccrual loans		100		1,073			7,315
Accruing loans past due 90 days or more:
Total accruing loans past due 90 days or more		—		—			—
Total nonperforming loans		100		1,073			7,315
Other real estate owned		—		—			—
Repossessed assets		—		—			—
Total nonperforming assets	$	100	$	1,073		$	7,315
Total community bank nonperforming assets to total consolidated assets	< 0.01%			0.03	%		0.19	%

About Coastal Financial

Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The $4.12 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to broker-dealers, digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment. To learn more about the Company visit www.coastalbank.com.

CCB-ER

Contact

Eric Sprink, Chief Executive Officer, (425) 357-3659
Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands; unaudited)

ASSETS
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Cash and due from banks	$	36,533		$	45,327		$	59,995		$	32,790		$	31,345
Interest earning deposits with other banks		415,980			438,699			427,250			482,338			451,783
Investment securities, available for sale, at fair value		35			38			39			41			99,504
Investment securities, held to maturity, at amortized cost		47,286			48,582			49,174			50,049			50,860
Other investments		10,800			10,757			10,664			10,583			10,227
Loans held for sale		20,600			7,565			—			797			—
Loans receivable		3,486,565			3,418,832			3,326,460			3,199,554			3,026,092
Allowance for credit losses		(176,994	)		(170,263	)		(147,914	)		(139,258	)		(116,958	)
Total loans receivable, net		3,309,571			3,248,569			3,178,546			3,060,296			2,909,134
CCBX credit enhancement asset		181,890			167,251			143,485			137,276			107,921
CCBX receivable		14,138			16,060			11,520			10,369			9,088
Premises and equipment, net		27,431			25,833			24,526			22,995			22,090
Lease right-of-use assets		5,219			5,427			5,635			5,756			5,932
Accrued interest receivable		21,104			23,664			23,617			24,681			26,819
Bank-owned life insurance, net		13,375			13,255			13,132			12,991			12,870
Deferred tax asset, net		3,600			3,083			2,221			2,221			3,806
Other assets		13,646			11,711			11,742			12,075			11,987
Total assets	$	4,121,208		$	4,065,821		$	3,961,546		$	3,865,258		$	3,753,366

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits	$	3,585,332		$	3,627,288		$	3,543,432		$	3,462,979		$	3,360,363
Subordinated debt, net		44,293			44,256			44,219			44,181			44,144
Junior subordinated debentures, net		3,591			3,591			3,591			3,590			3,590
Deferred compensation		332			369			405			442			479
Accrued interest payable		962			1,070			999			1,061			892
Lease liabilities		5,398			5,609			5,821			5,946			6,124
CCBX payable		29,171			39,188			34,536			33,095			33,651
Other liabilities		13,425			12,520			11,850			10,255			9,145
Total liabilities		3,682,504			3,733,891			3,644,853			3,561,549			3,458,388
SHAREHOLDERS’ EQUITY
Common Stock		228,177			134,769			132,989			131,601			130,136
Retained earnings		210,529			197,162			183,706			172,110			165,311
Accumulated other comprehensive loss, net of tax		(2	)		(1	)		(2	)		(2	)		(469	)
Total shareholders’ equity		438,704			331,930			316,693			303,709			294,978
Total liabilities and shareholders’ equity	$	4,121,208		$	4,065,821		$	3,961,546		$	3,865,258		$	3,753,366

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts; unaudited)

	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	89,714	$	99,590	$	90,944		$	84,621		$	81,159
Interest on interest earning deposits with other banks		6,021		4,781		5,683			4,780			5,687
Interest on investment securities		661		675		686			1,034			1,225
Dividends on other investments		191		33		174			37			172
Total interest income		96,587		105,079		97,487			90,472			88,243
INTEREST EXPENSE
Interest on deposits		29,404		32,083		30,578			28,867			27,916
Interest on borrowed funds		667		809		672			669			670
Total interest expense		30,071		32,892		31,250			29,536			28,586
Net interest income		66,516		72,187		66,237			60,936			59,657
PROVISION FOR CREDIT LOSSES		61,867		70,257		62,325			83,158			60,789
Net interest income/(expense) after provision for credit losses		4,649		1,930		3,912			(22,222	)		(1,132	)
NONINTEREST INCOME
Service charges and fees		932		952		946			908			957
Loan referral fees		—		—		—			168			—
Unrealized gain (loss) on equity securities, net		1		2		9			15			80
Other income		473		486		257			308			60
Noninterest income, excluding BaaS program income and BaaS indemnification income		1,406		1,440		1,212			1,399			1,097
Servicing and other BaaS fees		1,043		1,044		1,525			1,131			1,015
Transaction fees		1,783		1,696		1,309			1,122			1,006
Interchange fees		1,916		1,853		1,625			1,539			1,272
Reimbursement of expenses		3,468		1,843		1,637			1,033			1,076
BaaS program income		8,210		6,436		6,096			4,825			4,369
BaaS credit enhancements		62,097		70,108		60,826			79,808			58,449
BaaS fraud enhancements		5,043		2,084		1,784			923			779
BaaS indemnification income		67,140		72,192		62,610			80,731			59,228
Total noninterest income		76,756		80,068		69,918			86,955			64,694
NONINTEREST EXPENSE
Salaries and employee benefits		17,994		17,101		17,005			17,984			16,490
Occupancy		958		964		985			1,029			976
Data processing and software licenses		4,010		4,297		3,625			3,381			2,781
Legal and professional expenses		4,606		3,597		3,631			3,672			2,649
Point of sale expense		2,745		1,351		852			869			899
Excise taxes		778		762		(706	)		320			449
Federal Deposit Insurance Corporation (“FDIC”) assessments		750		740		690			683			665
Director and staff expenses		683		559		470			400			478
Marketing		28		67		14			53			138
Other expense		1,752		1,482		1,383			1,867			1,089
Noninterest expense, excluding BaaS loan and BaaS fraud expense		34,304		30,920		27,949			30,258			26,614
BaaS loan expense		24,859		32,612		29,076			24,837			24,310
BaaS fraud expense		5,043		2,084		1,784			923			779
BaaS loan and fraud expense		29,902		34,696		30,860			25,760			25,089
Total noninterest expense		64,206		65,616		58,809			56,018			51,703
Income before provision for income taxes		17,199		16,382		15,021			8,715			11,859
PROVISION FOR INCOME TAXES		3,832		2,926		3,425			1,915			2,847
NET INCOME	$	13,367	$	13,456	$	11,596		$	6,800		$	9,012
Basic earnings per common share	$	0.97	$	1.00	$	0.86		$	0.51		$	0.68
Diluted earnings per common share	$	0.94	$	0.97	$	0.84		$	0.50		$	0.66
Weighted average number of common shares outstanding:
Basic		13,828,605		13,447,066		13,412,667			13,340,997			13,286,828
Diluted		14,268,229		13,822,270		13,736,508			13,676,917			13,676,513

COASTAL FINANCIAL CORPORATION
AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	December 31, 2024							September 30, 2024							December 31, 2023
	Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾
Assets
Interest earning assets:
Interest earning deposits with other banks	$	501,654		$	6,021	4.77	%	$	350,915		$	4,781	5.42	%	$	413,127		$	5,687	5.46	%
Investment securities, available for sale ⁽²⁾		39			—	—			40			—	—			100,204			546	2.16
Investment securities, held to maturity ⁽²⁾		48,126			661	5.46			48,945			675	5.49			49,469			679	5.45
Other investments		10,783			191	7.05			11,140			33	1.18			11,683			172	5.84
Loans receivable ⁽³⁾		3,419,476			89,714	10.44			3,464,871			99,590	11.43			3,007,289			81,159	10.71
Total interest earning assets		3,980,078			96,587	9.65			3,875,911			105,079	10.79			3,581,772			88,243	9.77
Noninterest earning assets:
Allowance for credit losses		(156,687	)						(151,292	)						(95,391	)
Other noninterest earning assets		277,922							268,903							204,052
Total assets	$	4,101,313						$	3,993,522						$	3,690,433

Liabilities and Shareholders’ Equity
Interest bearing liabilities:
Interest bearing deposits	$	3,068,357		$	29,404	3.81	%	$	2,966,527		$	32,083	4.30	%	$	2,660,235		$	27,916	4.16	%
FHLB advances and other borrowings		—			1	—			9,717			140	5.73			3			—	—
Subordinated debt		44,272			599	5.38			44,234			598	5.38			44,121			598	5.38
Junior subordinated debentures		3,591			67	7.42			3,591			71	7.87			3,590			72	7.96
Total interest bearing liabilities		3,116,220			30,071	3.84			3,024,069			32,892	4.33			2,707,949			28,586	4.19
Noninterest bearing deposits		577,453							588,178							640,424
Other liabilities		50,824							60,101							52,450
Total shareholders’ equity		356,816							321,174							289,612
Total liabilities and shareholders’ equity	$	4,101,313						$	3,993,522						$	3,690,435
Net interest income				$	66,516						$	72,187						$	59,657
Interest rate spread						5.82	%						6.46	%						5.59	%
Net interest margin ⁽⁴⁾						6.65	%						7.41	%						6.61	%

⁽¹⁾Yields and costs are annualized.
⁽²⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽³⁾Includes loans held for sale and nonaccrual loans.
⁽⁴⁾Net interest margin represents net interest income divided by the average total interest earning assets.

COASTAL FINANCIAL CORPORATION
SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	December 31, 2024						September 30, 2024						December 31, 2023
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Community Bank
Assets
Interest earning assets:
Loans receivable ⁽²⁾	$	1,892,298	$	31,043	6.53	%	$	1,912,428	$	31,898	6.64	%	$	1,811,152	$	28,832	6.32	%
Total interest earning assets		1,892,298		31,043	6.53			1,912,428		31,898	6.64			1,811,152		28,832	6.32
Liabilities
Interest bearing liabilities:
Interest bearing deposits		1,029,346		7,161	2.77	%		982,280		7,264	2.94	%		951,148		6,090	2.54	%
Intrabank liability		357,442		4,290	4.77			406,641		5,540	5.42			275,995		3,799	5.46
Total interest bearing liabilities		1,386,788		11,451	3.28			1,388,921		12,804	3.67			1,227,143		9,889	3.20
Noninterest bearing deposits		505,510						523,507						584,009
Net interest income			$	19,592					$	19,094					$	18,943
Net interest margin⁽³⁾					4.12	%					3.97	%					4.15	%

CCBX
Assets
Interest earning assets:
Loans receivable ⁽²⁾⁽⁴⁾	$	1,527,178	$	58,671	15.28	%	$	1,552,443	$	67,692	17.35	%	$	1,196,137	$	52,327	17.36	%
Intrabank asset		583,776		7,007	4.78			496,475		6,764	5.42			569,365		7,837	5.46
Total interest earning assets		2,110,954		65,678	12.38			2,048,918		74,456	14.46			1,765,502		60,164	13.52
Liabilities
Interest bearing liabilities:
Interest bearing deposits		2,039,011		22,243	4.34	%		1,984,247		24,819	4.98	%		1,709,087		21,826	5.07	%
Total interest bearing liabilities		2,039,011		22,243	4.34			1,984,247		24,819	4.98			1,709,087		21,826	5.07
Noninterest bearing deposits		71,943						64,671						56,415
Net interest income			$	43,435					$	49,637					$	38,338
Net interest margin⁽³⁾					8.19	%					9.64	%					8.62	%
Net interest margin, net of Baas loan expense ⁽⁵⁾					3.50	%					3.31	%					3.15	%

	For the Three Months Ended
	December 31, 2024						September 30, 2024							December 31, 2023
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Treasury & Administration
Assets
Interest earning assets:
Interest earning deposits with other banks	$	501,654	$	6,021	4.77	%	$	350,915		$	4,781	5.42	%	$	413,127	$	5,687	5.46	%
Investment securities, available for sale ⁽⁶⁾		39		—	—			40			—	—			100,204		546	2.16
Investment securities, held to maturity ⁽⁶⁾		48,126		661	5.46			48,945			675	5.49			49,469		679	5.45
Other investments		10,783		191	7.05			11,140			33	1.18			11,683		172	5.84
Total interest earning assets		560,602		6,873	4.88	%		411,040	—		5,489	5.31	%		574,483		7,084	4.89	%
Liabilities
Interest bearing liabilities:
FHLB advances and borrowings	$	—	$	1	—	%		9,717			140	5.73	%		3		—	—	%
Subordinated debt		44,272		599	5.38	%		44,234			598	5.38	%		44,121		598	5.38	%
Junior subordinated debentures		3,591		67	7.42			3,591			71	7.87			3,590		72	7.96
Intrabank liability, net ⁽⁷⁾		226,334		2,717	4.78			89,834			1,224	5.42			293,370		4,038	5.46
Total interest bearing liabilities		274,197		3,384	4.91			147,376			2,033	5.49			341,084		4,708	5.48
Net interest income			$	3,489						$	3,456					$	2,376
Net interest margin⁽³⁾					2.48	%						3.34	%					1.64	%

(1) Yields and costs are annualized.
⁽²⁾Includes loans held for sale and nonaccrual loans.
⁽³⁾Net interest margin represents net interest income divided by the average total interest earning assets.
⁽⁴⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽⁵⁾Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
⁽⁶⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽⁷⁾Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

Reconciliations of the GAAP and non-GAAP measures are presented below.

CCBX	As of and for the Three Months Ended									As of and for the Twelve Months Ended
(dollars in thousands; unaudited)	December 31 2024			September 30 2024			December 31 2023			December 31 2024			December 31 2023
Net BaaS loan income divided by average CCBX loans:
CCBX loan yield (GAAP)⁽¹⁾		15.28	%		17.35	%		17.36	%		16.89	%		16.89	%
Total average CCBX loans receivable	$	1,527,178		$	1,552,443		$	1,196,137		$	1,427,571		$	1,210,413
Interest and earned fee income on CCBX loans (GAAP)		58,671			67,692			52,327			241,134			204,458
BaaS loan expense		(24,859	)		(32,612	)		(24,310	)		(111,384	)		(86,900	)
Net BaaS loan income	$	33,812		$	35,080		$	28,017		$	129,750		$	117,558
Net BaaS loan income divided by average CCBX loans ⁽¹⁾		8.81	%		8.99	%		9.30	%		9.09	%		9.71	%
CCBX net interest margin, net of BaaS loan expense:
CCBX net interest margin ⁽¹⁾		8.19	%		9.64	%		8.62	%		8.87	%		9.65	%
CCBX earning assets		2,110,954			2,048,918			1,765,502			1,999,695			1,574,334
Net interest income (GAAP)		43,435			49,637			38,338			177,320			151,883
Less: BaaS loan expense		(24,859	)		(32,612	)		(24,310	)		(111,384	)		(86,900	)
Net interest income, net of BaaS loan expense	$	18,576		$	17,025		$	14,028		$	65,936		$	64,983
CCBX net interest margin, net of BaaS loan expense ⁽¹⁾		3.50	%		3.31	%		3.15	%		3.30	%		4.13	%

Consolidated	As of and for the Three Months Ended									As of and for the Twelve Months Ended
(dollars in thousands; unaudited)	December 31 2024			September 30 2024			December 31 2023			December 31 2024			December 31 2023
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		6.65	%		7.41	%		6.61	%		6.99	%		7.10	%
Earning assets		3,980,078			3,875,911			3,581,772			3,802,275			3,364,406
Net interest income (GAAP)		66,516			72,187			59,657			265,876			238,727
Less: BaaS loan expense		(24,859	)		(32,612	)		(24,310	)		(111,384	)		(86,900	)
Net interest income, net of BaaS loan expense	$	41,657		$	39,575		$	35,347		$	154,492		$	151,827
Net interest margin, net of BaaS loan expense ⁽¹⁾		4.16	%		4.06	%		3.92	%		4.06	%		4.51	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		10.44	%		11.43	%		10.71	%		10.99	%		10.60	%
Total average loans receivable	$	3,419,476		$	3,464,871		$	3,007,289		$	3,320,582		$	2,936,908
Interest and earned fee income on loans (GAAP)		89,714			99,590			81,159			364,869			311,441
BaaS loan expense		(24,859	)		(32,612	)		(24,310	)		(111,384	)		(86,900	)
Net loan income	$	64,855		$	66,978		$	56,849		$	253,485		$	224,541
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾		7.55	%		7.69	%		7.50	%		7.63	%		7.65	%

⁽¹⁾ Annualized calculations for periods presented.

The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. The most comparable GAAP measure is noninterest expense.

	As of and for the Three Months Ended
(dollars in thousands, unaudited)	December 31, 2024		September 30, 2024		December 31, 2023
Noninterest expense, net of reimbursement of expenses (BaaS)
Noninterest expense (GAAP)	$	64,206	$	65,616	$	51,703
Less: BaaS loan expense		24,859		32,612		24,310
Less: BaaS fraud expense		5,043		2,084		779
Less: Reimbursement of expenses		3,468		1,843		1,076
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses	$	30,836	$	29,077	$	25,538

APPENDIX A –
As of December 31, 2024

Industry Concentration

We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.49 billion in outstanding loan balances. When combined with $1.96 billion in unused commitments the total of these categories is $5.46 billion.

Commercial real estate loans represent the largest segment of our loans, comprising 39.4% of our total balance of outstanding loans as of December 31, 2024. Unused commitments to extend credit represents an additional $34.2 million, and the combined total in commercial real estate loans represents $1.41 billion, or 25.8% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of December 31, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Apartments	$	405,561	$	4,953	$	410,514	7.5	%	$	3,937	103
Hotel/Motel		154,691		68		154,759	2.8			6,726	23
Convenience Store		139,735		575		140,310	2.6			2,329	60
Office		122,897		7,687		130,584	2.4			1,366	90
Retail		103,312		414		103,726	1.9			993	104
Warehouse		103,130		—		103,130	1.9			1,748	59
Mixed use		91,607		5,365		96,972	1.8			1,160	79
Mini Storage		80,837		10,183		91,020	1.7			3,674	22
Strip Mall		43,894		—		43,894	0.8			6,271	7
Manufacturing		37,617		1,200		38,817	0.7			1,297	29
Groups < 0.70% of total		91,520		3,777		95,297	1.7			1,173	78
Total	$	1,374,801	$	34,222	$	1,409,023	25.8	%	$	2,102	654

Consumer loans comprise 34.6% of our total balance of outstanding loans as of December 31, 2024. Unused commitments to extend credit represents an additional $735.8 million, and the combined total in consumer and other loans represents $1.94 billion, or 35.6% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $1,000. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of December 31, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX consumer loans
Credit cards	$	528,554	$	717,198	$	1,245,752	22.8	%	$	1.8	301,799
Installment loans		656,797		15,806		672,603	12.3			1.0	690,596
Lines of credit		722		1		723	0.0			1.4	524
Other loans		7,261		—		7,261	0.1			—	163,026
Community bank consumer loans
Installment loans		1,917		2		1,919	0.1			68.5	28
Lines of credit		181		344		525	0.0			5.7	32
Other loans		11,444		2,400		13,844	0.3			30.6	374
Total	$	1,206,876	$	735,751	$	1,942,627	35.6	%	$	1.0	1,156,379

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Residential real estate loans comprise 13.4% of our total balance of outstanding loans as of December 31, 2024. Unused commitments to extend credit represents an additional $499.5 million, and the combined total in residential real estate loans represents $969.3 million, or 17.8% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of December 31, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX residential real estate loans
Home equity line of credit	$	267,707	$	453,369	$	721,076	13.2	%	$	27	10,092
Community bank residential real estate loans
Closed end, secured by first liens		165,433		2,080		167,513	3.1			537	308
Home equity line of credit		25,506		43,102		68,608	1.3			109	234
Closed end, second liens		11,125		965		12,090	0.2			371	30
Total	$	469,771	$	499,516	$	969,287	17.8	%	$	44	10,664

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Commercial and industrial loans comprise 8.4% of our total balance of outstanding loans as of December 31, 2024. Unused commitments to extend credit represents an additional $645.5 million, and the combined total in commercial and industrial loans represents $938.9 million, or 17.2% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $109.0 million in outstanding capital call lines, with an additional $550.9 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of December 31, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Consolidated C&I loans
Capital Call Lines	$	109,017	$	550,948	$	659,965	12.1	%	$	808	135
Construction/Contractor Services		24,367		36,343		60,710	1.1			121	202
Financial Institutions		48,648		—		48,648	0.9			4,054	12
Retail		28,533		5,664		34,197	0.6			14	2,052
Manufacturing		5,604		4,581		10,185	0.2			147	38
Medical / Dental / Other Care		7,074		2,641		9,715	0.2			544	13
Groups < 0.20% of total		70,130		45,360		115,490	2.1			55	1,275
Total	$	293,373	$	645,537	$	938,910	17.2	%	$	79	3,727

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Construction, land and land development loans comprise 4.2% of our total balance of outstanding loans as of December 31, 2024. Unused commitments to extend credit represents an additional $47.8 million, and the combined total in construction, land and land development loans represents $196.0 million, or 3.6% of our total outstanding loans and loan commitments.

The following table details our loan commitment for our construction, land and land development portfolio as of December 31, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Commercial construction	$	83,216	$	30,500	$	113,716	2.1	%	$	6,935	12
Residential construction		40,940		10,873		51,813	0.9			2,408	17
Developed land loans		8,305		456		8,761	0.2			489	17
Undeveloped land loans		8,665		4,816		13,481	0.2			619	14
Land development		7,072		1,157		8,229	0.2			643	11
Total	$	148,198	$	47,802	$	196,000	3.6	%	$	2,087	71

Exposure and risk in our construction, land and land development portfolio is declining compared to previous periods as indicated in the following table:

	Outstanding Balance as of
(dollars in thousands; unaudited)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Commercial construction	$	83,216	$	97,792	$	110,372	$	102,099	$	81,489
Residential construction		40,940		35,822		34,652		28,751		34,213
Undeveloped land loans		8,665		8,606		8,372		8,190		7,890
Developed land loans		8,305		14,863		13,954		14,307		20,515
Land development		7,072		5,968		5,714		7,515		12,993
Total	$	148,198	$	163,051	$	173,064	$	160,862	$	157,100

Commitments to extend credit total $1.96 billion at December 31, 2024, however we do not anticipate our customers using the $1.96 billion that is showing as available due to CCBX partner and portfolio limits.

The following table presents outstanding commitments to extend credit as of December 31, 2024:

Consolidated
(dollars in thousands; unaudited)	As of December 31, 2024
Commitments to extend credit:
Commercial and industrial loans	$	94,589
Commercial and industrial loans – capital call lines		550,948
Construction – commercial real estate loans		36,873
Construction – residential real estate loans		10,929
Residential real estate loans		499,516
Commercial real estate loans		34,222
Credit cards		717,198
Consumer and other loans		18,553
Total commitments to extend credit	$	1,962,828

We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of December 31, 2024, capital call lines outstanding balance totaled $109.0 million, and while commitments totaled $550.9 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund the loan.

See the table below for CCBX portfolio maximums and related available commitments:

CCBX
(dollars in thousands; unaudited)	Balance			Percent of CCBX loans receivable		Available Commitments ⁽¹⁾		Maximum Portfolio Size		Cash Reserve/Pledge Account Amount ⁽²⁾
Commercial and industrial loans:
Capital call lines	$	109,017		6.8	%	$	550,948	$	350,000	$	—
All other commercial & industrial loans		33,961		2.1			19,104		480,000		834
Real estate loans:
Home equity lines of credit ⁽³⁾		267,707		16.7			453,369		375,000		36,241
Consumer and other loans:
Credit cards – cash secured		211					—				—
Credit cards – unsecured		528,343					717,198				26,742
Credit cards – total		528,554		33.0			717,198		807,484		26,742
Installment loans – cash secured		127,014					15,806				—
Installment loans – unsecured		529,783					—				5,332
Installment loans – total		656,797		40.9			15,806		1,787,118		5,332
Other consumer and other loans		7,983		0.5			1		5,398		196
Gross CCBX loans receivable		1,604,019		100.0	%		1,756,426		3,805,000	$	69,345
Net deferred origination fees		(442	)
Loans receivable	$	1,603,577

(1) Remaining commitment available, net of outstanding balance.
(2) Balances are as of January 8, 2025.
(3) These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

APPENDIX B –
As of December 31, 2024

CCBX – BaaS Reporting Information

During the quarter ended December 31, 2024, $62.1 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes noncredit fraud losses on loans and deposits originated through partners. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.) which can be compared to interest income on the Company’s community bank loans.

The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

Loan income and related loan expense	Three Months Ended
(dollars in thousands; unaudited)	December 31, 2024			September 30, 2024			December 31, 2023
Yield on loans ⁽¹⁾		15.28	%		17.35	%		17.36	%
BaaS loan interest income	$	58,671		$	67,692		$	52,327
Less: BaaS loan expense		24,859			32,612			24,310
Net BaaS loan income ⁽²⁾	$	33,812		$	35,080		$	28,017
Net BaaS loan income divided by average BaaS loans ⁽¹⁾⁽²⁾		8.81	%		8.99	%		9.30	%

(1) Annualized calculation for quarterly periods shown.
(2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

A decrease in average CCBX loans receivable resulted in decreased interest income on CCBX loans during the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024. The decrease in average CCBX loans receivable was primarily due to loan sales in the CCBX loan portfolio as part of our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans and enhanced credit standards. These higher quality loans also have lower stated rates and expected losses. As a result, our yield on loans and our BaaS loan expense decrease by similar amounts. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and generate off balance sheet fee income. Growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023.

The following tables are a summary of the interest components, direct fees, and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

Interest income	Three Months Ended
(dollars in thousands; unaudited)	December 31, 2024		September 30, 2024		December 31, 2023
Loan interest income	$	58,671	$	67,692	$	52,327
Total BaaS interest income	$	58,671	$	67,692	$	52,327

Interest expense	Three Months Ended
(dollars in thousands; unaudited)	December 31, 2024		September 30, 2024		December 31, 2023
BaaS interest expense	$	22,243	$	24,819	$	21,826
Total BaaS interest expense	$	22,243	$	24,819	$	21,826

BaaS income	Three Months Ended
(dollars in thousands; unaudited)	December 31, 2024		September 30, 2024		December 31, 2023
BaaS program income:
Servicing and other BaaS fees	$	1,043	$	1,044	$	1,015
Transaction fees		1,783		1,696		1,006
Interchange fees		1,916		1,853		1,272
Reimbursement of expenses		3,468		1,843		1,076
BaaS program income		8,210		6,436		4,369
BaaS indemnification income:
BaaS credit enhancements		62,097		70,108		58,449
BaaS fraud enhancements		5,043		2,084		779
BaaS indemnification income		67,140		72,192		59,228
Total noninterest BaaS income	$	75,350	$	78,628	$	63,597

Servicing and other BaaS fees decreased $1,000 in the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024 while transaction fees and interchange fees increased $87,000 and $63,000, respectively. We expect servicing and other BaaS fees to decrease and transaction and interchange fees to increase as partner activity grows and contracted minimum fees are replaced with recurring fees and then exceed those minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners.

BaaS loan and fraud expense:	Three Months Ended
(dollars in thousands; unaudited)	December 31, 2024		September 30, 2024		December 31, 2023
BaaS loan expense	$	24,859	$	32,612	$	24,310
BaaS fraud expense		5,043		2,084		779
Total BaaS loan and fraud expense	$	29,902	$	34,696	$	25,089

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/20c5a089-a44b-483e-acb5-fccbbe07fc10

MIL-OSI: Golar LNG Limited – Q4 2024 results presentation

Source: GlobeNewswire (MIL-OSI)

Golar LNG’s 4^th Quarter 2024 results will be released before the NASDAQ opens on Thursday, February 27, 2025. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Thursday February 27, 2025. The presentation will be available to download from the Investor Relations section at www.golarlng.com

We recommend that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should access the event via the conference call by clicking on this link. We recommend connecting 10 minutes prior to the call start. Information on how to ask questions will be given at the beginning of the Q&A session. There will be a limit of two questions per participant.

a. Listen-only live webcast link
Go to the Investors, Results Centre section at www.golarlng.com and click on the link to “Webcast”. To listen to the conference call from the web, you need to have a sound card on your computer, but no special plug ins are required to access the webcast. There is a “Help” link available on the webcast pages for anyone who may have issues accessing.

b. Teleconference

Conference call participants should register to obtain their dial in and passcode details. This process eliminates wait times when joining the call.

When you log in, you can either dial in using the provided numbers and your unique PIN, or select the “Call me” option and type in your phone number to be instantly connected to the call. Use the following link to register.

Please download the presentation material from www.golarlng.com (Investors, Results Centre) to view it while listening to the conference.

If you are not able to listen at the time of the call, you can assess a replay of the event audio for a limited time on www.golarlng.com (Investors, Results Centre).

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

MIL-OSI: WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY (a public company incorporated with limited liability in Ireland) WISDOMTREE NASDAQ 100® 3X DAILY SHORT SECURITIES ISIN: IE00BLRPRJ20

Source: GlobeNewswire (MIL-OSI)

28 January 2025

LSE Code: QQQS

WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY
(a public company incorporated with limited liability in Ireland)
WISDOMTREE NASDAQ 100® 3X DAILY SHORT SECURITIES
ISIN: IE00BLRPRJ20

RESULTS OF MEETING OF THE ETP SECURITYHOLDERS

WisdomTree Multi Asset Issuer Public Limited Company (the “Issuer”) wishes to announce that the Extraordinary Resolution regarding the reduction in the principal amount of the WisdomTree NASDAQ 100® 3x Daily Short Securities (the “Affected Securities”) from USD 1.218 to USD 0.1218, as set out in a notice to holders of the Affected Securities dated 11 December 2024, was passed at an adjourned meeting of the holders of the Affected Securities held at 11am on 28 January 2025.

As a result, the Deed of Amendment has been duly executed by the Issuer, the Manager and the Trustee to put the proposed amendments to the Trust Deed into effect from 28 January 2025.

MIL-OSI Economics: “Risks in Focus 2025” – Climate change, geopolitics and a weak economy could put pressure on Germany’s financial system

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

In 2025, companies in the German financial sector should ensure that their risk management incorporates more comprehensive Information on the consequences of climate change. According to BaFin, physical risks such as extreme weather or natural disasters in the form of major fires, droughts or floods could have a much greater impact on banks’ loan portfolios and insurers’ loss amounts in future.
In this year’s “Risks in Focus”, BaFin describes these increasing physical risks as a relevant trend for the financial sector. At a press conference to mark the publication, BaFin President Mark Branson explained: “The environment in which companies in the financial sector have to operate is highly challenging because, for many risk drivers – such as climate change, geopolitical upheavals and quantum leaps in technological progress – we lack relevant historical experience. This makes it all the more important for companies in the financial sector to think in terms of scenarios, manage risks wisely and prepare themselves for potential shocks with well-stocked capital and liquidity buffers.”

In 2025, BaFin will focus particularly on six risks

In its outlook on risks, BaFin explains at the beginning of each year where the financial system in Germany is particularly vulnerable and which risks are most capable of jeopardising financial stability or the integrity of German financial markets. BaFin also highlights what it considers to be relevant trends that companies in the financial sector should be paying attention to. For financial institutions, the outlook provides a useful guideline for their own risk management. It also gives an overview of BaFin’s supervisory priorities for the current year.

In total, BaFin is focusing on six risks and three trends for the German financial sector:

Opportunities and risks from three trends

Alongside these risks, BaFin has identified three trends that offer opportunities for the economy and the financial sector, but that also harbour considerable risks: sustainability issues, digitalisation and geopolitical upheavals. In addition to the physical risks of advancing climate change, BaFin also sees risks in the uncertainties and costs associated with the transition to a low-carbon economy (transition risks). In BaFin’s view, “greenwashing”, i.e. attempts to sell products based on unfounded claims that they are particularly environmentally friendly or responsible, also still poses risks.

Digitalisation and geopolitics

When it comes to digitalisation, BaFin is concerned with increasing cyber risks, the responsible use of artificial intelligence, volatility in the market valuation of cryptoassets and, most recently, the future use of quantum computers. Although high-performance quantum computers have yet to be used on a mass scale, in the interests of IT security, financial companies should already be preparing for their potential application. In the future, quantum computers will be able to crack data encryption methods that are currently considered secure. Criminals could therefore steal data now to decrypt later with the aid of quantum computing. The development of protection plans is therefore crucial.

According to Branson, “Many companies are aware of all these risks and have invested in their IT security. It is important to us that companies continuously monitor current developments and threats. They must also prepare for crisis situations and adapt their security measures. This is what we expect of them. It is also what their customers expect of them.”

In terms of geopolitics, clear trends towards market fragmentation and increasing tensions between countries were observed in 2024. This could continue, with repercussions for the entire financial system. Although they are not an independent risk type, geopolitical crises can influence and exacerbate other relevant risks. The German financial system is particularly susceptible because of Germany’s close international trade links and the high export dependency of its economy.

Contact:Jacqueline Juknat

Head of Communications
Phone: +49 (0) 228 / 4108 – 4629

Contact:Christoph Blumenthal

Head of Press Relations and Social Media
Phone: +49 (0) 228 4108-7094

MIL OSI Economics –

MIL-OSI: Wintrust Financial Corporation Completes Integration with LPL Platform

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC, a subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA), today announced that Wintrust Financial Corporation (Nasdaq: WTFC) has transitioned support of the wealth management business of Wintrust Investments and certain private client business at Great Lakes Advisors (collectively “Wintrust”) to LPL Financial and its Institution Services platform.

“This strategic relationship with LPL Financial is a significant step forward for Wintrust and our mission to provide exceptional wealth management advice and superior service to our clients across the country,” said Tom Zidar, Chairman and Chief Executive Officer at Wintrust Wealth Management. “By leveraging LPL’s enhanced platform, we will deliver a more streamlined and personalized experience to our clients and a more intuitive, integrated experience for our advisors.”

“Wintrust’s advisors now have the capabilities, technology and centralized support to differentiate their service offering and grow their practices,” said Christopher Cassidy, Senior Vice President, Head of Institution Business Development at LPL. “This strategic relationship reflects the value LPL brings to help financial institutions scale their wealth management businesses and deliver personalized experiences for their clients.”

LPL and Wintrust Financial Corporation signed an agreement in February 2024. On January 25, about $15 billion of brokerage and advisory assets were onboarded to LPL. The remaining $1 billion of assets are expected to onboard over the next several months.

About Wintrust  

Wintrust is a financial holding company with approximately $64.9 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results^®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges.

About LPL Financial 

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC.

LPL Financial and its affiliated companies provide financial services only from the United States. LPL Financial and Wintrust are not affiliated.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Forward-Looking Statements

Certain of the statements included in this release, such as those regarding the expected onboarding of assets associated with the strategic relationship and the benefits anticipated of the relationship, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on current expectations and beliefs concerning future developments and their potential effects upon Wintrust, LPL or both. In particular, no assurance can be provided that the assets reported as serviced by financial advisors affiliated with Wintrust will translate into assets serviced by LPL or that the benefits that are expected to accrue to Wintrust, LPL and advisors as a result of the strategic relationship will materialize. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, and there are certain important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include: difficulties or delays of LPL in transitioning advisors affiliated with Wintrust, or in onboarding Wintrust’s clients and businesses or transitioning their assets from Wintrust’s current third-party custodian to LPL; the inability of LPL to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transaction, which depend in part on LPL’s success in onboarding assets currently served by Wintrust’s advisors; disruptions to Wintrust’s or LPL’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with financial advisors and clients, employees, other business partners or governmental entities; the inability of LPL or Wintrust to implement onboarding plans; the choice by clients of Wintrust-affiliated advisors not to open brokerage and/or advisory accounts at LPL; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; and the effects of competition in the financial services industry, including competitors’ success in recruiting Wintrust-affiliated advisors. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” and “Forward Looking Statements” (in the case of Wintrust) or the “Risk Factors” and “Special Note Regarding Forward-Looking Statements” (in the case of LPL) sections included in each of Wintrust’s and LPL’s most recent Annual Report on Form 10-K. Except as required by law, Wintrust and LPL do not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.

Contacts 

LPL Media Relations 
media.relations@lplfinancial.com 
(704) 996-1840

LPL Investor Relations 
investor.relations@lplfinancial.com 

Wintrust
David A. Dykstra
Vice Chairman & Chief Operating Officer
(847) 939-9000

Tracking: 686437

MIL-OSI: Verity and Landus Announce Agreement to Track and Verify Sustainable Agriculture Attributes at Soybean Facility

Source: GlobeNewswire (MIL-OSI)

ENGLEWOOD, Colo., Jan. 28, 2025 (GLOBE NEWSWIRE) — Verity Holdings, LLC (“Verity”), a subsidiary of Gevo, Inc. (NASDAQ: GEVO), and Landus are pleased to announce a new agreement aimed at unlocking added value for farmers through sustainability premiums via export markets. This collaboration leverages Verity’s advanced platform to track and verify the attributes of agricultural products, enabling Landus to document and assign value metrics for soybeans processed at its soybean facility in Ralston, Iowa.

This farmer-centric agreement reinforces Verity and Landus’ commitment to expanding opportunities in international markets for sustainably certified products, such as those derived from regeneratively grown soybeans and corn. By streamlining the certification and data-verification process, the partnership aims to deliver measurable premiums to farmers meeting program requirements while incentivizing processors to adopt efficiency-enhancing systems that drive long-term sustainable outcomes.

“Landus and Verity will work together to capture and verify key attribute data that drives value throughout the supply chain,” said Paul Bloom, Chief Business Officer for Gevo. “As a leader in the industry, Landus recognizes the importance of collecting trustworthy, verifiable data to document agriculture attributes and connect them to finished products through the supply chain. Farmers and customers are realizing the power of collaboration across the supply chain to drive meaningful and scalable impact.”

As part of this partnership, Landus and Verity plan to expand data-verification efforts to additional Landus facilities and pilot innovative market solutions. By sharing regular progress updates, they remain committed to building trust and transparency with farmer-owners and stakeholders.

“Our focus on quality, a unique soybean supply chain, and our commitment to creating value-added opportunities for farmer-owners have always set us apart,” said Craig Mouchka, Director of Strategic Partnerships and Sustainability at Landus. “Verity equips us with the tools to maximize sustainability premiums through export markets while fulfilling our promise to deliver innovative solutions and new opportunities for our farmer-owners.”

Farmer-owners interested in participating in sustainability initiatives or learning more about market premiums can contact their local Landus representative.

“We are partnering with organizations that prioritize scalable solutions and sustainable agriculture done right,” said Bloom. “Landus and Verity are demonstrating the value of collaboration from field to finished product, ensuring that sustainability premiums benefit farmers, processors, and their customers alike—particularly in the growing export markets for differentiated agricultural goods.”

About Gevo
Gevo’s mission is to convert renewable energy and biogenic carbon into sustainable fuels and chemicals with a net zero or better carbon footprint. Gevo’s innovative technology can be used to make a variety of products, including sustainable aviation fuel (“SAF”), motor fuels, chemicals, and other materials. Gevo’s business model includes developing, financing, and operating production facilities for these renewable fuels and other products. It currently runs one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States. It also owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the importance of sustainability by tracking and verifying the carbon footprint of its business systems through its Verity subsidiary.
For more information, see www.gevo.com.

About Verity
Verity is at the forefront of creating the ability to track, verify, and empirically value carbon intensity across the full carbon lifecycle. Verity Holdings, LLC is a wholly owned subsidiary of Gevo, Inc. For more information, see www.veritytracking.com.

About Landus
Landus is a forward-thinking agriculture solutions company that keeps the farmer at the center of every decision it makes. The company connects thousands of farmer-owners with the world through grain, agronomy, and distribution, deploying traditional and nontraditional methods fueled by innovation and sustainability. Landus’ businesses touch 34 states and 16 countries. To learn more about Landus, and the company’s commitment to solving critical issues for the farmer of tomorrow, please visit landus.ag.

Forward Looking Statement
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, Verity’s technology and platform, the commercial benefits of using the Verity platform, and the attributes of Verity’s platform, the value of sustainability premiums and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Media Contact
Heather Manuel
VP, Stakeholder Engagement & Partnerships
PR@gevo.com

Kaylie Tighe
Communications Manager
Kaylie.tighe@trailrunnerint.com

IR Contact
Eric Frey
VP, Finance & Strategy
IR@Gevo.com