Minister for Foreign Affairs visits Colombia

MIL-OSI: Arax Investment Partners Acquires Cedrus Financial

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Arax Investment Partners (“Arax”), a premier wealth and asset management platform company backed by RedBird Capital Partners (“RedBird”), today announced that it has acquired Cedrus Financial (“Cedrus”), an established RIA headquartered in Littleton, Colorado, managing around $1 billion in assets under management. Financial terms of the transaction were not disclosed.

The acquisition marks the latest addition to Arax’s expanding platform, which partners with leading boutique wealth management firms and financial advisors to unlock strategic business growth and provide complementary investment opportunities, alongside an enhanced client experience. Cedrus will operate within Arax Advisory Partners, which is Arax’s coalition of independent firms focused on specialized services, investment advice and supervisory solutions for institutions, high-net-worth families and elite athletes.

“At Cedrus, our goal has always been meeting the needs of our clients,” said Mark Neely, Managing Partner at Cedrus. “Joining the Arax platform provides access to operational synergies and technological advancements that will support the scaled growth of our business, compounding our ability to deliver premium service to our clients and help them achieve their financial goals.”

“Our multi-boutique wealth management strategy continues to attract the best in the business, supporting the growth and expansion of the Arax platform,” said Haig Ariyan, Chief Executive Officer of Arax. “In Cedrus, we found a partner firm with a unique and personalized approach that prioritizes integrity and collaboration in service of clients – in other words, a natural fit for our platform. We look forward to working with the Cedrus team.”

About CĒDRUS Financial
Founded in 2013, Cedrus is a wealth management and investment advisory firm providing financial planning, portfolio management and advisor selection services to high-net-worth families. The firm pairs cutting-edge wealth management strategies with 100 years of combined experience in small business ownership, corporate management and wealth preservation to create holistic wealth management solutions in support of its clients’ financial goals. With a footprint across Colorado and Idaho, Cedrus is the partner of choice for individuals seeking a transparent and communicative approach to managing family wealth.

About Arax Investment Partners
Arax Investment Partners is a rapidly growing, multi-boutique wealth management platform making strategic control investments in best-in-class operating companies in partnership with their founders and management teams. Arax is focused on making strategic investments and supporting RIAs, hybrid wealth managers, and advisor teams seeking a new growth platform to scale their businesses.

Arax enables its partners and affiliates to be entrepreneurial and focus on delivering industry-leading financial services to their clients. Firms within the Arax network benefit from a seasoned management team with a successful track record of scaling wealth platforms, M&A experience, capital sourcing capabilities and company-building expertise backed by a proven investor with an extensive network, RedBird Capital Partners. Our experienced leaders, multi-platform structure and growth equity partnership create a unique advantage for our partners. For more information, please go to www.araxpartners.com.

About RedBird Capital Partners
RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

Media Contact:

Dan Gagnier
Gagnier Communications
RedBird@gagnierfc.com

The MIL Network –

January 28, 2025

MIL-OSI: LPL Financial Welcomes Bruen Wealth Management

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA) announced today that father and son financial advisors William “Bill” Bruen, Jr., and Andrew Bruen have joined LPL Financial’s broker-dealer, aligned with existing firm Paradigm Partners. The Bruens reported serving approximately $1.3 billion in advisory, brokerage and retirement plan assets* and join LPL from UBS.

The Bruen family has a long and distinguished history of providing investment advice and wealth management services in Morristown, N.J., dating back to 1922 with the establishment of family patriarch James Bruen’s practice. His son, William Bruen, Sr., joined the business in 1950, retiring in 2020 after 70 years of dedicated service, and now Bill and Andrew continue the family legacy, extending their services to third and fourth generations of clients.

Bill, who served in the U.S. Navy prior to joining the family business, said the opportunity to work alongside his father and son has been his greatest blessing. Andrew shares that sentiment, noting that he interned at the family practice throughout high school and college and gained valuable early insight into the industry that accelerated his career.

“For over a century, our practice’s guiding principle has been to provide clients with ‘a plan for today, tomorrow and generations to come,” Andrew said. “We want to empower individuals and families to build lasting legacies through steadfast wealth management backed by personal relationships.”

Seeking freedom and flexibility in how they evolve the next chapter of the family business, the Bruens chose to move their firm to LPL. They are proud to launch their new independent practice, Bruen Wealth Management.

“Our vision for this firm is a direct reflection of my father’s and grandfather’s goals, as we learned how the business should be operated from them,” Bill said. “As stewards of the practice, we value the autonomy to act in the best interests of our clients, outside of corporate directives. By going independent with LPL, and with an added layer of support from Paradigm, we control the legacy that our family has sustained over the past 103 years, which is diligent care of our practice and clients. It is a promising signal for the next 100 years of our firm.”

The Bruens are highly active in their community. Bill serves on the board of the Foundation for Morristown Medical Center and is a member of the Washington Association of New Jersey. He is also chairman of the Brookfield Legacy Society and a Trustee Emeritus of the United States Naval Academy Foundation. Andrew has served as a volunteer at Morristown Medical Center in a variety of capacities, currently serving on the Brookfield Legacy Society Committee. He also serves on the board of the New Vernon Cemetery Association in New Vernon, N.J.

Andrew Koltunowicz, Managing Partner at Paradigm Partners, said, “We are so pleased to welcome Bill and Andrew to Paradigm Partners. Their longstanding history in their community, commitment to clients, multigenerational wealth management expertise and focus on delivering personalized advice make them an ideal fit for our firm. We look forward to a long and successful partnership.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to Bill and Andrew, and congratulate Paradigm on growing its network. We understand that successful advisors like the Bruens want the freedom to choose what suits their clients’ needs and the autonomy to shape and enhance their client relationships. We look forward to supporting their growth as they build on their family’s impressive legacy.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

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. Bruen Wealth Management, Paradigm Partners and LPL are separate entities.

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.

*Value approximated based on asset and holding details provided to LPL from end of year, 2024.

Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840

Tracking #681312

The MIL Network –

January 28, 2025

MIL-OSI: Urgently Announces Appointment of Alex Zyngier to Board of Directors

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va, Jan. 27, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently” or “the Company”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today its board of directors has appointed Alex Zyngier to serve as a member of the board, effective January 23, 2025.

“Alex is a seasoned leader with a proven track record of navigating complex business challenges and driving growth,” said Matt Booth, Chief Executive Officer and President of Urgently. “With over 30 years of investment, strategy, governance and operating experience across a range of industries, Alex brings a wealth of expertise to Urgently as the Company continues to transform the roadside assistance industry. We are thrilled to welcome him to our board and look forward to his contributions.”

“I am honored to join the Board of Directors at Urgently, a company at the forefront of digital innovation in roadside assistance,” said Alex Zyngier. “Since debuting as a public company, Urgently has made remarkable progress in driving margin expansion through financial and operational improvements, while continuing to deliver an exceptional customer experience and value to its partners. In addition, the Company has demonstrated positive traction in the marketplace, as evident by the significant contract renewals, expansions and new customer wins. Urgently is at an exciting point in its growth, and I look forward to working with the board and leadership team to help drive strategic initiatives, enhance operational excellence, and expand Urgently’s impact on the mobility ecosystem.”

Alex is the Founder and Managing Director of Batuta Capital Advisors, a private investment and advisory firm. He currently serves as Chairman of the Board for COFINA and EVO Transportation, as well as a director for various public and private companies, including Atari SA, Nu Ride, SlamCorp and Unifin Financiera. His extensive experience includes leadership roles in complex transactions, mergers and acquisitions, and strategic financial advisory. Alex’s diverse background spans roles as a Portfolio Manager at Alden Global/Smith Management, Goldman Sachs, and Deutsche Bank, focusing on distressed investments and special situations. He has also served as an Engagement Manager at McKinsey & Co. and a Technical Brand Manager at Procter & Gamble. His educational background includes an MBA in Finance and Accounting from the University of Chicago and a Bachelor of Science in Chemical Engineering from UNICAMP.

About Urgently

Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

For media and investment inquiries, please contact:

Press: media@geturgently.com

Investor Relations: investorrelations@geturgently.com

The MIL Network –

January 28, 2025

MIL-OSI: Western Financial Group Celebrates Branch Opening in Dawson Creek

Source: GlobeNewswire (MIL-OSI)

DAWSON CREEK, British Columbia, Jan. 27, 2025 (GLOBE NEWSWIRE) — A great way to kick off 2025! Western Financial Group (Western) is pleased to announce a new, redesigned branch opening in the city of Dawson Creek on January 31, 2025. With a focus on care, convenience, and unmatched customer service, Western wants to be where our customers are. We’re providing service in convenient and accessible ways – whether online, by phone, or in person.

“It’s an exciting time here at Western, we have robust plans for growth while maintaining our commitment to care in all that we do,” said Western Financial Group Chief Executive Officer, Grant Ostir. “Buying insurance should be easy and we want our customers to come to us for advice, knowing we’ve got their best interests at heart. Branch opening events like these give us a great opportunity to connect with our current and future customers, giving them a chance to get to know us and what we’re all about.”

The new branch has an updated look and feel, and boasts not one, but two drive-thru windows for customer ease and accessibility. The branch is open from Monday to Friday, 8 am to 8 pm (drive thru only from 6-8 pm); Saturday 9 am to 5:30 pm (in office & drive thru); Sunday 11 am to 5 pm (drive thru only).

Grand opening/Ribbon cutting ceremony details:

DATE:	January 31, 2025

TIME:	12pm-2pm (Ribbon cutting at 1pm)

WHERE:	11300 8 Street, Dawson Creek

WHO:	Grant Ostir, Western Financial Group CEO

	Darren Sinclair, Western Financial Group Vice President, Sales

	Darcy Dober, Mayor of Dawson Creek

WHAT:	Local city officials and Western Financial Group leaders will engage in a ribbon-cutting ceremony. Get to know our people, local businesses while enjoying some light refreshments and door prizes.

Western Financial Group Inc.

Headquartered in High River, Alberta, Western Financial Group is a diversified insurance services company focused on creating security and peace of mind and has provided over one million Canadians with the proper protection for over 100 years. Western is committed to community service, customer service, innovation, growth, and people while providing personal and business insurance through our engaged team of over 2,000 people in approximately 200 locations, affiliates, and various connected channels.

Since the very beginning, supporting our local communities has guided everything we do – it’s who we are. In 2001, the Western Financial Group Communities Foundation (our non-profit charity) was created as a way for our team members to give back and positively impact the people and pride in the places where we live, work and play – to date we have granted over $9 million to support our local communities.

Western Financial Group is a subsidiary of Trimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company. www.westernfinancialgroup.ca

For more information, assets, or to schedule an interview with Grant Ostir, please contact:

Nichola Petts, PR Manager: Nichola.petts@westernfg.ca

The MIL Network –

January 28, 2025

MIL-OSI: Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.64 per Share

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, Jan. 27, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.64 per share. The dividend will be payable on March 14, 2025, to shareholders of record at the close of business on March 6, 2025.

“We are pleased to announce a quarterly dividend of $0.64 per share, as we continue to provide returns to our shareholders,” said Mike Huston, President and CEO. At the stock price of $78.80 per share at the close of the market on January 23, 2025, the current dividend equates to a yield of 3.25% on an annualized basis.

On January 24, 2025, Northrim reported net income of $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, compared to $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, and $6.6 million, or $1.19 per diluted share, in the fourth quarter a year ago.

About Northrim BanCorp

Northrim BanCorp, Inc. is the holding company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

The MIL Network –

January 28, 2025

MIL-OSI: ARRAY Technologies Names Gina Gunning as Chief Legal Officer

Source: GlobeNewswire (MIL-OSI)

ALBUQUERQUE, N.M., Jan. 27, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, today announced the appointment of Gina Gunning as its new chief legal officer and corporate secretary, effective immediately. Gunning will report directly to ARRAY’s chief executive officer, Kevin G. Hostetler, and will relocate to Chandler, Arizona.

Gunning joins ARRAY with more than 25 years of legal and compliance experience across global organizations. She is a recognized leader in corporate law, governance, compliance, and risk management, with expertise in structuring complex transactions, navigating regulatory landscapes, and leading diverse legal teams. Most recently, she served as Chief Legal Officer and Corporate Secretary at GrafTech International Ltd., where she led the legal department, developed strategic legal frameworks, and managed global litigation and arbitrations.

“Gina’s wealth of experience in corporate law, governance, compliance and strategy makes her uniquely qualified to navigate the regulatory landscape and support ARRAY’s ambitious growth plans,” said Hostetler. “Her ability to align legal strategies with business objectives will be instrumental as we continue to lead in renewable energy innovation.”

Prior to her tenure at GrafTech, Gunning held senior legal roles at FirstEnergy Corp. and Cliffs Natural Resources Inc., where she demonstrated expertise in mergers and acquisitions, securities law, and capital markets transactions. Earlier in her career, she was a capital markets partner at the global law firm Jones Day, advising Fortune 500 clients on corporate finance and governance.

“I am excited to join ARRAY Technologies and contribute to its mission of driving the global transition to sustainable energy,” said Gunning. “ARRAY’s innovative spirit and dedication to advancing renewable energy solutions resonate deeply with me, and I look forward to collaborating with the team to support its continued success.”

As chief legal officer, Gunning will lead ARRAY’s legal, compliance, and risk management teams, supporting business objectives and adherence to legal and ethical standards worldwide. Her responsibilities will also include providing strategic counsel on corporate governance, contracts, intellectual property, and environmental, social, and governance (ESG) initiatives.

Gunning earned her Juris Doctor from Notre Dame Law School, where she served on the Notre Dame Law Review, and her Bachelor of Arts from the University of Notre Dame.

About ARRAY
ARRAY Technologies (NASDAQ: ARRY) is a leading global renewable energy company and provider of utility-scale solar tracking technology. Engineered to withstand the harshest conditions on the planet, ARRAY’s high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, ARRAY relies on its diversified global supply chain and customer-centric approach to deliver, commission, and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy. For more news and information on ARRAY, please visit arraytechinc.com.

Forward Looking Statement
This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Media Contact
Nicole Stewart
505.589.8257
nicole.stewart@arraytechinc.com

Investor Relations Contact
Array Technologies, Inc.
Investor Relations
investors@arraytechinc.com

The MIL Network –

January 28, 2025

MIL-OSI: Hola Prime Enhances Global Access with Visa Card and New London Office

Source: GlobeNewswire (MIL-OSI)

NEW YORK, NY, Jan. 27, 2025 (GLOBE NEWSWIRE) — Hola Prime, a leading name in the prop trading industry, has taken another leap in empowering traders by launching the Hola Prime Visa Card. Designed to streamline access to earnings, this innovative solution ensures that traders can effortlessly manage their payouts whenever and wherever they need.

With the new Visa Card, Hola Prime addresses a major pain point for traders – delayed or complicated payout processes. This card provides instant access to funds, allowing traders to seamlessly handle their earnings through online transactions, in-store purchases, and ATM withdrawals worldwide.

A New Standard in Trader Accessibility

Instant Payouts: Traders can access their earnings immediately without relying on lengthy bank transfers.

Global Usability: Whether online shopping, dining out, or withdrawing cash, the Visa Card works everywhere Visa is accepted.

Enhanced Security: Transactions are safeguarded with 3D Secure technology, providing traders with peace of mind.

Flexible Payments: From contactless payments to POS systems and ATM cash withdrawals, this card caters to all needs.

“Traders can directly receive their payouts on the Hola Prime Visa Card and use them however they like – whether for online purchases, in-store transactions, or ATM withdrawals. These cards now serve as a standard payout withdrawal method for traders,” said CFO, Ms. Sumedha Sharma.

“We already offer one-hour payouts, and this Visa Card takes convenience to the next level, providing traders with the freedom and flexibility they deserve anytime, anywhere” she added.

Global Expansion: Hola Prime Opens Office in London

In a strategic move to expand its global footprint, Hola Prime has inaugurated a new office in London, one of the world’s leading financial hubs. This milestone underlines the firm’s vision of empowering traders globally while ensuring top-notch support for its European clientele.

The London office will enable Hola Prime to serve traders in the region with greater efficiency, offering localized solutions and bolstering its reputation as a global leader in prop trading.

“London is a pivotal market for finance and trading. Establishing our presence here allows us to engage closely with traders and cater to their unique needs in a dynamic and international environment,” said Ms. Sharma.

A Vision for Innovation and Empowerment

Hola Prime’s dual initiatives – the Visa Card and its London expansion – demonstrate its unwavering focus on innovation and trader-centric solutions. From simplifying financial management to enhancing global accessibility, the company is setting benchmarks that resonate with modern traders.

As Hola Prime continues to break new ground, its dedication to fostering a transparent, accessible, and empowering trading ecosystem remains its defining ethos.

About Hola Prime

Hola Prime is a leading global proprietary trading firm with a strong presence in the UK, Hong Kong, Cyprus, Dubai, and India. Renowned for its commitment to transparency, Hola Prime serves prop traders across 175+ countries, offering access to over 50 trading instruments. The firm is dedicated to empowering traders with real-time risk management, advanced technological infrastructure, and a secure trading environment. Committed to fairness and trust, Hola Prime ensures seamless payouts, robust compliance, and a reliable trading experience. With multiple trading platforms and a focus on bringing freshness to the prop trading industry, Hola Prime is redefining the future of trading.

Social Links

Facebook: https://fb.com/profile.php?id=61565158992654&sk=about_contact_and_basic_info

Instagram: https://www.instagram.com/holaprime_global/

YouTube: https://www.youtube.com/channel/UCtVEJa1Ml132Be7tnk-DjeQ

LinkedIn: https://www.linkedin.com/company/hola-prime/?viewAsMember=true

Twitter: https://x.com/HolaPrimeGlobal

Discord: https://discord.gg/TJ7TcHPXBf

Quora: https://www.quora.com/profile/HolaPrime/

Reddit: https://www.reddit.com/user/HolaPrime/

Medium: https://medium.com/@social_46267

Media Contact

Company: Hola Prime

Contact: Media Team

Email: marketing@holaprime.com

Website: https://holaprime.com/

SOURCE: Hola Prime

The MIL Network –

January 28, 2025

MIL-OSI Global: College course teaches Philly students to appreciate beer − whether they’re tailgating or fine dining

Source: The Conversation – USA – By Paul O’Neill, Assistant Clinical Professor of Food and Hospitality Management, Drexel University

The Philadelphia region is home to over 90 craft breweries. sutiporn somnam/Moment Collection via Getty Images

Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

Title of course:

The Fundamentals of Beer

What prompted the idea for the course?

After 25 years of working in professional kitchens and as a server in fine dining, I became an adjunct professor and then director of special projects in the Food and Hospitality Management department at Drexel University. Lynn Hoffman, the founder of the school’s culinary program and the author of “The Short Course in Beer,” suggested we create a 10-week beer course.

It seemed like a no-brainer, given beer’s popularity with college students. But it was also an opportunity to help our students appreciate beer’s dizzying array of styles, as well as its deep cultural and historical significance – including right here in Philadelphia.

What does the course explore?

The course explores the history of brewing and how different societies – specifically Sumerian, German, English and Belgian – influenced the ingredients and brewing techniques used to make different styles of beers.

Some styles are named after their city of origin – for example, pilsners originated in Pilzen, Czech Republic. Others are derived from the brewing procedure. “Lager,” for example, is German for “to stock or store.” These beers are stored at refrigerated temperatures for months after they’re brewed in order for residual flavors to subside, making way for a cleaner, crisper and more refreshing profile. Meanwhile, “porters” are named after the London working-class longshoremen – those who loaded and unloaded cargo at ports – who commonly consumed them.

After studying the foundational aspects of beer, students learn about its evolution in America, with a focus on the Philadelphia region.

For example, Yuengling, originally named Eagle Brewery, was established in 1829 in Pottsville, Pennsylvania, about 100 miles outside Philadelphia, and is credited with being America’s oldest continuously operating brewery. And in the city itself, local brewer Robert Hare Jr. made what George Washington referred to as “the best porter in Philadelphia,” just down the street from where America’s first lager was purportedly brewed by Bavarian expat John Wagner around 1840.

We also discuss current Philadelphia-area brewers such as the Philadelphia Brewing Company, Dock Street and Yards, and their impact on the city’s craft beer industry.

Why is this course relevant now?

Beer and other alcoholic beverages have a significant financial impact on the restaurant industry, where many businesses operate on thin margins. Restaurants can attract diners with a dynamic beverage offering. A good beer program requires an informed staff, locally brewed options and an array of diverse styles. They might showcase classic lagers and ales alongside popular contemporary favorites such as New England IPAs and Italian pilsners, and off-the-wall experiments like Fruity Pebbles kettle sour ales.

What’s a critical lesson from the course?

Beer appreciation is not inebriation.

There is a proper way to analyze beer through sight, aroma, palate texture and flavor. We use a tasting grid to guide students through this process. First we assess the beer’s color, clarity and foam, which gives us our initial ideas regarding the beer’s character. We then evaluate the beer’s aroma, which is derived from the grains, hops and fermentation. Then we sip and focus on the texture of the beer to determine the weight of it on the palate, the quality of the carbonation and the mouthfeel – whether it is thin, full or silky. Last, we assess the flavor profile.

Students get the opportunity to distinguish the various malt and hop characters present in many popular beer styles – from the crisp, biscuit or cracker flavor and light green bitterness of a pilsner, to the dried fruit and dark caramel-laden quality of doppelbocks, to the cold-brew coffee style of dry stouts.

“Tasting” and not simply “drinking” beer enables students to understand and appreciate what is in their glass. It is also important to note that when analyzing a beer, the glass must be clean, clear and of a certain shape – tulip. Having a globe to swirl the beer allows tasters to judge the viscosity, test the carbonation and open up the aromas.

What materials does the course feature?

Lynn Hoffman’s “Short Course in Beer” offers a digestible summation of beer styles, history and how beer can be enjoyed in settings ranging from tailgates to fine dining.
Joshua Bernstein’s “The Complete Beer Course” illustrates the beer family tree in great detail, includes interviews with prominent brewers and provides textbook examples of various beer styles.
The Brewers Association’s Style Guidelines
and Tasting Grid are go-to guides for how beer styles are delineated using a scale of color, bitterness and flavor attributes.
Six 1-oz. weekly samples allow students to taste historical representations and current iterations of a particular beer style, such as Bohemian pilsners, German hefeweizens, English bitters and Belgian tripels.
We also do a guided tour and tasting at one of Philadelphia’s larger independent craft beer brewers, Yards brewery.

What will the course prepare students to do?

Students learn about the history of beer production and its cultural relevance, and develop an understanding of tasting notes and profiles for various beer styles so they can distinguish between ale and lager family styles. By the end of the course, they should also be able to design their own beer menu for a restaurant.

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

– ref. College course teaches Philly students to appreciate beer − whether they’re tailgating or fine dining – https://theconversation.com/college-course-teaches-philly-students-to-appreciate-beer-whether-theyre-tailgating-or-fine-dining-244476

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: Why Trump’s tariffs can’t solve America’s fentanyl crisis

Source: The Conversation – USA – By Rodney Coates, Professor of Critical Race and Ethnic Studies, Miami University

Americans consume more illicit drugs per capita than anyone else in the world; about 6% of the U.S. population uses them regularly.

One such drug, fentanyl – a synthetic opioid that’s 50 to 100 times more potent than morphine – is the leading reason U.S. overdose deaths have surged in recent years. While the rate of fentanyl overdose deaths has dipped a bit recently, it’s still vastly higher than it was just five years ago.

Ending the fentanyl crisis won’t be easy. The U.S. has an addiction problem that spans decades – long predating the rise of fentanyl – and countless attempts to regulate, legislate and incarcerate have done little to reduce drug consumption. Meanwhile, the opioid crisis alone costs Americans tens of billions of dollars each year.

With past policies having failed to curb fentanyl deaths, President Donald Trump now looks set to turn to another tool to fight America’s drug problem: trade policy.

During his presidential campaign, Trump pledged to impose tariffs on Canada and Mexico if they don’t halt the flow of drugs across U.S. borders. Trump also promised to impose a new set of tariffs against China if it doesn’t do more to crack down on the production of chemicals used to make fentanyl. He reiterated his plan on his first day back in office, saying to reporters, “We’re thinking in terms of 25% on Mexico and Canada because they’re allowing … fentanyl to come in.”

Speaking as a professor who studies social policy, I think both fentanyl and the proposed import taxes represent significant threats to the U.S. While the human toll of fentanyl is undeniable, the real question is whether tariffs will work – or worsen what’s already a crisis.

Fentanyl: The ‘single greatest challenge’

In 2021, more than 107,000 Americans died from overdoses – the most ever recorded – and nearly seven out of 10 deaths involved fentanyl or similar synthetic opioids. In 2022, fentanyl was killing an average of 200 people each day. And while fentanyl deaths declined slightly in 2023, nearly 75,000 Americans still died from synthetic opioids that year. In March of that year – the most recent for which full-year data on overdose deaths is available – the then-secretary of homeland security declared fentanyl to be “the single greatest challenge we face as a country.”

But history shows that government efforts to curb drug use often have little success.

The first real attempt to regulate drugs in the U.S. occurred in 1890, when, amid rampant drug abuse, Congress enacted a law taxing morphine and opium. In the years that followed, cocaine use skyrocketed, rising 700% between 1890 and 1902. Cocaine was so popular, it was even found in drinks such as Coca-Cola, from which it got its name.

This was followed by a 1909 act banning the smoking of opium, and, in 1937, the “Marihuana Tax Act.” The most comprehensive package of laws was instituted with the Controlled Substances Act of 1970, which classified drugs into five categories based on their medical uses and potential for abuse or dependence. A year later, then-President Richard Nixon launched the “War on Drugs” and declared drug abuse as “public enemy No. 1.” And in 1986, Congress passed the Anti-Drug Abuse Act, directing US$1.7 billion for drug enforcement and control.

President Richard Nixon declared drug abuse “Public enemy No. 1” at this 1971 press conference.

These policies have generally failed to curb drug supply and use, while also causing significant harm to people and communities of color. For example, between 1980 and 1997, the number of incarcerations for nonviolent drug offenses went from 50,000 to 400,000. But these policies hardly put a dent in consumption. The share of high school seniors using drugs dipped only slightly over the same period, from 65% in 1980 to 58% in 1997.

In short, past U.S. efforts to reduce illegal drug use haven’t been especially effective. Now, it looks like the U.S. is shifting toward using tariffs – but research suggests that those will not lead to better outcomes either, and could actually cause considerable harm.

Why tariffs won’t work

America’s experiments with tariffs can be traced back to the founding era with the passage of the Tariff Act of 1789. This long history has shown that tariffs, industrial subsidies and protectionist policies don’t do much to stimulate broad economic growth at home – but they raise prices for consumers and can even lead to global economic instability. History also shows that tariffs don’t work especially well as negotiating tools, failing to effect significant policy changes in target countries. Economists generally agree that the costs of tariffs outweigh the benefits.

Over the course of Trump’s first term, the average effective tariff rate on Chinese imports went from 3% to 11%. But while imports from China fell slightly, the overall trade relationship didn’t change much: China remains the second-largest supplier of goods to the U.S.

The tariffs did have some benefit – for Vietnam and other nearby countries with relatively low labor costs. Essentially, the tariffs on China caused production to shift, with global companies investing billions of dollars in competitor nations.

This isn’t the first time Trump has used trade policy to pressure China on fentanyl – he did so in his first term. But while China made some policy changes in response, such as adding fentanyl to its controlled substances list in 2019, fentanyl deaths in the U.S. continued to rise. Currently, China still ranks as the No. 1 producer of fentanyl precursors, or chemicals used to produce illicit fentanyl. And there are others in the business: India, over that same period, has become a major producer of fentanyl.

A question of supply and demand

Drugs have been pervasive throughout U.S. history. And when you investigate this history and look at how other nations are dealing with this problem rather than criminalization, the Swiss and French have approached it as an addiction problem that could be treated. They realized that demand is what fuels the illicit market. And as any economist will tell you, supply will find a way if you don’t limit the demand. That’s why treatment works and bans don’t.

The U.S. government’s ability to control the production of these drugs is limited at best. The problem is that new chemical products will continually be produced. Essentially, failure to restrict demand only places bandages on hemorrhaging wounds. What the U.S. needs is a more systematic approach to deal with the demand that’s fueling the drug crisis.

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

– ref. Why Trump’s tariffs can’t solve America’s fentanyl crisis – https://theconversation.com/why-trumps-tariffs-cant-solve-americas-fentanyl-crisis-245978

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Europe: €100 million money laundering scheme busted with help from Eurojust and Europol

Source: European Union 2

Investigations into the group began in 2023 when border police in Spain noticed suspicious trips from their airports transporting large sums of money. The trips to Cyprus by members of the criminal group were used to deliver criminal profits, which were then laundered. Authorities stopped the criminals from travelling and seized more than EUR 1.8 million.

The authorities discovered that the group was running a sophisticated money laundering service for other criminal organisations. The group acted as a financial service to transfer criminal profits internationally. Cryptocurrencies were used to move cash profits between criminal organisations. To dispose of the cash profits, money was transported on commercial flights, mainly to Cyprus, and by public transport to neighbouring countries of Spain. The group was able to carry out four to six money laundering transactions per week.

Running this financial service required a professionally structured organisation consisting of at least 52 members, operating mostly from Spain and Cyprus. The group worked with contacts outside of their organisation to liaise with clients and receive the cash to be laundered. Their contacts are linked to several commercial companies around the world.

As the financial service was used throughout Europe, authorities had to work together to stop the criminal group. An international investigation was launched by setting up a joint investigation team (JIT) at Eurojust between Spanish, Cypriot and German authorities, Eurojust and Europol. Through the JIT, information from tax and judicial authorities was exchanged that led to the takedown of the criminal group. Europol supported this international operation with experts specialised in financial crime, fighting high-risk criminal networks, unravelling money laundering structures, and tracing cryptocurrency flows.

A series of actions were carried out to stop the financial service. In October 2024, actions were carried out in Spain, France and Cyprus to dismantle the criminal group. This was followed by actions in November 2024 that targeted actors working with the criminal group. A total of 91 searches were carried out, 77 in Spain, 1 in France and 13 in Cyprus. Twenty suspects were arrested in Spain, one in France and two in Slovenia. Authorities seized a total of EUR 8 million in cash, 2 million in bank accounts and froze EUR 27 million in cryptocurrency. Investigations into the group and its financial service continue.

The following authorities were involved in the actions:

Spain: Investigating Judge no 2 of El Prat de Llobregat; Public Prosecution Office of Barcelona; Guardia Civil Special Central Unit 3, Destabilizing Threat Group-UCO
Cyprus: Attorney General’s Office; MOKAS (Unit for Combating Money Laundering); Criminal Investigation Department (CID) (in collaboration with other police departments)
Germany: Public Prosecutor’s Office, Landshut; Customs Investigation Office, München
France: Judicial Court of Marseille, Interregional Specialised Jurisdiction against organised crime (JIRS) ; National Anti-Fraud Office (ONAF), Marseille/Nice.

MIL OSI Europe News –

January 28, 2025

MIL-OSI Global: Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits

Source: The Conversation – USA – By Benjamin Chrisinger, Assistant Professor of Community Health, Tufts University

More than 41 million Americans use SNAP benefits to buy groceries. Brandon Bell/Getty Images

President Donald Trump’s pick for director of the Health and Human Services Department, Robert F. Kennedy Jr., has announced a bold plan. He wants to “Make America Healthy Again.”

Kennedy’s strategy has gotten a lot of attention for its oddities, such as his opposition to vaccine mandates and support for raw milk. But it includes some concepts that many public health experts consider sensible, such as calling for a stronger focus on chronic disease prevention and seeking more restrictions on prescription drug advertising aimed at consumers.

But he’s also demanding a ban on junk food from the Supplemental Nutrition Assistance Program. Banning junk food from SNAP is something that has divided public health experts for years.

As public health researchers, we’ve devoted our careers to helping reduce chronic diseases. We agree with Kennedy that a healthy diet and sound nutrition are important ways to improve the nation’s health. We also know from our own research that safety net programs, including SNAP benefits – which are still sometimes called food stamps – are staving off hunger and food insecurity for millions of Americans.

And we’re certain that adding to the restrictions that already limit access to SNAP benefits do little to make Americans healthier.

What is SNAP?

Over 42.1 million Americans, about 13% of all families, receive SNAP benefits. More than 1 in 4 of the households enrolled in the program include someone who is earning at least some income.

More than 4 in 5 families getting SNAP benefits include a child, someone over 65 or someone with a disability. These benefits are distributed on a monthly basis through an electronic benefits transfer card that looks and works like a credit or debit card and can be used at supermarkets and other approved retailers. The federal government has spent more than US$110 billion annually on this program in recent years.

Benefits help get food on the table but typically don’t cover everything a family needs to eat. The average monthly benefit is $195 per person.

Americans who earn less than 130% of the poverty line are eligible for SNAP. In the 2025 fiscal year, a family of three can’t make more than $2,152 a month in net income or have assets of more than $4,500 if a household includes someone over 60, and $3,000 if it doesn’t.

Adults without children or disabilities can’t get these benefits for more than three months every three years unless they meet the program’s work requirements by being employed or spending at least 20 hours weekly in a training program. People who are on strike and foreigners living in the U.S. without authorization are ineligible. People with prior drug-related felony convictions are federally banned from SNAP for life, but states can waive this rule. This program is federally funded but administered by the states, which have some leeway in determining eligibility.

People enrolled in SNAP already face some restrictions on what they can buy with their benefits. They can’t use SNAP to purchase premade or restaurant meals, alcohol, tobacco, or things such as diapers, vitamins and toilet paper.

Why restrict SNAP?

Since SNAP is administered by the U.S. Department of Agriculture, Kennedy would have very little power to change SNAP’s rules should the Senate approve his nomination following the controversial politician’s upcoming confirmation hearing on Jan. 29, 2025.

Still, we’re concerned that his support for new restrictions could help sway the authorities who would be responsible for such a policy change.

Proposals to ban particular foods from SNAP have been floated many times by state legislators and members of Congress over the years.

These bills have generally been designed to exclude supposedly luxury items, such as steak and seafood, or aimed at barring purchases from a different supermarket aisle: candy, soda and other junk foods.

States can’t make this kind of modification without the USDA’s authorization. And so far, the USDA has rebuffed calls for it to allow such measures. Even without the agency’s support, Congress can make changes to these policies in the Farm Bill, which could in the future force the USDA to allow these restrictions in states that ask for them.

The Trump administration, including Kennedy, has signaled its interest in these kinds of restrictions.

Why SNAP restrictions won’t make America healthier

While improving the American diet is a worthy goal, research that we and other scholars have done makes it clear that adding new restrictions to SNAP will do little to help us become a healthier nation.

First, many studies have found that nearly all Americans could eat healthier.

The rich and the poor alike consume unhealthy food in the U.S.

Studies show that while lower-income Americans often spend more of their food budget on unhealthy stuff than more affluent people do, families in the middle and at the top of the income ladder still purchase lots of junk food.

Unsurprisingly, those purchases reflect what we’re eating: Americans at all income levels have diets that don’t satisfy federal dietary guidelines. Spotlighting the poor food choices of SNAP participants would be a distraction from these facts and would risk further stigmatizing a successful anti-hunger program.

Maintaining a good diet is not cheap or straightforward, especially on a low income. The poorest communities have far more inexpensive fast-food chains and dollar stores than their wealthier neighbors, as well as more ads for unhealthy products. Even when they get SNAP benefits, many Americans still struggle to make ends meet, and studies show how this negatively affects the quality of their diets.

Another reason SNAP restrictions wouldn’t make America healthier is that diet is just one of many contributors to chronic diseases. Your level of physical activity, exposure to pollution, stress and genetics, among other things, shape your risk of getting heart disease, diabetes or other chronic diseases.

Flexible but don’t cover all needs

SNAP benefits are fairly flexible, covering just about anything people might want to eat, even if they have dietary restrictions due to their culture or health conditions. The program helps Americans afford most of their basic necessities, although it fails to pay for all the groceries most people who rely on the program need to buy in the course of a month.

SNAP’s main function is preventing the worst effects of hunger and food insecurity for the more than 41 million people relying on it.

There are other ways for the government to help make Americans healthier besides the imposition of stigmatizing restrictions on SNAP. For example, it can create matching programs for SNAP dollars spent on fruits and vegetables, which would give retailers incentives to offer more produce and make it easier for people who get SNAP benefits to buy more healthy food. The USDA has begun to support this kind of effort in several states.

Benjamin Chrisinger receives funding from The Research Innovation and Development Grants in Economics (RIDGE) Partnership.

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

– ref. Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits – https://theconversation.com/why-government-cant-make-america-healthier-by-micromanaging-groceries-purchased-with-snap-benefits-246462

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Europe: Minister for Foreign Affairs visits Colombia

Source: Government of Sweden

Minister for Foreign Affairs visits Colombia – Government.se

Press release from Ministry for Foreign Affairs

Published 27 January 2025

On 28–29 January, Minister for Foreign Affairs Maria Malmer Stenergard will visit Colombia. The visit will include meetings with Colombia’s President Gustavo Petro and Minister of Foreign Affairs Luis Gilberto Murillo. A business delegation comprising around 20 Swedish companies, with a focus on mining and energy, will take part in the visit.

“I look forward to deepening relations between our countries on this visit. Sweden and Colombia enjoy broad cooperation on green transition, gender equality and human rights. There is also extensive trade between our two countries, and strong Swedish business interests in areas including mining and energy,” says Ms Malmer Stenergard.

The visit to Colombia is a follow-up to President Petro’s visit to Sweden in mid-2024. As part of the trip, Ms Malmer Stenergard will visit the department of Chocó on Colombia’s Pacific coast, where she will meet with UN bodies, civil society organisations and public authorities working with peace issues, humanitarian assistance to victims of the armed conflict in Colombia, and women’s empowerment and participation in the peace process.

Press contact

MIL OSI Europe News –

January 28, 2025

MIL-OSI Russia: The Polytechnic University honored the memory of the victims of the Leningrad blockade

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

On January 27, the Day of the Complete Liberation of Leningrad from the Siege, the Polytechnic University held the event “Polytechnic. Siege. Leningrad”. The leaders, employees and students of SPbPU, as well as graduates and veterans of the university, gathered at the Monument to the Fallen Polytechnicians to remember those who defended our city, who gave their lives for the victory in the Great Patriotic War.

The residents of besieged Leningrad demonstrated unprecedented fortitude. Despite the fact that they suffered enormous hardships, these people stood firm. Our task is to perform our actions based on the gratitude we feel for the generation that defended the city. I am sure that it is the unity of spirit that will help us overcome any difficulties and cope with any tasks, – the first vice-rector of SPbPU Vitaly Sergeev opened the memorial event.

The event participants remembered the heroes who fought bravely at the front and steadfastly endured the hardships of life in the besieged city. 300 students and teachers of the Polytechnic Institute fought in the 3rd Frunze Division of the Leningrad People’s Militia Army. They were part of one of the companies of the Vyborg Regiment. In August 1941, the militia prevented the creation of a second blockade ring in the Olonetsky direction in Karelia. The institute continued scientific work aimed at solving wartime problems.

During the Great Patriotic War, the Polytechnic University helped the city and the country. And now, during the special military operation, the university provides assistance to various units, including mine. Polytechnicians provide camouflage nets, high-cross-country vehicles, special devices, and help civilians, said SVO participant Kirill Chernykh. He presented letters of gratitude to the SPbPU workforce for their assistance and to the volunteers who weave camouflage nets.

Milana Yukhnevich, Chairperson of the Military History Club “Our Polytechnic”, spoke on behalf of the younger generation. Students of the Natural Science Lyceum Lev Tyukov and Rodion Kurskiyev, as well as third-year college student Daria Brovkina, recited poems.

The siege took more than a million lives, the Great Patriotic War took millions of lives, but time, of course, took even more lives. Unfortunately, there are no more veterans left who came to our memorial events just a few years ago. We must carry the baton of memory, preserve it and gather every year so as not to forget the terrible years of the siege and the war. So that, as today, we honor the memory of those who did not live to see this moment, – shared the leading specialist of the SPbPU History Museum Artem Solovyov.

The rally ended with a minute of silence in memory of all those who died during the blockade and the laying of flowers at the Monument to the Fallen Polytechnicians.

Photo archive

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

MIL OSI Russia News –

January 28, 2025

MIL-OSI: LM Funding America Achieves 560 PH/s with 15 MW Oklahoma Mining Site Active

Source: GlobeNewswire (MIL-OSI)

Tampa, FL, Jan. 27, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA), (“LM Funding” or the “Company”) a Bitcoin mining and technology-based specialty finance company, today announced the successful deployment of approximately 432 petahash per second (“PH/s”) of miners at its 15 MW mining site in Oklahoma. This expansion increases the Company’s total fleet to 5,121 active miners for an energized hashrate of approximately 560 PH/s across multiple sites, of which 432 PH/s can be overclocked at the Oklahoma mining site.

Bruce M. Rodgers, Chairman and CEO of LM Funding America stated, “We are pleased to announce that with the deployment of additional miners at our 15 MW Oklahoma site, we now have approximately 560 PH/s across our mining operations. This marks the achievement of our previously outlined objectives and we plan to aggressively pursue the acquisition of additional mining sites that align with our strategic investment criteria.”

Ryan Duran, President of LM Funding America’s US Digital Mining & Hosting Co. subsidiary, stated, “Through the dedicated efforts of our team and strategic partnerships, we successfully met our installation targets. This includes the successful transition of 1,440 miners from storage to active deployment, showcasing our commitment to operational excellence.”

About LM Funding America
LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. It operates through two segments; Specialty Finance and Mining Operations. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
Email: LMFA@crescendo-ir.com

The MIL Network –

January 28, 2025

MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.73 Per Share for Q4 2024; Twelve Month 2024 Earnings up 10% to $2.37 per Share

Source: GlobeNewswire (MIL-OSI)

WAUSAU, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported fourth quarter earnings ending December 31, 2024 of $0.73 per common share on net income of $3.0 million, compared to $0.69 per common share on net income of $2.9 million during the third quarter ending September 30, 2024, and $0.55 per common share on net income of $2.3 million during the fourth quarter ending December 31, 2023. For the fiscal year ended December 31, 2024, PSB reported earnings of $2.37 per common share on net income of $9.8 million compared to $2.16 per common share on earnings of $9.1 million for the fiscal year ended December 31, 2023.

PSB’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) higher net interest income supported by a net interest margin increase of six basis points; (2) lower non-interest income due primarily to a loss on the sale of securities; (3) slightly lower non-interest expenses due to lower salaries and employee benefit expenses; and (4) loan growth of 2% during the quarter.

“We are pleased with our results for the fourth quarter and fiscal 2024. We continue to maintain strong asset quality and controlled expenses, and expect to see continued expansion in our net interest margin as loan products continue to reset to higher yields and funding costs stabilize or decline. Additionally, we expect to see stronger loan growth in fiscal 2025. We are focused on delivering strong returns to shareholders through capital growth, payment of dividends and supporting our stock price through stock repurchases, when economically appropriate,” stated Scott Cattanach, President and CEO.

December 31, 2024, Highlights:

Net interest income increased to $10.4 million for the quarter ended December 31, 2024, from $9.9 million for the quarter ended September 30, 2024. Asset and loan yields increased while funding costs declined slightly.
Noninterest income decreased $566,000 to $1.3 million for the quarter ended December 31, 2024, compared to $1.8 million the prior quarter due primarily to a loss on the sale of securities.
Noninterest expenses decreased to $8.0 million during the quarter ended December 31, 2024 from $8.2 million for the quarter ended September 30, 2024, reflecting lower salary and benefit expenses.
Loans increased $20.2 million, or 2% in the fourth quarter ended December 31, 2024, to $1.08 billion largely due to new commercial real estate and construction and development loans. Allowance for credit losses was 1.13% of gross loans.
Non-performing assets remained unchanged at $10.4 million, or 0.71% of total assets at December 31, 2024 compared to the previous quarter.
Total deposits increased slightly to $1.15 billion at December 31, 2024 from $1.14 billion at September 30, 2024, with the increase largely consisting of interest-bearing demand and savings deposits.
Return on average tangible common equity was 11.07% for the quarter ended December 31, 2024, compared to 10.96% the prior quarter and 9.64% in the year ago quarter.
Tangible book value per common share was up 9.0% over the past year to $25.98 at December 31, 2024, compared to $23.84 at December 31, 2023. Additionally, PSB paid dividends totaling $0.64 per share during 2024, up 6.7% over the prior year.
On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

Balance Sheet and Asset Quality Review

Total assets decreased $10.0 million during the fourth quarter to $1.47 billion at December 31, 2024, compared to September 30, 2024. Cash and cash equivalents decreased $46.6 million to $40.5 million at December 31, 2024 from $87.1 million at September 30, 2024 as funds were used to originate new loans and pay down FHLB advances. Cash and cash equivalents increased $12.7 million from one year earlier. Investment securities available for sale increased $14.2 million to $189.1 million at December 31, 2024, from $174.9 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $349 million at December 31, 2024, with an additional $354 million that could be raised in a short time frame from the brokered CDs market.

Total loans receivable increased $20.2 million to $1.08 billion at December 31, 2024, compared to one quarter earlier, due primarily to increased commercial non-real estate, commercial real estate and construction lending. Commercial non-real estate loans increased $5.1 million to $144.2 million at December 31, 2024, from $139.0 million one quarter earlier. Commercial real estate loans increased $10.1 million to $551.6 million at December 31, 2024 and construction and development lending increased $18.4 million to $79.4 million at December 31, 2024, compared to one quarter earlier. Offsetting gross loan growth, loans in process of disbursement increased $10.0 million to $27.8 million as new construction and development loans have not been fully funded. Residential real estate loans decreased $3.9 million from the prior quarter to $337.5 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.5% of gross loans, followed by residential real estate loans at 30.2% of gross loans, commercial non-real estate loans at 12.9% and consumer loans at 0.4%.

The allowance for credit losses decreased slightly to 1.13% of gross loans at December 31, 2024, from 1.18% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended December 31, 2024. Non-performing assets remained at 0.71% of total assets at December 31, 2024 and totaled $10.4 million. Approximately 71% of the non-performing assets consisted of three loan relationships. For the eighth consecutive quarter, the Bank did not own any foreclosed real estate.

Total deposits increased $8.2 million to $1.15 billion at December 31, 2024, from $1.14 billion at September 30, 2024. The increase in deposits reflects a $12.9 million increase in interest-bearing demand and savings deposits and a $3.3 million increase in retail and local time deposits greater than $250,000, offset by a $1.5 million decrease in money market deposits, a $5.6 million decrease in non-interest bearing deposits and a $0.9 million decrease in retail and local time deposits less than $250,000.

At December 31, 2024, non-interest bearing demand deposits decreased to 22.6% of total deposits from 23.3% the prior quarter, while interest-bearing demand and savings deposits increased to 29.4% of deposits, compared to 28.4% at September 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at December 31, 2024, from 21.7% of total deposits at September 30, 2024.

FHLB advances decreased $19.0 million to $162.3 million at December 31, 2024, compared to $181.3 million at September 30, 2024.

Tangible stockholder equity as a percent of total tangible assets was 7.76% at December 31, 2024, compared to 7.85% at September 30, 2024, and 7.49% at December 31, 2023.

Tangible net book value per common share increased $2.14 to $25.98, at December 31, 2024, compared to $23.84 one year earlier, an increase of 9.0% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.41, tangible net book value per common share decreased primarily due to a fair market value decrease in the investment portfolios and payment of dividends. The accumulated other comprehensive loss on the investment portfolio was $19.3 million at December 31, 2024, compared to $15.8 million one quarter earlier.

Operations Review

Net interest income increased to $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, from $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the fourth quarter of 2023. Earning asset yields remained flat at 5.29% during the fourth quarter of 2024, while interest bearing deposit and borrowing costs decreased seven basis points to 3.06% compared to 3.13% during the third quarter of 2024. Relative to one year earlier, earning asset yields were up 30 basis points while interest bearing deposit and borrowing costs increased 27 basis points.

The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the fourth quarter of 2024 to 5.80% from 5.78% for the third quarter of 2024. Taxable security yields were 3.16% for the quarter ended December 31, 2024, compared to 3.01% for the quarter ended September 30, 2024, while tax-exempt security yields were flat at 3.31% for the quarter ended December 31, 2024. The increase in taxable security yields reflect the rise in interest rates and security restructuring activity from security sales.

The cost of all deposits declined to 2.08% for the quarter ended December 31, 2024, compared to 2.11% the prior quarter, while the overall cost of funds decreased seven basis points to 3.06% from 3.13% during the same time period. Deposit costs for all deposit categories decreased during the fourth quarter with time deposits decreasing two basis points to 4.02%, money market deposits decreasing 13 basis points to 2.56% and savings and demand deposits decreasing two basis points to 2.56%. FHLB advances also declined four basis points to 4.40% for the quarter ended December 31, 2024.

Total noninterest income decreased during the fourth quarter of 2024 to $1.28 million, from $1.84 million for the third quarter of 2024 due primarily to a net loss on sale of securities. Mortgage banking income decreased slightly to $414,000 in the fourth quarter from $433,000 the prior quarter while various decreases in nominal revenue sources accounted for the remaining decline in noninterest income. At December 31, 2024, the Bank serviced $373.5 million in secondary market residential mortgage loans for others which provide fee income.

Noninterest expenses decreased $149,000 to $8.0 million for the fourth quarter of 2024, compared to $8.2 million for the third quarter of 2024 and increased $644,000 from $7.4 million for the fourth quarter of 2023. Relative to one year earlier, salary and benefit cost increased $447,000, or 10.5% to $4.7 million for the quarter ended December 31, 2024, compared to $4.2 million for the fourth quarter ended December 31, 2023.

Taxes decreased $69,000 during the fourth quarter to $524,000, from $593,000 one quarter earlier. The effective tax rate for the quarter ended December 31, 2024, was 14.4% compared to 16.6% for the third quarter ended September 30, 2024, and 26.7% for the fourth quarter ended December 31, 2023.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.



PSB Holdings, Inc.
Consolidated Balance Sheets
December 31, September 30, June 30, and March 31, 2024, unaudited, December 31, 2023 derived from audited financial statements

	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(dollars in thousands, except per share data)		2024			2024			2024			2024			2023

Assets

Cash and due from banks	$	21,414		$	23,554		$	16,475		$	13,340		$	20,887
Interest-bearing deposits		3,724			5,126			251			105			1,431
Federal funds sold		15,360			58,434			69,249			2,439			5,462

Cash and cash equivalents		40,498			87,114			85,975			15,884			27,780
Securities available for sale (at fair value)		189,086			174,911			165,177			165,566			164,024
Securities held to maturity (fair values of $79,654, $82,389, $79,993, $81,234 and
$82,514 respectively)		86,748			86,847			86,825			87,104			87,081
Equity securities		2,782			1,752			1,661			1,474			1,474
Loans held for sale		217			–			2,268			865			230
Loans receivable, net (allowance for credit losses of $12,342, $12,598, $12,597,
$12,494 and $12,302 respectively)		1,078,204			1,057,974			1,074,844			1,081,394			1,078,475
Accrued interest receivable		5,042			4,837			5,046			5,467			5,136
Foreclosed assets		–			–			–			–			–
Premises and equipment, net		13,805			14,065			14,048			13,427			13,098
Mortgage servicing rights, net		1,742			1,727			1,688			1,657			1,664
Federal Home Loan Bank stock (at cost)		8,825			8,825			8,825			7,006			6,373
Cash surrender value of bank-owned life insurance		24,732			24,565			24,401			24,242			24,085
Core deposit intangible		195			212			229			249			273
Goodwill		2,541			2,541			2,541			2,541			2,541
Other assets		11,539			10,598			12,111			11,682			11,866

TOTAL ASSETS	$	1,465,956		$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100

Liabilities

Non-interest-bearing deposits	$	259,515		$	265,078		$	250,435		$	247,608		$	266,829
Interest-bearing deposits		887,834			874,035			901,886			865,744			874,973

Total deposits		1,147,349			1,139,113			1,152,321			1,113,352			1,141,802

Federal Home Loan Bank advances		162,250			181,250			184,900			158,250			134,000
Other borrowings		6,872			6,128			5,775			8,096			8,058
Senior subordinated notes		4,781			4,779			4,778			4,776			4,774
Junior subordinated debentures		13,023			12,998			12,972			12,947			12,921
Allowance for credit losses on unfunded commitments		672			477			477			477			577
Accrued expenses and other liabilities		14,723			12,850			13,069			10,247			12,681

Total liabilities		1,349,670			1,357,595			1,374,292			1,308,145			1,314,813

Stockholders’ equity

Preferred stock – no par value:
Authorized – 30,000 shares; no shares issued or outstanding
Outstanding – 7,200 shares, respectively		7,200			7,200			7,200			7,200			7,200
Common stock – no par value with a stated value of $1.00 per share:
Authorized – 18,000,000 shares; Issued – 5,490,798 shares
Outstanding – 4,092,977, 4,105,594, 4,128,382, 4,147,649 and
4,164,735 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,610			8,567			8,527			8,466			8,460
Retained earnings		139,838			138,142			135,276			134,271			132,666
Accumulated other comprehensive income (loss), net of tax		(19,314	)		(15,814	)		(20,503	)		(20,775	)		(20,689	)
Treasury stock, at cost – 1,397,821, 1,385,204, 1,362,416, 1,343,149 and
1,326,063 shares, respectively		(21,878	)		(21,552	)		(20,983	)		(20,579	)		(20,180	)

Total stockholders’ equity		116,286			118,373			111,347			110,413			109,287

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,465,956		$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100

PSB Holdings, Inc.
Consolidated Statements of Income
	Quarter Ended													Years Ended
(dollars in thousands,	Dec. 31,			Sep. 30,		Jun. 30,		Mar. 31,			Dec. 31,			December
except per share data – unaudited)		2024			2024		2024		2024			2023			2024			2023

Interest and dividend income:
Loans, including fees	$	15,646		$	15,634	$	15,433	$	15,109		$	14,888		$	61,822		$	53,633
Securities:
Taxable		1,545			1,345		1,295		1,197			1,147			5,382			4,919
Tax-exempt		522			522		521		526			532			2,091			2,137
Other interest and dividends		948			699		265		343			320			2,255			851

Total interest and dividend income		18,661			18,200		17,514		17,175			16,887			71,550			61,540

Interest expense:
Deposits		6,027			5,905		5,838		6,082			5,526			23,852			16,993
FHLB advances		1,890			2,038		1,860		1,450			1,349			7,238			4,417
Other borrowings		57			57		58		60			54			232			215
Senior subordinated notes		59			59		58		59			59			235			238
Junior subordinated debentures		252			252		255		251			254			1,010			985

Total interest expense		8,285			8,311		8,069		7,902			7,242			32,567			22,848

Net interest income		10,376			9,889		9,445		9,273			9,645			38,983			38,692
Provision for credit losses		–			–		100		95			100			195			450

Net interest income after provision for credit losses		10,376			9,889		9,345		9,178			9,545			38,788			38,242

Noninterest income:
Service fees		362			367		350		336			360			1,415			1,448
Mortgage banking income		414			433		433		308			247			1,588			1,228
Investment and insurance sales commissions		226			230		222		121			100			799			910
Net loss on sale of securities		(511	)		–		–		(495	)		(297	)		(1,006	)		(576	)
Increase in cash surrender value of life insurance		166			165		159		157			154			647			615
Life insurance death benefit		–			–		–		–			–			–			533
Other noninterest income		620			648		742		617			540			2,627			2,562

Total noninterest income		1,277			1,843		1,906		1,044			1,104			6,070			6,720

Noninterest expense:
Salaries and employee benefits		4,691			4,771		5,167		5,123			4,244			19,752			18,648
Occupancy and facilities		691			757		733		721			675			2,902			2,761
Loss (gain) on foreclosed assets		–			1		–		–			1			1			(45	)
Data processing and other office operations		1,111			1,104		1,047		1,022			1,001			4,284			3,785
Advertising and promotion		141			164		171		129			244			605			733
Core deposit intangible amortization		17			17		20		24			24			78			109
Other noninterest expenses		1,351			1,337		1,257		1,306			1,169			5,251			4,557

Total noninterest expense		8,002			8,151		8,395		8,325			7,358			32,873			30,548

Income before provision for income taxes		3,651			3,581		2,856		1,897			3,291			11,985			14,414
Provision for income taxes		524			593		410		169			878			1,696			4,845

Net income	$	3,127		$	2,988	$	2,446	$	1,728		$	2,413		$	10,289		$	9,569
Preferred stock dividends declared	$	122		$	122	$	122	$	122		$	122		$	486		$	486

Net income available to common shareholders	$	3,005		$	2,866	$	2,324	$	1,606		$	2,291		$	9,803		$	9,083
Basic earnings per common share	$	0.73		$	0.69	$	0.56	$	0.39		$	0.55		$	2.37		$	2.16
Diluted earnings per common share	$	0.73		$	0.69	$	0.56	$	0.39		$	0.55		$	2.37		$	2.16

PSB Holdings, Inc.
Quarterly Financial Summary
(dollars in thousands, except per share data)		Quarter ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
Earnings and dividends:			2024			2024			2024			2024			2023

	Interest income	$	18,661		$	18,200		$	17,514		$	17,175		$	16,887
	Interest expense	$	8,285		$	8,311		$	8,069		$	7,902		$	7,242
	Net interest income	$	10,376		$	9,889		$	9,445		$	9,273		$	9,645
	Provision for credit losses	$	–		$	–		$	100		$	95		$	100
	Other noninterest income	$	1,277		$	1,843		$	1,906		$	1,044		$	1,104
	Other noninterest expense	$	8,002		$	8,151		$	8,395		$	8,325		$	7,358
	Net income available to common shareholders	$	3,005		$	2,866		$	2,324		$	1,606		$	2,291

	Basic earnings per common share (3)	$	0.73		$	0.69		$	0.56		$	0.39		$	0.55
	Diluted earnings per common share (3)	$	0.73		$	0.69		$	0.56		$	0.39		$	0.55
	Dividends declared per common share (3)	$	0.32		$	–		$	0.32		$	–		$	0.30
	Tangible net book value per common share (4)	$	25.98		$	26.41		$	24.55		$	24.21		$	23.84

	Semi-annual dividend payout ratio		23.27	%		n/a			33.61	%		n/a			38.14	%
	Average common shares outstanding		4,094,360			4,132,218			4,139,456			4,154,702			4,168,924


Balance sheet – average balances:
	Loans receivable, net of allowances for credit loss	$	1,064,619		$	1,066,795		$	1,088,013		$	1,081,936		$	1,081,851
	Assets	$	1,479,812		$	1,445,613		$	1,433,749		$	1,429,437		$	1,424,240
	Deposits	$	1,151,450		$	1,110,854		$	1,111,240		$	1,138,010		$	1,148,399
	Stockholders’ equity	$	118,396		$	114,458		$	110,726		$	109,473		$	105,060


Performance ratios:
	Return on average assets (1)		0.84	%		0.82	%		0.69	%		0.49	%		0.67	%
	Return on average common stockholders’ equity (1)		10.75	%		10.63	%		9.03	%		6.32	%		9.29	%
	Return on average tangible common
	stockholders’ equity (1)(4)		11.07	%		10.96	%		9.34	%		6.57	%		9.64	%
	Net loan charge-offs to average loans (1)		0.02	%		0.00	%		0.00	%		0.00	%		0.00	%
	Nonperforming loans to gross loans		0.95	%		0.97	%		1.15	%		1.08	%		0.54	%
	Nonperforming assets to total assets		0.71	%		0.71	%		0.84	%		0.83	%		0.42	%
	Allowance for credit losses to gross loans		1.13	%		1.18	%		1.16	%		1.14	%		1.13	%
	Nonperforming assets to tangible equity
	plus the allowance for credit losses (4)		8.85	%		8.71	%		11.09	%		10.59	%		5.38	%
	Net interest rate margin (1)(2)		2.96	%		2.90	%		2.84	%		2.80	%		2.88	%
	Net interest rate spread (1)(2)		2.23	%		2.16	%		2.15	%		2.12	%		2.20	%
	Service fee revenue as a percent of
	average demand deposits (1)		0.53	%		0.56	%		0.56	%		0.54	%		0.52	%
	Noninterest income as a percent
	of gross revenue		6.40	%		9.20	%		9.81	%		5.73	%		6.14	%
	Efficiency ratio (2)		67.59	%		68.43	%		72.52	%		78.93	%		67.04	%
	Noninterest expenses to average assets (1)		2.15	%		2.24	%		2.35	%		2.34	%		2.05	%
	Average stockholders’ equity less accumulated
	other comprehensive income (loss) to
	average assets		9.08	%		9.06	%		9.03	%		8.98	%		8.88	%
	Tangible equity to tangible assets (4)		7.76	%		7.85	%		7.32	%		7.60	%		7.49	%

Stock price information:

	High	$	27.90		$	25.00		$	21.40		$	22.50		$	22.30
	Low	$	25.00		$	20.30		$	19.75		$	20.05		$	20.10
	Last trade value at quarter-end	$	26.50		$	25.00		$	20.40		$	21.25		$	22.11

(1) Annualized
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
(4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.


PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income

		Quarter Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(dollars in thousands – unaudited)			2024			2024			2024			2024			2023

Net income		$	3,127		$	2,988		$	2,446		$	1,728		$	2,413

Other comprehensive income:

	Unrealized gain (loss) on securities available for sale, net of tax		(3,955	)		4,738			184			(615	)		5,278

	Reclassification adjustment for security loss included in net income, net of tax		404			–			–			391			280

	Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19		(76	)		–			–			(35	)		–

	Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity, net of tax		90			90			89			91			91

	Unrealized gain (loss) on interest rate swap, net of tax		65			(101	)		39			122			(109	)

	Reclassification adjustment of interest rate swap settlements included in earnings, net of tax		(27	)		(38	)		(40	)		(41	)		(39	)


Other comprehensive income (loss)			(3,499	)		4,689			272			(87	)		5,501

Comprehensive income (loss)		$	(372	)	$	7,677		$	2,718		$	1,641		$	7,914

PSB Holdings, Inc.
Nonperforming Assets as of:
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(dollars in thousands)		2024			2024			2024			2024			2023

Nonaccrual loans (excluding restructured loans)	$	10,109		$	10,116		$	12,184		$	11,498		$	5,596
Nonaccrual restructured loans		18			25			28			30			34
Restructured loans not on nonaccrual		286			292			299			304			310
Accruing loans past due 90 days or more		–			–			–			–			–

Total nonperforming loans		10,413			10,433			12,511			11,832			5,940
Other real estate owned		–			–			–			–			–

Total nonperforming assets	$	10,413		$	10,433		$	12,511		$	11,832		$	5,940

Nonperforming loans as a % of gross loans receivable		0.95	%		0.97	%		1.15	%		1.08	%		0.54	%
Total nonperforming assets as a % of total assets		0.71	%		0.71	%		0.84	%		0.83	%		0.42	%
Allowance for credit losses as a % of nonperforming loans		118.52	%		120.75	%		100.69	%		105.59	%		207.10	%

PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At December 31, 2024
(dollars in thousands)
		Gross			Specific
Collateral Description	Asset Type	Principal			Reserves

Real estate – Recreational Facility	Nonaccrual	$	4,126		$	151
Real estate – Independent Auto Repair	Nonaccrual		538			–
Real estate – Dealership	Nonaccrual		2,708			560


Total listed nonperforming assets		$	7,372		$	711
Total bank wide nonperforming assets		$	10,413		$	1,043
Listed assets as a % of total nonperforming assets			71	%		68	%

PSB Holding, Inc.
Loan Composition by Collateral Type
Quarter-ended (dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023

Commercial:
Commercial and industrial	$	116,864		$	115,234		$	125,508		$	118,821		$	117,207
Agriculture		11,568			11,203			11,480			12,081			12,304
Municipal		15,733			12,596			11,190			28,842			31,530

Total Commercial		144,165			139,033			148,178			159,744			161,041

Commercial Real Estate:
Commercial real estate		551,641			541,577			544,171			546,257			536,209
Construction and development		79,377			60,952			70,540			63,375			81,701

Total Commercial Real Estate		631,018			602,529			614,711			609,632			617,910

Residential real estate:
Residential		271,643			269,954			270,944			274,300			274,453
Construction and development		28,959			34,655			36,129			34,158			33,960
HELOC		36,887			36,734			33,838			31,357			29,766

Total Residential Real Estate		337,489			341,343			340,911			339,815			338,179

Consumer installment		5,060			4,770			4,423			4,867			4,357

Subtotals – Gross loans		1,117,732			1,087,675			1,108,223			1,114,058			1,121,487
Loans in process of disbursement		(27,791	)		(17,836	)		(21,484	)		(20,839	)		(31,359	)

Subtotals – Disbursed loans		1,089,941			1,069,839			1,086,739			1,093,219			1,090,128
Net deferred loan costs		605			733			702			669			649
Allowance for credit losses		(12,342	)		(12,598	)		(12,597	)		(12,494	)		(12,302	)

Total loans receivable	$	1,078,204		$	1,057,974		$	1,074,844		$	1,081,394		$	1,078,475

PSB Holding, Inc.
Selected Commercial Real Estate Loans by Purpose
	Dec 31,				Sept 30,				June 30,				Mar 31,				Dec 31,
(dollars in thousands)	2024				2024				2024				2024				2023

	Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)
Multi Family	$	140,087	14.0	%	$	140,307	14.7	%	$	146,873	15.2	%	$	142,001	14.4	%	$	132,386	13.2	%
Industrial and Warehousing		88,297	8.8			86,818	9.1			86,025	8.9			85,409	8.6			83,817	8.3
Retail		33,991	3.4			33,020	3.5			34,846	3.6			33,177	3.4			35,419	3.5
Hotels		31,101	3.1			31,611	3.3			34,613	3.6			35,105	3.6			36,100	3.6
Office		6,234	0.6			6,378	0.7			6,518	0.7			6,655	0.7			6,701	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	December 31,				September 30,				June 30,				March 31,				December 31,
(dollars in thousands)		2024				2024				2024				2024				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	204,167	17.8	%	$	210,534	18.5	%	$	202,343	17.5	%	$	199,076	17.8	%	$	197,571	17.3	%
Interest-bearing demand and savings		315,900	27.6	%		305,631	26.8	%		304,392	26.5	%		318,673	28.7	%		317,984	27.8	%
Money market deposits		141,024	12.3	%		138,376	12.2	%		137,637	12.0	%		143,167	12.9	%		142,887	12.5	%
Retail and local time deposits <= $250		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%

Total core deposits		816,190	71.2	%		810,529	71.2	%		793,670	69.0	%		809,320	72.7	%		807,587	70.7	%
Retail and local time deposits > $250		25,500	2.2	%		23,500	2.1	%		22,500	2.0	%		24,508	2.3	%		23,000	2.0	%
Broker & national time deposits <= $250		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%

Totals	$	899,095	78.4	%	$	891,434	78.3	%	$	873,988	76.0	%	$	897,809	80.7	%	$	904,077	79.1	%

PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	December 31,				September 30,				June 30,				March 31,				December 31,
(dollars in thousands)		2024				2024				2024				2024				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	55,348	4.8	%	$	54,544	4.8	%	$	48,092	4.1	%	$	48,532	4.4	%	$	69,258	6.1	%
Interest-bearing demand and savings		20,934	1.8	%		18,317	1.6	%		32,674	2.8	%		20,535	1.8	%		20,316	1.8	%
Money market deposits		153,334	13.4	%		157,489	13.8	%		177,954	15.4	%		124,766	11.2	%		124,518	10.9	%
Retail and local time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Total core deposits		229,616	20.0	%		230,350	20.2	%		258,720	22.3	%		193,833	17.4	%		214,092	18.8	%
Retail and local time deposits > $250		18,638	1.6	%		17,329	1.5	%		19,613	1.7	%		21,710	1.9	%		23,633	2.1	%
Broker & national time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%
Broker & national time deposits > $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Totals	$	248,254	21.6	%	$	247,679	21.7	%	$	278,333	24.0	%	$	215,543	19.3	%	$	237,725	20.9	%


PSB Holdings, Inc.
Deposit Composition

Total Deposits	December 31,				September 30,				June 30,				March 31,				December 31,
(dollars in thousands)		2024				2024				2024				2024				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	259,515	22.6	%	$	265,078	23.3	%	$	250,435	21.6	%	$	247,608	22.2	%	$	266,829	23.4	%
Interest-bearing demand and savings		336,834	29.4	%		323,948	28.4	%		337,066	29.3	%		339,208	30.5	%		338,300	29.6	%
Money market deposits		294,358	25.7	%		295,865	26.0	%		315,591	27.4	%		267,933	24.1	%		267,405	23.4	%
Retail and local time deposits <= $250		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%

Total core deposits		1,045,806	91.2	%		1,040,879	91.4	%		1,052,390	91.3	%		1,003,153	90.1	%		1,021,679	89.5	%
Retail and local time deposits > $250		44,138	3.8	%		40,829	3.6	%		42,113	3.7	%		46,218	4.2	%		46,633	4.1	%
Broker & national time deposits <= $250		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%

Totals	$	1,147,349	100.0	%	$	1,139,113	100.0	%	$	1,152,321	100.0	%	$	1,113,352	100.0	%	$	1,141,802	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)


	Quarter ended December 31, 2024							Quarter ended September 30, 2024							Quarter ended December 31, 2023
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,077,242		$	15,693	5.80	%	$	1,079,393		$	15,674	5.78	%	$	1,094,152		$	14,974	5.43	%
Taxable securities		194,272			1,545	3.16	%		177,520			1,345	3.01	%		167,366			1,147	2.72	%
Tax-exempt securities (2)		79,475			661	3.31	%		79,472			661	3.31	%		80,922			673	3.30	%
FHLB stock		8,825			227	10.23	%		8,825			176	7.93	%		6,373			158	9.84	%
Other		58,405			721	4.91	%		36,680			523	5.67	%		11,846			162	5.43	%

Total (2)		1,418,219			18,847	5.29	%		1,381,890			18,379	5.29	%		1,360,659			17,114	4.99	%

Non-interest-earning assets:
Cash and due from banks		15,500							17,162							16,243
Premises and equipment,
net		14,001							14,216							13,243
Cash surrender value ins		24,625							24,458							23,990
Other assets		20,090							20,485							22,406
Allowance for credit
losses		(12,623	)						(12,598	)						(12,301	)

Total	$	1,479,812						$	1,445,613						$	1,424,240

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	319,777		$	1,479	1.84	%	$	323,841		$	1,515	1.86	%	$	327,036		$	1,296	1.57	%
Money market deposits		304,897			1,961	2.56	%		277,884			1,876	2.69	%		272,087			1,820	2.65	%
Time deposits		256,201			2,587	4.02	%		247,296			2,514	4.04	%		273,332			2,410	3.50	%
FHLB borrowings		170,701			1,890	4.40	%		182,414			2,038	4.44	%		133,560			1,349	4.01	%
Other borrowings		6,848			57	3.31	%		6,702			57	3.38	%		6,999			54	3.06	%
Senior sub. notes		4,780			59	4.91	%		4,779			59	4.91	%		4,773			59	4.90	%
Junior sub. debentures		13,011			252	7.71	%		12,985			252	7.72	%		12,909			254	7.81	%

Total		1,076,215			8,285	3.06	%		1,055,901			8,311	3.13	%		1,030,696			7,242	2.79	%

Non-interest-bearing liabilities:
Demand deposits		270,575							261,833							275,944
Other liabilities		14,626							13,421							12,540
Stockholders’ equity		118,396							114,458							105,060

Total	$	1,479,812						$	1,445,613						$	1,424,240

Net interest income				$	10,562						$	10,068						$	9,872
Rate spread						2.23	%						2.16	%						2.20	%
Net yield on interest-earning assets						2.96	%						2.90	%						2.88	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
	Year ended December 31, 2024							Year ended December 31, 2023
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,087,816		$	62,085	5.71	%	$	1,043,144		$	53,824	5.16	%
Taxable securities		179,074			5,382	3.01	%		183,984			4,919	2.67	%
Tax-exempt securities (2)		79,735			2,647	3.32	%		81,481			2,705	3.32	%
FHLB stock		8,024			750	9.35	%		5,304			386	7.28	%
Other		29,153			1,505	5.16	%		9,073			465	5.13	%

Total (2)		1,383,802			72,369	5.23	%		1,322,986			62,299	4.71	%

Non-interest-earning assets:
Cash and due from banks		16,841							17,110
Premises and equipment, net		13,834							13,294
Cash surrender value ins		24,382							24,331
Other assets		20,911							23,136

Allowance for credit losses		(12,528	)						(12,079	)

Total	$	1,447,242						$	1,388,778

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand deposits	$	331,411		$	6,133	1.85	%	$	344,906		$	4,582	1.33	%
Money market deposits		281,828			7,569	2.69	%		249,079			5,328	2.14	%
Time deposits		256,265			10,150	3.96	%		261,595			7,083	2.71	%
FHLB borrowings		167,708			7,238	4.32	%		116,282			4,417	3.80	%
Other borrowings		7,241			232	3.20	%		7,061			215	3.04	%
Senior sub. notes		4,778			235	4.92	%		4,927			238	4.83	%
Junior sub. debentures		12,972			1,010	7.79	%		12,870			985	7.65	%

Total		1,062,203			32,567	3.07	%		996,720			22,848	2.29	%

Non-interest-bearing liabilities:
Demand deposits		258,173							274,273
Other liabilities		13,475							12,397
Stockholders’ equity		113,391							105,388

Total	$	1,447,242						$	1,388,778

Net interest income				$	39,802						$	39,451
Rate spread						2.16	%						2.42	%
Net yield on interest-earning assets						2.88	%						2.98	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com

The MIL Network –

January 28, 2025

MIL-OSI: Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

Source: GlobeNewswire (MIL-OSI)

EAU CLAIRE, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $2.7 million and earnings per diluted share of $0.27 for the fourth quarter ended December 31, 2024, compared to $3.3 million and earnings per diluted share of $0.32 for the quarter ended September 30, 2024, and $3.7 million and $0.35 earnings per diluted share for the quarter ended December 31, 2023, respectively.

The Company’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) increase in net interest income of $0.4 million with net interest margin increased by 16 basis points; (2) a $0.05 million increase in negative provision for credit losses to $0.45 million in the fourth quarter; (3) lower non-interest income of $0.9 million primarily due to $0.5 million lower gain on sale of loans and $0.2 million higher net losses on sale of equity securities in the fourth quarter of 2024; and (4) higher non-interest expense primarily due to higher REO expenses of $0.2 million and higher professional fees of $0.2 million.

Book value per share improved to $17.94 at December 31, 2024, compared to $17.88 at September 30, 2024, and $16.60 at December 31, 2023. Tangible book value per share (non-GAAP)¹ was $14.69 at December 31, 2024, compared to $14.64 at September 30, 2024, and a 9.5% increase from $13.42 at December 31, 2023. For the fourth quarter of 2024, tangible book value was positively influenced by net income and intangible amortization which was mostly offset by the impact of higher long-term interest rates which increased the net unrealized loss on the available for sale securities portfolio. Stockholders’ equity as a percentage of total assets was 10.24% at December 31, 2024, compared to 10.01% at September 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)¹ increased to 8.54% at December 31, 2024, compared to 8.35% at September 30, 2024, largely due to the impact of asset shrinkage.

“As we closed 2024, I am pleased with the execution on our strategic objectives, continuing to strengthen franchise value. The quarter reflected our balance sheet optimization efforts, which increased the net interest margin 6%, and increased the tangible common equity ratio for the continued repurchase of shares at prices that were accretive to earnings per share and tangible book value. The TCE ratio increased to 8.54%, from 8.35% in the prior quarter which provides flexibility to grow the loan portfolio and potentially repurchase shares in 2025. Deposits, net of the decrease in wholesale deposits, increased $27 million. Loans decreased $56 million during the quarter, primarily in non-strategic relationships, but we forecast modest loan growth of one to three percent in 2025. Credit metrics improved and we continue to maintain a healthy reserve for credit losses to total loans at 1.50%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

December 31, 2024, Highlights:

Quarterly earnings were $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, a decrease compared to earnings of $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, and $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023.
Net interest income increased $0.4 million to $11.7 million for the current quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat with $11.7 million for the quarter ended December 31, 2023. The increase in net interest income from the third quarter of 2024 was primarily due to an increase in net interest margin of 16 basis points.
The net interest margin increased to 2.79%, primarily due to lower deposit costs, for the quarter ended December 31, 2024, compared to 2.63% for the previous quarter, and 2.69% for the quarter ended December 31, 2023. The net interest margin increase in the fourth quarter of 2024, was also favorably impacted by accelerated deferred fee accretion on loan payoffs of 3 basis points.
Negative provision for credit losses of $0.45 million, $0.40 million, and $0.65 million were recorded during the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The fourth quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.324 million and a $0.126 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
Non-interest income decreased $0.9 million in the fourth quarter of 2024, due to $0.5 million in lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Non-interest income decreased by $0.5 million compared to the fourth quarter of 2023, due to higher net losses on equity securities.
Non-interest expense increased $0.4 million to $10.8 million in the fourth quarter of 2024 from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million in the fourth quarter one year earlier. The $0.4 million increase in non-interest expense from the third quarter was largely due to $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 was due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase of $0.2 million on losses on repossessed assets; and (3) higher data processing of $0.2 million, partially offset by lower other expenses of $0.5 million primarily due to 2023 branch closure costs.
Loans receivable decreased $55.8 million during the fourth quarter ended December 31, 2024, to $1.369 billion compared to the prior quarter end, due to pay offs of non-strategic relationships as part of the balance sheet optimization plan.
Total deposits decreased $32.5 million during the fourth quarter of 2024, compared to three months earlier, as wholesale deposits were reduced with brokered deposits decreasing $47.5 million to $19.1 million at December 31, 2024, compared to three months earlier.
Federal Home Loan Bank advances decreased $16.0 million to $5.0 million at December 31, 2024, from $21.0 million at September 30, 2024.
The effective tax rate was 19.5% for the quarter ended December 31, 2024, compared to 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.
Nonperforming assets decreased to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024. The decrease was largely due to a partial paydown on one agricultural real estate loan relationship in forestry services that was placed on nonaccrual status in the third quarter.
Net charge-offs remain minimal and were 0.009% of average loans during the fourth quarter and 0.007% over the twelve-month period ending December 31, 2024.
Common stock totaling 94 thousand shares were repurchased in the fourth quarter ending December 31, 2024, at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share.
In November 2024, the Company notified its customers that it would be closing the Faribault, Minnesota branch on February 3, 2025, with account balances transferred to the nearest branch which is 39 miles away. The branch closure costs recognized in the fourth quarter were minimal.

The efficiency ratio was 76% for the quarter ended December 31, 2024, compared to 72% for the quarter ended September 30, 2024.
On January 23, 2025, the Board of Directors declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025.

Balance Sheet and Asset Quality

Total assets decreased by $50.6 million during the quarter to $1.749 billion at December 31, 2024.

Securities available for sale (AFS”) decreased $6.6 million during the quarter ended December 31, 2024, to $142.8 million from $149.4 million at September 30, 2024. The decrease was due to higher pre-tax unrealized losses of $3.3 million and principal repayments of $3.3 million.

Securities held to maturity (“HTM”) decreased $1.5 million to $85.5 million during the quarter ended December 31, 2024, from $87.0 million at September 30, 2024, due to principal repayments.

The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.75% of total assets at December 31, 2024, compared to 11.46% at September 30, 2024. On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $725 million, or 273%, of uninsured and uncollateralized deposits at December 31, 2024, and $718 million, or 269%, at September 30, 2024.

Continued balance sheet optimization resulted in loans decreasing by $55.8 million during the fourth quarter ended December 31, 2024, to $1.372 billion, compared to September 30, 2024. A large level of non-strategic relationships were repaid during the quarter as well as a $4.9 million reduction in criticized loans.

The office loan portfolio consisting of 71 loans totaled $28 million at December 31, 2024, and decreased $3 million from $31 million at September 30, 2024. Criticized loans in the office loan portfolio for the quarter ended December 31, 2024, totaled $0.5 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $0.45 million to $20.5 million at December 31, 2024, representing 1.50% of total loans receivable compared to 1.47% of total loans receivable at September 30, 2024. For the quarter ended December 31, 2024, the Bank recorded a negative provision of $0.45 million which included a negative provision on ACL for loans of $0.32 million and a negative provision of $0.13 million on ACL for unfunded commitments.

Allowance for Credit Losses (“ACL”) – Loans Percentage

(in thousands, except ratios)

	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Loans, end of period	$	1,368,981		$	1,424,828		$	1,428,588		$	1,460,792
Allowance for credit losses – Loans	$	20,549		$	21,000		$	21,178		$	22,908
ACL – Loans as a percentage of loans, end of period		1.50	%		1.47	%		1.48	%		1.57	%

In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.334 million at December 31, 2024, $0.460 million at September 30, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.
Allowance for Credit Losses – Unfunded Commitments:
(in thousands)

	December 31, 2024 and Three Months Ended			December 31, 2023 and Three Months Ended			December 31, 2024 and Twelve Months Ended			December 31, 2023 and Twelve Months Ended
ACL – Unfunded commitments – beginning of period	$	460		$	1,571		$	1,250		$	—
Cumulative effect of ASU 2016-13 adoption		—			—			—			1,537
(Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations		(126	)		(321	)		(916	)		(287	)
ACL – Unfunded commitments – end of period	$	334		$	1,250		$	334		$	1,250

Special mention loans decreased by $2.5 million to $8.5 million at December 31, 2024, compared to $11.0 million at September 30, 2024. Over the past 12 months, special mention loans have declined $9.9 million from $18.4 million at December 31, 2023.

Substandard loans decreased by $2.3 million to $18.9 million at December 31, 2024, compared to $21.2 million at September 30, 2024, primarily due to a $1.6 million reduction in a nonperforming loan, classified as substandard, agricultural real estate forestry services loan.

Nonperforming assets decreased $2.8 million to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024, primarily due to the $1.6 million reduction in nonperforming assets discussed above and the sale of a real estate owned property.

	(in thousands)
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Special mention loan balances	$	8,480	$	11,047	$	8,848	$	13,737	$	18,392
Substandard loan balances		18,891		21,202		14,420		14,733		19,596
Criticized loans, end of period	$	27,371	$	32,249	$	23,268	$	28,470	$	37,988

Total deposits decreased $32.5 million during the quarter ended December 31, 2024, to $1.49 billion as $59.7 million of wholesale brokered deposits were repaid. Brokered deposits declined $47.5 million to $19.1 million at December 31, 2024, from $66.6 million at September 30, 2024, and declined $79.1 million from $98.2 million at December 31, 2023.

Deposit Portfolio Composition
(in thousands)

	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Consumer deposits	$	852,083	$	844,808	$	822,665	$	827,290	$	814,899
Commercial deposits		412,355		406,095		395,148		400,910		415,715
Public deposits		190,460		176,844		187,698		202,175		182,172
Wholesale deposits		33,250		92,920		114,033		97,114		106,306
Total deposits	$	1,488,148	$	1,520,667	$	1,519,544	$	1,527,489	$	1,519,092

At December 31, 2024, the deposit portfolio composition was 57% consumer, 28% commercial, 13% public, and 2% wholesale deposits compared to 55% consumer, 27% commercial, 12% public, and 6% wholesale deposits at September 30, 2024.

Deposit Composition By Type
(in thousands)

	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Non-interest-bearing demand deposits	$	252,656	$	256,840	$	255,703	$	248,537	$	265,704
Interest-bearing demand deposits		355,750		346,971		353,477		361,278		343,276
Savings accounts		159,821		169,096		170,946		177,595		176,548
Money market accounts		369,534		366,067		370,164		387,879		374,055
Certificate accounts		350,387		381,693		369,254		352,200		359,509
Total deposits	$	1,488,148	$	1,520,667	$	1,519,544		1,527,489	$	1,519,092

Uninsured and uncollateralized deposits were $265.4 million, or 18% of total deposits, at December 31, 2024, and $267.1 million, or 18% of total deposits, at September 30, 2024. Uninsured deposits alone at December 31, 2024, were $428.0 million, or 29% of total deposits, and $413.6 million, or 27% of total deposits at September 30, 2024.

As part of the balance sheet optimization plan, $16.0 million in Federal Home Loan Bank advances were repaid during the fourth quarter and totaled $5.0 million at December 31, 2024, compared to $21.0 million one quarter earlier.

Common stock totaling approximately 94 thousand shares were repurchased in the fourth quarter of 2024 at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share. There are 238 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

Review of Operations

Net interest income increased $0.4 million for the quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat from $11.7 million for the quarter ended December 31, 2023. The increase in net interest income compared to the third quarter of 2024 was primarily due to an increase in net interest margin, partially offsetting the impact of asset shrinkage. The net interest margin increase was favorably impacted by 3 basis points due to deferred fee accretion on loan payoffs.

Net interest income and net interest margin analysis:
(in thousands, except yields and rates)

	Three months ended
	December 31, 2024					September 30, 2024					June 30, 2024					March 31, 2024					December 31, 2023
	Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin
As reported	$	11,708		2.79	%	$	11,285		2.63	%	$	11,576		2.72	%	$	11,905		2.77	%	$	11,747		2.69	%
Less accretion for PCD loans		(42	)	(0.01)%			(45	)	(0.01)%			(62	)	(0.01)%			(75	)	(0.02)%			(37	)	(0.01)%
Less scheduled accretion interest		(33	)	(0.01)%			(33	)	(0.01)%			(32	)	(0.01)%			(33	)	(0.01)%			(33	)	(0.01)%
Without loan purchase accretion	$	11,633		2.77	%	$	11,207		2.61	%	$	11,482		2.70	%	$	11,797		2.74	%	$	11,677		2.67	%

The table below shows the impact of certificate, loan and securities contractual fixed rate maturing and repricing.

Portfolio Contractual Repricing:
(in millions, except yields)

	Q1 2025			Q2 2025			Q3 2025			Q4 2025			FY 2026
Maturing Certificate Accounts:
Contractual Balance	$	95		$	177		$	43		$	14		$	13
Contractual Interest Rate		4.63	%		4.68	%		4.25	%		3.07	%		3.36	%
Maturing or Repricing Loans:
Contractual Balance	$	46		$	97		$	18		$	55		$	322
Contractual Interest Rate		5.27	%		7.10	%		6.15	%		4.79	%		3.85	%
Maturing or Repricing Securities:
Contractual Balance	$	4		$	3		$	3		$	4		$	19
Contractual Interest Rate		6.15	%		5.12	%		4.07	%		4.31	%		3.49	%

Non-interest income decreased $0.9 million in the fourth quarter of 2024 to $2.0 million from $2.9 million the prior quarter due to $0.5 million of lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Total non-interest income for the quarter ended December 31, 2023, was higher at $2.5 million due to an increase in net losses on equity securities in 4Q 2024.

Non-interest expense increased $0.4 million to $10.8 million from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million one year earlier. The $0.4 million increase in non-interest expense compared to the linked quarter was largely due to the $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 is due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase in the current quarter of $0.2 million on losses on repossessed assets; (3) higher data processing of $0.2 million partially offset by lower other expenses $0.5 million primarily due to 2023 branch closure costs.

Provision for income taxes decreased to $0.7 million in the fourth quarter of 2024 from $0.9 million in the third quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 19.5% for the quarter ended December 31, 2024, 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.

These financial results are preliminary until Form 10-K is filed in March 2025.
About the Company

Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

¹Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

Contact: Steve Bianchi, CEO
(715)-836-9994

(CZWI-ER)

CITIZENS COMMUNITY BANCORP, INC. Consolidated Balance Sheets (in thousands, except shares and per share data)
	December 31, 2024 (unaudited)			September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			December 31, 2023 (audited)
Assets
Cash and cash equivalents	$	50,172		$	36,632		$	36,886		$	37,138
Securities available for sale “AFS”		142,851			149,432			146,438			155,743
Securities held to maturity “HTM”		85,504			87,033			88,605			91,229
Equity investments		4,702			5,096			5,023			3,284
Other investments		12,500			12,311			13,878			15,725
Loans receivable		1,368,981			1,424,828			1,428,588			1,460,792
Allowance for credit losses		(20,549	)		(21,000	)		(21,178	)		(22,908	)
Loans receivable, net		1,348,432			1,403,828			1,407,410			1,437,884
Loans held for sale		1,329			697			275			5,773
Mortgage servicing rights, net		3,663			3,696			3,731			3,865
Office properties and equipment, net		17,075			17,365			17,774			18,373
Accrued interest receivable		5,653			6,235			6,289			5,409
Intangible assets		979			1,158			1,336			1,694
Goodwill		31,498			31,498			31,498			31,498
Foreclosed and repossessed assets, net		915			1,572			1,662			1,795
Bank owned life insurance (“BOLI”)		26,102			25,901			25,708			25,647
Other assets		17,144			16,683			15,794			16,334
TOTAL ASSETS	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,488,148		$	1,520,667		$	1,519,544		$	1,519,092
Federal Home Loan Bank (“FHLB”) advances		5,000			21,000			31,500			79,530
Other borrowings		61,606			61,548			61,498			67,465
Other liabilities		14,681			15,773			13,720			11,970
Total liabilities		1,569,435			1,618,988			1,626,262			1,678,057
Stockholders’ equity:
Common stock— $0.01 par value, authorized 30,000,000; 9,981,996, 10,074,136, 10,297,341, and 10,440,591 shares issued and outstanding, respectively		100			101			103			104
Additional paid-in capital		114,564			115,455			117,838			119,441
Retained earnings		80,840			78,438			75,501			71,117
Accumulated other comprehensive loss		(16,420	)		(13,845	)		(17,397	)		(17,328	)
Total stockholders’ equity		179,084			180,149			176,045			173,334
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391

Note: Certain items previously reported were reclassified for consistency with the current presentation.

CITIZENS COMMUNITY BANCORP, INC. Consolidated Statements of Operations (in thousands, except per share data)
	Three Months Ended									Twelve Months Ended
	December 31, 2024 (unaudited)			September 30, 2024 (unaudited)			December 31, 2023 (unaudited)			December 31, 2024 (unaudited)			December 31, 2023 (audited)
Interest and dividend income:
Interest and fees on loans	$	19,534		$	20,115		$	19,408		$	79,738		$	73,577
Interest on investments		2,427			2,397			2,618			9,877			10,671
Total interest and dividend income		21,961			22,512			22,026			89,615			84,248
Interest expense:
Interest on deposits		9,273			10,165			7,851			37,985			25,749
Interest on FHLB borrowed funds		65			128			1,371			1,281			5,966
Interest on other borrowed funds		915			934			1,057			3,875			4,184
Total interest expense		10,253			11,227			10,279			43,141			35,899
Net interest income before provision for credit losses		11,708			11,285			11,747			46,474			48,349
(Negative) provision for credit losses		(450	)		(400	)		(650	)		(3,175	)		(475	)
Net interest income after provision for credit losses		12,158			11,685			12,397			49,649			48,824
Non-interest income:
Service charges on deposit accounts		450			513			485			1,924			1,949
Interchange income		550			577			581			2,247			2,324
Loan servicing income		520			643			539			2,271			2,218
Gain on sale of loans		218			752			191			2,216			1,692
Loan fees and service charges		292			165			124			996			432
Net realized gains on debt securities		—			—			—			—			12
Net (losses) gains on equity securities		(287	)		(78	)		277			(856	)		447
Bank Owned Life Insurance (BOLI) death benefit		—			—			—			184			—
Other		266			349			283			1,125			1,176
Total non-interest income		2,009			2,921			2,480			10,107			10,250
Non-interest expense:
Compensation and related benefits		5,840			5,743			5,139			22,741			21,106
Occupancy		1,217			1,242			1,314			5,159			5,431
Data processing		1,743			1,665			1,511			6,530			5,951
Amortization of intangible assets		179			178			179			715			755
Mortgage servicing rights expense, net		107			163			159			534			615
Advertising, marketing and public relations		218			225			262			793			734
FDIC premium assessment		192			201			204			798			812
Professional services		514			336			371			1,763			1,524
Losses (gains) on repossessed assets, net		247			65			—			294			62
Other		552			603			1,067			2,979			3,152
Total non-interest expense		10,809			10,421			10,206			42,306			40,142
Income before provision for income taxes		3,358			4,185			4,671			17,450			18,932
Provision for income taxes		656			899			978			3,699			5,873
Net income attributable to common stockholders	$	2,702		$	3,286		$	3,693		$	13,751		$	13,059
Per share information:
Basic earnings	$	0.27		$	0.32		$	0.35		$	1.34		$	1.25
Diluted earnings	$	0.27		$	0.32		$	0.35		$	1.34		$	1.25
Cash dividends paid	$	—		$	—		$	—		$	0.32		$	0.29
Book value per share at end of period	$	17.94		$	17.88		$	16.60		$	17.94		$	16.60
Tangible book value per share at end of period (non-GAAP)	$	14.69		$	14.64		$	13.42		$	14.69		$	13.42

Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

(in thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023

GAAP pretax income	$	3,358	$	4,185	$	4,671	$	17,450	$	18,932
Branch closure costs (1)		—		—		380		168		380
Pretax income as adjusted (2)	$	3,358	$	4,185	$	5,051	$	17,618	$	19,312
Provision for income tax on net income as adjusted (3)		656		899		1,058		3,735		5,991
Net income as adjusted (non-GAAP) (2)	$	2,702	$	3,286	$	3,993	$	13,883	$	13,321
GAAP diluted earnings per share, net of tax	$	0.27	$	0.32	$	0.35	$	1.34	$	1.25
Branch closure costs, net of tax		—		—		0.03		0.01		0.03
Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.27	$	0.32	$	0.38	$	1.35	$	1.28

Average diluted shares outstanding		10,033,957		10,204,195		10,457,184		10,262,710		10,470,298

(1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
(2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
(3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

Loan Composition

(in thousands)

	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	709,018		$	730,459		$	729,236		$	750,531
Agricultural real estate		73,130			76,043			78,248			83,350
Multi-family real estate		220,805			239,191			234,758			228,095
Construction and land development		78,489			87,875			87,898			110,941
C&I/Agricultural operating:
Commercial and industrial		115,657			119,619			127,386			121,666
Agricultural operating		31,000			27,550			27,409			25,691
Residential mortgage:
Residential mortgage		132,341			134,944			133,503			129,021
Purchased HELOC loans		2,956			2,932			2,915			2,880
Consumer installment:
Originated indirect paper		3,970			4,405			5,110			6,535
Other consumer		5,012			5,438			5,860			6,187
Gross loans	$	1,372,378		$	1,428,456		$	1,432,323		$	1,464,897
Unearned net deferred fees and costs and loans in process		(2,547	)		(2,703	)		(2,733	)		(2,900	)
Unamortized discount on acquired loans		(850	)		(925	)		(1,002	)		(1,205	)
Total loans receivable	$	1,368,981		$	1,424,828		$	1,428,588		$	1,460,792

Nonperforming Assets
Loan Balances at Amortized Cost

(in thousands, except ratios)

	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	4,594		$	4,778		$	5,350		$	10,359
Agricultural real estate		6,222			6,193			382			391
Construction and land development		103			106			—			54
Commercial and industrial (“C&I”)		597			1,956			422			—
Agricultural operating		793			901			1,017			1,180
Residential mortgage		858			1,088			1,145			1,167
Consumer installment		1			20			36			33
Total nonaccrual loans	$	13,168		$	15,042		$	8,352		$	13,184
Accruing loans past due 90 days or more		186			530			256			389
Total nonperforming loans (“NPLs”) at amortized cost		13,354			15,572			8,608			13,573
Foreclosed and repossessed assets, net		915			1,572			1,662			1,795
Total nonperforming assets (“NPAs”)	$	14,269		$	17,144		$	10,270		$	15,368
Loans, end of period	$	1,368,981		$	1,424,828		$	1,428,588		$	1,460,792
Total assets, end of period	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391
Ratios:
NPLs to total loans		0.98	%		1.09	%		0.60	%		0.93	%
NPAs to total assets		0.82	%		0.95	%		0.57	%		0.83	%

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)

	Three Months Ended December 31, 2024						Three Months Ended September 30, 2024						Three Months Ended December 31, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	26,197	$	327	4.97	%	$	25,187	$	360	5.69	%	$	16,699	$	241	5.73	%
Loans receivable		1,396,854		19,534	5.56	%		1,429,928		20,115	5.60	%		1,458,558		19,408	5.28	%
Investment securities		235,268		1,940	3.28	%		236,960		1,966	3.30	%		243,705		2,102	3.42	%
Other investments		12,318		160	5.17	%		12,553		71	2.25	%		15,760		275	6.92	%
Total interest earning assets	$	1,670,637	$	21,961	5.23	%	$	1,704,628	$	22,512	5.25	%	$	1,734,722	$	22,026	5.04	%
Average interest-bearing liabilities:
Savings accounts	$	162,501	$	383	0.94	%	$	170,777	$	450	1.05	%	$	175,281	$	323	0.73	%
Demand deposits		346,411		1,891	2.17	%		357,201		2,152	2.40	%		329,096		1,680	2.03	%
Money market accounts		351,566		2,720	3.08	%		381,369		3,126	3.26	%		326,981		2,217	2.69	%
CD’s		374,087		4,279	4.55	%		379,722		4,437	4.65	%		368,110		3,631	3.91	%
Total deposits	$	1,234,565	$	9,273	2.99	%	$	1,289,069	$	10,165	3.14	%	$	1,199,468	$	7,851	2.60	%
FHLB advances and other borrowings		72,431		980	5.38	%		80,338		1,062	5.26	%		191,575		2,428	5.03	%
Total interest-bearing liabilities	$	1,306,996	$	10,253	3.12	%	$	1,369,407	$	11,227	3.26	%	$	1,391,043	$	10,279	2.93	%
Net interest income			$	11,708					$	11,285					$	11,747
Interest rate spread					2.11	%					1.99	%					2.11	%
Net interest margin					2.79	%					2.63	%					2.69	%
Average interest earning assets to average interest-bearing liabilities					1.28						1.24						1.25

	Twelve Months Ended December 31, 2024						Twelve Months Ended December, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	20,864	$	1,150	5.51	%	$	18,469	$	1,010	5.47	%
Loans receivable		1,430,631		79,738	5.57	%		1,430,035		73,577	5.15	%
Interest bearing deposits		—		—	—	%		63		1	1.59	%
Investment securities		238,851		7,977	3.34	%		257,020		8,606	3.35	%
Other investments		12,816		750	5.85	%		16,274		1,054	6.48	%
Total interest earning assets	$	1,703,162	$	89,615	5.26	%	$	1,721,861	$	84,248	4.89	%
Average interest-bearing liabilities:
Savings accounts	$	171,069	$	1,684	0.98	%	$	200,087	$	1,427	0.71	%
Demand deposits		353,107		8,083	2.29	%		359,866		6,727	1.87	%
Money market accounts		371,909		11,725	3.15	%		306,020		6,976	2.28	%
CD’s		366,634		16,493	4.50	%		317,376		10,619	3.35	%
Total deposits	$	1,262,719	$	37,985	3.01	%	$	1,183,349	$	25,749	2.18	%
FHLB advances and other borrowings		99,731		5,156	5.17	%		208,373		10,150	4.87	%
Total interest-bearing liabilities	$	1,362,450	$	43,141	3.17	%	$	1,391,722	$	35,899	2.58	%
Net interest income			$	46,474					$	48,349
Interest rate spread					2.09	%					2.31	%
Net interest margin					2.73	%					2.81	%
Average interest earning assets to average interest bearing liabilities					1.25						1.24

Wholesale Deposits
(in thousands)

	Quarter Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Brokered certificate accounts	$	14,123	$	48,578	$	54,123	$	43,507	$	58,209
Brokered money market accounts		5,002		18,076		42,673		40,429		40,050
Third party originated reciprocal deposits		14,125		26,266		17,237		13,178		8,047
Total	$	33,250	$	92,920	$	114,033	$	97,114	$	106,306

Key Financial Metric Ratios:

	Three Months Ended						Twelve Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Ratios based on net income:
Return on average assets (annualized)	0.61	%	0.72	%	0.79	%	0.76	%	0.71	%
Return on average equity (annualized)	6.00	%	7.34	%	8.72	%	7.84	%	7.87	%
Return on average tangible common equity⁴ (annualized)	7.72	%	9.38	%	11.29	%	10.03	%	10.26	%
Efficiency ratio	76	%	72	%	72	%	72	%	68	%
Net interest margin with loan purchase accretion	2.79	%	2.63	%	2.69	%	2.73	%	2.81	%
Net interest margin without loan purchase accretion	2.77	%	2.61	%	2.67	%	2.69	%	2.78	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted² (annualized)	0.61	%	0.72	%	0.86	%	0.77	%	0.73	%
Return on average equity as adjusted³ (annualized)	6.00	%	7.34	%	9.43	%	7.91	%	8.03	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023

GAAP earnings after income taxes	$	2,702		$	3,286		$	3,693		$	13,751		$	13,059
Net income as adjusted after income taxes (non-GAAP) (1)	$	2,702		$	3,286		$	3,993		$	13,883		$	13,321
Average assets	$	1,771,351		$	1,810,826		$	1,843,789		$	1,808,256		$	1,836,337
Return on average assets (annualized)		0.61	%		0.72	%		0.79	%		0.76	%		0.71	%
Return on average assets as adjusted (non-GAAP) (annualized)		0.61	%		0.72	%		0.86	%		0.77	%		0.73	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Return on Average Equity

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
GAAP earnings after income taxes	$	2,702		$	3,286		$	3,693		$	13,751		$	13,059
Net income as adjusted after income taxes (non-GAAP) (1)	$	2,702		$	3,286		$	3,993		$	13,883		$	13,321
Average equity	$	179,242		$	178,050		$	168,058		$	175,475		$	165,968
Return on average equity (annualized)		6.00	%		7.34	%		8.72	%		7.84	%		7.87	%
Return on average equity as adjusted (non-GAAP) (annualized)		6.00	%		7.34	%		9.43	%		7.91	%		8.03	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of tangible book value per share (non-GAAP)

(in thousands, except per share data)

Tangible book value per share at end of period	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Total stockholders’ equity	$	179,084		$	180,149		$	176,045		$	173,334
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(979	)		(1,158	)		(1,336	)		(1,694	)
Tangible common equity (non-GAAP)	$	146,607		$	147,493		$	143,211		$	140,142
Ending common shares outstanding		9,981,996			10,074,136			10,297,341			10,440,591
Book value per share	$	17.94		$	17.88		$	17.10		$	16.60
Tangible book value per share (non-GAAP)	$	14.69		$	14.64		$	13.91		$	13.42

Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

(in thousands, except ratios)

Tangible common equity as a percent of tangible assets at end of period	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Total stockholders’ equity	$	179,084		$	180,149		$	176,045		$	173,334
Less: Goodwill		(31,498	)	$	(31,498	)	$	(31,498	)		(31,498	)
Less: Intangible assets		(979	)	$	(1,158	)	$	(1,336	)		(1,694	)
Tangible common equity (non-GAAP)	$	146,607		$	147,493		$	143,211		$	140,142
Total Assets	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(979	)		(1,158	)		(1,336	)		(1,694	)
Tangible Assets (non-GAAP)	$	1,716,042		$	1,766,481		$	1,769,473		$	1,818,199
Total stockholders’ equity to total assets ratio		10.24	%		10.01	%		9.77	%		9.36	%
Tangible common equity as a percent of tangible assets (non-GAAP)		8.54	%		8.35	%		8.09	%		7.71	%

Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Total stockholders’ equity	$	179,084		$	180,149		$	173,334		$	179,084		$	173,334
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(979	)		(1,158	)		(1,694	)		(979	)		(1,694	)
Tangible common equity (non-GAAP)	$	146,607		$	147,493		$	140,142		$	146,607		$	140,142
Average tangible common equity (non-GAAP)	$	146,676		$	145,305		$	134,776		$	142,641		$	132,409
GAAP earnings after income taxes		2,702			3,286			3,693			13,751			13,059
Amortization of intangible assets, net of tax		144			140			142			563			521
Tangible net income	$	2,846		$	3,426		$	3,835		$	14,314		$	13,580
Return on average tangible common equity (annualized)		7.72	%		9.38	%		11.29	%		10.03	%		10.26	%

Reconciliation of Efficiency Ratio

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Non-interest expense (GAAP)	$	10,809		$	10,421		$	10,206		$	42,306		$	40,142
Less amortization of intangibles		(179	)		(178	)		(179	)		(715	)		(755	)
Efficiency ratio numerator (GAAP)	$	10,630		$	10,243		$	10,027		$	41,591		$	39,387

Non-interest income	$	2,009		$	2,921		$	2,480		$	10,107		$	10,250
Add back net losses on debt and equity securities		(287	)		(78	)		—			(856	)		—
Subtract net gains on debt and equity securities		—			—			277			—			459
Net interest income		11,708			11,285			11,747			46,474			48,349
Efficiency ratio denominator (GAAP)	$	14,004		$	14,284		$	13,950		$	57,437		$	58,140
Efficiency ratio (GAAP)		76	%		72	%		72	%		72	%		68	%

¹Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

²Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

³Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

⁴Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

The MIL Network –

January 28, 2025

MIL-OSI: GCM Grosvenor to Announce Fourth Quarter and Full Year 2024 Financial Results and Host Investor Conference Call on February 10, 2025

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the fourth quarter and full year 2024 on Monday, February 10, 2025.

Management will host a webcast and conference call on Monday, February 10, 2025, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

Source: GCM Grosvenor

Public Shareholders Contact
Stacie Selinger
sselinger@gcmlp.com
312-506-6583

Media Contact
Tom Johnson and Abigail Ruck
H/Advisors Abernathy
tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
212-371-5999

The MIL Network –

January 28, 2025

MIL-OSI: Byrna Technologies Partners with USCCA to Promote Less-Lethal Self-Defense Solutions

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that it is partnering with the United States Concealed Carry Association (USCCA). This collaboration will enable Byrna to highlight its less-lethal solutions to nearly one million USCCA members.

The United States Concealed Carry Association (USCCA) helps responsible Americans prepare for what happens before, during, and after an Act of Self-Defense. In addition to offering education and training, the USCCA has an insurance policy that provides the association’s members with self-defense liability insurance.

“This collaboration further legitimizes our less-lethal launchers as viable alternatives to traditional firearms,” said Bryan Ganz, CEO of Byrna. “With nearly a million members, the USCCA also offers us a new channel to introduce our products to responsible gun owners, a key demographic for us. We encourage our customers to take advantage of the USCCA’s self-defense training and liability insurance to ensure they are well-prepared and protected.”

USCCA Chairman and Co-Founder Tim Schmidt added: “Byrna is a leader in the less-lethal market, and we are proud to showcase their products to our members as an important self-defense option. We look forward to providing Byrna customers with access to best-in-class liability protection and important self-defense training lessons.”

About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna^® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com

The MIL Network –

January 28, 2025

MIL-OSI: ConnectM Acquires MHz Invensys, Enhancing Wireless Communication Solutions

Source: GlobeNewswire (MIL-OSI)

Company Expected to Generate an Additional $15M of Revenue from the AMI Vertical by the End of 2027

Acquisition Bolsters ConnectM’s Wireless Solutions for Smart Metering and Allows Expansion into Key Adjacent Markets

TAM for the Global Advanced Metering Infrastructure Market Predicted to be North of $47 Billion by 2030

MARLBOROUGH, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a leader in the electrification economy, today announced the recent acquisition of MHz Invensys, a renowned developer of high-performing wireless communication products and solutions. ConnectM has entered an all-stock transaction in exchange for all of MHz Invensys’ assets, comprised primarily of intellectual property. The two founders, Kiran Kumar and Mahesh Oni, will stay on as employees of ConnectM. This strategic acquisition aims to bolster ConnectM’s capabilities in effectively delivering wireless communication, particularly in the smart metering/Advanced Metering Infrastructure (“AMI”) vertical. AMI enables two-way communication between smart meters and utility companies. This infrastructure collects, stores, analyzes, and presents energy usage data in real-time, allowing for more efficient and accurate monitoring of electricity, gas, and water consumption.

MHz Invensys has established technology leadership in the energy sector, addressing the complexities of traditional energy metering protocols with its advanced RF mesh-based product and solution designs. This proven technology architecture enables multi-billion scale meter readings every half hour and supports millions of smart meters with bidirectional communication for pre-payment systems.

Stellar Market Research predicts the global AMI market size to reach $47.5 billion by 2030, with a CAGR of 16.1% from 2024-2030.¹ The acquisition of MHz Invensys strengthens ConnectM’s ability to provide comprehensive, end-to-end wireless solutions. ConnectM expects to generate an additional $15M of revenue from the AMI vertical alone over the next three years. Integrating MHz Invensys’s technology allows ConnectM to serve not only its existing markets but also rapidly growing sectors such as solar grid monitoring, IoT/Industrial IoT, Renewables, and water and gas AMI. This strategic acquisition will allow ConnectM to achieve economies of scale and meet the rising demand for reliable, secure, and efficient communication solutions across a broader range of industries.

“We are excited to welcome Kiran and Mahesh, the founders of MHz Invensys, to the ConnectM family,” said Bhaskar Panigrahi, CEO and Chairman of ConnectM. “Their company’s innovative solutions and expertise in the Smart Metering domain coupled with ConnectM’s AI-powered platform will significantly enhance the offerings in our Building Electrification segment and enable us to deliver even greater value to our customers.”

About ConnectM Technology Solutions, Inc.
ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

About Mhz Invensys
Mhz Invensys was established by a team with extensive experience in deploying large IoT networks globally. The team at Mhz Invensys understands the unique challenges of last-mile connectivity. Mhz Invensys offers its innovative technology to device manufacturers, communication platform providers, backhaul service enablers, and business-specific application providers such as HES (Head-End Systems), MDMS (Meter Data Management Systems), and analytics platforms.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
MZ North America
(203) 741-8811
ConnectM@mzgroup.us

¹ “Advanced Metering Infrastructure Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, and Region,” Stellar Market Research (2024).

The MIL Network –

January 28, 2025

MIL-OSI Global: Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history

Source: The Conversation – USA – By Jeb Card, Associate Teaching Professor of Anthropology, Miami University

The ‘black mailbox’ along Highway 375 near Rachel, Nev., a traditional spot for UFO hunters to meet and search the skies near Area 51. AP Photo/John Locher

Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

Title of course:

“Investigating the Paranormal”

What prompted the idea for the course?

My training and professional work have been in Mesoamerican archaeology, but I’ve had a lifelong fascination with paranormal concepts. In fact, I considered studying the UFO community for my doctoral research in cultural anthropology.

I eventually fused these two interests in my book “Spooky Archaeology: Myth and the Science of the Past,” which examines why archaeology shows up so much in ideas about the mysterious and weird. Most people are familiar with pop culture characters like Indiana Jones seeking magical artifacts. Perhaps less immediately obvious is just how common archaeological topics are in paranormal and conspiracy culture.

The popularity of paranormal ideas – from television shows and thousands of podcasts to UFOs on the front page of The New York Times and in government investigations – made it clear that a course on paranormal culture would be an excellent way for students to get a taste of social science research.

What does the course explore?

The material begins with premodern ideas of magic, myth and metaphysics. The narrative that “Western” societies tell of the development of the modern world is that the Enlightenment cast off supernatural thinking in favor of science. The historical reality, however, is not so simple.

As science based on observation of material evidence emerged in the 17th through 19th centuries, so did a paranormal worldview: theories about a nonmaterial or hidden reality beyond the mundane, from monsters to psychic powers. Some of these ideas were tied to older religious notions of the sacred or strange but not divine phenomena. Others were new – particularly those suggesting the hidden existence of prehistoric extinct creatures or lost cities.

In either case, the key element was that proponents of these ideas often tried to support their existence with the kind of evidence used in science, though their “proofs” fell short of scientific standards. In other words, the paranormal is in conflict with the knowledge and worldview of modernity but also attempts to use the concepts of modernity to oppose it.

The class examines how this tension produced 20th century “-ologies” like parapsychology, which examines evidence for consciousness beyond matter, and cryptozoology, which searches the ends of the Earth for creatures tied to the mythic past. We also learn about UFOlogy, whose proponents have collected alleged contacts with technology and beings from beyond this world ever since the Cold War, as great earthly powers filled the skies with secretive hi-tech aircraft and spaceships.

As the class concludes, we examine how the “-ologies” declined after the Cold War, alongside the cultural capital of science, whose height of public respect was in the mid-20th century. Since then, proving the existence of paranormal things to institutional scientists has become less important in paranormal communities than promoting them to a broader public.

Why is this course relevant now?

Beyond public interest in paranormal topics, the paranormal is entwined with sociocultural forces that have dramatically increased the role of conspiracy rhetoric in the United States and elsewhere. At their core, both types of belief claim to have figured out some kind of supposedly hidden knowledge.

Furthermore, the conspiracy theories that are now commonplace in American political discourse are more rooted in paranormal ideas than in previous decades. Conspiracy theories about the JFK assassination or even 9/11 were still largely within the materialist realm. People argued that “the truth” had been covered up, but their arguments did not rely on metaphysical ideas. Today, major conspiracy theories involve secret cabals, mystical symbols and code words, demonic forces and extraterrestrial entities.

What’s a critical lesson from the course?

Evidence must be interrogated on its own, regardless of whether it fits your perspective. I find time and again that students have a hard time approaching evidence without bias, whether that bias is conscious or not: “knowing” that something must be true, or must be absurd.

One person apparently makes a death bed confession of faking a famous Loch Ness Monster photo, pleasing skeptics. Another claims to have seen a Bigfoot at close range, pleasing believers. Without further evidence, both are stories: no more, no less.

The issue isn’t to draw an equivalence between the bigger concepts. Not all narratives are equally well-founded. But students learn how to collect evidence, rather than simply rely on their gut sense of what is plausible or not.

What will the course prepare students to do?

This course is meant to help students discern useful and reliable information about claims and events, separating them from irrelevant or inaccurate narratives or sources. The goal is not just “critical thinking” aimed at combating disinformation, though that is part of what they should learn. Students practice evaluating evidence but also develop an approach for analyzing and understanding phenomena behind it: how factors like history, culture and institutions of authority, such as science and government, shape what people trust and what they believe.

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

– ref. Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history – https://theconversation.com/understanding-paranormal-beliefs-and-conspiracy-theories-isnt-just-about-misinformation-this-course-unpacks-the-history-242007

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: Assad’s fall opens window for Syrian refugees to head home − but for many, it won’t be an easy decision

Source: The Conversation – USA – By Kelsey Norman, Fellow for the Middle East, Baker Institute for Public Policy, Rice University

For more than a decade, Syrians have been the world’s largest refugee population.

More than 6 million Syrians have fled the country since 2011, when an uprising against the regime of Bashar Assad transformed into a 13-year civil war. Most ended up in neighboring countries such as Turkey, Lebanon, Jordan, Iraq and Egypt, while a sizable minority wound up in Europe. But the overthrow of the Assad regime in late 2024 by opposition forces led by the Islamist group Hayat Tahrir al-Sham has seemingly opened a window for their return, and tens of thousands of former refugees have since made the decision to go back to their homeland.

How many and who decides to go back, and the circumstances under which they reintegrate into Syrian society, will have enormous implications for both Syria and the countries they resettled in. It also provides an opportunity for migration scholars like ourselves to better understand what happens when refugees finally return home.

Previous research has shown that Syrian refugees who are trying to decide whether to return are motivated more by conditions in Syria than by policy decisions where they’ve resettled. But individual experiences also play an important role. Counterintuitively, refugees who have been exposed to violence during the Syrian civil war are actually more tolerant of and better at assessing the risk of returning to Syria, research has shown.

But such research was conducted while Assad was still in power, and it has only been several weeks since Assad fell. As a result, it’s unclear how many Syrians will decide to go back. After all, the current government is transitional, and the country is not fully unified.

The risk of return

In the month after Assad’s fall, about 125,000 Syrians headed home, primarily from Turkey, Jordan and Lebanon. But for the majority of those yet to return, important questions and considerations remain.

First and foremost, what will governance look like under the transitional government? So far, Hayat Tahrir al-Sham’s rule under Ahmed al-Sharaa has suggested the group will embrace inclusivity toward Syria’s diverse array of ethnic and religious minorities. Even so, some observers worry about the group’s prior connections to militant Islamist groups, including al-Qaida.

Similarly, initial fears about restrictions on women’s participation in public life have mostly been assuaged, despite the transitional government appointing only two women to office.

Syrians debating whether to return home must also confront the economic devastation wrought by years of war, government mismanagement and corruption, and international sanctions placed on the Assad regime.

Sanctions blocking the entry of medications and equipment, along with Assad’s bombing of infrastructure throughout the war, have crippled the country’s medical system.

In 2024, 16.7 million Syrians – more than half the country’s population – were in need of essential humanitarian assistance, even as very little was available. In early 2025, the U.S. announced that it was extending a partial, six-month reprieve of sanctions to allow humanitarian groups to provide basic services such as water, sanitation and electricity.

But rebuilding the country’s infrastructure will take much longer, and Syrian refugees will have to weigh whether they are better off remaining in their host countries. This is especially true for those who have worked to build new lives over a long period in exile from Syria.

The caretaker Syrian government will also have to address the issue of property restitution. Many individuals may want to return home only if they indeed have a home to return to. And the policy of forced property transfers and the settlement by Alawite and minority groups allied to the Assad regime in former Sunni areas vacated during the war complicates the issue.

Continued welcome in Europe?

Since the start of the civil war, approximately 1.3 million Syrians have sought protection in Europe, the majority of them arriving in 2015 and 2016 and settling in countries such as Germany and Sweden. As of December 2023, 780,000 individuals still held refugee status and subsidiary protection – an additional form of international protection – with the remainder having received either long-term residency or citizenship.

Syria’s 13-year civil war reduced many homes to rubble.
Ercin Erturk/Anadolu via Getty Images

Subsidiary protection was granted to those who didn’t meet the stringent requirements for refugee status under the Geneva Conventions – which requires a well-founded fear of persecution based on race, religion, nationality, political opinion or membership of a particular social group – but “would face a real risk of suffering serious harm” if returned to their countries of origin.

Recognition rates for Syrians have remained consistently high between 2015 and 2023, but the breakdown between subsidiary protection and refugee status has fluctuated over the years, with 81% receiving refugee status in 2015 versus 68% receiving subsidiary protection in 2023.

For Syrians in the EU who hold refugee status or subsidiary protection, as well as for those with pending asylum claims, the future is very uncertain. In accordance with the Geneva Conventions, EU law allows governments to revoke, end or refuse to renew their status if the reason to offer protection has ceased, which many countries believe is the case after Assad’s fall.

Since then, at least 12 European countries have suspended asylum applications of Syrian nationals. Some nations, such as Austria, have threatened to implement a program of “orderly return and deportation.”

Conditions in Turkey and Lebanon

A much larger number of Syrians obtained protection in neighboring countries, namely Turkey (2.9 million), Lebanon (755,000) and Jordan (611,000), though estimates of unregistered Syrians are much higher. In Turkey, which hosts the largest number of Syrian refugees, Syrians are afforded only temporary protection status.

In theory, this status allows them access to work, health care and education. But in practice, Syrian refugees in Turkey have not always been able to enjoy these rights. Coupled with anti-immigrant sentiments worsened by the 2023 earthquake and presidential election, life has remained difficult for many.

And while Turkish President Recep Tayyip Erdogan has publicly stated that Syrians should return home according to their own timeline, his previous scapegoating of the refugee population indicates that he may ultimately like to see them returned – especially as many in Turkey now believe Syrian refugees have no reason to stay in the country.

Syrians in Lebanon, which hosts the largest number of Syrian refugees per capita, face even greater economic and legal challenges. The country is not a signatory to the Geneva Conventions, and its stringent domestic asylum law has granted residency to only 17% of the more than a million Syrians who live in the country.

Lebanon has been pressuring Syrian refugees to leave the country for years through policies of marginalization and forced deportation, which have intensified in recent months with a government scheme to deport Syrians not registered with the United Nations. As of 2023, 84% of Syrian families were living in extreme poverty. Their vulnerability was exacerbated by the recent conflict between Hezbollah and Israel in Lebanon, which led 425,000 Syrians to escape war once again and return to Syria even though conditions at the time were not safe.

Testing the water

Offering go-and-see visits – whereby one member of a family is allowed to return to a home country to evaluate the situation and subsequently permitted to reenter the host country without losing their legal status – is the norm in many refugee situations. The policy is being used at present for Ukrainians in Europe and was used in the past for Bosnian and South Sudanese refugees.

The same policy could serve Syrian refugees now – indeed, Turkey recently implemented such a plan. But above all, we believe returns to Syria should be voluntary, not forced. Getting the conditions right for returning refugees will have enormous implications for rebuilding the country and keeping the peace – or not – in the years to come.

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

– ref. Assad’s fall opens window for Syrian refugees to head home − but for many, it won’t be an easy decision – https://theconversation.com/assads-fall-opens-window-for-syrian-refugees-to-head-home-but-for-many-it-wont-be-an-easy-decision-247051

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: I study democracy worldwide − here’s how Texas is eroding human rights, free expression and civil liberties

Source: The Conversation – USA – By Katie Scofield, Assistant Instructional Professor in Political Science, Texas A&M University-San Antonio

Everything is bigger in Texas, except maybe its democracy. Luis Diaz Devesa/Moment via Getty

While concerns about the future of American democracy dominate headlines worldwide, millions of Texans are already seeing a rapid decline in democratic standards.

In December 2024, Texas Attorney General Ken Paxton sued a New York doctor for prescribing abortion-inducing medications to a woman in Collin County, Texas, alleging that the shipment violated Texas’ near-total ban on abortion.

Two months earlier, Paxton’s office had sued to block a federal rule protecting women’s out-of-state medical records from criminal investigation. And in 2022, it sued the Biden administration over federal guidelines requiring doctors to perform abortions in emergency situations.

Paxton’s lawsuits – alongside the state’s restrictive abortion policies – raise troubling questions about individual privacy and women’s bodily autonomy in Texas, where I live and teach. And they’re indicative of a broader problem. As my research on democracy and human rights shows, the state government is becoming increasingly antidemocratic.

Scholars examine a number of factors to determine the health of a democracy. Elections must be free and fair. There should be freedom of expression and belief, multiple competitive political parties and minimal corruption. A democratic government must also respect individual freedom.

On many of these metrics, I believe Texas falls short.

Are Texas elections free and fair?

Texas has some of the most restrictive voting laws in the United States, including strict voter ID laws, stringent limits on mail-in and absentee ballots and no online voter registration.

Republicans, who passed each of these policies, claim their concern is a democratic one – election integrity. Yet, when Lt. Gov. Dan Patrick offered a US$25,000 reward to anyone who could prove voter fraud in the 2020 election, it led to just one arrest.

The Texas Legislature nonetheless pledged to pass an even more restrictive voting bill in 2021, referencing “purity of the ballot box,” an old Jim Crow phrase. Democratic lawmakers ended up fleeing the state to paralyze the state assembly and keep the most egregious parts of the bill from passing.

Healthy democracies also have robust competition between multiple parties so that voters have real choices at the polls.

Yet since its current constitution was written in 1876, Texas has effectively been a one-party state governed by conservatives. No Democrat has won statewide office since 1994 – the longest Democrats have been locked out of statewide office in any state.

Money in politics

Texas puts no limits on individual campaign contributions to the governor, one of just 12 U.S. states that lacks this common anti-corruption measure.

This has allowed Texas’ current governor, Greg Abbott, who has been in office since 2015, to raise vast sums of money. In the 2022 Texas gubernatorial race – the most expensive in the state’s history at $212 million – Abbott outspent his Democratic opponent by almost $50 million. In 2018, he had 90 times more cash on hand than his Democratic opponent.

Texas’ lack of effective campaign finance regulations has given big donors access to power in the form of gubernatorial appointments.

An in-depth investigation by The Texas Tribune in 2022 revealed that 27 of the 41 members of the governor’s COVID-19 task force were campaign donors who had collectively paid $6 million toward the governor’s reelection. Many were business owners who had a vested interest in reopening the state.

Freedom of expression

Texas is also at the center of a national struggle over academic freedom, a key component of free expression.

Texas passed a law in 2023 requiring public universities to close their diversity, equity and inclusion, or DEI, offices, depriving the most vulnerable student communities of resources such as scholarships, mental health programs and career workshops.

The Texas Senate is considering expanding this legislation to prohibit “DEI curriculum and course content.”

The mere threat appears to be squelching freedom of thought and intellectual exploration in Texas universities already. The University of North Texas in November started editing course titles and syllabi to remove identity-based topics.

On Jan. 14, Abbott threatened to fire the president of Texas A&M University – a part of my university system – if faculty attended an academic conference showcasing the work of Black, Latino and Indigenous scholars.

Human rights at the border

Abbott’s campaign to control the U.S.-Mexico border has raised concerns among human rights groups about civil rights in the state.

In March of 2021, Abbott declared a state of emergency in counties on the Texas border, allowing him to deploy the Texas National Guard there. The initiative, Operation Lone Star, was supposed to stop migrants from crossing the border outside official government checkpoints.

Since border enforcement is a federal authority, however, the troops have mostly enforced state laws on trespassing or drugs and weapons possession. Guardsmen have also participated in busing migrants to Democratic-run cities such as New York and Chicago and built razor-wire barriers in the Rio Grande.

The result is an $11 billion policing program that has largely targeted Latino American citizens – not immigrants. Fully 96% of those arrested on trespassing charges are Latino, and 75% of those facing court proceedings for that and other crimes as a result of Operation Lone Star are U.S. citizens.

Gov. Greg Abbott, left, and Donald Trump greet Texas National Guard troops in Edinburg, Texas, on Nov. 19, 2023.
Michael Gonzalez/Getty Images

Women’s freedoms

Finally, women’s right to bodily autonomy is under threat in Texas, which has one of the country’s most restrictive abortion laws.

At least three women have died as a result of doctors being afraid to treat their miscarriages. Overall, maternal mortality rates have increased by 56% since the ban was imposed in 2021. Scary statistics haven’t stopped the state’s plans to tighten its ban.

The 2025 Texas legislative session began with Republican legislators having prefiled several bills aimed at ending abortion by mail services, including one that would reclassify common abortion pills as controlled substances like Valium or Ambien. Doctors warn that this reclassification could also make it harder for them to disperse these medications quickly in life-threatening emergencies.

And a handful of rural Texas counties have made it illegal to transport women seeking out-of-state abortions on their roads.

As Texas goes, so goes the nation?

The question of whether a government is democratic is often not black or white. It should be viewed on a sliding scale.

Freedom House, a nonpartisan international democracy watchdog, ranks countries on a 100-point scale based on the factors I mentioned earlier, among others, and labels countries as “free,” “partly-free” and “not free.”

The freest country in 2024, Finland, had a score of 100. The U.S. has been sliding down the rankings, receiving a score of 83 in 2024 – down from 94 in 2010. It’s still solidly in the “free” category, but U.S. democracy looks less like Germany’s and more like Romania’s. The antidemocratic policy changes made in Texas and a handful of other states contribute to this slide.

Freedom House doesn’t rank states, but if it did, Texas would likely still rate as a “free” democracy. There is space for dissent, opposition and free speech. Democratic politicians have occasional political victories.

But Texas is decidedly less democratic than the U.S. at large. Democracy here is not lost, but I fear Texas is in danger of becoming only “partly-free.”

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

– ref. I study democracy worldwide − here’s how Texas is eroding human rights, free expression and civil liberties – https://theconversation.com/i-study-democracy-worldwide-heres-how-texas-is-eroding-human-rights-free-expression-and-civil-liberties-246936

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: ‘Sorry, I didn’t get that’: AI misunderstands some people’s words more than others

Source: The Conversation – USA – By Roberto Rey Agudo, Research Assistant Professor of Spanish and Portuguese, Dartmouth College

Speech recognition systems are less accurate for women and Black people, among other demographics. Jacob Wackerhausen/iStock via Getty Images

The idea of a humanlike artificial intelligence assistant that you can speak with has been alive in many people’s imaginations since the release of “Her,” Spike Jonze’s 2013 film about a man who falls in love with a Siri-like AI named Samantha. Over the course of the film, the protagonist grapples with the ways in which Samantha, real as she may seem, is not and never will be human.

Twelve years on, this is no longer the stuff of science fiction. Generative AI tools like ChatGPT and digital assistants like Apple’s Siri and Amazon’s Alexa help people get driving directions, make grocery lists, and plenty else. But just like Samantha, automatic speech recognition systems still cannot do everything that a human listener can.

You have probably had the frustrating experience of calling your bank or utility company and needing to repeat yourself so that the digital customer service bot on the other line can understand you. Maybe you’ve dictated a note on your phone, only to spend time editing garbled words.

Linguistics and computer science researchers have shown that these systems work worse for some people than for others. They tend to make more errors if you have a non-native or a regional accent, are Black, speak in African American Vernacular English, code-switch, if you are a woman, are old, are too young or have a speech impediment.

Tin ear

Unlike you or me, automatic speech recognition systems are not what researchers call “sympathetic listeners.” Instead of trying to understand you by taking in other useful clues like intonation or facial gestures, they simply give up. Or they take a probabilistic guess, a move that can sometimes result in an error.

As companies and public agencies increasingly adopt automatic speech recognition tools in order to cut costs, people have little choice but to interact with them. But the more that these systems come into use in critical fields, ranging from emergency first responders and health care to education and law enforcement, the more likely there will be grave consequences when they fail to recognize what people say.

Imagine sometime in the near future you’ve been hurt in a car crash. You dial 911 to call for help, but instead of being connected to a human dispatcher, you get a bot that’s designed to weed out nonemergency calls. It takes you several rounds to be understood, wasting time and raising your anxiety level at the worst moment.

What causes this kind of error to occur? Some of the inequalities that result from these systems are baked into the reams of linguistic data that developers use to build large language models. Developers train artificial intelligence systems to understand and mimic human language by feeding them vast quantities of text and audio files containing real human speech. But whose speech are they feeding them?

If a system scores high accuracy rates when speaking with affluent white Americans in their mid-30s, it is reasonable to guess that it was trained using plenty of audio recordings of people who fit this profile.

With rigorous data collection from a diverse range of sources, AI developers could reduce these errors. But to build AI systems that can understand the infinite variations in human speech arising from things like gender, age, race, first vs. second language, socioeconomic status, ability and plenty else, requires significant resources and time.

‘Proper’ English

For people who do not speak English – which is to say, most people around the world – the challenges are even greater. Most of the world’s largest generative AI systems were built in English, and they work far better in English than in any other language. On paper, AI has lots of civic potential for translation and increasing people’s access to information in different languages, but for now, most languages have a smaller digital footprint, making it difficult for them to power large language models.

Even within languages well-served by large language models, like English and Spanish, your experience varies depending on which dialect of the language you speak.

Right now, most speech recognition systems and generative AI chatbots reflect the linguistic biases of the datasets they are trained on. They echo prescriptive, sometimes prejudiced notions of “correctness” in speech.

In fact, AI has been proved to “flatten” linguistic diversity. There are now AI startup companies that offer to erase the accents of their users, drawing on the assumption that their primary clientele would be customer service providers with call centers in foreign countries like India or the Philippines. The offering perpetuates the notion that some accents are less valid than others.

Human connection

AI will presumably get better at processing language, accounting for variables like accents, code-switching and the like. In the U.S., public services are obligated under federal law to guarantee equitable access to services regardless of what language a person speaks. But it is not clear whether that alone will be enough incentive for the tech industry to move toward eliminating linguistic inequities.

Many people might prefer to talk to a real person when asking questions about a bill or medical issue, or at least to have the ability to opt out of interacting with automated systems when seeking key services. That is not to say that miscommunication never happens in interpersonal communication, but when you speak to a real person, they are primed to be a sympathetic listener.

With AI, at least for now, it either works or it doesn’t. If the system can process what you say, you are good to go. If it cannot, the onus is on you to make yourself understood.

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

– ref. ‘Sorry, I didn’t get that’: AI misunderstands some people’s words more than others – https://theconversation.com/sorry-i-didnt-get-that-ai-misunderstands-some-peoples-words-more-than-others-239281

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI USA: Warren, McGovern, Lawmakers Blast Trump’s Inaction on High Egg Prices

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
January 27, 2025
Lawmakers lay out six executive actions that could lower costs.
“We urge you to make good on your campaign promise to lower food prices for American families.”
Text of Letter (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jim McGovern (D-Mass.) led 19 of their colleagues, writing to President Donald Trump, pushing him to take meaningful steps to lower the prices of eggs and other groceries—a problem he largely ignored during his entire first week in office.
During his campaign for president, Mr. Trump repeatedly promised he would lower food prices “immediately” if elected. Trump even told the press, “I won on groceries.” But during his first week, he instead focused on attempting to end birthright citizenship, firing inspectors general, and pardoning January 6 attackers, including those who assaulted Capitol police officers.
“Your sole action on costs was an executive order that contained only the barest mention of food prices and not a single specific policy to reduce them,” wrote the lawmakers. “You have tools you can use to lower grocery costs and crack down on corporate profiteering, and we write to ask if you will commit to using those tools to make good on your promises to the American people.”
“To make food more affordable, you should look to the dominant food and grocery companies that have made record profits on the backs of working families who have had to pay higher prices,” continued the lawmakers.
For example, last year a Kroger executive admitted in federal court that the company raised the price of eggs and milk “significantly higher than the cost of inflation” in the years following the COVID-19 pandemic. In 2023, a federal court found that the country’s largest egg producers had engaged in a price-fixing conspiracy in the mid-2000s as well. Now, egg producers and grocery stores may leverage the current avian flu outbreak as an opportunity to further constrain supply or hike up egg prices to increase profits.
“If you are indeed committed to lowering food prices, we stand ready to work with you,” wrote the lawmakers.
The lawmakers laid out six recommendations for executive actions to lower prices by encouraging competition and fighting price-gouging at each level of the food supply chain:
Encourage the Federal Trade Commission (FTC) and U.S. Department of Agriculture (USDA) to prohibit exclusionary contracting by dominant firms in the food industry, making it harder for major retailers and food brands to shut out smaller suppliers and drive up prices at smaller stores.
Encourage the FTC to issue guidance on potential violations of the Robinson Patman Act and Section 5 of the FTC Act within the food industry and take enforcement action where merited.
Work with the USDA to increase the number of government contract recipients that are very small businesses and to ensure that government contracting considers the long-term costs of food sector consolidation.
Help the Department of Justice (DOJ) and FTC scrutinize, and where appropriate, block mergers and acquisitions in the food and agricultural sectors.
Encourage the DOJ to prosecute actors in the agricultural and food sectors for price-fixing and other anticompetitive behavior.
Direct the Commodity Futures Trading Commission (CFTC) and FTC to form a joint task force to investigate food price manipulation throughout the supply chain.
“Americans are looking to you to lower food prices. Instead of working to lower their grocery bills, however, you have used the first week of your administration on attempting to end birthright citizenship, pardoning individuals who attacked the U.S. Capitol on January 6, and renaming a mountain,” concluded the lawmakers. “We urge you to make good on your campaign promise to lower food prices for American families.”

MIL OSI USA News –

January 28, 2025

MIL-OSI Global: Trump has rejected the Paris agreement again, but game theory shows how other countries can still lead by example

Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

petrmalinak/Shutterstock

It came as a surprise to nobody that one of Donald Trump’s first acts on his return to the White House was to sign an executive order withdrawing the US from the Paris agreement on climate change.

Almost 200 other countries will remain part of the deal designed to stem global warming. So how will they fare without the participation of one of the biggest polluters on the planet?

The exit of the US encapsulates a tricky issue when it comes to international efforts to tackle climate change. Any effort to decrease the use of fossil fuels is individual, while any benefits are universal.

And since 1997, the main approach to tackle climate change multilaterally has been through UN-backed summits known as “Cops” (Conference of the Parties) where countries gather and promise each other to cut their emissions.

Richer countries, which polluted more in the past and created most of the accumulated CO₂ in the atmosphere, have also committed to helping poorer countries develop economically while emitting less, to the tune of US$300 billion (£244 billion) a year by 2035.

But while plenty of effort goes in to organising the largest possible coalition of countries, in the end, everything is based on good faith and promises. There is no mechanism by which countries which fail to live up to agreements are punished.

So when national politics or budgetary constraints come into play, climate commitments can be left by the wayside. A project to tax pollution may be cancelled or campaigners may succeed in blocking plans.

Yet there are benefits to be had from leading by example and cutting emissions without any guarantee that others will do the same. This is partly because humans have a tendency towards what’s known as “conditional cooperation”. People who fail to cooperate when they have to do it at the same time as others are much more likely to join in if they observe previous cooperation.

For this reason, research I recently published with colleagues on game theory (the mathematical study of strategic interactions), suggests that the best thing for advanced economies to do is keep on cutting their own emissions.

Because without efforts from rich countries to pursue a path towards mitigating global warming, there is no hope the others will follow. In that case, even a small wealthy country (like the UK) matters in demonstrating an unambiguous commitment to tackling climate change.

Carbon cooperation

Beyond encouraging further cooperation, a strong climate policy in the form of carbon taxes is also the most powerful way to punish those who do not take part in the global effort.

Both the US (under Biden) and the EU have developed their own versions of a tool called a “carbon border adjustment mechanism” which means exporters from countries that do not tax emissions (or tax them less less heavily) need to pay the domestic carbon tax instead.

Consider for instance a Chinese company exporting a container to the UK. If Chinese manufacturers have already paid a carbon tax worth £100 to the Chinese government for the product in the container, but the UK’s carbon tax would have been £200, the border tax is the difference between the two, £100.

But if the Chinese government increases its domestic carbon tax to the UK level or above, the tax from the border adjustment mechanism drops to zero.

This approach has influenced many countries to start their own carbon tax, because it is better to get tax receipts at home than to send them elsewhere. But again, it helps to lead by example. To influence others with border taxes, you need to implement your own system first.

Cop out?

Despite all of this apparent cooperation, and widespread concern about the impact of climate change, the latest Cop summit in Azerbaijan, held in November 2024, was considered by many to be a disappointment.

But there is also some good news, which suggests that efforts are heading in the right direction. The latest data for example, shows that the EU is not far away from its 2030 target. Greenhouse gas emissions are already 37% below what they were in 1990 level. In the UK, the figure is 42%.

In China, emissions might have apparently already peaked, earlier than expected. Even in the US, emissions are decreasing.

Looking back at the scenarios that led to the first UN climate summit in Kyoto, not everything is bright. The world is unlikely to avoid global temperatures raising to more than 1.5°C above pre-industrial levels.

So maybe we shouldn’t rely too much on future summits to make the next environmental breakthrough. The path forward could be more likely to come from technical solutions like carbon taxes and border adjustment mechanisms. And perhaps the best way to convince the rest of the world to cut their emissions is not to give them lectures and conferences – but to lead by example.

Renaud Foucart 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. Trump has rejected the Paris agreement again, but game theory shows how other countries can still lead by example – https://theconversation.com/trump-has-rejected-the-paris-agreement-again-but-game-theory-shows-how-other-countries-can-still-lead-by-example-246818

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: Compendium of the Occult by Liz Williams is a rich and appealing history

Source: The Conversation – UK – By Martha McGill, Honorary Research Fellow, Historian of Supernatural Beliefs, University of Warwick

In the fourth century BC, an unknown – but clearly disgruntled – schemer from the Greek city of Antioch had a curse tablet made. Inscribed on a thin piece of lead and deposited in a well, the tablet called for a “thunder-and-lightning-hurling” god to “strike, bind, bind together Babylas the greengrocer”.

Around 1,400 years later, an Anglo-Saxon charm advised on how to protect a field. The secret was to take a piece of turf from each corner and anoint it with a mixture of oil, honey, yeast, milk from the animals on the land, pieces of the trees and plants on the land, and water consecrated to the god Thunor.

In 17th-century England, the antiquarian Elias Ashmole hoped an astrological talisman would expel vermin from his house. Meanwhile, the diarist Samuel Pepys cured his upset stomach by purchasing a new hare’s foot. In 19th-century New Orleans, the Louisiana Creole woman Marie Laveau became famous for her healing, clairvoyance and work as a voodoo priestess, which she displayed in public gatherings at Congo Square.

These are among the many fascinating snippets discussed in Liz Williams’s new book, Compendium of the Occult: Arcane Artefacts, Magic Rituals and Sacred Symbolism. Looking at western occult traditions from ancient times to the present day, the book explores how human societies have sought power, protection and insight from gods and stars, spells and amulets, sacred places and seductively enigmatic organisations.

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The book is made up of 65 short articles, grouped into six sections: the origins of western occultism; divination, rituals and rites; charms and talismans; curses and hexes; secret societies; and sites of significance.

Many of the articles cover several centuries, meaning there is no scope for detailed analysis. However, Williams strikes an effective balance between general overview and colourful examples. She is sensitive to differences in perspective, noting the competing explanations for phenomena such as dowsing or Ouija boards.

She also acknowledges the complexities of reconstructing past beliefs and practices from imperfect surviving evidence, although occasionally unreliable source material is not sufficiently interrogated. The book accepts too readily, for example, the questionable story that Louis XIV’s mistress Madame de Montespan arranged “black masses” in which she used the blood of babies to summon the devil.

Magic and maladies

Compendium of the Occult is handsomely bound, pleasingly laid out and beautifully illustrated. There are images of ancient clay tablets crisscrossed with incantations, witch bottles stuffed with nails and urine, voodoo dolls, mummies, skulls, books, statues, artworks and protective amulets in the shape of jaunty phalluses.

The book accepts too readily that Louis XIV’s mistress Madame de Montespan used the blood of babies to summon the devil.
Wiki Commons

Some of the printing causes confusion, however. “Gold dots” on the timelines are difficult to see, as is the introduction’s small white text on black pages. The dating of some entries lacks obvious logic: “palmistry” is dated from the 5th to the 1st century BC, even though the article stretches to the 20th century, and other practices get the vaguer label “ancient times to the present day”. But these are minor quibbles.

More significantly, the book’s geographical remit is limited. The introduction refers to occult traditions in “the west”, but Britain is a particular focal point. Williams discusses eight “sites of significance”, of which three (Glastonbury, Avebury and Stonehenge) can be found within a 75-mile span in England.

She does cover ancient Egypt and Mesopotamia; there is an entry on voodoo; there are references to the influences of Arabic astrologers, and occasional mentions of practices in east Asia. But more engagement with occult traditions from beyond Europe, particularly in modern times, would have enhanced the volume and better justified the ambitious title.

A 1660 illustration of Claudius Ptolemy’s geocentric model of the Universe, from Compendium of the Occult.
Wikimedia Commons

All the same, this is a rich and appealing book. Humankind’s inventiveness in conceptualising the workings of the world emerges with force. Much magic is underpinned by a belief that the everything is interwoven: the earth corresponds to the skies, the microcosm of the human body to the macrocosm of the universe.

Williams quotes the physician and polymath Cornelius Agrippa (1486-1535), who described how a square inscribed with numbers, stamped on a silver plate at the right hour, could call on Jupiter to bring the owner wealth and peace. If printed on coral, it could destroy evil spells.

Material objects, plants, numbers and heavenly bodies are drawn into a symbiotic relationship, and invested with the power to reshape human lives. Agrippa’s plates reflect an enduring desire to situate humankind in relation to the environment, and impose meaning and harmony on a chaotic cosmos.

Martha McGill 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. Compendium of the Occult by Liz Williams is a rich and appealing history – https://theconversation.com/compendium-of-the-occult-by-liz-williams-is-a-rich-and-appealing-history-246925

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: England’s maths teacher recruitment problem is set to worsen

Source: The Conversation – UK – By Neil Saunders, Senior Lecturer in Mathematics, City St George’s, University of London

Ground Picture/Shutterstock

Everyone should leave school with a solid understanding of maths. Decent mathematics literacy is a hugely important skill in many aspects of life. We need it when budgeting for a weekly shop, asking for a pay rise and completing a tax return.

An interest and enjoyment in maths fostered at school can lead people to study the subject further. Mathematics graduates go on to professions in government, industry, software development and financial analytics, as well as many genres of engineering.

In total, 13% of all employment in the UK is in professions that depend on mathematical sciences. A workforce that has been well taught in maths is crucial to a society’s prosperity.

Building a workforce skilled in mathematics in England, however, will be difficult when there are not enough people qualified to teach the subject at school. Mathematics is a technical discipline. Quality teaching relies on its educators to have specific training: a university degree in maths.

Research published in 2019 in Australia found that secondary school students achieved noticeably higher results when they were taught maths by teachers with a university degree majoring in maths than those “out-of-field” teachers.

But in England, the Department of Education has an ongoing problem of under-recruitment of maths teachers. In the year 2023-24, recruitment in initial trainee maths teaching reached only 63% of its target. Research from 2018 found that less than half of maths teachers in state schools have a mathematics or other relevant degree.

And maths achievement is declining. In the OECD’s programme for international student assessment (Pisa) tests, introduced in the year 2000, 15 year-olds in the UK are recording their lowest maths results since 2006.

The longstanding failure to recruit enough maths graduates to become teachers is now set to be exacerbated by the changes in maths provision at universities. Maths degrees are becoming less accessible to the people who are likely to go on to become teachers.

University options

Over the previous decade, but particularly since the pandemic, Russell Group universities – research-intensive institutions that take students with the highest A-level grades — have increased their intake of students taking maths degrees.

On the other hand, maths options are declining at lower-tariff universities and those that offer flexible study options.

Birkbeck, University of London, no longer offers undergraduate degrees in maths as a single subject. Birkbeck is renowned for its provision of evening and part-time degree courses, which offers flexibility for students who may not be able to attend a traditional course or need to work while studying.

Huddersfield has also discontinued its mathematics courses after reviewing its provision, and many other institutions are considering further cuts and redundancies.

In 2011, lower-tariff institutions accounted for 13% of the market share of the intake of mathematics students. This dropped to just 4.5% in 2021, putting such institutions under severe pressure.

Graduates of post-92 universities – former polytechnics and other recently established institutions, which often require lower grades for entry – are much more likely than their Russell Group counterparts to go into school teaching. A recent report by Professor Paul Wakeling, which was commissioned by the Campaign for Mathematical Sciences, analysed outcomes of mathematical degrees in the UK across the period 2017-18 to 2020-21.

Over that period, it found that 17.4% of graduates from post-92 institutions went into the secondary teaching, compared with around 5.6% from Russell group universities.

The accessibility of a degree will affect who enrols.
VesnaArt/Shutterstock

The closure of mathematics departments causes the phenomenon of “maths deserts”: large swaths of the country where access to mathematics degree study is limited. This particularly affects students from poorer backgrounds, who are more likely to be living at home during their degree and will attend their local university.

This also affects the provision of school maths teachers. Graduates in mathematics from more disadvantaged socioeconomic backgrounds are more likely to go into school teaching than graduates from more wealthy backgrounds.

The decline in the availability of maths degrees at lower-tariff institutions is likely to be reducing the number of potential maths teachers – as well as severely reducing the diversity of people going into maths.

The chronic shortage of specialist maths teachers is set to worsen. Universities around the country are under severe financial pressure, which is likely to lead to further cutting of courses and staff.

This will only exacerbate the problem of teacher shortages – which is turn will lead to declining mathematical literacy in the community, as well as a lack of diversity in mathematics.

Neil Saunders 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. England’s maths teacher recruitment problem is set to worsen – https://theconversation.com/englands-maths-teacher-recruitment-problem-is-set-to-worsen-246351

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Fourth Quarter 2024 and Full Year 2024

Source: GlobeNewswire (MIL-OSI)

CAMARILLO, CA, Jan. 27, 2025 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the fourth quarter of 2024 (three months ended December 31, 2024) and full year of 2024 ahead of its quarterly filing.

Financial Highlights

Revenue is expected to be between $1.1 million – $1.3 million in 4Q24, an increase of 882% at the midpoint of the range from revenue of $117,000 in 4Q23
Gross margin is expected to increase from 36% in 4Q23 to 72-74% in 4Q24, driven by increased sales and efficiencies in the manufacturing process in calendar 2024
Full year 2024 revenue is expected to increase from $349,000 in fiscal 2023 to $3.4 million – $3.6 million, representing almost 10-fold growth
Full year 2024 gross margin is expected to increase from 35% in fiscal 2023 to 65-67%, driven by increased volume in manufacturing in calendar 2024

2024 Corporate Highlights

Announced a complete rebranding of the Company to NEWTON GOLF Company
Launched the Newton Fairway Motion shafts
Launched the new Newton Gravity premium putter line through the introduction of five new putter models
Expanded the Company’s global presence with the launch of the Newton Motion shafts in 50 of Japan’s largest golf retail locations
Increased the number of golf professionals using the Newton Motion Shafts on the PGA TOUR Champions from less than five at the beginning of 2024 to 34 at the end of 2024
Executed successful digital campaigns with high return on ad spending that were instrumental in the Company’s revenue growth
Closed on $9.1 million in financings to support the Company’s strategic growth
Introduced new advanced performance shafts for higher swing speeds in January 2025

NEWTON GOLF Executive Chairman Greg Campbell commented, “Our expected improved results in 4Q24 and full year 2024 is reflective of the growing acceptance of our unique technology and design elements in our putters and replacement shafts. We recognized significantly increased sales of our NEWTON Motion replacement shafts throughout 2024 from both professional and recreational golfers, and we expect that momentum to continue in 2025. Despite it being generally off season for golf, we were pleased with our Black Friday and Cyber Monday sales, and we look forward to improved gross margin performance as we scale production and bring down unit cost.”

This press release contains preliminary estimated financial results for the quarter and fiscal year ended December 31, 2024, and the financial results may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

About NEWTON GOLF: A Sacks Parente Company

NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

Investor Contact for NEWTON GOLF
CORE IR
516-222-2560
investors@sacksparente.com

The MIL Network –

January 28, 2025

MIL-OSI United Kingdom: UK drives green growth by connecting millions to electricity across Africa

Source: United Kingdom – Executive Government & Departments

UK Minister for Africa Lord Collins announces support to extend electricity access to millions across Africa.

Minister for Africa Lord Collins announces support to extend electricity access to millions across Africa.
New deal between British International Investment and UK cleantech company MOPO will connect over a million people across the DRC to renewable energy sources, delivering on the Plan for Change by unleashing the power of British technological innovation.
UK partnership with the African Development Bank will also channel private sector capital into African clean energy.

Millions more people across Africa will have access to clean power thanks to UK investment, Africa Minister Lord Collins has announced.

This comes as UK Special Representative for Climate Rachel Kyte attends the Mission 300 Africa Energy Summit today [27 January] in Dar Es Salaam, Tanzania.

The UK is one of the largest investors in clean energy in Africa and is working in partnership to support the Mission 300 initiative, which aims to expand electricity access to 300 million people in Africa by 2030. Half of Africa’s population – 600 million people – lack vital access to electricity.

Lord Collins is announcing a £5.3 million new deal between British International Investment (BII), the UK’s development finance institution, and UK cleantech firm MOPO.

This investment will enable MOPO to expand its pay-per-use battery rental operations in the DRC where over 80% of the population lack access to electricity. It demonstrates how UK companies are unlocking new opportunities for growth and positive impact that the clean energy transition has to offer in the UK and beyond.

Lord Collins will also announce new UK support of £8.5 million towards the African Development Bank’s Sustainable Energy Fund for Africa (SEFA) to build on existing efforts between the UK and African partners to connect millions of people across the continent with clean, reliable power.

Today’s announcement will unlock private sector investment in renewable energy projects including clean cooking and energy efficiency.

The support, which will be delivered as part of the UK’s Africa Regional Climate and Nature Programme (ARCAN), will accelerate renewable energy adoption and improve energy efficiency, developing solar-powered mini-grids in rural communities and providing technical assistance for large-scale renewable energy projects.

Minister for Africa Lord Collins of Highbury said:

The UK has set a landmark goal to be the first major economy to deliver clean power by 2030, and through our Plan for Change we’ll harness technology to transform the UK into a clean energy superpower. We want to leverage this ambition with our African partners to power green growth, eradicate poverty and tackle climate change.

Connecting the continent to clean, reliable energy is vital, and UK support is helping ensure millions are getting the access they need to prosper through planet-friendly solutions. This will also allow us to deepen our partnerships across Africa, sharing expertise, finance and innovation.

These announcements from Lord Collins show how the UK Government is delivering on the Plan for Change, which will transform the UK into a clean energy superpower, cutting bills and guaranteeing our energy independence, while championing clean technology innovation overseas and generating opportunities for investment and jobs in British businesses.

Speaking at the summit, the UK’s Special Representative on Climate, Rachel Kyte, said:

Reliable, affordable and clean energy is the cornerstone of economic growth and development. Clean energy, through modern grids and distributed renewable energy offers an opportunity for inclusive growth. Helping end energy poverty supports growth, builds resilience and puts countries on a pathway that helps our common challenge of fighting climate change. The UK is working with partners across Africa to connect millions of people in the region with cleaner and more efficient power. That is why I’m pleased to be at this summit, supporting Mission 300 and reaffirming our commitment to our shared sustainable development goals especially in Africa.

At the summit, the UK’s Special Representative for Climate will set out how the UK is deepening our partnerships with African nations and multilateral institutions to fuel the clean energy revolution and stimulate growth whilst tackling the climate emergency.

Leslie Maasdorp, BII CEO said:

At BII we want to use our distinctive position, and track record, to create more early-stage solutions that help expand access to energy for more Africans. This is demonstrated through our investment in MOPO, which is expected to reach over a million people in DRC where energy access is limited.

More broadly, we welcome the partnership of African governments, as well as other institutions like the African Development Bank, in making that ambition a reality.

Today’s announcements at the Dar Es Salaam summit also reinforce the long-standing UK-Tanzania partnership.

Tanzania was one of the first countries to sign up to the first mission of the UK’s Global Clean Power Alliance. The two countries are working together to boost the global clean energy transition, whilst furthering trade opportunities that will create jobs and deliver economic growth.

Notes to Editors:

BII is playing its part in the overall ecosystem to meet the goals of Mission 300. Today, BII’s investments provide clean energy to over 26 million people across sub-Saharan Africa and it has ambitions to do more.
MOPO installs hundreds of solar powered hubs which rent MOPO batteries to customers in regions far from the main grid. MOPO was supported in its early stages to develop its technology, business model and partnerships through the FCDO’s Transforming Energy Access programme.
The ADB funding will be delivered through the Sustainable Energy Fund for Africa (SEFA) and will provide concessional finance and technical assistance to mobilise finance from the private sector into innovate, clean energy projects. Investments made by SEFA with support from the UK and other donors is expected to create 1.3 million new electricity connections in Africa.
The Africa Regional Climate and Nature Programme (ARCAN) is part of the UK’s wider £11.6bn International Climate Finance commitment. Other projects include the Climate Adaptation and Resilience research programme (CLARE), FSD Africa and FSD Africa investments, and Cooperation in International Waters in Africa (CIWA).

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 27 January 2025

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI USA: Alum Hayley Segar Wows ‘Shark Tank’ Judges, Lands a Deal with Two of Them

Source: US State of Connecticut

UConn alum and swimsuit entrepreneur Hayley Segar ’17 (CLAS) impressed ABC’s “Shark Tank” judges, and left the entrepreneurship competition with a business deal with two of them.

Despite a case of nerves prior to the segment’s taping, Segar was confident and composed when describing onewith, a women’s swimsuit startup that eliminates seams and other uncomfortable features of swimwear. Segar has repeatedly described her business as a UConn-fueled company.

Veteran “Shark” Barbara Corcoran and newcomer Jamie Kern Lima offered Segar $200,000, and plenty of business expertise, in exchange for a 20% stake in the company. Segar enthusiastically accepted their offer.

Onewith has sold $2.3 million in product since its creation at the end of 2021. Following the “Shark Tank” broadcast Friday, 20,000 people visited the swimsuit website.

‘The Story of Every Entrepreneur’

Segar celebrated on Saturday night with a party for more than 100 friends, family members, and business mentors, at the Maritime Aquarium in Norwalk. The event featured live sharks circling a tank, dinner and a prosecco bar, bags of shark-shaped candy for guests, and an immeasurable amount of excitement.

“To be successful on ‘Shark Tank’ is so incredibly validating,’’ she said. “It feels crazy to have this out in the open now after keeping it in my mind and heart for so long.’’ A non-disclosure agreement prevented her from discussing her experience since the September taping.

Segar, a native of New London, told her guests that the joy and excitement depicted on TV is only one part of the entrepreneurship journey.

Segar makes her pitch (Disney/Christopher Willard)

“I’m a private person, I keep my head down and I work hard…this is about much more than getting on a show,’’ she said. “I’ve had to fight for every aspect of my business.’’

Becoming an entrepreneur requires sacrifices, grueling hours, and overcoming moments when all seems hopeless, she said.

She became emotional when she shared how “Shark Tank’s” Kevin O’Leary, often a vocal critic of new entrepreneurs, told her that her presentation was the best he had seen in his years on “Shark Tank.”

“That was the craziest moment for me. I left the tank feeling so proud and so happy,’’ she said.

Segar described “Shark Tank” as the best experience of her life and that having two powerful strategic advisers will allow her to reach a new audience and grow her business in exciting ways.

“With onewith, I knew instantly [that it was going to succeed]. It hit me like a freight train…it was the best possible feeling, and I hope everyone here gets to experience something like it,’’ she said. “I think this is the story of every entrepreneur who loves what they’re doing.’’

UConn Helped Segar Take Idea to Market

Segar came up with the idea after an exhausting search to find flattering swimsuit to bring on a vacation to Miami. She wanted something that felt “one with’’ her body. When she couldn’t find it, she created it herself.

Segar, who graduated from UConn in 2017 with a degree in English Language and Literature, worked in the bridal industry and as a social media influencer after college. But she returned to her alma mater to present her idea to the entrepreneurial community.

She was given an invitation to attend the highly selective Connecticut Center for Entrepreneurship & Innovation’s 2020 Summer Fellowship Accelerator, a part of the School of Business, and received advice, mentoring and a $15,000 in non-dilutive startup funding.

Through the experts at the accelerator, the UConn School of Law, and the Connecticut Small Business Development Center, she developed confidence in her abilities, as well as a network of business mentors and friends. Many of the UConn people who supported her startup attended the event on Saturday.

“I don’t know where I’d be without your guys, you solidified my belief in me,’’ said Segar, who returns often to coach those who follow in her footsteps. “So much of what I learned in Summer Fellowship stays with me today.’’

Hayley Segar is applauded by the guests at the celebration of her “Shark Tank” success in Norwalk (Courtesy of Hector Pachas)

“Hayley is the type of founder that we dream of working with. She’s always eager to learn something new, and thrives on being challenged,’’ says Michelle Cote, CCEI Director of Strategic partnerships and a longtime champion of Connecticut entrepreneurs. “Hayley puts new knowledge and resources into practice immediately. She has earned every milestone that she has reached with onewith, and I can’t wait to see where she goes next!”

‘Shark Tank’ Has Been on Segar’s Radar

“Shark Tank” has advanced the success of many startups, including Bambas socks, Scrub Daddy sponges, Kodiak pancakes and waffles, The Comfy, a hooded, wearable blanket, and Cousins Maine Lobster Food Trucks.

Corcoran, founder of a New York real estate brokerage company, is an original “shark’’ investor, who has made more than 130 deals on the show, including partnered with The Comfy and Cousins Maine Lobster Food Trucks.

Kern Lima is co-founder of IT Cosmetics, a makeup and skincare line, which she sold to L’Oreal for $1.2 billion in 2016, becoming the first women CEO of a L’Oreal brand. This is her debut season on “Shark Tank.”

“I always knew, from the time I was a little girl, that I would start a company…I felt I was on a path to build something of my own,’’ Segar has said. On Saturday, she said she envisions herself becoming a serial entrepreneur. “I can’t not build things, it’s so fun for me,’’ she said.

Segar’s late grandfather had encouraged her to consider appearing on “Shark Tank,” even before she had a business idea. In the final days of his life, she came up with her swimwear business concept and shared it with him in the hospital.

But he is not the only family member who shaped Segar’s success. She credited her mom, Dawn, for packing the swimsuit orders; her grandmother for processing returns; and her dad, Chip, who went to law school while serving as a deputy police chief, for showing her how much can be accomplished in a day.

Segar’s father wore a blazer to the party with the onewith logo printed across it; her mother, a 1989 alum of the School of Business, wore a sparkling silver jacket.

“All of this just feels surreal,’’ Dawn said, beaming. “It’s going to take a while to sink in. It’s a really big deal and we are incredibly proud of her.’’

MIL OSI USA News –

January 28, 2025

Category: Business

Title of course:

What prompted the idea for the course?

What does the course explore?

Why is this course relevant now?

What’s a critical lesson from the course?

What materials does the course feature?

What will the course prepare students to do?

Fentanyl: The ‘single greatest challenge’

Why tariffs won’t work

A question of supply and demand

What is SNAP?

Why restrict SNAP?

Why SNAP restrictions won’t make America healthier

Flexible but don’t cover all needs

Press contact

Title of course:

What prompted the idea for the course?

What does the course explore?

Why is this course relevant now?

What’s a critical lesson from the course?

What will the course prepare students to do?

The risk of return

Continued welcome in Europe?

Conditions in Turkey and Lebanon

Testing the water

Are Texas elections free and fair?

Money in politics

Freedom of expression

Human rights at the border

Women’s freedoms

As Texas goes, so goes the nation?

Tin ear

‘Proper’ English

Human connection

Carbon cooperation

Cop out?

Magic and maladies

University options

Notes to Editors:

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