Category: Business

MIL-OSI Economics: Diabetes Awareness Month shines light on prevention and treatment options, says GlobalData

Source: GlobalData

Diabetes Awareness Month shines light on prevention and treatment options, says GlobalData

Posted in Medical Devices

Diabetes Awareness Month, observed every November, is dedicated to raising awareness about diabetes, promoting education, and advocating for improved care and support for those affected by the condition. This month-long campaign seeks to improve public understanding of diabetes, address common misconceptions, and reduce the stigma often associated with the condition. It also provides a platform for people living with diabetes to share their stories, foster community, and encourage advocacy efforts. Diabetes Awareness Month is important, as prevalence is increasing for both Type 1 and Type 2 diabetes, according to GlobalData, a leading data and analytics company.

Diabetes is a chronic health condition characterized by the body’s inability to properly regulate blood sugar levels. There are three primary types of diabetes: Type 1, Type 2, and Gestational Diabetes. Each type of diabetes presents unique challenges, requiring tailored approaches to management and treatment. During Diabetes Awareness Month, organizations work to educate the public on these differences and the importance of early diagnosis.

Alexandra Murdoch, Senior Medical Analyst at GlobalData, comments: “Diabetes is a growing global health issue. Increasing awareness around diabetes can lead to earlier diagnoses, better management, and a decrease in related complications such as heart disease, stroke, and kidney failure.”

According to GlobalData’s pipeline database, diabetes care devices are the leading market by pipeline products, with over 250 active products in the pipeline. These devices include digital therapeutics, continuous glucose monitors, contrast agents for diagnostics, and more. Many of the diabetes care devices in the pipeline database are expected to be approved in 2025, and many more from 2026-2029.

Early diagnosis and the creation of a treatment plan is crucial when it comes to diabetes, as there are several complications co-occurring conditions associated with diabetes, including vision loss, heart disease, kidney disease, foot ulcers and lower limb amputations. It is possible to reduce the risk of complications through lifestyle management, such as not smoking, being active, controlling blood pressure, eating healthy, and monitoring blood glucose levels.

Murdoch concludes: “Diabetes Awareness Month plays a critical role in promoting understanding and support for the millions affected by diabetes worldwide. By highlighting the realities of living with diabetes, addressing misconceptions, and emphasizing the importance of early detection and effective management, the campaign makes strides toward reducing the overall impact of diabetes on individuals and society.”

MIL OSI Economics –

January 25, 2025
MIL-OSI Asia-Pac: FS visits Saudi Arabia

Source: Hong Kong Information Services

Financial Secretary Paul Chan led a delegation from the financial and innovation sectors on a visit to Saudi Arabia and attended the Future Investment Initiative in Riyadh.

While participating in a panel discussion during the conference, Mr Chan stated that Hong Kong is actively promoting the development of green finance and green technology.

He emphasised that the city could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitised loans.

In response to questions raised at the panel discussion, Mr Chan highlighted that Hong Kong is collaborating with multiple central banks to launch Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements.

He also witnessed the signing of a strategic co-operation agreement between the Hong Kong Science & Technology Parks Corporation and a venture capital firm there. The signatory parties will share resources, recommend startups to each other, facilitate connections within their startup networks, and jointly engage in market promotion and events.

In the evening, the Financial Secretary attended two receptions. One such function was hosted by Cathay Pacific.

Mr Chan noted that the goal of his visit is to expand ties between Hong Kong and Saudi Arabia, adding that the resumption of flights between the two places yields huge potential.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Economics: RBI to conduct Overnight Variable Rate Reverse Repo (VRRR) auction under LAF on October 30, 2024

Source: Reserve Bank of India

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 30, 2024, Wednesday, as under:

Sl. No.	Notified Amount (₹ crore)	Tenor (day)	Window Timing	Date of Reversal
1	75,000	1	11:00 AM to 11:30 AM	October 31, 2024 (Thursday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/1398

MIL OSI Economics –

January 25, 2025

MIL-Evening Report: US elections: Editorial writers at LA Times, Washington Post resign after billionaire owners block Kamala Harris endorsements

Democracy Now!

This is Democracy Now!, “War, Peace and the Presidency.” I am Amy Goodman, with Juan González:

The Los Angeles Times and The Washington Post newspapers are facing mounting backlash after the papers’ publishers announced no presidential endorsements would be made this year. The LA Times is owned by billionaire Patrick Soon-Shiong, and The Washington Post is owned by Amazon’s Jeff Bezos.

National Public Radio (NPR) is reporting more than 200,000 people have cancelled their Washington Post subscriptions, and counting.

A number of journalists have also resigned, including the editorials editor at the Los Angeles Times, Mariel Garza, who wrote, “How could we spend eight years railing against Trump and the danger his leadership poses to the country and then fail to endorse the perfectly decent Democrat challenger — who we previously endorsed for the U.S. Senate?”

Veteran journalists Robert Greene and Karin Klein have also resigned from the L.A. Times editorial board.

At The Washington Post, David Hoffman and Molly Roberts both resigned on Monday from the Post editorial board. Michele Norris also resigned as a Washington Post columnist, and Robert Kagan resigned as editor-at-large.

David Hoffman, who just won a Pulitzer Prize for his series “Annals of Autocracy,” wrote, “I believe we face a very real threat of autocracy in the candidacy of Donald Trump. I find it untenable and unconscionable that we have lost our voice at this perilous moment.”

David Hoffman joins us now, along with former Los Angeles Times editorials editor Mariel Garza.

David Hoffman, let’s begin with you. Explain why you left The Washington Post editorial board. Oh, and at the same time, congratulations on your Pulitzer Prize.

DAVID HOFFMAN: Thank you very much.

I worked for 12 years writing editorials in which I said over and over again, “We cannot be silent in the face of dictatorship, not anywhere.” And I wrote about dissidents who were imprisoned for speaking out.

And I felt that I couldn’t write another editorial decrying silence if we were going to be silent in the face of Trump’s autocracy. And I feel very, very strongly that the campaign has exposed his intention to be an autocrat.

JUAN GONZÁLEZ: And, David Hoffman, is there any precedent for the publisher of The Washington Post overruling their own editorial board?

DAVID HOFFMAN: Yeah, there’s lots of precedent. It’s entirely within the right of the publisher and the owner to do this. Previous owners have often told the editorial board what to say, because we are the voice of the institution and its owner. So, there’s nothing wrong with that.

What’s wrong here is the timing. If they had made this decision early in the year and announced, as a principle, they don’t want to issue endorsements, nobody would have even blinked. A lot of papers don’t. People have rightly questioned whether they actually have any impact.

What matters here was, we are right on the doorstep of the most consequential election in our lifetimes. To pull the plug on the endorsement, to go silent against Trump days before the election, that to me was just unconscionable.

JUAN GONZÁLEZ: And, Mariel Garza, could you talk about the situation at the LA Times and your reaction when you heard of the owner’s decision?

MARIEL GARZA: Certainly. It was a long conversation over the course of many weeks. We presented our proposal to endorse Kamala Harris. And, of course, there was — to us, there was no question that we would endorse her. We spent nine years talking about the dangers of Trump, called him unfit in 5 million ways, and Kamala Harris is somebody that we know. She’s a California elected official.

We’ve had a lot of conversations with her. We’ve seen her career evolved. We were going to — we were going to endorse her. And there was no indication that we were going to suddenly shift to a neutral position, certainly not within a few weeks or months of the election.

At first, we didn’t get a clear answer — sounds like it’s the same situation that happened at The Washington Post — until we pressed for one. We presented an outline with — these are the points we’re going to make — and an argument for why not only was it important for us, an editorial board whose mission is to speak truth to power, to stand up to tyranny — our readers expect it.

We’re a very liberal paper. There is no — there is no question what the editorial board believes, that Donald Trump should not be president ever.

AMY GOODMAN: Mariel, I wanted to —

MARIEL GARZA: So, it was perplexing. It was mystifying. It was — go ahead.

AMY GOODMAN: Mariel, I wanted to get your response to the daughter of the LA Times owner. On Saturday, Los Angeles Times owner Patrick Soon-Shiong’s daughter Nika Soon-Shiong posted a message online suggesting that her father’s decision was linked to Kamala Harris’s support for Israel’s war on Gaza.

Nika wrote, “Our family made the joint decision not to endorse a presidential candidate. This was the first and only time I have been involved in the process.

“As a citizen of a country openly financing genocide, and as a family that experienced South African Apartheid, the endorsement was an opportunity to repudiate justifications for the widespread targeting of journalists and ongoing war on children,” she wrote.

Her father, Patrick Soon-Shiong, later disputed her claim, saying that she has no role at the Los Angeles Times. Mariel Garza, your response?

MARIEL GARZA: Look, I really don’t know what to say, because I have — that was — if that was the case, it was never communicated to us. I do not know what goes on in the conversation in the Soon-Shiong household. I know that she is not — she does not participate in deliberations of the editorial board, as far as I know. I’ve never spoken to her.

We all know how she feels about Gaza, because she’s a prolific tweeter. So, I really can’t say. And this is part of the bigger problem, is we were never given a reason for why we were being silent.

If there was a reason — say it was Israel — we could have explained that to readers. Instead, we remain silent. And that’s — I mean, this is not a time in American history where anybody can remain silent or neutral.

JUAN GONZÁLEZ: And, David Hoffman, this whole issue has been raised by some critics of Jeff Bezos that his company has a lot of business with the US government, and whether that had any impact on Bezos’s decision. I’m wondering your thoughts.

DAVID HOFFMAN: I can’t be inside his mind. His company does have big business, and he’s acknowledged it’s a complicating factor in his ownership. But I can’t really understand why he made this decision, and I don’t think it’s been very well explained. His explanation published today was that he wants sort of more civic quiet, and he thought an endorsement would add to the sense of anxiety and the poisonous atmosphere.

But I disagree with that. I think, like in the LA Times, I think readers have come to expect us to be a voice of reason, and they’ve looked to endorsements at least for some clarity. So, frankly, I also feel that we’re still lacking an explanation.

AMY GOODMAN: You know, you have subtitle, the slogan of The Washington Post, of course, “Democracy Dies in Darkness.” It’s being mocked all over social media. One person wrote, “Hello Darkness My Old Friend.”

David Hoffman, your response to that? But also, you won the Pulitzer Prize for your series “Annals of Autocracy,” and you talk about digital billionaires, as well, and what this means. How does this fit into your investigations?

DAVID HOFFMAN: You know, I would hope everybody would understand and acknowledge that we’ve done a lot of good for democracy and human rights. You know, I’ve had governments react sharply to a single editorial. When we call them out for imprisoning dissidents, it matters that we are very widely read.

And that’s another reason why I feel this was a big mistake, because we actually were on a path, for decades, of championing democracy and human rights as an institution.

And, you know, I have to tell you, I wrote a book in Russia about oligarchs. I understand how difficult it is when you have a lively and independent group of journalists. And ownership really matters. And, you know, we’re not just another widget company.

This is actually a group of very, very deep-thinking and oftentimes very aggressive people that have a desire to change the world. That’s the kind of journalism that The Washington Post has sponsored and engaged in.

In 2023, we published a series of editorials that took a look deep inside how China, Russia, Burma, you know, other places — how these autocracies function. One of the findings was that many of these dictatorships are using technology to clamp down on dissent, even things as tiny as a single tweet.

Young people, young college students are being thrown in prison in Cuba, in Belarus, in Vietnam. And I documented these to show how this technology actually isn’t becoming a force for freedom, but it’s being turned on its head by dictatorship.

AMY GOODMAN: We have to leave it there, David Hoffman, Washington Post reporter, stepped down from the Post editorial board when they refused to endorse a presidential candidate; Mariel Garza, LA Times editorials editor who just resigned.

I’m Amy Goodman, with Juan González.

This programme is republished under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States Licence.

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-OSI Economics: Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results

Source: Phillips

Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share
Returned $1.3 billion to shareholders through dividends and share repurchases
Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction
Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreements

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX), a leading integrated downstream energy provider, announced third-quarter earnings.
“Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated downstream portfolio,” said Mark Lashier, chairman and CEO of Phillips 66.
“We have achieved our cost reduction and Midstream synergy targets,” said Lashier. “In addition, we have significantly advanced our asset disposition program with recently announced transactions. Our commitment to operational excellence and disciplined capital allocation continues to create long-term shareholder value.”
Financial Results Summary ( in millions of dollars, except as indicated)

3Q 2024

2Q 2024

Earnings

$

346

1,015

Adjusted Earnings 1

859

984

Adjusted EBITDA 1

1,998

2,183

Earnings Per Share

Earnings Per Share – Diluted

0.82

2.38

Adjusted Earnings Per Share – Diluted 1

2.04

2.31

Cash Flow From Operations

1,132

2,097

Cash Flow From Operations, Excluding Working Capital 1

1,513

1,181

Capital Expenditures & Investments 2

358

367

Return of Capital to Shareholders

1,277

1,325

Share repurchases

800

840

Dividends paid

477

485

Cash

1,637

2,444

Debt

19,998

19,960

Debt-to-capital ratio

40

%

40

%

Net debt-to-capital ratio 1

38

%

36

%

1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

2Excludes acquisitions of $567 million in the third quarter of 2024, and purchases of government obligations of $1.1 billion in third-quarter of 2024.

Segment Financial and Operating Highlights (in millions of dollars, except as indicated)

3Q 2024

2Q 2024

Change

Earnings 1

$

346

1,015

(669

)

Midstream

644

767

(123

)

Chemicals

342

222

120

Refining

(108

)

302

(410

)

Marketing and Specialties

(22

)

415

(437

)

Renewable Fuels

(116

)

(55

)

(61

)

Corporate and Other

(327

)

(340

)

13

Income tax expense

(44

)

(291

)

247

Noncontrolling interests

(23

)

(5

)

(18

)

Adjusted Earnings 1,2

$

859

984

(125

)

Midstream

672

753

(81

)

Chemicals

342

222

120

Refining

(67

)

302

(369

)

Marketing and Specialties

583

415

168

Renewable Fuels

(116

)

(55

)

(61

)

Corporate and Other

(327

)

(340

)

13

Income tax expense

(205

)

(278

)

73

Noncontrolling interests

(23

)

(35

)

12

Adjusted EBITDA 2

$

1,998

2,183

(185

)

Midstream

892

971

(79

)

Chemicals

466

348

118

Refining

188

531

(343

)

Marketing and Specialties

656

484

172

Renewable Fuels

(92

)

(43

)

(49

)

Corporate and Other

(112

)

(108

)

(4

)

Operating Highlights

Midstream NGL Fractionated Volumes (MBD)

728

744

(16

)

Chemicals Global O&P Utilization

98

%

98

%

—

%

Refining

Turnaround Expense ($)

137

100

37

Realized Margin ($/BBL) 2

8.31

10.01

(1.70

)

Crude Capacity Utilization

94

%

98

%

(4

%)

Clean Product Yield

87

%

86

%

1

%

Renewable Fuels Produced (MBD)

44

31

13

1Segment reporting is pre-tax.

2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Third-Quarter 2024 Financial Results
Reported earnings were $346 million for the third quarter of 2024 versus $1.0 billion in the second quarter. Third-quarter earnings included a legal accrual of $605 million in the Marketing and Specialties segment, costs related to the planned shutdown of the Los Angeles Refinery of $41 million in the Refining segment, and an impairment of $28 million in the Midstream segment. Second-quarter earnings included a gain on sale of investment of $238 million and an impairment of $224 million, both impacting the Midstream segment. Adjusted earnings for the third quarter were $859 million versus $984 million in the second quarter.
Midstream third-quarter 2024 adjusted pre-tax income decreased compared with the second quarter mainly due to seasonal maintenance costs and lower equity earnings, partially offset by higher export margins.
Chemicals reported pre-tax income increased mainly due to higher margins and lower costs.
Refining adjusted pre-tax loss was a decrease compared to the second quarter, primarily due to a decline in realized margins largely driven by lower market crack spreads.
Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins.
Renewable Fuels reported pre-tax loss increased primarily due to lower realized margins, partially offset by higher volumes.
As of September 30, 2024, the company had $1.6 billion of cash and cash equivalents and $5.3 billion of committed capacity available under credit facilities.
Business Highlights and Strategic Priorities Progress
Distributed $12.5 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year-end.
Achieved $1.4 billion in run-rate business transformation savings, delivering on the company’s target ahead of schedule.
Expanded its Midstream NGL wellhead-to-market business with the acquisition of Pinnacle Midstream and approved a follow-on processing plant expansion in the Midland Basin expected to be completed in mid-year 2025.
Achieved target of over $400 million of run-rate synergies from the successful integration of DCP Midstream.
Received proceeds of $1.3 billion since 2022 toward the company’s $3 billion asset disposition target. In addition, the company recently agreed to sell its 49% interest in a Switzerland-based retail joint venture for $1.24 billion, and its interests in non-core Midstream assets in North Dakota.
Investor Webcast
Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s third-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.Use of Non-GAAP Financial Information —This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “refining realized margin per barrel,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
References in the release to earnings refer to net income attributable to Phillips 66. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.
Basis of Presentation — Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 —This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings

Millions of Dollars

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Midstream

$

644

767

1,965

724

2,060

Chemicals

342

222

769

104

494

Refining

(108

)

302

410

1,712

4,481

Marketing and Specialties

(22

)

415

759

605

1,501

Renewable Fuels

(116

)

(55

)

(226

)

22

164

Corporate and Other

(327

)

(340

)

(989

)

(354

)

(992

)

Pre-Tax Income

413

1,311

2,688

2,813

7,708

Less: Income tax expense

44

291

538

670

1,754

Less: Noncontrolling interests

23

5

41

46

199

Phillips 66

$

346

1,015

2,109

2,097

5,755

Adjusted Earnings

Millions of Dollars

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Midstream

$

672

753

2,038

581

1,915

Chemicals

342

222

769

104

494

Refining

(67

)

302

548

1,742

4,525

Marketing and Specialties

583

415

1,305

605

1,501

Renewable Fuels

(116

)

(55

)

(226

)

22

164

Corporate and Other

(327

)

(340

)

(989

)

(303

)

(812

)

Pre-Tax Income

1,087

1,297

3,445

2,751

7,787

Less: Income tax expense

205

278

709

660

1,768

Less: Noncontrolling interests

23

35

71

21

218

Phillips 66

$

859

984

2,665

2,070

5,801

Millions of Dollars

Except as Indicated

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Reconciliation of Consolidated Earnings to Adjusted Earnings

Consolidated Earnings

$

346

1,015

2,109

2,097

5,755

Pre-tax adjustments:

Impairments 1

28

224

415

—

—

Net gain on asset dispositions

—

(238

)

(238

)

(101

)

(123

)

Change in inventory method for acquired business

—

—

—

(46

)

(46

)

Los Angeles Refinery shutdown-related costs 2

41

—

41

—

—

Legal accrual 3

605

—

605

30

30

Legal settlement

—

—

(66

)

—

—

Business transformation restructuring costs

—

—

—

51

127

Loss on early redemption of DCP debt

—

—

—

—

53

DCP integration restructuring costs

—

—

—

4

38

Tax impact of adjustments 4

(161

)

13

(171

)

10

(14

)

Noncontrolling interests

—

(30

)

(30

)

25

(19

)

Adjusted earnings

$

859

984

2,665

2,070

5,801

Earnings per share of common stock ( dollars )

$

0.82

2.38

4.94

4.69

12.61

Adjusted earnings per share of common stock ( dollars ) 5

$

2.04

2.31

6.25

4.63

12.71

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

Midstream Pre-Tax Income

$

644

767

1,965

724

2,060

Pre-tax adjustments:

Impairments 1

28

224

311

—

—

Net gain on asset disposition

—

(238

)

(238

)

(101

)

(137

)

Change in inventory method for acquired business

—

—

—

(46

)

(46

)

DCP integration restructuring costs

—

—

—

4

38

Adjusted pre-tax income

$

672

753

2,038

581

1,915

Chemicals Pre-Tax Income

$

342

222

769

104

494

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax income

$

342

222

769

104

494

Refining Pre-Tax Income (Loss)

$

(108

)

302

410

1,712

4,481

Pre-tax adjustments:

Impairments 1

—

—

104

—

—

Los Angeles Refinery shutdown-related costs 2

41

—

41

—

—

Net loss on asset disposition

—

—

—

—

14

Legal accrual 3

—

—

—

30

30

Legal settlement

—

—

(7

)

—

—

Adjusted pre-tax income (loss)

$

(67

)

302

548

1,742

4,525

Marketing and Specialties Pre-Tax Income (Loss)

$

(22

)

415

759

605

1,501

Pre-tax adjustments:

Legal accrual 3

605

—

605

—

—

Legal settlement

—

—

(59

)

—

—

Adjusted pre-tax income

$

583

415

1,305

605

1,501

Renewable Fuels Pre-Tax Income (Loss)

$

(116

)

(55

)

(226

)

22

164

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax income (loss)

$

(116

)

(55

)

(226

)

22

164

Corporate and Other Pre-Tax Loss

$

(327

)

(340

)

(989

)

(354

)

(992

)

Pre-tax adjustments:

Business transformation restructuring costs

—

—

—

51

127

Loss on early redemption of DCP debt

—

—

—

—

53

Adjusted pre-tax loss

$

(327

)

(340

)

(989

)

(303

)

(812

)

1Impairments primarily related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.

2Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.

3Legal accrual primarily related to ongoing litigation.

4We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

5YTD 2024, Q3 2024, Q3 2023 are based on adjusted weighted-average diluted shares of 426,301 thousand, 419,827 thousand, and 447,255 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.

Millions of Dollars

Except as Indicated

2024

3Q

2Q

Reconciliation of Consolidated Net Income to Adjusted EBITDA

Net Income

$

369

1,020

Plus:

Income tax expense

44

291

Net interest expense

191

200

Depreciation and amortization

543

497

Phillips 66 EBITDA

$

1,147

2,008

Special Item Adjustments (pre-tax):

Impairments

28

224

Net gain on asset disposition

—

(238

)

Los Angeles Refinery shutdown-related costs

41

—

Legal accrual

605

—

Legal settlement

—

—

Total Special Item Adjustments (pre-tax)

674

(14

)

Change in Fair Value of NOVONIX Investment

—

7

Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

1,821

2,001

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

24

26

Proportional share of selected equity affiliates net interest

12

19

Proportional share of selected equity affiliates depreciation and amortization

188

195

Adjusted EBITDA attributable to noncontrolling interests

(47

)

(58

)

Phillips 66 Adjusted EBITDA

$

1,998

2,183

Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

Midstream Income before income taxes

$

644

767

Plus:

Depreciation and amortization

233

224

Midstream EBITDA

$

877

991

Special Item Adjustments (pre-tax):

Net gain on asset disposition

—

(238

)

Impairments

28

224

Midstream EBITDA, Adjusted for Special Items

$

905

977

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

5

5

Proportional share of selected equity affiliates net interest

3

10

Proportional share of selected equity affiliates depreciation and amortization

26

37

Adjusted EBITDA attributable to noncontrolling interests

(47

)

(58

)

Midstream Adjusted EBITDA

$

892

971

Chemicals Income before income taxes

$

342

222

Plus:

None

—

—

Chemicals EBITDA

$

342

222

Special Item Adjustments (pre-tax):

None

—

—

Chemicals EBITDA, Adjusted for Special Items

$

342

222

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

13

15

Proportional share of selected equity affiliates net interest

(2

)

—

Proportional share of selected equity affiliates depreciation and amortization

113

111

Chemicals Adjusted EBITDA

$

466

348

Refining Income (loss) before income taxes

$

(108

)

302

Plus:

Depreciation and amortization

230

204

Refining EBITDA

$

122

506

Special Item Adjustments (pre-tax):

Los Angeles Refinery shutdown-related costs

41

—

Refining EBITDA, Adjusted for Special Items

$

163

506

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

(1

)

1

Proportional share of selected equity affiliates net interest

(1

)

(2

)

Proportional share of selected equity affiliates depreciation and amortization

27

26

Refining Adjusted EBITDA

$

188

531

Marketing and Specialties Income (loss) before income taxes

$

(22

)

415

Plus:

Depreciation and amortization

32

32

Marketing and Specialties EBITDA

$

10

447

Special Item Adjustments (pre-tax):

Legal accrual

605

—

Marketing and Specialties EBITDA, Adjusted for Special Items

$

615

447

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

7

5

Proportional share of selected equity affiliates net interest

12

11

Proportional share of selected equity affiliates depreciation and amortization

22

21

Marketing and Specialties Adjusted EBITDA

$

656

484

Renewable Fuels Loss before income taxes

$

(116

)

(55

)

Plus:

Depreciation and amortization

24

12

Renewable Fuels EBITDA

$

(92

)

(43

)

Special Item Adjustments (pre-tax):

None

—

—

Renewable Fuels EBITDA, Adjusted for Special Items

$

(92

)

(43

)

Corporate and Other Loss before income taxes

$

(327

)

(340

)

Plus:

Net interest expense

191

200

Depreciation and amortization

24

25

Corporate and Other EBITDA

$

(112

)

(115

)

Special Item Adjustments (pre-tax):

None

—

—

Total Special Item Adjustments (pre-tax)

—

—

Change in Fair Value of NOVONIX Investment

—

7

Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

(112

)

(108

)

Millions of Dollars

Except as Indicated

September 30, 2024

Debt-to-Capital Ratio

Total Debt

$

19,998

Total Equity

29,784

Debt-to-Capital Ratio

40

%

Total Cash

1,637

Net Debt-to-Capital Ratio

38

%

Millions of Dollars

September 30, 2024

Reconciliation of Net Cash Used in Operating Activities to Operating Cash Flow, Excluding Working Capital

Net Cash Used in Operating Activities

$

1,132

Less: Net Working Capital Changes

(381

)

Operating Cash Flow, Excluding Working Capital

$

1,513

Millions of Dollars

Except as Indicated

2024

3Q

2Q

Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

Income (loss) before income taxes

$

(108

)

302

Plus:

Taxes other than income taxes

100

74

Depreciation, amortization and impairments

230

203

Selling, general and administrative expenses

60

51

Operating expenses

922

884

Equity in earnings of affiliates

12

(33

)

Other segment expense, net

(4

)

(1

)

Proportional share of refining gross margins contributed by equity affiliates

193

260

Special items:

None

—

—

Realized refining margins

$

1,405

1,740

Total processed inputs ( thousands of barrels )

145,440

151,296

Adjusted total processed inputs ( thousands of barrels )*

168,951

174,107

Income (loss) before income taxes ( dollars per barrel )**

$

(0.74

)

2.00

Realized refining margins ( dollars per barrel )***

$

8.31

10.01

*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

**Income before income taxes divided by total processed inputs.

***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Source: Phillips 66

MIL OSI Economics –

January 25, 2025
MIL-OSI: Climb Channel Solutions Launches North American Partnership with Cybersecurity Vendor Fortra
Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), announced a North American partnership with Fortra.

Fortra provides trusted cybersecurity solutions that span every part of the cyber-attack chain, from detection to response. Through this partnership, Climb North American VARs and MSPs have access to Fortra’s entire portfolio, which includes solutions covering digital risk and email protection, managed file transfer, data protection, infrastructure protection, managed security services, security awareness training, and automation.

“Fortra is on a mission to help as many organizations as possible increase their security maturity and decrease operational burden,” said Matt Reck, President at Fortra. “With their strong channel expertise and exceptional operational practices, we believe Climb is the perfect North American partner to help us on this journey.”

The Fortra platform will enable partners to unify their cybersecurity stack into one platform. With Fortra’s platform, users are able to:
- Detect various attacks with a broad-spectrum defense and multi-vector approach
- Aggregate data to analyze your IT environment
- Utilize AI to track events and correlate patterns to threats, allowing for improved speed to detection
- Mitigate detected threats more quickly and efficiently with accurate response
“The addition of Fortra and their comprehensive portfolio of cybersecurity focused products enables North American partners to provide the security solutions that have a strong line of defense,” said Dale Foster, CEO of Climb Channel Solutions. “VARs and MSPs alike will benefit from Fortra’s integration capabilities that will help them consolidate their security stack.”

Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

About Climb Channel Solutions and Climb Global Solutions

Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

For Media & PR inquiries contact:
Climb Channel Solutions
Media Relations
media@ClimbCS.com

Investor Relations Contact:
Elevate IR
Sean Mansouri, CFA
T: 720-330-2829
CLMB@elevate-ir.com

About Fortra 
Fortra is a cybersecurity company like no other. We’re creating a simpler, stronger future for our customers. Our trusted experts and portfolio of integrated, scalable solutions bring balance and control to organizations around the world. We’re the positive changemakers and your relentless ally to provide peace of mind through every step of your cybersecurity journey. Learn more about Fortra. 

Copyright © Fortra, LLC and its group of companies. Fortra™, the Fortra™ logos, and other identified marks are proprietary trademarks of Fortra, LLC.  

Media Contact: 
Jessica Ryan   
Public Relations Manager
Jessica.Ryan@fortra.com

The MIL Network –
January 25, 2025
MIL-OSI: Captivision Announces Venture at Dream Hollywood Hotel

Source: GlobeNewswire (MIL-OSI)

MIAMI and SEOUL, Korea, Oct. 29, 2024 (GLOBE NEWSWIRE) — Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today announced its first collaboration with the Dream Hollywood hotel in Los Angeles. Crescent Hotels & Resorts, a leading hotel management company, manages Dream Hollywood. The property is part of Hyatt’s global portfolio of hotels, under the Dream Hotels brand.

The collaboration catalyzes Captivision’s expansion into digital out-of-home (“OOH”) in a high-profile Los Angeles location with extraordinary partners. Unlike traditional LED signage, Captivision is creating a uniquely transparent and vibrant digital display, generating a new recurring revenue stream for the Company and its partners. This groundbreaking venture is emblematic of Captivision’s broadening business model as a trusted solution provider featuring highly innovative and transformational technology. The Dream Hollywood display is expected to generate in excess of three million social media impressions annually. Playing a pivotal role in the creation and operation of the OOH digital media at the Dream Hollywood, California-based company, Integrated Market Optimization, Inc. and Smart City Labs, have partnered with Captivision to bring their expertise and industry-leading solutions to this high-profile project.

“Joining forces with Dream Hollywood is a pivotal venture for our company in multiple respects,” said Gary Garrabrant, Chairman and CEO of Captivision. “Captivision is quickly becoming a solution provider across the LED product spectrum generating entirely new revenue streams with valued partners and clients. We believe this collaboration will kickstart an exciting new chapter of growth for Captivision in the United States and globally.”

Dream Hollywood (Façade Render)

Captivision’s transparent and non-transparent LED media solutions provide a versatile and dynamic platform showcasing high-resolution content without compromising architectural integrity and user experience. This seminal venture combines cutting-edge physical and streaming technology to generate social media driven advertising revenue, the first of what promises to be many meaningful applications with recognized and valued partners and clients.

About Captivision
Captivision is a pioneering manufacturer of media glass, combining IT building materials with architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.

Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties, and airports. Learn more at http://www.captivision.com.

About Crescent Hotels & Resorts
Crescent Hotels & Resorts is an award-winning, nationally recognized, operator of hotels and resorts with over 120 properties in the United States and Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, and Hyatt. Crescent also works a collection of independent and lifestyle properties under the Latitudes Collection umbrella. These properties include PGA National Resort, The Opus Westchester, Autograph Collection, and NOPSI Hotel New Orleans. Powered by innovative, forward thinking experts, Latitudes is a modern management platform for lifestyle hotels and resorts where creative concepts connect with modern travelers from urban boutique hotels to oceanside resorts.

Crescent’s clients include premiere REITs, private equity firms and major developers. For more information, please visit www.crescenthotels.com and www.latitudesbycrescent.com or connect with Crescent on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”

These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

Media Contact:
Dukas Linden Public Relations
+1 212.704.7385
captivision@dlpr.com

Investor Contact:
Gateway Group
Ralf Esper
+1 949.574.3860
CAPT@gateway-grp.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4835d4a9-4083-475d-996e-b09ab5decf06

The MIL Network –

January 25, 2025
MIL-OSI: Amplify ETFs Launches Targeted 12% Annual Option Premium Fixed Income ETF: Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP)

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces the launch of the Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP). TLTP allows investors to tap into the stability of U.S. Treasuries while seeking to generate high, consistent levels of income through a dynamic rules-based covered call* option strategy.

TLTP seeks to track the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, which is designed to provide a targeted annualized option premium income of 12% through writing weekly covered call options. This approach seeks to generate higher levels of income from targeted 12% option premium income as well as the underlying U.S. Treasuries. The Fund has a monthly distribution frequency.

“Investors are increasingly seeking diversified income streams and portfolio stability,” said Christian Magoon, CEO of Amplify ETFs. “TLTP’s innovative use of a weekly covered call strategy in fixed income offers a multi-use solution for consistent high-income potential and a defensive position, making it a compelling option for a range of portfolio strategies.”

The portfolio management team from Samsung Asset Management in New York brings extensive experience in managing U.S. Treasury and options strategies.

“TLTP offers an effective way for investors to access a fixed income covered call strategy from U.S. Treasuries through a single ticker,” said Yunjae Hwang, lead portfolio manager of TLTP. “We’re excited to bring this solution to the market, especially for those looking for a more diversified and resilient approach to their portfolios.”

TLTP is Amplify ETFs’ second ETF with its strategic partner Samsung Asset Management.

For more information about the Amplify Bloomberg U.S. Treasury Target High Income ETF, visit AmplifyETFs.com/TLTP.

About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, offers a diverse suite of income, growth, and risk-managed ETFs, with over $10 billion in assets under management (as of 10/21/2024). For more information, visit AmplifyETFs.com.

Sales Contact:
Amplify ETFs
855-267-3837
info@amplifyetfs.com Media Contacts:
Gregory FCA for Amplify ETFs
Kerry Davis
610-228-2098
amplifyetfs@gregoryfca.com

*A covered call refers to a financial transaction in which the investor selling call options owns an equivalent amount of the underlying security.

Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. There can be no assurance that the Fund’s investment objectives will be achieved. Interest Rate Risk is the risk when interest rates rise, there is a corresponding decline in bond values. Conversely, very low or negative interest rates may magnify interest rate risk. The Fund is subject to the risks associated with the Underlying Funds specifically U.S. Treasury Securities Risk. The Fund bears its proportionate share of the Underlying ETF’s expenses.

The Fund is non-diversified and can invest a greater portion of its assets in individual securities than a diversified fund; changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The Fund will also utilize FLEX Options and is subject to the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. The Fund currently expects to make distributions on a regular basis, a portion of which may be considered return of capital.

Amplify Investments LLC is the Investment Adviser to the Fund, and Samsung Asset Management (New York), Inc. serves as the Investment Sub-Adviser.

Amplify ETFs are distributed by Foreside Fund Services, LLC.

The MIL Network –

January 25, 2025
MIL-OSI: Bitfarms Nominates Andrew J. Chang for Election to the Board of Directors

Source: GlobeNewswire (MIL-OSI)

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario and BROSSARD, Québec, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, today announced that it has nominated Andrew J. Chang for election to its Board of Directors (the “Board”) at the Special Meeting of shareholders to be held on November 20, 2024 at 4:00p.m. Eastern Time (the “Special Meeting”).

Bitfarms Special Meeting of Shareholders
Pursuant to the Settlement Agreement between the Company and Riot Platforms, Inc. dated September 23, 2024, at the Special Meeting, shareholders will be asked to approve an expansion of the Board from five members to six members, to elect an independent director nominated by the Board to serve as the sixth member of the Board, to ratify the Company’s shareholder rights plan adopted on July 24, 2024, and to conduct such other business as may properly come before the Special Meeting.

Shareholders and guests can access the virtual meeting using this link. Additional information regarding the Special Meeting, including how to vote, is available via the proxy materials disseminated to shareholders by Bitfarms and as filed on SEDAR+ at http://www.sedarplus.ca and on EDGAR at http://www.sec.gov/EDGAR.

Nomination of Andrew J. Chang to Bitfarms Board of Directors
Bitfarms’ Governance and Nominating Committee conducted a thorough director search process and held interviews with several qualified candidates, and, along with the Board, unanimously supports the nomination of Andrew J. Chang for election at the Special Meeting.

Mr. Chang is a 20-year veteran of the technology industry with experience as an investor, operating executive, entrepreneur, and advisor. He was a founding partner of Liberty City Ventures, a leading venture capital fund. Mr. Chang also served as Chief Operating Officer of Paxos, a blockchain infrastructure platform that has powered solutions for PayPal, Stripe, and more. At Paxos, he helped grow the team from 8 to 190 employees and launched the first regulated blockchain focused trust company and the first regulated stablecoin in the U.S. During that time, Paxos raised $500M in capital and its most recent valuation is $2.4 billion.

Before joining Paxos, Andrew served as a Lead Strategic Partner Development Manager at Google, working in business development for display ad products. Prior to that, he was the Chief Operating Officer of ConditionOne and an associate at TechStars (New York). He also has experience managing innovation in research, analytics and digital media at WPP PLC-owned Kantar Video and at 360i, a digital marketing agency.

Andrew earned his MBA from New York University’s Leonard N. Stern School of Business, where he was President of the student body, and a BS from Boston College.

Brian Howlett, Independent Chairman of the Board, said, “The Bitfarms Board is committed to strong corporate governance and recognizes that a diverse set of skills is required to effectively oversee the execution of the Company’s strategic initiatives. Andrew is an impressive technology industry veteran whose experience and knowledge is highly complementary to that of our current Board. We believe he will be instrumental as we execute our aggressive growth plan, and we look forward to leveraging his expertise to maximize value for Bitfarms shareholders.”

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding holding the Special Meeting and the timing thereof, and the matters to be put before the Company’s shareholders at the Special Meeting are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contact:

Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca

The MIL Network –

January 25, 2025
MIL-OSI: Beneficient to Present at the LD Micro Main Event XVII on October 30 in Los Angeles

Source: GlobeNewswire (MIL-OSI)

DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Beneficient (Nasdaq: BENF) (“Ben” or the “Company”), a technology-enabled financial services holding company, today announced that it will be presenting at the LD Micro Main Event XVII investor conference to be held October 28-30, 2024 in Los Angeles. As part of the conference, the Company will conduct a group presentation at 12:30 pm Pacific Time on Wednesday, October 30, 2024. To join the presentation online, please visit the webcast link available at https://shareholders.trustben.com/.

Additionally, Beneficient will host investor meetings throughout the day on Wednesday, October 30, 2024.

Investors attending the conference in person may request meetings with Beneficient through LD Micro’s meeting portal or Beneficient’s IR contact, mkreps@darrowir.com. Qualified investors who would like to attend the conference should contact registration@ldmicro.com.

About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess^® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn.

Contacts

Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com

The MIL Network –

January 25, 2025
MIL-OSI: Will 2025 See Lower Salary Increases? Salary.com Releases Latest National Salary Budget Survey
Source: GlobeNewswire (MIL-OSI)

WALTHAM, Mass., Oct. 29, 2024 (GLOBE NEWSWIRE) — Salary.com, a leading provider of compensation market data and software, shared the results of its annual National Salary Budget Survey. Now in its 14th year, the survey collected responses from over 1,000 human resource professionals across 20 industries in the U.S. and Canada to see how companies are planning salary increases.

This year’s survey found that the median salary increase stayed at 4 percent, but average increases dropped from 4.3 percent to 3.9 percent.

Salary.com says this drop is because fewer companies are giving higher raises. The number of companies giving raises between 5 and 6.9 percent fell from 25 percent to 14 percent. This trend could be linked to lower inflation and stable unemployment after the economic instability caused by the pandemic and the Great Resignation. The survey also showed a return to typical salary increases of 3 to 3.9 percent, as reported by 38 percent of respondents in 2024, compared to 25 percent in 2023. Expectations for 2025 are similar to 2024.

“Last year, we noted that salary increases might be at a peak, even with 4 percent becoming the norm. While 4 percent remained the median in 2024, further analysis suggests a shift is happening,” said Andy Miller, Vice President, Compensation Consulting at Salary.com. “This is important for HR and compensation teams as they plan budgets for next year, considering factors like industry, location and work arrangements.”

The 2024-2025 National Salary Budget Survey also showed:
- Geographically, the Northeast U.S. had the lowest salary increases, while the West Coast had the highest. The Northeast averaged 3.6 percent, compared to the national average of 3.9 percent. New York City (3.7%) and Boston (3.3%) had lower increases compared to San Francisco (4%) and Seattle (4.3%).
- Regarding industries, Construction (4.2 percent) and Education, Government & Non-Profit (4.3 percent) had the largest increases. Hospitality (3.4 percent) and Transportation (3.6 percent) had smaller increases. Hospitality continues to adjust to local and regional minimum wage changes while recovering from the pandemic.
- Defining pay for remote employees is still a challenge. The most common approach in 2024 was to set pay based on the employee’s primary residence (29 percent). Other methods included using a national pay rate (24 percent), regional pay rates (14 percent), or the closest employer location (12 percent). About 14 percent of respondents did not have remote employees.
Miller added, “In 2024, many organizations experienced a level-set moment. Some sectors and regions saw increases, while others saw decreases, matching changes in labor markets, new laws, and evolving situations. Staying on top of these trends is key to good planning.”

To buy a copy of Salary.com’s 2024-2025 National Salary Budget Survey, visit https://store.salary.com/national-salary-budget-survey.

About Salary.com
Salary.com has been helping organizations with human capital needs for over 20 years. The company leads the industry in compensation data, software, and services. More than 30,000 organizations in 22 countries use Salary.com’s solutions to hire and keep talent and compete in a changing world.

Salary.com provides over 10 billion data points across more than 225 industries using a proprietary AI framework to ensure fair pay. The company’s main product, CompAnalyst®, helps organizations simplify hiring, reduce guesswork, and increase retention. Employee trust depends on fair pay, and Salary.com helps get it right. Please visit www.salary.com/business.

The MIL Network –
January 25, 2025
MIL-OSI: SeekOut Announces CHRO Council Workshop Series to Empower Talent Leaders
Source: GlobeNewswire (MIL-OSI)

BELLEVUE, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) — SeekOut, the leading Talent Intelligence Platform, today shared details of its upcoming CHRO Council Workshop Series, a virtual event series designed to equip HR and talent leaders with practical strategies to succeed in today’s competitive business environment. The five-part webinar series, created in partnership with SeekOut’s recently established CHRO Council, will deliver expert guidance to help companies build and execute talent strategies that promote workforce agility and support organizational longevity.

Drawing on the expertise of the CHRO Council members, the series will provide a hands-on learning experience, combining 30 minutes of guided instruction using a customized worksheet with a 30-minute interactive Q&A session in each session. Participants will have the opportunity to engage directly with industry experts who bring decades of experience from leadership roles in prominent companies. At the conclusion of the series, attendees will receive a comprehensive digital workbook compiling all five worksheets and key takeaways from each session, serving as a valuable resource for ongoing talent strategy development.

The SeekOut CHRO Council Workshop Series schedule includes:
- “Strategic Workforce Planning: How to Get the Right People Involved” – On Tuesday, November 12, 2024, at 10 a.m. PT, Dermot O’Brien, Former Chief Transformation Officer (CTO) and CHRO at ADP, will explore the critical elements of effective workforce planning.
- “Building a Holistic Talent Roadmap: How to Break Down Silos” – Join Annie Rihn, Former VP of Talent at Discord & Zillow, on Thursday, November 14, 2024, at 10 a.m. PT, for a practical, hands-on session about uniting talent functions for a seamless, holistic approach rooted in talent agility.
- “What’s Up with DEI? How to Find Clarity in a Changing Landscape” –
  Hosted by Betty Thompson, Former CHRO at Booz Allen | Chair of the SHRM Board of Directors, this session on Tuesday, November 19, 2024, at 10 a.m. PT, will consider the key trends shaping the future of diversity, equity and inclusion.
- “The Business Case for Talent Mobility: How Skills Intelligence Strengthens Retention and Agility” – Led by Jeff Diana, Former CHRO at Calendly & Atlassian, this workshop on Thursday, November 21, 2024, at 10 a.m. PT, will show how talent intelligence can transform challenges into opportunities.
- “The Most Exciting Chapter for HR: How to Inspire Change Across Organizations” – On Thursday, December 12, 2024, David Landman, Former Head of Talent Development at Goldman Sachs, will discuss ways to cultivate intentional, generous workplace communities.
“Given the rapid changes in the talent landscape, it’s crucial for HR professionals to adapt and evolve their strategies,” said Bryce Winkelman, Chief Business and Revenue Officer at SeekOut. “Our CHRO Council Workshop Series is designed to provide actionable advice and insights that HR and talent leaders can immediately apply to today’s challenges and help their organizations prepare for the future.”

Registration for SeekOut’s CHRO Council Workshop Series is open now, with options to sign up for the full series or individual webinars. Each session is tailored to equip participants with the tools and knowledge needed to lead their organizations through transformation, elevate performance and thrive in a dynamic market.

To learn more and register, visit https://info.seekout.com/CHRO-council-workshop-series.html.

About SeekOut
SeekOut’s Talent Intelligence Platform helps thousands of organizations of all sizes and industries hire, grow and retain great talent. Founded in 2017 by a team of enterprise software veterans, SeekOut is backed by leading investors at Tiger Global Management, Madrona Venture Group, Mayfield, and Founders Circle Capital. SeekOut has two primary product offerings – Recruit, for identifying new talent, and Grow, for maximizing a company’s existing internal talent. Leading companies, including Peraton, Experian and Northrup Grumman, rely on SeekOut to unify their talent acquisition, talent management, and talent analytics in a single people-first platform. Learn more at www.seekout.com.

The MIL Network –
January 25, 2025
MIL-OSI: Bitget Wallet Launches Babylon Staking Program with Billion-Point Airdrop

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitget Wallet, a leading non-custodial Web3 wallet, has announced the launch of a new Babylon ecosystem staking program available through its Task2Get feature in the Earning Center. This month-long program runs from October 28 to November 28, offering users multiple opportunities to engage with Babylon ecosystem projects while earning significant rewards, including a total of 9 billion points and 100,000 pSTAKE tokens airdrop.

Babylon connects Bitcoin’s Proof-of-Work model with Proof-of-Stake networks, enabling Bitcoin staking in PoS systems to expand its use beyond a store of value. The Babylon ecosystem builds on this, offering DeFi projects and tools that increase Bitcoin’s utility and cross-chain opportunities. The Babylon ecosystem staking initiative on Bitget Wallet’s platform includes tasks tied to prominent blockchain projects like pSTAKE, Corn, Solv, Bedrock, StakeStone, Lorenzo, SatLayer, and PumpBTC. Participants can complete various staking-related interactions within the wallet to be eligible for reward distributions.

By engaging in on-chain staking and exploring Babylon’s ecosystem offerings through Bitget Wallet, users can share in the substantial reward pool provided by Babylon ecosystem projects. Bitget Wallet’s Earning Center is dedicated to bringing users streamlined access to cryptocurrency earning opportunities. Within the Task2Get section, users can conveniently participate in various incentivized activities while deepening their involvement with leading blockchain projects.

Alvin Kan, COO of Bitget Wallet, stated, “Our partnership with Babylon allows us to offer a robust range of staking opportunities, underscoring our commitment to providing a rewarding and engaging experience for users. This initiative makes it easier for our community to explore the Babylon ecosystem and benefit from an impressive reward structure that enhances their overall Web3 journey.”

About Bitget Wallet

Bitget Wallet is the home of Web3, where endless possibilities come together in one wallet. Uniting over 40 million users, this non-custodial wallet brings everything onchain in one place—asset management, quick swaps, rewards, staking, trading tools, live market data, a DApp browser, and an NFT marketplace. With wallet options like mnemonic, MPC, and AA, Bitget Wallet serves everyone from beginners to advanced traders. Supporting 100+ blockchains, 20,000+ DApps and 500,000+ tokens, it connects to hundreds of DEXs and cross-chain bridges for seamless multi-chain trading, and offers a $300 million protection fund to keep your digital assets safe.

Experience Bitget Wallet Lite to start your Web3 journey.

For more information, visit: Website | Twitter | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b9bd1b1-4a0b-4570-8c71-aff9772a24b8

The MIL Network –

January 25, 2025

MIL-OSI: Territorial Reaffirms Board of Directors Recommendation that Territorial Shareholders Vote “FOR” Hope Bancorp Merger

Source: GlobeNewswire (MIL-OSI)

HONOLULU, Oct. 29, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that the Company’s Board of Directors has reaffirmed its recommendation that Territorial shareholders vote “FOR” the merger with Hope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE) at the November 6, 2024, Special Meeting of Stockholders.

On October 25, 2024, Territorial received additional information from Blue Hill Advisors (“Blue Hill”) with respect to its preliminary indication of interest to acquire the Company.

Territorial’s Board of Directors (the “Territorial Board”), with the assistance of its legal and financial advisors, over the course of several meetings, carefully reviewed this information in accordance with its fiduciary duties, its commitment to serving the best interests of all Territorial shareholders and its obligations under Territorial’s merger agreement with Hope Bancorp.

Specifically, the Territorial Board reviewed information provided by Blue Hill, recently and previously, to ascertain whether Blue Hill has provided sufficient verifiable and objective information to justify a Territorial Board determination that Blue Hill’s preliminary indication of interest is reasonably likely to lead to a Superior Proposal as defined by Territorial’s merger agreement with Hope Bancorp. The Territorial Board has also considered whether it would be a breach of its fiduciary duty not to enter into a confidentiality agreement or otherwise engage with Blue Hill based on the information provided by Blue Hill to date. The Territorial Board concluded that the totality of the information provided by Blue Hill does not provide a sufficient basis for a finding that both: (i) the Blue Hill preliminary indication of interest is reasonably likely to lead to a Superior Proposal under the terms and conditions required by the merger agreement; and (ii) a failure to enter into a confidentiality agreement or otherwise negotiate with Blue Hill would be more likely than not to result in a violation of its fiduciary duties under applicable law. Accordingly, the Territorial Board concluded that Territorial may not engage with Blue Hill under the terms and conditions of the Hope Bancorp merger agreement and that it continues to support the merger with Hope Bancorp.

In reaching this conclusion, the Territorial Board considered, among other things:

the all-stock nature of the strategic merger with Hope Bancorp and the benefits the combination with Hope Bancorp will have for shareholders as compared to a cash-out transaction, including the comparison of Hope Bancorp’s liquid, dividend-paying stock to what would be the Blue Hill-controlled Territorial stock, which would be expected to be a relatively more illiquid investment that would likely not pay a dividend for a prolonged period of time;
continued questions regarding the conditional nature of the financing of the transaction by the Blue Hill investors, despite Territorial’s repeated statements with respect to this deficiency for several weeks;
Blue Hill’s failure to address in a reasoned manner how the Blue Hill investor group would overcome the likely regulatory approval hurdles. In contrast, Hope Bancorp is well known by bank regulators and its approval process is well underway;
Blue Hill’s failure to address the impact of the expected changes in regulatory capital and the Company’s business plan, all of which should be expected to be considered as part of any regulatory approval process – despite Blue Hill’s claims that regulatory approvals will be less complicated than the Hope Bancorp approvals;
Blue Hill’s failure to realistically address transaction timing considerations, particularly including timing related to the application and regulatory approval process, in contrast to the expected timing of the Hope Bancorp merger approvals and expected timing of the closing of the Hope Bancorp merger;
the overall execution risk associated with the Blue Hill preliminary indication of interest, including the necessary steps and approvals required to conduct a recapitalization, a tender offer and negotiations with multiple Blue Hill investors versus Hope Bancorp’s standard merger transaction where all required applications are currently being processed;
Blue Hill’s failure to identify the expected key management team members that would manage the revised Company if acquired by Blue Hill. These individuals will be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
Blue Hill’s failure to identify all expected directors of the newly-reconstituted Board that would govern Territorial if acquired by Blue Hill, as these individuals will also be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
Blue Hill’s failure to specify how it would address any limitations established by or approvals that may be required from the banking regulators to pay any termination fee or conduct a tender offer, which would be an outflow of capital that would require regulatory approval; and
Blue Hill’s failure to substantiate its projected financial results for Territorial on a stand-alone basis, which Blue Hill has asserted as part of the rationale for its proposed acquisition and which represent a risk for existing shareholders who continue as shareholders if the Blue Hill proposal is completed.

The Territorial Board continues to recommend that shareholders vote “FOR” the Hope Bancorp merger. For more information, visit the Company’s website at https://www.territorialandhopecombination.com.

Territorial Shareholders are Urged to Vote “FOR” the Hope Bancorp Merger Ahead of the
Special Meeting on November 6, 2024 at 8:30 a.m. HST.

Voting is quick and easy.

Call toll-free:
(888) 742-1305
Banks and brokers should call:
(516) 933-3100
Email: info@laurelhill.com
Electronically: www.proxyvote.com

About Us

Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.

Additional Information about the Hope Merger and Where to Find It

In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.

Forward-Looking Statements

Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

Investor / Media Contacts:
Walter Ida
SVP, Director of Investor Relations
808-946-1400
walter.ida@territorialsavings.net

The MIL Network –

January 25, 2025

MIL-OSI: DT Midstream Reports Strong Third Quarter 2024 Results; Raises Adjusted EBITDA Guidance

Source: GlobeNewswire (MIL-OSI)

DETROIT, Oct. 29, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2024 reported net income of $88 million, or $0.90 per diluted share. For the third quarter of 2024, Operating Earnings were also $88 million, or $0.90 per diluted share. Adjusted EBITDA for the quarter was $241 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.735 per share dividend on its common stock payable January 15, 2025 to stockholders of record at the close of business December 16, 2024.

“We continue our strong performance in 2024,” said David Slater, President and CEO. “And we have made great progress advancing new opportunities which will support our future growth.”

Slater noted the following significant business updates:

Reached final investment decision on the Phase 4 expansion of the LEAP system, which will expand the system to 2.1 Bcf/d by the first half of 2026
Upsized the future interconnect between our Stonewall System and Mountain Valley Pipeline
Upgraded to investment-grade by Fitch Ratings

“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Our strong performance is leading us to increase our Adjusted EBITDA guidance for 2024 to $950 – $980 million.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a goal of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2023, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.


DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
		Three Months Ended
		September 30,								June 30,
		2024								2024
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(millions)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	88	$	—	$	—	$	88	$	96	$	—	$	—	$	96

		Nine Months Ended
		September 30,								September 30,
		2024								2023
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(millions)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	281	$	—	$	—	$	281	$	263	$	—	$	—	$	263

	(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments


DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share⁽²⁾(non-GAAP, unaudited)

		Three Months Ended
		September 30,								June 30,
		2024								2024
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(per share)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	0.90	$	—	$	—	$	0.90	$	0.98	$	—	$	—	$	0.98

		Nine Months Ended
		September 30,								September 30,
		2024								2023
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(per share)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	2.87	$	—	$	—	$	2.87	$	2.70	$	—	$	—	$	2.70

	(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
	(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
Consolidated		*(millions)*
Net Income Attributable to DT Midstream		$	88		$	96		$	281		$	263
Plus: Interest expense			38			39			117			111
Plus: Income tax expense			30			33			94			102
Plus: Depreciation and amortization			53			53			156			133
Plus: Loss from financing activities			4			—			4			—
Plus: EBITDA from equity method investees⁽¹⁾			70			67			212			212
Less: Interest income			(1	)		—			(2	)		(1	)
Less: Earnings from equity method investees			(40	)		(39	)		(125	)		(132	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)		(1	)		(3	)		(3	)
Adjusted EBITDA		$	241		$	248		$	734		$	685

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
		*(millions)*
	Earnings from equity methods investees	$	40		$	39		$	125		$	132
	Plus: Depreciation and amortization attributable to equity method investees		20			21			61			61
	Plus: Interest expense attributable to equity method investees		10			7			26			19
	EBITDA from equity method investees	$	70		$	67		$	212		$	212


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
Pipeline		*(millions)*
Net Income Attributable to DT Midstream		$	71		$	71		$	216		$	185
Plus: Interest expense			12			12			37			42
Plus: Income tax expense			24			24			72			72
Plus: Depreciation and amortization			18			19			55			50
Plus: Loss from financing activities			2			—			2			—
Plus: EBITDA from equity method investees⁽¹⁾			70			67			212			212
Less: Interest income			—			—			(1	)		(1	)
Less: Earnings from equity method investees			(40	)		(39	)		(125	)		(132	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)		(1	)		(3	)		(3	)
Adjusted EBITDA		$	156		$	153		$	465		$	425

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
		*(millions)*
	Earnings from equity methods investees	$	40		$	39		$	125		$	132
	Plus: Depreciation and amortization attributable to equity method investees		20			21			61			61
	Plus: Interest expense attributable to equity method investees		10		$	7			26			19
	EBITDA from equity method investees	$	70		$	67		$	212		$	212


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)

		Three Months Ended					Nine Months Ended
		September 30,			June 30,		September 30,			September 30,
			2024			2024		2024			2023
	Gathering	*(millions)*
	Net Income Attributable to DT Midstream	$	17		$	25	$	65		$	78
	Plus: Interest expense		26			27		80			69
	Plus: Income tax expense		6			9		22			30
	Plus: Depreciation and amortization		35			34		101			83
	Plus: Loss from financing activities		2			—		2			—
	Less: Interest income		(1	)		—		(1	)		—
	Adjusted EBITDA	$	85		$	95	$	269		$	260


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
	Consolidated	*(millions)*
	Net Income Attributable to DT Midstream	$	88		$	96		$	281		$	263
	Plus: Interest expense		38			39			117			111
	Plus: Income tax expense		30			33			94			102
	Plus: Depreciation and amortization		53			53			156			133
	Plus: Loss from financing activities		4			—			4			—
	Plus: Adjustments for non-routine items⁽¹⁾		(416	)		—			(416	)		(371	)
	Less: Earnings from equity method investees		(40	)		(39	)		(125	)		(132	)
	Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(3	)		(3	)
	Plus: Dividends and distributions from equity method investees		465			50			590			557
	Less: Cash interest expense		(6	)		(64	)		(80	)		(76	)
	Less: Cash taxes		(4	)		(1	)		(7	)		(21	)
	Less: Maintenance capital investment⁽²⁾		(4	)		(6	)		(17	)		(22	)
	Distributable Cash Flow	$	207		$	160		$	594		$	541

	(1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution.
	(2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Cost-of-living crisis impacted Black health – study

Source: Anglia Ruskin University

Published: 29 October 2024 at 10:58

Rise in inflation and bank rates associated with rise in discrimination and worse health

A groundbreaking new study has revealed the significant impact of the cost-of-living crisis on discrimination and health outcomes among Black people in the UK, with rising interest and bank rates associated with deterioration in general and mental health and rising discrimination.

The study, published in the journal Ethnic and Racial Studies during Black History Month, is the first to examine the impact of interest and bank rates during the cost-of-living crisis on the health of Black people.

Researchers from Anglia Ruskin University (ARU) distributed participation forms during social events in London celebrating 2021 Black History Month. An e-questionnaire was sent to participants between October and December 2021. Follow-up data collection occurred in 2022 and 2023. A total of 264 people took part in the research in 2021, 235 in 2022, and 223 in 2023, resulting in 722 observations overall.

According to the study, during the 2022/2023 cost-of-living crisis, discrimination towards Black people increased by 3.75%, general health decreased by 4.45% and mental health decreased by 5.62%.

Instances of discrimination were associated with a 26.4% deterioration in general health and a 27.1% deterioration in mental health.

Inflation rose from 2.49% in 2021 to 7.9% in 2022, before falling to 6.83% in 2023. In the same time period, the Bank of England’s base interest rate rose from 0.11% in 2021 to 1.58% in 2022 and further to 4.81% in 2023. Researchers found that among the participants, inflation was associated with a 2.9% increase in discrimination towards Black people, while the rising bank rate was associated with a 1.1% increase in discrimination.

Rising inflation was linked to a 2.3% decline in general health and a 2.5% decline in mental health, while the Bank Rate is associated with a 1.9% decline in general health and a 2.3% decline in mental health.

The study also found that minority subgroups within the Black community, such as gay men and lesbian women, face higher levels of discrimination and poorer health outcomes compared to reference groups.

Lead author Nick Drydakis, Professor of Economics at Anglia Ruskin University (ARU), said:

“The study provides critical insights into how discrimination is related to general and mental health outcomes within the Black community during the cost-of-living crisis.

“It was a time of great uncertainty for the majority of people living in the UK and is still having an impact today, but it is clear that it had a disproportionate impact on minority groups.

“In times of social and economic upheaval, tensions between different communities often intensify, particularly when dominant groups believe their access to resources to be under threat. This can in turn lead to a rise in prejudice and discrimination.

“The study underlines the need to work towards creating a more equal society and improving the well-being of everybody, particularly those who are most vulnerable.”

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: New road layout coming soon to Downshire Bridge
Source: Northern Ireland City of Armagh

Improvements will enhance pedestrian accessibility creating a safer environment for everyone.

A new road layout will be introduced to Downshire Bridge (The Cut) Banbridge as the £6m public realm scheme nears completion following a major investment. Changes to enhance pedestrian accessibility and the movement of traffic around the Downshire Bridge will take effect from 7pm on Sunday 17^th November 2024.

Road resurfacing and new layout works will take place from 7pm on Saturday 16^th November through to 7pm on Sunday 17^th November. Overnight weekend works will be carried out to minimise disruption to the busy town centre.

The key changes coming into effect from Sunday 17^th November 2024 will be:
- The introduction of two ‘Give Way’ signs and road markings at the top of Newry Street and Bridge Street. This means drivers should stop and give way on their approach up the legs of ‘The Cut’.
- The traffic priority will now be for vehicles moving through Scarva Street and Rathfriland Street.
- The existing pedestrian crossing on Scarva Street has been moved closer to the junction with Bridge Street.
- A second pedestrian crossing on Rathfriland Street, close to Houston’s/Menary’s shop corner which aims to create a safer street crossing for pedestrians in this area.
Lord Mayor of Armagh City, Banbridge and Craigavon Borough, Councillor Sarah Duffy said:

“As public realm works near completion it is great to see the positive impact this significant investment has had to Banbridge Town Centre. With new and improved pavements and footpaths, feature lighting and street furniture this project has not only created a high-quality and better-connected streetscape, it has strongly focused on improving safety and accessibility for all users to create a safer environment for everyone.

“The remaining works will introduce changes surrounding the Downshire bridge with priority for pedestrians, as well as improving the junctions for vehicles and traffic flow across the bridge. I understand it will take time to adjust to the new layout and I encourage everyone to embrace the changes recommended to improve this area and make it safer for everyone.”

During the initial design stages of the public realm scheme, extensive consultations were undertaken with a range of user groups including the Chamber of Commerce, Section 75 groups, such as RNIB, Guide Dogs UK and the Older People’s Alliance. The Department for Infrastructure advised that the junction at The Cut should be improved to adhere to new guidance.

An audit was carried out by Inclusive Mobility and Transport Advisory Committee (IMTAC), which identified the junction as a particularly unfriendly environment for pedestrians.

Michael Larimor, from IMTAC, who completed the audit report on Banbridge commented:

“In our original report about the area around the bridge we described the layout as an unfriendly environment for most pedestrians but completely inaccessible for many disabled people. The new road layout goes a long way to addressing these issues.

“The simple change of road priority requiring users of the bridge slip roads to give way immediately makes pedestrians crossing at junctions safer. This coupled with two zebras providing pedestrians with priority crossing across Scarva Street and Rathfriland Street changes the nature of the bridge area completely, giving a much greater priority to pedestrians in the area. The improved sight lines and the reinstatement of kerbs, coupled with the changes in road priority makes the entire area safer and more accessible for disabled people in particular.”

New road layout signage will be in operation to make drivers and pedestrians aware of the changes and to remind them to approach with caution until users become familiar with the new road layout.

To find out more information about the public realm scheme and to view a video animation of the new road layout and changes coming into effect on Sunday 17^th November 2024, please visit www.armaghbanbridgecraigavon.gov.uk/banbridgepublicrealm
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI NGOs: Israel/OPT: Law to ban UNRWA amounts to criminalization of humanitarian aid

Source: Amnesty International –

Reacting to the news that the Israeli parliament has passed a law to ban the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from operating inside Israel, Amnesty International’s Secretary General, Agnès Callamard, said:

“This unconscionable law is an outright attack on the rights of Palestinian refugees. It is clearly designed to make it impossible for the agency to operate in the Occupied Palestinian Territory by forcing the closure of the UNRWA headquarters in East Jerusalem and ending visas for its staff. It amounts to the criminalization of humanitarian aid and will worsen an already catastrophic humanitarian crisis.

“UNRWA has played an indispensable role in offering, food, water, medical aid, education and shelter to the nearly 2 million Palestinians in Gaza who have been forcibly displaced, subjected to an engineered famine, and stand at serious risk of genocide as a result of Israel’s relentless offensive in the last 12 months. This law flies in the face of the International Court of Justice order to Israel to ensure sufficient humanitarian assistance and facilitate basic services.

“UNRWA has been a lifeline for Palestinian refugees in the occupied Gaza Strip and the West Bank and in neighbouring countries throughout the 75 years since its foundation. The plight of the Palestinian people would be even more severe if not for UNRWA’s tireless work over the last three quarters of a century.

“This appalling, inhumane law will only exacerbate the suffering of Palestinians, who have endured unimaginable hardship since the horrific attacks by Hamas and other armed groups in southern Israel one year ago, and whose need for global support is greater than ever. The international community must be quick to condemn it in the strongest possible terms and exert any influence they have on the Israeli government to repeal it.”

MIL OSI NGO –

January 25, 2025
MIL-OSI NGOs: Israel/OPT: Law to ban UNRWA is ‘inhumane’ and an ‘outright attack’ on the rights of Palestinian refugees

Source: Amnesty International –

UNRWA has long served as a sole lifeline to Palestinian refugees offering indispensable humanitarian aid, education and shelter

The UN agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries

‘This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship’ – Agnès Callamard

In response to the news that the Israeli parliament has passed a law to ban the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from operating inside Israel, Agnès Callamard, Amnesty International’s Secretary General, said:

“This unconscionable law is an outright attack on the rights of Palestinian refugees. It is clearly designed to make it impossible for the agency to operate in the Occupied Palestinian Territory by forcing the closure of the UNRWA headquarters in East Jerusalem and ending visas for its staff. It amounts to the criminalisation of humanitarian aid and will worsen an already catastrophic humanitarian crisis.

“UNRWA has played an indispensable role in offering, food, water, medical aid, education and shelter to the nearly 2 million Palestinians in Gaza who have been forcibly displaced, subjected to an engineered famine, and stand at serious risk of genocide as a result of Israel’s relentless offensive in the last 12 months. This law flies in the face of the International Court of Justice order to Israel to ensure sufficient humanitarian assistance and facilitate basic services.

“UNRWA has been a lifeline for Palestinian refugees in the occupied Gaza Strip and the West Bank and in neighbouring countries throughout the 75 years since its foundation. The plight of the Palestinian people would be even more severe if not for UNRWA’s tireless work over the last three quarters of a century.

“This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship since the horrific attacks by Hamas and other armed groups in southern Israel one year ago, and whose need for global support is greater than ever.

“The international community must be quick to condemn it in the strongest possible terms and exert any influence they have on the Israeli government to repeal it.”

UNWRA

Founded in 1949, UNRWA is a UN agency that supports the relief and human development of Palestinian refugees. It is funded almost entirely by voluntary contributions from UN Member States. UNRWA has defined Palestine refugees as “persons whose regular place of residence was Palestine during the period 1 June 1946 to 15 May 1948, and who lost both home and means of livelihood as a result of the 1948 conflict.”

At a time when Israel, the occupying power, continues to flagrantly violate its obligations vis-à-vis Palestinian refugees in Gaza and the rest of the Occupied Palestinian Territory, UNRWA has long served as a sole lifeline, offering indispensable humanitarian aid, education and shelter. The agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries.

In January 2024 over a dozen states and the EU announced the suspension of funding to UNRWA following allegations that individual staff members were involved in the 7 October attacks carried out by Hamas and other armed groups in southern Israel. UNRWA immediately dismissed nine employees over the allegations at the time.

Almost all of the countries that had previously suspended funding for UNRWA have since reinstated their financial support, aside from the United States, where funding remains frozen until at least March 2025.

MIL OSI NGO –

January 25, 2025
MIL-OSI Video: Secretary Blinken remarks on the economic benefits of U.S. travel and tourism

Source: United States of America – Department of State (video statements)

Secretary of State Antony J. Blinken delivers remarks with Secretary of Commerce Gina Raimondo on the economic benefits of U.S. travel and tourism at the Department of State, on October 29, 2024.

———-
Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

Get updates from the U.S. Department of State at www.state.gov and on social media!
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https://www.youtube.com/watch?v=gjADb8Gihp0

MIL OSI Video –

January 25, 2025
MIL-OSI United Kingdom: Worcestershire brook pollution brings prosecution of 2 companies
Source: United Kingdom – Executive Government & Departments

The companies have been ordered to pay fines and costs in excess of £90,000 for causing trade effluent to pollute 3 kilometres of a Worcestershire brook.
Fines and costs totalling over £90,000 imposed by court

Human error and corporate failings caused 3 kilometres of brook to be impacted

Case heard at Worcester Crown Court on 24 October 2024

A prosecution by the Environment Agency has resulted in the conviction of 2 companies for causing trade effluent to pollute 3 kilometres of a Worcestershire brook. The companies have been ordered to pay fines and costs in excess of £90,000.

At Worcester Crown Court on 24 October 2024, Elisabeth The Chef (ETC) and Civil Environmental Project Services Ltd (CEPS) were sentenced for causing the discharge into the Laugherne Brook in September 2017.

ETC, a food manufacturer operating in Lower Broadheath, was fined £18,000 and ordered to pay prosecution costs of £52,000. CEPS, an engineering company in Bidford-upon-Avon was fined £4,000 and ordered to pay prosecution costs of £20,000.

The discharge

The Court was told that the discharge caused the deaths of a significant number of fish and that it followed a series of human and corporate failings.

The manufacturing process at ETC produces around 40,000 gallons per day of trade effluent and human sewage.

CEPS provided quarterly maintenance, and a telemetry monitoring service, for a pumping station at ETC’s premises. It was designed to pump trade effluent and sewage from the works to a foul sewer.

On 1 September 2017, an employee of CEPS attended the ETC site’s pumping station to conduct routine maintenance. Following completion of the maintenance work, the employee failed to switch the pumps within the pumping station back on.

As a result, trade effluent built up in the pump well rather than being sent to the foul sewer. This caused an overflow of trade effluent from the pumping station into a containment lagoon.

The containment lagoon filled up and then discharged the pollutant through a broken sluice gate and into a ditch running alongside the factory.

This pollution discharge flowed from the ditch into the Laugherne Brook, flowing towards Worcester and the River Teme in the south of the city.

The situation was compounded by the same CEPS employee reporting to ETC on 4 September 2017, whilst the pollution was going on, stating that it was ‘working ok’.

The same employee had also attended the ETC site in April 2017 and erroneously fitted an alarm too high within the pumpwell. This meant that the alarm did not function properly and consequently ETC was not notified that the pumping station was not working.

Environment Agency response to the incident

On 5 September 2017, members of the public contacted the Environment Agency to report that the Laugherne Brook was cloudy and dead fish were on the surface.

The Environment Agency managed the response to the incident and identified the source of the pollution and ETC then took action to stop the pollution.

Officers carried out water quality testing and found that there had been a severe short-term impact covering some 3 kilometres of the Laugherne Brook.

Some 86 dead fish were counted in the accessible sections of the Brook, including brown trout, bullhead, dace, and gudgeon.

Hundreds of fish were estimated to have been killed as a result of the incident.

ETC, a company with previous convictions for environmental offending, initially blamed CEPS for the incident.

But subsequently accepted that it had failed to put in checks and procedures to ensure its on-site pumping station was working correctly.

The company also accepted that it had failed to conduct day-to-day physical checks of its pumping station and containment lagoon.

CEPS was vicariously liable for the actions of its employee. It had failed to put in place appropriate checks and monitoring to instruct its employee to ensure that work was done competently.

The sentence

In sentencing, the Court remarked that the state of rivers were ‘at the front of the public consciousness’ and that this was a ‘serious breach of law’.

In mitigation, the Court remarked that both companies had undertaken investigations and taken all remedial action to prevent a recurrence.

The Court noted that ETC had been under different ownership when the pollution event occurred. But the new owners were taking the company’s environmental responsibilities seriously.

The Court also noted that there have been no further pollution events at the site since 2017.

CEPS admitted responsibility for the incident at an early stage.

The Court noted that the company’s engagement and co-operation with the Environment Agency’s investigation was ‘impressive.’ It had no previous convictions of any kind.

Kelly Horsley, an Environment Officer for the West Midlands Environment Agency, said:

We welcome this sentence as this was a serious pollution which caused considerable disruption besides fish deaths.

The Environment Agency will pursue any company that fails to uphold the law or protect nature and will continue to press for the strongest possible penalties.

Failure to comply with these legal requirements is a serious offence that can damage the environment and harm human health.   

 If anyone has environmental concerns they should call our 24/7 hotline on 0800 80 70 60 or Crimestoppers anonymously and in confidence on 0800 555 111.

The Charge

Between 1 September 2017 and 5 September 2017, (1) Elisabeth the Chef Ltd and (2) Civil and Environmental Project Services Ltd caused a water discharge activity.

This was namely a discharge of polluting trade effluent into a ditch adjacent to and joining the Laugherne Brook, Worcester.

This was not authorised by an environmental permit, contrary to Regulation 38(1)(a) and Regulation 12(1)(b) of the Environmental Permitting (England and Wales) Regulations 2016.

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Published 29 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Video: WANTED: MECHANICS! | U.S. Army

Source: US Army (video statements)

: AEMO

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #15U #Chinook

https://www.youtube.com/watch?v=PfyVlIn_N50

MIL OSI Video –

January 25, 2025
MIL-OSI Security: Defense News: Navy Week Charts Course to Kansas City

Source: United States Navy

Kansas City Navy Week brings Sailors from across the fleet to the area to emphasize the importance of the Navy to Kansas City, the states of Missouri and Kansas, and the nation.

More than 50 Sailors will participate in education and community outreach events throughout the city.

Participating Navy organizations include Navy Band Great Lakes, USS Constitution, Naval Meteorology and Oceanography Command, Navy Talent Acquisition Group Mid-America, Maritime Expeditionary Security Squadron Two, Navy History and Heritage Command, The Strike Group, Fleet Outreach Ambassador Team (FLOAT), Bureau of Medicine and Surgery, Office of Small Business Programs, Office of Civilian Human Resources, Naval Reserve Center Kansas City, and Independence-class littoral combat ship USS Kansas City (LCS 22).

The Navy’s senior executive is Rear Adm. Larry Watkins, Vice Commander, U.S. Naval Forces Europe/Vice Commander, U.S. Naval Forces Africa. He commissioned through the University of Missouri-Columbia Naval Reserve Officer Training Corps program in December 1990, graduating with an economics degree. He is also a 2012 graduate of Webster University with a Master of Business Administration and completed Joint Professional Military Education curriculum at Army Command & General Staff College. During Kansas City Navy Week, he is participating in community engagements, and meeting with local organizations, higher education, local business, civic, and government leaders.

Navy Weeks are a series of outreach events coordinated by the Navy Office of Community Outreach designed to give Americans an opportunity to learn about the Navy, its people, and its importance to national security and prosperity. Since 2005, the Navy Week program has served as the Navy’s flagship outreach effort into areas of the country without a significant Navy presence, providing the public a firsthand look at why the Navy matters to cities like Kansas City.

“Sailors are the reason America’s Navy is the most powerful in the world,” said NAVCO’s director, Cmdr. Julie Holland. “We are thrilled to bring your Navy Warfighters to Kansas City. At Navy Weeks, Americans will connect with Sailors who have strong character, competence, and dedication to the mission, and who continue a nearly 250-year tradition of decisive power from seabed to cyberspace.”

Throughout the week, Sailors are participating in various community events across the area, including ceremonial celebrations at Harry S. Truman Museum, WWI Museum, and Negro League Baseball Museum; volunteering with the Kansas City Urban Youth Academy, Habitat for Humanity Kansas City, Bishop Sullivan’s Center, Happy Bottoms, and Thelma’s Kitchen; and engaging with students across multiple high schools. Residents will also enjoy free live music by Navy Band Great Lakes at venues throughout the week.

Kansas City Navy Week is the last of 15 Navy Weeks in 2024, which brings a variety of assets, equipment, and personnel to a single city for a weeklong series of engagements designed to bring America’s Navy closer to the people it protects. Each year, the program reaches more than 130 million people — about half the U.S. population.

Media organizations wishing to cover Kansas City Navy Week events should contact Ensign Lamar Badger at (901) 229-5709 or erick.l.badger.mil@us.navy.mil.

MIL Security OSI –

January 25, 2025
MIL-OSI: Bybit Card Expands Into New Regions, Offering Seamless and Rewarding International Crypto Payments
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, elevates off-ramp experiences for crypto users in more regions with the Bybit Card. Officially open for registration for new users in select regions, the Bybit Card marks another step forward in the company’s mission to enable digital asset investors worldwide to access, hold and spend their cryptocurrencies with ease and confidence.

In collaboration with S1LKPAY, principal member of Mastercard’s payment network and a provider of Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS), the Bybit Card is now accepting applications from customers of Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA). Having obtained the full license in Sep., this is the first time Bybit Limited (AFSA) issued a prepaid card for international customers.

To celebrate the launch, eligible users who successfully register for the campaign will receive 10% cashback up to 600 USD for a limited time only. The Bybit Card simplifies the integration of crypto into everyday spending by offering users the ability to make payments in multiple currencies wherever Mastercard is accepted worldwide.

The Bybit Card has been mapping out new markets globally throughout 2024, now serving customers in multiple markets across four continents.

“Bybit is dedicated to bridging the gap between our customers’ digital assets and their real-world needs. As the Bybit Card continues to gain traction, it is being recognized as a trusted and easy-to-use crypto payment solution. We’re excited to welcome more users to the future of crypto and are committed to delivering more rewards and features in the near future,” said Joan Han, Sales and Marketing Director at Bybit. “SILKPAY is the first in the region to bring cutting-edge digital asset payment technology to market. Our partnership with Bybit brings together complementary strengths, enabling us to deliver more secure, seamless, and faster transactions through the Bybit Card. Together, we are setting a new standard for innovation and inclusion in the region’s financial landscape,” said Gani Uzbekov, Founder and CEO of SILKPAY.

Key Features of the Bybit Card
- Free virtual card: Zero fees for the virtual Bybit Card
- No hidden charges: No annual or monthly fees
- Attractive rewards: Up to $600 USD in rewards during the promotional period with 10% cashback, followed by 2-10% rebates and up to 8% APY
- Instant access: Virtual card available immediately for use
- Wide range of digital assets: The Bybit Card supports USDT, BTC, ETH, and more.
Users can read more about how to qualify for the rewards: Bybit Card – 10% Cashback and Card Bonuses (Selected International Users Only)

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, users can visit: Bybit Press

For media inquiries, users can contact: media@bybit.com

For more information, users can visit: https://www.bybit.com

For updates, users can follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

About Mastercard

Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, their innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Mastercard decency quotient, or DQ, drives our culture and everything they do inside and outside of their company. With connections across more than 210 countries and territories, they are building a sustainable world that unlocks priceless possibilities for all.

Mastercard press office in Kazakhstan

Tel: +7 (727) 264 67 37

mastercard@pressclub.kz

Contact

Head of PR

Tony Au

Bybit

tony.au@bybit.com

The MIL Network –
January 25, 2025
MIL-OSI: Locus Unveils Refrigerant Management Software Aligned with the EPA’s Final Rule on Hydrofluorocarbon Phasedown

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Locus Technologies the sustainability and Environmental Health and Safety (EHS) compliance software leader, today announced the release of Locus Refrigerant Management software, the cloud-based, mobile-friendly product that generates exceedance alerts, facilitates leak detection, and automates response protocols in addition to providing comprehensive tracking of fluorinated greenhouse gases (F-gases), chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and substitutes like hydrofluorocarbons (HFCs). The software empowers companies to manage complex refrigerant phasedowns with accuracy and confidence, ultimately avoiding excessive emissions. The software also positions Locus clients to comply with tougher US federal regulations taking effect 14 months from now and to easily adapt as US and EU rules evolve in the future.

On September 20, 2024, EPA Administrator, Michael S. Regan, signed the final rule Phasedown of Hydrofluorocarbons: Management of Certain Hydrofluorocarbons and Substitutes under of the American Innovation and Manufacturing (AIM) Act which indicates tougher requirements will be phased in starting January 1, 2026. Refrigerants are the most potent of greenhouse gases, with some varieties having a global warming potential hundreds and even thousands of times greater than CO₂. Even small leaks pack a big punch on the environment, which is why stricter regulations are emerging.

“These next 12 months will be critical for companies to articulate their refrigerant management plans, train their technicians, and adopt technology that will help them avoid costly errors and get this right,” said Mark Harbin, veteran refrigerant compliance expert and Locus product designer. “Locus is pleased to bring to market refrigerant management software as well as refrigerant management training and certification to help each client manage the phase down and transition successfully.”

Immediate regulatory priorities include detecting leaks and resolving them within mandated timeframes; comprehensive record keeping of equipment, inspections, refrigerant inventories, and rates of use; and meticulously disposing and reclaiming used refrigerants. Locus Refrigerant Management software simplifies these challenges. Locus manages everything from service records to cylinder barcodes and automatically alerts users when any dates or datapoints are out of compliance. Immediate notifications and dynamic dashboards deliver real-time insights, and the software’s fully configurable components flex to future demands.

“Refrigeration and air conditioning cause up to 10 percent of global carbon emissions, and the leaks alone produce more carbon than all the air travel worldwide, which is why waiting on periodic reports pulled from static refrigerant databases just won’t cut it,” said Wes Hawthorne, President of Locus Technologies. “Locus software enables clients to act quickly; the software immediately alerts users of potential problems with their equipment so that issues can be resolved before becoming disastrous.”

Locus Refrigerant Management is one of several integrated applications available in Locus software. Other Locus offerings include EHS risk and compliance, sustainable construction, waste management, water quality, incident management, ESG reporting, and robust environmental data management software. This collection of specialized and unified SaaS applications enables clients to manage every facet of refrigerant management and environmental data in one place. To learn more about Locus Refrigerant Management or the full suite of applications, please visit www.locustec.com.

About Locus Technologies
Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit www.locustec.com or email info@locustec.com.

The MIL Network –

January 25, 2025
MIL-OSI: Mattermost Wins “Overall Incident Response Solution of the Year” in 2024 Cybersecurity Breakthrough Awards

Source: GlobeNewswire (MIL-OSI)

Palo Alto, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Mattermost, Inc., a leader in delivering the secure, real-time collaboration and workflow tools that modern defense, security, and intelligence teams need to maintain command, control, and operational tempo, today announced that it has won the “Overall Incident Response Solution of the Year” award in the eighth annual Cybersecurity Breakthrough Awards.

The Cybersecurity Breakthrough Awards are one of the cybersecurity industry’s most comprehensive programs dedicated to recognizing the world’s best information security companies, products, and people. Mattermost’s win signifies the efficacy of its cybersecurity incident response playbooks, as the solution was weighed against thousands of global entries for its innovation, functionality, ease of use, performance, value, and impact.

Today, it takes an average of 277 days to identify and contain a single attack, according to research from IBM and Ponemon Institute, resulting in costly, unexpected downtime, reputational damage, and potential compliance implications. To address these hurdles, Mattermost offers customizable digital Playbooks that document workflows and individual roles and responsibilities, and support real-time, out-of-band collaboration.

Activating the moment an incident is detected, Playbooks alert designated teams across IT, security, legal, communications, and other business units via a secure channel with persona-based access controls. The Playbooks checklist-based automation is valuable in a variety of proactive and reactive incident response use cases such as managing a cyber attack, deploying a patch, issuing reports to customers and regulatory entities, and more. Near-term enhancements to Playbooks will serve to further transform incident response with advanced workflow features to help companies better respond to threats and maintain compliance with industry regulations.

“Effective incident response is crucial for mitigating the fallout of cyberattacks, especially with the rapid evolution of today’s threat vectors. Response teams must have access to real-time insights and cross-department collaboration to ensure secure, timely resolution,” said Dr. Bill Anderson, principal product manager at Mattermost. “This award is a testament to our team’s unwavering commitment to empowering our customers across the public and private sectors to achieve excellence in cybersecurity.”

Beyond cybersecurity, Mattermost Playbooks can also support workflows for logistics, DevOps, mission operations, and more by ensuring employees across business functions have access to the right information at the right time. Additionally, the Mattermost operational and collaboration platform’s open source nature aligns with strict security and compliance requirements by delivering complete data sovereignty when hosted on-premises. The Air Mobility Command is one of many customers that relies on the secure, collaborative power of Mattermost Playbooks to coordinate operations in real-time.

For more information about how Mattermost can streamline incident response, please visit: https://mattermost.com/solutions/use-cases/out-of-band-incident-response/.

About Mattermost

Mattermost is the leading collaboration and workflow platform for mission-critical work. We serve national security, government, and critical infrastructure enterprises, from the U.S. Department of Defense, to global tech giants, to utilities, banks, and other vital services. We accelerate out-of-band incident response, DevSecOps workflow, mission operations, and self-sovereign collaboration to bolster the focus, adaptability, and resilience of the world’s most important organizations.

Our enterprise software and single-tenant SaaS platforms are built to meet the custom needs of rigorous and complex environments while offering a secure and unrivaled collaboration experience across web, desktop, and mobile with channel-based messaging, file sharing, audio calling and screen share, with integrated tooling, workflow automation and AI assistance.

Mattermost is developed on an open core platform vetted by the world’s leading security organizations, and co-built with over 4,000 open source project contributors who’ve provided over 30,000 code improvements towards our shared vision of accelerating the world’s mission-critical work.

For more information visit mattermost.com.

The MIL Network –

January 25, 2025
MIL-OSI: Paycor Launches Integration Platform to Transform Connectivity
Source: GlobeNewswire (MIL-OSI)

CINCINNATI, Oct. 29, 2024 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced the launch of its Integration Platform, offering flexible solutions to make connecting data and systems easier, especially for organizations who don’t have in-house IT or developer support. The platform enables customers to integrate their third-party HR software and business applications more efficiently, as well as drive better data accuracy and real-time availability.

The Paycor Integration Platform comes at a critical time, as Finch reports half of HR professionals leverage seven or more employment systems and most of these applications are not integrated, leading to time-consuming manual workarounds, errors, and inefficiencies. Paycor’s Integration Platform offers three flexible ways to enhance connectivity:
1. Paycor Marketplace: Provides access to over 320 pre-built connectors to industry-leading HCM vendor partners, including vertical-specific market needs.
2. Developer Services: Offers expert teams to scope, design, build and support custom integrations for clients, many of which are built in 10 days or less.
3. Developer Tools: Supplies resources that make it easier for customers to build a range of integrations, data feeds and reports. Our robust Developer Portal includes 140+ APIs, customizable templates and pre-built connectors to Paycor’s reporting and data sharing tools.
“Our Integration Platform represents an industry step change, enabling customers to seamlessly connect their preferred business solutions to our HCM platform,” said Ryan Bergstrom, Chief Product & Technology Officer at Paycor. “By offering industry-specific, highly customized solutions, we’re not just connecting systems, we’re fueling scalable operational efficiency by empowering leaders to meaningfully connect with their people, data and expertise. With this platform, we’re giving mid-market companies the ability to connect systems at a level and scope historically reserved for larger enterprises.”

To learn more about how Paycor is transforming connectivity, visit Paycor Integration Platform.

About Paycor
Paycor’s HR, payroll, and talent platform connects leaders to people, data, and expertise. We help leaders drive engagement and retention by giving them tools to coach, develop, and grow employees. We give them unprecedented insights into their operational data with a unified HCM experience that can seamlessly connect to other mission-critical technology. By providing expert guidance and consultation, we help them achieve business results and become an extension of their teams. Learn more at paycor.com.

Media Relations:
Carly Pennekamp
513-954-7282
PR@paycor.com

Investor Relations:
Rachel White
513-954-7388
IR@paycor.com

The MIL Network –
January 25, 2025
MIL-OSI: Duck Creek Technologies Announces 2024 Partner of the Year Award Winners
Source: GlobeNewswire (MIL-OSI)

BOSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, today announced the winners of the company’s second annual Partner of the Year Awards. Accenture, Aggne Global, EY, Hexaware, LTIMindtree and Xceedance received Systems Integrator Partners awards, while Quadient and Verisk were named Solution Partners of the Year.

The awards recognize the power of partnerships and their role in driving success across the P&C and general insurance ecosystem. This year’s Systems Integrator Award winners include:
- Accenture: recognized as the Value Creation Partner of the Year for helping our joint customers recognize value and see efficiencies through innovation. Accenture has consistently delivered high-quality solutions to customers in North America and is expanding into Asia-Pacific and Europe. Accenture has also invested heavily in creating specialized assets including a Duck Creek claims gen AI co-pilot.
- Aggne Global, a wipro company: received North America’s Systems Integrator Partner of the Year, which recognizes a partner who excels in joint go-to-market and delivering Duck Creek solutions to customers in North America and consistently exceeds delivery adherence standards. Aggne has proven instrumental in driving new sales and quality implementations meeting and exceeding Duck Creek’s best practices, Certified Resources, and overall project health across implementations.
- EY: named Partner of the Year: Advisory Services for successfully delivering implementation services for customers and providing invaluable regional Insurance Advisory expertise in markets outside of North America. EY continues to bring value to Duck Creek’s customers and prospects around the globe.
- Hexaware: received the Emerging Partner of the Year, which recognizes an emerging Systems Integrator partner in the Duck Creek ecosystem for exhibiting an eagerness to build their best practices and jointly go-to-market with Duck Creek to serve our global customers. They have been awarded for teaming up with Duck Creek to showcase value in a new geography and partnering to provide local language and implementation support.
- LTIMindtree: received Partner of the Year: Digital Transformation which recognizes a partner who has excelled in helping Duck Creek customers move to the latest Duck Creek OnDemand solution suite and innovatively addressed common issues around migration and integration. LTIMindtree helped to migrate a variety of Duck Creek customers to the latest platform by introducing those innovative technology solutions.
- Xceedance: Recognized as International Partner of the Year. This award is given to a partner who excels in joint go-to-market activities, effectively delivers Duck Creek solutions to customers in emerging international markets and exceeds implementation standards. Xceedance has played a valuable role in helping Duck Creek secure a large insurer client in a new territory and has a highly successful implementation record.
This year’s Solution Partner Award winners include:
- Quadient: recognized as Go-to-Market Solution Partner of the Year because they excelled in co-marketing with Duck Creek to generate increased demand and brand equity for both parties. They stood out amongst our solution partners for their creative marketing with Duck Creek both at Insurtech Connect 2023 and Formation 2024, driving significant interest amongst prospects, and their consistent presence at international Duck Creek events for three consecutive years.
- Verisk: awarded Solution Partner of the Year for its impact on integrations. Verisk, a leading global data analytics and technology provider, has the most integrations with Duck Creek of any solution partner. Verisk is one of the longest active solution partners with Duck Creek and continues to be a strong collaborator for innovation and go-to-market strategy across multiple Duck Creek products.
“Our partner ecosystem is an essential element in enabling Duck Creek to continue to deliver solutions that are reimagining the future of insurance,” said Mike Jackowski, Chief Executive Officer, Duck Creek Technologies. “Together, we are accelerating innovation in the insurance industry by providing top-tier cloud-based solutions paired with exceptional services. We value all our partners and celebrate their contributions and accomplishments.”

For more information about these award-winning Duck Creek partners, visit https://www.duckcreek.com/partner/ and these partner websites:

Systems Integrator award winners:

Accenture

Aggne

EY

Hexaware

LTIMindtree

Xceedance

Solution Partner award winners:

Quadient

Verisk

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

Media Contacts:
Marianne Dempsey/Tara Stred

duckcreek@threeringsinc.com

The MIL Network –
January 25, 2025

MIL-OSI: CALIFORNIA BANCORP REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

Source: GlobeNewswire (MIL-OSI)

San Diego, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the third quarter of 2024.

The Company reported net loss of $16.5 million for the third quarter of 2024, or $0.59 diluted loss per share, compared to net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024, and $6.6 million, or $0.35 per diluted share in the third quarter of 2023.

“As we previously reported, the merger of Southern California Bancorp and California BanCorp closed on July 31, 2024, and I am pleased to announce we executed a successful core conversion on September 20, 2024,” said David Rainer, Executive Chairman of the Company and the Bank. “We are excited to have created a commercial banking franchise with a footprint that covers the best banking markets in both Northern and Southern California and that is based on our trusted brands and reputations. Our scalable business model is expected to bring cost savings and greater efficiency to our operations, while allowing us to offer complementary products and services to all our clients. We will continue to build on our history of service to our communities and remain dedicated to increasing shareholder value.”

“With the close of the merger and successful conversion behind us, we are now focused on the prudent growth of our franchise by offering the highest quality and level of customer service available to middle-market businesses in both Northern and Southern California,” said Steven Shelton, CEO of the Company and the Bank. “We are excited about our future and look forward to the traction we expect our combined banking franchise will realize in the coming quarters.”

Third Quarter 2024 Highlights

	●	Merger closed on July 31, 2024, whereby California BanCorp (“CALB”) merged with and into Southern California Bancorp and California Bank of Commerce merged with and into Bank of Southern California, N.A. CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. The combined holding company has assumed the California BanCorp name, and the combined bank has assumed the California Bank of Commerce, N.A. name. The merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California, with approximately 300 employees serving our communities.
	●	Total aggregate consideration paid was approximately $216.6 million and resulted in approximately $74.7 million of preliminary goodwill subject to adjustment in accordance with ASC 805.
	●	Net loss of $16.5 million or $0.59 diluted loss per share for the third quarter reflects the after-tax one-time initial provision for credit losses (“day one provision”) related to non-purchased credit deteriorated (“non-PCD”) loans and unfunded loan commitments of $15.0 million and merger related expenses of $10.6 million; adjusted net income (non-GAAP¹) was $9.1 million or $0.33 per share for the third quarter.
	●	Net interest margin of 4.43%, compared with 3.94% in the prior quarter; average total loan yield of 6.79% compared with 6.21% in the prior quarter.
	●	Provision for credit losses of $23.0 million for the third quarter, of which $21.3 million was due to the day one provision for credit losses on non-PCD loans and unfunded loan commitments.

¹ Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

	●	Return on average assets of (1.82)%, compared with 0.03% in the prior quarter.
	●	Return on average common equity of (15.28)%, compared with 0.26% in the prior quarter.
	●	Efficiency ratio (non-GAAP¹) of 98.9% compared with 85.7% in the prior quarter; excluding merger related expenses the efficiency ratio was 60.5%, compared with 83.5% in the prior quarter.
	●	Tangible book value per common share (“TBV”) (non-GAAP¹) of $11.28 at September 30, 2024, down $2.43 from $13.71 at June 30, 2024.
	●	Total assets of $4.36 billion at September 30, 2024, compared with $2.29 billion at June 30, 2024.
	●	Total loans, including loans held for sale of $3.23 billion at September 30, 2024, compared with $1.88 billion at June 30, 2024, largely due to the merger, with the fair value of the acquired loans totaling $1.36 billion.
	●	Nonperforming assets to total assets ratio of 0.68% at September 30, 2024, compared with 0.20% at June 30, 2024, which included the fair value of $13.9 million in nonaccrual PCD loans in connection with the merger.
	●	Allowance for credit losses (“ACL”) was 1.80% of total loans held for investment at September 30, 2024; allowance for loan losses (“ALL”) was 1.67% of total loans held for investment at September 30, 2024.
	●	Total deposits of $3.74 billion at September 30, 2024, increased $1.81 billion or 93.2% compared with $1.94 billion at June 30, 2024, largely due to the $1.64 billion of deposits acquired in the merger.
	●	Noninterest-bearing demand deposits of $1.37 billion at September 30, 2024, an increase of $701.7 million or 105.3%, of which $635.5 million was related to the merger; noninterest bearing deposits represented 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024.
	●	Cost of deposits was 2.09%, compared with 2.12% in the prior quarter.
	●	Cost of funds was 2.19%, compared with 2.21% in the prior quarter.
	●	The Company’s capital exceeds minimums required to be “well-capitalized,” the highest regulatory capital category.

Third Quarter Operating Results

Net Loss

Net loss for the third quarter of 2024 was $16.5 million, or $0.59 loss per diluted share, compared with net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024. Our third quarter results were negatively impacted by a day one $15.0 million after-tax CECL-related provision for credit losses on non-PCD loans and unfunded loan commitments related to the merger, or $0.54 loss per diluted share, and $10.6 million of after-tax merger expenses, or $0.38 loss per diluted share. Excluding one-time CECL-related provision for credit losses on acquired loans and unfunded loan commitments, and merger related expenses, the Company would have reported net income (non-GAAP¹) of $9.1 million, or $0.33 per diluted share, for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP¹) for the third quarter was $436 thousand, a decrease of $2.7 million or 86.3% from the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $36.9 million, compared with $21.0 million in the prior quarter. The increase in net interest income was primarily due to a $22.3 million increase in total interest and dividend income, partially offset by a $6.3 million increase in total interest expense in the third quarter of 2024, as compared to the prior quarter. During the third quarter of 2024, loan interest income increased $18.5 million, of which $4.1 million was related to accretion income from the net purchase accounting discounts on acquired loans, total debt securities income increased $458 thousand, and interest and dividend income from other financial institutions increased $3.3 million. The increase in interest income was primarily driven by the mix of interest-earning assets added by the merger and the impact of the accretion and amortization of fair value marks. Average total interest-earning assets increased $1.17 billion, the result of a $900.7 million increase in average total loans, a $114.2 million increase in average deposits in other financial institutions, a $25.1 million increase in average total debt securities, a $124.1 million increase in average Fed funds sold/resale agreements and a $7.5 million increase in average restricted stock investments and other bank stock. The increase in interest expense for the third quarter of 2024 was primarily due to a $6.0 million increase in interest expense on interest-bearing deposits, the result of a $763.7 million increase in average interest-bearing deposits, coupled with a $34.3 million increase in average subordinated debt, partially offset by a 6 basis point decrease in average interest-bearing deposit costs, and a $378 thousand decrease in interest expense on Federal Home Loan Bank (“FHLB”) borrowings, the result of a $26.8 million decrease in average FHLB borrowings in the third quarter of 2024.

Net interest margin for the third quarter of 2024 was 4.43%, compared with 3.94% in the prior quarter. The increase was primarily related to a 52 basis point increase in the total interest-earning assets yield, coupled with a 2 basis point decrease in the cost of funds. The yield on total average earning assets in the third quarter of 2024 was 6.49%, compared with 5.97% in the prior quarter. The yield on average total loans in the third quarter of 2024 was 6.79%, an increase of 58 basis points from 6.21% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million and the amortization expense impact on interest expense was $283 thousand, which increased the net interest margin by 46 basis points in the third quarter of 2024. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million, which increased the yield on average total loans by 59 basis points in the third quarter of 2024.

Cost of funds for the third quarter of 2024 was 2.19%, a decrease of 2 basis points from 2.21% in the prior quarter. The decrease was primarily driven by a 6 basis point decrease in the cost of average interest-bearing deposits, and an increase in average noninterest-bearing deposits, partially offset by an increase of 187 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $373 thousand, or 281 basis points from the purchase accounting discounts on acquired subordinated debts. Average noninterest-bearing demand deposits increased $373.8 million to $1.03 billion and represented 33.6% of total average deposits for the third quarter of 2024, compared with $658.0 million and 34.1%, respectively, in the prior quarter; average interest-bearing deposits increased $763.7 million to $2.04 billion during the third quarter of 2024. The total cost of deposits in the third quarter of 2024 was 2.09%, a decrease of 3 basis points from 2.12% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and paying off high cost brokered deposits in the third quarter of 2024.

Average total borrowings increased $7.6 million to $52.9 million for the third quarter of 2024, primarily due to an increase of $34.3 million in average subordinated debt from the $50.8 million in fair value of subordinated debt acquired in the merger, partially offset by a decrease of $26.8 million in average FHLB borrowings during the third quarter of 2024. The average cost of total borrowings was 7.71% for the third quarter of 2024, up from 5.84% in the prior quarter.

Provision for Credit Losses

The Company recorded a provision for credit losses of $23.0 million in the third quarter of 2024, compared to $2.9 million in the prior quarter. The increase was largely related to the merger, and the resulting one-time initial provision for credit losses on acquired non-PCD loans of $18.5 million and unfunded commitments of $2.7 million. Total net charge-offs were $1.2 million in the third quarter of 2024, which included $967 thousand from a construction loan and $135 thousand from an acquired consumer solar loan portfolio. The provision for credit losses in the third quarter of 2024 included a $3.3 million provision for unfunded loan commitments, of which $2.7 million was related to the one-time initial provision for credit losses on acquired unfunded loan commitments, and $511 thousand related to the increase in unfunded loan commitments during the third quarter of 2024, coupled with higher loss rates and average funding rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments increased $662.4 million to $1.03 billion at September 30, 2024, including $574.3 million in unfunded loan commitment related to the merger, compared to $371.5 million in unfunded loan commitments at June 30, 2024. The provision for credit losses for loans held for investment in the third quarter of 2024 was $19.7 million, an increase of $16.7 million from $3.0 million in the prior quarter. The increase was driven primarily by the one-time initial provision for credit losses on acquired non-PCD loans and increases in legacy special mention loans and loans held for investment. Additionally, qualitative factors, coupled with changes in the portfolio mix and in net charge-offs, and in the reasonable and supportable forecast, primarily related to the economic outlook for California which were partially offset by decreases in legacy substandard accruing loans, were factors related to the increase in the provision for credit losses. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

Noninterest Income

The Company recorded noninterest income of $1.2 million in the third quarter of 2024, a decrease of $5 thousand compared to $1.2 million in the second quarter of 2024. There was no gain on SBA 7A loan sales in the second and third quarters of 2024. Noninterest income was impacted by the merger through increases in service charges and fees on deposit accounts, bank owned life insurance income, and servicing and related income on loans; offset by a $614 thousand valuation allowance on other real estate owned (“OREO”) due to a decline in the fair value of the underlying property in the third quarter of 2024.

Noninterest Expense

Total noninterest expense for the third quarter of 2024 was $37.7 million, an increase of $18.7 million from total noninterest expense of $19.0 million in the prior quarter, which was largely due to the increase in merger related expenses.

Salaries and employee benefits increased $6.6 million during the quarter to $15.4 million. The increase in salaries and employee benefits was primarily the result of the merger and included $1.4 million related to one-time costs associated with non-continuing directors, executives and employees. Merger and related expenses in connection with the merger increased $14.1 million to $14.6 million. These costs primarily included retention bonus, severance and change in control costs of $6.2 million, financial advisory fees of $2.3 million, information technology expenses of $4.5 million, insurance costs of $919 thousand and legal and other professional costs of $305 thousand. The increase in core deposit intangible amortization was primarily driven by $622 thousand related to the additional amortization from the core deposit intangible of $22.7 million acquired in the merger.

The Company sold other real estate owned and recognized a $4.8 million loss in the second quarter of 2024. There was no comparable transaction in the third quarter of 2024.

Efficiency ratio (non-GAAP¹) for the third quarter of 2024 was 98.9%, compared to 85.7% in the prior quarter. Excluding the merger and related expenses of $14.6 million, the efficiency ratio (non-GAAP¹) for the third quarter of 2024 would have been 60.5%.

Income Tax

In the third quarter of 2024, the Company’s income tax benefit was $6.1 million, compared with an $88 thousand income tax expense in the second quarter of 2024. The effective rate was 26.9% for the third quarter of 2024 and 31.7% for the second quarter of 2024. The decrease in the effective tax rate for the third quarter of 2024 was primarily attributable to the impact of the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, as well as non-deductible merger-related expenses.

Balance Sheet

Assets

Total assets at September 30, 2024 were $4.36 billion, an increase of $2.07 billion or 90.2% from June 30, 2024. The increase in total assets from the prior quarter was primarily related to the $1.86 billion in fair value of total assets acquired in the merger, which included increases of $1.36 billion in loans held for investment, $42.6 million in debt securities, and $336.3 million in cash and cash equivalents. In addition, the Company recorded preliminary goodwill of $74.7 million related to the merger in the third quarter of 2024.

Loans

Total loans held for investment were $3.20 billion at September 30, 2024, an increase of $1.32 billion, compared to June 30, 2024, primarily the result of the $1.36 billion fair value of loans acquired in the merger. During the third quarter 2024, there were new originations of $70.0 million and net advances of $8.9 million, offset by payoffs of $64.9 million, and the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of loans in the amount of $1.2 million. Total loans secured by real estate increased by $814.5 million, including $780.9 million acquired in the merger, construction and land development loans increased by $42.9 million, commercial real estate and other loans increased by $712.2 million, 1-4 family residential loans decreased by $4.8 million and multifamily loans increased by $64.2 million. Commercial and industrial loans increased by $482.3 million, and consumer loans increased by $25.3 million, largely due to a $25.2 million increase in consumer loans related to the merger. The Company had $33.7 million in loans held for sale at September 30, 2024, compared to $7.0 million at June 30, 2024.

Deposits

Total deposits at September 30, 2024 were $3.74 billion, an increase of $1.81 billion from June 30, 2024 due to the $1.64 billion in fair value of deposits related to the merger. Noninterest-bearing demand deposits at September 30, 2024, were $1.37 billion, including $635.5 million noninterest-bearing demand deposits related to the merger, or 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024. At September 30, 2024, total interest-bearing deposits were $2.37 billion, compared to $1.27 billion at June 30, 2024. At September 30, 2024, total brokered time deposits were $222.6 million, including a $251.4 million increase of brokered time deposits related to the merger, compared to $103.4 million in brokered time deposits at June 30, 2024. The Company used excess cash acquired from the merger to pay off high cost callable and noncallable brokered time deposits totaling $131.9 million during the third quarter 2024. The Company also offers the Insured Cash Sweep (ICS) product, providing customers with FDIC insurance coverage at ICS network institutions. At September 30, 2024, ICS deposits were $699.6 million, or 18.7% of total deposits, compared to $239.8 million, or 12.4% of total deposits at June 30, 2024. Legacy CALB was also a participant in the Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, both of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At July 31, 2024, the Company acquired the fair value of $37.7 million in CDARS deposits and $306.6 million in R&T deposits.

Federal Home Loan Bank (“FHLB”) and Liquidity

The Company repaid all FHLB borrowings with liquidity primarily derived from the cash acquired in the merger during the third quarter of 2024. At September 30, 2024, the Company had no overnight FHLB borrowings, a $25.0 million decrease from June 30, 2024. There were no outstanding Federal Reserve Discount Window borrowings at September 30, 2024 or June 30, 2024.

At September 30, 2024, the Company had available borrowing capacity from the FHLB secured line of credit of approximately $663.6 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $446.4 million. The Company also had available borrowing capacity from eight unsecured credit lines from correspondent banks of approximately $121.0 million at September 30, 2024, with no outstanding borrowings. Total available borrowing capacity was $1.23 billion at September 30, 2024. Additionally, the Company had unpledged liquid securities at fair value of approximately $159.3 million and cash and cash equivalents of $614.4 million at September 30, 2024.

In connection with the merger, the Company assumed subordinated borrowings of $55.0 million, with a fair value of $50.8 million. The subordinated borrowings include $20.0 million with a maturity date in September 2030 and $35.0 million with a maturity date in September 2031.

Asset Quality

Total non-performing assets increased to $29.8 million, or 0.68% of total assets at September 30, 2024, compared with $4.7 million, or 0.20% of total assets at June 30, 2024.

The increase in non-performing assets in the third quarter of 2024 was primarily attributable to downgrades of a construction loan and 1-4 family residential loan from one relationship totaling $12.7 million and a $13.9 million of nonaccrual PCD loans acquired in the merger. This increase was net of total charge-offs of $1.2 million, which included a partial charge-off of $967 thousand for a substandard nonaccrual construction loan collateralized by a stalled construction project in Los Angeles, California. Based on the Company’s internal analysis, which included a review of an updated appraisal, the estimated net collateral value was $9.7 million, which was $967 thousand lower than the subject loan’s net carrying value resulting in a partial charge-off in the third quarter of 2024. The Company expects to pursue the resolution of this matter. Non-performing assets in the third quarter of 2024 included OREO, net of valuation allowance, of $4.1 million related to a multifamily nonaccrual loan of $4.7 million that was transferred to OREO and the Company recorded a $614 thousand valuation allowance on OREO due to a decline in the fair value of the underlying property in the third quarter of 2024.

Total non-performing loans increased to $25.7 million, or 0.80% of total loans held for investment at September 30, 2024, compared with $4.7 million, or 0.25% of total loans at June 30, 2024. The increase from June 30, 2024 was due primarily to the aforementioned downgrades of a construction loan and 1-4 family residential loan from one relationship, nonaccrual PCD loans acquired in the merger and partial charge-offs of loans in the amount of $1.2 million in the third quarter of 2024.

Special mention loans increased by $65.6 million, including $41.0 million non-PCD loans and $10.1 million PCD loans, during the third quarter of 2024 to $93.4 million at September 30, 2024. The $14.5 million increase in the legacy special mention loans was due mostly to a $2.2 million increase in special mention commercial real estate loans and a $12.3 million increase in special mention commercial and industrial loans. Substandard loans increased by $81.2 million, including $2.3 million non-PCD loans, $71.3 million PCD loans, and $13.5 million nonaccrual PCD loans, during the third quarter of 2024 to $104.3 million at September 30, 2024. The $5.8 million decrease in the legacy substandard loans was due primarily to the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of $967 thousand for the nonaccrual construction loan, partially offset by a downgrade to substandard of a commercial and industrial loan of $118 thousand during the third quarter of 2024.

The Company had $37 thousand in consumer solar loans that were over 90 days past due that were accruing interest at September 30, 2024, and no delinquencies at June 30, 2024.

There were $19.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at September 30, 2024 and no delinquencies at June 30, 2024.

The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $57.6 million at September 30, 2024, compared to $24.6 million at June 30, 2024. The $33.0 million increase in the allowance included a $19.7 million provision for credit losses for the loan portfolio, of which $11.2 million related to the initial allowance for credit losses on acquired PCD loans, $21.3 million related to the initial provision for credit losses on acquired non-PCD loans and unfunded loan commitments, partially offset by total charge-offs of $1.2 million for the quarter ended September 30, 2024.

The ALL was $53.6 million, or 1.67% of total loans held for investment at September 30, 2024, compared with $23.8 million, or 1.27% at June 30, 2024.

Capital

Tangible book value (non-GAAP¹) per common share at September 30, 2024, was $11.28, compared with $13.71 at June 30, 2024. In the third quarter of 2024, tangible book value was primarily impacted by the net loss for the third quarter, the impact of equity issued in connection with the merger, stock-based compensation expense, and a decrease in net of unrealized tax losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $3.6 million to $2.9 million at September 30, 2024, from $6.5 million at June 30, 2024. The decrease in the unrealized losses, net of taxes, on available-for-sale debt securities was primarily attributable to factors other than credit related, including decreases in market interest rates driven by the Federal Reserve’s 50 basis point rate cut in September 2024. Tangible common equity (non-GAAP¹) as a percentage of total tangible assets (non-GAAP¹) at September 30, 2024, decreased to 8.58% from 11.28% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP¹) at September 30, 2024 decreased to 0.8% from 2.6% in the prior quarter.

The Company’s preliminary capital exceeds minimums required to be “well-capitalized” at September 30, 2024.

ABOUT CALIFORNIA BANCORP

California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Company’s merger with CALB (the “Merger”), as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risk related to the Merger, including the risks that costs may be greater than anticipated, cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents the Company files with the SEC from time to time.

Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

California BanCorp and Subsidiary
Financial Highlights (Unaudited)

	At or for the Three Months Ended									At or for the Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
EARNINGS	($ in thousands except share and per share data)
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Provision for (reversal of) credit losses	$	22,963		$	2,893		$	(96	)	$	25,525		$	91
Noninterest income	$	1,174		$	1,169		$	815		$	3,756		$	3,481
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Income tax (benefit) expense	$	(6,063	)	$	88		$	2,835		$	(3,653	)	$	9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Pre-tax pre-provision income ⁽¹⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653
Adjusted pre-tax pre-provision income ⁽¹⁾	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653
Diluted (loss) earnings per share	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Shares outstanding at period end		32,142,427			18,547,352			18,309,282			32,142,427			18,309,282

PERFORMANCE RATIOS
Return on average assets		(1.82	)%		0.03	%		1.12	%		(0.55	)%		1.25	%
Adjusted return on average assets ⁽¹⁾		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average common equity		(15.28	)%		0.26	%		9.38	%		(4.48	)%		10.63	%
Adjusted return on average common equity ⁽¹⁾		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Yield on total loans		6.79	%		6.21	%		5.97	%		6.40	%		5.89	%
Yield on interest earning assets		6.49	%		5.97	%		5.72	%		6.15	%		5.63	%
Cost of deposits		2.09	%		2.12	%		1.56	%		2.09	%		1.22	%
Cost of funds		2.19	%		2.21	%		1.62	%		2.19	%		1.30	%
Net interest margin		4.43	%		3.94	%		4.23	%		4.12	%		4.43	%
Efficiency ratio ⁽¹⁾		98.86	%		85.70	%		61.39	%		87.19	%		59.16	%
Adjusted efficiency ratio ⁽¹⁾		60.54	%		83.49	%		61.39	%		68.15	%		59.16	%

	As of
	September 30, 2024			June 30, 2024			December 31, 2023
CAPITAL	($ in thousands except share and per share data)
Tangible equity to tangible assets ⁽¹⁾		8.58	%		11.28	%		10.73	%
Book value (BV) per common share	$	15.50		$	15.81		$	15.69
Tangible BV per common share ⁽¹⁾	$	11.28		$	13.71		$	13.56

ASSET QUALITY
Allowance for loan losses (ALL)	$	53,552		$	23,788		$	22,569
Reserve for unfunded loan commitments	$	4,071		$	819		$	933
Allowance for credit losses (ACL)	$	57,623		$	24,607		$	23,502
Allowance for loan losses to nonperforming loans		2.09	x		5.07	x		1.74	x
ALL to total loans held for investment		1.67	%		1.27	%		1.15	%
ACL to total loans held for investment		1.80	%		1.31	%		1.20	%
30-89 days past due, excluding nonaccrual loans	$	19,110		$	—		$	19
Over 90 days past due, excluding nonaccrual loans	$	37		$	—		$	—
Special mention loans	$	93,448		$	27,861		$	2,996
Special mention loans to total loans held for investment		2.92	%		1.48	%		0.15	%
Substandard loans	$	104,298		$	23,080		$	19,502
Substandard loans to total loans held for investment		3.26	%		1.23	%		1.00	%
Nonperforming loans	$	25,698		$	4,696		$	13,004
Nonperforming loans total loans held for investment		0.80	%		0.25	%		0.66	%
Other real estate owned, net	$	4,083		$	—		$	—
Nonperforming assets	$	29,781		$	4,696		$	13,004
Nonperforming assets to total assets		0.68	%		0.20	%		0.55	%

END OF PERIOD BALANCES
Total loans, including loans held for sale	$	3,233,418		$	1,884,599		$	1,964,791
Total assets	$	4,362,767		$	2,293,693		$	2,360,252
Deposits	$	3,740,915		$	1,935,862		$	1,943,556
Loans to deposits		86.4	%		97.4	%		101.1	%
Shareholders’ equity	$	498,064		$	293,219		$	288,152

(1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

	At or for the Three Months Ended									At or for the Nine Months Ended
ALLOWANCE for CREDIT LOSSES	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Allowance for loan losses
Balance at beginning of period	$	23,788		$	22,254		$	22,502		$	22,569		$	17,099
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			5,027
Initial Allowance for PCD loans		11,216			—			—			11,216			—
Provision for credit losses ⁽²⁾		19,711			2,990			202			22,387			600
Charge-offs		(1,163	)		(1,456	)		—			(2,620	)		(36	)
Recoveries		—			—			1			—			15
Net (charge-offs) recoveries		(1,163	)		(1,456	)		1			(2,620	)		(21	)
Balance, end of period	$	53,552		$	23,788		$	22,705		$	53,552		$	22,705
Reserve for unfunded loan commitments ⁽³⁾
Balance, beginning of period	$	819		$	916		$	1,538		$	933		$	1,310
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			439
Provision for (reversal of) credit losses ⁽⁴⁾		3,252			(97	)		(298	)		3,138			(509	)
Balance, end of period		4,071			819			1,240			4,071			1,240
Allowance for credit losses	$	57,623		$	24,607		$	23,945		$	57,623		$	23,945

ALL to total loans held for investment		1.67	%		1.27	%		1.18	%		1.67	%		1.18	%
ACL to total loans held for investment		1.80	%		1.31	%		1.24	%		1.80	%		1.24	%
Net (charge-offs) recoveries to average total loans		(0.17	)%		(0.31	)%		0.00	%		(0.16	)%		0.00	%

(1	)	Represents the impact of adopting ASU 2016-13, Financial Instruments – Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.
(2	)	Includes $18.5 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses for non-PCD loans acquired in the merger with CALB.
(3	)	Included in “Accrued interest and other liabilities” on the consolidated balance sheet.
(4	)	Includes $2.7 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses on unfunded commitments acquired in the merger with CALB.

California BanCorp and Subsidiary

Balance Sheets (Unaudited)

	September 30, 2024			June 30, 2024			December 31, 2023
ASSETS	($ in thousands)
Cash and due from banks	$	115,165		$	29,153		$	33,008
Federal funds sold & interest-bearing balances		499,258			75,580			53,785
Total cash and cash equivalents		614,423			104,733			86,793

Debt securities available-for-sale, at fair value (amortized cost of $163,384, $132,862 and $136,366 at September 30, 2024, June 30, 2024 and December 31, 2023)		159,330			123,653			130,035
Debt securities held-to-maturity, at cost (fair value of $49,487, $48,476 and $50,432 at September 30, 2024, June 30, 2024 and December 31, 2023)		53,364			53,449			53,616
Loans held for sale		33,704			6,982			7,349
Loans held for investment:
Construction & land development		247,934			205,072			243,521
1-4 family residential		152,540			157,323			143,903
Multifamily		252,134			187,960			221,247
Other commercial real estate		1,755,908			1,043,662			1,024,243
Commercial & industrial		765,472			283,203			320,142
Other consumer		25,726			397			4,386
Total loans held for investment		3,199,714			1,877,617			1,957,442
Allowance for credit losses – loans		(53,552	)		(23,788	)		(22,569	)
Total loans held for investment, net		3,146,162			1,853,829			1,934,873

Restricted stock at cost		27,394			16,898			16,055
Premises and equipment		13,996			12,741			13,270
Right of use asset		15,310			8,298			9,291
Other real estate owned, net		4,083			—			—
Goodwill		112,515			37,803			37,803
Core deposit intangible		23,031			1,065			1,195
Bank owned life insurance		66,180			39,445			38,918
Deferred taxes, net		45,644			11,080			11,137
Accrued interest and other assets		47,631			23,717			19,917
Total assets	$	4,362,767		$	2,293,693		$	2,360,252

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	1,368,303		$	666,606		$	675,098
Interest-bearing NOW accounts		781,125			355,994			381,943
Money market and savings accounts		1,149,268			660,808			636,685
Time deposits		442,219			252,454			249,830
Total deposits		3,740,915			1,935,862			1,943,556

Borrowings		69,142			42,913			102,865
Operating lease liability		19,211			10,931			12,117
Accrued interest and other liabilities		35,435			10,768			13,562
Total liabilities		3,864,703			2,000,474			2,072,100

Shareholders’ Equity:
Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,142,427, 18,547,352 and 18,369,115 at September 30, 2024, June 30, 2024 and December 31, 2023)		441,684			224,006			222,036
Retained earnings		59,236			75,700			70,575
Accumulated other comprehensive loss – net of taxes		(2,856	)		(6,487	)		(4,459	)
Total shareholders’ equity		498,064			293,219			288,152
Total liabilities and shareholders’ equity	$	4,362,767		$	2,293,693		$	2,360,252

California BanCorp and Subsidiary

Income Statements – Quarterly and Year-to-Date (Unaudited)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands except share and per share data)
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	47,528		$	29,057		$	28,977		$	105,169		$	83,983
Interest on debt securities		1,687			1,229			942			4,129			2,506
Interest on tax-exempted debt securities		306			306			359			918			1,302
Interest and dividends from other institutions		4,606			1,257			1,206			7,024			3,162
Total interest and dividend income		54,127			31,849			31,484			117,240			90,953

INTEREST EXPENSE
Interest on NOW, savings, and money market accounts		11,073			7,039			5,922			24,882			13,555
Interest on time deposits		5,087			3,145			1,867			11,253			4,373
Interest on borrowings		1,025			658			434			2,662			1,446
Total interest expense		17,185			10,842			8,223			38,797			19,374
Net interest income		36,942			21,007			23,261			78,443			71,579

Provision for (reversal of ) credit losses ⁽¹⁾		22,963			2,893			(96	)		25,525			91
Net interest income after provision for (reversal of) credit losses		13,979			18,114			23,357			52,918			71,488

NONINTEREST INCOME
Service charges and fees on deposit accounts		1,136			568			470			2,229			1,439
Gain on sale of loans		8			—			(54	)		423			831
Bank owned life insurance income		398			266			238			925			693
Servicing and related income (expense) on loans		82			(5	)		61			150			223
Loss on sale of debt securities		—			—			—			—			34
Loss on sale of building and related fixed assets		—			(19	)		—			(19	)		—
Other charges and fees		(450	)		359			100			48			261
Total noninterest income		1,174			1,169			815			3,756			3,481

NONINTEREST EXPENSE
Salaries and employee benefits		15,385			8,776			9,736			33,771			29,651
Occupancy and equipment expenses		2,031			1,445			1,579			4,928			4,553
Data processing		1,536			1,186			1,144			3,872			3,376
Legal, audit and professional		669			557			598			1,742			2,050
Regulatory assessments		544			347			369			1,278			1,188
Director and shareholder expenses		520			229			215			952			642
Merger and related expenses		14,605			491			—			15,645			—
Core deposit intangible amortization		687			65			128			817			309
Other real estate owned expense		3			4,935			—			5,026			—
Other expense		1,700			974			1,012			3,635			2,638
Total noninterest expense		37,680			19,005			14,781			71,666			44,407
(Loss) income before income taxes		(22,527	)		278			9,391			(14,992	)		30,562
Income tax (benefit) expense		(6,063	)		88			2,835			(3,653	)		9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498

Net (loss) income per share – basic	$	(0.59	)	$	0.01		$	0.36		$	(0.53	)	$	1.18
Net (loss) income per share – diluted	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Weighted average common shares-diluted		27,705,844			18,799,513			18,672,132			21,579,175			18,632,890
Pre-tax, pre-provision income ⁽²⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653

(1) Included provision for (reversal of) unfunded loan commitments of $3.3 million, $(97) thousand and $(298) thousand for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $3.1 million and $(509) thousand for the nine months ended September 30, 2024 and 2023, respectively
(2) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,783,581	$	47,528		6.79	%	$	1,882,845	$	29,057		6.21	%	$	1,924,384	$	28,977		5.97	%
Taxable debt securities		149,080		1,687		4.50	%		123,906		1,229		3.99	%		111,254		942		3.36	%
Tax-exempt debt securities ⁽¹⁾		53,682		306		2.87	%		53,754		306		2.90	%		59,630		359		3.02	%
Deposits in other financial institutions		161,616		2,215		5.45	%		47,417		638		5.41	%		50,367		681		5.36	%
Fed funds sold/resale agreements		143,140		1,886		5.24	%		19,062		261		5.51	%		20,653		283		5.44	%
Restricted stock investments and other bank stock		24,587		505		8.17	%		17,091		358		8.42	%		16,365		242		5.87	%
Total interest-earning assets		3,315,686		54,127		6.49	%		2,144,075		31,849		5.97	%		2,182,653		31,484		5.72	%
Total noninterest-earning assets		277,471							150,603							131,288
Total assets	$	3,593,157						$	2,294,678						$	2,313,941

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	617,373	$	2,681		1.73	%	$	361,244	$	2,134		2.38	%	$	353,714	$	1,706		1.91	%
Money market and savings accounts		999,322		8,392		3.34	%		653,244		4,905		3.02	%		675,609		4,216		2.48	%
Time deposits		421,241		5,087		4.80	%		259,722		3,145		4.87	%		183,745		1,867		4.03	%
Total interest-bearing deposits		2,037,936		16,160		3.15	%		1,274,210		10,184		3.21	%		1,213,068		7,789		2.55	%
Borrowings:
FHLB advances		611		9		5.86	%		27,391		387		5.68	%		11,731		163		5.51	%
Subordinated debt		52,246		1,016		7.74	%		17,901		271		6.09	%		17,830		271		6.03	%
Total borrowings		52,857		1,025		7.71	%		45,292		658		5.84	%		29,561		434		5.82	%
Total interest-bearing liabilities		2,090,793		17,185		3.27	%		1,319,502		10,842		3.30	%		1,242,629		8,223		2.63	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		1,031,844							658,001							768,148
Other liabilities		41,962							23,054							25,722
Shareholders’ equity		428,558							294,121							277,442
Total Liabilities and Shareholders’ Equity	$	3,593,157						$	2,294,678						$	2,313,941

Net interest spread						3.22	%						2.67	%						3.09	%
Net interest income and margin			$	36,942		4.43	%			$	21,007		3.94	%			$	23,261		4.23	%
Cost of deposits	$	3,069,780	$	16,160		2.09	%	$	1,932,211	$	10,184		2.12	%	$	1,981,216	$	7,789		1.56	%
Cost of funds	$	3,122,637	$	17,185		2.19	%	$	1,977,503	$	10,842		2.21	%	$	2,010,777	$	8,223		1.62	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.61%, 34.05% and 38.77% of average total deposits for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,194,059	$	105,169		6.40	%	$	1,906,327	$	83,983		5.89	%
Taxable debt securities		133,321		4,129		4.14	%		104,881		2,506		3.19	%
Tax-exempt debt securities ⁽¹⁾		53,759		918		2.89	%		68,043		1,302		3.24	%
Deposits in other financial institutions		87,966		3,569		5.42	%		43,629		1,675		5.13	%
Fed funds sold/resale agreements		57,634		2,281		5.29	%		21,182		798		5.04	%
Restricted stock investments and other bank stock		19,383		1,174		8.09	%		15,774		689		5.84	%
Total interest-earning assets		2,546,122		117,240		6.15	%		2,159,836		90,953		5.63	%
Total noninterest-earning assets		189,573							133,224
Total assets	$	2,735,695						$	2,293,060

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	446,759	$	6,860		2.05	%	$	290,326	$	3,301		1.52	%
Money market and savings accounts		767,916		18,022		3.13	%		674,452		10,254		2.03	%
Time deposits		312,544		11,253		4.81	%		170,620		4,373		3.43	%
Total interest-bearing deposits		1,527,219		36,135		3.16	%		1,135,398		17,928		2.11	%
Borrowings:
FHLB advances		26,105		1,103		5.64	%		16,282		632		5.19	%
Subordinated debt		29,425		1,559		7.08	%		17,807		814		6.11	%
Total borrowings		55,530		2,662		6.40	%		34,089		1,446		5.67	%
Total interest-bearing liabilities		1,582,749		38,797		3.27	%		1,169,487		19,374		2.21	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		784,609							829,082
Other liabilities		30,524							24,086
Shareholders’ equity		337,813							270,405

Total Liabilities and Shareholders’ Equity	$	2,735,695						$	2,293,060

Net interest spread						2.88	%						3.42	%
Net interest income and margin			$	78,443		4.12	%			$	71,579		4.43	%
Cost of deposits	$	2,311,828	$	36,135		2.09	%	$	1,964,480	$	17,928		1.22	%
Cost of funds	$	2,367,358	$	38,797		2.19	%	$	1,998,569	$	19,374		1.30	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.94%, and 42.20% of average total deposits for the nine months ended September 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
GAAP to Non-GAAP Reconciliation
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net (loss) income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Adjusted net income
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Add: After-tax Day1 provision for non PCD loans and unfunded loan commitments ⁽¹⁾		14,978			—			—			14,978			—
Add: After-tax merger and related expenses ⁽¹⁾		10,576			412			—			11,535			—
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Efficiency Ratio
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Deduct: Merger and related expenses		14,605			491			—			15,645			—
Adjusted noninterest expense		23,075			18,514			14,781			56,021			44,407

Net interest income		36,942			21,007			23,261			78,443			71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income	$	38,116		$	22,176		$	24,076		$	82,199		$	75,060
Efficiency ratio (non-GAAP)		98.9	%		85.7	%		61.4	%		87.2	%		59.2	%
Adjusted efficiency ratio (non-GAAP)		60.5	%		83.5	%		61.4	%		68.2	%		59.2	%

Pre-tax pre-provision income
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income		38,116			22,176			24,076			82,199			75,060
Less: Noninterest expense		37,680			19,005			14,781			71,666			44,407
Pre-tax pre-provision income (non-GAAP)		436			3,171			9,295			10,533			30,653
Add: Merger and related expenses		14,605			491			—			15,645			—
Adjusted pre-tax pre-provision income (non-GAAP)	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653

(1) After-tax merger and related expenses are presented using a 29.56% tax rate.

Return on Average Assets, Equity, and Tangible Equity
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Average assets	$	3,593,157		$	2,294,678		$	2,313,941		$	2,735,695		$	2,293,060
Average shareholders’ equity		428,558			294,121			277,442			337,813			270,405
Less: Average intangible assets		104,409			38,900			39,158			60,917			39,249
Average tangible common equity (non-GAAP)	$	324,149		$	255,221		$	238,284		$	276,896		$	231,156

Return on average assets		(1.82	%)		0.03	%		1.12	%		(0.55	%)		1.25	%
Adjusted return on average assets (non-GAAP)		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average equity		(15.28	%)		0.26	%		9.38	%		(4.48	%)		10.63	%
Adjusted return on average equity (non-GAAP)		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Return on average tangible common equity (non-GAAP)		(20.21	%)		0.30	%		10.92	%		(5.47	%)		12.43	%
Adjusted return on average tangible common equity (non-GAAP)		11.16	%		0.95	%		10.92	%		7.32	%		12.43	%

	September 30, 2024			December 31, 2023
	($ in thousands except share and per share data)
Tangible Common Equity Ratio/Tangible Book Value Per Share
Shareholders’ equity	$	498,064		$	288,152
Less: Intangible assets		135,546			38,998
Tangible common equity (non-GAAP)	$	362,518		$	249,154

Total assets	$	4,362,767		$	2,360,252
Less: Intangible assets		135,546			38,998
Tangible assets (non-GAAP)	$	4,227,221		$	2,321,254

Equity to asset ratio		11.42	%		12.21	%
Tangible common equity to tangible asset ratio (non-GAAP)		8.58	%		10.73	%
Book value per share	$	15.50		$	15.69
Tangible book value per share (non-GAAP)	$	11.28		$	13.56
Shares outstanding		32,142,427			18,369,115

INVESTOR RELATIONS CONTACT
Kevin Mc Cabe
California Bank of Commerce, N.A.
kmccabe@bankcbc.com
818.637.7065

The MIL Network –

January 25, 2025

MIL-OSI: You Could Get Up to $1,300 the Same Day with an H&R Block Emerald Advance® Loan

Source: GlobeNewswire (MIL-OSI)

KANSAS CITY, Mo., Oct. 29, 2024 (GLOBE NEWSWIRE) — H&R Block (NYSE: HRB) today announced the opening of the 2024 application period for the H&R Block Emerald Advance^® Loan¹. Applications will be accepted November 1 through December 31, 2024. The Emerald Advance^® Loan originated by Pathward^® N.A. provides qualifying individuals up to $1,300 the same day they apply. The Emerald Advance^® Loan could provide a little extra breathing room to help with holiday shopping, bills, or unexpected expenses.

“During the holiday season, tight budgets can create additional stress on individuals and families already facing tighter budgets. The Emerald Advance Loan is designed to be simple to apply for and flexible to pay back, for those who need a little extra financial breathing room this time of year,” said John Thompson, Vice President of Financial Services at H&R Block. “By streamlining the application process and eliminating annual fees, the aim is to make it as simple as possible for families to get the assistance they need.”

The Emerald Advance Loan has no application fee, and checking eligibility won’t impact a customer’s credit. With no monthly payments required, approved customers now have more flexibility to pay what they can, when they can as long as they pay the loan in full by March 31, 2025. There are convenient repayment options, including using a debit card, check, or money order. And for those who file their taxes with H&R Block this upcoming tax season, the loan can conveniently be paid back with their tax refund.

Anyone can apply for the H&R Block Emerald Advance^® Loan during the application period which runs from November 1 through December 31, 2024. To check eligibility and apply, go to HRBlock.com to make an appointment at one of nearly 4,000 participating H&R Block offices. H&R Block associates will gladly assist with the application process. Approved applicants could leave with funds on an Emerald Card^®² or deposited to their Spruce account²^.

To learn more, and make an appointment to apply for Emerald Advance today, visit HRBlock.com

¹H&R Block Emerald Advance^® Loan originated by Pathward^®, N.A. Subject to eligibility and credit approval. Annual Percentage Rate (APR) is 35.9%. Loan amounts vary from $350-$1300. If approved, loan proceeds will be disbursed as directed to prepaid card or checking account at Pathward. Additional terms and conditions apply, see account agreements for details. Offered for a limited time at participating locations.

2 Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and the Spruce debit card and the H&R Block Emerald Prepaid Mastercard^® are issued by, Pathward^®, N.A., Member FDIC, pursuant to license by Mastercard^®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Additional fees, conditions, and terms apply to how you use your Emerald Card or Spruce account. Consult your Cardholder Agreement or Spruce Spending Account Agreement for details.

About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

The MIL Network –

January 25, 2025

Sales Contact: Amplify ETFs 855-267-3837 info@amplifyetfs.com	Media Contacts: Gregory FCA for Amplify ETFs Kerry Davis 610-228-2098 amplifyetfs@gregoryfca.com

Category: Business

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