Business – Page 1805 – NewzIntel.com

MIL-OSI: Amplify ETFs Announces the Amplify Bloomberg AI Value Chain ETF (NYSE: AIVC)

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces its newly appointed fund, the Amplify Bloomberg AI Value Chain ETF (NYSE: AIVC). In an equal-weighted index approach, AIVC invests in a global mix of semiconductor, cloud/software and hardware companies that form the foundation of artificial intelligence (AI) technologies through the Bloomberg AI Value Chain Index.

According to forecasts, the global AI market is expected to grow from $638 billion in 2024 to $3.6 trillion by 2034.¹ This growth will be driven by increased AI spending across the private sector, government initiatives and individuals. AIVC is positioned to capture these trends through its unique AI value chain focus.

AIVC uses an equal-weighted rules-based approach alongside insights from Bloomberg Intelligence analysts to identify companies that are essential to the AI ecosystem. Technologies like generative AI, machine learning, natural language processing and AI infrastructure all rely on semiconductors, hardware, and cloud software systems to operate.

“AI is fundamentally reshaping industries worldwide and AIVC provides investors with diverse exposure to companies that are the backbone of this industry,” said Christian Magoon, CEO of Amplify ETFs. “Our new focus on AI and its value chain aligns this fund with one of the most compelling growth themes of the next decade.”

AIVC tracks the Bloomberg AI Value Chain Index, which identifies the top 45 companies integral to AI categorized into semiconductors, hardware, and software/cloud systems. These sectors are the backbone of the AI landscape, enabling the widespread adoption of AI solutions globally. The index is powered by Bloomberg Intelligence (BI) Research, a renowned group of 400+ research professionals across 21 markets. The BI team utilizes proprietary research to evaluate data and trends for creating thematic index baskets.

The announcement of AIVC is the result of name, fee and strategy changes to the Amplify Global Cloud Technology ETF (IVES). No action is required by current shareholders as a result of this change. These changes were previously communicated via a supplement to the IVES Summary Prospectus, Statutory Prospectus and Statement of Additional Information (“SAI”), as published on August 15, 2024.

Investors can learn more about AIVC at AmplifyETFs.com/AIVC.

About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, has over $10 billion in assets across its suite of ETFs (as of 10/11/2024). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs.

¹https://www.precedenceresearch.com/artificial-intelligence-market

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. There can be no assurance that the Fund’s investment objectives will be achieved. Investments concentrated in specific industries, sectors, markets, or asset classes may underperform or experience greater volatility than the general securities market.

Investments in artificial intelligence or cloud technology companies are exposed to risks such as small markets, technological obsolescence, and government regulation. These companies, especially smaller ones, are more volatile and susceptible to adverse events in specific regions or industries.

International investing entails risks related to foreign currency, limited liquidity, less government regulation, and potential volatility from political, economic, or other developments, particularly in emerging markets and concentrated investments in single countries.

Investment Adviser: Amplify Investments LLC; Sub-Adviser: Penserra Capital Management LLC

Amplify ETFs are distributed by Foreside Fund Services, LLC.

The MIL Network –

January 24, 2025

MIL-OSI United Kingdom: Up to £600 cash boost for Britain’s lowest paid to help kickstart the economy

Source: United Kingdom – Executive Government & Departments

Ten million working people across the country to benefit from an overhaul of workers’ rights as the Government’s landmark Employment Rights Bill returns to Parliament.

Impact assessment shows the Employment Rights Bill will have a positive direct impact on economic growth
Reforms means extra 30,000 new dads qualify for paternity leave
Positive impacts set out include the Employment Rights Bill delivering up to £600 income savings for workers in the lowest paid, insecure jobs

Ten million working people across the country will benefit from an overhaul of workers’ rights as the Government’s landmark Employment Rights Bill returns to Parliament today (Monday 21 October).

The Bill will support employers, workers and unions to get Britain growing again as shown by its Impact Assessment published today, setting out how it could boost productivity, create better working conditions and move more people into secure work while improving living standards for families and communities across the UK.

The analysis shows “many of the policies within the Employment Rights Bill could help support the Government’s Mission for Growth.” It concludes that the package could have “a positive but small direct impact on economic growth” and will “help to raise living standards across the country and create opportunities for all.”

Poor productivity, insecure work, and broken industrial relations have been holding back the British economy for too long. Last year the country saw the highest number of working days lost to strikes since the 1980s – costing the economy millions of pounds. This has entrenched a culture of brinkmanship that only serves to damage public services, public finances, and public faith in institutions. Today is a significant step in putting an end to that – as the Employment Rights Bill reaches its second reading, alongside a package of consultations to help inform its next steps. This includes a consultation on our new approach to Statutory Sick Pay, where the Bill will be removing the waiting period and the Lower Earnings Limit.

The Bill is expected to benefit people in some of the most deprived areas of the country by saving them up to £600 in lost income from the hidden costs of insecure work. Around 2.4 million people in the UK work irregular patterns like zero or low hours contracts or agency jobs, where insecure hours can mean forking out on expensive childcare or transport to cover last-minute shifts – or losing out altogether if work is changed or cancelled at short notice.

New protections like guaranteed hours and giving reasonable notice or compensation for lost work will help shift workers keep up to £600 a year, including workers in the North and Midlands where irregular work is highest.

For a cleaner working night shifts on an average annual wage of £21,058, a £600 saving would be worth over £250 more a year than the last two national insurance cuts.

Deputy Prime Minister Angela Rayner said:

We’re delivering real change for working people across the country, while driving our mission for growth and making people better off.

Successful firms already know that strong employee rights mean strong growth opportunities. This landmark legislation will extend the employment protections given by the best British companies to millions more workers.

We said we would get on and deliver the biggest upgrade to rights at work in a generation and the growth our economy needs – and that is exactly what we are doing.

Speaking in the House later today, Business Secretary Jonathan Reynolds will say:

From our very first day in office, this Government has moved to restore security for working people.

That principle runs throughout this legislation and ensuring that employee rights are fit for a modern economy, empower working people, and contribute to our central mission of economic growth.

Make no mistake – a pro-worker economy is a pro-business economy. This legislation will deliver a new deal for working people. It will help fix our broken labour market. And it will tackle the poor pay, poor working conditions and poor job security that have been holding our economy back.

The Plan to Make Work Pay was developed in partnership with both businesses and trade unions, and the Government will continue to work closely with all stakeholders on how best to implement these commitments. The Impact Assessment sets out further details on how the new measures will:

Create a level playing field for all businesses, raising standards and helping stop the undercutting of good employers.
Make flexible working the default, helping people achieve a better work life balance, which can lead to happier, healthier and more productive employees, which benefits both workers and businesses.
Provide a boost for business by supporting higher workforce participation and more opportunities to employ a wider pool of talent, thanks to increased flexibility and employment rights.
Bring 1.5 million workers into scope of the right to unpaid parental leave.
Allow payments to workers for short notice shift cancellation or curtailment as high as £120 million per year
Offer benefits to workers in sectors such as hospitality, which makes up around 20% of low-paying jobs and accounts for a disproportionate amount of economic activity in areas of central Scotland, North Wales and Southwest England.
Create a right to bereavement leave following the death of a loved one, which could benefit up to 2 million people a year.

The analysis also confirms costs to business will represent under 0.4% of total employment costs across the economy. The majority of this will be transferred directly into the pockets of workers – helping raise living standards and give people more money to spend on the high cost of living, which has driven up over the past 14 years.

Through new consultations launched today, the Government will be seeking views on the following four areas:

Strengthening Statutory Sick Pay through setting a new rate for those on lower earnings

As part of the Government’s Plan to Make Work Pay the waiting period for Statutory Sick Pay (SSP) will be removed as well as the Lower Earnings Limit. These changes will ensure SSP is available to employees from day one of their sickness absence and is available to all employees, regardless of their earnings. A consultation will seek views on what percentage rate should be paid for those earning below the current rate.

The UK currently has one of the least protected labour markets in the OECD and these changes will mean up to 1.3 million employees who are currently excluded from SSP will now be eligible. Further detail is available here.

Ensuring the provisions on Zero Hours Contracts apply effectively to agency workers

The Government is committed to ending one-sided flexibility for all workers, which is why this consultation wants to fully understand how the zero hours contracts measures in the Employment Rights Bill can best be applied to agency workers without causing unintended consequences. Further detail is available here.

Creating a modern framework for industrial relations

Over recent years, trade union laws have been a barrier to effective, positive industrial relations in this country. Alongside reforms in the Bill, the Government is consulting on several changes to the industrial relations framework, hardwiring a series of fundamental principles including collaboration and accountability, and enabling trade unions to represent and deliver on behalf of their workers. Further detail is available here.

Strengthening remedies against abuse of the rules on collective redundancy and fire and rehire

This consultation will ask for views on increasing the maximum period for the protective award in cases where employers haven’t complied with collective redundancy rules, and adding interim relief to collective redundancies and unfair dismissals in fire and rehire scenarios. Further detail is available here.

Work and Pensions Secretary Liz Kendall MP said:

Millions of employees across the UK who can’t immediately get sick pay if they are too unwell to work deserve better.

People should not have to choose between earning a living at work or getting better at home – the changes we want to see will allow employees to do both and businesses to get on.

We are now asking for your views on the rate of sick pay for low earners, as we fix our broken labour market and the poor pay and working conditions that have been holding our economy back.

As set out in Next Steps to Make Work Pay, this package is just the first step as we look to engage all stakeholders on how to best put our plans into practice, with further consultation to come in the months ahead. The majority of reforms are expected to take effect no earlier than 2026.

TUC General Secretary Paul Nowak said:

Everyone who works for a living deserves to earn a decent living – and to be treated with dignity and respect. The Employment Rights Bill is an opportunity to make work pay for millions and to give working people vital rights and protections.

We urge MPs from all parties to support this Bill and to be on the right side of history. It’s time to turn the page on the low-pay, low-rights and low-productivity economy of the last 14 years.

Driving up employment standards is good for workers and good for business. It will allow people more control and predictability over their working lives – and stop decent employers from being undercut by the bad.

Michelle Ovens CBE, Founder of Small Business Britain

Small business owners are rarely against additional rights for their staff, so this is unlikely to deter them from hiring. Indeed they often exceed regulations to offer flexible local employment opportunities that deliver value beyond simply creating work. It must be remembered that the proposed Employment Rights Bill does include protections for employers – such as a lighter-touch process for fair dismissal so employers can continue operating probation periods.

However, any changes must consider the squeezed budgets and resources small businesses have. We look forward to working with the Government to ensure owners have the support they need to navigate new processes and feel confident that they can meet the costs over the long term.

Neil Carberry, Chief Executive of the Recruitment and Employment Confederation (REC), said:

The Government consultations on the Employment Rights Bill offer a crucial chance for business and labour market experts to engage on the detail of how the proposals will impact flexible work.

In particular, we welcome the opportunity to offer feedback on how agency work interacts with zero hours contracts. We asked for this and the Government have listened.

In delivering the Government’s plan to Make Work Pay, we must ensure the views of the full range of workers are taken into consideration and that the protections and opportunities currently afforded to many, for example to agency workers, are in no way jeopardised or put into conflict with future legislative changes.

NOTES TO EDITORS

10 million employees benefitting is based on:
- ‘Making Unfair Dismissal a Day One’ right which will strengthen protections for all of the 9 million employees who have been with their employer for less than two years.
- The 2.4 million employees on variable hours contracts that will benefits from a right to guaranteed hours and a right to payment for shifts cancelled, moved or curtailed at short notice.
- ‘The right to Bereavement Leave’ following the death of a close family member which would benefit between 900,000 and almost 2 million people a year depending on the definition of the scope
- Bringing an extra 30,000 fathers or partners into scope of Paternity Leave and 1.5 million workers into scope of the right to Unpaid Parental Leave.
Following the consultation on Statutory Sick Pay, the government will specify the percentage rate in law and will seek to make this change through a government amendment to the Employment Rights Bill.
Employee will be entitled to a percentage of their weekly earnings or the current SSP flat rate, whichever is lower.
More information on the Plan to Get Britain Working is available here: Back to Work Plan will help drive economic growth in every region – GOV.UK (www.gov.uk)
The government’s Impact Assessment shows that around 2.4 million people in the UK are in irregular work such as zero hours or low hours contracts or agency work. This is a total 8.3% of the UK’s workforce who will benefit from strengthened basic protections like guaranteed hours and reasonable notice and compensation for cancelled or changed shifts. These changes will also benefit people in more deprived areas of the country, including the North and Midlands where oa greater proportion of employees are in irregular work.
Research by the Living Wage Foundation finds that many shift workers end up forking out on expensive childcare or transport to cover last minute shifts or losing out on this money altogether after short notice changes or cancellations. The Living Wage Foundation estimates that these workers may each save up to £600 a year on lost income, thanks to new protections in the Bill. For a cleaner working night shifts on the median wage of £21,058, a £600 saving would be worth over £250 a year more than the last two national insurance cuts.

Published 21 October 2024

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI: Mercury Selected by NAVAIR To Continue To Provide Advanced Data Transfer Systems for Navy Aircraft

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., Oct. 21, 2024 (GLOBE NEWSWIRE) — Mercury Systems, Inc. (NASDAQ: MRCY, http://www.mrcy.com), a technology company that delivers mission-critical processing power to the edge, today announced it was awarded a five-year contract worth as much as $131.3 million from the U.S. Naval Air Systems Command (NAVAIR) to continue providing secure data transfer systems for naval aircraft.

Mercury has been delivering Advanced Data Transfer Systems (ADTS) and components to the Navy since 2017 to support numerous rotary-wing and fixed-wing aircraft. These rugged, flexible, and proven systems simplify the secure transfer of data between planners on the ground and aircraft, significantly improving operational readiness of these airborne assets. The new indefinite delivery/indefinite quantity contract will allow Mercury to deliver upgraded power-thrifty ADTS units that incorporate the company’s JDAR encryption module.

“Mercury has a strong partnership with the Navy, providing a range of data storage and transfer, video recorders, mission computers, and cockpit displays for the aircraft fleet,” said Roya Montakhab, Mercury’s SVP of Integrated Processing Solutions. “We are exceptionally proud to continue delivering ADTS systems that ensure critical government data is protected.”

Mercury’s ADTS features:

Up to 3 TB (3 x 1 TB) solid state memory modules (each module available from 128 GB, 256 GB, or 1 TB) with up to 450/300 MB/s read/write transfer rates
Optional crash survivable memory module: Up to 30 GB of storage
1 SATA port: optional for crash survivable flight data recorder
Up to 250ms of response time
MIL-STD-1553B, four 1,000 BASE-TX Gigabit ethernet, analog/digital video/audio, and discrete interfaces
External command over external communications circuit
Manual zeroize capabilities: via front panel switch
Meets information assurance requirements (S&U)

Mercury Systems – Innovation that matters®
Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

Forward-Looking Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company’s focus on enhanced execution of the Company’s strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company’s products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 28, 2024 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

INVESTOR CONTACT
David Williams
Mercury Investor Relations
David.Williams@mrcy.com

MEDIA CONTACT
Turner Brinton
Senior Director, Corporate Communications
Turner.Brinton@mrcy.com

The MIL Network –

January 24, 2025

MIL-OSI Asia-Pac: Department of Agriculture and Farmers Welfare organized National Conference on Agriculture – Rabi Campaign 2024

Source: Government of India (2)

Department of Agriculture and Farmers Welfare organized National Conference on Agriculture – Rabi Campaign 2024

Government of India will work collaboratively on every suggestion given by the Ministers and State representatives : Shri Shivraj Singh Chouhan

Posted On: 19 OCT 2024 7:02PM by PIB Delhi

With an objective to review and assess the crop performance during the preceding crop seasons and fix crop-wise targets for rabi season, the Union Minister of Agriculture, Shri Shivraj Singh Chouhan inaugurated National Conference on Agriculture for Rabi Campaign 2024 to at NASC Complex, New Delhi. The conference aimed to promote discussions among all stakeholders about innovative agricultural practices and digital initiatives to ensure smooth supply of essential Agri-inputs and support adoption of state-of-the-art technologies, thereby enhancing crop production and productivity.

Addressing the Conference, Shri Shivraj Singh Chouhan said, “We need to move towards organic and natural farming to increase productivity and reduce dependency on chemicals and fertilizers. The aim is to increase per hectare yield while reducing the cost of production and offering genuine prices to the farmers.” A committee has been constituted to reduce the cost of transportation to reduce the gap between the procurement price and sale price. The States in collaboration with Centre need to work on increasing production based on Agro-climatic conditions to make India the largest food basket for the world. The national target of food grain production in 2024-25 will be 341.55 million tonnes. He assured that the Government of India will work collaboratively on every suggestion given by the Ministers and State representatives.

At the conference, Shri Ramnath Thakur, Minister of State (Agriculture) requested the States to take immediate action to help farmers affected by crop damage due to floods and cyclone. The Senior Officers and Researchers need to assess the quality of Agri-inputs circulated in the market.

The Minister of State (Agriculture), Shri Bhagirath Choudhary expressed his gratitude to research organizations for continuously working towards making the country self-reliant in production of pulses and oilseeds.

The conference welcomed esteemed panelists from State Governments for interactive sessions on crucial topics covering enhancing productivity of oilseeds and pulses, clean plant programme, digital platforms like National Pest Surveillance System (NPSS) and Integrated Pesticide Management System (IPMS), DPIs under Digital Agriculture Mission and Seed Authentication, Traceability & Holistic Inventory (SATHI) portal.

During the discussions, it was highlighted that to meet the increasing demand of edible oil in the country and to become self-reliant, the Government aims at increasing the production of oilseeds from 39.2 MMT in 2022-23 to 69.7 MMT in 2030-31, increase area under cultivation from existing 29 mha to 33 mha and improve yield from 1353 kg/ha to 2112 kg/ha by 2030-31. The panelists emphasized on the importance of conducting research on short-duration, high-yielding seed varieties and implementing comprehensive mechanization for the cultivation of pulses and oilseeds.

The conference showcased the recent Agri-Tech initiatives of the Ministry for ensuring quality of agri-inputs and proactive pest management strategies. NPSS provides a nationwide view for predicting, planning, and managing pest and disease infestations and plays a pivotal role in protecting agricultural yields and promoting sustainable farming practices. Further, the role of IPMS to tackle the complaints / issues related to shortage of supply and misbranding of pesticides, real time monitoring of issuance of licenses, faceless and traceless quality assurance system using unique QR codes was highlighted. Likewise, the SATHI portal is a complete and integrated solution to encompass all the activities involved in production, inspection, processing, packing, tagging and disposal of all kinds of seeds ranging from Breeder, Foundation, Certified, TL seed.

In the session on Digital Agriculture, the panelists deliberated on recently approved Digital Agriculture Mission, an umbrella scheme to support various Digital Public Infrastructure (DPI) initiatives for Agriculture and Special Centre Assistance to States for Capital Investment. The Mission focuses on enabling a convergent DPI ecosystem that enables farmer-centric solutions using integrated registries through AgriStack and providing various advisories through Krishi Decision Support System.

The panelists also discussed on the need for regulations to ensure import of disease-free planting materials in case of fruits and orchids. The Clean Plant Programme will work to resolve such issues and produce, maintain and distribute pathogen-tested propagative material using therapeutic processes to clean plants.

While responding on various sessions in Conference, the state representatives have responded the following (a)for Agriculture, holistic approach needs to be adopted, (b) Mechanization is needed for Oilseeds and Pulses, Good Quality seeds are required, (c) Private sector be encouraged to Research (d) Specialized project from ICAR (e) For CPP, attention on soil is required and support to private sector is welcome (f) For IPMS, AI Chatbot/advisory would be more efficient if it is in audio form.

Addressing the Conference, Dr. Devesh Chaturvedi, Secretary Agriculture instructed the States to ensure completion of farmer registry for all farmers in the State by 31^st March 2025 in camp mode to enable farmers to avail benefit of PM-KISAN. He also highlighted on the need for increasing the productivity of oilseeds and pulses. A check needs to be placed on overdosing of pesticides, circulation of spurious pesticides and seeds in the market. He urged States to ensure use of applications like NPSS, IPMS and SATHI and spread awareness in their respective States.

Sh. Rajat Kumar Mishra, Secretary Fertilizer emphasized on use of drones for nano urea and crop monitoring. Dr. Himanshu Pathak, Secretary (DARE) and DG (ICAR) requested States to increase use of bio-fortified seeds, use of new variety and climate resilient seeds and seed replacement for increasing the productivity.

This was followed by an interaction session with Hon’ble Ministers and Senior Officers of the States to raise issues concerning their states for increasing area coverage, yield, production and productivity in their States. The Agriculture Ministers from States raised their issues in relation to farmers and requested the Government of India to work on resolution. They also made some suggestions for betterment of agriculture and farmers.

The Conference had participation from various Ministries, representatives from State Governments / Union Territories and other organizations. Through interactive sessions, the conference facilitated a comprehensive dialogue that would lead to actionable strategies for the upcoming rabi season.

******

SS

(Release ID: 2066377) Visitor Counter : 26

Read this release in: Hindi

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Economics: Report for the G20 on tokenisation highlights the opportunities, risks and future considerations for central banks

Source: Bank for International Settlements

Tokenisation could have implications for the future of finance and the role of central banks in payments, monetary policy and financial stability.
While tokenisation could offer numerous benefits for the financial system and broader economy, costs and risks also need to be considered.
BIS report highlights four key considerations for central banks: private sector initiatives; trade-offs between different types of settlement assets; sound regulation, supervision and oversight for tokenisation; and the impact on monetary policy implementation.

Tokenisation of money could have implications for the role of central banks in payments, monetary policy and financial stability, according to a report to the G20 published today by the Bank for International Settlements (BIS).

Tokenisation in the context of money and other assets: concepts and implications for central banks, which was prepared by the BIS, including the BIS Committee on Payment and Market Infrastructures (CPMI), examined tokenisation – the generation and recording of digital representations of traditional assets on a programmable platform.

The report also looked at global challenges in the regulated payments sector and focused on the possible benefits of tokenisation in addressing existing frictions in financial markets. It considered potential benefits of some of the innovative solutions involving new use cases and functions that are currently being explored around the world.

It notes that, while the potential benefits of tokenisation, such as cheaper and speedier transactions, have attracted interest, the costs and risks need to be considered.

They may also affect how pre- and post-trade functions are executed for money and other assets. In addition, ensuring appropriate governance and legal frameworks, credit and liquidity risks, as well as custody and operational risks will also require focus.

The report also highlights that risks may materialise in a different manner to the challenges faced by conventional market infrastructures. Tokenisation arrangements provide platform-based intermediation for financial assets that may lead to changes in how financial markets operate and are structured.

In this context, the report focuses on four key considerations for central banks:

responding to ongoing private sector tokenisation initiatives; for example, whether to foster interoperability in the case of fragmenting markets;
assessing the trade-offs and the appropriate balance between different types of settlement assets in token arrangements;
Identifying, monitoring and assessing tokenisation arrangements that may need to be subject to sound regulation, supervision, and oversight; and
assessing the potential impact of token arrangements on monetary policy implementation, for example through changes in the structure of regulated markets or the demand for central bank versus other types of money.

Tokenisation has significant potential to improve the safety and efficiency of the financial system. Central banks along with the private sector must continue to explore novel technologies and develop solutions that are fit for purpose for the future financial system. However, tokenisation also poses economic, legal and technical challenges that must be addressed if it is to fulfil its potential. The BIS is committed to exploring aspects of these challenges through its analysis and Innovation Hub projects in the years ahead.

Agustín Carstens, General Manager of the BIS

As with existing payment, clearing and settlement systems, the potential capacity of token arrangements to improve financial system safety and efficiency will require sound governance and risk management. The well known risks of existing systems apply, but these risks may materialise in different ways due to the effects of token arrangements on market structure. As follow-up to this report, the CPMI will continue its exploration of the topic, including the impact of innovation on the role of central bank money.

Fabio Panetta, Governor, Bank of Italy and Chair, CPMI

MIL OSI Economics –

January 24, 2025

MIL-OSI Asia-Pac: Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

Source: Government of India

Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

Education Minister to meet Singapore’s Prime Minister, Deputy Prime Minister and senior leaders

Education Minister to meet his Australian Counterpart to foster collaboration and synergy in critical areas of mutual interest in education

Shri Dharmendra Pradhan will address Australian International Education Conference

Posted On: 19 OCT 2024 4:45PM by PIB Delhi

In a significant move to enhance bilateral cooperation in the education sector, Union Minister for Education Shri Dharmendra Pradhan will visit Singapore and Australia from 20 to 26 October 2024. The visit is expected to foster collaboration, participation, and synergy in critical areas of mutual interest in education.

During the two day visit in Singapore, Shri Dharmendra Pradhan will address the members of Indian diaspora on 20^th October 2024. The next day, Shri Dharmendra Pradhan will meet the Prime Minister of Singapore, H.E. Lawrence Wong; Deputy Prime Minister, H.E. Gan Kim Yong; Education Minister, H.E. – Chan Chun Sing; and Foreign Minister H.E. Vivian Balakrishnan. Shri Pradhan will visit the National University of Singapore ranked No.1 in Asia. He will also visit a local secondary school to discuss the scope of syllabus integration, keeping AI in focus. He will meet academicians, eminent representatives from alumni of IITs and IIMs and engage in discussions related to the education ecosystem of both countries.

During the 3-day visit to Australia, on 23^rd October 2024, the Minister, in Melbourne, will meet Hon. Jason Clare MP, Minister for Education. Shri Pradhan will also deliver the Plenary address at the Australian International Education Conference. The Minister will be visiting the South Melbourne Primary School which is known for integrated approaches to learning.

He will visit ‘Discovery to Device’ at RMIT University which is a unique centre for MedTech prototyping and manufacturing. The visit will explore collaborative approaches to the commercialisation of medical technologies and role of industry-academia linkages in driving innovation..

Shri Pradhan will meet Hon. Jacinta Allan MP, Premiere of Victoria along with Australian Education Minister Hon Jason Clare MP. He will also visit Monash University to observe their Innovation Lab and Centre for Nano-fabrication.During his stay in Melbourne, Shri Pradhan will also interact with senior academics of Indian origin.

To explore opportunities for partnerships in educating early childhood education workforces, Shri Pradhan will visit Auburn Long Day Child Care Centre in Sydney on 24^th October 2024. The Minister will interact with the representatives of the Innovative Research Universities (IRU) and will attend the 2nd Australia India Education and Skills Council.

On 25^th October 2024, he will visit the Granville South Creative and Performing Arts High School.Shri Pradhan will visit the site of the Macquarie Park Innovation District (MPID). As home to over 180 multinational companies, MPID facilitates the practical application of research across telecommunications, digital industries, medical technology and pharmaceuticals for economic benefit.

Later in the day, Shri Pradhan will interact with Indian research students hosted by the Group of Eight, Australia’s most research intensive universities.

Shri Pradhan will visit the UNSW Energy Institute and the Trailblazer for Recycling and Clean Energy (TraCE) at the Tyree Energy Technologies Building, Kensington. Here, he will observe real-world examples of practical research applications with commercial impact through the UNSW Energy Institute, which brings together world-leading researchers and the energy industry.

He will also visit UTS Moore Park Sports and Exercise Precinct to explore cooperation in sports education and sports research. UTS’s Moore Park Precinct is a state-of-the-art teaching, research and sporting facility.

*****

MV/AK

(Release ID: 2066326) Visitor Counter : 39

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI: Marquette National Corporation Declares a Dividend of $0.28 per Share

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.28 per share. The dividend will be payable on January 2, 2025 to shareholders of record on December 20, 2024. As of September 30, 2024, Marquette National Corporation had 4,372,352 shares issued and outstanding.

Marquette National Corporation is a diversified bank holding company with total assets of approximately $2.20 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com.

Special Note Concerning Forward-Looking Statements
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including the effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the significant rate increases by the Federal Reserve since 2022); (vi) increased competition in the financial services sector (including from non-bank competitors such as credit unions and “fintech” companies) and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; (xi) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xii) fluctuations in the value of securities held in our securities portfolio; (xiii) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xiv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xv) the level of non-performing assets on our balance sheets; (xvi) interruptions involving our information technology and communications systems or third-party servicers; (xvii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xviii) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

For more information:
Patrick Hunt
EVP & CFO
708-364-9019
phunt@emarquettebank.com

The MIL Network –

January 24, 2025

MIL-OSI: HBT Financial, Inc. Announces Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter Highlights

Net income of $18.2 million, or $0.57 per diluted share; return on average assets (“ROAA”) of 1.44%; return on average stockholders’ equity (“ROAE”) of 13.81%; and return on average tangible common equity (“ROATCE”)⁽¹⁾ of 16.25%
Adjusted net income⁽¹⁾ of $19.2 million; or $0.61 per diluted share; adjusted ROAA⁽¹⁾ of 1.53%; adjusted ROAE⁽¹⁾ of 14.62%; and adjusted ROATCE⁽¹⁾ of 17.20%
Asset quality remained strong with nonperforming assets to total assets of 0.17% and net charge-offs to average loans of 0.07%, on an annualized basis
Net interest margin and net interest margin (tax-equivalent basis)⁽¹⁾ expanded to 3.98% and 4.03%, respectively

BLOOMINGTON, Ill., Oct. 21, 2024 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024. This compares to net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024, and net income of $19.7 million, or $0.62 diluted earnings per share, for the third quarter of 2023.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “In the third quarter, we continued our consistently solid financial performance with net income of $18.2 million, adjusted net income⁽¹⁾ of $19.2 million, adjusted ROAA⁽¹⁾ of 1.53% and adjusted ROATCE⁽¹⁾ of 17.20%. We have also seen tangible equity continue to build, with tangible book value per share increasing 23.3% over the last year. Our net interest margin (tax-equivalent basis)⁽¹⁾ increased 3 basis points to 4.03% while funding costs remained modest, increasing 5 basis points to 1.47%. Our asset quality remains strong with net charge-offs at 0.07% of average loans on an annualized basis during the quarter and nonperforming assets to total assets at 0.17%. We have not seen any significant signs of stress in our loan portfolio, but we continue to monitor the portfolio closely. Noninterest income remained consistent and noninterest expense of $31.3 million was up only 2.1% when compared to the third quarter of 2023, as we remain focused on operational efficiency while continuing to invest in our business. Lastly, all capital ratios had solid increases and can support future organic growth or acquisitions.”
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Adjusted Net Income

In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024. This compares to adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024, and adjusted net income of $20.3 million, or $0.63 adjusted diluted earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $47.7 million, an increase of 1.5% from $47.0 million for the second quarter of 2024. The increase was primarily attributable to improved loan yields which were mostly offset by an increase in funding costs.

Relative to the third quarter of 2023, net interest income decreased 1.1% from $48.3 million. The decrease was primarily attributable to higher funding costs which were partially offset by higher asset yields and an increase in interest-earning assets.

Net interest margin for the third quarter of 2024 was 3.98%, compared to 3.95% for the second quarter of 2024, and net interest margin (tax-equivalent basis)⁽¹⁾ for the third quarter of 2024 was 4.03%, compared to 4.00% for the second quarter of 2024. Higher yields on interest-earning assets, which increased by 7 basis points to 5.35%, were mostly offset by an increase in funding costs, with the cost of funds increasing by 5 basis points to 1.47%.

Relative to the third quarter of 2023, net interest margin decreased 9 basis points from 4.07% and net interest margin (tax-equivalent basis)⁽¹⁾ decreased 10 basis points from 4.13%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Noninterest Income

Noninterest income for the third quarter of 2024 was $8.7 million, a decrease from $9.6 million for the second quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the MSR fair value adjustment was a $0.2 million increase in service charge income and a $0.2 million increase in other noninterest income, primarily attributable to swap fee income.

Relative to the third quarter of 2023, noninterest income decreased 8.3% from $9.5 million. The decrease was primarily attributable to the $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results, partially offset by the absence of $0.8 million in realized losses on the sale of securities included in the third quarter 2023 results.

Noninterest Expense

Noninterest expense for the third quarter of 2024 was $31.3 million, a 2.7% increase from $30.5 million for the second quarter of 2024. The increase was primarily attributable to a $0.5 million increase in occupancy expense, driven in part by a seasonal increase in planned building maintenance expenses, and a $0.4 million increase in marketing and customer relations expense.

Relative to the third quarter of 2023, noninterest expense increased 2.1% from $30.7 million. The increase was primarily attributable to a $0.7 million increase in salaries and a $0.4 million increase in employee benefits. Partially offsetting these increases was a $0.3 million decrease in marketing and customer relations expense.

On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the nine months ended September 30, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.

(dollars in thousands)		Nine Months Ended September 30, 2023

PROVISION FOR CREDIT LOSSES	$	5,924
NONINTEREST EXPENSE
Salaries		3,584
Furniture and equipment		39
Data processing		2,031
Marketing and customer relations		24
Loan collection and servicing		125
Legal fees and other noninterest expense		1,964
Total noninterest expense		7,767
Total acquisition-related expenses	$	13,691

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.37 billion at September 30, 2024, compared with $3.39 billion at June 30, 2024, and $3.34 billion at September 30, 2023. The $15.7 million decrease from June 30, 2024 was primarily attributable to several larger commercial real estate loan payoffs due to the sale of the property and a couple of larger one-to-four family residential loan payoffs. These decreases were partially offset by increased line usage and term originations in our agricultural and farmland portfolio.

Deposits

Total deposits were $4.28 billion at September 30, 2024, compared with $4.32 billion at June 30, 2024, and $4.20 billion at September 30, 2023. The $38.0 million decrease from June 30, 2024 was primarily attributable to lower balances maintained in retail accounts and a $18.3 million decrease in escrow balances related to seasonal tax payments, partially offset by increases in public funds and business accounts. Additionally, we continue to see a shift towards higher cost deposit products, with decreases in noninterest-bearing deposits, interest-bearing demand, and savings balances being partially offset by an increase in money market and time deposit balances.

Asset Quality

Nonperforming loans totaled $8.2 million, or 0.24% of total loans, at September 30, 2024, compared with $8.4 million, or 0.25% of total loans, at June 30, 2024, and $6.7 million, or 0.20% of total loans, at September 30, 2023. Additionally, of the $8.2 million of nonperforming loans held as of September 30, 2024, $2.0 million is either wholly or partially guaranteed by the U.S. government. The $0.2 million decrease in nonperforming loans from June 30, 2024 was primarily attributable to the payoff of $0.1 million in nonaccrual agricultural and farmland loans.

The Company recorded a provision for credit losses of $0.6 million for the third quarter of 2024. The provision for credit losses primarily reflects a $1.2 million increase in required reserves resulting from changes in economic forecasts; a $0.2 million increase in required reserves resulting from qualitative factor changes; a $0.6 million decrease in required reserves driven by decreased loan balances and changes within the loan portfolio; and a $0.2 million decrease in specific reserves.

The Company had net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2023. During the third quarter of 2024, net charge-offs were primarily recognized in the commercial and industrial category which had $0.7 million of net charge-offs.

The Company’s allowance for credit losses was 1.22% of total loans and 499% of nonperforming loans at September 30, 2024, compared with 1.21% of total loans and 484% of nonperforming loans at June 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.1 million as of September 30, 2024, compared with $4.3 million as of June 30, 2024.

Capital

As of September 30, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

	September 30, 2024		For Capital Adequacy Purposes With Capital Conservation Buffer

Total capital to risk-weighted assets	16.54	%	10.50	%
Tier 1 capital to risk-weighted assets	14.48		8.50
Common equity tier 1 capital ratio	13.15		7.00
Tier 1 leverage ratio	11.16		4.00

The ratio of tangible common equity to tangible assets⁽¹⁾ increased to 9.35% as of September 30, 2024, from 8.74% as of June 30, 2024, and tangible book value per share⁽¹⁾ increased by $0.91 to $14.55 as of September 30, 2024, when compared to June 30, 2024.

During the third quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of September 30, 2024, the Company had $10.6 million remaining under the stock repurchase program.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

About HBT Financial, Inc.

HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of September 30, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 billion.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, 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 generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	As of or for the Three Months Ended									Nine Months Ended September 30,
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023
Interest and dividend income	$	64,117		$	62,824		$	59,041		$	188,902		$	167,588
Interest expense		16,384			15,796			10,762			47,453			23,600
Net interest income		47,733			47,028			48,279			141,449			143,988
Provision for credit losses		603			1,176			480			2,306			6,460
Net interest income after provision for credit losses		47,130			45,852			47,799			139,143			137,528
Noninterest income		8,705			9,610			9,490			23,941			26,841
Noninterest expense		31,322			30,509			30,671			93,099			100,577
Income before income tax expense		24,513			24,953			26,618			69,985			63,792
Income tax expense		6,333			6,883			6,903			18,477			16,396
Net income	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396

Earnings per share – Diluted	$	0.57		$	0.57		$	0.62		$	1.62		$	1.49

Adjusted net income ⁽¹⁾	$	19,244		$	18,139		$	20,279		$	55,456		$	58,910
Adjusted earnings per share – Diluted ⁽¹⁾		0.61			0.57			0.63			1.75			1.86

Book value per share	$	17.04		$	16.14		$	14.36
Tangible book value per share ⁽¹⁾		14.55			13.64			11.80

Shares of common stock outstanding		31,559,366			31,559,366			31,774,140
Weighted average shares of common stock outstanding		31,559,366			31,579,457			31,829,250			31,600,442			31,598,650

SUMMARY RATIOS
Net interest margin *		3.98	%		3.95	%		4.07	%		3.96	%		4.14	%
Net interest margin (tax-equivalent basis) * ⁽¹⁾⁽²⁾		4.03			4.00			4.13			4.01			4.20

Efficiency ratio		54.24	%		52.61	%		51.85	%		55.00	%		57.73	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾⁽²⁾		53.71			52.10			51.25			54.45			57.04

Loan to deposit ratio		78.72	%		78.39	%		79.63	%

Return on average assets *		1.44	%		1.45	%		1.58	%		1.37	%		1.29	%
Return on average stockholders’ equity *		13.81			14.48			17.02			13.58			14.22
Return on average tangible common equity * ⁽¹⁾		16.25			17.21			20.70			16.11			17.17

Adjusted return on average assets * ⁽¹⁾		1.53	%		1.45	%		1.62	%		1.48	%		1.61	%
Adjusted return on average stockholders’ equity * ⁽¹⁾		14.62			14.54			17.51			14.62			17.68
Adjusted return on average tangible common equity * ⁽¹⁾		17.20			17.27			21.29			17.34			21.34

CAPITAL
Total capital to risk-weighted assets		16.54	%		16.01	%		15.09	%
Tier 1 capital to risk-weighted assets		14.48			13.98			13.18
Common equity tier 1 capital ratio		13.15			12.66			11.88
Tier 1 leverage ratio		11.16			10.83			10.34
Total stockholders’ equity to total assets		10.77			10.18			9.14
Tangible common equity to tangible assets ⁽¹⁾		9.35			8.74			7.64

ASSET QUALITY
Net charge-offs (recoveries) to average loans *		0.07	%		0.08	%		(0.01)	%		0.04	%		(0.01)	%
Allowance for credit losses to loans, before allowance for credit losses		1.22			1.21			1.16
Nonperforming loans to loans, before allowance for credit losses		0.24			0.25			0.20
Nonperforming assets to total assets		0.17			0.17			0.16

* Annualized measure.
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Statements of Income

	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,650		$	52,177		$	49, 640		$	157,753		$	138,948
Federally tax exempt		1,133			1,097			1,072			3,324			3,064
Debt Securities:
Taxable		6,453			6,315			6,402			18,972			19,460
Federally tax exempt		502			521			978			1,620			3,337
Interest-bearing deposits in bank		2,230			2,570			714			6,752			2,234
Other interest and dividend income		149			144			235			481			545
Total interest and dividend income		64,117			62,824			59,041			188,902			167,588
INTEREST EXPENSE
Deposits		14,649			14,133			7,211			42,375			13,908
Securities sold under agreements to repurchase		134			129			35			415			107
Borrowings		119			121			2,108			365			5,594
Subordinated notes		470			469			470			1,409			1,409
Junior subordinated debentures issued to capital trusts		1,012			944			938			2,889			2,582
Total interest expense		16,384			15,796			10,762			47,453			23,600
Net interest income		47,733			47,028			48,279			141,449			143,988
PROVISION FOR CREDIT LOSSES		603			1,176			480			2,306			6,460
Net interest income after provision for credit losses		47,130			45,852			47,799			139,143			137,528
NONINTEREST INCOME
Card income		2,753			2,885			2,763			8,254			8,326
Wealth management fees		2,670			2,623			2,381			7,840			6,998
Service charges on deposit accounts		2,081			1,902			2,040			5,852			5,830
Mortgage servicing		1,113			1,111			1,169			3,279			3,522
Mortgage servicing rights fair value adjustment		(1,488	)		(97	)		23			(1,505	)		(460	)
Gains on sale of mortgage loans		461			443			476			1,202			1,125
Realized gains (losses) on sales of securities		—			—			(813	)		(3,382	)		(1,820	)
Unrealized gains (losses) on equity securities		136			(96	)		(46	)		24			(61	)
Gains (losses) on foreclosed assets		(44	)		(28	)		550			15			443
Gains (losses) on other assets		(2	)		—			52			(637	)		161
Income on bank owned life insurance		170			166			153			500			415
Other noninterest income		855			701			742			2,499			2,362
Total noninterest income		8,705			9,610			9,490			23,941			26,841
NONINTEREST EXPENSE
Salaries		16,325			16,364			15,644			49,346			51,715
Employee benefits		2,997			2,860			2,616			8,662			7,658
Occupancy of bank premises		2,695			2,243			2,573			7,520			7,460
Furniture and equipment		446			548			667			1,544			2,135
Data processing		2,640			2,606			2,581			8,171			9,787
Marketing and customer relations		1,380			996			1,679			3,372			3,874
Amortization of intangible assets		710			710			720			2,130			1,950
FDIC insurance		572			565			512			1,697			1,705
Loan collection and servicing		476			475			345			1,403			971
Foreclosed assets		19			10			76			78			234
Other noninterest expense		3,062			3,132			3,258			9,176			13,088
Total noninterest expense		31,322			30,509			30,671			93,099			100,577
INCOME BEFORE INCOME TAX EXPENSE		24,513			24,953			26,618			69,985			63,792
INCOME TAX EXPENSE		6,333			6,883			6,903			18,477			16,396
NET INCOME	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396

EARNINGS PER SHARE – BASIC	$	0.58		$	0.57		$	0.62		$	1.63		$	1.50
EARNINGS PER SHARE – DILUTED	$	0.57		$	0.57		$	0.62		$	1.62		$	1.49
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		31,559,366			31,579,457			31,829,250			31,600,442			31,598,650

HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Balance Sheets

(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023
ASSETS
Cash and due from banks	$	26,776		$	22,604		$	24,757
Interest-bearing deposits with banks		152,895			172,636			87,156
Cash and cash equivalents		179,671			195,240			111,913

Interest-bearing time deposits with banks		—			520			500
Debt securities available-for-sale, at fair value		710,303			669,055			753,163
Debt securities held-to-maturity		505,075			512,549			527,144
Equity securities with readily determinable fair value		3,364			3,228			3,106
Equity securities with no readily determinable fair value		2,638			2,613			2,300
Restricted stock, at cost		5,086			5,086			11,165
Loans held for sale		2,959			858			3,563

Loans, before allowance for credit losses		3,369,830			3,385,483			3,342,786
Allowance for credit losses		(40,966	)		(40,806	)		(38,863	)
Loans, net of allowance for credit losses		3,328,864			3,344,677			3,303,923

Bank owned life insurance		24,405			24,235			23,747
Bank premises and equipment, net		65,919			65,711			64,713
Bank premises held for sale		317			317			35
Foreclosed assets		376			320			1,519
Goodwill		59,820			59,820			59,820
Intangible assets, net		18,552			19,262			21,402
Mortgage servicing rights, at fair value		17,496			18,984			20,156
Investments in unconsolidated subsidiaries		1,614			1,614			1,614
Accrued interest receivable		24,160			22,425			23,447
Other assets		40,109			59,685			58,538
Total assets	$	4,990,728		$	5,006,199		$	4,991,768

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,008,359		$	1,045,697		$	1,086,877
Interest-bearing		3,272,341			3,272,996			3,111,191
Total deposits		4,280,700			4,318,693			4,198,068

Securities sold under agreements to repurchase		29,029			29,330			28,900
Federal Home Loan Bank advances		13,435			13,734			177,650
Subordinated notes		39,533			39,514			39,454
Junior subordinated debentures issued to capital trusts		52,834			52,819			52,774
Other liabilities		37,535			42,640			38,671
Total liabilities		4,453,066			4,496,730			4,535,517

Stockholders’ Equity
Common stock		328			328			327
Surplus		296,810			296,430			295,483
Retained earnings		302,532			290,386			256,050
Accumulated other comprehensive income (loss)		(38,989	)		(54,656	)		(78,432	)
Treasury stock at cost		(23,019	)		(23,019	)		(17,177	)
Total stockholders’ equity		537,662			509,469			456,251
Total liabilities and stockholders’ equity	$	4,990,728		$	5,006,199		$	4,991,768
SHARES OF COMMON STOCK OUTSTANDING		31,559,366			31,559,366			31,774,140

HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	September 30, 2024		June 30, 2024		September 30, 2023

LOANS
Commercial and industrial	$	395,598	$	400,276	$	386,933
Commercial real estate – owner occupied		288,838		289,992		297,242
Commercial real estate – non-owner occupied		889,188		889,193		901,929
Construction and land development		359,151		365,371		371,158
Multi-family		432,712		429,951		388,742
One-to-four family residential		472,040		484,335		488,655
Agricultural and farmland		297,102		285,822		275,239
Municipal, consumer, and other		235,201		240,543		232,888
Total loans	$	3,369,830	$	3,385,483	$	3,342,786

(dollars in thousands)	September 30, 2024		June 30, 2024		September 30, 2023

DEPOSITS
Noninterest-bearing deposits	$	1,008,359	$	1,045,697	$	1,086,877
Interest-bearing deposits:
Interest-bearing demand		1,076,445		1,094,797		1,134,721
Money market		795,150		769,386		673,780
Savings		566,783		582,752		623,083
Time		803,964		796,069		564,634
Brokered		29,999		29,992		114,973
Total interest-bearing deposits		3,272,341		3,272,996		3,111,191
Total deposits	$	4,280,700	$	4,318,693	$	4,198,068

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
(dollars in thousands)	Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *

ASSETS
Loans	$	3,379,299		$	54,783	6.45	%	$	3,374,058		$	53,274	6.35	%	$	3,296,703		$	50,712	6.10	%
Debt Securities		1,191,642			6,955	2.32			1,187,795			6,836	2.31			1,317,603			7,380	2.22
Deposits with banks		185,870			2,230	4.77			211,117			2,570	4.90			77,595			714	3.65
Other		12,660			149	4.68			12,588			144	4.60			16,430			235	5.68
Total interest-earning assets		4,769,471		$	64,117	5.35	%		4,785,558		$	62,824	5.28	%		4,708,331		$	59,041	4.97	%
Allowance for credit losses		(40,780	)						(40,814	)						(38,317	)
Noninterest-earning assets		278,030							283,103							294,818
Total assets	$	5,006,721						$	5,027,847						$	4,964,832

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,085,609		$	1,408	0.52	%	$	1,123,592		$	1,429	0.51	%	$	1,160,654		$	761	0.26	%
Money market		800,651			4,726	2.35			788,744			4,670	2.38			682,772			2,026	1.18
Savings		573,077			396	0.27			592,312			393	0.27			639,384			249	0.15
Time		804,379			7,702	3.81			763,507			7,117	3.75			519,683			3,275	2.50
Brokered		29,996			417	5.54			38,213			524	5.51			66,776			900	5.34
Total interest-bearing deposits		3,293,712			14,649	1.77			3,306,368			14,133	1.72			3,069,269			7,211	0.93
Securities sold under agreements to repurchase		29,426			134	1.80			30,440			129	1.70			33,807			35	0.41
Borrowings		13,691			119	3.47			13,466			121	3.60			157,908			2,108	5.30
Subordinated notes		39,524			470	4.73			39,504			469	4.78			39,444			470	4.72
Junior subordinated debentures issued to capital trusts		52,827			1,012	7.63			52,812			944	7.18			52,767			938	7.05
Total interest-bearing liabilities		3,429,180		$	16,384	1.90	%		3,442,590		$	15,796	1.85	%		3,353,195		$	10,762	1.27	%
Noninterest-bearing deposits		1,013,893							1,043,614							1,105,472
Noninterest-bearing liabilities		39,903							39,806							46,564
Total liabilities		4,482,976							4,526,010							4,505,231
Stockholders’ Equity		523,745							501,837							459,601
Total liabilities and stockholders’ equity	$	5,006,721						$	5,027,847						$	4,964,832

Net interest income/Net interest margin ⁽¹⁾				$	47,733	3.98	%				$	47,028	3.95	%				$	48,279	4.07	%
Tax-equivalent adjustment ⁽²⁾					552	0.05						553	0.05						675	0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}				$	48,285	4.03	%				$	47,581	4.00	%				$	48,954	4.13	%
Net interest rate spread ⁽⁴⁾						3.45	%						3.43	%						3.70	%
Net interest-earning assets ⁽⁵⁾	$	1,340,291						$	1,342,968						$	1,355,136
Ratio of interest-earning assets to interest-bearing liabilities		1.39							1.39							1.40
Cost of total deposits						1.35	%						1.31	%						0.69	%
Cost of funds						1.47							1.42							0.96

* Annualized measure.
(1) Net interest margin represents net interest income divided by average total interest-earning assets.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Nine Months Ended
	September 30, 2024							September 30, 2023
(dollars in thousands)	Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *

ASSETS
Loans	$	3,374,875		$	161,077	6.38	%	$	3,183,641		$	142,012	5.96	%
Debt Securities		1,197,772			20,592	2.30			1,366,298			22,797	2.23
Deposits with banks		188,087			6,752	4.80			84,720			2,234	3.53
Other		12,744			481	5.04			15,334			545	4.75
Total interest-earning assets		4,773,478		$	188,902	5.29	%		4,649,993		$	167,588	4.82	%
Allowance for credit losses		(40,611	)						(37,053	)
Noninterest-earning assets		279,789							289,843
Total assets	$	5,012,656						$	4,902,783

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,112,198		$	4,148	0.50	%	$	1,204,937		$	1,902	0.21	%
Money market		800,693			14,193	2.37			664,036			4,467	0.90
Savings		592,134			1,232	0.28			678,495			616	0.12
Time		744,349			20,744	3.72			441,760			6,011	1.82
Brokered		50,046			2,058	5.49			22,987			912	5.30
Total interest-bearing deposits		3,299,420			42,375	1.72			3,012,215			13,908	0.62
Securities sold under agreements to repurchase		30,769			415	1.80			35,844			107	0.40
Borrowings		13,387			365	3.64			148,443			5,594	5.04
Subordinated notes		39,504			1,409	4.76			39,424			1,409	4.78
Junior subordinated debentures issued to capital trusts		52,812			2,889	7.31			51,054			2,582	6.76
Total interest-bearing liabilities		3,435,892		$	47,453	1.84	%		3,286,980		$	23,600	0.96	%
Noninterest-bearing deposits		1,031,239							1,123,917
Noninterest-bearing liabilities		38,943							46,310
Total liabilities		4,506,074							4,457,207
Stockholders’ Equity		506,582							445,576
Total liabilities and stockholders’ equity	$	5,012,656							4,902,783

Net interest income/Net interest margin ⁽¹⁾				$	141,449	3.96	%				$	143,988	4.14	%
Tax-equivalent adjustment ⁽²⁾					1,680	0.05						2,092	0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}				$	143,129	4.01	%				$	146,080	4.20	%
Net interest rate spread ⁽⁴⁾						3.45	%						3.86	%
Net interest-earning assets ⁽⁵⁾	$	1,337,586						$	1,363,013
Ratio of interest-earning assets to interest-bearing liabilities		1.39							1.41
Cost of total deposits						1.31	%						0.45	%
Cost of funds						1.42							0.72

* Annualized measure.
(1) Net interest margin represents net interest income divided by average total interest-earning assets.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023

NONPERFORMING ASSETS
Nonaccrual	$	8,200		$	8,425		$	6,678
Past due 90 days or more, still accruing		5			7			—
Total nonperforming loans		8,205			8,432			6,678
Foreclosed assets		376			320			1,519
Total nonperforming assets	$	8,581		$	8,752		$	8,197

Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	2,046		$	2,132		$	1,968

Allowance for credit losses	$	40,966		$	40,806		$	38,863
Loans, before allowance for credit losses		3,369,830			3,385,483			3,342,786

CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses		1.22	%		1.21	%		1.16	%
Allowance for credit losses to nonaccrual loans		499.59			484.34			581.96
Allowance for credit losses to nonperforming loans		499.28			483.94			581.96
Nonaccrual loans to loans, before allowance for credit losses		0.24			0.25			0.20
Nonperforming loans to loans, before allowance for credit losses		0.24			0.25			0.20
Nonperforming assets to total assets		0.17			0.17			0.16
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets		0.25			0.26			0.25

HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	40,806		$	40,815		$	37,814		$	40,048		$	25,333
Adoption of ASC 326		—			—			—			—			6,983
PCD allowance established in acquisition		—			—			—			—			1,247
Provision for credit losses		746			677			983			1,983			5,004
Charge-offs		(1,101	)		(870	)		(412	)		(2,198	)		(733	)
Recoveries		515			184			478			1,133			1,029
Ending balance	$	40,966		$	40,806		$	38,863		$	40,966		$	38,863

Net charge-offs (recoveries)	$	586		$	686		$	(66	)	$	1,065		$	(296	)
Average loans		3,379,299			3,374,058			3,296,703			3,374,875			3,183,641

Net charge-offs (recoveries) to average loans *		0.07	%		0.08	%		(0.01)	%		0.04	%		(0.01)	%

* Annualized measure.

	Three Months Ended								Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024		September 30, 2023				2024		2023

PROVISION FOR CREDIT LOSSES
Loans ⁽¹⁾	$	746		$	677	$	983		$	1,983	$	5,004
Unfunded lending-related commitments ⁽¹⁾		(143	)		499		297			323		1,456
Debt securities		—			—		(800	)		—		—
Total provision for credit losses	$	603		$	1,176	$	480		$	2,306	$	6,460

(1) Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.

Reconciliation of Non-GAAP Financial Measures – Adjusted Net Income and Adjusted Return on Average Assets
	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Net income	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396
Adjustments:
Acquisition expenses ⁽¹⁾		—			—			—			—			(13,691	)
Gains (losses) on closed branch premises		—			—			—			(635	)		75
Realized gains (losses) on sales of securities		—			—			(813	)		(3,382	)		(1,820	)
Mortgage servicing rights fair value adjustment		(1,488	)		(97	)		23			(1,505	)		(460	)
Total adjustments		(1,488	)		(97	)		(790	)		(5,522	)		(15,896	)
Tax effect of adjustments ⁽²⁾		424			28			226			1,574			4,382
Total adjustments after tax effect		(1,064	)		(69	)		(564	)		(3,948	)		(11,514	)
Adjusted net income	$	19,244		$	18,139		$	20,279		$	55,456		$	58,910

Average assets	$	5,006,721		$	5,027,847		$	4,964,832		$	5,012,656		$	4,902,783

Return on average assets *		1.44	%		1.45	%		1.58	%		1.37	%		1.29	%
Adjusted return on average assets *		1.53			1.45			1.62			1.48			1.61

* Annualized measure.
(1) Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
(2) Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures – Adjusted Earnings Per Share — Basic and Diluted
	Three Months Ended							Nine Months Ended September 30,
(dollars in thousands, except per share amounts)	September 30, 2024		June 30, 2024		September 30, 2023				2024		2023

Numerator:
Net income	$	18,180	$	18,070	$	19,715		$	51,508	$	47,396
Earnings allocated to participating securities ⁽¹⁾		—		—		(10	)		—		(26	)
Numerator for earnings per share – basic and diluted	$	18,180	$	18,070	$	19,705		$	51,508	$	47,370

Adjusted net income	$	19,244	$	18,139	$	20,279		$	55,456	$	58,910
Earnings allocated to participating securities ⁽¹⁾		—		—		(10	)		—		(33	)
Numerator for adjusted earnings per share – basic and diluted	$	19,244	$	18,139	$	20,269		$	55,456	$	58,877

Denominator:
Weighted average common shares outstanding		31,559,366		31,579,457		31,829,250			31,600,442		31,598,650
Dilutive effect of outstanding restricted stock units		118,180		87,354		137,187			115,266		102,574
Weighted average common shares outstanding, including all dilutive potential shares		31,677,546		31,666,811		31,966,437			31,715,708		31,701,224

Earnings per share – Basic	$	0.58	$	0.57	$	0.62		$	1.63	$	1.50
Earnings per share – Diluted	$	0.57	$	0.57	$	0.62		$	1.62	$	1.49

Adjusted earnings per share – Basic	$	0.61	$	0.57	$	0.64		$	1.75	$	1.86
Adjusted earnings per share – Diluted	$	0.61	$	0.57	$	0.63		$	1.75	$	1.86

(1) The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Reconciliation of Non-GAAP Financial Measures – Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Net interest income (tax-equivalent basis)
Net interest income	$	47,733		$	47,028		$	48,279		$	141,449		$	143,988
Tax-equivalent adjustment ⁽¹⁾		552			553			675			1,680			2,092
Net interest income (tax-equivalent basis) ⁽¹⁾	$	48,285		$	47,581		$	48,954		$	143,129		$	146,080

Net interest margin (tax-equivalent basis)
Net interest margin *		3.98	%		3.95	%		4.07	%		3.96	%		4.14	%
Tax-equivalent adjustment * ⁽¹⁾		0.05			0.05			0.06			0.05			0.06
Net interest margin (tax-equivalent basis) * ⁽¹⁾		4.03	%		4.00	%		4.13	%		4.01	%		4.20	%

Average interest-earning assets	$	4,769,471		$	4,785,558		$	4,708,331		$	4,773,478		$	4,649,993

* Annualized measure.
(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures – Efficiency Ratio (Tax-equivalent Basis)
	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Efficiency ratio (tax-equivalent basis)
Total noninterest expense	$	31,322		$	30,509		$	30,671		$	93,099		$	100,577
Less: amortization of intangible assets		710			710			720			2,130			1,950
Noninterest expense excluding amortization of intangible assets	$	30,612		$	29,799		$	29,951		$	90,969		$	98,627

Net interest income	$	47,733		$	47,028		$	48,279		$	141,449		$	143,988
Total noninterest income		8,705			9,610			9,490			23,941			26,841
Operating revenue		56,438			56,638			57,769			165,390			170,829
Tax-equivalent adjustment ⁽¹⁾		552			553			675			1,680			2,092
Operating revenue (tax-equivalent basis) ⁽¹⁾	$	56,990		$	57,191		$	58,444		$	167,070		$	172,921

Efficiency ratio		54.24	%		52.61	%		51.85	%		55.00	%		57.73	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾		53.71			52.10			51.25			54.45			57.04

(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures – Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023

Tangible Common Equity
Total stockholders’ equity	$	537,662		$	509,469		$	456,251
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		18,552			19,262			21,402
Tangible common equity	$	459,290		$	430,387		$	375,029

Tangible Assets
Total assets	$	4,990,728		$	5,006,199		$	4,991,768
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		18,552			19,262			21,402
Tangible assets	$	4,912,356		$	4,927,117		$	4,910,546

Total stockholders’ equity to total assets		10.77	%		10.18	%		9.14	%
Tangible common equity to tangible assets		9.35			8.74			7.64

Shares of common stock outstanding		31,559,366			31,559,366			31,774,140

Book value per share	$	17.04		$	16.14		$	14.36
Tangible book value per share		14.55			13.64			11.80

Reconciliation of Non-GAAP Financial Measures – Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity

	Three Months Ended									Nine Months Ended September 30,
(dollars in thousands)	September 30, 2024			June 30, 2024			September 30, 2023				2024			2023

Average Tangible Common Equity
Total stockholders’ equity	$	523,745		$	501,837		$	459,601		$	506,582		$	445,576
Less: Goodwill		59,820			59,820			59,875			59,820			56,406
Less: Intangible assets, net		18,892			19,605			21,793			19,607			20,005
Average tangible common equity	$	445,033		$	422,412		$	377,933		$	427,155		$	369,165

Net income	$	18,180		$	18,070		$	19,715		$	51,508		$	47,396
Adjusted net income		19,244			18,139			20,279			55,456			58,910

Return on average stockholders’ equity *		13.81	%		14.48	%		17.02	%		13.58	%		14.22	%
Return on average tangible common equity *		16.25			17.21			20.70			16.11			17.17

Adjusted return on average stockholders’ equity *		14.62	%		14.54	%		17.51	%		14.62	%		17.68	%
Adjusted return on average tangible common equity *		17.20			17.27			21.29			17.34			21.34

* Annualized measure.

The MIL Network –

January 24, 2025

MIL-OSI: Stilwell Will Vote in Favor of Proposal to Sell IF Bancorp

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Stilwell Activist Investments, L.P. (together with its affiliates, “Stilwell”), one of the largest stockholders of IF Bancorp, Inc. (“IROQ” or the “Company”) (NASDAQ: IROQ), today issued the following statement in connection with the Company’s upcoming annual meeting of stockholders scheduled to be held on November 25, 2024 (the “Annual Meeting”), at which stockholders will vote on a number of matters, including Stilwell’s non-binding proposal requesting a sale of the Company (the “Proposal”), submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended:

IF Bancorp – Chronically Disappointing.

Based on chronic underperformance and the likelihood of continued underperformance, we intend to vote FOR the Proposal, copied directly below, at the upcoming Annual Meeting.

Proposal: RESOLVED, that the stockholders of IF Bancorp, Inc. (the “Company” or “IROQ”) hereby recommend that the Board of Directors take all necessary steps to promptly effectuate a sale of the Company.

As set forth in our Supporting Statement included in IROQ’s proxy statement filed with the Securities and Exchange Commission on October 16, 2024, we believe that the returns on the Company’s assets have been subpar for many years and that IROQ stockholders would be best served if the Company and its assets were sold at the earliest opportunity for the highest price available.

Although our proposal is non-binding, we believe it provides a referendum for IROQ stockholders to express their views on the status quo and that it would be incumbent upon the Board of Directors to seriously consider such views if a majority of stockholders support this Proposal at the Annual Meeting.

Investor Contact:
Megan Parisi
(787) 985-2194
mparisi@stilwellgroup.com

PLEASE NOTE: THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. STILWELL IS NOT ASKING FOR YOUR PROXY CARD AND CANNOT AND WILL NOT ACCEPT PROXY CARDS IF SENT. STILWELL IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

The MIL Network –

January 24, 2025

MIL-OSI: Karolinska Development’s portfolio company SVF Vaccines announces positive data from a phase 1 study of its universal Covid-19 vaccine

Source: GlobeNewswire (MIL-OSI)

STOCKHOLM, SWEDEN, October 21, 2024. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company SVF Vaccines, has presented positive clinical safety and immunogenicity data from a clinical phase 1 study of the universal Covid-19 vaccine candidate, SVF-002.

SVF Vaccines develops SVF-002, a DNA vaccine designed to engage a broad neutralizing response directed against the spike protein of SARS-CoV-2, the virus that causes Covid-19, but has also been designed to induce a T-cell response that is capable of eliminating cells in which the virus is present. SVF-002 has now been evaluated in a double-blind, first-in-human clinical study. The results were presented today at the annual meeting of the International Society for Vaccines in Seoul, South Korea, by the principal investigator of the study, Professor Soo Aleman, Senior Physician and Section Manager at the Medical Unit for Infectious Diseases, Karolinska University Hospital.

The results showed that the vaccine candidate was safe and well-tolerated and that the higher dose boosted neutralizing antibodies to the spike protein and provided unique T-cell responses against highly conserved components of the virus, the membrane protein and the nucleoprotein, which may entail better protection even if the virus changes. The study was run by the OpenCorona consortium in collaboration with the Karolinska University Hospital in Stockholm, Sweden. The study enrolled healthy individuals who had previously received three doses of an mRNA-based Covid-19 vaccine.

“SVF Vaccine is developing a portfolio of therapeutic and prophylactic vaccines that potentially can both prevent disease and cure infected patients. The positive results in the clinical phase 1 study are an important achievement that validates SVF Vaccines development platform,” says Viktor Drvota, CEO of Karolinska Development.

Karolinska Development’s ownership in SVF Vaccines amounts to 34%.

For further information, please contact:

Viktor Drvota, CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

TO THE EDITORS

About Karolinska Development AB

Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patient’s lives while providing an attractive return on investment to shareholders.

Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

For more information, please visit http://www.karolinskadevelopment.com.

Attachment

SVF phase 1 results_eng

The MIL Network –

January 24, 2025

MIL-OSI: Renegade IDO to Debut on DeFi.Gold Launchpad, Bridging TradFi with Crypto

Source: GlobeNewswire (MIL-OSI)

Cayman Islands, Oct. 21, 2024 (GLOBE NEWSWIRE) — – DG Labs Ltd., a leader in decentralized finance (DeFi), announces the upcoming Initial DEX Offering (IDO) on the DeFi.Gold launchpad, featuring Renegade, a financial platform that integrates traditional banking services with advanced cryptocurrency solutions. This partnership aligns with DeFi.Gold’s mission to bridge decentralized finance and traditional financial systems, providing users with greater control, transparency, and empowerment in their financial decisions. Renegade offers an all-in-one platform designed to unify traditional finance and decentralized assets. The platform enables users to seamlessly manage fiat, cryptocurrencies, and other financial products in a single interface, redefining how individuals engage with their finances. Key features of Renegade:

All-in-One Financial App: Manage both traditional and cryptocurrency assets through a single, unified platform, streamlining financial management like never before
Crypto Exchange and Wallet Services: Buy, sell, and securely store crypto assets with integrated exchange and wallet functionalities, ensuring a smooth and secure user experience
Visa Card Integration: Renegade offers a Visa card linked to user accounts, allowing users to spend both fiat and cryptocurrency funds in everyday transactions worldwide
Reward System: Users can design personalized reward cards by selecting a ‘squad’ – a monthly subscription model – earning points through RNG staking or completing squad missions for additional rewards
AI-Driven Portfolio Management: Advanced AI tools provide precise analysis and automated rebalancing of cryptocurrency portfolios, ensuring optimal performance with minimal effort

The Renegade crowd sale is set to launch on November 11, 2024. Early participants can secure exclusive discounts by joining the waitlist at renegade.defi.gold. Mona Coyle, CEO of DG Labs Ltd., commented: “We’re proud to partner with Renegade, a company that truly understands the intersection of traditional finance and crypto. This IDO marks a significant step in our mission to provide access to innovative financial solutions that empower users.” Mike Hunt, CEO of Renegade, added: “Our platform is built to redefine how people manage their finances, giving them the tools to navigate between fiat and crypto seamlessly. We’re thrilled to launch with the support of DG Labs and DeFi.Gold and look forward to ushering in a new era of financial freedom.” Expanding the DeFi.Gold Ecosystem In addition to the Renegade IDO, DG Labs is excited to announce that three more IDOs will be launching on the DeFi.Gold platform before the end of 2024. One of these projects is an innovative game that will feature Flurbo and Schmeckle Runes – digital assets previously launched by DeFi.Gold. These Runes will be redeemable for in-game currency and governance tokens, with listings scheduled for Q1 2025. The game will also be the first project on the DeFi.Gold launchpad to be offered via auction, marking a unique milestone in community-driven engagement. For more information on DeFi.Gold’s launchpad and its features, visit http://www.DeFi.Gold.com.
-ENDS- About DeFi.Gold: DeFi.Gold is pioneering DeFi with the first non-custodial DEX, launchpad, and NFT marketplace built on Bitcoin’s secure infrastructure. By leveraging Bitcoin’s Layer 1 (L1) and the Lightning Network, DeFi.Gold offers enhanced scalability, efficiency, and advanced features. The platform supports trading of assets like Jettons, ERC20 tokens, Runes, RGB, Taproot Assets, and more across Bitcoin, Stacks, TON, and Ethereum. DeFi.Gold NFT marketplace will provide liquidity for creators and collectors, integrating seamlessly with popular web wallets and enabling fast, low-cost transactions. The $DGOLD token powers community-led innovation on the Bitcoin blockchain. Contact:
Aroma Kumar
Account Manager
aroma@lunapr.io
http://www.lunapr.io

The MIL Network –

January 24, 2025

MIL-OSI USA: Four new petroleum liquids pipelines have been completed in the United States since 2023

Source: US Energy Information Administration

In-brief analysis

October 21, 2024

Since 2023, pipeline companies have completed four new petroleum liquids pipeline projects in the United States—three crude oil pipeline projects and one hydrocarbon gas liquids (HGL) project—according to our recently updated Liquids Pipeline Projects Database. No new petroleum product pipeline projects were completed during this period. Petroleum product pipelines carry gasoline, diesel, jet fuel, and other refinery products.

The completed projects are as follows:

South Bend Pipeline is a 150,000-barrel-per-day (b/d) pipeline developed by Bridger Pipeline, LLC, that transports crude oil about 137 miles from Johnsons Corner, North Dakota, to Baker, Montana. It was completed in 2023.
Keystone Port Neches Link is a 630,000-b/d pipeline developed by Port Neches Link, LLC, a joint venture of TC Energy and Motiva Enterprises, that begins at the Sunoco Logistics terminal in Nederland and ends at Motiva’s terminal in Port Neches (both in Texas). The pipeline is approximately five miles in length and was completed in 2023. The Motiva section is a 30-inch diameter pipe, and the TC Energy section is 36-inch diameter pipe.
Borger Express Pipeline is a 90,000-b/d pipeline developed by Navigator Energy Service that transports crude oil about 195 miles from Major County, Oklahoma, to Hutchinson County, Texas. It was completed in 2023.
Seminole Red Pipeline was converted by Enterprise Products Partners from a crude oil pipeline back to an HGL pipeline while it builds Bahia Pipeline, another HGL pipeline project that will also service the Permian Basin. Seminole Red Pipeline was originally an HGL pipeline before it was converted to a 210,000-b/d crude oil pipeline in 2019. The conversion back to HGL was completed in 2024.

Our Liquids Pipeline Projects Database contains information about projects at various stages of construction. Currently, 9 projects have been announced, and 10 projects are under construction. Since we launched the database in 2010, 231 projects have been completed, and 17 projects have been permanently canceled.

Our Liquids Pipeline Projects Database compiles information on more than 270 future, ongoing, and past liquids pipeline projects in the United States. These pipelines carry crude oil, HGL, and petroleum products. Our database contains project types, start dates, capacity, mileage, geographic information, and project status. We track expanded, reversed, converted, and new pipeline projects.

Some projects are connected to each other and may carry the same fuels to their final destinations. As a result, adding together the capacity of all projects would result in overestimating or double-counting some pipeline capacity.

The Liquids Pipeline Projects Database complements our natural gas pipeline projects database. We update our Liquids Pipeline Projects Database based on the best available information from pipeline company websites, trade press reports, and government documents, such as U.S. Department of State permits for border crossings. We update the database twice each year. The data reflect reported plans and do not reflect our assumptions on the likelihood or timing of project completion.

Principal contributor: Jim O’Sullivan

MIL OSI USA News –

January 24, 2025

MIL-OSI: Preferred Bank Reports Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank (“the Bank”) reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provision for credit losses and an increase in noninterest income. The decrease from the prior quarter was due to an increase in noninterest expense of $2.4 million, an increase in the provision for credit losses of $700,000 partially offset by an increase in net interest income of $2.7 million. Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

Highlights for the Quarter:

Return on average assets was 1.95%
Return on beginning equity of 18.37%
Net interest margin (NIM) expanded to 4.10%
Total loans increased by $143 million or 2.6% for the quarter
Efficiency ratio was 30.6%

Li Yu, Chairman and CEO, commented, “I am pleased to report our third quarter 2024 net income was $33.4 million or $2.46 a share. Highlights of the quarter include the successful reduction of $21.2 million in non-performing loans, with no charge-offs. Interest recovery related to this was $800,000. Criticized loans, however, have increased but we believe it may be temporary in nature. Separately, the OREO property is currently in escrow, scheduled to close later this month. The valuation allowance we recorded of $1.7 million is included in the quarter’s non-interest expense.

Loan demand was strong this quarter. We had a net increase of $143 million, or 2.6% on a linked quarter basis. The September’s rate cut seems to have spurred borrower interest in general. Deposits for the quarter had a very small decrease, as we have been careful in monitoring our deposit costs.

At September 30, 2024, Preferred Bank’s loan portfolio was 26% fixed rate loans and 74% floating rate loans with floor rates for most of them. We believe it is well-balanced with the sensitivity of our deposits. However, the time certificates of deposits do have a cost adjustment pattern of slower reduction in the beginning but increasing gradually.”

Results of Operations

Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $68.8 million for the third quarter of 2024. This was a decrease from the $73.0 million recorded in the same quarter last year and an increase over the $66.1 million posted in the second quarter of 2024. A higher cost of deposits was to blame for the decrease in net interest income versus the prior year and a curing of a nonaccrual loan in the third quarter of 2024 was the reason for the increase in net interest income over the second quarter of 2024. A loan that was placed into nonaccrual status in the second quarter of 2024 was paid down significantly and the interest was brought current in the third quarter of 2024. This interest recovery of $800,000 helped to increase the Bank’s net interest margin to 4.10% for the quarter from 3.96% in the prior quarter. This compares to a margin of 4.39% one year ago. Also very importantly, the Bank’s total interest expense decreased for the first time since the first quarter of 2022. This was the result of the Bank’s efforts to replace higher cost brokered MMDA accounts with traditional brokered CD’s which carry a lower coupon. This is why, during this quarter, there is a fairly sizeable decrease in money market accounts and a corresponding increase in certificates of deposit.

Noninterest Income. For the third quarter of 2024, noninterest income was $3.5 million compared with $3.0 million for the same quarter last year and compared to $3.4 million for the second quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fees which increased by $210,000 and other income partially offset by a decrease in gains on sales of SBA loans of $263,000. In comparing to the same quarter last year; LC fee income was up by $547,000 partially offset by a decrease in service charges of $192,000.

Noninterest Expense. Total noninterest expense was $22.1 million for the third quarter of 2024 compared to $19.7 million for the second quarter of 2024 and compared to the $19.0 million recorded in the same period last year. The primary reason for the increase from the prior year and over the prior quarter was the $1.7 million valuation allowance recorded this quarter on the Bank’s other real estate owned (OREO) property. In comparing to the prior quarter; personnel expense increased by $581,000 and occupancy expense increased by $167,000. This was partially offset by a decrease in promotion expense of $162,000. In comparing to same quarter last year; personnel expense was up by $517,000, occupancy expense was up by $320,000 and professional services was up by $393,000. The increase in professional services expense was due to increased legal costs which were associated with a number of nonperforming loans. For the quarter ended September 30, 2024, the Bank’s efficiency ratio was 30.6%, higher than the 28.3% posted last quarter and higher than the 25.04% posted this quarter last year.

Income Taxes. The Bank recorded a provision for income taxes of $13.6 million for the third quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

Balance Sheet Summary

Total gross loans at September 30, 2024 were $5.57 billion, an increase of $298.1 million from the total of $5.27 billion as of December 31, 2023. Total deposits decreased during the quarter by $11 million but still increased year-to-date to $5.87 billion, up $158.4 million from the $5.71 billion as of December 31, 2023. Total assets were $6.87 billion, an increase of $213.3 million over the total of $6.66 billion as of December 31, 2023.

Asset Quality

Non-accrual loans as of September 30, 2024, was $19.4 million, a decrease of $21.2 million from $40.6 million on June 30, 2024. There were no charge-offs related to the reduction. Interest recoveries were $800,000 for this quarter

The increase in total criticized loans of $161.2 for the quarter was largely due to the downgrade of a relationship with seven real estate related loans. These seven loans totaling $182.1 were secured by retail or multifamily properties that have late payment irregularities. At September 30, 2024, four of the seven loans totaling $86.5 million have been brought current and are expected to be out of criticized status in the fourth quarter. The three loans that have not been brought to current have a combined weighted average LTV of 64% and DCR of 0.98. All these loans have adequate guarantor support. Combined amount outstanding for these three loans is $95.6 million.

Allowance for Credit Losses

The provision for credit losses for the third quarter of 2024 was $3.2 million compared to $2.5 million last quarter and compared to $3.5 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.36% of loans as compared to 1.34% in the prior quarter.

Capitalization

As of September 30, 2024, the Bank’s leverage ratio was 11.28%, the common equity tier 1 capital ratio was 11.66% and the total capital ratio stood at 15.06%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank’s third quarter 2024 financial results will be held this afternoon, October 21, 2024 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at http://www.preferredbank.com.

Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through November 4, 2024; the passcode is 7955778.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at http://www.preferredbank.com.

AT THE COMPANY: Edward J. Czajka Executive Vice President Chief Financial Officer (213) 891-1188	AT FINANCIAL PROFILES: Jeffrey Haas General Information (310) 622-8240 PFBC@finprofiles.com

Financial Tables to Follow

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)


				For the Quarter Ended
				September 30,		June 30,		September 30,
					2024		2024		2023
Interest income:
	Loans, including fees			$	114,112	$	109,451	$	106,695
	Investment securities				15,032		17,552		18,556
	Fed funds sold				280		291		278
		Total interest income			129,424		127,294		125,529

Interest expense:
	Interest-bearing demand				23,211		24,205		20,257
	Savings				84		79		67
	Time certificates				35,956		35,578		29,369
	FHLB borrowings				–		–		1,557
	Subordinated debt				1,325		1,325		1,325
		Total interest expense			60,576		61,187		52,575
		Net interest income			68,848		66,107		72,954
Provision for credit losses					3,200		2,500		3,500
		Net interest income after provision for
			credit losses		65,648		63,607		69,454

Noninterest income:
	Fees & service charges on deposit accounts				747		819		939
	Letters of credit fee income				1,959		1,749		1,412
	BOLI income				108		105		103
	Net gain on sale of loans				91		353		21
	Other income				554		378		497
		Total noninterest income			3,459		3,404		2,972

Noninterest expense:
	Salary and employee benefits				13,525		12,944		13,008
	Net occupancy expense				1,883		1,716		1,563
	Business development and promotion expense				241		403		193
	Professional services				1,816		1,832		1,423
	Office supplies and equipment expense				435		477		395
	Loss on sale of OREO, valuation allowance and related expense				1,915		29		140
	Other				2,274		2,296		2,287
		Total noninterest expense			22,089		19,697		19,009
		Income before provision for income taxes			47,018		47,314		53,417
Income tax expense					13,635		13,722		15,225
		Net income		$	33,383	$	33,592	$	38,192

Income per share available to common shareholders
		Basic		$	2.50	$	2.51	$	2.74
		Diluted		$	2.46	$	2.48	$	2.71

Weighted-average common shares outstanding
		Basic			13,327,848		13,362,522		13,925,994
		Diluted			13,544,273		13,548,400		14,105,915

Cash dividends per common share				$	0.70	$	0.70	$	0.55

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)


			For the Nine Months Ended
			September 30,		September 30,			Change
				2024		2023		%
Interest income:
	Loans, including fees		$	333,543	$	304,796		9.4
	Investment securities			48,841		47,454		2.9
	Fed funds sold			854		774		10.4
		Total interest income		383,238		353,024		8.6

Interest expense:
	Interest-bearing demand			69,706		53,701		29.8
	Savings			238		153		55.6
	Time certificates			105,864		71,399		48.3
	FHLB borrowings			–		3,819		-100.0	%
	Subordinated debt			3,975		3,975		0.0
		Total interest expense		179,783		133,046		35.1
		Net interest income		203,455		219,978		-7.5	%
Provision for credit losses				10,100		6,500		55.4
		Net interest income after provision for credit losses		193,355		213,478		-9.4	%

Noninterest income:
	Fees & service charges on deposit accounts			2,411		2,477		-2.7	%
	Letters of credit fee income			5,211		4,312		20.8	%
	BOLI income			318		307		3.3	%
	Net loss on called and sale of investment securities			–		(4,117	)	-100.0	%
	Net gain on sale of loans			547		547		-0.1	%
	Other income			1,441		1,481		-2.7	%
		Total noninterest income		9,928		5,007		98.3	%

Noninterest expense:
	Salary and employee benefits			40,369		39,256		2.8	%
	Net occupancy expense			5,310		4,513		17.7	%
	Business development and promotion expense			910		498		82.7	%
	Professional services			5,105		3,915		30.4	%
	Office supplies and equipment expense			1,385		1,197		15.7	%
	Loss on sale of OREO, valuation allowance and related expense			2,079		3,050		-31.8	%
	Other			6,656		6,332		5.1	%
		Total noninterest expense		61,814		58,761		5.2	%
		Income before provision for income taxes		141,469		159,724		-11.4	%
Income tax expense				41,028		45,523		-9.9	%
		Net income	$	100,441	$	114,201		-12.0	%

Income per share available to common shareholders
		Basic	$	7.50	$	8.01		-6.4	%
		Diluted	$	7.39	$	7.92		-6.7	%

Weighted-average common shares outstanding
		Basic		13,399,487		14,257,005		-6.0	%
		Diluted		13,587,820		14,418,939		-5.8	%

Dividends per share			$	2.10	$	1.65		27.3	%

PREFERRED BANK
Condensed Consolidated Statements of Financial Condition
(unaudited)
(in thousands)


			September 30,			December 31,
				2024			2023
			(Unaudited)			(Audited)
Assets
Cash and due from banks			$	782,394		$	890,852
Fed funds sold				22,600			20,000
	Cash and cash equivalents			804,994			910,852

Securities held-to-maturity, at amortized cost				20,311			21,171
Securities available-for-sale, at fair value				337,363			313,842

Loans held for sale, at lower of cost or fair value				225			360

Loans				5,571,579			5,273,498
	Less allowance for credit losses			(76,051	)		(78,355	)
	Less amortized deferred loan fees, net			(10,414	)		(11,079	)
	Loans, net			5,485,114			5,184,064

Other real estate owned and repossessed assets				15,082			16,716
Customers’ liability on acceptances				–			315
Bank furniture and fixtures, net				9,195			9,694
Bank-owned life insurance				10,364			10,632
Accrued interest receivable				35,562			33,892
Investment in affordable housing partnerships				58,009			65,276
Federal Home Loan Bank stock, at cost				15,000			15,000
Deferred tax assets				46,209			48,991
Income tax receivable				1,013			2,391
Operating lease right-of-use assets				30,489			22,050
Other assets				3,414			4,030
	Total assets		$	6,872,344		$	6,659,276

Liabilities and Shareholders’ Equity
Deposits:
	Noninterest bearing demand deposits		$	682,859		$	786,995
	Interest bearing deposits:			1,994,288			2,075,156
		Savings		29,793			29,167
		Time certificates of $250,000 or more		1,478,500			1,317,862
		Other time certificates		1,682,324			1,500,162
		Total deposits		5,867,764			5,709,342

Acceptances outstanding				–			315
Subordinated debt issuance, net				148,410			148,232
Commitments to fund investment in affordable housing partnerships				23,617			30,824
Operating lease liabilities				26,730			19,766
Accrued interest payable				16,001			16,124
Other liabilities				39,705			39,568
	Total liabilities			6,122,227			5,964,171

Shareholders’ equity				750,117			695,105
	Total liabilities and shareholders’ equity		$	6,872,344		$	6,659,276

Book value per common share			$	56.54		$	50.54
Number of common shares outstanding				13,267,852			13,753,246

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



			For the Quarter Ended

			September 30,			June 30,			March 31,			December 31,			September 30,
				2024			2024			2024			2023			2023
Unaudited historical quarterly operations data:
	Interest income		$	129,424		$	127,294		$	126,520		$	124,964		$	125,529
	Interest expense			60,576			61,187			58,020			55,568			52,575
		Interest income before provision for credit losses		68,848			66,107			68,500			69,396			72,954
	Provision for credit losses			3,200			2,500			4,400			3,500			3,500
	Noninterest income			3,459			3,404			3,065			2,106			2,972
	Noninterest expense			22,089			19,697			20,028			17,873			19,009
	Income tax expense			13,635			13,722			13,671			14,290			15,225
		Net income	$	33,383		$	33,592		$	33,466		$	35,839		$	38,192

	Earnings per share
		Basic	$	2.50		$	2.51		$	2.48		$	2.63		$	2.74
		Diluted	$	2.46		$	2.48		$	2.44		$	2.60		$	2.71

Ratios for the period:
	Return on average assets			1.95	%		1.97	%		2.00	%		2.15	%		2.25	%
	Return on beginning equity			18.37	%		19.44	%		19.36	%		21.21	%		22.66	%
	Net interest margin (Fully-taxable equivalent)			4.10	%		3.96	%		4.19	%		4.24	%		4.39	%
	Noninterest expense to average assets			1.29	%		1.15	%		1.20	%		1.07	%		1.12	%
	Efficiency ratio			30.55	%		28.34	%		27.99	%		25.00	%		25.04	%
	Net charge-offs (recoveries) to average loans (annualized)			-0.00	%		0.68	%		0.26	%		-0.00	%		0.01	%

Ratios as of period end:
	Tangible common equity ratio			10.92	%		10.55	%		10.35	%		10.43	%		10.10	%
	Tier 1 leverage capital ratio			11.28	%		10.89	%		10.80	%		10.85	%		10.46	%
	Common equity tier 1 risk-based capital ratio			11.66	%		11.52	%		11.50	%		11.57	%		11.63	%
	Tier 1 risk-based capital ratio			11.66	%		11.52	%		11.50	%		11.57	%		11.63	%
	Total risk-based capital ratio			15.06	%		14.93	%		15.08	%		15.18	%		15.32	%
	Allowances for credit losses to loans at end of period			1.36	%		1.34	%		1.49	%		1.49	%		1.46	%
	Allowance for credit losses to non-performing loans		3.92x			1.79x			4.33x			2.73x			3.86x

Average balances:
	Total securities		$	356,590		$	353,357		$	348,961		$	349,863		$	368,968
	Total loans			5,458,613			5,320,360			5,263,562			5,126,918			5,086,241
	Total earning assets			6,684,766			6,728,498			6,585,853			6,499,469			6,597,557
	Total assets			6,817,979			6,863,829			6,718,018			6,627,349			6,719,859
	Total time certificate of deposits			2,874,985			2,884,259			2,852,860			2,767,385			2,680,854
	Total interest bearing deposits			5,124,245			5,203,034			5,004,834			4,906,947			4,800,227
	Total deposits			5,828,227			5,901,976			5,761,488			5,689,713			5,654,350
	Total interest bearing liabilities			5,272,617			5,351,347			5,153,089			5,055,143			5,069,014
	Total equity			747,222			715,190			704,996			683,141			678,020

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



			For the Nine Months Ended
			September 30,			September 30,
				2024			2023

	Interest income		$	383,238		$	353,024
	Interest expense			179,783			133,046
		Interest income before provision for credit losses		203,455			219,978
	Provision for credit losses			10,100			6,500
	Noninterest income			9,928			5,007
	Noninterest expense			61,814			58,761
	Income tax expense			41,028			45,523
		Net income	$	100,441		$	114,201

	Earnings per share
		Basic	$	7.50		$	8.01
		Diluted	$	7.39		$	7.92

Ratios for the period:
	Return on average assets			1.97	%		2.33	%
	Return on beginning equity			19.30	%		24.22	%
	Net interest margin (Fully-taxable equivalent)			4.08	%		4.58	%
	Noninterest expense to average assets			1.21	%		1.20	%
	Efficiency ratio			28.97	%		26.12	%
	Net charge-off (recoveries) to average loans			0.31	%		0.00	%

Average balances:
	Total securities		$	352,982		$	402,971
	Total loans			5,347,918			5,048,452
	Total earning assets			6,666,439			5,047,971
	Total assets			6,800,008			6,436,889
	Total time certificate of deposits			2,870,717			6,560,955
	Total interest bearing deposits			5,110,755			2,504,426
	Total deposits			5,830,555			4,602,039
	Total interest bearing liabilities			5,259,068			5,539,223
	Total equity			722,560			4,851,214

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



				As of

				September 30,			June 30,			March 31,			December 31,			September 30,
					2024			2024			2024			2023			2023
Unaudited quarterly statement of financial position data:
Assets:
	Cash and cash equivalents			$	804,994		$	917,677		$	936,600		$	910,852		$	1,021,108
	Securities held-to-maturity, at amortized cost				20,311			20,605			20,904			21,171			21,474
	Securities available-for-sale, at fair value				337,363			331,909			333,411			313,842			335,608
	Loans:
		Real estate – Mortgage:
			Real estate—Residential	$	753,453		$	732,251		$	724,101		$	688,058		$	663,021
			Real estate—Commercial		2,882,506			2,833,430			2,777,608			2,760,761			2,688,148
			Total Real Estate – Mortgage		3,635,959			3,565,681			3,501,709			3,448,819			3,351,169
		Real estate – Construction:
			R/E Construction — Residential		274,214			238,062			236,596			246,201			226,482
			R/E Construction — Commercial		290,308			247,582			213,727			179,775			164,666
			Total real estate construction loans		564,522			485,644			450,323			425,976			391,148
		Commercial and industrial			1,365,550			1,369,617			1,369,529			1,394,871			1,377,675
		SBA			5,649			5,463			3,914			3,469			2,424
		Consumer and others			124			118			379			363			285
			Gross loans		5,571,804			5,428,600			5,325,854			5,273,498			5,128,242
	Allowance for credit losses on loans				(76,051	)		(72,848	)		(79,311	)		(78,355	)		(74,849	)
	Net deferred loan fees				(10,414	)		(10,502	)		(10,460	)		(11,079	)		(10,240	)
		Net loans, excluding loans held for sale		$	5,485,339		$	5,345,250		$	5,236,083		$	5,184,064		$	5,043,153
	Loans held for sale			$	225		$	955		$	605		$	360		$	–
		Net loans		$	5,485,564		$	5,346,205		$	5,236,688		$	5,184,424		$	5,043,153

	Other real estate owned and repossessed assets			$	15,082		$	16,716		$	16,716		$	16,716		$	16,716
	Investment in affordable housing partnerships				58,009			60,432			62,854			65,276			54,679
	Federal Home Loan Bank stock, at cost				15,000			15,000			15,000			15,000			15,000
	Other assets				136,021			138,036			134,040			131,995			124,793
		Total assets		$	6,872,344		$	6,846,580		$	6,756,213		$	6,659,276		$	6,632,530

Liabilities:
	Deposits:
		Demand		$	682,859		$	675,767		$	709,767		$	786,995		$	838,300
		Interest bearing demand			1,994,288			2,326,214			2,159,948			2,075,156			2,091,384
		Savings			29,793			28,251			29,261			29,167			30,427
		Time certificates of $250,000 or more			1,478,500			1,406,149			1,349,927			1,317,862			1,283,461
		Other time certificates			1,682,324			1,442,381			1,552,805			1,500,162			1,439,699
		Total deposits		$	5,867,764		$	5,878,762		$	5,801,708		$	5,709,342		$	5,683,271

	Acceptances outstanding			$	–		$	–		$	–		$	315		$	103
	Subordinated debt issuance, net				148,410			148,351			148,292			148,232			148,173
	Commitments to fund investment in affordable housing partnerships				23,617			27,946			29,647			30,824			20,824
	Other liabilities				82,436			68,394			77,008			75,458			109,651
		Total liabilities		$	6,122,227		$	6,123,453		$	6,056,655		$	5,964,171		$	5,962,022

Equity:
	Net common stock, no par value			$	109,928		$	113,509		$	115,915		$	134,534		$	143,584
	Retained earnings				664,808			640,675			616,417			592,325			566,027
	Accumulated other comprehensive income				(24,619	)		(31,057	)		(32,774	)		(31,754	)		(39,103	)
		Total shareholders’ equity		$	750,117		$	723,127		$	699,558		$	695,105		$	670,508
		Total liabilities and shareholders’ equity		$	6,872,344		$	6,846,580		$	6,756,213		$	6,659,276		$	6,632,530

PREFERRED BANK
Quarter-to-Date Average Balances, Yield and Rates
(Unaudited)


			Three months ended September 30,							Three months ended June 30,							Three months ended September 30,
				2024							2024							2023
						Interest		Average					Interest		Average					Interest		Average
			Average			Income or		Yield/		Average			Income or		Yield/		Average			Income or		Yield/
			Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
ASSETS			(Dollars in thousands)
Interest earning assets:
	Loans ^(1,2)		$	5,459,842		$	114,112	8.31	%	$	5,324,410		$	109,451	8.27	%	$	5,086,302		$	106,695	8.32	%
	Investment securities ⁽³⁾			356,590			3,610	4.03	%		353,357			3,652	4.16	%		368,968			3,422	3.68	%
	Federal funds sold			20,164			280	5.52	%		20,866			291	5.61	%		20,111			278	5.48	%
	Other earning assets			848,170			11,521	5.40	%		1,029,865			13,999	5.47	%		1,122,176			15,235	5.39	%
		Total interest earning assets		6,684,766			129,523	7.71	%		6,728,498			127,393	7.61	%		6,597,557			125,630	7.55	%
	Deferred loan fees, net			(10,248	)						(10,459	)						(10,071	)
	Allowance for credit losses on loans			(72,899	)						(79,119	)						(71,503	)
Noninterest earning assets:
	Cash and due from banks			10,826							10,626							12,101
	Bank furniture and fixtures			9,419							9,787							8,814
	Right of use assets			22,496							22,886							21,491
	Other assets			173,619							181,610							161,470
		Total assets	$	6,817,979						$	6,863,829						$	6,719,859

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
	Deposits:
		Interest bearing demand and savings	$	2,249,260		$	23,295	4.12	%	$	2,318,775		$	24,284	4.21	%	$	2,119,373		$	20,324	3.80	%
		TCD $250K or more		1,412,073			17,866	5.03	%		1,379,116			17,295	5.04	%		1,251,397			14,085	4.47	%
		Other time certificates		1,462,912			18,090	4.92	%		1,505,143			18,283	4.89	%		1,429,457			15,284	4.24	%
		Total interest bearing deposits		5,124,245			59,251	4.60	%		5,203,034			59,862	4.63	%		4,800,227			49,693	4.11	%
Advance from Federal Home Loan Bank				–			–	0.00	%		–			–	0.00	%		120,652			1,557	5.12	%
Subordinated debt, net				148,372			1,325	3.55	%		148,313			1,325	3.59	%		148,135			1,325	3.55	%
		Total interest bearing liabilities		5,272,617			60,576	4.57	%		5,351,347			61,187	4.60	%		5,069,014			52,575	4.11	%
Noninterest bearing liabilities:
	Demand deposits			703,982							698,942							854,123
	Lease liability			18,882							19,828							19,759
	Other liabilities			75,276							78,522							98,943
		Total liabilities		6,070,757							6,148,639							6,041,839
Shareholders’ equity				747,222							715,190							678,020
		Total liabilities and shareholders’ equity	$	6,817,979						$	6,863,829						$	6,719,859
Net interest income						$	68,947						$	66,206						$	73,055
Net interest spread								3.14	%						3.02	%						3.44	%
Net interest margin								4.10	%						3.96	%						4.39	%

Cost of Deposits:
	Noninterest bearing demand deposits		$	703,982						$	698,942						$	854,123
	Interest bearing deposits			5,124,245			59,251	4.60	%		5,203,034			59,862	4.63	%		4,800,227			49,693	4.11	%
		Total Deposits	$	5,828,227		$	59,251	4.04	%	$	5,901,976		$	59,862	4.08	%	$	5,654,350		$	49,693	3.49	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $991,000, $1.1 million and $1.3 million for the quarter ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

PREFERRED BANK
Year-to-Date Average Balances, Yield and Rates
(Unaudited)


			Nine Months ended September 30,
				2024							2023
						Interest		Average					Interest		Average
			Average			Income or		Yield/		Average			Income or		Yield/
			Balance			Expense		Rate		Balance			Expense		Rate
ASSETS			(Dollars in thousands)
Interest earning assets:
	Loans ^(1,2)		$	5,350,465		$	333,543	8.33	%	$	5,048,452		$	304,796	8.07	%
	Investment securities ⁽³⁾			352,982			10,691	4.05	%		402,971			11,125	3.69	%
	Federal funds sold			20,472			854	5.57	%		20,111			774	5.14	%
	Other earning assets			942,520			38,448	5.45	%		965,355			36,633	5.07	%
		Total interest earning assets		6,666,439			383,536	7.68	%		6,436,889			353,328	7.34	%
	Deferred loan fees, net			(10,466	)						(10,142	)
	Allowance for credit losses on loans			(76,775	)						(69,653	)
Noninterest earning assets:
	Cash and due from banks			10,693							11,912
	Bank furniture and fixtures			9,762							8,931
	Right of use assets			22,462							21,780
	Other assets			177,893							161,238
		Total assets	$	6,800,008						$	6,560,955

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
	Deposits:
		Interest bearing demand/ savings	$	2,240,038		$	69,944	4.17	%	$	2,097,613		$	53,854	3.43	%
		TCD $250K or more		1,377,621			51,662	5.01	%		1,258,870			37,600	3.99	%
		Other time certificates		1,493,096			54,202	4.85	%		1,245,556			33,798	3.63	%
		Total interest bearing deposits		5,110,755			175,808	4.59	%		4,602,039			125,252	3.64	%
Advance from Federal Home Loan Bank				–			–	0.00	%		101,099			3,819	5.05	%
Subordinated debt, net				148,313			3,975	3.58	%		148,076			3,975	3.59	%
		Total interest bearing liabilities		5,259,068			179,783	4.57	%		4,851,214			133,046	3.67	%
Noninterest bearing liabilities:
	Demand deposits			719,800							937,184
	Lease liability			19,401							20,482
	Other liabilities			79,179							83,213
		Total liabilities		6,077,448							5,892,093
Shareholders’ equity				722,560							668,862
		Total liabilities and shareholders’ equity	$	6,800,008						$	6,560,955
Net interest income						$	203,753						$	220,282
Net interest spread								3.12	%						3.67	%
Net interest margin								4.08	%						4.58	%

Cost of Deposits:
	Noninterest bearing demand deposits		$	719,800						$	937,184
	Interest bearing deposits			5,110,755			175,808	4.59	%		4,602,039			125,252	3.64	%
		Total Deposits	$	5,830,555		$	175,808	4.03	%	$	5,539,223		$	125,252	3.02	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $3.4 million and $3.2 million for the year ended September 30, 2024 and 2023, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

PREFERRED BANK
Loan and Credit Quality Information

Allowance For Credit Losses History
			Nine Months Ended			Year ended
			September 30, 2024			December 31, 2023
			(Dollars in 000’s)
Allowance For Credit Losses
Balance at Beginning of Period			$	78,355		$	68,472
	Charge-Offs
		Commercial & Industrial		12,409			124
		Mini-perm Real Estate		–			–
		Total Charge-Offs		12,409			124

	Recoveries
		Commercial & Industrial		5			7
		Mini-perm Real Estate		–			–
		Total Recoveries		5			7

	Net Charge-Offs			12,404			117
	Provision for Credit Losses:			10,100			10,000
Balance at End of Period			$	76,051		$	78,355

Average Loans Held for Investment			$	5,347,918		$	5,067,870
Loans Held for Investment at End of Period			$	5,571,579		$	5,273,498
Net Charge-Offs to Average Loans				0.31	%		0.00	%
Allowances for Credit Losses to Loans at End of Period				1.36	%		1.49	%

The MIL Network –

January 24, 2025

MIL-OSI Europe: Einstein Telescope in border region step closer

Source: Government of the Netherlands

News item | 18-10-2024 | 12:00

Major steps have been taken to build the Einstein Telescope in the border region of Belgium, the Netherlands and Germany. This was revealed at the 4th ministerial summit on the project. The Flemish government is already reserving €200 million for the project. In addition, Belgium and the Netherlands support the steps being taken in Germany to definitively earmark funds for the construction of the Einstein Telescope. Finally, it was announced at the summit that the 1rst results of the drilling campaign give the preliminary conclusion that the subsoil in the border area of Belgium, the Netherlands and Germany is sufficiently stable and offers opportunities to build the telescope.

Newcomers

That news caused great optimism among the responsible ministers from North Rhine-Westphalia, Belgium and the Netherlands at the Kerkrade conference on the underground telescope.

Following elections and government formation in the Netherlands and Belgium, a number of new ministers in the Netherlands and Belgium are responsible for the Einstein Telescope project. From Wallonia it is Minister Pierre-Yves Jeholet, in Flanders it is Prime Minister Matthias Diependaele and from the Netherlands Minister Eppo Bruins, who also hosted.

Commitment in the 3 countries

Ahead of the summit, it was announced that the new Flemish cabinet is already reserving €200 million for the Einstein Telescope. This is good news. Together with the financial reservation in the Netherlands and the extra boost given by Minister Bruins on Prinsjesdag, a total of more than a billion euros is available for the Einstein Telescope in both countries.
Germany is also taking steps for the Einstein Telescope. There, an application is under way to get the Einstein Telescope on Germany’s priority list for large scientific infrastructure. This is a necessary condition for a financial contribution. Dutch and Belgian ministers have indicated their support for this proposal.

Drilling campaign: hard rock favourable

A key condition for building the Einstein Telescope is that the soil is suitable for it. To determine that, drilling to an average depth of 300 metres was carried out at 11 locations in the border region of Belgium, the Netherlands and Germany. Not all analyses have been completed yet, but the first preliminary conclusions look good. It was found that the subsurface consists of harder rock layers than initially assumed. This is favourable for building an underground research infrastructure. The analysed data from the drillings have been independently verified by the geological service of TNO (Netherlands Organisation for Applied Scientific Research). TNO concurs with the research team’s conclusion based on these initial findings that there are no factors that would make the project unfeasible.
This drilling campaign and the data collected do not yet say anything about exactly where the 3 vertices for the underground telescope will be. Further geological research is needed for that. In addition, seismic surveys must show that the area is sufficiently noise-free to allow the telescope to measure gravity waves optimally. Furthermore, civil engineering studies must show how the construction of the underground tunnels and vertices is possible. In addition, environmental impact studies will help determine the most suitable location.

Einstein Telescope of great value

The Einstein Telescope will be of great value to science, the economy and society. Studies show that every euro invested will pay for itself twice over, and thousands of additional jobs are expected to be created in the border area of the 3 countries. Both for scientists and professionals in the fields of construction, maintenance and hospitality.
The decision on where to build the Einstein Telescope will be made in 2026. The border region of Germany, the Netherlands and Belgium is in the race together, working on the best possible bid book. The Netherlands has €58 million for preparation and a reservation of €870 million for construction.

Quotes from national and regional ministers

Minister Eppo Bruins (OCW) – the Netherlands: ‘Together, we are really another step closer to the Einstein Telescope. The Flemish investment is very good news, and Germany is also taking steps. These agreements and first results of the ground borings mean that the ground under our plan is getting firmer, both literally and figuratively. And that’s good news. Together, we can really give a major boost to science, society and the economy in our countries with the Einstein Telescope.’

State Secretary Thomas Dermine, Belgium: ‘This latest ministerial meeting shows that the Netherlands, Belgium, and Germany continue to make significant daily efforts to ensure that the candidacy of the EMR region for the Einstein Telescope is as solid and coherent as possible. The Belgian federal government, whose administration (BELSPO) coordinates the work of the Belgian Task Force, closely monitors the next steps to be taken to ensure that this high-value scientific project is actually realized in the EMR region. The realization of a European project of this caliber will enhance the EMR cross-border region and demonstrate that Europe is at the top of scientific technology in the field of gravitational wave detection.’

Nathanael Liminski, Minister of Federal, European, International Affairs and Media of the State of North Rhine-Westphalia and Head of the State Chancellery: ‘We are constantly fostering cross-border cooperation between North Rhine-Westphalia, the Netherlands and Belgium for the benefit of the people in the region. Of the many areas and projects in which we work together, the Einstein Telescope stands out in particular. Joint cutting-edge research projects send out the signal that we, as Europe, have the confidence to be among the best in the world. The Einstein Telescope has enormous potential, both scientifically and economically.’

Gonça Türkeli-Dehnert, State Secretary, Ministry of Culture and Research of the State of North-Rhine Westphalia: ‘The research landscape in North Rhine-Westphalia, with its many excellent universities and research institutions, is unique in Europe. I am sure that North Rhine-Westphalia and its partners in the Netherlands and Belgium will be the ideal home for the Einstein Telescope.’

Minister Pierre-Yves Jeholet, Wallonia: ‘This project is of great importance for scientific research and European scientific collaboration, but also for the economy of our regions, which is why the new Walloon Government fully supports this bid through the Economy and Industry Department. Most of this project will be carried out under Walloon soil, and the spin-offs will be significant for our regions. In the coming weeks, the Walloon Government will be expanding its project team to maximise the chances of this joint bid by Germany, the Netherlands, Flanders and Wallonia.’

Flemish Prime Minister Matthias Diependaele: ‘The Einstein Telescope is a unique ‘Big Science’ project. It links fundamental science, technological innovation, attraction of STEM fields and international appeal. A strong commitment from all governments involved will enable us to actually bring this unique scientific infrastructure to the Meuse-Rhine Euroregion. This is why the new Flemish government has already entered an initial reservation of 200 million euros in its budget.’

Deputy Stephan Satijn (Economy, Finance and Business, Public affairs) Province of Limburg (NL): ‘During the ministerial meeting, it became clear that we all want the same thing: to bring the Einstein Telescope to this region. The new ministers are also keeping the Einstein Telescope high on the agenda. With good agreements, we have taken another step forward.’

MIL OSI Europe News –

January 24, 2025

MIL-OSI Africa: Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

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

CAIRO, Egypt, October 21, 2024/APO Group/ —

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

MIL OSI Africa –

January 24, 2025

MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal – Extension of period

Source: Reserve Bank of India

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal vide Directive No. CO.DOS.SED.No.S2574/12-07-005/2022-23 dated July 21, 2022 for a period of six months up to close of business on January 22, 2023 as modified from time to time, which were last extended up to close of business on October 22, 2024 vide Directive DOR.MON.D-33/12.29.046/2024-25 dated July 18, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on October 22, 2024.

2. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directions for a further period of three months from the close of business on October 22, 2024 to the close of business on January 22, 2025, subject to review.

3. All other terms and conditions of the Directive under reference shall remain unchanged.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/1344

MIL OSI Economics –

January 24, 2025

MIL-OSI China: Former vice president of China Development Bank sentenced to 12 years for bribery

Source: China State Council Information Office 2

Wang Yongsheng, former vice president of China Development Bank, has been sentenced to 12 years in prison for accepting bribes, according to a verdict handed down by a court in Jilin city, northeast China’s Jilin province, on Monday.
Wang was also fined 2 million yuan (about $281,762), and his illegal gains will be confiscated and turned over to the state treasury, according to the verdict.
An investigation into Wang’s case revealed that between 2010 and 2019, he took undue advantage of his positions to secure benefits for others in getting loans and financing, purchasing bonds and personnel arrangements, among others. In return, he illegally accepted money and valuables worth over 23.51 million yuan.
The court also noted that Wang had been cooperative in the investigation and in returning the illegal gains. These factors were taken into consideration when determining the sentence.

MIL OSI China News –

January 24, 2025

MIL-OSI Economics: How Honeywell is using Google AI to prepare for the industrial future

Source: Google

Industrial companies play a crucial role in our daily lives, whether it’s the airplanes we fly, the medical devices we use or the sensors that manage the air conditioning in our offices. But there’s a looming talent shortage and skills gap in the industrial sector, which could soon create massive challenges for businesses and economies worldwide.

With an entire generation of workers retiring and — in many cases — no one coming behind them, industrial companies are under tremendous pressure. They are asking how they can maintain the same level of expertise with their current talent, and searching for the best tools to do the work and transition the knowledge between generations. This is essential to keep industrial systems (and the world at large) running every day.

Enter Honeywell. The longtime industrial partner and technology leader for the industrial sector is collaborating with Google Cloud to further help solve the skills and labor shortages. With Vertex AI, Honeywell is helping industrial assets work harder, people work smarter and processes run more efficiently. As Suresh Venkatarayalu, Honeywell’s CTO and President of Honeywell Connected Enterprise, puts it, “We’re moving from automation to autonomy. Our goal is to equip companies with AI agents that assist workers in real time — on factory floors and in the field. With AI running both in the cloud and at the edge, we’re making sure that systems work smarter and more efficiently.”

Industrial AI agents that act like workplace ‘coaches’

For years, Honeywell has been collecting industrial data through Honeywell Forge, a digital platform that draws on designs, manuals, and real-world performance of Honeywell’s global install base (such as how products have behaved in different environments, where issues have occurred, and how to resolve them). Now, Honeywell is using Vertex AI and Google’s large language models (LLMs) to build AI agents, like workplace “coaches,” that make this trove of data more accessible and easier to understand.

These AI-powered tools will also help automate tasks for engineers, warehouse workers, and technicians for Honeywell and its customers. For example, AI agents can troubleshoot equipment, suggest design improvements, and offer preventative maintenance insights, such as, “How did this unit perform last night?” or “Why is my system making this sound?”

Edge AI tools to help devices monitor and process data

Honeywell’s devices are used worldwide in a range of settings — from data centers to hospitals to refineries to warehouses. Internet access can often be challenging, especially in remote locations. To solve this, Honeywell is exploring how to use Gemini Nano to provide AI services at the edge of the network — right on devices like scanners, sensors and controllers — so they can operate autonomously, even when they aren’t connected to the internet.

Gemini’s multimodal capabilities enable understanding of text, code, images, videos and audio, allowing Honeywell devices to process various data types, from scanning to voice-based guided workflow.

With Google AI-powered agents, Honeywell is helping bridge the skills gap and ensure the future of the industrial sector. The first solutions built with Google Cloud AI will be available to Honeywell’s customers in 2025. You can find out more information and see future updates on our website.

MIL OSI Economics –

January 24, 2025

MIL-OSI: Diamond Equity Research Initiates Coverage on Solowin Holdings (NASDAQ:SWIN)

Source: GlobeNewswire (MIL-OSI)

New York, New York, Oct. 21, 2024 (GLOBE NEWSWIRE) —

Diamond Equity Research, a leading equity research firm with a focus on small capitalization public companies has initiated coverage of Solowin Holdings (NASDAQ: SWIN). The in-depth 39-page initiation report includes detailed information on the Solowin’s business model, services, industry overview, valuation, management profile, and risks.

The full research report is available below.

Solowin Holdings Initiation of Coverage

Highlights from the report include:

Distinct Competitive Advantage by Combining both Virtual Asset Trading and Traditional Financing: Solowin stands out as one of the few firms authorized to trade both virtual and traditional assets in Hong Kong, a highly regulated market with significant barriers to entry. This exclusive regulatory approval provides Solowin with a critical first-mover advantage, enabling it to integrate both traditional and digital asset offerings within its service portfolio. The firm’s unique ability to bridge conventional wealth management through Solomon Wealth with cutting-edge digital asset solutions via Solomon JFZ offers investors a diversified and comprehensive platform to manage various asset classes, appealing particularly to high-net-worth individuals and family offices. Solowin has already secured a dominant market position as the largest holder of customer assets in key ETFs such as the ChinaAMC Bitcoin ETF and the Harvest Bitcoin Spot ETF. This substantial market share in the rapidly expanding digital asset sector emphasize Solowin’s execution in capturing growth from emerging investment trends.

Robust Strategic Partnerships with Key Industry Players: The strategic collaborations with key financial entities like OSL, MaiCapital, ChinaAMC, and Harvest Global have bolstered Solowin’s capabilities in providing regulated, high-quality financial products. These partnerships not only extend its market reach but also enhance brand credibility and customer trust, which are crucial for sustaining growth and expanding its client base in both traditional and virtual asset markets.

Leveraging Hong Kong’s Vast Market Potential: Hong Kong, a premier global financial hub, presents substantial opportunities for Solowin, as evidenced by the city’s impressive HK$25.5 trillion securities market turnover in 2023, despite global economic fluctuations. This dynamic market, supported by a wealth of high-net-worth individuals and advanced financial infrastructure, provides an ideal setting for Solowin’s diverse financial services. Its strategic location not only offers unrivaled access to Asian markets but also serves as a major conduit for capital flows into and out of China, boosting its attractiveness to international investors. Hong Kong serves as an optimal platform for expanding Solowin’s digital asset and private wealth management services. These sectors are key to Solowin’s strategic diversification and are poised for rapid growth, fueled by increasing investor interest in innovative and alternative financial products. The city’s advanced regulatory and technological frameworks support these services, offering potential for significant market penetration and scalability.

Valuation – Solowin Holdings presents a unique investment opportunity, driven by its strategic diversification into Private Wealth and Virtual Assets alongside traditional financial services. Leveraging its established user base, Solowin has significantly enhanced customer value and expanded its market presence. Our valuation analysis, using a Discounted Cash Flow (DCF) approach with a discount rate of 12.10%—which reflects the company’s growth potential balanced against market risks, competitive landscape, and regulatory uncertainties—and a terminal growth rate of 1.5%, along with Comparable Company Analysis (EV/Revenue multiple), estimates Solowin’s per share value at $4.74, contingent on successful execution by company.

About Solowin Holdings

Solowin Holdings, an investment holding company, provides Investment banking services, wealth management services, asset management services, and virtual assets services to customers. Solowin Holdings was incorporated in 2021 and is based out of Tsim Sha Tsui, Hong Kong.

About Diamond Equity Research

Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

For more information, visit https://www.diamondequityresearch.com.

Disclosures:

Diamond Equity Research LLC is being compensated by Solowin Holdings (NASDAQ: SWIN) for producing research materials regarding Solowin Holdings and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however, the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 10/21/24 the issuer paid us $50,000 for our company sponsored research services, which commenced 05/15/24 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 10/21/24. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities, including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Solowin Holdings. Please review disclosure page in attached initiation report for full disclosures.

Contact:

Diamond Equity Research
research@diamondequityresearch.com

Attachment

Solowin Holdings Initiation of Coverage

The MIL Network –

January 24, 2025

MIL-OSI: Music Licensing, Inc. (OTC: SONG) Retains SmallCapVoice.com Inc. (“SCV”) to Provide Investor Relations Services

Source: GlobeNewswire (MIL-OSI)

Naples, FL, Oct. 21, 2024 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG), a leading diversified music rights management company, announces today it has retained Austin, Texas-based SmallCapVoice.com Inc. (“SCV”). SmallCapVoice.com, Inc. is an investor relations and communications firm focused on emerging growth companies. Music Licensing, Inc. and SCV will be creating several different initiatives aimed at increasing corporate exposure to new investors, as well as current shareholders, customers and others.

Stuart Smith, CEO of SmallCapVoice.com, Inc., commented, “We’re thrilled by the major licensing deals Music Licensing, Inc. has secured in 2024,” said Stuart Smith, CEO of SmallCapVoice.com, Inc. “Their ability to target unique market niches and differentiate themselves in the industry has caught our attention, and it’s something we look forward to highlighting.”

“We are pleased to engage SmallCapVoice.com, Inc. for investor relations activities. In relation to these activities, we are updating the investor pages on our website. We look forward to working with SmallCapVoice.com to enhance communication with a wider shareholder base and share the exciting developments at Music Licensing, Inc.,” stated Jake P. Noch, CEO of Music Licensing, Inc.

About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)

Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as artificial intelligence (A.I.) created music.

Additionally, Music Licensing, Inc. (OTC: SONG) owns royalty stakes in Listerine “Mouthwash” Antiseptic and musical works by artists such as The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and numerous others.

About SmallCapVoice.com

SmallCapVoice.com, Inc. is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies, small cap and micro-cap stocks build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, podcasts, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks in which they are interested. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTCMarkets. To learn more about SmallCapVoice.com and its services, please visit https://www.smallcapvoice.com/small-cap-stock-otc-investor-relations-financial-public-relations/.

Socialize with SmallCapVoice and their clients at

Facebook: https://www.facebook.com/SmallCapVoice/
Twitter: https://twitter.com/smallcapvoice
Instagram: https://www.instagram.com/smallcapvoice/

Forward-Looking Statements

This news release contains forward-looking statements that reflect Management’s current views about future events and financial performance. Forward-looking statements often contain words such as ”expects,” ”anticipates,” ”intends,” or ”believes.” Our forward-looking statements are subject to a number of risks and uncertainties that may cause actual results and events to differ materially from those projected in the forward-looking statements. Risks and uncertainties that could adversely affect us include, without limitation, the loss of major customers, our failure to obtain new contracts, our inability to patent products or processes, our infringement of patents held by others, our inability to finance our business and the other risks and uncertainties that are discussed in our most recent filings with the Securities and Exchange Commission. The forward-looking statements in this news release are made only as of the date of this news release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-Looking Statements:

This press release contains certain 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, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

Non-Legal Advice Disclosure:

This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

Non-Investment Advice Disclosure:

This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication.

Contact: investors@ProMusicRights.com

SmallCapVoice.com
Stuart T. Smith
512-267-2430
Info@SmallCapVoice.com

Source: Music Licensing, Inc.

The MIL Network –

January 24, 2025

MIL-OSI: Dayforce Launches New Brand Campaign: ‘Do the Work You’re Meant to Do’

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS and TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced the launch of its mass brand advertising campaign, ‘Do the work you’re meant to do.’ Brought to life through television and out-of-home (OOH) displays across the U.S., the campaign encourages viewers to harness simplicity at scale in their HR operations to achieve greater purpose and meaning within their work lives.

Dayforce uses humor in its TV commercial to illustrate ways technology can help make work life better for employees. Courtesy: Dayforce

This campaign falls on the heels of the company’s announcement to unite its global brand as Dayforce. With a focus on helping organizations realize the full potential of their people, Dayforce continues to set a new standard for the HCM industry and help deliver quantifiable value to customers.

“We’re creating moments of connection with our audiences by surfacing the emotions we all feel when we’re bogged down in administrative tasks, and can’t get to the work we’re passionate about and meant to do,” said Eric Glass, Chief Marketing and Communications Officer, Dayforce, Inc. “Our campaign addresses the importance of focusing on meaningful, purposeful work and how technology can empower us to do just that.”

Comprised of a series of vignette-style stories, the multi-channel brand campaign showcases a variety of professions and industries where workers are not able to get to the work they are meant to be doing because the complexity and volume of administrative, inefficient, tasks get in the way.

The new commercial will air across the U.S. and will be complemented by a series of online, LinkedIn, Meta, and podcast ads. The campaign OOH advertising will entertain audiences by showcasing challenges the characters face when trying to make time for the work they’re passionate about. The OOH elements will be located at Chicago O’Hare and Atlanta airports as well as in New York City in Grand Central Station and Penn Station.

This is the first campaign to come from Dayforce since bringing on Rethink as its creative agency of record, and Prophet as its media strategy agency of record.

Additional information:

About Dayforce  

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, payroll, talent, workforce management, and benefits equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Media Contact
Leslie Whitelaw
1-437-224-6993
Leslie.whitelaw@dayforce.com

The MIL Network –

January 24, 2025

MIL-OSI: James Richberg Appointed to Mattermost Federal Board of Directors

Source: GlobeNewswire (MIL-OSI)

Reston, Virginia, Oct. 21, 2024 (GLOBE NEWSWIRE) — Mattermost Federal, 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, is pleased to announce the appointment of James Richberg to its Board of Directors, effective September 1, 2024. Richberg brings a wealth of experience as an award-winning Chief Information Security Officer (CISO) and former senior U.S. Government cyber intelligence executive, recognized for his leadership in enhancing cybersecurity and developing innovative strategies to address the complex challenges of today’s digital landscape.

Richberg has a distinguished career in both the public and private sectors, serving as the Field Chief Information Security Officer at a NASDAQ 100 global cybersecurity company, where he led public sector outreach and contributed to an impressive sector annual growth rate. His extensive background includes roles as a corporate board member, leader of multi-company industry working groups on cybersecurity, and key contributor to the U.S. national cyber strategy. Richberg has received numerous accolades, including the Presidential Rank Award for his exceptional vision and leadership in cyber intelligence.

“We are excited to welcome James Richberg to the Mattermost Federal Board,” said Corey Hulen, CEO of Mattermost Federal. “His deep expertise in cybersecurity, risk management, and public-private collaboration will be invaluable as we continue to expand our solutions to address the unique challenges of the defense, intelligence, and critical infrastructure sectors. James’ proven track record of driving security innovation and policy development will greatly enhance our ability to deliver the most secure collaboration platform for government agencies.”

Richberg’s appointment reflects Mattermost Federal’s ongoing commitment to securing collaboration in high-risk, mission-critical environments, ensuring compliance with rigorous security standards, and delivering robust, scalable solutions for the most sensitive government and defense operations.

About Mattermost Federal

Mattermost Federal provides a secure collaboration platform built for the public and private sector, empowering defense, intelligence, and critical infrastructure organizations with the tools they need to securely collaborate, share information, and drive mission success. Trusted by the U.S. Department of Defense and other government entities, Mattermost Federal is committed to delivering cutting-edge solutions that meet the highest security and compliance standards.

The MIL Network –

January 24, 2025

MIL-OSI: ManTech Opens Center for Innovation and Partnership in Hawaii to Support Department of Defense Missions in the Indo-Pacific

Source: GlobeNewswire (MIL-OSI)

HONOLULU and HERNDON, VA., Oct. 21, 2024 (GLOBE NEWSWIRE) — ManTech, a leading provider of AI and mission-focused technology solutions, today opened its new Innovation and Partnership Center in Hawaii (named Kūmaumau). This center expands the company’s support of U.S. Department of Defense missions in the Indo-Pacific region. Strategically located in Honolulu’s growing hi-tech corridor, ManTech’s new facility will play a pivotal role in advancing U.S. Indo-Pacific Command missions.

The Kūmaumau Center will deliver cutting-edge capabilities to ensure U.S. military forces maintain dominance across both physical and digital battlefields. These include solutions for mitigating Contested Logistics, enhancing Integrated Missile Systems, advancing fixed and undersea intelligence surveillance, providing C5ISR support, and deploying Data @ the Edge technologies for secure communications in challenging environments. The center will also focus on Full-Spectrum Cyber capabilities to protect against emerging digital threats.

“ManTech has an enduring commitment to supporting defense and national security objectives from the vital hub of Hawaii,” said David Hathaway, President of ManTech’s Defense Sector. “Our new Innovation Center will build on this platform of mission success by developing, testing and deploying advanced technology solutions that provide our warfighters and partners with an all-important edge in combat scenarios.”

“As a long-term member of Hawaii’s community, we have designed Kūmaumau as a hub for collaboration with local businesses, universities, and international partners to support national security,” said Byron K.W. Leong, ManTech’s Executive Director, U.S. Indo-Pacific Business Development. “This new facility underscores ManTech’s dedication to pioneering mission-critical technology committing to the creation of career opportunities for the people and businesses of Hawaii.”

ManTech Innovation Center
SALT at Our Kaka’ako
680 Ala Moana Blvd – Suite 103 Honolulu, HI 96813

About ManTech
ManTech provides mission-focused technology solutions and services for U.S. Defense, Intelligence and Federal Civilian agencies as a 55-year Industry Partner with the Federal Government. We are a leading mission and enterprise technology provider that powers AI, full-spectrum cyber, data collection & analytics, high-end digital engineering and software application development solutions that support national and homeland security. Additional information on ManTech can be found at http://www.mantech.com.

Media Contact:

Jim Crawford
ManTech
Executive Director, External Communications
(M) 703-498-7315
James.Crawford2@ManTech.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d64b7873-d3f3-49f2-bb4a-abe3e9c910f2

The MIL Network –

January 24, 2025

MIL-OSI: Microchip Expands 64-bit Portfolio with High-Performance, Post-Quantum Security-Enabled PIC64HX Microprocessors

Source: GlobeNewswire (MIL-OSI)

CHANDLER, Ariz., Oct. 21, 2024 (GLOBE NEWSWIRE) — The global edge computing market is expected to grow by more than 30 percent in the next five years, serving mission-critical applications in the aerospace, defense, military, industrial and medical sectors. To meet this increasing demand for reliable, embedded solutions for mixed-criticality systems, Microchip Technology (Nasdaq: MCHP) has announced the PIC64HX family of microprocessors (MPUs). Unlike traditional MPUs, the PIC64HX is purpose built to address the unique demands of intelligent edge designs.

The latest in Microchip’s 64-bit portfolio, the PIC64HX is a high-performance, multicore 64-bit RISC-V^® MPU capable of advanced Artificial Intelligence and Machine Learning (AI/ML) processing and designed with integrated Time-Sensitive Networking (TSN) Ethernet connectivity and post-quantum-enabled, defense-grade security. PIC64HX MPUs are specifically designed to deliver comprehensive fault tolerance, resiliency, scalability and power efficiency.

“The PIC64HX MPU is truly groundbreaking in the number of advanced features we are able to provide with a single solution,” said Maher Fahmi, corporate vice president of Microchip’s communications business unit. “And, integrating TSN Ethernet switching into the MPU helps developers bring standards-based networking connectivity and compute together to simplify system designs, reduce system costs and accelerate time to market.”

The integrated Ethernet switch includes a TSN feature set with support for important emerging standards: IEEE P802.1DP TSN for Aerospace Onboard Ethernet Communications, IEEE P802.1DG TSN Profile for Automotive In-Vehicle Ethernet Communications and IEEE/IEC 60802 TSN Profile for Industrial Automation.

Eight 64-bit RISC-V CPU cores—SiFive Intelligence™ X280—with vector extensions help enable high-performance compute for mixed-criticality systems, virtualization and vector processing to accelerate AI workloads. The PIC64HX MPU allows system developers to deploy the cores in multiple ways to enable SMP, AMP or dual-core lockstep operations. WorldGuard hardware architecture support is provided to enable hardware-based isolation and partitioning.

“Next-generation aircraft require a new generation of processors for mission-critical applications such as flight control, cockpit display, cabin networking and engine control. The OHPERA Consortium views RISC-V technology as an essential component of the future of safe and sustainable aircraft,” said Christophe Vlacich, OHPERA technical Leader. The OHPERA Consortium is composed of leading aerospace companies with the mutual goal of evaluating new technologies for next-generation aircraft. “We are pleased to see the upcoming availability of commercial products like Microchip’s PIC64HX MPU with the compute performance, partitioning, connectivity and security needed to shape the future of aviation.”

The expected arrival of quantum computers poses an existential threat as it will make current security measures ineffective. As a result, government agencies and enterprises worldwide are beginning to call for the inclusion of post-quantum cryptography in any critical infrastructure. Addressing current and future security needs, the PIC64HX is one of the first MPUs on the market to support comprehensive defense-grade security including the recently NIST-standardized FIPS 203 (ML-KEM) and FIPS 204 (ML-DSA) post-quantum cryptographic algorithms.

The PIC64HX MPU is a powerful and versatile solution for intelligent edge applications, addressing key requirements for low latency, security, reliability and compliance with industry standards.

Development Tools
The PIC64HX MPU is supported by a comprehensive package of tools, libraries, drivers and boot firmware. Multiple open-source, commercial and real-time operating systems are supported including Linux^® and RTEMS, as well as hypervisors such as Xen. PIC64HX MPUs leverage Microchip’s extensive Mi-V ecosystem of tools and design resources to support its RISC-V initiatives. To help reduce development cycles and accelerate time to market, Microchip offers the Curiosity Ultra+ PIC64HX evaluation kit and is partnering with single-board computer partners.

“Aries Embedded has long been a supporter of the RISC-V ecosystem,” said Andreas Widder, Aries Embedded CEO. “We are proud to be a lead System-on-Module partner for the PIC64HX and look forward to helping Microchip enable mission critical intelligent edge applications.”

Availability
PIC64HX MPU samples will be available to Microchip’s early access partners in 2025. For additional information, please contact a Microchip sales representative.

Resources
High-res images available through Flickr or editorial contact (feel free to publish):
• Application image: https://www.flickr.com/photos/microchiptechnology/54057544708/sizes/l/

About Microchip Technology:
Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control and processing solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 123,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at http://www.microchip.com.

Note: The Microchip name and logo, the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

The MIL Network –

January 24, 2025

MIL-OSI: NEWTON GOLF to Present at the LD Micro Main Event XVII

Source: GlobeNewswire (MIL-OSI)

CAMARILLO, CA, Oct. 21, 2024 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announces that Greg Campbell, Executive Chairman, will present a corporate overview at the LD Micro Main Event XVII. The conference is being held on October 28 – 30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles.

Event:	LD Micro Main Event XVII
Presentation Date:	Wednesday, October 30, 2024
Time:	8:00 AM PT
Register to watch presentation:	https://me24.sequireevents.com/

Mr. Campbell will be available for one-on-one meetings with registered investors of the conference.

About NEWTON GOLF: A Sacks Parente Company

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

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

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

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

Media Contact for NEWTON GOLF
Beth Gast
BG Public Relations
beth.gast@bgpublicrelations.com

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

The MIL Network –

January 24, 2025

MIL-OSI Asia-Pac: KVIC Chairman Mr. Manoj Kumar inaugurated the exhibition themed “Khadi: The Fabric of Freedom, The Language of Fashion” at the Gandhi-King Memorial Plaza in New Delhi.

Source: Government of India (2)

KVIC Chairman Mr. Manoj Kumar inaugurated the exhibition themed “Khadi: The Fabric of Freedom, The Language of Fashion” at the Gandhi-King Memorial Plaza in New Delhi.

The exhibition, showcasing Khadi’s journey from the fabric of freedom to a symbol of fashion, will run until October 22, from 11 AM to 7 PM.

The exhibition is organized in collaboration with the Centre of Excellence for Khadi (COEK) and the National Institute of Fashion Technology (NIFT).

KVIC Chairman Mr. Manoj Kumar said, “The Khadi that played a crucial role in the freedom movement of India under the leadership of Mahatma Gandhi has now, thanks to PM Modi’s relentless efforts, become a fashion symbol and a center of attraction for the ‘New Khadi of New India.

Posted On: 19 OCT 2024 3:58PM by PIB Delhi

KVIC Chairman Mr. Manoj Kumar, in the presence of India International Centre (IIC) Director Mr. K.N. Srivastava, extended Prime Minister Narendra Modi’s vision of “Khadi for Fashion” by inaugurating the Khadi exhibition based on the theme “Khadi: The Fabric of Freedom, The Language of Fashion” (Khadi: The Cloth of Freedom, The Language of Fashion) at the Gandhi-King Memorial Plaza, India International Centre, Lodhi Road, New Delhi. The exhibition, organized in collaboration with the Centre of Excellence for Khadi (COEK) and the National Institute of Fashion Technology (NIFT), invites visitors to explore Khadi’s remarkable journey—starting from hand-spun fabric during India’s freedom movement under Mahatma Gandhi to its current status as a symbol of sustainability and modern fashion.

The exhibition, organized by COEK with the support of Khadi institutions and NIFT, also showcases Khadi clothes, sarees, home textiles, and contemporary designs developed by COEK’s design team, blending traditional craftsmanship with modern aesthetics.

Addressing the media, KVIC Chairman Mr. Manoj Kumar said “The Father of the Nation, Mahatma Gandhi, once said, ‘I see God in every thread drawn by the spinning wheel.’ Embracing this philosophy, KVIC, under Prime Minister Narendra Modi’s leadership, is organizing various programmess like sales campaigns, exhibitions, and national and international fairs to boost Khadi artisans’ income, which has played a significant role in promoting Khadi products.”

“The Khadi that played a key role in the freedom movement under Gandhi’s leadership has now become a fashion icon, thanks to PM Modi’s tireless efforts, and is now known as the ‘New Khadi of New India.’ He highlighted KVIC’s achievements, noting that Khadi’s business turnover under PM Modi’s leadership has surpassed ₹1.55 lakh crore in the financial year 2023-24, a remarkable growth from ₹31,000 crore ten years ago,” he added.

In his address, KVIC Chairman also said that PM Modi’s popular ‘Mann Ki Baat’ programme has made Khadi garments a new status symbol among the youth. The innovative products developed by COEK have also played a crucial role in popularizing Khadi. He further mentioned that since PM Modi’s appeal, the Khadi Gramodyog Bhawan in Connaught Place, Delhi, has set new sales records every year on Gandhi Jayanti, with sales surpassing ₹2 crore this year on October 2. These figures symbolize that ‘New Khadi of New India,’ under PM Modi’s leadership, has become the flag bearer of the ‘Vocal for Local,’ ‘Make in India,’ and ‘Aatmanirbhar Bharat’ campaigns.

KVIC Chairman Mr. Manoj Kumar appealed to all citizens to purchase more Khadi products this festive season, helping spread the joy of festivals to the homes of artisans and craftsmen who work tirelessly to produce high-quality goods. KVIC and NIFT officials and employees attended the event.

Key Highlights of the Exhibition:

Khadi Timeline: This impressive display showcases Khadi’s role in India’s freedom movement, including archival photos, quotes from Mahatma Gandhi, and historical records emphasizing the fabric’s significance during that era.
Experience Center: A live demonstration of the spinning process using Bardoli and Peti charkhas is set up at the venue, allowing visitors to witness the craftsmanship behind Khadi production.
Modern Designs: The exhibition features creations designed by the Centre of Excellence for Khadi in collaboration with Khadi institutions, such as fabrics, sarees, and home textiles, showcasing a perfect blend of tradition and modernity.
Khadi Retail Stalls: Genuine Khadi products, along with new designs developed by COEK, will be available for purchase. Visitors can buy garments made from this exquisite fabric.

******

SK

(Release ID: 2066306) Visitor Counter : 40

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI: Phunware to Present at the LD Micro Main Event XVII

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, Oct. 21, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces that CEO Michael Snavely will present a corporate overview at the LD Micro Main Event XVII. The investment conference is being held on October 28 – 30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles.

Event:	LD Micro Main Event XVII

Presentation Date:	Wednesday, October 30, 2024

Time:	11:30 AM PT (Track 3)

Register to watch presentation:	https://me24.sequireevents.com/

Additionally, Mr. Snavely and CFO Troy Reisner will be available for one-on-one meetings with registered investors of the conference.

About Phunware, Inc.
Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement, and manage custom mobile applications and analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences. 

Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies by leveraging brands, consumers, partners, and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants. 

For more information, please visit http://www.ai.phunware.com or contact:

MZ Group, North America
Joe McGurk,  Managing Director
917-259-6895
PHUN@mzgroup.us

Phunware Investor Relations
CORE IR
516-222-2560
investorrelations@phunware.com

Safe Harbor / Forward-Looking Statements
This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur. 

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive. 

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. 

The MIL Network –

January 24, 2025

MIL-OSI Asia-Pac: NCL Launches Sustainable Initiatives for a Greener Future Under Special Campaign 4.0

Source: Government of India (2)

Posted On: 19 OCT 2024 3:19PM by PIB Delhi

Northern Coalfields Limited (NCL), a leading subsidiary of Coal India Limited, has undertaken a series of innovative and sustainable initiatives as part of Special Campaign 4.0. With a strong focus on harnessing renewable energy, promoting health and hygiene, and implementing eco-friendly waste management practices, NCL is driving progress towards a cleaner, greener future while contributing to national development goals.

Solar Energy Projects: Pioneering Clean Energy

As part of its commitment to environmental sustainability, NCL is making significant strides in renewable energy. The company has successfully installed a 480 kW rooftop solar plant at its Jayant project and is currently expanding its solar capacity with the installation of 1.3 MW rooftop solar systems at the IWSS Khadia, Bina, and Kakri areas. These initiatives not only help reduce NCL’s carbon footprint but also align with India’s renewable energy targets.

Promoting Health and Hygiene: Sanitary Napkin Vending Machines

NCL is dedicated to improving the health and hygiene of young women in the Singrauli region. In line with this objective, the company has installed Sanitary Napkin Vending and Disposal Machines in four schools as part of Special Campaign 4.0. This initiative benefits around 1,850 female students by ensuring access to sanitary pads, thus promoting better menstrual health and hygiene.

“Waste to Wealth”: Transforming Organic Waste into Fertilizer

Under its “Waste to Wealth” initiative, NCL is promoting eco-friendly waste management practices by creating vermicompost beds. By recycling cow dung and organic waste, the company is producing nutrient-rich vermicompost in Birkunia and Khirwa villages. This initiative supports sustainable agriculture by offering a natural alternative to chemical fertilizers, improving soil fertility, and reducing environmental impact.

Focus on Cleanliness and Zero Pendency

As part of its campaign for cleanliness, NCL has identified 69 sites for cleaning and beautification, with 23 sites already completed. Additionally, NCL has made significant progress in scrap disposal, having disposed of 1,661 MT of scrap materials out of a targeted 2,180 MT. This effort underscores NCL’s commitment to maintaining cleanliness and minimizing waste.

Efficient Record and Space Management

To enhance office efficiency, NCL is implementing robust record and space management systems. To date, 400 old files have been transferred to record rooms, and 3,729 e-files and 207 physical files have been reviewed, contributing to better utilization of office space and streamlined operations.

Public Grievance Redressal

NCL remains committed to public service and has resolved 30 out of 37 grievances received during Special Campaign 4.0. The company’s focus on timely and effective grievance redressal reflects its dedication to public satisfaction and responsiveness.

Through its proactive participation in Special Campaign 4.0, NCL is contributing to the national vision of a cleaner, greener, and more sustainable future.

****

ST

(Release ID: 2066294) Visitor Counter : 44

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI Video: Beware of Dog! | U.S. Army

Source: US Army (video statements)

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 #31K #K9

https://www.youtube.com/watch?v=e_W1EZXRWp0

MIL OSI Video –

January 24, 2025

MIL-OSI Europe: ASIA/INDONESIA – President Prabowo Subianto takes office as Head of State

Source: Agenzia Fides – MIL OSI

Jakarta (Agenzia Fides) – The new Indonesian Head of State, Prabowo Subianto, has officially taken office as the eighth President of the country, after the handover from outgoing President Joko Widodo.In his first speech as President, Prabowo promised to eradicate corruption and strive for the country’s self-sufficiency in food and energy. Gibran Rakabuming Raka, son of former President Joko Widodo, took over as Vice President. Prabowo, who continues to cultivate relations with the former President, could appoint Widodo to a leading role in the Presidential Advisory Council (“Wantimpres”), in order to consolidate support for the still popular Widodo and his supporters. Proabowo’s government consists of 48 ministries with a total of over 100 ministers and secretaries of state. Prabowo’s executive differs in some respects from that of Joko Widodo, as some ministries have been split or renamed: for example, the previous ministries of education and culture and environment and forests are now separate. In an effort to maintain continuity with the past, the reappointment of Sri Mulyani Indrawati as finance minister is notable. A former director general of the World Bank, Sri Mulyani was involved in reforming the tax system under two presidents before Prabowo. He is the man who will implement Prabowo’s major programs, such as the one that caused a stir during the election campaign: the announced distribution of free meals to some 83 million children in public schools and to pregnant women to combat growth problems. This plan has already been criticized by those who consider it too expensive, as it will burden the state budget with USD 28 billion. According to analysts, Prabowo otherwise shows a general intention to continue Joko Widodo’s policies, especially in the economic field. Given Prabowo’s background as a former general and defense minister, analysts predict that many posts will be given to members of the military and that his administration will seek to strengthen military capabilities and modernize defense equipment. According to the president’s presentation, investments in defense will be part of a broader effort to boost economic growth. In foreign policy, Indonesia is expected to assert its role as a founding member of ASEAN (Association of Southeast Asian Nations), and the president will seek to increase Indonesia’s influence on regional and international issues. The new president’s first official trip, meanwhile, will be to China, with the aim of strengthening trade ties and economic cooperation while seeking potential investors for the mega-project of the new Indonesian capital Nusantara, which is being built on the island of Borneo. The ambitious project was launched under his predecessor Widodo, and the new president will now have to push it forward, whereas so far the lack of foreign investment has severely slowed the project. (PA) (Agenzia Fides, 21/10/2024)
Share:

MIL OSI Europe News –

January 24, 2025

Category: Business

Deputy Prime Minister Angela Rayner said:

Speaking in the House later today, Business Secretary Jonathan Reynolds will say:

Strengthening Statutory Sick Pay through setting a new rate for those on lower earnings

Ensuring the provisions on Zero Hours Contracts apply effectively to agency workers

Creating a modern framework for industrial relations

Strengthening remedies against abuse of the rules on collective redundancy and fire and rehire

Work and Pensions Secretary Liz Kendall MP said:

TUC General Secretary Paul Nowak said:

Michelle Ovens CBE, Founder of Small Business Britain

Neil Carberry, Chief Executive of the Recruitment and Employment Confederation (REC), said:

NOTES TO EDITORS

Share this page

Updates to this page

Department of Agriculture and Farmers Welfare organized National Conference on Agriculture – Rabi Campaign 2024Government of India will work collaboratively on every suggestion given by the Ministers and State representatives : Shri Shivraj Singh Chouhan

Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and AustraliaEducation Minister to meet Singapore’s Prime Minister, Deputy Prime Minister and senior leaders

Newcomers

Commitment in the 3 countries

Drilling campaign: hard rock favourable

Einstein Telescope of great value

Quotes from national and regional ministers

Industrial AI agents that act like workplace ‘coaches’

Edge AI tools to help devices monitor and process data

Department of Agriculture and Farmers Welfare organized National Conference on Agriculture – Rabi Campaign 2024

Government of India will work collaboratively on every suggestion given by the Ministers and State representatives : Shri Shivraj Singh Chouhan

Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

Education Minister to meet Singapore’s Prime Minister, Deputy Prime Minister and senior leaders