NewzIntel.com

Category: Commerce

  • MIL-OSI Australia: Australian Open 2025 serves up a grand slam for Melbourne’s economy

    Source: National Australia Bank

    Record-breaking crowds at the Australian Open have served up a welcome spending boost to Melbourne’s economy with accommodation the big winner over the last fortnight.

    International tourists and domestic visitors booked out hotels, motels and serviced apartments, spending more than $111 million on accommodation across Melbourne. Accommodation group Ascott Australasia highlighted a 16% jump in demand during the 2025 tournament.

    Transaction data from Australia’s largest business bank, NAB, reveals a grand slam in consumer spending over the fortnight:

    • More than $275 million was spent at Melbourne’s pubs, bars and restaurants over the fortnight.
    • Melbourne’s bars experienced a 3% uplift in spending compared to the 2024 Australian Open.
    • Businesses immediately surrounding the Melbourne Park precinct experienced a $74 million spending injection, up 2% on last year.
    • Clothing and apparel spending at businesses surrounding Melbourne Park was up by 3% year on year.

    NAB Business Banking Executive Julie Rynski said the Australian Open’s marquee event status drove positive economic benefits across the inner city and surrounds.

    “Visitors from interstate and overseas flock to Melbourne for the tennis and take the opportunity to enjoy the best of the city’s vibrant culinary and cultural scene over the fortnight,” Ms Rynski said.

    “We’re seeing crowd records broken and consumer spending growing year-on-year, cementing the event’s status as an all-important launchpad for businesses into the year ahead.

    “The continued growth in spending translates to a real vibe which you can see and feel with booked out eateries and hotels, packed pubs and bars, lines for take away coffee and busier taxis and public transport.

    “Major events like the Australian Open not only generate direct spending but also create a ripple effect with flow through benefits for the wider economy, retailers, transport services and tourism operators.

    “This is a welcome boost to businesses given cost-of-living concerns. It’s clear people are making thoughtful spending changes through the year to save up, visit Melbourne and enjoy the city and the tennis,” Ms Rynski said.

    Managing Director, Ascott Australasia and Chair of Accommodation Australia David Mansfield said the tournament was a boom for accommodation providers.

    “The Australian Open has once again proven to be a transformative event for Melbourne’s hospitality and accommodation sectors, driving occupancy rates to record levels and surpassing the strong demand seen in previous years,” Mr Mansfield said.

    Ascott’s Melbourne properties which include Quest Apartment Hotels, Citadines on Bourke, Oakwood Premier, and lyf Collingwood experienced a significant 16% increase in demand during this year’s tournament. Additionally, revenue per available room (RevPAR) saw a 13% increase compared to 2024, underscoring the event’s growing significance in driving revenue for the accommodation sector.

    “The Australian Open doesn’t just fill hotels; it powers the entire tourism ecosystem. Every visitor who arrives in Melbourne spends on local bars, restaurants, attractions, and small businesses,” Mr Mansfield said.

    “For the accommodation industry specifically, the event has highlighted the vital role our sector plays in supporting large-scale tourism and economic growth.

    “As Chair of Accommodation Australia, I am thrilled to see how events like the Australian Open highlight the resilience, importance, and potential of the hospitality and tourism sectors.

    “With each passing year, the Australian Open continues to grow in scale and influence. Its success reminds us of the importance of ongoing investment destination marketing, infrastructure, workforce development, and collaborative efforts between industry and government to ensure the tourism and accommodation sectors thrive well into the future,” Mr Mansfield said.

    Notes to editors

    • * Estimates taken from spend at NAB merchant terminals surrounding Melbourne Park and across Melbourne between 12 January and 26 January 2025.
    • Pre-settlement data has been used to indicate trends and % movements. Final, exact figures are subject to change.

    MIL OSI News –

  • MIL-OSI USA: UConn Waterbury’s “Walkbury” Initiative: Connecting Campus with Community, Culture, and History

    Source: US State of Connecticut

    “The Walkbury Map: Explore partner businesses and enjoy exclusive discounts with a valid UConn or OLLI ID. Designed by Airey Lau.”

    Last fall, UConn Waterbury launched Walkbury, an innovative program designed to harmonize the campus community with the vibrant culture, history, and businesses of downtown Waterbury. The initiative encourages students, staff, faculty, and Osher Lifelong Learning Institute (OLLI) members to explore the city’s unique offerings and deepen their connection to the local community.

    This program is part of the larger Ideas + Impact initiative, which also launched last fall thanks to a generous donation from UConn Waterbury alumnus Mike Peluso (Business ’99). Ideas + Impact supports student-initiated and campus-initiated social impact projects, empowering students to make meaningful contributions to their communities. Walkbury embodies the spirit of Ideas + Impact by fostering engagement, building connections, and creating opportunities for learning and growth.

    “Ideas + Impact is about giving students the tools to make a difference, and Walkbury is a perfect example of that mission in action,” said Peluso. “It’s rewarding to see how UConn Waterbury is inspiring students to engage with their community in meaningful ways.”

    A Semester of Engagement and Exploration

    “UConn Waterbury students enjoy local flavors at Grand Street Tavern. Photo by Steve Bustamante, UConn Library”

    Over the fall semester, Walkbury hosted four (and more to come!) food and cultural tours in partnership with Waterbury Regional Chamber’s Main Street Waterbury that brought the UConn community directly into the heart of downtown Waterbury. The tours, held during lunch hours and morning coffee meetups, offered opportunities to visit local landmarks, enjoy the city’s culinary delights, and hear from community leaders including alumni.

    The food tours featured stops at popular eateries, including Seven Villages, Grand Street Tavern, and Nature’s Love Juice Bar, where participants sampled delicious offerings while meeting business owners. These events provided a taste of what downtown has to offer and underscored the importance of supporting local businesses.

    Adding depth to the experience, UConn Waterbury emeritus faculty member Ruth Glasser led the historical and cultural components of the tours. Participants learned about Waterbury’s architectural gems, including City Hall and the iconic clock tower inspired by Torre del Mangia in Siena, Italy.

    “UConn Waterbury students learn about the city’s history from emeritus professor Ruth Glasser. Photo by Steve Bustamante, UConn Library”
    “UConn Waterbury students engage in a discussion with Mayor Pernerewski at City Hall. Photo by Steve Bustamante, UConn Library”

    During the tours, Mayor Paul Pernerewski welcomed the group at City Hall, sharing insights on the city’s ongoing revitalization and hosting a Q&A session focused on career development and civic engagement.

    The tours also drew the attention of prominent Connecticut leaders, including State Senator Joan Hartley and State Representative Geraldo Reyes, who joined participants to emphasize the significance of community involvement and partnership.

    “This program is about more than walking tours or discounts,” said Dr. Fumiko Hoeft, dean and chief administrative officer of UConn Waterbury. “It’s about fostering understanding and building harmony between UConn and the community. Walkbury is a natural extension of Ideas + Impact, as both aim to inspire students and encourage them to engage meaningfully with the world around them.”

    Community and Collaboration

    At its heart, Walkbury is about creating meaningful connections. Through partnerships with local businesses, participants receive exclusive discounts upon presenting a valid UConn or OLLI ID. These collaborations encouraged the UConn community to explore downtown, discover new favorites, and contribute to the local economy.

    Lynn Ward, president and CEO of the Waterbury Regional Chamber, applauded the initiative: “Programs like Walkbury not only drive business but also create lasting relationships between the campus and the city. We’re thrilled to see so many UConn members engaging with downtown.”

    Spirit Café Opens to All

    One of the highlights of the Walkbury initiative was the public opening of Spirit Café, located in the Rectory Building next to the Palace Theater. Previously available only to UConn students and staff, the café now serves as a welcoming space for both the campus and local community to gather over breakfast and lunch.

    “The Spirit Café represents what Walkbury is all about,” said Hoeft. “It’s a space where people from all walks of life can connect, share ideas, and enjoy great food in the heart of downtown.”

    Celebrating Waterbury’s Charm

    From cozy cafes to cultural landmarks, Walkbury celebrates Waterbury as a city of rich history and vibrant culture. By offering students, faculty, staff, and OLLI members the chance to explore and engage with the city, the initiative highlights what makes Waterbury unique and fosters a sense of belonging for all UConn members.

    Mayor Pernerewski praised the program, stating, “Walkbury is an excellent example of how a university and a city can work together to build community. It’s about making sure every UConn member feels at home here in Waterbury.”

    Looking Ahead

    With a successful first semester under its belt, Walkbury is poised to continue its mission of fostering harmony between UConn Waterbury and the downtown community. As part of the broader Ideas + Impact initiative, the program will continue to empower students and the entire UConn Waterbury community to engage with the city and make a lasting difference.

    For more information or to share ideas for collaboration, email walkbury@uconn.edu or contact Heather Price at 203-236-9846.

    Through Walkbury and Ideas + Impact, UConn Waterbury is creating bridges between campus and community, showing that when we walk together, we grow together.

    MIL OSI USA News –

  • MIL-OSI: Krishnan Cheerath Appointed Vice President, Products at Mage Data™

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Mage Data™ has announced the promotion of Krishnan Cheerath to the position of Vice President of Products. In this new capacity, Krishnan will lead the company’s product vision and strategy – balancing immediate market needs with future-proofing against emerging regulatory requirements and technological advancements to ensure that the product strategy aligns with the overall vision.

    Since joining Mage Data in 2017, Krishnan has held positions of increasing responsibility and authority first as a Project Manager and then a Product Manager.   His contributions to product strategy and delivery led to his promotion to Director of Product Design in 2023, where he helped to lead the development of the world’s first conversational user interface for a test data management platform for enhanced user experience. During his tenure, he has built an extensive portfolio of innovative product designs with an approach that has helped shaped Mage Data’s ahead-of-the-market offerings. Mage Data looks forward to his continuing to play a pivotal role in shaping the Company’s product vision and strategy as a part of Vision 26 – towards building an increasingly AI-driven solution that shifts the paradigm from being a traditional software solution to a Service-As-A-Software™ model that can serve as a powerful ally helping enterprises navigate complex data security challenges.

    Krishnan completed a Master of Business Administration (MBA) degree from the Indian Institute of Management (IIM) Trichy in 2017 and subsequently completed the Product Strategy course at the Kellogg School of Management, Northwestern University. This program helped refine essential skills in product lifecycle management, opportunity assessment, and agile methodologies. Krishnan’s skillset bridges the gap between market needs and the capabilities of rapidly changing technologies and makes him uniquely suited for Mage Data’s culture of innovation and market leadership.

    “Krishnan has been a cornerstone of our company’s growth and development,” said Padma Vemuri, Senior Vice President and Chief Solutions Architect at Mage Data. “His promotion is a testament not only to his long hours and commitment to the customer’s needs, but also to the promising future we envision together as he steps into executive leadership. I’m excited about the innovative directions Krishnan will guide us towards, strengthening our offerings and elevating our brand.”

    Paula Capps, Chief Operating Officer, added “This promotion exemplifies Mage Data’s commitment to professional growth and development for our team.   Hard work, a commitment to excellence, and visionary thinking is valued at Mage Data. Krishnan is an essential member of the team, and we are pleased that he’s taking on more and more responsibility.”

    “My time at Mage Data has been an incredible professional journey,” Krishnan Cheerath said. “I am deeply honoured and excited to assume the role of Vice President and embrace the challenges and responsibilities that come with it. I am committed to fostering a culture of innovation and collaboration within our teams as we strive to achieve our shared goals.”

    About Mage Data:

    Mage Data is globally recognized as a premier provider of comprehensive enterprise data security solutions, dedicated to serving organizations with sophisticated data protection mechanisms, intricate discovery techniques, and robust compliance capabilities. Our integrated platform is designed to safeguard sensitive information while ensuring uninterrupted business operations. recognized as a Champion in Test Data Management and a leader in data masking by leading analysts, Mage Data’s patented and award-winning platform enables organizations to navigate privacy regulations while ensuring robust security. The company’s client roster includes Swiss banks, Fortune 10 companies, Ivy League universities, and leaders in the financial and healthcare sectors—all of whom rely on Mage Data’s platform for effective data privacy and security solutions. With industry-leading privacy-enhancing technologies designed to secure sensitive information, Mage Data continues to deliver robust data security while ensuring that essential data assets remain accessible for everyday business use. For further details about Mage Data’s solutions, please visit www.magedata.ai or contact us via email at info@magedata.ai.

    Media Contact:
    Deeksha Surya
    3 Columbus Circle, 15th Floor New York, NY 10019
    Telephone: +1 212 203 4365
    Email: info@magedata.ai 

    The MIL Network –

  • MIL-OSI Russia: “You need to have the knowledge, skills and competencies to build a successful business in the Eastern markets”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Mikhail Dmitriev / Higher School of Economics

    HSE Expert Club “Eastern perspective» held its first event — a business session dedicated to launching and developing a successful business in India. The club was created by HSE experts to discuss tools, trends and insights on cooperation between Russia and the countries of Southeast Asia, the Near and Middle East, and North Africa. The participants were addressed by experts with many years of successful experience working in the Indian market in the interests of the world’s largest corporations.

    It is no coincidence that the first event of the Eastern Perspective was dedicated to India. Today, this country is the fastest growing economy in the world among the G20 countries with more than 7 percent annual GDP growth, a growing consumer market and high rates of technological progress. This opens up unique opportunities for Russian companies, emphasized the moderator of the event, Deputy Director for Marketing Communications at the National Research University Higher School of Economics Dmitry Chubarov.

    India is one of the most promising countries for entrepreneurs planning to start or grow their business.

    Leading world experts today call this country a “market of billions of chances,” said the associate professor Schools of Oriental Studies Faculty of World Economy and World Politics HSE University Olga Kharina. “Many countries want to have India as a partner, and Western countries are already doing this successfully. Therefore, we also need to use this chance in our own interests – the interests of business and, of course, the state,” she noted.

    Today, the dynamics of the development of Indian industries are as follows: the share of industrial products in the import structure reaches 50%, the annual growth of the beauty industry is 76%, the share of fintech in the volume of attracted financing among startups is 40%, and the share of e-commerce in the volume of attracted financing among startups is 20%. The average age of the population of this country is 28 years, which makes it one of the largest labor markets in the world. About 70% of the population is young people under 35 years old.

    In 2023, India accounted for more than 40% of all smartphone sales in Asia. The number of internet users in India is expected to reach 700 million by 2025. There are already about 450 million, and 1.2 billion mobile users. The Indian smartphone market is the fastest growing in the world. In addition, in 2020, a $ 1.4 trillion transport infrastructure plan was adopted, which includes improving roads, railways and airports. Textile exports are expected to reach $ 100 billion by 2027. India is the second largest producer of crude steel in the world, and the third largest aviation market. The value of the chemical and petrochemical industry reaches $ 1,178 billion, and auto component exports are worth $ 13.3 billion.

    Olga Kharina reviewed several cases related to the development of business of Russian entrepreneurs in India. Their experience showed that obtaining all the necessary permits for work in this country is a more complicated process than expected. It is also important to take into account the specifics of working with local regulatory authorities and carefully study the legislation and tax procedures.

    Olga Kharina also presented a “treasure map” of Indian states, each of which has its own economic characteristics and laws. Thus, the state of Maharashtra (where the financial center of Mumbai is located) is the largest taxpayer and an important center for business. The state of Uttar Pradesh is the most populous (more than 220 million people), but the economy is mainly agricultural. The state of Gujarat is a leader in the production and export of such goods as chemicals, petrochemicals and textiles.

    “India is located in the center of South Asia and has a strategic position as a gateway between East and West Asia. With access to the Indian Ocean, it plays a key role in trade and transport between the countries of Central Asia, the Middle East, Southeast Asia and East Africa. Russia and India maintain close economic ties that are strengthening every year. In recent years, various agreements have been signed on mutual trade, as well as on strategic partnership in the fields of energy, defense and technology,” the speaker emphasized.

    As for the most promising areas for business, India is one of the largest consumers of energy resources, and Russian companies can develop their activities in the field of oil and gas supplies, as well as participate in energy projects. Russia can also offer its developments in the field of IT and innovative technologies, especially in the field of artificial intelligence, machine learning and blockchain. In addition, India is an important importer of agricultural products, and Russian companies can supply there grain, fish, meat, dairy products. At the same time, Indian technologies in agribusiness can be useful for Russian farmers.

    The Indian government actively supports the “Make in India” program, which is aimed at developing manufacturing and stimulating foreign investment in the country.

    “You need to have the knowledge, skills and competencies to build a successful business in new markets, which we now call the Global East – friendly markets that are supported by both Russia and other countries,” emphasized Natalia Guseva, professor at the Faculty of World Economy and World Politics at the HSE and head of the HSE educational programs “Business with the East.”

    She presented the educational programs “Eastern Perspective” for entrepreneurs working with countries of the Near and Middle East, North Africa, and the Indo-Pacific region.

    The university currently offers three such programs. The flagship five-month program isEastern Perspective: Strategy and Tactics for Building a Business” combines the experience and practices of entering new markets in developed countries of the Global East. Intensive three-month program “Eastern Perspective: The Basics of Building a Business” is aimed at obtaining practical knowledge on business development, launching international projects in various sectors of the economy with the countries of the Global East. The three-week program “Eastern Perspective: The Practice of Building a Business in India” focuses on knowledge, strategies and practices for building a successful business in India.

    “You will have a clear understanding of the potential and specifics of Eastern markets depending on what company you work for or what startup you plan to do. When entering new markets, offering your products and services, you must have a clear understanding of the vectors and potentials of development, the features of the financial and tax systems. You also need to understand the main political trends, the features of the local society. You need to clearly assess the export potential, due to which you will compete. Most Russian companies that had experience in international business were mainly focused on the European markets, and that competition strategy was mainly based on low prices, but in the Eastern markets this strategy will be ineffective,” Natalia Guseva emphasized.

    Expert in developing GR tools and strategies for promoting companies on the Indian market, representative of the media conglomerate The Times of India Group in Russia Nair Devadathan spoke about the country’s features that businessmen entering this market should pay attention to. Thus, according to him, caste, religiosity and beliefs are very important in Indian society (for example, entrepreneurs build relationships with partners based on astrological horoscopes). Business connections are also of great importance: to enter the market, it is necessary to find a partner from among local residents – this way the company will be able to receive many preferences and more favorable conditions. “India should be understood as Bollywood,” he said. At the same time, this country loves Russian culture, especially theater and film adaptations.

    According to Nair Devadathan, not only large companies and medium-sized businesses can succeed in this country, but also small production facilities and even individual entrepreneurs – such examples already exist. At the same time, Indian consumers may be interested in absolutely any product, including those subject to sanctions, or services – for example, from the beauty industry or the arts, education or tourism.

    “Promoting Russia is a business in itself. All our young people use social networks, so you need to pay attention to this,” he is convinced.

    In conclusion, Dmitry Chubarov invited the business session participants to take the HSE educational programs dedicated to the East. “The expertise, experience and cases that will be discussed will not be based on abstract textbooks, but on the daily successful practice of both Russian and international companies that are currently operating in the Indian market,” he summed up.

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

    MIL OSI Russia News –

  • MIL-OSI Security: Harford County Man Sentenced for Aggravated Identity Theft and Bank Fraud Scheme

    Source: Office of United States Attorneys

    Defendant also participated in scheme to illegally obtain $28,350 in unemployment insurance benefits from the State of California during COVID-19 Pandemic.

    Baltimore, Maryland – U.S. District Judge Julie R. Rubin sentenced Victor Ojo, 30, of Belcamp, Maryland, to 72 months in federal prison, followed by three years of supervised release.

    Victor Ojo received the sentence for aggravated identity theft and his role in an attempted bank-fraud scheme that had an intended loss amount of $1.5 million. Additionally, Victor Ojo admitted to participating in a fraudulent scheme to obtain $28,350 in unemployment insurance benefits. So, Judge Rubin ordered Victor Ojo to forfeit $20,014.03 and to pay $78,350 in restitution.

    Erek L. Barron, U.S. Attorney for the District of Maryland, announced the sentence with Andrew McKay, Special Agent in Charge of the Treasury Inspector General for Tax Administration’s (TIGTA) Mid-Atlantic Field Division, and Scott Moffit, Special Agent in Charge of TIGTA’s Cybercrime Investigations Division.

    According to his guilty plea, from April 2016 through at least August 2019, Victor Ojo conspired with Damilola Ojo, Jamelia Thompson, Raissa Kaossele, and others, to commit bank fraud using the Internal Revenue Service’s (IRS) Modernized Internet Employer Identification Number (MODIEIN) system. The MODIEIN is the IRS system that allows users to register for a unique Employer Identification Number (EIN). It requires users to enter the valid name and Social Security Number of a real living person to obtain an EIN for a business.

    The defendant and his co-conspirators created and used various EINs to carry out the scheme. They obtained many of the EINs from the IRS using stolen Personally Identifiable Information. These EINs, in conjunction with fraudulently obtained state business certificates, allowed the co-conspirators to open bank accounts at various financial institutions to deposit stolen and/or altered checks and to receive fraudulently obtained wire transfers and other funds. Many of the wire transfers were the result of Business Email Compromises. Once obtained, the co-conspirators rapidly withdrew the proceeds, transferring them to other bank accounts.

    Victor Ojo and his co-conspirators victimized individuals through identity theft, businesses through financial account compromise, and banks through misdirecting wire transfers and making fraudulent transactions. After Victor Ojo’s arrest, law enforcement discovered evidence linking him to fraudulent activity. Law enforcement found numerous financial documents; a jacket, shirt, and hat that they saw Victor Ojo wearing in bank-surveillance footage while interacting with the fraudulent accounts; and a $14,000 check with someone else’s name on it. They also found passports in other people’s names and a Colorado ID with authentication features in someone else’s name.

    In the plea agreement, Victor Ojo admitted that he engaged in additional fraudulent activities prior to his arrest for bank-fraud conspiracy. Specifically, Victor Ojo and co-conspirators fraudulently obtained $28,350 in unemployment insurance benefits from the State of California using a victim’s identification.

    Around August 1, 2021, the California Employment Development Department (EDD) issued a Bank of America debit card in that victim’s name to an address in Lanham, Maryland. The card was linked to a Bank of America account that the EDD deposited a total of $28,350 in unemployment insurance benefits into. 
     

    The EDD made the first deposit on August 8, 2021. On August 10, 11, 24, and 25, Victor Ojo used the card to withdraw thousands of dollars from various ATMs in Harford County, Maryland. Victor Ojo was also captured on surveillance cameras making the withdrawals on August 10, 11, and 25.

    U.S. Attorney Barron commended the TIGTA for its work in the investigation.  Mr. Barron also thanked Assistant U.S. Attorneys Joseph L. Wenner, Paul Riley, and John D’Amico who prosecuted the federal case. He also recognized Joanna B.N. Huber, Maryland COVID-19 Strike Force Paralegal Specialist, for her assistance.

    The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    ###

    MIL Security OSI –

  • MIL-OSI Canada: Red Tape Awareness Week: Minister Nally

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Senator Ted Budd Joins Intelligence Committee

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)
    Washington, D.C. — Senate Majority Leader John Thune (R-SD) has named Senator Ted Budd (R-NC) to serve on the Senate Select Committee on Intelligence, filling the seat previously held by now-Secretary of State Marco Rubio.
    During the 119th Congress, Senator Budd will also serve on the Armed Services Committee, Commerce Committee, Small Business Committee, and the Joint Economic Committee.
    Sen. Budd said in a statement:
    “I am truly honored to serve on the Senate Intelligence Committee. The United States faces a complex global threat environment. Every day around the world, our intelligence community professionals risk their lives to collect foreign intelligence critical to our national security. At the same time, Americans are rightly concerned about abuses by, and politicization of, intelligence agencies. I am ready to join Chairman Cotton and my colleagues to ensure the intelligence community is focused on providing objective analysis to decision-makers, while protecting the privacy and civil liberties of Americans enshrined in our Constitution.”

    MIL OSI USA News –

  • MIL-OSI: BexBack Unveils Double Deposit Bonus, $50 Welcome Bonus, and 100x Leverage Crypto Trading with No KYC

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Jan. 27, 2025 (GLOBE NEWSWIRE) — As Bitcoin hovers around the $100,000 mark, analysts predict prolonged market volatility, making cryptocurrency derivatives trading the preferred choice for traders seeking to profit from both upward and downward trends. To empower traders and maximize their potential, BexBack Exchange has introduced an exclusive package featuring a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage for cryptocurrency trading—all with a No KYC policy, ensuring privacy and seamless trading.

    How Does 100x Leverage Work?

    100x leverage enables traders to control larger positions with minimal capital investment. For example:

    • Suppose Bitcoin is priced at $100,000, and you open a long contract with 1 BTC. Using 100x leverage, you control a position worth 100 BTC.
    • If the price rises to $105,000, your profit will be:
      (105,000−100,000)×100BTC÷100,000=5BTC That’s a 500% return on your initial investment.

    With BexBack’s 100% deposit bonus, your trading power doubles, giving you the ability to amplify profits even further.

    How the 100% Deposit Bonus Works

    BexBack’s deposit bonus is designed to boost your trading potential. While it cannot be withdrawn directly, the bonus:

    1. Increases Margin Capacity – Use the bonus to open larger positions and enhance your profit potential.
    2. Provides Risk Protection – During significant market fluctuations, the bonus serves as extra margin, reducing liquidation risks.

    For example, depositing 1 BTC unlocks an additional 1 BTC in bonus funds, doubling your margin.

    Why Choose BexBack?

    • No KYC Required: Trade with just an email address—simple and private.
    • 100% Deposit Bonus: Double your trading funds instantly.
    • $50 Welcome Bonus: Earn $50 after completing your first trade.
    • High Leverage: Up to 100x leverage to maximize capital efficiency.
    • Demo Account: Practice risk-free with 10 BTC in virtual funds.
    • Transparent Fees: No slippage, no spreads, and clear fee structures.
    • 24/7 Global Support: Dedicated multilingual customer service anytime, anywhere.
    • Affiliate Rewards: Earn up to 50% commission with no limits on duration or earnings.

    About BexBack

    BexBack is a premier cryptocurrency derivatives platform offering 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. Headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina, BexBack operates under a US MSB (Money Services Business) license. The platform is trusted by over 200,000 traders worldwide, including users in the US, Canada, and Europe.

    Don’t Miss Out—Start Trading Today!

    If you’re looking to capitalize on Bitcoin’s historic price levels and market volatility, BexBack is the platform for you. With 100x leverage, unbeatable bonuses, and a focus on privacy, BexBack sets you up for success in the dynamic world of cryptocurrency trading.

    Sign up now to claim your exclusive bonuses and start building your crypto portfolio.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ed72ce34-c448-429b-baf5-afdbccee1640

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b63bbbd5-050a-4972-9308-fa38c4b98ca8

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8fe9b4af-bef7-450b-8933-9d7096274920

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a1ccb133-7ea0-4960-a4b2-f127cce10ea8

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9778b6a3-46d2-49b8-a574-adb73a41cd4f

    The MIL Network –

  • MIL-OSI Asia-Pac: Officials celebrate with the grassroots

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki and other principal officials of the Government met different families on the third day of their year-end caring visits across Hong Kong’s 18 districts in celebration of the upcoming Lunar New Year.
     
    While visiting elderly singleton and doubleton grassroots families living in Po Lam Estate, Mr Chan chatted with them and celebrated the festive joy together.
     
    Over in Kennedy Town, Secretary for Justice Paul Lam visited seniors living there to learn about their daily lives and needs and presented them with Chinese New Year blessing bags.
     
    Deputy Financial Secretary Michael Wong visited elderly couples, grassroots and ethnic-minority households living in Lei Muk Shue Estate.
     
    Meantime, other principal officials toured Kwun Tong, Yuen Long, Sham Shui Po, Eastern, North, Wan Chai and Tai Po districts to meet grassroots families, seniors and people with disabilities.
     
    Secretary for Environment & Ecology Tse Chin-wan, Secretary for Commerce & Economic Development Algernon Yau, Secretary for Housing Winnie Ho, Secretary for the Civil Service Ingrid Yeung, Secretary for Transport & Logistics Mable Chan, Secretary for Culture, Sports & Tourism Rosanna Law and Acting Secretary for Labour & Welfare Ho Kai-ming also joined the event.
     
    They were accompanied by the district council members and representatives from the District Services & Community Care Team.

    MIL OSI Asia Pacific News –

  • MIL-OSI: LPL Financial Welcomes Bruen Wealth Management

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    Related

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

    About LPL Financial

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

    Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Bruen Wealth Management, Paradigm Partners and LPL are separate entities.

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

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

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

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

    Tracking #681312

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    December 31, 2024, Highlights:

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

    Balance Sheet and Asset Quality Review

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

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

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

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

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

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

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

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

    Operations Review

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

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

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

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

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

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

    About PSB Holdings, Inc.

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

    Forward-Looking Statements

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

               
               
    PSB Holdings, Inc.     
    Consolidated Balance Sheets     
    December 31, September 30, June 30, and March 31, 2024, unaudited, December 31, 2023 derived from audited financial statements 
               
      Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands, except per share data)   2024     2024     2024     2024     2023  
               
    Assets          
               
    Cash and due from banks $ 21,414   $ 23,554   $ 16,475   $ 13,340   $ 20,887  
    Interest-bearing deposits   3,724     5,126     251     105     1,431  
    Federal funds sold   15,360     58,434     69,249     2,439     5,462  
               
    Cash and cash equivalents   40,498     87,114     85,975     15,884     27,780  
    Securities available for sale (at fair value)   189,086     174,911     165,177     165,566     164,024  
    Securities held to maturity (fair values of $79,654, $82,389, $79,993, $81,234 and        
      $82,514 respectively)   86,748     86,847     86,825     87,104     87,081  
    Equity securities   2,782     1,752     1,661     1,474     1,474  
    Loans held for sale   217     –     2,268     865     230  
    Loans receivable, net (allowance for credit losses of $12,342, $12,598, $12,597,        
     $12,494 and $12,302 respectively)   1,078,204     1,057,974     1,074,844     1,081,394     1,078,475  
    Accrued interest receivable   5,042     4,837     5,046     5,467     5,136  
    Foreclosed assets   –     –     –     –     –  
    Premises and equipment, net   13,805     14,065     14,048     13,427     13,098  
    Mortgage servicing rights, net   1,742     1,727     1,688     1,657     1,664  
    Federal Home Loan Bank stock (at cost)   8,825     8,825     8,825     7,006     6,373  
    Cash surrender value of bank-owned life insurance   24,732     24,565     24,401     24,242     24,085  
    Core deposit intangible   195     212     229     249     273  
    Goodwill   2,541     2,541     2,541     2,541     2,541  
    Other assets   11,539     10,598     12,111     11,682     11,866  
               
    TOTAL ASSETS $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    Liabilities          
               
    Non-interest-bearing deposits $ 259,515   $ 265,078   $ 250,435   $ 247,608   $ 266,829  
    Interest-bearing deposits   887,834     874,035     901,886     865,744     874,973  
               
       Total deposits   1,147,349     1,139,113     1,152,321     1,113,352     1,141,802  
               
    Federal Home Loan Bank advances   162,250     181,250     184,900     158,250     134,000  
    Other borrowings   6,872     6,128     5,775     8,096     8,058  
    Senior subordinated notes   4,781     4,779     4,778     4,776     4,774  
    Junior subordinated debentures   13,023     12,998     12,972     12,947     12,921  
    Allowance for credit losses on unfunded commitments   672     477     477     477     577  
    Accrued expenses and other liabilities   14,723     12,850     13,069     10,247     12,681  
               
       Total liabilities   1,349,670     1,357,595     1,374,292     1,308,145     1,314,813  
               
    Stockholders’ equity          
               
    Preferred stock – no par value:          
       Authorized – 30,000 shares; no shares issued or outstanding          
       Outstanding – 7,200 shares, respectively   7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:          
       Authorized – 18,000,000 shares; Issued – 5,490,798 shares          
       Outstanding – 4,092,977, 4,105,594, 4,128,382, 4,147,649 and          
         4,164,735 shares, respectively   1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital   8,610     8,567     8,527     8,466     8,460  
    Retained earnings   139,838     138,142     135,276     134,271     132,666  
    Accumulated other comprehensive income (loss), net of tax   (19,314 )   (15,814 )   (20,503 )   (20,775 )   (20,689 )
    Treasury stock, at cost – 1,397,821, 1,385,204, 1,362,416, 1,343,149 and          
      1,326,063 shares, respectively   (21,878 )   (21,552 )   (20,983 )   (20,579 )   (20,180 )
               
       Total stockholders’ equity   116,286     118,373     111,347     110,413     109,287  
               
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    PSB Holdings, Inc.        
    Consolidated Statements of Income            
                            Quarter Ended     Years Ended
    (dollars in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,   December
    except per share data – unaudited)   2024     2024   2024   2024     2023       2024     2023  
                       
    Interest and dividend income:                
       Loans, including fees $ 15,646   $ 15,634 $ 15,433 $ 15,109   $ 14,888     $ 61,822   $ 53,633  
       Securities:                
          Taxable   1,545     1,345   1,295   1,197     1,147       5,382     4,919  
          Tax-exempt   522     522   521   526     532       2,091     2,137  
       Other interest and dividends   948     699   265   343     320       2,255     851  
                       
             Total interest and dividend income   18,661     18,200   17,514   17,175     16,887       71,550     61,540  
                       
    Interest expense:                
       Deposits   6,027     5,905   5,838   6,082     5,526       23,852     16,993  
       FHLB advances   1,890     2,038   1,860   1,450     1,349       7,238     4,417  
       Other borrowings   57     57   58   60     54       232     215  
       Senior subordinated notes   59     59   58   59     59       235     238  
       Junior subordinated debentures   252     252   255   251     254       1,010     985  
                       
             Total interest expense   8,285     8,311   8,069   7,902     7,242       32,567     22,848  
                       
    Net interest income   10,376     9,889   9,445   9,273     9,645       38,983     38,692  
    Provision for credit losses   –     –   100   95     100       195     450  
                       
    Net interest income after provision for credit losses     10,376     9,889   9,345   9,178     9,545       38,788     38,242  
                       
    Noninterest income:                
       Service fees   362     367   350   336     360       1,415     1,448  
       Mortgage banking income   414     433   433   308     247       1,588     1,228  
       Investment and insurance sales commissions   226     230   222   121     100       799     910  
       Net loss on sale of securities   (511 )   –   –   (495 )   (297 )     (1,006 )   (576 )
       Increase in cash surrender value of life insurance     166     165   159   157     154       647     615  
       Life insurance death benefit   –     –   –   –     –       –     533  
       Other noninterest income   620     648   742   617     540       2,627     2,562  
                       
             Total noninterest income   1,277     1,843   1,906   1,044     1,104       6,070     6,720  
                       
    Noninterest expense:                
       Salaries and employee benefits   4,691     4,771   5,167   5,123     4,244       19,752     18,648  
       Occupancy and facilities   691     757   733   721     675       2,902     2,761  
       Loss (gain) on foreclosed assets   –     1   –   –     1       1     (45 )
       Data processing and other office operations   1,111     1,104   1,047   1,022     1,001       4,284     3,785  
       Advertising and promotion   141     164   171   129     244       605     733  
       Core deposit intangible amortization   17     17   20   24     24       78     109  
       Other noninterest expenses   1,351     1,337   1,257   1,306     1,169       5,251     4,557  
                       
            Total noninterest expense   8,002     8,151   8,395   8,325     7,358       32,873     30,548  
                       
    Income before provision for income taxes   3,651     3,581   2,856   1,897     3,291       11,985     14,414  
    Provision for income taxes   524     593   410   169     878       1,696     4,845  
                       
    Net income $ 3,127   $ 2,988 $ 2,446 $ 1,728   $ 2,413     $ 10,289   $ 9,569  
    Preferred stock dividends declared $ 122   $ 122 $ 122 $ 122   $ 122     $ 486   $ 486  
                       
    Net income available to common shareholders $ 3,005   $ 2,866 $ 2,324 $ 1,606   $ 2,291     $ 9,803   $ 9,083  
    Basic earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
    Diluted earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
                       
    PSB Holdings, Inc.
    Quarterly Financial Summary
    (dollars in thousands, except per share data) Quarter ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    Earnings and dividends:     2024     2024     2024     2024     2023  
                   
      Interest income   $ 18,661   $ 18,200   $ 17,514   $ 17,175   $ 16,887  
      Interest expense   $ 8,285   $ 8,311   $ 8,069   $ 7,902   $ 7,242  
      Net interest income   $ 10,376   $ 9,889   $ 9,445   $ 9,273   $ 9,645  
      Provision for credit losses   $ –   $ –   $ 100   $ 95   $ 100  
      Other noninterest income   $ 1,277   $ 1,843   $ 1,906   $ 1,044   $ 1,104  
      Other noninterest expense   $ 8,002   $ 8,151   $ 8,395   $ 8,325   $ 7,358  
      Net income available to common shareholders $ 3,005   $ 2,866   $ 2,324   $ 1,606   $ 2,291  
                   
      Basic earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Diluted earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Dividends declared per common share (3) $ 0.32   $ –   $ 0.32   $ –   $ 0.30  
      Tangible net book value per common share (4) $ 25.98   $ 26.41   $ 24.55   $ 24.21   $ 23.84  
                   
      Semi-annual dividend payout ratio     23.27 %   n/a     33.61 %   n/a     38.14 %
      Average common shares outstanding   4,094,360     4,132,218     4,139,456     4,154,702     4,168,924  
                   
                   
    Balance sheet – average balances:            
      Loans receivable, net of allowances for credit loss   $ 1,064,619   $ 1,066,795   $ 1,088,013   $ 1,081,936   $ 1,081,851  
      Assets   $ 1,479,812   $ 1,445,613   $ 1,433,749   $ 1,429,437   $ 1,424,240  
      Deposits   $ 1,151,450   $ 1,110,854   $ 1,111,240   $ 1,138,010   $ 1,148,399  
      Stockholders’ equity   $ 118,396   $ 114,458   $ 110,726   $ 109,473   $ 105,060  
                   
                   
    Performance ratios:            
      Return on average assets (1)     0.84 %   0.82 %   0.69 %   0.49 %   0.67 %
      Return on average common stockholders’ equity (1)     10.75 %   10.63 %   9.03 %   6.32 %   9.29 %
      Return on average tangible common          
        stockholders’ equity (1)(4)     11.07 %   10.96 %   9.34 %   6.57 %   9.64 %
      Net loan charge-offs to average loans (1)   0.02 %   0.00 %   0.00 %   0.00 %   0.00 %
      Nonperforming loans to gross loans     0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
      Nonperforming assets to total assets     0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
      Allowance for credit losses to gross loans   1.13 %   1.18 %   1.16 %   1.14 %   1.13 %
      Nonperforming assets to tangible equity          
        plus the allowance for credit losses (4)   8.85 %   8.71 %   11.09 %   10.59 %   5.38 %
      Net interest rate margin (1)(2)     2.96 %   2.90 %   2.84 %   2.80 %   2.88 %
      Net interest rate spread (1)(2)     2.23 %   2.16 %   2.15 %   2.12 %   2.20 %
      Service fee revenue as a percent of            
        average demand deposits (1)     0.53 %   0.56 %   0.56 %   0.54 %   0.52 %
      Noninterest income as a percent            
        of gross revenue     6.40 %   9.20 %   9.81 %   5.73 %   6.14 %
      Efficiency ratio (2)     67.59 %   68.43 %   72.52 %   78.93 %   67.04 %
      Noninterest expenses to average assets (1)   2.15 %   2.24 %   2.35 %   2.34 %   2.05 %
      Average stockholders’ equity less accumulated          
        other comprehensive income (loss) to          
        average assets     9.08 %   9.06 %   9.03 %   8.98 %   8.88 %
      Tangible equity to tangible assets (4)   7.76 %   7.85 %   7.32 %   7.60 %   7.49 %
                   
    Stock price information:            
                   
      High   $ 27.90   $ 25.00   $ 21.40   $ 22.50   $ 22.30  
      Low   $ 25.00   $ 20.30   $ 19.75   $ 20.05   $ 20.10  
      Last trade value at quarter-end   $ 26.50   $ 25.00   $ 20.40   $ 21.25   $ 22.11  
                   
    (1) Annualized            
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.  
    (4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.      
               
    PSB Holdings, Inc.          
    Consolidated Statements of Comprehensive Income        
                   
          Quarter Ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands – unaudited)   2024     2024     2024     2024     2023  
                   
    Net income $ 3,127   $ 2,988   $ 2,446   $ 1,728   $ 2,413  
                   
    Other comprehensive income:          
                   
      Unrealized gain (loss) on securities available for sale, net of tax      (3,955 )   4,738     184     (615 )   5,278  
                 
      Reclassification adjustment for security  loss included in net income, net of tax     404     –     –     391     280  
                   
      Accretion of unrealized loss included in net  income on securities available for sale deferred tax adjustment for Wisconsin Act 19     (76 )   –     –     (35 )   –  
                   
      Amortization of unrealized loss included in net  income on securities available for sale transferred to securities held to maturity, net of tax     90     90     89     91     91  
                   
      Unrealized gain (loss) on interest rate swap, net of tax     65     (101 )   39     122     (109 )
                   
      Reclassification adjustment of interest rate swap settlements included in earnings, net of tax     (27 )   (38 )   (40 )   (41 )   (39 )
                   
                   
    Other comprehensive income (loss)   (3,499 )   4,689     272     (87 )   5,501  
                   
    Comprehensive income (loss) $ (372 ) $ 7,677   $ 2,718   $ 1,641   $ 7,914  
                   
    PSB Holdings, Inc.        
    Nonperforming Assets as of:        
      Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
               
    Nonaccrual loans (excluding restructured loans) $ 10,109   $ 10,116   $ 12,184   $ 11,498   $ 5,596  
    Nonaccrual restructured loans   18     25     28     30     34  
    Restructured loans not on nonaccrual   286     292     299     304     310  
    Accruing loans past due 90 days or more   –     –     –     –     –  
               
    Total nonperforming loans   10,413     10,433     12,511     11,832     5,940  
    Other real estate owned   –     –     –     –     –  
               
    Total nonperforming assets $ 10,413   $ 10,433   $ 12,511   $ 11,832   $ 5,940  
               
    Nonperforming loans as a % of gross loans receivable   0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
    Total nonperforming assets as a % of total assets   0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
    Allowance for credit losses as a % of nonperforming loans   118.52 %   120.75 %   100.69 %   105.59 %   207.10 %
               
    PSB Holdings, Inc.     
    Nonperforming Assets >= $500,000 net book value before specific reserves    
    At December 31, 2024     
    (dollars in thousands)     
        Gross Specific
    Collateral Description Asset Type Principal Reserves
           
    Real estate – Recreational Facility Nonaccrual $ 4,126   $ 151  
    Real estate – Independent Auto Repair Nonaccrual   538     –  
    Real estate – Dealership Nonaccrual   2,708     560  
           
           
    Total listed nonperforming assets   $ 7,372   $ 711  
    Total bank wide nonperforming assets   $ 10,413   $ 1,043  
    Listed assets as a % of total nonperforming assets     71 %   68 %
           
    PSB Holding, Inc.          
    Loan Composition by Collateral Type          
    Quarter-ended (dollars in thousands) Dec 31,
    2024    		 Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
               
    Commercial:          
    Commercial and industrial $ 116,864   $ 115,234   $ 125,508   $ 118,821   $ 117,207  
    Agriculture   11,568     11,203     11,480     12,081     12,304  
    Municipal   15,733     12,596     11,190     28,842     31,530  
               
    Total Commercial   144,165     139,033     148,178     159,744     161,041  
               
    Commercial Real Estate:          
    Commercial real estate   551,641     541,577     544,171     546,257     536,209  
    Construction and development   79,377     60,952     70,540     63,375     81,701  
               
    Total Commercial Real Estate   631,018     602,529     614,711     609,632     617,910  
               
    Residential real estate:          
    Residential   271,643     269,954     270,944     274,300     274,453  
    Construction and development   28,959     34,655     36,129     34,158     33,960  
    HELOC   36,887     36,734     33,838     31,357     29,766  
               
    Total Residential Real Estate   337,489     341,343     340,911     339,815     338,179  
               
    Consumer installment   5,060     4,770     4,423     4,867     4,357  
               
    Subtotals – Gross loans   1,117,732     1,087,675     1,108,223     1,114,058     1,121,487  
    Loans in process of disbursement   (27,791 )   (17,836 )   (21,484 )   (20,839 )   (31,359 )
               
    Subtotals – Disbursed loans   1,089,941     1,069,839     1,086,739     1,093,219     1,090,128  
    Net deferred loan costs   605     733     702     669     649  
    Allowance for credit losses   (12,342 )   (12,598 )   (12,597 )   (12,494 )   (12,302 )
               
    Total loans receivable $ 1,078,204   $ 1,057,974   $ 1,074,844   $ 1,081,394   $ 1,078,475  
               
    PSB Holding, Inc.                       
    Selected Commercial Real Estate Loans by Purpose                  
      Dec 31,   Sept 30,   June 30,   Mar 31,   Dec 31,
     (dollars in thousands)  2024     2024     2024     2024     2023 
                                 
      Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)
    Multi Family $ 140,087 14.0 %   $ 140,307 14.7 %   $ 146,873 15.2 %   $ 142,001 14.4 %   $ 132,386 13.2 %
    Industrial and Warehousing   88,297 8.8       86,818 9.1       86,025 8.9       85,409 8.6       83,817 8.3  
    Retail   33,991 3.4       33,020 3.5       34,846 3.6       33,177 3.4       35,419 3.5  
    Hotels   31,101 3.1       31,611 3.3       34,613 3.6       35,105 3.6       36,100 3.6  
    Office   6,234 0.6       6,378 0.7       6,518 0.7       6,655 0.7       6,701 0.7  
                                 
    (1) Percentage of commercial and commercial real estate portfolio and commitments.              
                   
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Insured and Collateralized Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 204,167 17.8 % $ 210,534 18.5 % $ 202,343 17.5 % $ 199,076 17.8 % $ 197,571 17.3 %
    Interest-bearing demand and savings   315,900 27.6 %   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %   317,984 27.8 %
    Money market deposits   141,024 12.3 %   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %   142,887 12.5 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   816,190 71.2 %   810,529 71.2 %   793,670 69.0 %   809,320 72.7 %   807,587 70.7 %
    Retail and local time deposits > $250   25,500 2.2 %   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %   23,000 2.0 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 899,095 78.4 % $ 891,434 78.3 % $ 873,988 76.0 % $ 897,809 80.7 % $ 904,077 79.1 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 55,348 4.8 % $ 54,544 4.8 % $ 48,092 4.1 % $ 48,532 4.4 % $ 69,258 6.1 %
    Interest-bearing demand and savings   20,934 1.8 %   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %   20,316 1.8 %
    Money market deposits   153,334 13.4 %   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %   124,518 10.9 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   229,616 20.0 %   230,350 20.2 %   258,720 22.3 %   193,833 17.4 %   214,092 18.8 %
    Retail and local time deposits > $250   18,638 1.6 %   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %   23,633 2.1 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 248,254 21.6 % $ 247,679 21.7 % $ 278,333 24.0 % $ 215,543 19.3 % $ 237,725 20.9 %
                         
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 259,515 22.6 % $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 % $ 266,829 23.4 %
    Interest-bearing demand and savings   336,834 29.4 %   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %   338,300 29.6 %
    Money market deposits   294,358 25.7 %   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %   267,405 23.4 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   1,045,806 91.2 %   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %   1,021,679 89.5 %
    Retail and local time deposits > $250   44,138 3.8 %   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %   46,633 4.1 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 1,147,349 100.0 % $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 % $ 1,141,802 100.0 %
                         
    PSB Holdings, Inc. 
    Average Balances ($000) and Interest Rates         
    (dollars in thousands)           
                           
                           
      Quarter ended December 31, 2024   Quarter ended September 30, 2024   Quarter ended December 31, 2023
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
       Loans (1)(2) $ 1,077,242   $ 15,693 5.80 %   $ 1,079,393   $ 15,674 5.78 %   $ 1,094,152   $ 14,974 5.43 %
       Taxable securities   194,272     1,545 3.16 %     177,520     1,345 3.01 %     167,366     1,147 2.72 %
       Tax-exempt securities (2)   79,475     661 3.31 %     79,472     661 3.31 %     80,922     673 3.30 %
       FHLB stock   8,825     227 10.23 %     8,825     176 7.93 %     6,373     158 9.84 %
       Other   58,405     721 4.91 %     36,680     523 5.67 %     11,846     162 5.43 %
                           
       Total (2)   1,418,219     18,847 5.29 %     1,381,890     18,379 5.29 %     1,360,659     17,114 4.99 %
                           
    Non-interest-earning assets:                    
       Cash and due from banks   15,500           17,162           16,243      
       Premises and equipment,                    
          net   14,001           14,216           13,243      
       Cash surrender value ins   24,625           24,458           23,990      
       Other assets   20,090           20,485           22,406      
       Allowance for credit                      
          losses   (12,623 )         (12,598 )         (12,301 )    
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Liabilities & stockholders’ equity                    
    Interest-bearing liabilities:                    
       Savings and demand                      
          deposits $ 319,777   $ 1,479 1.84 %   $ 323,841   $ 1,515 1.86 %   $ 327,036   $ 1,296 1.57 %
       Money market deposits   304,897     1,961 2.56 %     277,884     1,876 2.69 %     272,087     1,820 2.65 %
       Time deposits   256,201     2,587 4.02 %     247,296     2,514 4.04 %     273,332     2,410 3.50 %
       FHLB borrowings   170,701     1,890 4.40 %     182,414     2,038 4.44 %     133,560     1,349 4.01 %
       Other borrowings   6,848     57 3.31 %     6,702     57 3.38 %     6,999     54 3.06 %
       Senior sub. notes    4,780     59 4.91 %     4,779     59 4.91 %     4,773     59 4.90 %
       Junior sub. debentures   13,011     252 7.71 %     12,985     252 7.72 %     12,909     254 7.81 %
                           
       Total   1,076,215     8,285 3.06 %     1,055,901     8,311 3.13 %     1,030,696     7,242 2.79 %
                           
    Non-interest-bearing liabilities:                    
       Demand deposits   270,575           261,833           275,944      
       Other liabilities   14,626           13,421           12,540      
       Stockholders’ equity   118,396           114,458           105,060      
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Net interest income   $ 10,562       $ 10,068       $ 9,872  
    Rate spread     2.23 %       2.16 %       2.20 %
    Net yield on interest-earning assets   2.96 %       2.90 %       2.88 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.     
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. 
                           
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)       
          Year ended December 31, 2024   Year ended December 31, 2023
          Average   Yield/   Average   Yield/
          Balance Interest Rate   Balance Interest Rate
    Assets                
    Interest-earning assets:              
       Loans (1)(2) $ 1,087,816   $ 62,085 5.71 %   $ 1,043,144   $ 53,824 5.16 %
       Taxable securities   179,074     5,382 3.01 %     183,984     4,919 2.67 %
       Tax-exempt securities (2)   79,735     2,647 3.32 %     81,481     2,705 3.32 %
       FHLB stock   8,024     750 9.35 %     5,304     386 7.28 %
       Other     29,153     1,505 5.16 %     9,073     465 5.13 %
                       
       Total (2)     1,383,802     72,369 5.23 %     1,322,986     62,299 4.71 %
                       
    Non-interest-earning assets:              
       Cash and due from banks   16,841           17,110      
       Premises and equipment, net     13,834           13,294      
       Cash surrender value ins   24,382           24,331      
       Other assets   20,911           23,136      
                     
       Allowance for credit losses     (12,528 )         (12,079 )    
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Liabilities & stockholders’ equity            
    Interest-bearing liabilities:              
       Savings and demand deposits   $ 331,411   $ 6,133 1.85 %   $ 344,906   $ 4,582 1.33 %
       Money market deposits   281,828     7,569 2.69 %     249,079     5,328 2.14 %
       Time deposits   256,265     10,150 3.96 %     261,595     7,083 2.71 %
       FHLB borrowings   167,708     7,238 4.32 %     116,282     4,417 3.80 %
       Other borrowings   7,241     232 3.20 %     7,061     215 3.04 %
       Senior sub. notes      4,778     235 4.92 %     4,927     238 4.83 %
       Junior sub. debentures   12,972     1,010 7.79 %     12,870     985 7.65 %
                       
       Total     1,062,203     32,567 3.07 %     996,720     22,848 2.29 %
                       
    Non-interest-bearing liabilities:            
       Demand deposits   258,173           274,273      
       Other liabilities   13,475           12,397      
       Stockholders’ equity   113,391           105,388      
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Net interest income   $ 39,802       $ 39,451  
    Rate spread       2.16 %       2.42 %
    Net yield on interest-earning assets   2.88 %       2.98 %
                       
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.  
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
                       

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    December 31, 2024, Highlights:

    • Quarterly earnings were $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, a decrease compared to earnings of $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, and $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023.
    • Net interest income increased $0.4 million to $11.7 million for the current quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat with $11.7 million for the quarter ended December 31, 2023. The increase in net interest income from the third quarter of 2024 was primarily due to an increase in net interest margin of 16 basis points.
    • The net interest margin increased to 2.79%, primarily due to lower deposit costs, for the quarter ended December 31, 2024, compared to 2.63% for the previous quarter, and 2.69% for the quarter ended December 31, 2023. The net interest margin increase in the fourth quarter of 2024, was also favorably impacted by accelerated deferred fee accretion on loan payoffs of 3 basis points.
    • Negative provision for credit losses of $0.45 million, $0.40 million, and $0.65 million were recorded during the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The fourth quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.324 million and a $0.126 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income decreased $0.9 million in the fourth quarter of 2024, due to $0.5 million in lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Non-interest income decreased by $0.5 million compared to the fourth quarter of 2023, due to higher net losses on equity securities.
    • Non-interest expense increased $0.4 million to $10.8 million in the fourth quarter of 2024 from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million in the fourth quarter one year earlier. The $0.4 million increase in non-interest expense from the third quarter was largely due to $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 was due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase of $0.2 million on losses on repossessed assets; and (3) higher data processing of $0.2 million, partially offset by lower other expenses of $0.5 million primarily due to 2023 branch closure costs.
    • Loans receivable decreased $55.8 million during the fourth quarter ended December 31, 2024, to $1.369 billion compared to the prior quarter end, due to pay offs of non-strategic relationships as part of the balance sheet optimization plan.
    • Total deposits decreased $32.5 million during the fourth quarter of 2024, compared to three months earlier, as wholesale deposits were reduced with brokered deposits decreasing $47.5 million to $19.1 million at December 31, 2024, compared to three months earlier.
    • Federal Home Loan Bank advances decreased $16.0 million to $5.0 million at December 31, 2024, from $21.0 million at September 30, 2024.
    • The effective tax rate was 19.5% for the quarter ended December 31, 2024, compared to 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.
    • Nonperforming assets decreased to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024. The decrease was largely due to a partial paydown on one agricultural real estate loan relationship in forestry services that was placed on nonaccrual status in the third quarter.
    • Net charge-offs remain minimal and were 0.009% of average loans during the fourth quarter and 0.007% over the twelve-month period ending December 31, 2024.
    • Common stock totaling 94 thousand shares were repurchased in the fourth quarter ending December 31, 2024, at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share.
    • In November 2024, the Company notified its customers that it would be closing the Faribault, Minnesota branch on February 3, 2025, with account balances transferred to the nearest branch which is 39 miles away. The branch closure costs recognized in the fourth quarter were minimal.
    • The efficiency ratio was 76% for the quarter ended December 31, 2024, compared to 72% for the quarter ended September 30, 2024.
    • On January 23, 2025, the Board of Directors declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025.

    Balance Sheet and Asset Quality

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

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

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

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

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

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

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

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

    (in thousands, except ratios)

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

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

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

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

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

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

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

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

    Deposit Portfolio Composition
    (in thousands)

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

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

    Deposit Composition By Type
    (in thousands)

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

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

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

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

    Review of Operations

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

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

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

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

    Portfolio Contractual Repricing:
    (in millions, except yields)

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

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

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

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

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

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

    Cautionary Statement Regarding Forward-Looking Statements

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

    1Non-GAAP Financial Measures

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

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

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

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

    (CZWI-ER)

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

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

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

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

    (in thousands, except per share data)

        Three Months Ended   Twelve Months Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
                       
    GAAP pretax income   $ 3,358   $ 4,185   $ 4,671   $ 17,450   $ 18,932
    Branch closure costs (1)     —     —     380     168     380
    Pretax income as adjusted (2)   $ 3,358   $ 4,185   $ 5,051   $ 17,618   $ 19,312
    Provision for income tax on net income as adjusted (3)     656     899     1,058     3,735     5,991
    Net income as adjusted (non-GAAP) (2)   $ 2,702   $ 3,286   $ 3,993   $ 13,883   $ 13,321
    GAAP diluted earnings per share, net of tax   $ 0.27   $ 0.32   $ 0.35   $ 1.34   $ 1.25
    Branch closure costs, net of tax     —     —     0.03     0.01     0.03
    Diluted earnings per share, as adjusted, net of tax (non-GAAP)   $ 0.27   $ 0.32   $ 0.38   $ 1.35   $ 1.28
                         
    Average diluted shares outstanding     10,033,957     10,204,195     10,457,184     10,262,710     10,470,298

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

    Loan Composition

    (in thousands)

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

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

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

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

        Three Months Ended
    December 31, 2024    		   Three Months Ended
    September 30, 2024    		   Three Months Ended
    December 31, 2023
        Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                                    
    Cash and cash equivalents   $ 26,197   $ 327   4.97 %   $ 25,187   $ 360   5.69 %   $ 16,699   $ 241   5.73 %
    Loans receivable     1,396,854     19,534   5.56 %     1,429,928     20,115   5.60 %     1,458,558     19,408   5.28 %
    Investment securities     235,268     1,940   3.28 %     236,960     1,966   3.30 %     243,705     2,102   3.42 %
    Other investments     12,318     160   5.17 %     12,553     71   2.25 %     15,760     275   6.92 %
    Total interest earning assets   $ 1,670,637   $ 21,961   5.23 %   $ 1,704,628   $ 22,512   5.25 %   $ 1,734,722   $ 22,026   5.04 %
    Average interest-bearing liabilities:                                    
    Savings accounts   $ 162,501   $ 383   0.94 %   $ 170,777   $ 450   1.05 %   $ 175,281   $ 323   0.73 %
    Demand deposits     346,411     1,891   2.17 %     357,201     2,152   2.40 %     329,096     1,680   2.03 %
    Money market accounts     351,566     2,720   3.08 %     381,369     3,126   3.26 %     326,981     2,217   2.69 %
    CD’s     374,087     4,279   4.55 %     379,722     4,437   4.65 %     368,110     3,631   3.91 %
    Total deposits   $ 1,234,565   $ 9,273   2.99 %   $ 1,289,069   $ 10,165   3.14 %   $ 1,199,468   $ 7,851   2.60 %
    FHLB advances and other borrowings     72,431     980   5.38 %     80,338     1,062   5.26 %     191,575     2,428   5.03 %
    Total interest-bearing liabilities   $ 1,306,996   $ 10,253   3.12 %   $ 1,369,407   $ 11,227   3.26 %   $ 1,391,043   $ 10,279   2.93 %
    Net interest income       $ 11,708           $ 11,285           $ 11,747    
    Interest rate spread           2.11 %           1.99 %           2.11 %
    Net interest margin           2.79 %           2.63 %           2.69 %
    Average interest earning assets to average interest-bearing liabilities           1.28             1.24             1.25  
        Twelve Months Ended
    December 31, 2024    		   Twelve Months Ended
    December, 2023
        Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                        
    Cash and cash equivalents   $ 20,864   $ 1,150   5.51 %   $ 18,469   $ 1,010   5.47 %
    Loans receivable     1,430,631     79,738   5.57 %     1,430,035     73,577   5.15 %
    Interest bearing deposits     —     —   — %     63     1   1.59 %
    Investment securities     238,851     7,977   3.34 %     257,020     8,606   3.35 %
    Other investments     12,816     750   5.85 %     16,274     1,054   6.48 %
    Total interest earning assets   $ 1,703,162   $ 89,615   5.26 %   $ 1,721,861   $ 84,248   4.89 %
    Average interest-bearing liabilities:                        
    Savings accounts   $ 171,069   $ 1,684   0.98 %   $ 200,087   $ 1,427   0.71 %
    Demand deposits     353,107     8,083   2.29 %     359,866     6,727   1.87 %
    Money market accounts     371,909     11,725   3.15 %     306,020     6,976   2.28 %
    CD’s     366,634     16,493   4.50 %     317,376     10,619   3.35 %
    Total deposits   $ 1,262,719   $ 37,985   3.01 %   $ 1,183,349   $ 25,749   2.18 %
    FHLB advances and other borrowings     99,731     5,156   5.17 %     208,373     10,150   4.87 %
    Total interest-bearing liabilities   $ 1,362,450   $ 43,141   3.17 %   $ 1,391,722   $ 35,899   2.58 %
    Net interest income       $ 46,474           $ 48,349    
    Interest rate spread           2.09 %           2.31 %
    Net interest margin           2.73 %           2.81 %
    Average interest earning assets to average interest bearing liabilities           1.25             1.24  

    Wholesale Deposits
    (in thousands)

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

    Key Financial Metric Ratios:

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

    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
           
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average assets   $ 1,771,351     $ 1,810,826     $ 1,843,789     $ 1,808,256     $ 1,836,337  
    Return on average assets (annualized)     0.61 %     0.72 %     0.79 %     0.76 %     0.71 %
    Return on average assets as adjusted (non-GAAP) (annualized)     0.61 %     0.72 %     0.86 %     0.77 %     0.73 %

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

    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

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

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

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

    (in thousands, except per share data)

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

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

    (in thousands, except ratios)

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

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

    (in thousands, except ratios)

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

    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Twelve Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Non-interest expense (GAAP) $ 10,809     $ 10,421     $ 10,206     $ 42,306     $ 40,142  
    Less amortization of intangibles   (179 )     (178 )     (179 )     (715 )     (755 )
    Efficiency ratio numerator (GAAP) $ 10,630     $ 10,243     $ 10,027     $ 41,591     $ 39,387  
                       
    Non-interest income $ 2,009     $ 2,921     $ 2,480     $ 10,107     $ 10,250  
    Add back net losses on debt and equity securities   (287 )     (78 )     —       (856 )     —  
    Subtract net gains on debt and equity securities   —       —       277       —       459  
    Net interest income   11,708       11,285       11,747       46,474       48,349  
    Efficiency ratio denominator (GAAP) $ 14,004     $ 14,284     $ 13,950     $ 57,437     $ 58,140  
    Efficiency ratio (GAAP)   76 %     72 %     72 %     72 %     68 %

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

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

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

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

    The MIL Network –

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

    Source: US State of Connecticut

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

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

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

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

    ‘The Story of Every Entrepreneur’

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

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

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

    Segar makes her pitch (Disney/Christopher Willard)

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

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

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

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

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

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

    UConn Helped Segar Take Idea to Market

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

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

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

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

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

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

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

    ‘Shark Tank’ Has Been on Segar’s Radar

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

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

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

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI: DECEMBER 2024: ELFA CapEx Finance Index Shows New Business Volumes Surged at Year-End

    Source: GlobeNewswire (MIL-OSI)

    • FORECAST: Growth in new business volumes suggests durable goods orders will expand by 0.35% in December
    • Total new business volume (NBV) rose by $11.4 billion, a jump of 8.1% from November to December among surveyed ELFA member companies
    • NBV expanded by 4.2% from 2023 to 2024
    • Charge-offs (losses) dropped to 0.52%, after rising in the prior month

    WASHINGTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — “Just as we predicted last month, the equipment finance industry ended 2024 on a high note,” said Leigh Lytle, President and CEO at ELFA. “A surge in bank financing pushed new business volume to a new high, reflecting more certainty following the election and an acknowledgment that interest rates may not fall much further in 2025. I expect that momentum to continue even if activity slows a little in the months ahead – December is usually a strong month for new business activity with the end-of-quarter, end-of-year spike. The mixture of federal policies will be a big factor in 2025, and deregulation could help demand for construction and mining equipment. However, the industry is well-positioned to face a potentially turbulent 2025.”

    Bank financing drove the jump in new activity. Most of the 8.1% monthly rise in NBV came from the banking industry, which surged by 36.2% from November to December. That jump outweighed the modest 0.2% rise in new business growth for captives and the 5.3% contraction in financing activity at independents. The jump in bank lending is the largest on record and pushed the share of bank business activity to nearly 62% of total new business volume, its highest share since before the Global Financial Crisis in the mid-2000s.

    Employment contracted further. Employment in the equipment finance industry contracted again in December, with the 12-month change from December 2023 dropping by nearly 2.0%. Employment at banks and captives declined year over year by 1.2% and 7.1%, respectively. Those declines were partially offset by the 2.5% increase in headcount at independents.

    The credit approval rate ticked up but remained near its 2024 low. The average credit approval rate increased to 74.3% of all credit decisions in December, after a precipitous decline from August to November. While the overall increase was modest, approval of small ticket financing saw its biggest one-month increase since March, rising by 3.6 percentage points.

    Financial conditions remain healthy. Charge-offs dropped to 0.52% as a percentage of net receivables, a welcome decline after the November jump of 0.26 percentage points. Aging receivables over 30 days also rose slightly to 2.0%, but continue to hover near two-year lows.

    “Equipment finance activity continues to be supported by a resilient U.S. economy, which ended 2024 on strong footing,” said Tina Eickhoff, CLFP, Senior Vice President, Head of Equipment Finance, U.S. Bank. “Despite a solid year in our industry, we think there is still a lot of pent-up demand for equipment purchases in 2025. With the election behind us and a little more clarity around interest rate cuts and the economic outlook, we expect more firms to be focused on growth projects with new equipment.”

    Industry Confidence
    The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, rose for the third consecutive month in January, signaling that industry executives remain optimistic about 2025 despite the high uncertainty surrounding federal immigration and trade policies.

    About ELFA’s CFI
    The CapEx Finance Index (CFI), formerly the Monthly Leasing and Finance Index (MLFI-25), is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The CFI consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/CFI.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/groups/89692/

    Media/Press Contact: Catherine Lockwood, PR Manager, ELFA, catherine@360livemedia.com

    A photo accompanying this announcement is available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5a28c88a-dd81-4000-82e4-bdef8f0fff65

    The MIL Network –

  • MIL-OSI: DYOR Partners with Ava Labs, Announces Major Developments With Matt Dyor Joining as Advisor Plus Acquisition of DYOR.com

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Jan. 27, 2025 (GLOBE NEWSWIRE) — DYOR, the innovative cryptocurrency research and analytics platform, has announced a listing partnership with Ava Labs, the company behind the Avalanche blockchain and AVAX coin, to launch on January 25th. The collaboration coincides with Ava Labs’ decision to reduce gas fees on Avalanche by one-twenty-fifth, a 96% decrease and a significant move to further drive blockchain adoption and accessibility.

     The announcement also marks a series of exciting developments for DYOR, including the acquisition of the premium domain DYOR.com and the appointment of Matt Dyor as an advisor. Dyor, who has held key roles at Google, Amazon, Microsoft and other leading tech companies, brings a wealth of expertise in scaling technology platforms and user-focused innovation.

    “What excites me the most is DYOR’s focus on bringing new users into crypto,” said Matt Dyor. “The most exciting aspect is how DYOR addresses real-world financial needs—going beyond just buying and holding crypto. By enabling smart contracts, decentralized trust, and seamless, automated payments, DYOR is bridging the gap between Web3 and traditional finance in a truly impactful way.“

    The partnership with Ava Labs underscores DYOR’s mission to empower crypto enthusiasts and institutional users with transparent tools to make informed decisions. Avery Bartlett, Head of Business Development at Ava Labs, expressed enthusiasm about the collaboration: “Avalanche has some of the smartest devs building some of the most forward thinking applications in crypto. What we’ve been needing more of is cutting edge trader tooling for the on-chain degens that make this industry so exciting. DYOR is moving at the speed of light to deliver on some of the tooling this chain deserves. Excited for them.”

    The acquisition of DYOR.com further cements the platform’s position as a trusted resource for crypto research and education, making it more discoverable and user-friendly for audiences worldwide.

    DYOR Labs is redefining DeFi with a cutting-edge platform that empowers traders and developers alike. Offering real-time insights, advanced token data, and customizable workflows, users benefit from unmatched speed and cost efficiency. With features like fiat on/off ramps, cross-chain swaps, a native DEX, and Team Dashboards for transparency and project management, DYOR ensures seamless trading and trust-building across blockchains. Looking ahead, DYOR is set to launch AI-powered insights, gamified user engagement, on-chain ad auctions, and integrated social feeds, solidifying its position as a leader in DeFi innovation.

    As DYOR continues to expand its capabilities and partnerships, this collaboration sets the stage for a new era of transparency, accessibility, and utility in the cryptocurrency space.

    About DYOR:
    DYOR is a leading research platform dedicated to helping users make informed decisions in the cryptocurrency market. By providing verified data, analytics, and user-friendly tools, DYOR simplifies blockchain research and empowers investors, traders, and enthusiasts.

    About Ava Labs:
    Ava Labs is the team behind Avalanche, an open-source platform for launching highly decentralized applications, new financial primitives, and interoperable blockchains. The network’s speed, scalability, and eco-friendliness make it a preferred choice for Web3 developers.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI United Kingdom: New grants boost community inclusion and accessible travel in Portsmouth

    Source: City of Portsmouth

    New funding opportunities are available for organisations across Portsmouth looking to make a positive impact on the community.

    Portsmouth City Council has announced two new schemes, both offering four-figure sums to promote inclusion within the city.   

    The Easy Travel Access Fund is offering grants of up to £5,000 for projects that help people and groups overcome any difficulties they may have using buses. It aims to connect people to important services, encourage greener travel and make public transport more accessible across the city.  

    Alongside this new Community Inclusion Grants are available to support projects challenging inequality and celebrating diversity and inclusion in Portsmouth. Voluntary and community groups can apply for up to £1,000 to fund work that helps create a more inclusive city where everyone feels welcome and has equal opportunities. 

    These latest rounds of funding build on the previous successes of both schemes with more than £140,000 awarded to good causes in the last three years. 

    HIVE Portsmouth is offering support with applications for any voluntary and community groups who would like guidance on the process in applying for a Community Inclusion Grant. 

    Cllr Steve Pitt, Leader of Portsmouth City Council, said: “For many organisations in Portsmouth a little bit of funding can make a huge difference and it is fantastic news that we’ve been able to bring both of these grant schemes back to support communities across our city. We’ve already helped a lot of people through these grants and I’d encourage anyone with a suitable project to get in touch.” 

    1. Easy Travel Access Fund – grants of up to £5,000 
      The Easy Travel Access Fund is back for its second round of funding, offering grants of up to £5,000 for projects that help underserved communities access bus travel. The fund aims to connect people to important services, encourage greener travel, and make public transport more accessible across the city. 

    This funding can be used to:  

    • Purchase bus tickets  
    • Offer travel training  
    • Run projects that encourage the use of public transport  

    The Easy Travel Access Fund is part of the Portsmouth Bus Service Improvement Plan (BSIP), a £48 million initiative to improve bus services and make them more affordable and sustainable.  

    Businesses, charities, schools, and community groups are invited to apply for this funding.   

    Learn more and apply at: travel.portsmouth.gov.uk/bsip-schemes/easy-travel-access-fund

    1. Community Inclusion Grant – grants of up to £1000 
      The Community Inclusion Grant scheme is offering £30,000 to support projects that advance equity, challenge inequality, and celebrate diversity in Portsmouth. Voluntary and community groups can apply for up to £1,000 to fund initiatives that create a more inclusive city where everyone feels welcome and has equal opportunities. 

    Eligible projects could focus on:  

    • Making facilities more accessible  
    • Attracting a wider and more diverse audience  
    • Supporting disadvantaged or underrepresented groups  

    For more information, please contact: 
    • Email e.d.i@portsmouthcc.gov.uk or call 02392 688419
    • Apply with support from HIVE Portsmouth grants@hiveportsmouth.org.uk  
    • Learn more at: www.portsmouth.gov.uk/CIG  

     

    MIL OSI United Kingdom –

  • MIL-OSI: Gadfin Ltd. and Israel Acquisitions Corp. Announce Entry into Definitive Business Combination Agreement, Bringing the Unmanned Aerial Delivery Company to Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, Jan. 27, 2025 (GLOBE NEWSWIRE) — Israel Acquisitions Corp. (NASDAQ: ISRL, ISRLU, ISRLW), (“ISRL”), a publicly-traded special purpose acquisition company, and Gadfin Ltd. (“Gadfin”), an Israeli technology company specializing in all-weather, long range, heavy-duty, drone delivery for essential cargo, today announced the entry into a definitive business combination agreement reflecting a total equity value of Gadfin of up to $200 million USD (the “Business Combination Agreement”). The combined company will trade on Nasdaq and leverage Gadfin’s innovative technology augmented with the expertise of the ISRL team.

    Through Gadfin’s patented technology, its unmanned aerial vehicles which are powered by hydrogen fuel cells can deliver medical supplies and other heavy-duty cargo to long-range destinations and in harsh weather conditions. Gadfin’s technology makes it possible to significantly improve logistics delivery in both civil uses and combat zones. Gadfin is well-positioned to be a leading player in drone cargo delivery.

    Upon completion of the transaction, Gadfin aims to achieve a great growth plan based on existing contracts and potential new wins.

    Transaction Details:

    • The Board of Directors of both ISRL and Gadfin have unanimously approved the Business Combination Agreement and signed voting support agreements in favor of the transaction.
    • Minimum net cash condition precedent to closing of $15 million.
    • The combined company’s staggered Board of Directors will initially be comprised of up to seven directors, of which one director will be nominated by ISRL and up to four directors will be nominated by Gadfin. Up to two additional directors will be mutually agreed. Existing Gadfin management will operate the combined company.
    • The parties anticipate completing the business combination in the second half of 2025, contingent upon satisfying all closing conditions, including shareholder approvals, regulatory consents, and compliance with legal and tax requirements.
    • Gadfin’s officers, directors, and >5% shareholders, as well as ISRL’s sponsor will enter into a 6-month lock-up agreement, followed by a gradual release mechanism, from the closing of the business combination.
    • At the closing of the transaction, Gadfin will be listed on Nasdaq in the United States.

    Izhar Shay, Chairman of ISRL’s Board of Directors: “This business combination agreement marks a significant milestone, aligning well with the vision we set forth when launching our SPAC. Gadfin’s innovative hydrogen-powered drones, capable of long-range, zero-emission deliveries, position the company to seize numerous growth opportunities in the drone logistics industry, both in the U.S. and globally. We believe this is an exceptional company to take to the Nasdaq.”

    Eyal Regev, Gadfin’s Founder and CEO: “We are thrilled to announce this business combination, marking a pivotal milestone for Gadfin and underscoring the confidence placed in us by leaders in the hi-tech and financial sectors in Israel and the United States. We deeply appreciate the trust and business expertise of the ISRL team, particularly Ziv Elul and Izhar Shay, whose strategic guidance and proven ability to scale businesses will be invaluable in driving Gadfin’s growth. Together, we are committed to accelerating technological innovation and expanding Gadfin’s global presence. Our gratitude also extends to the dedicated teams at Gadfin and ISRL for their tireless efforts in advancing this merger.”

    Advisors:

    Tiberius Capital Markets, a division of Arcadia Securities is acting as financial advisor to Israel Acquisitions Corp, with Reed Smith LLP, and Stuarts Humpries acting as legal advisors.

    Herzog, Fox, and Neeman is acting as legal advisor to Gadfin.

    About Gadfin Ltd.:

    Gadfin is a pioneering technology company revolutionizing the logistics and cargo delivery industry with its innovative hydrogen-powered drones. Specializing in long-range, heavy-duty, zero-emission aerial delivery, Gadfin provides cutting-edge solutions for time-critical, essential cargo transport, especially to less accessible areas. Gadfin’s proprietary technology is designed to address the evolving needs of sectors such as healthcare, logistics, and industrial supply chains, enabling efficient, sustainable, and reliable deliveries across urban and remote areas.

    Led by Eyal Regev, one of the earliest pioneers of the vertical take-off and landing (“VTOL”) cargo delivery vision, Gadfin’s comprehensive approach includes innovative VTOL design, state-of-the-art drone manufacturing, advanced operational platforms, and tailored support services, ensuring seamless integration into its clients’ logistics frameworks. Headquartered in Israel, Gadfin is pioneering the way in transforming how goods are transported, helping its partners meet the demands of the modern world while reducing environmental impact. Backed by prominent investors, SIBF VC (www.sibf.vc) and Gehr Group (www.gehr.com), Gadfin is poised to lead the charge in sustainable and efficient logistics solutions.

    About Israel Acquisitions Corp.:

    Israel Acquisitions Corp is a Cayman Islands exempted company incorporated as a blank-check company. Formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus on high-growth technology companies that are domiciled in Israel, and that either carry out all or a substantial portion of their activities in Israel or have some other significant Israeli connection. The management team is led by Chairman, Izhar Shay, Chief Executive Officer, Ziv Elul, and Chief Financial Officer, Sharon Barzik Cohen.

    Forward-Looking Statements:

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the proposed business combination ISRL and Gadfin, ISRL and Gadfin’s ability to consummate the transaction, the expected closing date for the transaction, the benefits of the transaction and the public company’s future financial performance following the transaction, as well as ISRL’s and Gadfin’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipates,” “approximately,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecast,” “future, ” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “propose,” “should,” “seeks,” “will,” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by both ISRL and its management, and Gadfin and its management, as the case may be, are inherently uncertain. Except as otherwise required by applicable law, ISRL disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. ISRL cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of ISRL. There may be additional risks that neither ISRL nor Gadfin presently know of or that ISRL or Gadfin currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Author and any of their affiliates, directors, officers and employees expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is being made, or to reflect the occurrence of unanticipated events.

    Additional Information and Where to Find It:

    Additional information about the proposed business combination, including a copy of the business combination agreement, is disclosed in the Current Report on Form 8-K that ISRL filed with the SEC on January 27, 2025 and is available at www.sec.gov. In connection with the proposed transaction, the Company intends to file a registration statement, which will include a preliminary proxy statement/prospectus with the SEC. The proxy statement/prospectus will be sent to the stockholders of the Company. The Company and Gadfin also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of the Company are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

    No Offer or Solicitation:

    This communication is for informational purposes only and shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

    Investor Contact:

    contact@israelspac.com

    The MIL Network –

  • MIL-OSI United Kingdom: Solar Together returns – residents can boost renewable energy generation, cut carbon emissions and save on bills with solar panel initiative

    Source: St Albans City and District

    Publication date:

    Residents of Hertfordshire are coming together to invest in renewable energy sources through a group-buying scheme for solar panels and battery storage.

    Solar Together helps homeowners feel confident they are paying the right price for a high-quality installation from qualified installers.

    Residents, including those from St Albans District, can join the group-buying scheme which offers solar panels with optional battery storage and EV charge points.

    There is also an option to acquire retrofit battery storage for residents who have already invested in solar panels and are looking to get more from the renewable energy they generate. 

    The scheme allows homeowners to increase their independence from the national grid. 

    It is free to register here from Monday 27 January and there is no obligation to go ahead with an installation.

    St Albans City and District Council (SADC) is working in partnership with Hertfordshire County Council and  iChoosr, experts in sustainable energy transition, to make the move to clean energy as cost-effective and hassle-free as possible. 

    Councillor Raj Visram, SADC’s Lead for Climate, said:

    One of our priorities as a Council is to tackle the climate emergency and encourage the District to become net zero by 2030.

    Our involvement with the Solar Together scheme is one of the many actions we are taking to achieve these goals.

    The feedback we have received from residents who have taken advantage of the offer in previous years has been highly positive. Residents in St Albans District have been among the most enthusiastic in the county.

    I urge any interested householder who has yet to make a Solar Together enquiry, to do so now. They can potentially cut harmful emissions and save money on their energy bills at the same time.

    SADC and other Councils enable the scheme and do not benefit financially in any way. 

    Solar Together, which has already proven to be a hit across the county, operates like this:

    1. Householders can register online to become part of the group for free and without obligation. 

    2. Approved UK solar PV suppliers participate in a reverse auction. They are able to offer competitive pricing as the volume and geographic concentration makes it possible for them to realise greater efficiencies, which they pass on with lower prices for installations. 

    3. After the auction, registered households will be emailed a personal recommendation which is specific to the details they submitted in their registration. 

    4. If they choose to accept their recommendation, the specifics of their installation will be confirmed with a technical survey after which a date can be set for the installation of their solar PV system. 

    5. Telephone and email help desks are on-hand throughout the whole process which, together with information sessions, will allow households to make an informed decision in a safe and hassle-free environment. 

    Marie-Louise Abretti, Solar Together UK Business Manager, said:

    With energy prices continuing to fluctuate, residents of Hertfordshire are looking for opportunities to reduce their carbon emissions, save on energy bills, and increase their independence from the grid. 

    The Solar Together group-buying scheme offers a straightforward way to make an informed decision and to access a competitive offer from a trusted, vetted provider.

    iChoosr has been collaborating with UK councils since 2015 on its Solar Together scheme, aiming to accelerate the energy transition nationwide. The initiative aims to encourage residents to partake in the collective purchase of solar PV and battery storage systems.

    To date, Solar Together has installed over 16,480 solar panels in Hertfordshire, reducing carbon emissions by 31,180 tonnes over 25 years – equivalent to 17,000 cars off the road in that time.

    iChoosr’s schemes have been delivered in partnership with local authorities in five countries. More than 200 schemes have led to 185,000 residents installing solar PV systems. 

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

    The Solar Together scheme, delivered by iChoosr, is a group-buying initiative that enables households and businesses to purchase solar panels at a competitive price. By teaming up with local authorities, the scheme is able to leverage the collective buying power of residents to negotiate better rates from trusted solar panel providers. This not only helps to make solar energy more accessible and affordable but also supports the UK’s goal of achieving net-zero emissions by 2050. Solar Together is currently responsible for 10% of MCS-certified (Microgeneration Certification Scheme) solar panel installations in England – the independent certification scheme that certifies microgeneration (renewable energy) products and installers.

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Eightienth International Capacity-Building Seminar on Trade and Transport Facilitation

    Source: United Nations Economic Commission for Europe

    This event is organized in collaboration between the United Nations Economic Commission for Europe (UNECE), the Government of Turkmenistan, and other partners. It is part of the work plan of the SPECA Chairmanship of Turkmenistan in 2025 and part of the implementation of the SPECA “Roadmap for the digitalization of multimodal data and document exchange along the Trans-Caspian transport corridor, using United Nations legal instruments and standards”. It focuses on the port-to-port data exchange across the Caspian Sea. The problem to tackle is the fragmentation of digitalization efforts in supply chains along the Trans-Caspian corridor and other SPECA corridors. The solution we suggest is to map and/or align data in flows of information about cargo moved along multimodal digital trade and transport corridors to the global semantic standards and Multimodal Transport Reference Data Model (MMT RDM) maintained by the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT).

    MIL OSI United Nations News –

  • MIL-OSI: Aurora Mobile’s GPTBots.ai Integrates DeepSeek R1 LLM

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Jan. 27, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTBots.ai, has integrated the innovative DeepSeek R1 large language model (LLM). This addition further enhances GPTBots.ai’s robust ecosystem of AI capabilities, which already includes some of the most advanced LLMs in the market, such as OpenAI, Azure, Meta Llama, Mistral AI, Anthropic Claude, Google Gemini, Ali Qwen and Zhipu GLM, etc.

    The integration of DeepSeek R1 underscores GPTBots.ai’s commitment to providing businesses with cutting-edge AI solutions tailored to enterprise needs. Known for its exceptional performance in complex reasoning tasks, DeepSeek R1 brings a new level of efficiency, adaptability, and cost-effectiveness to the platform, making it an invaluable tool for enterprises seeking to optimize their operations.

    A Comprehensive Ecosystem of Leading LLMs

    With the addition of DeepSeek R1, GPTBots.ai now offers one of the most comprehensive selections of LLMs in the industry. Enterprises can choose from a diverse range of models, including:

    • OpenAI GPT Series: Known for its unparalleled natural language understanding and generation capabilities.
    • Anthropic Claude: A model designed for safety and reliability in enterprise applications.
    • Meta Llama: A powerful open-source model for multilingual and multi-modal tasks.
    • Google Gemini: Renowned for its cutting-edge AI capabilities and integration with Google’s ecosystem.
    • Mistral AI and Zhipu GLM: High-performance models optimized for specific enterprise use cases.

    This extensive lineup ensures that GPTBots.ai users can select the most suitable LLM for their unique business needs, whether it’s customer service automation, data analysis, or marketing optimization.

    “The integration of DeepSeek R1 aligns perfectly with our mission to empower enterprises with advanced AI solutions and unmatched flexibility,” said Jerry Yin, VP of GPTBots.ai. “With this addition, we’re enabling businesses to tackle complex challenges with greater efficiency and flexibility, while maintaining the highest standards of enterprise performance.”

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited

    E-mail: ir@jiguang.cn

    Christensen

    In China

    Ms. Xiaoyan Su

    Phone: +86-10-5900-1548

    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.

    Ms. Linda Bergkamp

    Phone: +1-480-614-3004

    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI USA: Welch Votes for Disaster Aid Package to Support Vermont’s Flood-Impacted Communities 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    Welch-championed disaster package will support Vermont’s flood-impacted communities, fund the government
    WASHINGTON, D.C. — Tonight, the U.S. Senate passed a comprehensive disaster aid package shaped by U.S. Senator Peter Welch (D-Vt.), which will help states like Vermont recover from extreme weather and climate disasters by delivering more than $100.4 billion of relief. The American Relief Act, 2025 will also fund the government through March 14, 2025. It now goes to President Biden’s desk for his signature. 
    Senator Welch released the following statement after the vote: 
    “As I said in the days after Vermont’s catastrophic flooding in July 2023 and again in July 2024, it is the federal government’s job to stand up and help our neighbors when—through no fault of their own—a disaster hits. Senator Sanders, Congresswoman Balint and I have worked with our colleagues in other disaster-impacted states, across the aisle, and across the Capitol to get comprehensive disaster aid to President Biden’s desk. This bill will help communities in Vermont recover stronger and more resiliently than before the floods—and help so many other communities across America that are also recovering from extreme weather disasters.  
    “This bill will help Vermont’s homeowners get the buyout they’re waiting for, farmers and small businesses access the assistance they need, and provide communities flexible recovery funding. It will replenish FEMA’s Disaster Relief Fund, rebuild our highways and bridges, reimburse states for the repairs made after storms, and so much more. It will also, importantly, keep the government funded—something that shouldn’t be up for debate, and shouldn’t be used as a political football in the 11th hour. 
    “I promised we would not abandon Vermonters. I promised we would do everything possible to help Americans who were caught in the path of terrible storms. I’m proud that a bipartisan group of my colleagues found a way to work together, through the chaos of the past week, to get this over the finish line for families counting on this relief. I look forward to President Biden signing our bill for flood-impacted Vermonters.”  
    Senator Welch and the Vermont Congressional Delegation have advocated for disaster aid funding since Vermont’s catastrophic floods of July 2023. It contains many of his top priorities for the State: dedicated help for Vermont’s flood-impacted farmers, flexible spending through the Community Development Block Grant-Disaster Relief fund, money for FEMA’s Disaster Relief Fund, and support for businesses through the U.S. Small Business Administration (SBA), among so much more. 
    In addition to helping disaster victims the bill will fund the will also fund the government through March 14, 2025, extend portions of the Farm Bill, help farmers with emergency economic assistance, and renews some expiring public health and Medicare programs. 
    Senator Welch spoke on the Senate floor last night about the need to work together to pass disaster aid for Vermont and communities across America. Watch Senator Welch’s remarks here:  

    Background on the Comprehensive Disaster Aid in the Continuing Resolution:   
    $100.4 billion in disaster aid:   

    $29 billion will fund FEMA’s Disaster Relief Fund (DRF) 
    More than $33 billion is dedicated to supporting agriculture, which includes:   

    $21 billion for disaster assistance to farmers and producers, including dedicated funding set aside via block grants for Vermont disaster victims who experiences crop, timber, livestock and on-farm infrastructure losses for 2023-2024;   
    $920 million for the Emergency Watershed Protection Program, to provide financial assistance to support debris removal and watershed restoration;  
    $362.5 million for the Rural Disaster Assistance Fund, to allow USDA Rural Development to quickly and flexibly address disasters-related needs using its existing programs, tailored to the specific needs of affected communities; and  
    $25 million in commodity assistance, which can help states with nutrition assistance.  

    The disaster aid funding also includes other funding:  

    $12 billion in Community Development Block Grant-Disaster Relief funds to help communities recover with flexible funding;   
    $8 billion for the Federal Highways Administration emergency relief to reimburse states impacted by natural disasters; and  
    $2.25 billion for SBA loans. 

    MIL OSI USA News –

  • MIL-OSI China: Germany’s Scholz urges swift deal with China over EV dispute

    Source: China State Council Information Office

    German Chancellor Olaf Scholz gives an interview ahead of the European Council summit in Brussels, Belgium, Dec. 19, 2024. Scholz on Thursday urged the European Union (EU) to quickly reach a deal with China on the tariff dispute over electric vehicles (EVs). (Xinhua/Peng Ziyang)

    German Chancellor Olaf Scholz on Thursday urged the European Union (EU) to quickly reach a deal with China on the tariff dispute over electric vehicles (EVs).

    “It makes no sense to have conflicts about this. Therefore, I appeal to everyone to bring these negotiations to a good result now,” said the German chancellor Scholz upon arriving at the European Council summit.

    China hopes that the EU will take concrete steps as soon as possible to jointly advance consultations on a price commitment plan for Chinese EVs, the Ministry of Commerce said on Thursday.

    China always stands for the resolution of trade frictions through dialogue and consultation, and has been doing its utmost in the price commitment talks, said the ministry’s spokesperson He Yongqian.

    Scholz also called on the European Commission to ease the enforcement of financial penalties for EU carmakers that fail to meet the region’s carbon dioxide (CO2) emission targets set for next year.

    “In the current global pressures facing the automotive industry, especially in Europe, it makes no sense to further burden companies with penalties for unmet targets in 2025,” Scholz said.

    “The Commission should find a way so that, if penalties become necessary, they do not impact the financial liquidity of the companies that now need to invest in electro-mobility, modern products, and vehicles,” he added.

    The European Green Deal aims for climate neutrality by 2050, including a 90 percent reduction in greenhouse gas emissions from transport. To support this goal, stricter EU emissions rules for automakers will take effect from 2025, requiring average emissions of 93.6 grams of CO2 per kilometer or less. Automakers exceeding this limit face fines of 95 euros (about 98.45 U.S. dollars) per gram per car.

    Industry estimates suggest European automakers could face penalties totaling 15 billion euros for failing to meet the targets, with Germany’s Volkswagen, the region’s largest automaker, among the most exposed. (1 euro= 1.04 dollar)

    MIL OSI China News –

  • MIL-OSI Australia: Australian Deputy PM: Transcript – Sunrise

    Source: Minister of Infrastructure

    SALLY BOWREY: Power will be given back to Australian travellers with a raft of new rights for cancelled and delayed flights. The initiative is designed to keep airlines honest and hold the industry accountable in some of the biggest travel reforms in a decade. 

    JAMES TOBIN: For more, we’re joined by Transport Minister, Catherine King. Good morning Catherine. Now, as someone who does quite a lot of travel, normally on the road with weather, catches a lot of flights, I am all ears on this one. What’s it going to mean for passengers?

    CATHERINE KING:  Well, what it will mean for passengers is that you get what you pay for, so either you’re able to enforce your rights to be able to get a refund or actually get the flight that you’ve actually asked for. And so, we’ve put out a draft charter of rights today. They’re out for consultation until the 28th of February. And really it is about enforcing the rights that you’ve booked a flight and that you should get what you actually pay for. So, there’s a range of rights in the draft charter that will ensure that airlines, and airports as well, actually lift their game when it comes to delivering the services that so many of us use to get around the country to work, to actually visit family, get to medical appointments, all of those things. So really, that’s what we’re doing today. It forms part of the ombudsman scheme that we’ve developed as part of the Aviation White Paper work we did this year. That scheme will be legislated next year, and the Charter of Rights really does spell out what you should be entitled to. It’s backed up by the Australian Consumer Law, what you’re entitled to if your flight doesn’t go ahead. So, if your flight is delayed by three hours or more at the fault of the airline, you should expect to be able to at no cost to yourself, get your flight rebooked either with that airline or another airline. If, because of time sensitivity, you can’t take another flight, they should be giving you a refund for that. Or if you’re stuck in not in your port where you live, you should be able to get accommodation and meals and again at no cost to yourself.

    SALLY BOWREY: And I think anyone, when you pay for something, you expect to actually get the product. And we do, have some pretty dismal stats in terms of, you know, flight delays, 30% of flights are delayed. So, I think the report is showing that it can take also up to almost 100 days for customers when they complain this is way too long. So, it is promising to push airlines to really reduce that. How will the new rules actually hold them to account to make sure that issues are resolved quickly?

    CATHERINE KING: Well, the first thing is that the Charter of Rights basically spells out very clearly what travelling public’s rights actually are. And so, we want to make sure that’s got out widely so people are aware of exactly what their rights are to enforce them in the first instance, to try and resolve the dispute with the airline, or if it’s a dispute with the airport, and then it’s backed up by an ombudsman scheme that is legislated. So, in the same way you’ve got a telecommunications ombudsman scheme, people, if they can’t get a remedy, then can go to the ombudsman and basically then have that referred up and they’ll do the work with you to try and make sure that your rights are enforced. It doesn’t preclude you still going to the Australian Human Rights Commissioner if you’ve got an issue in terms of disability access or things like that, but it’s basically underpinned by that. At the moment, if you book a flight, it’s really complicated and it’s often not until you try and get on the phone, try and get your refund that you actually then find out, well, what you booked. You know, they’re saying you can’t have a refund, you can have a flight credit. It’s not something you can use. And so this is really spelling out what the expectations are on the airline and then backed up by the ombudsman.

    SALLY BOWREY: Yeah. And I think there is a great deal of room for improvement. Catherine, just before you go, can I just quickly ask obviously in a separate issue in New South Wales, we’ve got trains being delayed and cancelled. It’s causing a lot of stress for people trying to get around at Christmas and also businesses. Is this fair and how do you see this issue being resolved quickly?

    CATHERINE KING: Well, I can’t imagine a circumstance where the iconic New Year’s Eve fireworks on Sydney Harbour are coming under pressure. And I think, you know, I’d say really clearly to the union, you know, understand you’ve got a dispute with the New South Wales government, but you need to sort this out because you’re doing yourself quite a bit of damage. This is not a great time of year to be doing this. People are trying to get their last-minute Christmas shopping done. Understand you’ve got a dispute. You need to resolve it quickly, because those fireworks, I mean, you know, everyone watches them. The world.

    SALLY BOWREY: Unfortunately, it seems we have just lost the transport minister, Catherine King. They’re just talking about the train strike in New South Wales. Let’s move on now.

    MIL OSI News –

  • MIL-OSI Australia: Transcript – Sunrise

    Source: Australian Ministers for Regional Development

    SALLY BOWREY: Power will be given back to Australian travellers with a raft of new rights for cancelled and delayed flights. The initiative is designed to keep airlines honest and hold the industry accountable in some of the biggest travel reforms in a decade. 

    JAMES TOBIN: For more, we’re joined by Transport Minister, Catherine King. Good morning Catherine. Now, as someone who does quite a lot of travel, normally on the road with weather, catches a lot of flights, I am all ears on this one. What’s it going to mean for passengers?

    CATHERINE KING:  Well, what it will mean for passengers is that you get what you pay for, so either you’re able to enforce your rights to be able to get a refund or actually get the flight that you’ve actually asked for. And so, we’ve put out a draft charter of rights today. They’re out for consultation until the 28th of February. And really it is about enforcing the rights that you’ve booked a flight and that you should get what you actually pay for. So, there’s a range of rights in the draft charter that will ensure that airlines, and airports as well, actually lift their game when it comes to delivering the services that so many of us use to get around the country to work, to actually visit family, get to medical appointments, all of those things. So really, that’s what we’re doing today. It forms part of the ombudsman scheme that we’ve developed as part of the Aviation White Paper work we did this year. That scheme will be legislated next year, and the Charter of Rights really does spell out what you should be entitled to. It’s backed up by the Australian Consumer Law, what you’re entitled to if your flight doesn’t go ahead. So, if your flight is delayed by three hours or more at the fault of the airline, you should expect to be able to at no cost to yourself, get your flight rebooked either with that airline or another airline. If, because of time sensitivity, you can’t take another flight, they should be giving you a refund for that. Or if you’re stuck in not in your port where you live, you should be able to get accommodation and meals and again at no cost to yourself.

    SALLY BOWREY: And I think anyone, when you pay for something, you expect to actually get the product. And we do, have some pretty dismal stats in terms of, you know, flight delays, 30% of flights are delayed. So, I think the report is showing that it can take also up to almost 100 days for customers when they complain this is way too long. So, it is promising to push airlines to really reduce that. How will the new rules actually hold them to account to make sure that issues are resolved quickly?

    CATHERINE KING: Well, the first thing is that the Charter of Rights basically spells out very clearly what travelling public’s rights actually are. And so, we want to make sure that’s got out widely so people are aware of exactly what their rights are to enforce them in the first instance, to try and resolve the dispute with the airline, or if it’s a dispute with the airport, and then it’s backed up by an ombudsman scheme that is legislated. So, in the same way you’ve got a telecommunications ombudsman scheme, people, if they can’t get a remedy, then can go to the ombudsman and basically then have that referred up and they’ll do the work with you to try and make sure that your rights are enforced. It doesn’t preclude you still going to the Australian Human Rights Commissioner if you’ve got an issue in terms of disability access or things like that, but it’s basically underpinned by that. At the moment, if you book a flight, it’s really complicated and it’s often not until you try and get on the phone, try and get your refund that you actually then find out, well, what you booked. You know, they’re saying you can’t have a refund, you can have a flight credit. It’s not something you can use. And so this is really spelling out what the expectations are on the airline and then backed up by the ombudsman.

    SALLY BOWREY: Yeah. And I think there is a great deal of room for improvement. Catherine, just before you go, can I just quickly ask obviously in a separate issue in New South Wales, we’ve got trains being delayed and cancelled. It’s causing a lot of stress for people trying to get around at Christmas and also businesses. Is this fair and how do you see this issue being resolved quickly?

    CATHERINE KING: Well, I can’t imagine a circumstance where the iconic New Year’s Eve fireworks on Sydney Harbour are coming under pressure. And I think, you know, I’d say really clearly to the union, you know, understand you’ve got a dispute with the New South Wales government, but you need to sort this out because you’re doing yourself quite a bit of damage. This is not a great time of year to be doing this. People are trying to get their last-minute Christmas shopping done. Understand you’ve got a dispute. You need to resolve it quickly, because those fireworks, I mean, you know, everyone watches them. The world.

    SALLY BOWREY: Unfortunately, it seems we have just lost the transport minister, Catherine King. They’re just talking about the train strike in New South Wales. Let’s move on now.

    MIL OSI News –

  • MIL-OSI Australia: Transcript – Press conference, Ballarat

    Source: Australian Ministers 1

    CATHERINE KING: Today the Albanese Labor government is releasing our draft consumer rights charter for airline travellers. This is part of the work we have done this year as part of the Aviation White Paper and the establishment for the first time ever of an aviation industry ombudsman. We know the travelling public has not been happy with the services that they are getting both from our airlines and from our airports, and we want to improve the circumstances. Customers should get what they pay for or they should get a refund. This Charter of Rights, which is out for consultation now, spells out very clearly what people, the flying public, can expect. If they have flight cancellations, they should expect, at no cost of their own, to either be rebooked on that airline or another airline, or they should get a refund and that refund should be a timely refund within 14 days. We also know that people should – if they are stuck away from their home, away from the where they actually live – that they should also get access to accommodation and food to be able to stay overnight then go onto their travels. This is the first time we’ve had a consumer rights for the air travelling public and it’s part of the reforms that we have of trying to make sure customers actually get what they pay for or get a refund. 

    JOURNALIST: If this charter is ultimately improved, is there a plan to impose penalties on airlines if they don’t comply with it and how will you ensure that they do comply? 

    CATHERINE KING: We will be legislating next year the aviation industry ombudsman scheme. We’ve got an interim person in at the moment who’s been developing this Consumer Rights Charter and all of those issues in relation to penalties, in relation to the way in which people can get remedies, will all be detailed as part of that legislation. This is the first part of putting that together, drafting the consumer rights charter to make sure we get that right. 

    JOURNALIST: And what powers can you say at this stage? What powers will the interim ombudsman have? 

    CATHERINE KING: Well, similar to the communications industry ombudsman, where they will be able to seek remedies directly from airlines, being able to name and shame in terms of the amount of complaints that they are getting, and to seek remedies. But again, all of that will be in the draft legislation. 

    JOURNALIST: And I understand that this aviation code is now out for public comment until the end of January?

    CATHERINE KING: Until the end of February, so 28th of February, people can access it on my department’s website, infrastructure.gov.au and look for the Aviation Charter of Rights, [indistinct] and you can just send an email to the email but basically says we think it should be this way, or we think it should have a shorter time frame, all of those things. It can just be a line in an email to give us some feedback about it. 

    JOURNALIST: And so after feedback closes, how long could it realistically take for this charter to be approved and become legislation? 

    CATHERINE KING: Well, not long. We’re obviously subject to parliament sitting, and they’re sitting in February, and then obviously getting it past, but we hope to do so as quickly as possible. 

    JOURNALIST: The feedback closes at the end of February, after Parliament sits, so at this stage, is it likely there’ll be another sitting after that before the next election? 

    CATHERINE KING: What we will be doing is that obviously the legislation will reference the charter and then the actual wording of the charter can be finalised later. 

    JOURNALIST: So you hope to pass this legislation in the February week of parliament, is that correct? 

    CATHERINE KING: Well we are certainly hoping to introduce the legislation as soon as possible, but again, we announced this back in November that we were establishing an aviation industry ombudsman scheme. The drafting of that legislation is underway, but it is part of our commitment to improving the experience of the travelling public.

    JOURNALIST: Obviously, the changes won’t be in effect this Christmas, this travel season, when do you want the changes to kick in, and if companies do not comply with the changes will there be penalties and what will they be?

    CATHERINE KING: Well, people already have rights under Australian Consumer Law. The problem we have is, when you’re booking a flight ticket, very few of us look at the terms and conditions of the contract you’re entering into. But people do already have existing rights really under Australian Consumer Law, part of the problem has been, A). not knowing what those rights are, but also having real difficulty enforcing those rights – trying to get hold of someone in the first place, and waiting for hours on the phone to a call centre, or then in some cases, having almost 100 days in some cases before any remedy is put in place. So, building in a Charter that basically says, this is what your rights are, this is making it very clear what our expectation of the airlines and the airports are, provides that opportunity for remedies. 

    JOURNALIST: And when do you want that to kick in, and will there be penalties? 

    CATHERINE KING: It certainly when the legislation passes through the parliament, obviously the timing of that will be a part of the legislation but as I said, people do have rights and they should be upheld, but really what this charter is doing – and what we’re consulting on – is trying to codify those rights and ensure that they are part of the legislation and the ombudsman scheme going forward. But we hope for that to be in place certainly for next year. 

    JOURNALIST: And the penalties for non-compliant?

    CATHERINE KING: Again, that would be part of legislation that we’re drafting at the moment. 

    JOURNALIST: You mentioned that this is the first time that airlines have been held to account or have such harsh laws in place. Why has it taken so long and I understand the Coalition’s private members bill has been up since March on Pay on Delay, why not support that? And do you think you will have the Coalition’s support in Parliament next year? 

    CATHERINE KING: Well, who knows what the Coalition is going to do, frankly, you know, you never know they seem to have decided to say no to absolutely everything just to cause political havoc, even when it is in the travelling public’s actual interest to do so. We know that the previous government, they were in power for a decade, they couldn’t have cared less about the aviation industry, couldn’t have cared less about aviation consumers, did nothing for a decade. What we’ve seen in the two and a half years of the Albanese Labor Government is the most significant reforms that they aviation sector and the travelling public have ever seen. That’s what we’ve done in the two and a half years that we’ve been in Government. The opposition can be accountable for their lack of action in the last decade. 

    JOURNALIST: [indistinct] is it enough to deter the practice? 

    CATHERINE KING: What we’re seeing in terms of the travelling public is where consumers are more informed about what their rights are, where they have information about what to expect and what their rights are, we know that they can be enforced in a much stronger way. Having an ombudsman for the first time, we’ve had a sort of voluntary system at the moment that’s really not been working for the travelling public. Having an ombudsman who then, you know, if you can’t get anywhere with the airline and yourself, then actually going to the ombudsman and having that capacity to get a remedy through that process really will be a significant change from the Australian travelling public. 

    JOURNALIST: Airlines make it hard enough to get a voucher or switch flight, how hard do you think they’re going to make it for passengers to get a refund? 

    CATHERINE KING: Well, certainly this is what we’re trying to rectify, we’re trying to make sure that the traveling public either gets what they pay for or they get a refund. If someone wants to have a credit voucher then that it is an option that they have available but it has to be at, the travelling public, if that’s what you want and you want the voucher, then that’s what you get, but that can’t be the default. So that’s what this Charter of Rights lays out really clearly that if you need a refund and you want and refund, then that is what you should actually get, you shouldn’t get a flight credit that you may or may not be able to use later on, unless you want one. 

    JOURNALIST: Minster, on Sunrise this morning, this flight delays of three hours or more, what about for delays like say a Volcano in Bali or you know, this considered out of the airlines control will you expect refunds for cancellations or at least a some sort of hotel room or meal provided oin those circumstances?  

    CATHERINE KING: So, certainly refunds for cancellations is part of the charter of rights and that’s important. If a flight gets cancelled, those refunds are important. If you don’t get what you pay for, then you should get a refund, and that is very much part of the charter. In terms of the delay, really, uh, you know, there are delays that, of course, that are no fault of the airlines themselves. Really what this is about is where the airline is at fault, you know, had crewing issues or maintenance issues, or they’ve really not delivered what they should be delivering. Then, really, the next thing is to say can you rebook? how else can we travel? And if you can’t do any of those things, being able to get a refund for your flight or getting your meals and your accommodation paid if you’re not at your home port. 

    JOURNALIST: Arguable you’ve got bigger airlines, Virgin and Qantas, [indistinct]… do you think that legislation like this might create a barrier for new airlines entering the market? 

    CATHERINE KING: No, I think that any new airline entering the market really should take into account what they are supposed to do under Australian Consumer Law. People do have substantial rights under Australian Consumer Law. What this draft charter is doing is codifying that, is putting that down in writing, so that people have a much better understanding of it. And of course, any new entrant it has to comply with that law. 

    JOURNALIST: So far have you had any feedback from the airlines? 

    CATHERINE KING: Well, we are just releasing it today. I’m sure they’ll have plenty to say. I’m sure the airports will have plenty to say, but at the end of the day, this is about the travelling public and improving the experience for everybody. 

    JOURNALIST: How much can you estimate this will cost the airlines annually?

    CATHERINE KING: Well, we don’t know, hopefully it costs them nothing because they actually deliver the service that people pay for and that’s what really this is about improving the experience of the travelling public, and if nothing goes wrong, then it’s not you know, their fault, then they won’t have to pay for it. And so that’s what this is really about –  improving the experience of the travelling public. And again, as I said, you know, we’ve had this is the single biggest reform, we’ve had to the aviation sector. Our demand management system at Sydney Airport, the slots reforms there, and this ombudsman scheme, really is a significant reform and it should improve the services that people are experiencing going forward. 

    JOURNALIST: And what lost luggage? 

    CATHERINE KING: Yeah, well, certainly in terms of luggage that is one of the rights that is part of the charter, and I encourage people to have a look at it and again, [indistinct]. So sometimes you have delayed luggage, your luggage, they can’t find where it is, so you might have some costs that are incurred having to buy some toiletries so that you can actually get through the next day or so. So, getting a refund or getting money back for those, but also making sure that you are fairly refunded or compensated for the luggage if it’s lost for good and that is very much part of the consumer rights charter that we’re putting forward at the moment and again encourage people to have a look at that and give us feedback as to whether that goes far enough. 

    JOURNALIST: Apologies, I haven’t read the paper… 

    CATHERINE KING: [laughs] I certainly have read it, yes, I’ve read it extensively. 

    JOURNALIST: Will there be any scope in here for how loyalty programs are managed? 

    CATHERINE KING: It doesn’t cover so much loyalty programs. Again, there are significant rights that people have under consumer law in relation to those. That certainly has been an area of some contention as well. Uh, but again, this is a draft, it’s out for consultation and we’re happy to have a look at whether there is broader things that needs to be picked up in the charter, or there needs to be something else that the ombudsperson looks at more broadly as part of those flight incentives as well. 

    JOURNALIST: I’ve just got a few more questions about two unrelated matters, first of all, have you heard the latest about the ADF flights out of Vanuatu? 

    CATHERINE KING: Yes, so certainly we’ve already repatriated 568 people out of Vanuatu. There are two more flights today, more RAF flights out of Port Vila today, and commercial flights are restarting as well. So options for people to get home continue. Obviously, it continues to be a difficult circumstance on the ground there, but really that’s what we’ve done, so there are two more flights out of Port Vila today and commercial flights are commencing as well. We’ve already repatriated 568 people. We’ve also announced a further $5 million of humanitarian assistance on top of the two million that’s already been there, but, you know, we’re in there for the long haul. This is a really important, one of our important Pacific neighbours and we want to make sure that we do everything we can to help them recover. 

    JOURNALIST: And looking a bit closer to home, obviously, there’s a bushfire emergency into Grampians at the moment. Can you say at this stage what Federal support is available to people who are evacuating or who might be spending weeks away from home?

    CATHERINE KING: At the moment we’re really in the emergency phase. There’s an emergency warning, obviously for Grampians fire and a watch and act in Pomonal. These are communities that we’re hit very hard in February Pomonal, in particular. We’ll let the emergency services agencies do their work at the moment, in fighting the fires. This is going to be something that is quite difficult, but Minister McAllister will have a bit more to say when we are working with the Victorian state government about what emergency services and relief will be put in place fairly quickly for people. But right at the moment it’s really the emergency situation just trying to make sure we keep people safe. I do want to give a shout out to our emergency services personnel, from our firefighters in the air to those that are on the ground, really doing an amazing job, to our relief services, there’s relief centres at Stawell, at Ararat and I believe one opening up at Kyneton shortly. Just doing an amazing job and I want to thank them and say, please stay safe everyone. Take head of the emergency warnings. It is absolutely critical that you do so. Leave if leaving is your best option and leave if they tell you to leave. 

    MIL OSI News –

  • MIL-OSI Economics: When loan payments become a burden

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Very few people can afford to buy a property without financial assistance. That is why so many want to take out loans. Do they think they received good advice? Were they granted the loan? Do they have problems making loan payments? And do they need follow-up financing? These are some of the questions that BaFin sought to answer in its survey of more than 3,000 consumers in summer 2024 (see info box).

    The key findings of the BaFin survey:

    Überwiegend gute Beratung zur Immobilienfinanzierung

    • Around four in five respondents seeking a property loan get professional advice. 88% believe that they are well informed about the risks associated with the loan.
    • Just under half of respondents with a current fixed-rate property loan will need follow-up financing. 40% of this subset will need it as early as 2025 or 2026.
    • Almost one in four people who made enquiries about conditions or applications for follow-up financing received one or more rejections.
    • More than half of the respondents with a property loan find it difficult to cover their costs of living alongside monthly loan payments.
    • Every fifth woman and every tenth man who is paying off a property loan on their own spends more than 40% of their monthly net income on loan payments.

    Advice on property financing generally good

    81% of respondents who were looking for a property loan when BaFin conducted its survey had sought professional advice from a bank, savings bank (Sparkasse), insurance company, Bausparkasse or credit intermediary. Almost all of them felt they were well informed. During discussions, respondents were almost always given a precise calculation of the loan payments that would suit their individual circumstances. Most respondents also thought they were well informed about how to safeguard financing arrangements against unfortunate life events, such as unemployment or illness. 88% believed they had been well informed by their advisor about the risks relating to property loans. However, that also means that more than one in ten respondents do not think they were well informed.

    Loans rejected if own funds are lacking and income is low

    71% of respondents who were looking for a property loan had made one or more loan applications or enquiries about conditions. Almost a third of them received at least one rejection. The rejection rate for applications for follow-up financing was somewhat lower (22%). When providers gave reasons for their rejection, the most frequently cited factors were insufficient own funds or insufficient income. Other reasons for rejection included bounced payments on bank statements, overdrafts exceeding agreed limits and negative Schufa scores.

    BaFin survey on property financing

    A representative sample of 3,060 people took part in BaFin’s online survey on property financing.

    • At the time of the survey, 21% (633) of the respondents were seeking a property loan, most commonly to buy or renovate an existing property.
    • 23% (706) of the respondents had a current property loan when the survey was conducted. Just under a quarter of them had two or more such loans.

    The main aims of BaFin’s study were to find out:

    • how respondents rate the quality of the advice they received;
    • how many loan applications are rejected and why;
    • whether payments of instalments cause financial difficulties for the respondents; and
    • the level of demand for follow-up financing as well as the amounts concerned.

    Financial shortfalls not unusual

    BaFin’s survey also looked into how often borrowers struggle to cover their costs of living alongside monthly loan payments using their regular income. The results showed that more than 50% have such problems at least “rarely” (see infographic 1). In order to cover their expenses, many people dip into savings, postpone planned spending or take on an additional job.

    Of the respondents who experienced payment difficulties, more than half stated that they had taken on additional short-term debt, e.g. by paying bills late or using credit cards and arranged overdrafts. “We view this as a problem because short-term borrowing like this is usually quite costly,” explains BaFin Consumer Protection Officer Christian Bock in an interview on the BaFin website. He also noted that consumers might also lose track of their debts and slip into a debt spiral.

    Of the respondents who had a property loan at the time BaFin conducted its survey, almost one quarter were concerned that they might not be able to finance it.

    Figure 1: Difficulties with loan repayments

    On the basis of 706 participants Source: BaFin

    High demand for follow-up financing

    Most borrowers (91%) had agreed a fixed interest rate for their current loan. Almost half will need follow-up financing to pay off the remaining debt. Of this amount, 40% will require such financing as early as 2025 or 2026. If mortgage interest rates do not fall significantly by then, many of these borrowers will have to obtain follow-up financing at a substantially higher interest rate, in particular those whose interest rate is currently fixed for a period of five or ten years. Durchschnittliche Kreditrate: 767 Euro

    Average monthly payment: €767

    The survey also revealed that 44% of respondents finance their loan jointly while 56% do so alone. The average monthly rate paid by the borrowers surveyed is €767. This equates to an average debt-to-income ratio of 27% in the case of those paying off loans alone and only 16% in the case of those paying off loans jointly.

    Higher debt-to-income ratio among women

    There is also a clear gender gap here. 20% of women paying off loans alone have a debt-to-income ratio of more than 40%. This is the case for just under one in ten men paying off debt alone (see figure 2). Regardless of gender, once they have made their repayments, these respondents have an average of €823 remaining from their net income to cover all other expenses. This group is therefore at a particular risk of becoming overindebted, especially if an unfortunate life event, such as an accident or job loss, further undermines their financial fitness.

    Figure 2: Debt-to-income ratio

    On the basis of 694 borrowers (167 female, 227 male) Source: BaFin

    Information from BaFin

    The BaFin website provides consumers with comprehensive information about property loans.

    MIL OSI Economics –

  • MIL-OSI Economics: Multi-channel commerce, stronger promotional deals, and social media marketing to shape foodservice trends in 2025, says GlobalData

    Source: GlobalData

    Several emerging trends and themes in the foodservice sector, such as multi-channel commerce, innovation in deals and promotions, and the impact of social media marketing, are expected to play a greater role in shaping consumer preferences and behavior in 2025.

    GlobalData, a leading data and analytics company, offers its view on five key trends/themes that are set to shape the foodservice sector this year:

    Multi-Channel commercial approaches

    Some foodservice operators are leaning into a multi-channel approach by incorporating retail offerings to boost brand salience, increase footfall, and generally turn their stores into more of a destination. UK-based Pasta Evangelists provides an interesting example of this trend. As well as functioning as a restaurant specializing in pasta dishes, the company also sells pasta-making kits, so consumers can learn to make their own pasta at home using ingredients and equipment provided by the company. Approaches like this give consumers more reasons to enter their outlets or log onto the website, benefiting all aspects of the business.

    Bundle, mix-and-match, and group deals

    Across much of the world, QSR chains tend to have some kind of ‘saver’ menu, a side menu featuring cheaper ‘value’ products aimed at enticing consumers on a budget. Major players such as McDonald’s, KFC, and Burger King all have some version of this concept.

    Economic challenges resulted in an expansion and reimagination of value concepts in 2023 and 2024, with more bundle deals appearing in foodservice outlets across the US and Europe. As QSR players learn more about how best to effectively deploy bundle deals, mix-and-match deals, and other similar promotions, this trend could  accelerate in 2025.

    Vegan alternatives impact set to be long-lasting

    The plant-based meat alternatives industry enjoyed a period of rapid growth in recent years, moving from a niche category to a maturing, salient food trend, with brands like Impossible and Beyond Meat reaping the rewards of big brand collaborations in foodservice. In 2022, Burger King opened a vegan-only store in London as part of a campaign to encourage the shift from meat to meat-alternatives, even stating they planned to get their menu to 50% vegan by 2025. However, not long later, it became apparent that the growth potential of plant-based meat alternatives may have been overestimated.

    Beyond Meat’s Q2 2023 Financial Highlights Report revealed that net revenues were $102.1 million, down 30.5% compared to the previous year, prompting fears in some quarters of a bubble about to burst. However, the vegan surge of recent years should not be seen as a fad, as its presence is still significant and its impact long-lasting. Though at one-point, brands like McDonald’s, Burger King, and KFC had plans to significantly expand their vegan ranges, those plans have been scaled back, but core vegan options remain on menus and are likely to be an important part of QSR brands’ value offering throughout 2025.

    Social media food trends

    Foodservice settings are highly ‘Instagrammable’, and so being active on social media is essential for contemporary foodservice brands. Many people enjoy taking pictures of their meals, or the restaurant setting they are in, and sharing the photos online. This gives brands opportunities to be tagged in such photos, to reply to them, and to go viral. The ‘Menu hack’ is one example of the growing symbiosis between young foodservice patrons and foodservice brands where people share their favorite menu customizations. In 2023 a popular ‘menu hack’ for Chipotle was an order of the steak quesadilla with extra cheese and fajita veggies. Fans of this order claimed it tasted like Philly cheesesteak. Chipotle responded by adding this item to its official *menu.

    This kind of consumer-driven marketing is ultimately seen as more authentic and interesting than traditional advertising. In 2025, expect foodservice brands to continue to up their online activity and be highly responsive to social media trends.

    Supply chain transparency

    Big brands are experiencing more scrutiny than ever when it comes to their value chains. Consumers are increasingly interested in concepts like sustainable sourcing, supply-chain transparency, and what brands ‘give back’ to the people and places they source their ingredients from.

    Consumers play a role in driving this trend, with 74% of consumers worldwide stating that “sustainable/environmentally-friendly” is an ‘essential’ or ‘nice to have’ feature when deciding to make a purchase, according to GlobalData’s Consumer Survey, Q3 2024.

    Governments and regulatory bodies are also driving disclosure policies aimed at making restaurant supply chains more transparent and less of a mystery. More effort is likely to be made by large foodservice brands in 2025 to promote the measures they are taking to source ingredients ethically and sustainably.

    Fred Diamond, Senior Food and Foodservice Analyst at GlobalData, comments: “This year, the key trends shaping the foodservice market will revolve around establishing strong and more dynamic relationships with consumers. Multi-channel approaches will do this by turning the consumer into both a retail and foodservice customer. Social media innovations will do this by striving to build a more responsive dialogue between brands and the wider consumer base. Developments in supply-chain transparency will build the relationship by acknowledging the ethical and moral questions held by consumers, and finally, the continued relevance of plant-based alternatives will seek to cement the bond between brands and consumers with more specific dietary requests, as well as generate wider curiosity.”

    * Source: Today article: “Chipotle is adding the TikTok-famous quesadilla hack to its official menu”.

    GlobalData Consumer Custom Solutions offers sector-level expertise in the Consumer Packaged Goods, Food, Beverages, Foodservice, Retail, Apparel, Packaging, Agribusiness, and Automotive industries. We use our unique data, insights and analytics to answer your bespoke questions with a tailored approach and deliverables.​ To learn more about this press release or have a chat, please drop us an email consulting@globaldata.com or contact us here and we’ll get in touch!

    MIL OSI Economics –

  • MIL-OSI Global: Businesses must stop caving to political pressure and abandoning their EDI commitments

    Source: The Conversation – Canada – By Simon Blanchette, Lecturer, Desautels Faculty of Management, McGill University

    EDI is good for business and good business: it is both the ethical choice and the smart business decision.
     (Shutterstock)

    Over the past year, several major corporations have scaled back their equity, diversity and inclusion (EDI) initiatives amid shifting political pressures. Walmart is one of the latest major corporations to reduce its EDI programs following conservative backlash and U.S. President-elect Donald Trump’s re-election.

    Ford Motor Company, Lowe’s and Nissan have all announced plans to change their diversity, equity and inclusion (DEI) policies. In the entertainment sector, Hollywood’s commitment to EDI has waned, with several studios and networks reducing or eliminating diversity programs.

    This growing trend reflects a broader corporate retreat from EDI commitments, as businesses navigate the complexities of the current political landscape. So far, many have chosen to respond by negating their commitment to inclusion and diversity.

    Given the close economic and cultural ties between the United States and Canada, this troubling shift could spill over into Canada. It would undermine years of progress towards achieving genuine workplace equity. Ultimately, no one will benefit in the long run — not even the people opposed to it — as they will miss out on the benefits of a more inclusive and diverse workforce.

    Walmart: From EDI commitment to rollback

    As the largest private employer in the world with over two million employees, Walmart has long been at the centre of debates about labour practices, workplace diversity and corporate responsibility.

    For years, the company championed EDI principles. In 2019, Walmart made a public commitment to boost diversity, pledging to increase the percentage of women and racialized people in managerial roles.

    Walmart also introduced initiatives to support underrepresented groups in the workforce, including diversity and inclusion training, the Women’s Resource Community, the OneTen Coalition program and partnerships to recruit people with disabilities.



    Read more:
    Employers miss out on talent by overlooking workers living with disabilities

    Walmart also tracked workforce representation by gender and ethnicity. Its 2023 report revealed that 20 per cent of promotions from hourly to management position were Black and racialized women. Over 86,000 employees completed race and inclusion training, and nearly 800 participated in Walmart’s Culture, Diversity, Equity and Inclusion Institute.

    However, amid a political climate marked by renewed attacks on corporate diversity initiatives and so-called “wokeness,” Walmart started rolling back its EDI policies and diversity training programs.

    For instance, the company has decided not to extend its racial equity centre, a five-year initiative that was launched in 2020. Additionally, it will discontinue the use of terms such as “LatinX” and “DEI” in official communications, opting instead to use the word “belonging.” But who truly belongs if, at the same time, they are cancelling EDI initiatives?

    Understand what EDI means

    This rollback of EDI initiatives reflects a growing trend within big business to selectively adopt social justice agendas when they are advantageous, then scale them back when the political climate changes. This “diversitywashing” mirrors greenwashing where companies claim to support social or environmental causes but retreat when faced with political or public pressure.

    At its core, EDI is about ensuring that all employees, customers and stakeholders have equitable access to work opportunities, regardless of race, gender, sexual orientation, disability or socio-economic background.

    EDI policies and practices are essential for supporting equity-deserving groups — such as women, Black and racialized people, Indigenous Peoples, people with disabilities and 2SLGBTQ+ communities — who have historically faced systemic barriers to opportunity.

    Arguing for a meritocracy without first establishing equity is like trying to lift a sloped playing field instead of leveling it, while ignoring that one side is a mountain and the other is a canyon. It leaves existing barriers and inequities intact on the road to merit, telling people that hard work alone will lead to rewards, while ignoring that they need to work that much harder to achieve the same.

    The idea that we must create an even playing field first should not be controversial, and yet it is.

    The fear that EDI programs compromise competency is both common and unfounded; embracing diversity is about dismantling barriers that have unfairly limited opportunities for talented individuals, not lowering standards.

    EDI is about ensuring that all employees, customers and stakeholders have equitable access to work opportunities.
    (Shutterstock)

    Why corporations must commit to EDI

    EDI initiatives should never be reduced to political tools or marketing gimmicks. The true purpose of these policies is to foster an environment where people of all backgrounds can thrive.

    Organizations greatly benefit from the creativity, problem-solving and innovation that come with diversity.

    When corporations roll back these initiatives in response to political pressures, it signals to the world their commitment to EDI was merely a strategic move to improve their brand image during a period when social justice was a trending topic.

    This can damage a corporation’s reputation in the eyes of both employees and consumers, particularly those from equity-deserving groups who expect representation, as well as those who value diversity and inclusivity.



    Read more:
    How equity, diversity and inclusion policies are becoming a tool for capitalism

    It is essential for large corporations to recognize that adopting EDI policies is not just a moral imperative, but also a sound business strategy. The data is clear: diverse companies perform better, including from a profitability standpoint.

    Diversity related advantages create a competitive edge that drives growth. A McKinsey report revealed that companies with more diverse executive teams were 36 per cent more likely to have above-average profitability. Giving that up is simply bad business.

    As both a scholar and a practising strategy and organizational change consultant, I have never encountered a well-designed and effectively implemented EDI program that did not yield positive results for the organization.

    EDI is good for business and good business: it is both the ethical choice and the smart business decision.

    Walking the talk

    The way forward is clear: corporations, especially large ones, must make a genuine commitment to EDI — not just because it is the morally right thing to do, but because it is the key to long-term business success. Diversity fosters innovation, and innovation drives profitability.

    However, for employees of diverse backgrounds to truly thrive in their workplaces, organizations must go beyond surface-level representation and tokenism. They must build inclusive workplaces where diversity is genuinely respected, supported and embraced unconditionally and independent of political trends.

    By doing so, companies will not only contribute to a more equitable society, but also position themselves for success in an increasingly diverse global marketplace. Achieving this requires leaders who are courageous and prioritize long-term strategic goals over short-term political gains.

    Leading through fear is not leadership; it reflects a failure in strategic foresight. Talent is the defining competitive advantage of this century, and business leaders cannot afford to waste it.

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

    – ref. Businesses must stop caving to political pressure and abandoning their EDI commitments – https://theconversation.com/businesses-must-stop-caving-to-political-pressure-and-abandoning-their-edi-commitments-245450

    MIL OSI – Global Reports –

  • MIL-OSI Global: Australia is banning social media for teens. Should Canada do the same?

    Source: The Conversation – Canada – By Christopher Dietzel, Postdoctoral fellow, the DIGS Lab, Concordia University

    Australia is the first country to implement a nationwide ban of social media for teens, but other measures have been enacted or are being considered here in Canada. (Shutterstock)

    The Australian government recently passed legislation that bans social media for anyone under 16. Prime Minister Anthony Albanese hailed the legislation for putting “the onus on social media platforms — not young people or their parents” — for protecting youth from online harms.

    Australia is the first country in the world to pass a nationwide ban of social media for teens, set to take effect in a year. But other measures have been enacted or considered here in Canada and elsewhere.

    In the United States, it will be illegal for children under 14 in Florida to have social media accounts starting Jan. 1, 2025.

    Beginning in 2024, Québec began banning cellphones in classrooms. This fall, with the start of the 2024–2025 academic year, Ontario also began banning cell phones in schools. This follows a lawsuit filed by four school boards in Ontario against social media companies for disrupting youth learning.

    Québec is reportedly considering a social media ban — following Australia’s lead — that would limit social media use for teens under 16. Provincial governments recognize that social media and cellphones can be problematic for youth, and they’re not waiting on the federal government to take action.

    Prime Minister Justin Trudeau recently announced that the proposed Online Harms Act (Bill C-63), originally introduced in February 2024, will be separated into two bills. The idea is to pass the part of the bill focused on child protection to address problems like sextortion, image-based sexual abuse, revenge porn and other forms of online sexual violence.

    Since the Online Harms Act is still being debated, MPs in Canada may look to other countries, like Australia, for guidance on protecting youth from these online harms.

    A CBC news report on Australia’s social media ban and the potential for a similar ban in Canada.

    Youth and online harms

    Some people in Canada approve of Australia’s social media ban and see it as a potential solution, including some teens. This idea has received a lot of traction in public discourse too, including with the book The Anxious Generation that argues social media should be banned until age 16.

    Many of us may recall the stories of Rehtaeh Parsons, Amanda Todd and more recently a boy in British Columbia who died by suicide after being cyberbullied and sextorted.

    Some studies have shown that social media use is related to anxiety and depression among adolescents. Bans or regulations raise important questions about how we, as a society, should respond to social media use among youth and deal with online harms.

    Challenges with bans

    We are a team of researchers who study technology-facilitated sexual violence among youth aged 13–18 in Canada. We have conducted 26 focus groups with 149 youth from across the country, and launched a nationally representative survey of around 1,000 youth to learn about their experiences with online harms, what they know about the law and which resources work — and which ones don’t.

    Our initial findings show that youth experience a range of harms as they use digital platforms and social media. We also found that algorithms are fueling harms. Youth have emphasized they want tailored supports and resources to help them have safe, healthy and enjoyable experiences with technology.

    A full ban of social media is not realistic, in part because social media companies have no idea how to implement it. Some ideas are to use facial recognition technology or check someone’s age using credit cards. Another idea is to upload government IDs to third-party platforms for age verification.

    However a ban is implemented, it will almost certainly gather more user data, which raises questions about youth data privacy and security. These measures may also drive youth towards other platforms that are less regulated, such as on the dark web. This could actually make it harder to protect youth from online harms.

    Bans also don’t actually solve the problem. For example, abstinence-based interventions don’t work when it comes to sex education. It is unlikely that an abstinence-based approach would work with social media.

    Technology is increasingly integrated into our daily lives, and youth need to learn how to have healthy and responsible online interactions.
    (Shutterstock)

    Furthermore, technology is increasingly integrated into our daily lives, and youth need to be taught about healthy and responsible online interactions.

    Youth are learning how to become digital citizens. Kicking the problem down the road until they’re 16 or older will postpone the consequences, not solve them. This could cause more harm than a ban intends to solve.

    A ban also frees social media companies, governments and parents from any accountability. Rather than meaningfully addressing the harmful content and their impacts, a ban removes any and all responsibility from the people and institutions whose job it is to protect youth.

    Holistic interventions

    Technology companies need to develop their products with kids in mind, rather than prioritizing their profits and putting child safety and health second. Kids need guidance and support, and a ban does nothing to remove harmful content or resolve its negative impacts.

    Rather than bans, we suggest implementing holistic interventions that emphasize digital citizenship and youth rights and responsibilities so people of all ages learn how to have safe and healthy interactions with technology. This requires a consolidated effort across various sectors of society, including schools, community organizations and, importantly, both tech companies and government agencies.

    While there are resources available for educators, parents and youth about how to have safe and healthy online interactions, we need to act now.

    Rather than resorting to blanket bans, we should prioritize comprehensive societal changes that address the root causes of these harms. By doing so, we can promote youth safety and help our communities confront online harms.

    Christopher Dietzel receives funding from Le Fonds de recherche du Québec – Société et culture (FRQSC).

    Kaitlynn Mendes receives funding from SSHRC and the Canada Research Chairs Program.

    – ref. Australia is banning social media for teens. Should Canada do the same? – https://theconversation.com/australia-is-banning-social-media-for-teens-should-canada-do-the-same-245932

    MIL OSI – Global Reports –

  • MIL-OSI Submissions: Business employment data: September 2024 quarter – data revision

    Business employment data: September 2024 quarter – data revision – 23 December 2024 – We have updated ‘filled jobs (workplace location based)’ data at the territorial authority and regional levels for the quarters ending March 2021 to September 2024.  

    Some jobs were incorrectly allocated to locations, which made it appear as though jobs in certain territorial authorities and regions had been ‘lost’, when this was not the case.

    National level data for ‘filled jobs’ by workplace location is not affected by this issue as the information is fully sourced from data in the tax system. We are confident that it is robust and of high quality.

    For a sub-national breakdown of job numbers and changes, we recommend using the data for ‘filled jobs’ (produced by employee location at the territorial authority and regional level) as this is fully sourced from tax system data and is of higher quality. This differs from the ‘filled jobs (workplace location based)’ data, where the issue was found and corrected.  

    MIL OSI –