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Category: Commerce

  • MIL-OSI Asia-Pac: FS continues to attend APEC Finance Ministers’ Meeting in Peru (with photos/video)

    Source: Hong Kong Government special administrative region

         â€‹The Financial Secretary, Mr Paul Chan, continued his attendance at the APEC Finance Ministers’ Meeting (FMM) in Lima, Peru, yesterday (October 21, Lima time).

         This year’s APEC FMM takes the theme of “Sustainable + Digital + Resilient = APEC.” During various discussions, Mr Chan spoke on topics including global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

         In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated Hong Kong’s firm support for rules-based free trade and multilateralism. As a “super connector,” Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

         In the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong’s functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects. Through financial innovation and cooperation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges. He also shared updates and experience on Hong Kong’s efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

         Mr Chan also participated in discussions on digital finance at the FMM, sharing Hong Kong’s experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies. He noted that Hong Kong’s robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

         At noon, Mr Chan attended a luncheon of the APEC Business Advisory Council, sharing Hong Kong’s experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favorable environment for micro, small and medium enterprises to embrace digital finance. He exchanged views with representatives and business leaders from other economies.

         During the FMM, Mr Chan also met with South Korea’s Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Mr Choi Sang-mok, and Vietnam’s Deputy Minister of Finance, Mr Vo Thanh Hung, to discuss strengthening cooperation and exchanging views on issues of mutual interest.

         In the evening, Mr Chan would depart Lima for New York, the United States, where he will attend the Bloomberg Global Regulatory Forum and deliver a speech today (October 22, New York time).               

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: From Ancient Rome to Persia, eunuchs often led armies and were powerbrokers of the ancient world

    Source: The Conversation (Au and NZ) – By Michael B. Charles, Associate Professor, Management Discipline, Faculty of Business, Arts and Law, Southern Cross University

    The person to the right of the haloed emperor is thought to be the eunuch Narses, a powerful Byzantine general. Bender235/Wikimedia

    When people think of eunuchs, someone like Lord Varys from Game of Thrones often springs to mind. Chubby, obsequious and a flatterer, he is involved in court intrigues and manipulates people and events behind the scenes.

    These traits oppose military prowess and valour endorsed by traditional models of masculinity across various times and cultures. According to those tropes, a eunuch’s weapon is the whisper, not the sword.

    In reality, not every eunuch in the ancient world was a servile, cloistered being. In fact, eunuchs sometimes led armies on campaign, and were entrusted with high-level administrative tasks.

    What was a eunuch?

    A eunuch was someone whose testicles had been deliberately crushed or excised.

    In Greek myth, Cronus (the father of Zeus) castrated his own father Uranus to overthrow his tyranny and become king of the Titans.

    Greek historians reported castration as war punishment, and persistently linked the castration of young boys to sexual slavery.

    The ancient Greek historian Herodotus stressed the demand for castrated boys at the court of the Persian kings. But the market for eunuchs was evidently larger than just the Persian court.

    The Romans replicated the Greeks’ negative view of eunuchs. They are often portrayed in Roman texts as being in the company of “bad” emperors such as the supposedly cruel and narcissistic Domitian – even though he forbade the practice of making eunuchs.

    The notion of the unmanly eunuch in antiquity was reinforced by Orientalist literature, which imagined ancient eunuchs in charge of something akin to a Turkish sultan’s harem. Unable to procreate, the eunuch is paradoxically surrounded by beautiful women, his in-between-ness granting him access to the psychological makeup of both genders.

    Orientalism drew inspiration from historical accounts written after the Greco-Persian wars, which the Greeks won in 449 BCE. These accounts were written in the shadow of Alexander the Great’s conquest of the Near East (including areas such as modern-day Iraq, Iran and Syria), which was followed by the Roman hegemony.

    Instead of critically evaluating the sources, colonial writers and their readers indulged in a world of fantasy where eunuchs offered a sensualised peek into the “secrets of the harem”.

    In fact, a deeper look at the historical record reveals that eunuchs often occupied positions of great military power and civil authority.

    Eunuchs as bodyguards, enforcers and governors

    Cyrus, the first Persian king (590–529 BCE), praised eunuchs for their reliability. He insisted that gelded men, like gelded horses, are easier to control. He believed they made up for their lack of physical strength with their loyalty.

    Cyrus may have owed his life to eunuchs, who played a role in saving him as a baby from a murderous plot by his grandfather.

    The Greek historian Herodotus also reports that eunuch-bodyguards tried to protect, albeit unsuccessfully, the man on the Persian throne just before Darius the Great took power in 522 BCE (Darius contended that this man was not a real king but an imposter).

    The historical record also mentions a Persian eunuch being in charge of a garrison at Gaza around 332 BCE.

    The Egyptian pharaoh Amasis, who reigned in the sixth century BCE, also relied on eunuchs to recover fugitive slaves.

    Eunuchs appeared in the courts of the Hittites and Assyrians (civilisations in modern-day Turkey and Iraq respectively) from the 13th century BCE.

    Assyrian kings often appointed eunuchs as provincial governors. The Assyrian king Shamshi-Adad V (who ruled Assyria 824–811 BCE) praised his chief eunuch Mutarris-Ashur as “clever and experienced in battle”. Mutarris-Ashur led the Assyrian army on a military campaign to the Nairi lands in the Armenian Highlands.

    King Ashurbanipal, who ruled the Neo-Assyrian Empire from 669 BCE to 631 BCE, sent his chief eunuch on missions against neighbouring Mannea (a kingdom in modern-day Iran) and the rebellious Gambulu tribe in ancient Babylonia.

    This Assyrian relief shows the head of a beardless royal attendant, possibly a eunuch. Eunuchs were key figures in the Assyrian court.
    The Metropolitan Museum of Art

    Bagoas the eunuch

    In the fourth century BCE, there was Bagoas, a Persian court eunuch who is sometimes conflated with a eunuch lover of Alexander the Great who had the same name. Bagoas became the second most important person in the Persian court, after the Persian king.

    Bagoas had served in Persian king Artaxerxes III’s campaign against Egypt, and rose to the rank of Chiliarch (the leader of the royal infantry guard).

    Bagoas developed a reputation as a kingmaker – he was instrumental in replacing Artaxerxes III with his son, Artaxerxes IV. He later poisoned Artaxerxes IV and installed as king Darius III, who was eventually defeated by Alexander the Great.

    Bagoas had plotted to replace Darius too, but Darius outsmarted him; he forced Bagoas to drink the poison the latter had prepared for Darius to drink.

    Eunuchs in Rome

    Despite the bias of the Greco-Roman sources, including their suspicion of eastern cults that involved eunuch priests, eunuchs were important in Roman imperial service.

    The emperor Claudius rewarded his eunuch Posides for his service during Rome’s invasion of Britain in 43 CE.

    In 399 CE, the eunuch Eutropius became a powerful consul in Rome’s eastern empire under the emperor Arcadius. Some Romans, however, attacked the appointment of a semivir (half man) as consul as an abomination.

    In early Christianity, the concept of becoming a eunuch for the kingdom of God acquired currency. According to some interpretations of the Bible, being a eunuch was connected to the virtues of chastity and celibacy.

    By the sixth century CE, Byzantine eunuchs found themselves in charge of large armies. (What we now call the Byzantine Empire, or the Eastern Roman Empire, was known by its people as the Roman Empire until 1453 CE).

    Narses was a eunuch and one of the Byzantine emperor Justinian’s great generals. He managed to recapture Italy, including Rome, from the Goths (a Germanic people who had invaded Italy).

    Narses, possibly an Armenian by birth, was no armchair general. At the battle of Mons Lactarius (552 or 553 CE), Narses fought on foot with his fellow soldiers against the Goths. He encouraged his men to hang on against a brave enemy.

    Despite the stereotypes, eunuchs clearly often played important roles in the ostensibly masculine world of strategic planning and combat.

    This plurality of masculinities in the ancient Mediterranean world remains relevant to modern society as it challenges notions of a simple gender binary.

    Eva Anagnostou-Laoutides receives funding from the Australian Research Council and the Gerda Henkel Foundation.

    Michael B. Charles 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. From Ancient Rome to Persia, eunuchs often led armies and were powerbrokers of the ancient world – https://theconversation.com/from-ancient-rome-to-persia-eunuchs-often-led-armies-and-were-powerbrokers-of-the-ancient-world-235957

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Bank of America and RBC Capital Markets were the top mergers and acquisitions (M&A) financial advisers in the metals & mining sector during the Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Bank of America achieved the top position in terms of value by advising on $10.2 billion worth of deals. Meanwhile, RBC Capital Markets led in terms of volume by advising on a total of eight deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “RBC Capital Markets witnessed an improvement in the total volume of deals advised by it and consequently its ranking by volume took a significant leap from 51st position during Q1-Q3 2023 to the top position during Q1-Q3 2024.

    “Meanwhile, Bank of America went ahead from occupying the third position by value during Q1-Q3 2023 to top the chart during Q1-Q3 2024. Interestingly, despite registering a decline in the total value of deals advised by it, Bank of America was the only adviser to surpass the 10 billion deal value mark during Q1-Q3 2024.”

    BMO Capital Markets occupied the second position in terms of value, by advising on $9.8 billion worth of deals, followed by JP Morgan with $5.5 billion, Moelis & Company with $5.2 billion and Goldman Sachs with $4.9 billion.

    Meanwhile, BMO Capital Markets occupied the second position in terms of volume with seven deals, followed by Macquarie with seven deals, Cormark Securities with six deals and Bank of America with four deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top mergers and acquisitions (M&A) legal advisers in the metals & mining sector during Q1-Q3 2024 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Cravath Swaine & Moore achieved the top position in terms of value by advising on $9 billion worth of deals. Meanwhile, Fasken Martineau DuMoulin led in terms of volume by advising on a total of 19 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top advisers by value and volume during Q1-Q3 2023 and managed to retain their respective top positions during Q1-Q3 2024 as well. Despite both the firms registering decline in total value and volume, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023, they managed to maintain their top ranking.”

    Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $7.3 billion worth of deals, followed by Blake Cassels & Graydon with $7.1 billion, Stikeman Elliott with $6.6 billion and McCarthy Tetrault with $6.2 billion.

    Meanwhile, Cassels Brock & Blackwell occupied the second position in terms of volume with 17 deals, followed by McCarthy Tetrault with 13 deals, Blake Cassels & Graydon with 11 deals and Bennett Jones with nine deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Morgan Stanley and Stifel/KBW were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Morgan Stanley achieved the top position in terms of value by advising on $65 billion worth of deals. Meanwhile, Stifel/KBW led in terms of volume by advising on a total of 27 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Morgan Stanley and Stifel/KBW registered growth in the total value and volume of deals advised by them, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023. In fact, Morgan Stanley registered more than a five-fold jump in value of the deals it advised. Resultantly, its ranking by value improved from fifth position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Meanwhile, Stifel/KBW went ahead from occupying the seventh position by volume during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.”

    Barclays occupied the second position in terms of value, by advising on $49.2 billion worth of deals, followed by Goldman Sachs with $45.9 billion, JP Morgan with $43.6 billion and PJT Partners with $36.1 billion.

    Meanwhile, Goldman Sachs occupied the second position in terms of volume with 23 deals, followed by Piper Sandler with 23 deals, JP Morgan with 21 deals and Raymond James Financial with 21 deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the top position in terms of value by advising on $55.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 48 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and managed to retain its leadership position during Q1-Q3 2024 as well. Meanwhile, Wachtell, Lipton, Rosen & Katz registered a more than 10-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, its ranking by value also took a major leap from the 16th position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Seven of the eight deals advised by Wachtell, Lipton, Rosen & Katz during Q1-Q3 2024 were billion-dollar deals* including one mega deal valued at $35.3 billion. The involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register a massive jump in terms of value and its ranking by this metric.”

    Cravath Swaine & Moore occupied the second position in terms of value, by advising on $44.2 billion worth of deals, followed by Sullivan & Cromwell with $40.4 billion, Kirkland & Ellis with $38.3 billion and Paul, Weiss, Rifkind, Wharton & Garrison with $33.4 billion.

    Meanwhile, Alston & Bird occupied the second position in terms of volume with 26 deals, followed by Skadden, Arps, Slate, Meagher & Flom with 22 deals, Luse Gorman PC with 19 deals and White & Case with 18 deals.

    *≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI Reportage: BNZ offers support for Otago customers affected by severe rainfall  

    Source: BNZ statements

    BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

    Available immediately, the assistance package includes:  

    • Ability to review home lending facilities on a case-by-case basis. 
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

    “We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

    “We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

    With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

    “It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

    BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

    Customers can check whether their local BNZ branch is open here: http://www.bnz.co.nz/locations 

    The post BNZ offers support for Otago customers affected by severe rainfall   appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI: Sandy Spring Bancorp Reports Third Quarter Earnings of $16.2 Million

    Source: GlobeNewswire (MIL-OSI)

    OLNEY, Md., Oct. 21, 2024 (GLOBE NEWSWIRE) — Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, reported net income of $16.2 million ($0.36 per diluted common share) for the quarter ended September 30, 2024, compared to net income of $22.8 million ($0.51 per diluted common share) for the second quarter of 2024 and $20.7 million ($0.46 per diluted common share) for the third quarter of 2023.

    Current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the quarter ended June 30, 2024 and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. Core earnings exclude the after-tax impact of amortization of intangibles, investment securities gains or losses and other non-recurring or extraordinary items. The current quarter’s decline in net income and core earnings as compared to the linked quarter was driven by higher provision for credit losses combined with higher non-interest expense, partially offset by higher net interest income. The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023.

    “We have a solid capital position and are seeing ongoing success with our core deposit strategies and our wealth management lines of business,” said Daniel J. Schrider, Chair, President & CEO of Sandy Spring Bank. “Our wealth teams – Sandy Spring Trust, and our subsidiaries, West Financial and RPJ – have an expanding number of referrals from current clients and work closely with business owners from early growth through maturity. The success of our wealth teams’ approach is reflected in our strong fee income results.”

    Third Quarter Highlights

    • Total assets at September 30, 2024 increased by 3% to $14.4 billion compared to $14.0 billion at June 30, 2024.
    • Total loans remained level at $11.5 billion as of September 30, 2024 compared to June 30, 2024. During the current quarter, AD&C and commercial business loans and lines increased by $71.3 million and $19.4 million, respectively, while the commercial investor real estate segment declined by $64.9 million. Total residential mortgage and consumer loan portfolios remained relatively unchanged during this period.
    • Deposits increased by $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024, as interest-bearing deposits increased $425.8 million, while noninterest-bearing deposits declined $28.3 million. Strong growth in the interest-bearing deposit categories was mainly experienced within money market, time deposits and savings accounts, which grew by $185.2 million, $151.5 million, and $66.1 million, respectively, compared to the linked quarter. The decline in noninterest-bearing deposit categories was driven by lower balances in personal and small business checking accounts. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and represented 94% of total deposits as of September 30, 2024.
    • The ratio of non-performing loans to total loans was 1.09% at September 30, 2024 compared to 0.81% at June 30, 2024 and 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan that was placed on non-accrual status during the current period. Net charge-offs for the current quarter totaled $0.7 million.
    • Net interest income for the third quarter of 2024 grew $1.1 million or 1% compared to the previous quarter and decreased by $3.7 million or 4% compared to the third quarter of 2023. Compared to the previous quarter, interest income increased by $5.0 million, while interest expense increased by $3.9 million.
    • The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. During the current quarter, the net interest margin was negatively impacted by a reversal of previously accrued uncollected interest income on a single large AD&C loan placed on a non-accrual status. Compared to the linked quarter, the rate paid on interest-bearing liabilities increased seven basis points, while the yield on interest-earning assets increased three basis points.
    • Provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million in the previous quarter and $3.2 million in the prior year quarter. The current quarter’s provision expense is mainly attributable to higher individual reserves on collateral-dependent loans, primarily related to a single AD&C loan due to the borrower-specific circumstances, partially offset by lower qualitative adjustments due to the reduction in commercial investor real estate loans. In addition, during the current quarter, the provision for unfunded commitments was insignificant compared to a credit of $1.9 million from the previous quarter.
    • Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The quarter-over-quarter increase was mainly driven by higher wealth management income and other income, generated by higher credit-related fees, which was fully offset by lower income from bank owned life insurance due to a receipt of one-time mortality proceeds during the prior quarter.
    • Non-interest expense for the third quarter of 2024 increased by $4.8 million compared to the second quarter of 2024 and $0.5 million compared to the prior year quarter. The quarterly increase in non-interest expense was primarily due to higher salaries and benefits along with an increase in professional fees and services.
    • Return on average assets (“ROA”) for the quarter ended September 30, 2024 was 0.46% and return on average tangible common equity (“ROTCE”) was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27%, respectively, for the previous quarter and 0.78% and 9.51%, respectively, for the third quarter of 2023.
    • The GAAP efficiency ratio was 72.12% for the third quarter of 2024, compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The non-GAAP efficiency ratio was 69.06% for the third quarter of 2024 compared to 65.31% for the second quarter of 2024 and 60.91% for the prior year quarter. The increase in non-GAAP efficiency ratio (reflecting a decrease in efficiency) in the current quarter compared to the previous quarter was the result of higher non-interest expense in the current quarter.

    Balance Sheet and Credit Quality

    Total assets were $14.4 billion at September 30, 2024, as compared to $14.0 billion at June 30, 2024. At September 30, 2024, total loans remained stable at $11.5 billion compared to the previous quarter. During this period, the growth in AD&C and commercial business loans and lines of $71.3 million or 6% and $19.4 million or 1%, respectively, were mostly offset by the decline in commercial investor real estate loans of $64.9 million or 1%. Total residential mortgage and consumer loan portfolios remained relatively unchanged.

    Deposits increased $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024. During this period, noninterest-bearing deposits decreased $28.3 million or 1%, while interest-bearing deposits increased $425.8 million or 5%. The slight decline in noninterest-bearing deposit categories was driven by decreases in personal and small business checking accounts, partially offset by an increase in commercial checking accounts. Growth in interest-bearing deposits was seen across all product categories, but most notably in money market and time deposit accounts which grew $185.2 million or 7% and $151.5 million or 6% during the current quarter, respectively. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and remained at 94% of the total deposits as of September 30, 2024 compared to June 30, 2024, reflecting continued strength and stability of the core deposit base. Total uninsured deposits at September 30, 2024 were approximately 37% of total deposits.

    Total borrowings decreased $54.1 million or 6% at September 30, 2024 as compared to the previous quarter, primarily driven by a $50.0 million pay down of FHLB advances. At September 30, 2024, available unused sources of liquidity, which consist of available FHLB borrowings, fed funds, funds through the Federal Reserve Bank’s discount window, as well as excess cash and unpledged investment securities, totaled $6.3 billion or 146% of uninsured deposits.

    The tangible common equity to tangible assets ratio declined slightly to 8.83% at September 30, 2024, compared to 8.85% at June 30, 2024.

    At September 30, 2024, the Company had a total risk-based capital ratio of 15.53%, a common equity tier 1 risk-based capital ratio of 11.27%, a tier 1 risk-based capital ratio of 11.27%, and a tier 1 leverage ratio of 9.59%. These risk-based capital ratios compare to a total risk-based capital ratio of 15.49%, a common equity tier 1 risk-based capital ratio of 11.28%, a tier 1 risk-based capital ratio of 11.28%, and a tier 1 leverage ratio of 9.70% at June 30, 2024. All of these ratios remain well in excess of the mandated minimum regulatory requirements.

    Non-performing loans include non-accrual loans and accruing loans 90 days or more past due. At September 30, 2024, non-performing loans totaled $125.3 million, compared to $93.0 million at June 30, 2024 and $51.8 million at September 30, 2023. The non-performing loans to total loans ratio was 1.09% compared to 0.81% on a linked quarter basis. These levels of non-performing loans compare to 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan with the total outstanding principal balance of $28.0 million, which was placed on a non-accrual status during the current period. Total net charge-offs for the current quarter amounted to $0.7 million compared to $0.2 million for the second quarter of 2024 and $0.1 million for the third quarter of 2023.

    At September 30, 2024, the allowance for credit losses was $131.4 million or 1.14% of outstanding loans and 105% of non-performing loans, compared to $125.9 million or 1.10% of outstanding loans and 135% of non-performing loans at the end of the previous quarter and $123.4 million or 1.09% of outstanding loans and 238% of non-performing loans at the end of the third quarter of 2023. The increase in the allowance for the current quarter compared to the previous quarter mainly reflects higher individual reserves on collateral-dependent non-accrual loans, primarily driven by the aforementioned AD&C lending relationship, partially offset by lower qualitative adjustments as a result of declines in commercial investor real estate loans.

    Income Statement Review

    Quarterly Results

    Net income was $16.2 million ($0.36 per diluted common share) for the three months ended September 30, 2024 compared to $22.8 million ($0.51 per diluted common share) for the three months ended June 30, 2024 and $20.7 million ($0.46 per diluted common share) for the prior year quarter. The current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the previous quarter and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. The decreases in the current quarter’s net income and core earnings compared to the previous quarter were driven primarily by higher provision for credit losses and non-interest expense.

    Net interest income for the third quarter of 2024 increased $1.1 million or 1% compared to the previous quarter and declined $3.7 million or 4% compared to the third quarter of 2023. During the current quarter, interest income increased $5.0 million, while interest expense increased $3.9 million. The rising interest rate environment was primarily responsible for a $7.7 million year-over-year increase in interest income. This growth in interest income was more than offset by the $11.4 million year-over-year growth in interest expense as funding costs have also risen in response to the rising rate environment and significant competition for deposits.

    The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. The decrease in the net interest margin during the current quarter was a result of a seven basis point increase in the rate paid on interest-bearing liabilities, while the yield earned on interest-earning assets rose three basis points. The current quarter’s net interest margin was negatively impacted by approximately three basis points due to the reversal of previously accrued uncollected interest income on a single large AD&C loan placed on non-accrual status during the period. As compared to the prior year quarter, the yield on interest-earning assets increased 23 basis points while the rate paid on interest-bearing liabilities rose 39 basis points, resulting in net interest margin compression of 11 basis points. The rate and yield increases year-over-year were driven by the higher interest rate environment, competition for deposits in the market, and customer movement of excess funds out of noninterest-bearing accounts into higher yielding products.

    The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023. The provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million for the second quarter of 2024 and $3.2 million for the third quarter of 2023. The current quarter’s provision is mainly a reflection of higher individual reserves on collateral-dependent non-accrual loans, primarily associated with the provision on a single AD&C lending relationship based on the current fair value of the collateral, partially offset by lower qualitative adjustments driven by an overall reduction in commercial investor real estate loan portfolio. In addition, during the current quarter, the reserve for unfunded commitments remained relatively stable at $1.5 million.

    Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The current quarter’s increase in non-interest income as compared to the previous quarter was mainly driven by the $0.4 million increase in other income, generated by credit-related fees, and $0.3 million increase in wealth management income, due to the $352.1 million or 6% growth in assets under management quarter-over-quarter and the overall favorable market performance, offset by $0.5 million decrease in BOLI income, due to the receipt of one-time death proceeds in the prior quarter.

    Non-interest expense for the third quarter of 2024 increased $4.8 million or 7% compared to the second quarter of 2024 and $0.5 million or 1% compared to the third quarter of 2023. The quarter-over-quarter increase is predominantly attributable to the $3.2 million increase in salaries and benefits, due to the increase in employee incentive compensation coupled with the $1.6 million increase in professional fees and services, mostly due to a one-time contract negotiation fee. The prior year quarter included $8.2 million of pension settlement expense related to the termination of the Company’s pension plan. Excluding this item, non-interest expense for the third quarter of 2024 increased $8.6 million or 13% compared to the third quarter of 2023.

    For the third quarter of 2024, the GAAP efficiency ratio was 72.12% compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The GAAP efficiency ratio rose from the prior year quarter primarily as a result of the 1% increase in GAAP non-interest expense coupled with the 1% decline in GAAP revenue. The non-GAAP efficiency ratio was 69.06% for the current quarter as compared to 65.31% for the second quarter of 2024 and 60.91% for the third quarter of 2023. The increase in the non-GAAP efficiency ratio (reflecting a decrease in efficiency) from the third quarter of the prior year to the current year quarter was primarily the result of the 12% increase in adjusted non-interest expense.

    ROA for the quarter ended September 30, 2024 was 0.46% and ROTCE was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27% for the second quarter of 2024 and 0.78% and 9.51%, respectively, for the third quarter of 2023.

    Year-to-Date Results

    The Company recorded net income of $59.4 million for the nine months ended September 30, 2024 compared to net income of $96.7 million for the same period in the prior year. Core earnings were $64.3 million for the nine months ended September 30, 2024 compared to $107.2 million for the same period in the prior year. Year-to-date net income and core earnings declined as a result of lower net interest income in combination with higher provision for credit losses, which was partially offset by higher non-interest income.

    For the nine months ended September 30, 2024, net interest income decreased $31.8 million compared to the prior year as a result of the $61.1 million increase in interest expense, partially offset by the $29.3 million increase in interest income. The increase in interest expense was driven by the interest expense on deposits, primarily associated with savings and time deposit accounts. The net interest margin declined to 2.44% for the nine months ended September 30, 2024, compared to 2.75% for the prior year, primarily as a result of higher funding costs due to the elevated interest rate environment and market competition for deposits during the period.

    The provision for credit losses for the nine months ended September 30, 2024 was $9.7 million as compared to a credit of $14.1 million for 2023. The provision for the nine months ended September 30, 2024 was primarily due to an increase in individual reserves on collateral-dependent non-accrual loans, as well as adjustments applied to specific industries within the commercial real estate segment during the first quarter of 2024. The prior year’s credit to provision was mainly attributable to the improving regional forecasted unemployment rate observed during the first half of 2023, and the declining probability of economic recession.

    For the nine months ended September 30, 2024, non-interest income increased 14% to $57.7 million compared to $50.5 million for 2023. During the current year, wealth management income increased $3.7 million or 14%, as assets under management increased $1.0 billion or 19% year-over-year. In addition, BOLI mortality-related income and service charges on deposit accounts increased $1.3 million and $1.1 million, respectively.

    Non-interest expense increased to $209.0 million for the nine months ended September 30, 2024, compared to $207.9 million for 2023. The drivers of the increase in non-interest expense were the $4.0 million increase in professional fees and services, $2.7 increase in amortization of intangible assets, $1.8 million increase in FDIC expense, and $1.2 million increase in outside data services. These year-over-year increases were offset by the $9.2 million decrease in compensation and benefits, as the prior year period included $8.2 million pension termination expense and $1.9 million of severance related expenses associated with staffing adjustments.

    For the nine months ended September 30, 2024, the GAAP efficiency ratio was 69.98% compared to 64.29% for the same period in 2023. The non-GAAP efficiency ratio for the current year was 67.04% compared to 59.42% for the prior year. The growth in the current year’s GAAP and non-GAAP efficiency ratios compared to the prior year, indicating a decline in efficiency, was the result of the declines in GAAP and non-GAAP revenues combined with the growth in GAAP and non-GAAP non-interest expenses.

    Explanation of Non-GAAP Financial Measures

    This news release contains financial information and performance measures determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s management believes that the supplemental non-GAAP information provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following:

    • Tangible common equity and related measures are non-GAAP measures that exclude the impact of goodwill and other intangible assets.
    • The non-GAAP efficiency ratio excludes amortization of intangible assets, investment securities gains/(losses), severance expense, contingent payment expense, and includes tax-equivalent income.
    • Core earnings and the related measures of core earnings per diluted common share, core return on average assets and core return on average tangible common equity reflect net income exclusive of amortization of intangible assets, investment securities gains/(losses) and other non-recurring or extraordinary items, on a net of tax basis.
    • Pre-tax pre-provision net income excludes income tax expense and the provision (credit) for credit losses.

    These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please refer to the non-GAAP Reconciliation tables included with this release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    Conference Call Cancelled

    As a result of today’s announcement that the Company has entered into a merger agreement with Atlantic Union Bankshares Corporation, the Company has cancelled its conference call scheduled for 2:00 p.m. ET today to discuss the Company’s results for the third quarter of 2024.

    About Sandy Spring Bancorp, Inc.

    Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

    Source: Sandy Spring Bancorp, Inc.
    Code: SASR-E

    Forward-Looking Statements

    Sandy Spring Bancorp’s forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These risks and uncertainties include, but are not limited to, the risks identified in our quarterly and annual reports and the following: changes in general business and economic conditions nationally or in the markets that we serve; changes in consumer and business confidence, investor sentiment, or consumer spending or savings behavior; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; the impact of the interest rate environment on our business, financial condition and results of operations; the impact of compliance with changes in laws, regulations and regulatory interpretations, including changes in income taxes; changes in credit ratings assigned to us or our subsidiaries; the ability to realize benefits and cost savings from, and limit any unexpected liabilities associated with, any business combinations; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the impact of changes in accounting policies, including the introduction of new accounting standards; the impact of judicial or regulatory proceedings; the impact of fiscal and governmental policies of the United States federal government; the impact of health emergencies, epidemics or pandemics; the effects of climate change; and the impact of natural disasters, extreme weather events, military conflict, terrorism or other geopolitical events. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at http://www.sec.gov.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    FINANCIAL HIGHLIGHTS – UNAUDITED

        Three Months Ended
    September 30,    		       Nine Months Ended
    September 30,    		    
    (Dollars in thousands, except per share data)     2024       2023     %
    Change    		     2024       2023     %
    Change
    Results of operations:                        
    Net interest income   $ 81,412     $ 85,081     (4 )%   $ 241,040     $ 272,854     (12 )%
    Provision/ (credit) for credit losses     6,316       2,365     167 %     9,724       (14,116 )   N/M
    Non-interest income     19,715       17,391     13       57,669       50,518     14  
    Non-interest expense     72,937       72,471     1       209,047       207,912     1  
    Income before income tax expense     21,874       27,636     (21 )     79,938       129,576     (38 )
    Net income     16,209       20,746     (22 )     59,388       96,744     (39 )
                             
    Net income attributable to common shareholders   $ 16,205     $ 20,719     (22 )   $ 59,351     $ 96,552     (39 )
    Pre-tax pre-provision net income (1)   $ 28,190     $ 30,001     (6 )   $ 89,662     $ 115,460     (22 )
                             
    Return on average assets     0.46 %     0.58 %         0.56 %     0.92 %    
    Return on average common equity     4.01 %     5.35 %         4.99 %     8.50 %    
    Return on average tangible common equity (1)     5.88 %     7.42 %         7.17 %     11.67 %    
    Net interest margin     2.44 %     2.55 %         2.44 %     2.75 %    
    Efficiency ratio – GAAP basis (2)     72.12 %     70.72 %         69.98 %     64.29 %    
    Efficiency ratio – Non-GAAP basis (2)     69.06 %     60.91 %         67.04 %     59.42 %    
                             
    Per share data:                        
    Basic net income per common share   $ 0.36     $ 0.46     (22 )%   $ 1.32     $ 2.16     (39 )%
    Diluted net income per common share   $ 0.36     $ 0.46     (22 )   $ 1.31     $ 2.15     (39 )
    Weighted average diluted common shares     45,242,920       44,960,455     1       45,156,521       44,912,803     1  
    Dividends declared per share   $ 0.34     $ 0.34     —     $ 1.02     $ 1.02     —  
    Book value per common share   $ 36.10     $ 34.26     5     $ 36.10     $ 34.26     5  
    Tangible book value per common share (1)   $ 27.37     $ 25.80     6     $ 27.37     $ 25.80     6  
    Outstanding common shares     45,125,078       44,895,158     1       45,125,078       44,895,158     1  
                             
    Financial condition at period-end:                        
    Investment securities   $ 1,440,488     $ 1,392,078     3 %   $ 1,440,488     $ 1,392,078     3 %
    Loans     11,491,921       11,300,292     2       11,491,921       11,300,292     2  
    Assets     14,383,073       14,135,085     2       14,383,073       14,135,085     2  
    Deposits     11,737,694       11,151,012     5       11,737,694       11,151,012     5  
    Stockholders’ equity     1,628,837       1,537,914     6       1,628,837       1,537,914     6  
                             
    Capital ratios:                        
    Tier 1 leverage (3)     9.59 %     9.50 %         9.59 %     9.50 %    
    Common equity tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Total regulatory capital to risk-weighted assets (3)     15.53 %     14.85 %         15.53 %     14.85 %    
    Tangible common equity to tangible assets (4)     8.83 %     8.42 %         8.83 %     8.42 %    
    Average equity to average assets     11.37 %     10.92 %         11.32 %     10.84 %    
                             
    Credit quality ratios:                        
    Allowance for credit losses to loans     1.14 %     1.09 %         1.14 %     1.09 %    
    Non-performing loans to total loans     1.09 %     0.46 %         1.09 %     0.46 %    
    Non-performing assets to total assets     0.89 %     0.37 %         0.89 %     0.37 %    
    Allowance for credit losses to non-performing loans     104.92 %     238.32 %         104.92 %     238.32 %    
    Annualized net charge-offs/ (recoveries) to average loans (5)     0.03 %     — %         0.02 %     0.02 %    
    N/M – not meaningful
    (1) Represents a non-GAAP measure.
    (2) The efficiency ratio – GAAP basis is non-interest expense divided by net interest income plus non-interest income from the Condensed Consolidated Statements of Income. The traditional efficiency ratio – Non-GAAP basis excludes intangible asset amortization, pension settlement expense, severance expense and contingent payment expense from non-interest expense; and investment securities gains/ (losses) from non-interest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights.
    (3) Estimated ratio at September 30, 2024.
    (4) The tangible common equity to tangible assets ratio is a non-GAAP ratio that divides assets excluding goodwill and other intangible assets into stockholders’ equity after deducting goodwill and other intangible assets. See the Reconciliation Table included with these Financial Highlights.
    (5) Calculation utilizes average loans, excluding residential mortgage loans held-for-sale.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED (CONTINUED)
    OPERATING EARNINGS – METRICS

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Core earnings (non-GAAP):                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments (net of tax)(1):                
    Amortization of intangible assets     1,727       932       4,864       2,851  
    Severance expense     —       —       —       1,445  
    Pension settlement expense     —       6,088       —       6,088  
    Contingent payment expense     —       —       —       27  
    Core earnings (Non-GAAP)   $ 17,936     $ 27,766     $ 64,252     $ 107,155  
                     
    Core earnings per diluted common share (non-GAAP):                
    Weighted average common shares outstanding – diluted (GAAP)     45,242,920       44,960,455       45,156,521       44,912,803  
                     
    Earnings per diluted common share (GAAP)   $ 0.36     $ 0.46     $ 1.31     $ 2.15  
    Core earnings per diluted common share (non-GAAP)   $ 0.40     $ 0.62     $ 1.42     $ 2.39  
                     
    Core return on average assets (non-GAAP):                
    Average assets (GAAP)   $ 14,136,037     $ 14,086,342     $ 14,051,722     $ 14,043,925  
                     
    Return on average assets (GAAP)     0.46 %     0.58 %     0.56 %     0.92 %
    Core return on average assets (non-GAAP)     0.50 %     0.78 %     0.61 %     1.02 %
                     
    Return/ Core return on average tangible common equity (non-GAAP):                
    Net Income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus: Amortization of intangible assets (net of tax)     1,727       932       4,864       2,851  
    Net income before amortization of intangible assets   $ 17,936     $ 21,678     $ 64,252     $ 99,595  
                     
    Average total stockholders’ equity (GAAP)   $ 1,607,377     $ 1,538,553     $ 1,590,682     $ 1,522,153  
    Average goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Average other intangible assets, net     (30,679 )     (16,777 )     (29,940 )     (18,068 )
    Average tangible common equity (non-GAAP)   $ 1,213,262     $ 1,158,340     $ 1,197,306     $ 1,140,649  
                     
    Return on average tangible common equity (non-GAAP)     5.88 %     7.42 %     7.17 %     11.67 %
    Core return on average tangible common equity (non-GAAP)     5.88 %     9.51 %     7.17 %     12.56 %
    (1) Tax adjustments have been determined using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Pre-tax pre-provision net income:                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments:                
    Income tax expense     5,665       6,890       20,550       32,832  
    Provision/ (credit) for credit losses     6,316       2,365       9,724       (14,116 )
    Pre-tax pre-provision net income (non-GAAP)   $ 28,190     $ 30,001     $ 89,662     $ 115,460  
                     
    Efficiency ratio (GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
                     
    Efficiency ratio (GAAP)     72.12 %     70.72 %     69.98 %     64.29 %
                     
    Efficiency ratio (Non-GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
    Less non-GAAP adjustments:                
    Amortization of intangible assets     2,323       1,245       6,527       3,820  
    Severance expense     —       —       —       1,939  
    Pension settlement expense     —       8,157       —       8,157  
    Contingent payment expense     —       —       —       36  
    Non-interest expense – as adjusted   $ 70,614     $ 63,069     $ 202,520     $ 193,960  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
    Plus non-GAAP adjustment:                
    Tax-equivalent income     1,121       1,068       3,359       3,044  
    Less/ (plus) non-GAAP adjustment:                
    Investment securities gains/ (losses)     —       —       —       —  
    Net interest income plus non-interest income – as adjusted   $ 102,248     $ 103,540     $ 302,068     $ 326,416  
                     
    Efficiency ratio (Non-GAAP)     69.06 %     60.91 %     67.04 %     59.42 %
                     
    Tangible common equity ratio:                
    Total stockholders’ equity   $ 1,628,837     $ 1,537,914     $ 1,628,837     $ 1,537,914  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible common equity   $ 1,234,887     $ 1,158,443     $ 1,234,887     $ 1,158,443  
                     
    Total assets   $ 14,383,073     $ 14,135,085     $ 14,383,073     $ 14,135,085  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible assets   $ 13,989,123     $ 13,755,614     $ 13,989,123     $ 13,755,614  
                     
    Tangible common equity ratio     8.83 %     8.42 %     8.83 %     8.42 %
                     
    Outstanding common shares     45,125,078       44,895,158       45,125,078       44,895,158  
    Tangible book value per common share   $ 27.37     $ 25.80     $ 27.37     $ 25.80  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED

    (Dollars in thousands)   September 30,
    2024    		   December 31,
    2023
    Assets        
    Cash and due from banks   $ 109,583     $ 82,257  
    Federal funds sold     —       245  
    Interest-bearing deposits with banks     640,763       463,396  
    Cash and cash equivalents     750,346       545,898  
    Residential mortgage loans held for sale (at fair value)     21,489       10,836  
    SBA loans held for sale     425       —  
    Investments held-to-maturity (fair values of $189,853 and $200,411 at September 30, 2024 and December 31, 2023, respectively)     220,296       236,165  
    Investments available-for-sale (at fair value)     1,149,056       1,102,681  
    Other investments, at cost     71,136       75,607  
    Total loans     11,491,921       11,366,989  
    Less: allowance for credit losses – loans     (131,428 )     (120,865 )
    Net loans     11,360,493       11,246,124  
    Premises and equipment, net     57,249       59,490  
    Other real estate owned     3,265       —  
    Accrued interest receivable     45,162       46,583  
    Goodwill     363,436       363,436  
    Other intangible assets, net     30,514       28,301  
    Other assets     310,206       313,051  
    Total assets   $ 14,383,073     $ 14,028,172  
             
    Liabilities        
    Noninterest-bearing deposits   $ 2,903,063     $ 2,914,161  
    Interest-bearing deposits     8,834,631       8,082,377  
    Total deposits     11,737,694       10,996,538  
    Securities sold under retail repurchase agreements     70,767       75,032  
    Federal Reserve Bank borrowings     —       300,000  
    Advances from FHLB     450,000       550,000  
    Subordinated debt     371,251       370,803  
    Total borrowings     892,018       1,295,835  
    Accrued interest payable and other liabilities     124,524       147,657  
    Total liabilities     12,754,236       12,440,030  
             
    Stockholders’ equity        
    Common stock — par value $1.00; shares authorized 100,000,000; shares issued and outstanding 45,125,078 and 44,913,561 at September 30, 2024 and December 31, 2023, respectively.     45,125       44,914  
    Additional paid in capital     748,202       742,243  
    Retained earnings     911,411       898,316  
    Accumulated other comprehensive loss     (75,901 )     (97,331 )
    Total stockholders’ equity     1,628,837       1,588,142  
    Total liabilities and stockholders’ equity   $ 14,383,073     $ 14,028,172  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)     2024     2023     2024     2023  
    Interest income:                
    Interest and fees on loans   $ 154,339   $ 147,304   $ 456,309   $ 431,305  
    Interest on mortgage loans held for sale     364     238     801     697  
    Interest on SBA loans held for sale     2     —     2     —  
    Interest on deposits with banks     6,191     6,371     17,401     13,979  
    Interest and dividend income on investment securities:                
    Taxable     7,440     6,682     21,319     20,538  
    Tax-advantaged     1,762     1,811     5,385     5,376  
    Interest on federal funds sold     —     5     8     13  
    Total interest income     170,098     162,411     501,225     471,908  
    Interest expense:                
    Interest on deposits     79,287     63,102     227,062     155,215  
    Interest on retail repurchase agreements and federal funds purchased     452     4,082     4,890     10,377  
    Interest on advances from FHLB     5,001     6,200     16,394     21,623  
    Interest on subordinated debt     3,946     3,946     11,839     11,839  
    Total interest expense     88,686     77,330     260,185     199,054  
    Net interest income     81,412     85,081     241,040     272,854  
    Provision/ (credit) for credit losses     6,316     2,365     9,724     (14,116 )
    Net interest income after provision/ (credit) for credit losses     75,096     82,716     231,316     286,970  
    Non-interest income:                
    Service charges on deposit accounts     3,009     2,704     8,765     7,698  
    Mortgage banking activities     1,529     1,682     4,524     4,744  
    Wealth management income     10,738     9,391     31,151     27,414  
    Income from bank owned life insurance     1,307     845     4,283     3,003  
    Bank card fees     435     450     1,293     1,315  
    Other income     2,697     2,319     7,653     6,344  
    Total non-interest income     19,715     17,391     57,669     50,518  
    Non-interest expense:                
    Salaries and employee benefits     41,030     44,853     115,549     124,710  
    Occupancy expense of premises     4,657     4,609     14,278     14,220  
    Equipment expenses     3,841     3,811     11,672     11,688  
    Marketing     1,320     729     3,350     3,861  
    Outside data services     3,025     2,819     9,414     8,186  
    FDIC insurance     2,773     2,333     8,635     6,846  
    Amortization of intangible assets     2,323     1,245     6,527     3,820  
    Professional fees and services     6,577     4,509     16,403     12,354  
    Other expenses     7,391     7,563     23,219     22,227  
    Total non-interest expense     72,937     72,471     209,047     207,912  
    Income before income tax expense     21,874     27,636     79,938     129,576  
    Income tax expense     5,665     6,890     20,550     32,832  
    Net income   $ 16,209   $ 20,746   $ 59,388   $ 96,744  
                     
    Net income per share amounts:                
    Basic net income per common share   $ 0.36   $ 0.46   $ 1.32   $ 2.16  
    Diluted net income per common share   $ 0.36   $ 0.46   $ 1.31   $ 2.15  
    Dividends declared per share   $ 0.34   $ 0.34   $ 1.02   $ 1.02  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Profitability for the quarter:                            
    Tax-equivalent interest income   $ 171,219     $ 166,252     $ 167,113     $ 166,729     $ 163,479     $ 159,156     $ 152,317  
    Interest expense     88,686       84,828       86,671       83,920       77,330       67,679       54,045  
    Tax-equivalent net interest income     82,533       81,424       80,442       82,809       86,149       91,477       98,272  
    Tax-equivalent adjustment     1,121       1,139       1,099       1,113       1,068       1,006       970  
    Provision/ (credit) for credit losses     6,316       1,020       2,388       (3,445 )     2,365       5,055       (21,536 )
    Non-interest income     19,715       19,587       18,367       16,560       17,391       17,176       15,951  
    Non-interest expense     72,937       68,104       68,006       67,142       72,471       69,136       66,305  
    Income before income tax expense     21,874       30,748       27,316       34,559       27,636       33,456       68,484  
    Income tax expense     5,665       7,941       6,944       8,459       6,890       8,711       17,231  
    Net income   $ 16,209     $ 22,807     $ 20,372     $ 26,100     $ 20,746     $ 24,745     $ 51,253  
    GAAP financial performance:                            
    Return on average assets     0.46 %     0.66 %     0.58 %     0.73 %     0.58 %     0.70 %     1.49 %
    Return on average common equity     4.01 %     5.81 %     5.17 %     6.70 %     5.35 %     6.46 %     13.93 %
    Return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     7.42 %     8.93 %     19.10 %
    Net interest margin     2.44 %     2.46 %     2.41 %     2.45 %     2.55 %     2.73 %     2.99 %
    Efficiency ratio – GAAP basis     72.12 %     68.19 %     69.60 %     68.33 %     70.72 %     64.22 %     58.55 %
    Non-GAAP financial performance:                            
    Pre-tax pre-provision net income   $ 28,190     $ 31,768     $ 29,704     $ 31,114     $ 30,001     $ 38,511     $ 46,948  
    Core after-tax earnings   $ 17,936     $ 24,400     $ 21,916     $ 27,147     $ 27,766     $ 27,136     $ 52,253  
    Core return on average assets     0.50 %     0.70 %     0.63 %     0.76 %     0.78 %     0.77 %     1.52 %
    Core return on average common equity     4.44 %     6.21 %     5.56 %     6.97 %     7.16 %     7.09 %     14.20 %
    Core return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     9.51 %     9.43 %     19.11 %
    Core earnings per diluted common share   $ 0.40     $ 0.54     $ 0.49     $ 0.60     $ 0.62     $ 0.60     $ 1.16  
    Efficiency ratio – Non-GAAP basis     69.06 %     65.31 %     66.73 %     66.16 %     60.91 %     60.68 %     56.87 %
    Per share data:                      
    Net income attributable to common shareholders   $ 16,205     $ 22,800     $ 20,346     $ 26,066     $ 20,719     $ 24,712     $ 51,084  
    Basic net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Diluted net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Weighted average diluted common shares     45,242,920       45,145,214       45,086,471       45,009,574       44,960,455       44,888,759       44,872,582  
    Dividends declared per share   $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34  
    Non-interest income:                            
    Service charges on deposit accounts     3,009       2,939       2,817       2,749       2,704       2,606       2,388  
    Mortgage banking activities     1,529       1,621       1,374       792       1,682       1,817       1,245  
    Wealth management income     10,738       10,455       9,958       9,219       9,391       9,031       8,992  
    Income from bank owned life insurance     1,307       1,816       1,160       1,207       845       1,251       907  
    Bank card fees     435       445       413       454       450       447       418  
    Other income     2,697       2,311       2,645       2,139       2,319       2,024       2,001  
    Total non-interest income   $ 19,715     $ 19,587     $ 18,367     $ 16,560     $ 17,391     $ 17,176     $ 15,951  
    Non-interest expense:                            
    Salaries and employee benefits   $ 41,030     $ 37,821     $ 36,698     $ 35,482     $ 44,853     $ 40,931     $ 38,926  
    Occupancy expense of premises     4,657       4,805       4,816       4,558       4,609       4,764       4,847  
    Equipment expenses     3,841       3,868       3,963       3,987       3,811       3,760       4,117  
    Marketing     1,320       1,288       742       1,242       729       1,589       1,543  
    Outside data services     3,025       3,286       3,103       3,000       2,819       2,853       2,514  
    FDIC insurance     2,773       2,951       2,911       2,615       2,333       2,375       2,138  
    Amortization of intangible assets     2,323       2,135       2,069       1,403       1,245       1,269       1,306  
    Professional fees and services     6,577       4,946       4,880       5,628       4,509       4,161       3,684  
    Other expenses     7,391       7,004       8,824       9,227       7,563       7,434       7,230  
    Total non-interest expense   $ 72,937     $ 68,104     $ 68,006     $ 67,142     $ 72,471     $ 69,136     $ 66,305  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Balance sheets at quarter end:                        
    Commercial investor real estate loans   $ 4,868,467     $ 4,933,329     $ 4,997,879     $ 5,104,425     $ 5,137,694     $ 5,131,210     $ 5,167,456  
    Commercial owner-occupied real estate loans     1,737,327       1,747,708       1,741,113       1,755,235       1,760,384       1,770,135       1,769,928  
    Commercial AD&C loans     1,255,609       1,184,296       1,090,259       988,967       938,673       1,045,742       1,046,665  
    Commercial business loans     1,620,926       1,601,510       1,509,592       1,504,880       1,454,709       1,423,614       1,437,478  
    Residential mortgage loans     1,529,786       1,521,890       1,511,624       1,474,521       1,432,051       1,385,743       1,328,524  
    Residential construction loans     53,639       78,027       97,685       121,419       160,345       190,690       223,456  
    Consumer loans     426,167       417,161       416,132       417,542       416,436       422,505       421,734  
    Total loans     11,491,921       11,483,921       11,364,284       11,366,989       11,300,292       11,369,639       11,395,241  
    Allowance for credit losses – loans     (131,428 )     (125,863 )     (123,096 )     (120,865 )     (123,360 )     (120,287 )     (117,613 )
    Residential mortgage loans held for sale     21,489       18,961       16,627       10,836       19,235       21,476       16,262  
    SBA loans held for sale     425       —       —       —       —       —       —  
    Investment securities     1,440,488       1,401,511       1,405,490       1,414,453       1,392,078       1,463,554       1,528,336  
    Total assets     14,383,073       14,008,343       13,888,133       14,028,172       14,135,085       13,994,545       14,129,007  
    Noninterest-bearing demand deposits     2,903,063       2,931,405       2,817,928       2,914,161       3,013,905       3,079,896       3,228,678  
    Total deposits     11,737,694       11,340,228       11,227,200       10,996,538       11,151,012       10,958,922       11,075,991  
    Customer repurchase agreements     70,767       75,038       71,529       75,032       66,581       74,510       47,627  
    Total stockholders’ equity     1,628,837       1,599,004       1,589,364       1,588,142       1,537,914       1,539,032       1,536,865  
    Quarterly average balance sheets:                        
    Commercial investor real estate loans   $ 4,874,003     $ 4,964,406     $ 5,057,334     $ 5,125,028     $ 5,125,459     $ 5,146,632     $ 5,136,204  
    Commercial owner-occupied real estate loans     1,741,663       1,734,106       1,746,042       1,755,048       1,769,717       1,773,039       1,769,680  
    Commercial AD&C loans     1,253,035       1,133,506       1,030,763       960,646       995,682       1,057,205       1,082,791  
    Commercial business loans     1,579,001       1,551,798       1,508,336       1,433,035       1,442,518       1,441,489       1,444,588  
    Residential mortgage loans     1,526,445       1,518,748       1,491,277       1,451,614       1,406,929       1,353,809       1,307,761  
    Residential construction loans     64,684       86,638       110,456       142,325       174,204       211,590       223,313  
    Consumer loans     421,003       417,206       417,539       419,299       421,189       423,306       424,122  
    Total loans     11,459,834       11,406,408       11,361,747       11,286,995       11,335,698       11,407,070       11,388,459  
    Residential mortgage loans held for sale     19,889       14,497       8,142       10,132       13,714       17,480       8,324  
    SBA loans held for sale     65       —       —       —       —       —       —  
    Investment securities     1,531,378       1,538,624       1,536,127       1,544,173       1,589,342       1,639,324       1,679,593  
    Interest-earning assets     13,474,697       13,292,995       13,411,810       13,462,583       13,444,117       13,423,589       13,316,165  
    Total assets     14,136,037       13,956,261       14,061,935       14,090,423       14,086,342       14,094,653       13,949,276  
    Noninterest-bearing demand deposits     2,783,906       2,790,620       2,730,295       2,958,254       3,041,101       3,137,971       3,480,433  
    Total deposits     11,483,524       11,245,476       11,086,145       11,089,587       11,076,724       10,928,038       11,049,991  
    Customer repurchase agreements     63,436       62,161       72,836       66,622       67,298       58,382       60,626  
    Total interest-bearing liabilities     9,600,905       9,441,015       9,583,074       9,418,666       9,332,617       9,257,652       8,806,720  
    Total stockholders’ equity     1,607,377       1,579,582       1,584,902       1,546,312       1,538,553       1,535,465       1,491,929  
    Financial measures:                            
    Average equity to average assets     11.37 %     11.32 %     11.27 %     10.97 %     10.92 %     10.89 %     10.70 %
    Average investment securities to average earning assets     11.36 %     11.57 %     11.45 %     11.47 %     11.82 %     12.21 %     12.61 %
    Average loans to average earning assets     85.05 %     85.81 %     84.71 %     83.84 %     84.32 %     84.98 %     85.52 %
    Loans to assets     79.90 %     81.98 %     81.83 %     81.03 %     79.94 %     81.24 %     80.65 %
    Loans to deposits     97.91 %     101.27 %     101.22 %     103.37 %     101.34 %     103.75 %     102.88 %
    Assets under management   $ 6,567,752     $ 6,215,697     $ 6,165,509     $ 5,999,520     $ 5,536,499     $ 5,742,888     $ 5,477,560  
    Capital measures:                            
    Tier 1 leverage (1)     9.59 %     9.70 %     9.56 %     9.51 %     9.50 %     9.42 %     9.44 %
    Common equity tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Total regulatory capital to risk-weighted assets (1)     15.53 %     15.49 %     15.05 %     14.92 %     14.85 %     14.60 %     14.43 %
    Book value per common share   $ 36.10     $ 35.45     $ 35.37     $ 35.36     $ 34.26     $ 34.31     $ 34.37  
    Outstanding common shares     45,125,078       45,109,671       44,940,147       44,913,561       44,895,158       44,862,369       44,712,497  

    (1) Estimated ratio at September 30, 2024.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    LOAN PORTFOLIO QUALITY DETAIL – UNAUDITED

          2024     2023
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31,
    Non-performing assets:                            
    Loans 90 days past due:                            
    Commercial real estate:                            
    Commercial investor real estate   $ —   $ —   $ —   $ —   $ —   $ —   $ 215
    Commercial owner-occupied real estate     —     —     —     —     —     —     —
    Commercial AD&C     —     —     —     —     —     —     —
    Commercial business     —     —     20     20     415     29     3,002
    Residential real estate:                            
    Residential mortgage     399     338     340     342     —     692     352
    Residential construction     —     —     —     —     —     —     —
    Consumer     —     —     —     —     —     —     —
    Total loans 90 days past due     399     338     360     362     415     721     3,569
    Non-accrual loans:                            
    Commercial real estate:                            
    Commercial investor real estate     57,578     55,498     55,579     58,658     20,108     20,381     15,451
    Commercial owner-occupied real estate     9,639     9,403     4,394     4,640     4,744     4,846     4,949
    Commercial AD&C     31,816     2,127     556     1,259     1,422     569     —
    Commercial business     9,044     8,455     7,164     10,051     9,671     9,393     9,443
    Residential real estate:                            
    Residential mortgage     11,996     12,228     11,835     12,332     10,766     10,153     8,935
    Residential construction     539     539     542     443     449     —     —
    Consumer     4,258     4,400     4,011     4,102     4,187     3,396     4,900
    Total non-accrual loans     124,870     92,650     84,081     91,485     51,347     48,738     43,678
    Total non-performing loans     125,269     92,988     84,441     91,847     51,762     49,459     47,247
    Other real estate owned (OREO)     3,265     2,700     2,700     —     261     611     645
    Total non-performing assets   $ 128,534   $ 95,688   $ 87,141   $ 91,847   $ 52,023   $ 50,070   $ 47,892
        For the Quarter Ended,
    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		   June 30,
    2023    		   March 31,
    2023
    Analysis of non-accrual loan activity:                            
    Balance at beginning of period   $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678     $ 34,782  
    Non-accrual balances transferred to OREO     (565 )     —       (2,700 )     —       —       —       —  
    Non-accrual balances charged-off     (787 )     —       (1,550 )     —       (183 )     (2,049 )     (126 )
    Net payments or draws     (3,095 )     (1,427 )     (4,017 )     (7,619 )     (1,545 )     (1,654 )     (10,212 )
    Loans placed on non-accrual     36,667       10,038       1,490       47,920       4,967       9,276       19,714  
    Non-accrual loans brought current     —       (42 )     (627 )     (163 )     (630 )     (513 )     (480 )
    Balance at end of period   $ 124,870     $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678  
                                 
    Analysis of allowance for credit losses – loans:                            
    Balance at beginning of period   $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613     $ 136,242  
    Provision/ (credit) for credit losses – loans     6,310       2,961       3,331       (2,574 )     3,171       4,454       (18,945 )
    Less loans charged-off, net of recoveries:                            
    Commercial real estate:                            
    Commercial investor real estate     397       (3 )     (2 )     (3 )     (3 )     (14 )     (5 )
    Commercial owner-occupied real estate     (27 )     (27 )     (27 )     (27 )     (25 )     (27 )     (26 )
    Commercial AD&C     111       (23 )     (283 )     —       —       —       —  
    Commercial business     250       (28 )     1,550       (105 )     15       363       (127 )
    Residential real estate:                            
    Residential mortgage     (35 )     39       (6 )     (6 )     (4 )     35       21  
    Residential construction     —       —       —       —       —       —       —  
    Consumer     49       236       (132 )     62       115       1,423       (179 )
    Net charge-offs/ (recoveries)     745       194       1,100       (79 )     98       1,780       (316 )
    Balance at the end of period   $ 131,428     $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613  
                                 
    Asset quality ratios:                            
    Non-performing loans to total loans     1.09 %     0.81 %     0.74 %     0.81 %     0.46 %     0.44 %     0.41 %
    Non-performing assets to total assets     0.89 %     0.68 %     0.63 %     0.65 %     0.37 %     0.36 %     0.34 %
    Allowance for credit losses to loans     1.14 %     1.10 %     1.08 %     1.06 %     1.09 %     1.06 %     1.03 %
    Allowance for credit losses to non-performing loans     104.92 %     135.35 %     145.78 %     131.59 %     238.32 %     243.21 %     248.93 %
    Annualized net charge-offs/ (recoveries) to average loans     0.03 %     0.01 %     0.04 %     — %     — %     0.06 %   (0.01 )%

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Three Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate    		   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,874,003     $ 58,133   4.74 %   $ 5,125,459     $ 60,482   4.68 %
    Commercial owner-occupied real estate loans     1,741,663       21,609   4.94       1,769,717       20,865   4.68  
    Commercial AD&C loans     1,253,035       24,553   7.80       995,682       20,503   8.17  
    Commercial business loans     1,579,001       26,953   6.79       1,442,518       23,343   6.42  
    Total commercial loans     9,447,702       131,248   5.53       9,333,376       125,193   5.32  
    Residential mortgage loans     1,526,445       14,223   3.73       1,406,929       12,550   3.57  
    Residential construction loans     64,684       876   5.39       174,204       1,680   3.83  
    Consumer loans     421,003       8,653   8.18       421,189       8,491   8.00  
    Total residential and consumer loans     2,012,132       23,752   4.71       2,002,322       22,721   4.52  
    Total loans (2)     11,459,834       155,000   5.38       11,335,698       147,914   5.18  
    Residential mortgage loans held for sale     19,889       364   7.32       13,714       238   6.93  
    SBA loans held for sale     65       2   11.28       —       —   —  
    Taxable securities     1,197,301       7,440   2.49       1,239,564       6,682   2.16  
    Tax-advantaged securities     334,077       2,222   2.66       349,778       2,269   2.59  
    Total investment securities (3)     1,531,378       9,662   2.52       1,589,342       8,951   2.25  
    Interest-bearing deposits with banks     463,531       6,191   5.31       505,017       6,371   5.00  
    Federal funds sold     —       —   —       346       5   5.38  
    Total interest-earning assets     13,474,697       171,219   5.06       13,444,117       163,479   4.83  
                             
    Less: allowance for credit losses – loans     (125,962 )             (122,348 )        
    Cash and due from banks     82,172               93,354          
    Premises and equipment, net     58,035               71,956          
    Other assets     647,095               599,263          
    Total assets   $ 14,136,037             $ 14,086,342          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,427,739     $ 6,256   1.74 %   $ 1,419,934     $ 4,229   1.18 %
    Regular savings deposits     1,718,475       15,341   3.55       861,634       5,571   2.57  
    Money market savings deposits     3,018,799       28,999   3.82       2,866,744       25,122   3.48  
    Time deposits     2,534,605       28,691   4.50       2,887,311       28,180   3.87  
    Total interest-bearing deposits     8,699,618       79,287   3.63       8,035,623       63,102   3.12  
    Repurchase agreements     63,436       334   2.09       67,298       356   2.10  
    Federal funds purchased and Federal Reserve Bank borrowings     8,543       118   5.53       300,435       3,726   4.92  
    Advances from FHLB     458,152       5,001   4.34       558,696       6,200   4.40  
    Subordinated debt     371,156       3,946   4.25       370,565       3,946   4.26  
    Total borrowings     901,287       9,399   4.15       1,296,994       14,228   4.35  
    Total interest-bearing liabilities     9,600,905       88,686   3.68       9,332,617       77,330   3.29  
                             
    Noninterest-bearing demand deposits     2,783,906               3,041,101          
    Other liabilities     143,849               174,071          
    Stockholders’ equity     1,607,377               1,538,553          
    Total liabilities and stockholders’ equity   $ 14,136,037             $ 14,086,342          
                             
    Tax-equivalent net interest income and spread       $ 82,533   1.38 %       $ 86,149   1.54 %
    Less: tax-equivalent adjustment         1,121             1,068    
    Net interest income       $ 81,412           $ 85,081    
                             
    Interest income/earning assets           5.06 %           4.83 %
    Interest expense/earning assets           2.62             2.28  
    Net interest margin           2.44 %           2.55 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.1 million and $1.1 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Nine Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate    		   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,964,914     $ 176,504   4.75 %   $ 5,136,059     $ 177,067   4.61 %
    Commercial owner-occupied real estate loans     1,740,608       63,090   4.84       1,770,812       61,038   4.61  
    Commercial AD&C loans     1,139,517       68,779   8.06       1,044,907       61,005   7.81  
    Commercial business loans     1,546,498       79,026   6.83       1,442,858       68,258   6.33  
    Total commercial loans     9,391,537       387,399   5.51       9,394,636       367,368   5.23  
    Residential mortgage loans     1,512,209       41,968   3.70       1,356,530       35,925   3.53  
    Residential construction loans     87,177       3,208   4.92       202,856       5,302   3.49  
    Consumer loans     418,591       25,693   8.20       422,861       24,403   7.72  
    Total residential and consumer loans     2,017,977       70,869   4.69       1,982,247       65,630   4.42  
    Total loans (2)     11,409,514       458,268   5.36       11,376,883       432,998   5.09  
    Residential mortgage loans held for sale     14,197       801   7.52       13,192       697   7.04  
    SBA loans held for sale     22       2   11.28       —       —   —  
    Taxable securities     1,195,481       21,319   2.38       1,275,407       20,538   2.15  
    Tax-advantaged securities     339,881       6,785   2.66       360,348       6,727   2.49  
    Total investment securities (3)     1,535,362       28,104   2.44       1,635,755       27,265   2.22  
    Interest-bearing deposits with banks     434,083       17,401   5.35       368,829       13,979   5.07  
    Federal funds sold     288       8   3.79       433       13   4.00  
    Total interest-earning assets     13,393,466       504,584   5.03       13,395,092       474,952   4.74  
                             
    Less: allowance for credit losses – loans     (122,971 )             (125,558 )        
    Cash and due from banks     83,265               94,960          
    Premises and equipment, net     59,124               70,130          
    Other assets     638,838               609,301          
    Total assets   $ 14,051,722             $ 14,043,925          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,467,517     $ 18,858   1.72 %   $ 1,413,876     $ 10,465   0.99 %
    Regular savings deposits     1,602,997       42,597   3.55       660,211       7,831   1.59  
    Money market savings deposits     2,847,006       79,190   3.72       3,067,810       68,976   3.01  
    Time deposits     2,586,639       86,417   4.46       2,658,225       67,943   3.42  
    Total interest-bearing deposits     8,504,159       227,062   3.57       7,800,122       155,215   2.66  
    Repurchase agreements     66,134       1,043   2.11       62,126       561   1.21  
    Federal funds purchased and Federal Reserve Bank borrowings     99,303       3,847   5.17       264,580       9,816   4.96  
    Advances from FHLB     501,277       16,394   4.37       637,015       21,623   4.54  
    Subordinated debt     371,009       11,839   4.25       370,412       11,839   4.26  
    Total borrowings     1,037,723       33,123   4.26       1,334,133       43,839   4.39  
    Total interest-bearing liabilities     9,541,882       260,185   3.64       9,134,255       199,054   2.91  
                             
    Noninterest-bearing demand deposits     2,768,331               3,218,226          
    Other liabilities     150,827               169,291          
    Stockholders’ equity     1,590,682               1,522,153          
    Total liabilities and stockholders’ equity   $ 14,051,722             $ 14,043,925          
                             
    Tax-equivalent net interest income and spread       $ 244,399   1.39 %       $ 275,898   1.83 %
    Less: tax-equivalent adjustment         3,359             3,044    
    Net interest income       $ 241,040           $ 272,854    
                             
    Interest income/earning assets           5.03 %           4.74 %
    Interest expense/earning assets           2.59             1.99  
    Net interest margin           2.44 %           2.75 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $3.4 million and $3.0 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    The MIL Network –

  • MIL-OSI Economics: AI-driven Attacks Targeting Retailers Ahead of the Holiday Shopping Season

    Source: Thales Group

    Headline: AI-driven Attacks Targeting Retailers Ahead of the Holiday Shopping Season

    Imperva, a Thales company, the cybersecurity leader that protects critical applications, APIs, and data, anywhere at scale, warns that as generative AI tools and Large Language Models (LLMs) continue to proliferate and advance, cybercriminals are increasingly using these technologies to enhance the scale and sophistication of their attacks on eCommerce platforms.

    With sales beginning as early as October and extending through late December, the holiday shopping season represents a critical time for online retailers. The surge in activity not only drives substantial revenue but also attracts malicious actors targeting retailers at a time when they can least afford downtime or a security incident. As this crucial period approaches, retailers must prepare for a range of AI-driven threats, including bots, distributed denial of service (DDoS) attacks, API violations, and business logic abuse.

    “While cybersecurity threats are a concern year-round, they become even more pronounced during the holiday shopping season, when retailers often experience record-breaking sales,” says Nanhi Singh, General Manager of Application Security at Imperva, a Thales company. “Cybercriminals recognize this and are using generative AI tools and LLMs to capitalize on the increased volume of digital transactions, limited-time promotions, and the gift cards and loyalty points stored in customer accounts.”

    In a recent 6-month analysis (April 2024 – September 2024), data from Imperva Threat Research reveals that, on average, retail sites collectively experience 569,884 AI-driven attacks each day. These attacks originate from AI tools like ChatGPT, Claude, and Gemini, alongside specialized bots that are designed to scrape websites for LLM training data. An analysis of these attacks shows that cybercriminals are primarily using the AI tools to carry out the following types of attacks.

    • Business Logic Abuse: The most common AI-driven attack (30.7%), business logic abuse involves exploiting the legitimate functionalities of an application or API to carry out malicious actions, such as manipulating prices, bypassing authentication, or abusing discount codes. AI enables attackers to automate these exploits at scale, making them harder to detect. To protect against these attacks, retailers should implement strict validation on all user inputs, employ anomaly detection systems to identify unusual activities, and regularly audit their business processes to identify functionalities that could be abused.
    • DDoS Attacks: Representing 30.6% of all AI-driven threats to retailers, DDoS attacks aim to overwhelm a website’s resources, resulting in downtime that can lead to lost sales and reputational damage—especially during peak shopping periods. Cybercriminals are now leveraging AI to coordinate large botnets more efficiently, enhancing the effectiveness of these attacks. Retailers should invest in a DDoS protection solution that utilizes machine learning to identify and mitigate malicious traffic in real time, ensuring that legitimate customers are not impacted.
    • Bad Bot Attacks: Attacks from bad bots account for 20.8% of AI-driven threats targeting retailers. These automated threats engage in disruptive activities such as scraping pricing data, credential stuffing, and inventory hoarding (scalping). The infamous Grinch bot, in particular, is notorious for its inventory hoarding during the holiday shopping season, making it increasingly difficult for consumers to purchase high-demand items. With advancements in AI, ​ operators can now create bots that convincingly mimic human behavior, allowing them to evade traditional security measures. To combat this threat, retailers should implement bot management solutions that utilize behavioral analytics to differentiate between genuine users and sophisticated bots.
      ​
    • API Violations: As eCommerce platforms increasingly expose APIs for mobile applications and third-party integrations, API violations are on the rise, accounting for 16.1% of AI-driven attacks on retailers. Cybercriminals exploit vulnerabilities in APIs to gain unauthorized access to sensitive data or functionality. With the assistance of AI, attackers can quickly identify weak points in API implementations, making these threats particularly challenging to mitigate. To safeguard their APIs, retailers should enforce strict authentication and authorization protocols, implement rate limiting to prevent abuse, and regularly conduct comprehensive security assessments and penetration testing.

    These AI-driven attacks pose significant risks not only for retailers but also for consumers. Cybercriminals are leveraging AI to conduct bot attacks, abuse business logic, and disrupt systems, putting sensitive personal information—including credit card details, addresses, and account information—at increased risk. Successful attacks can lead to identity theft, financial loss, and a loss of trust in eCommerce platforms, with fraudulent charges and unauthorized account access negatively affecting consumers’ shopping experiences.

    “In previous years, we’ve seen security threats like Grinch bots and DDoS attacks cause major disruptions during the holiday shopping season, affecting both retailers and consumers alike. Now, with the widespread availability of generative AI tools and LLMs, retailers are contending with a new wave of sophisticated cyberthreats,” adds Singh. “Without robust defenses, retailers risk facing a perfect storm of AI-driven attacks that could disrupt operations, compromise customer data, and tarnish their reputations during the most critical time of the year. To effectively mitigate these threats, retailers must adopt a comprehensive strategy that not only defends against these attacks but also allows them to respond swiftly without disrupting the shopping experience.”

    Additional Information:

    • Read “Seven Cybersecurity Tips to Protect Your Retail Business This Holiday Season”.
    • Learn how Imperva products and solutions help retailers protect their applications, APIs, and data from security risks.
    • Read the Imperva Blog for the latest product and solution news, and threat intelligence from Imperva Threat Research.

    About Imperva

    Imperva, a Thales company, is the cybersecurity leader that helps organizations protect critical applications, APIs, and data, anywhere, at scale, and with the highest ROI. With an integrated approach combining edge, application security, and data security, Imperva protects companies — ranging from cloud-native start-ups to global multinationals—through all stages of their digital journey. Imperva Threat Research and our global intelligence community enable Imperva to stay ahead of the threat landscape and seamlessly integrate the latest security, privacy, and compliance expertise into our solutions.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Challenges for the Mayor’s 2025-26 budget

    Source: Mayor of London

    The Mayor of London is responsible for a total budget of £20.7 billion, but what should be his priorities for 2025-26?

    The Mayor’s Budget Guidance document highlights three issues “causing considerable uncertainty to the Greater London Authority (GLA) Group’s medium-term financial forecast”:

    • the future state of London’s economy.
    • the upcoming spending reviews for 2025-26, to be announced as part of the Autumn Budget on 30 October 2024, and for 2026-29, which is due in Spring 2025.
    • the prospect of the government introducing reforms to the local government finance system.1

    The London Assembly Budget and Performance Committee will meet tomorrow to hear from a panel of outside experts on the effectiveness of the Mayor’s current budget priorities, and also to discuss and anticipate future financial trends and challenges ahead of next year’s budget.

    Guests include:

    Panel 1 – TfL Funding (10am – 11.15am)

    • Stuart Hoggan, Associate Consultant, LG Futures
    • Antonia Jennings, CEO, Centre for London
    • Tom Pope, Deputy Chief Economist, Institute for Government
    • Tony Travers, London School of Economics (LSE) Department of Government and Director of LSE London
    • Luke Hillian, Strategic Finance Analyst, London Councils
    • Michael Roberts, CEO, London TravelWatch

    Panel 2 – Affordable Housing Delivery (11.15am – 12.10pm)

    • Stephanie Pollitt, Programme Director (Housing), BusinessLDN
    • Stuart Hoggan, Associate Consultant, LG Futures
    • Antonia Jennings, CEO, Centre for London
    • Tom Pope, Deputy Chief Economist, Institute for Government
    • Tony Travers, LSE Department of Government and Director of LSE London
    • Luke Hillan, Strategic Finance Analyst, London Councils

    Panel 3 – London Police and Crime Plan and the New Met for London Programme (12.10pm – 1pm)

    • Rick Muir, Director, Police Foundation
    • Ian Wiggett, Associate Director, World Policing Advisory

    The meeting will take place on Tuesday 22 October from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend.

    The meeting can also be viewed LIVE or later via webcast or YouTube.

    Follow us @LondonAssembly.

    MIL OSI United Kingdom –

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

    Source: United Kingdom – Executive Government & Departments

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

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

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

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

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

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

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

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

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

    Deputy Prime Minister Angela Rayner said:

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

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

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

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

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

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

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

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

    • Create a level playing field for all businesses, raising standards and helping stop the undercutting of good employers. 

    • Make flexible working the default, helping people achieve a better work life balance, which can lead to happier, healthier and more productive employees, which benefits both workers and businesses.

    • Provide a boost for business by supporting higher workforce participation and more opportunities to employ a wider pool of talent, thanks to increased flexibility and employment rights.   

    • Bring 1.5 million workers into scope of the right to unpaid parental leave. 

    • Allow payments to workers for short notice shift cancellation or curtailment as high as £120 million per year

    • Offer benefits to workers in sectors such as hospitality, which makes up around 20% of low-paying jobs and accounts for a disproportionate amount of economic activity in areas of central Scotland, North Wales and Southwest England.
    • Create a right to bereavement leave following the death of a loved one, which could benefit up to 2 million people a year.

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

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

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

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

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

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

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

    Creating a modern framework for industrial relations

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

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

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

    Work and Pensions Secretary Liz Kendall MP said:

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

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

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

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

    TUC General Secretary Paul Nowak said:

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

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

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

    Michelle Ovens CBE, Founder of Small Business Britain

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

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

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

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

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

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

    NOTES TO EDITORS

    • 10 million employees benefitting is based on:
      • ‘Making Unfair Dismissal a Day One’ right which will strengthen protections for all of the 9 million employees who have been with their employer for less than two years.
      • The 2.4 million employees on variable hours contracts that will benefits from a right to guaranteed hours and a right to payment for shifts cancelled, moved or curtailed at short notice.
      • ‘The right to Bereavement Leave’ following the death of a close family member which would benefit between 900,000 and almost 2 million people a year depending on the definition of the scope
      • Bringing an extra 30,000 fathers or partners into scope of Paternity Leave and 1.5 million workers into scope of the right to Unpaid Parental Leave.
    •  Following the consultation on Statutory Sick Pay, the government will specify the percentage rate in law and will seek to make this change through a government amendment to the Employment Rights Bill.
    • Employee will be entitled to a percentage of their weekly earnings or the current SSP flat rate, whichever is lower.   

    • More information on the Plan to Get Britain Working is available here: Back to Work Plan will help drive economic growth in every region – GOV.UK (www.gov.uk)

    • The government’s Impact Assessment shows that around 2.4 million people in the UK are in irregular work such as zero hours or low hours contracts or agency work. This is a total 8.3% of the UK’s workforce who will benefit from strengthened basic protections like guaranteed hours and reasonable notice and compensation for cancelled or changed shifts. These changes will also benefit people in more deprived areas of the country, including the North and Midlands where oa greater proportion of employees are in irregular work.
    • Research by the Living Wage Foundation finds that many shift workers end up forking out on expensive childcare or transport to cover last minute shifts or losing out on this money altogether after short notice changes or cancellations. The Living Wage Foundation estimates that these workers may each save up to £600 a year on lost income, thanks to new protections in the Bill. For a cleaner working night shifts on the median wage of £21,058, a £600 saving would be worth over £250 a year more than the last two national insurance cuts.

    Updates to this page

    Published 21 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Neuroscience for Crisis Negotiators at S.W.A.T. Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Dr. Henry Mahncke, CEO of Posit Science, which makes the brain training app BrainHQ, will address the 24th Annual Crisis Negotiations Conference of the National Tactical Officers Association, on Tuesday, October 29, 2024 in Chandler, Arizona.

    Dr. Mahncke will discuss how brain health issues of the person-in-crisis can create obstacles to a successful negotiation, and how negotiators who understand these issues (and optimize their own brain performance) can guide negotiations to a successful conclusion.

    “We now do considerable work with SWAT, law enforcement, and emergency response,” observed Dr. Mahncke. “Crisis negotiation draws on a large number of cognitive skills, which we’ve shown — across many studies and field trials — can be systematically improved. Those cognitive skills include attention, speed of processing, memory, and decision-making, but we’ve learned there are many others, including both general and momentary alertness, inhibitory response, emotional recognition, multiple object tracking, peripheral vision, initiation of movement recognition, divided attention, and rule switching.”

    “Managing crisis negotiations is incredibly cognitively demanding,” Dr. Mahncke continued. “It demands mastery of divided attention and rule shifting, as you prioritize and re-prioritize continuously incoming information. It’s both art and science, and we are honored to be asked to present the latest neuroscience related to this field. Our goal is to help officers be relaxed and ready to address the crises with peak cognitive skills and abilities.”

    During his two-hour workshop, Dr. Mahncke will share an overview of how certain cognitive abilities — shown to be systematically improvable — relate to crisis negotiation and management, including data from recent studies and field trials, learnings from interviews, findings regarding the impact of BrainHQ exercises on stress, anxiety, fatigue, confidence and control, as well as some hands-on time with BrainHQ. Conference registrants will have access to the cognitive exercises throughout the conference.

    BrainHQ exercises have shown benefits in hundreds of studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by elite athletes and teams, special forces, the military, and other organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

    Contact: media@brainhq.com

    The MIL Network –

  • MIL-OSI: Preferred Bank Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

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

    Highlights for the Quarter:

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

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

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

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

    Results of Operations

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

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

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

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

    Balance Sheet Summary

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

    Asset Quality

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

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

    Allowance for Credit Losses

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

    Capitalization

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

    Conference Call and Webcast

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

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

    About Preferred Bank

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

    Forward-Looking Statements

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

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

    Financial Tables to Follow

    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
                         
                         
              For the Quarter Ended
              September 30,   June 30,   September 30,  
                2024     2024     2023  
    Interest income:              
      Loans, including fees   $ 114,112   $ 109,451   $ 106,695  
      Investment securities     15,032     17,552     18,556  
      Fed funds sold     280     291     278  
        Total interest income     129,424     127,294     125,529  
                         
    Interest expense:              
      Interest-bearing demand     23,211     24,205     20,257  
      Savings     84     79     67  
      Time certificates     35,956     35,578     29,369  
      FHLB borrowings     –     –     1,557  
      Subordinated debt     1,325     1,325     1,325  
        Total interest expense     60,576     61,187     52,575  
        Net interest income     68,848     66,107     72,954  
    Provision for credit losses     3,200     2,500     3,500  
        Net interest income after provision for              
          credit losses     65,648     63,607     69,454  
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     747     819     939  
      Letters of credit fee income     1,959     1,749     1,412  
      BOLI income     108     105     103  
      Net gain on sale of loans     91     353     21  
      Other income     554     378     497  
        Total noninterest income     3,459     3,404     2,972  
                         
    Noninterest expense:              
      Salary and employee benefits     13,525     12,944     13,008  
      Net occupancy expense     1,883     1,716     1,563  
      Business development and promotion expense     241     403     193  
      Professional services     1,816     1,832     1,423  
      Office supplies and equipment expense     435     477     395  
      Loss on sale of OREO, valuation allowance and related expense     1,915     29     140  
      Other       2,274     2,296     2,287  
        Total noninterest expense     22,089     19,697     19,009  
        Income before provision for income taxes     47,018     47,314     53,417  
    Income tax expense     13,635     13,722     15,225  
        Net income   $ 33,383   $ 33,592   $ 38,192  
                         
    Income per share available to common shareholders              
        Basic   $ 2.50   $ 2.51   $ 2.74  
        Diluted   $ 2.46   $ 2.48   $ 2.71  
                         
    Weighted-average common shares outstanding              
        Basic     13,327,848     13,362,522     13,925,994  
        Diluted     13,544,273     13,548,400     14,105,915  
                         
    Cash dividends per common share   $ 0.70   $ 0.70   $ 0.55  
                         
    PREFERRED BANK  
    Condensed Consolidated Statements of Operations  
    (unaudited)  
    (in thousands, except for net income per share and shares)  
                         
                         
              For the Nine Months Ended      
              September 30,   September 30,   Change  
                2024     2023     %  
    Interest income:              
      Loans, including fees   $ 333,543   $ 304,796     9.4  
      Investment securities     48,841     47,454     2.9  
      Fed funds sold     854     774     10.4  
        Total interest income     383,238     353,024     8.6  
                         
    Interest expense:              
      Interest-bearing demand     69,706     53,701     29.8  
      Savings     238     153     55.6  
      Time certificates     105,864     71,399     48.3  
      FHLB borrowings     –     3,819     -100.0 %
      Subordinated debt     3,975     3,975     0.0  
        Total interest expense     179,783     133,046     35.1  
        Net interest income     203,455     219,978     -7.5 %
    Provision for credit losses     10,100     6,500     55.4  
        Net interest income after provision for credit losses     193,355     213,478     -9.4 %
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     2,411     2,477     -2.7 %
      Letters of credit fee income     5,211     4,312     20.8 %
      BOLI income     318     307     3.3 %
      Net loss on called and sale of investment securities     –     (4,117 )   -100.0 %
      Net gain on sale of loans     547     547     -0.1 %
      Other income     1,441     1,481     -2.7 %
        Total noninterest income     9,928     5,007     98.3 %
                         
    Noninterest expense:              
      Salary and employee benefits     40,369     39,256     2.8 %
      Net occupancy expense     5,310     4,513     17.7 %
      Business development and promotion expense     910     498     82.7 %
      Professional services     5,105     3,915     30.4 %
      Office supplies and equipment expense     1,385     1,197     15.7 %
      Loss on sale of OREO, valuation allowance and related expense     2,079     3,050     -31.8 %
      Other       6,656     6,332     5.1 %
        Total noninterest expense     61,814     58,761     5.2 %
        Income before provision for income taxes     141,469     159,724     -11.4 %
    Income tax expense     41,028     45,523     -9.9 %
        Net income   $ 100,441   $ 114,201     -12.0 %
                         
    Income per share available to common shareholders              
        Basic   $ 7.50   $ 8.01     -6.4 %
        Diluted   $ 7.39   $ 7.92     -6.7 %
                         
    Weighted-average common shares outstanding              
        Basic     13,399,487     14,257,005     -6.0 %
        Diluted     13,587,820     14,418,939     -5.8 %
                         
    Dividends per share   $ 2.10   $ 1.65     27.3 %
                         
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
                   
                   
            September 30,   December 31,  
              2024       2023    
            (Unaudited)   (Audited)  
    Assets        
    Cash and due from banks $ 782,394     $ 890,852    
    Fed funds sold   22,600       20,000    
      Cash and cash equivalents   804,994       910,852    
                   
    Securities held-to-maturity, at amortized cost   20,311       21,171    
    Securities available-for-sale, at fair value   337,363       313,842    
                   
    Loans held for sale, at lower of cost or fair value   225       360    
                   
    Loans   5,571,579       5,273,498    
      Less allowance for credit losses   (76,051 )     (78,355 )  
      Less amortized deferred loan fees, net   (10,414 )     (11,079 )  
      Loans, net   5,485,114       5,184,064    
                   
    Other real estate owned and repossessed assets   15,082       16,716    
    Customers’ liability on acceptances   –       315    
    Bank furniture and fixtures, net   9,195       9,694    
    Bank-owned life insurance   10,364       10,632    
    Accrued interest receivable   35,562       33,892    
    Investment in affordable housing partnerships   58,009       65,276    
    Federal Home Loan Bank stock, at cost   15,000       15,000    
    Deferred tax assets   46,209       48,991    
    Income tax receivable   1,013       2,391    
    Operating lease right-of-use assets   30,489       22,050    
    Other assets   3,414       4,030    
      Total assets $ 6,872,344     $ 6,659,276    
                   
    Liabilities and Shareholders’ Equity        
    Deposits:        
      Noninterest bearing demand deposits $ 682,859     $ 786,995    
      Interest bearing deposits:   1,994,288       2,075,156    
        Savings   29,793       29,167    
        Time certificates of $250,000 or more   1,478,500       1,317,862    
        Other time certificates   1,682,324       1,500,162    
        Total deposits   5,867,764       5,709,342    
                   
    Acceptances outstanding   –       315    
    Subordinated debt issuance, net   148,410       148,232    
    Commitments to fund investment in affordable housing partnerships   23,617       30,824    
    Operating lease liabilities   26,730       19,766    
    Accrued interest payable   16,001       16,124    
    Other liabilities   39,705       39,568    
      Total liabilities   6,122,227       5,964,171    
                   
    Shareholders’ equity   750,117       695,105    
      Total liabilities and shareholders’ equity $ 6,872,344     $ 6,659,276    
                   
    Book value per common share $ 56.54     $ 50.54    
    Number of common shares outstanding   13,267,852       13,753,246    
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                     
                     
                     
            For the Quarter Ended
                     
            September 30, June 30, March 31, December 31, September 30,
              2024     2024     2024     2023     2023  
    Unaudited historical quarterly operations data:          
      Interest income $ 129,424   $ 127,294   $ 126,520   $ 124,964   $ 125,529  
      Interest expense   60,576     61,187     58,020     55,568     52,575  
        Interest income before provision for credit losses   68,848     66,107     68,500     69,396     72,954  
      Provision for credit losses   3,200     2,500     4,400     3,500     3,500  
      Noninterest income   3,459     3,404     3,065     2,106     2,972  
      Noninterest expense   22,089     19,697     20,028     17,873     19,009  
      Income tax expense   13,635     13,722     13,671     14,290     15,225  
        Net income $ 33,383   $ 33,592   $ 33,466   $ 35,839   $ 38,192  
                     
      Earnings per share          
        Basic $ 2.50   $ 2.51   $ 2.48   $ 2.63   $ 2.74  
        Diluted $ 2.46   $ 2.48   $ 2.44   $ 2.60   $ 2.71  
                     
    Ratios for the period:          
      Return on average assets   1.95 %   1.97 %   2.00 %   2.15 %   2.25 %
      Return on beginning equity   18.37 %   19.44 %   19.36 %   21.21 %   22.66 %
      Net interest margin (Fully-taxable equivalent)   4.10 %   3.96 %   4.19 %   4.24 %   4.39 %
      Noninterest expense to average assets   1.29 %   1.15 %   1.20 %   1.07 %   1.12 %
      Efficiency ratio   30.55 %   28.34 %   27.99 %   25.00 %   25.04 %
      Net charge-offs (recoveries) to average loans (annualized)   -0.00 %   0.68 %   0.26 %   -0.00 %   0.01 %
                     
    Ratios as of period end:          
      Tangible common equity ratio   10.92 %   10.55 %   10.35 %   10.43 %   10.10 %
      Tier 1 leverage capital ratio   11.28 %   10.89 %   10.80 %   10.85 %   10.46 %
      Common equity tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Total risk-based capital ratio   15.06 %   14.93 %   15.08 %   15.18 %   15.32 %
      Allowances for credit losses to loans at end of period   1.36 %   1.34 %   1.49 %   1.49 %   1.46 %
      Allowance for credit losses to non-performing loans 3.92x 1.79x 4.33x 2.73x 3.86x
                     
    Average balances:          
      Total securities $ 356,590   $ 353,357   $ 348,961   $ 349,863   $ 368,968  
      Total loans   5,458,613     5,320,360     5,263,562     5,126,918     5,086,241  
      Total earning assets   6,684,766     6,728,498     6,585,853     6,499,469     6,597,557  
      Total assets   6,817,979     6,863,829     6,718,018     6,627,349     6,719,859  
      Total time certificate of deposits   2,874,985     2,884,259     2,852,860     2,767,385     2,680,854  
      Total interest bearing deposits   5,124,245     5,203,034     5,004,834     4,906,947     4,800,227  
      Total deposits   5,828,227     5,901,976     5,761,488     5,689,713     5,654,350  
      Total interest bearing liabilities   5,272,617     5,351,347     5,153,089     5,055,143     5,069,014  
      Total equity   747,222     715,190     704,996     683,141     678,020  
                     
    PREFERRED BANK  
    Selected Consolidated Financial Information  
    (unaudited)  
    (in thousands, except for ratios)  
                   
                   
                   
            For the Nine Months Ended  
            September 30,   September 30,  
              2024       2023    
                   
      Interest income $ 383,238     $ 353,024    
      Interest expense   179,783       133,046    
        Interest income before provision for credit losses   203,455       219,978    
      Provision for credit losses   10,100       6,500    
      Noninterest income   9,928       5,007    
      Noninterest expense   61,814       58,761    
      Income tax expense   41,028       45,523    
        Net income $ 100,441     $ 114,201    
                   
      Earnings per share        
        Basic $ 7.50     $ 8.01    
        Diluted $ 7.39     $ 7.92    
                   
    Ratios for the period:        
      Return on average assets   1.97 %     2.33 %  
      Return on beginning equity   19.30 %     24.22 %  
      Net interest margin (Fully-taxable equivalent)   4.08 %     4.58 %  
      Noninterest expense to average assets   1.21 %     1.20 %  
      Efficiency ratio   28.97 %     26.12 %  
      Net charge-off (recoveries) to average loans   0.31 %     0.00 %  
                   
    Average balances:        
      Total securities $ 352,982     $ 402,971    
      Total loans   5,347,918       5,048,452    
      Total earning assets   6,666,439       5,047,971    
      Total assets   6,800,008       6,436,889    
      Total time certificate of deposits   2,870,717       6,560,955    
      Total interest bearing deposits   5,110,755       2,504,426    
      Total deposits   5,830,555       4,602,039    
      Total interest bearing liabilities   5,259,068       5,539,223    
      Total equity   722,560       4,851,214    
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
                             
                             
            As of
                             
            September 30,   June 30,   March 31,   December 31,   September 30,
              2024       2024       2024       2023       2023  
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 804,994     $ 917,677     $ 936,600     $ 910,852     $ 1,021,108  
      Securities held-to-maturity, at amortized cost   20,311       20,605       20,904       21,171       21,474  
      Securities available-for-sale, at fair value   337,363       331,909       333,411       313,842       335,608  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 753,453     $ 732,251     $ 724,101     $ 688,058     $ 663,021  
          Real estate—Commercial   2,882,506       2,833,430       2,777,608       2,760,761       2,688,148  
          Total Real Estate – Mortgage   3,635,959       3,565,681       3,501,709       3,448,819       3,351,169  
        Real estate – Construction:                  
          R/E Construction — Residential   274,214       238,062       236,596       246,201       226,482  
          R/E Construction — Commercial   290,308       247,582       213,727       179,775       164,666  
          Total real estate construction loans   564,522       485,644       450,323       425,976       391,148  
        Commercial and industrial   1,365,550       1,369,617       1,369,529       1,394,871       1,377,675  
        SBA   5,649       5,463       3,914       3,469       2,424  
        Consumer and others   124       118       379       363       285  
          Gross loans   5,571,804       5,428,600       5,325,854       5,273,498       5,128,242  
      Allowance for credit losses on loans   (76,051 )     (72,848 )     (79,311 )     (78,355 )     (74,849 )
      Net deferred loan fees   (10,414 )     (10,502 )     (10,460 )     (11,079 )     (10,240 )
        Net loans, excluding loans held for sale $ 5,485,339     $ 5,345,250     $ 5,236,083     $ 5,184,064     $ 5,043,153  
      Loans held for sale $ 225     $ 955     $ 605     $ 360     $ –  
        Net loans $ 5,485,564     $ 5,346,205     $ 5,236,688     $ 5,184,424     $ 5,043,153  
                             
      Other real estate owned and repossessed assets $ 15,082     $ 16,716     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,009       60,432       62,854       65,276       54,679  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   136,021       138,036       134,040       131,995       124,793  
        Total assets $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 682,859     $ 675,767     $ 709,767     $ 786,995     $ 838,300  
        Interest bearing demand   1,994,288       2,326,214       2,159,948       2,075,156       2,091,384  
        Savings   29,793       28,251       29,261       29,167       30,427  
        Time certificates of $250,000 or more   1,478,500       1,406,149       1,349,927       1,317,862       1,283,461  
        Other time certificates   1,682,324       1,442,381       1,552,805       1,500,162       1,439,699  
        Total deposits $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342     $ 5,683,271  
                             
      Acceptances outstanding $ –     $ –     $ –     $ 315     $ 103  
      Subordinated debt issuance, net   148,410       148,351       148,292       148,232       148,173  
      Commitments to fund investment in affordable housing partnerships       23,617       27,946       29,647       30,824       20,824  
      Other liabilities   82,436       68,394       77,008       75,458       109,651  
        Total liabilities $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171     $ 5,962,022  
                             
    Equity:                    
      Net common stock, no par value $ 109,928     $ 113,509     $ 115,915     $ 134,534     $ 143,584  
      Retained earnings   664,808       640,675       616,417       592,325       566,027  
      Accumulated other comprehensive income   (24,619 )     (31,057 )     (32,774 )     (31,754 )     (39,103 )
        Total shareholders’ equity $ 750,117     $ 723,127     $ 699,558     $ 695,105     $ 670,508  
        Total liabilities and shareholders’ equity $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (Unaudited)
                               
                           
          Three months ended September 30,   Three months ended June 30,   Three months ended September 30,
            2024       2024       2023  
            Interest Average     Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
      Loans (1,2) $ 5,459,842   $ 114,112 8.31 %   $ 5,324,410   $ 109,451 8.27 %   $ 5,086,302   $ 106,695 8.32 %
      Investment securities (3)   356,590     3,610 4.03 %     353,357     3,652 4.16 %     368,968     3,422 3.68 %
      Federal funds sold   20,164     280 5.52 %     20,866     291 5.61 %     20,111     278 5.48 %
      Other earning assets   848,170     11,521 5.40 %     1,029,865     13,999 5.47 %     1,122,176     15,235 5.39 %
        Total interest earning assets   6,684,766     129,523 7.71 %     6,728,498     127,393 7.61 %     6,597,557     125,630 7.55 %
      Deferred loan fees, net   (10,248 )         (10,459 )         (10,071 )    
      Allowance for credit losses on loans   (72,899 )         (79,119 )         (71,503 )    
    Noninterest earning assets:                      
      Cash and due from banks   10,826           10,626           12,101      
      Bank furniture and fixtures   9,419           9,787           8,814      
      Right of use assets   22,496           22,886           21,491      
      Other assets   173,619           181,610           161,470      
        Total assets $ 6,817,979         $ 6,863,829         $ 6,719,859      
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
      Deposits:                      
        Interest bearing demand and savings $ 2,249,260   $ 23,295 4.12 %   $ 2,318,775   $ 24,284 4.21 %   $ 2,119,373   $ 20,324 3.80 %
        TCD $250K or more   1,412,073     17,866 5.03 %     1,379,116     17,295 5.04 %     1,251,397     14,085 4.47 %
        Other time certificates   1,462,912     18,090 4.92 %     1,505,143     18,283 4.89 %     1,429,457     15,284 4.24 %
        Total interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     –     – 0.00 %     120,652     1,557 5.12 %
    Subordinated debt, net   148,372     1,325 3.55 %     148,313     1,325 3.59 %     148,135     1,325 3.55 %
        Total interest bearing liabilities   5,272,617     60,576 4.57 %     5,351,347     61,187 4.60 %     5,069,014     52,575 4.11 %
    Noninterest bearing liabilities:                      
      Demand deposits   703,982           698,942           854,123      
      Lease liability   18,882           19,828           19,759      
      Other liabilities   75,276           78,522           98,943      
        Total liabilities   6,070,757           6,148,639           6,041,839      
    Shareholders’ equity   747,222           715,190           678,020      
        Total liabilities and shareholders’ equity $ 6,817,979         $ 6,863,829         $ 6,719,859      
    Net interest income   $ 68,947       $ 66,206       $ 73,055  
    Net interest spread     3.14 %       3.02 %       3.44 %
    Net interest margin     4.10 %       3.96 %       4.39 %
                               
    Cost of Deposits:                      
      Noninterest bearing demand deposits $ 703,982         $ 698,942         $ 854,123      
      Interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
        Total Deposits $ 5,828,227   $ 59,251 4.04 %   $ 5,901,976   $ 59,862 4.08 %   $ 5,654,350   $ 49,693 3.49 %
                               
    (1) Includes non-accrual loans and loans held for sale                    
    (2) Net loan fee income of $991,000, $1.1 million and $1.3 million for the quarter ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis                  
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (Unaudited)
                       
                       
          Nine Months ended September 30,
            2024
    		       2023  
            Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
      Loans (1,2) $ 5,350,465   $ 333,543 8.33 %   $ 5,048,452   $ 304,796 8.07 %
      Investment securities (3)   352,982     10,691 4.05 %     402,971     11,125 3.69 %
      Federal funds sold   20,472     854 5.57 %     20,111     774 5.14 %
      Other earning assets   942,520     38,448 5.45 %     965,355     36,633 5.07 %
        Total interest earning assets   6,666,439     383,536 7.68 %     6,436,889     353,328 7.34 %
      Deferred loan fees, net   (10,466 )         (10,142 )    
      Allowance for credit losses on loans   (76,775 )         (69,653 )    
    Noninterest earning assets:              
      Cash and due from banks   10,693           11,912      
      Bank furniture and fixtures   9,762           8,931      
      Right of use assets   22,462           21,780      
      Other assets   177,893           161,238      
        Total assets $ 6,800,008         $ 6,560,955      
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
      Deposits:              
        Interest bearing demand/ savings $ 2,240,038   $ 69,944 4.17 %   $ 2,097,613   $ 53,854 3.43 %
        TCD $250K or more   1,377,621     51,662 5.01 %     1,258,870     37,600 3.99 %
        Other time certificates   1,493,096     54,202 4.85 %     1,245,556     33,798 3.63 %
        Total interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     101,099     3,819 5.05 %
    Subordinated debt, net   148,313     3,975 3.58 %     148,076     3,975 3.59 %
        Total interest bearing liabilities   5,259,068     179,783 4.57 %     4,851,214     133,046 3.67 %
    Noninterest bearing liabilities:              
      Demand deposits   719,800           937,184      
      Lease liability   19,401           20,482      
      Other liabilities   79,179           83,213      
        Total liabilities   6,077,448           5,892,093      
    Shareholders’ equity   722,560           668,862      
        Total liabilities and shareholders’ equity $ 6,800,008         $ 6,560,955      
    Net interest income   $ 203,753       $ 220,282  
    Net interest spread     3.12 %       3.67 %
    Net interest margin     4.08 %       4.58 %
                       
    Cost of Deposits:              
      Noninterest bearing demand deposits $ 719,800         $ 937,184      
      Interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
        Total Deposits $ 5,830,555   $ 175,808 4.03 %   $ 5,539,223   $ 125,252 3.02 %
                       
    (1) Includes non-accrual loans and loans held for sale              
    (2) Net loan fee income of $3.4 million and $3.2 million for the year ended September 30, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis            
    PREFERRED BANK  
    Loan and Credit Quality Information  
                     
    Allowance For Credit Losses History  
              Nine Months Ended Year ended  
              September 30, 2024   December 31, 2023  
              (Dollars in 000’s)  
    Allowance For Credit Losses          
    Balance at Beginning of Period   $ 78,355     $ 68,472    
      Charge-Offs          
        Commercial & Industrial     12,409       124    
        Mini-perm Real Estate     –       –    
        Total Charge-Offs     12,409       124    
                     
      Recoveries          
        Commercial & Industrial     5       7    
        Mini-perm Real Estate     –       –    
        Total Recoveries     5       7    
                     
      Net Charge-Offs     12,404       117    
      Provision for Credit Losses:     10,100       10,000    
    Balance at End of Period   $ 76,051     $ 78,355    
                     
    Average Loans Held for Investment   $ 5,347,918     $ 5,067,870    
    Loans Held for Investment at End of Period   $ 5,571,579     $ 5,273,498    
    Net Charge-Offs to Average Loans     0.31 %     0.00 %  
    Allowances for Credit Losses to Loans at End of Period     1.36 %     1.49 %  
                     

    The MIL Network –

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

    Source: Government of the Netherlands

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

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

    Newcomers

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

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

    Commitment in the 3 countries

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

    Drilling campaign: hard rock favourable

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

    Einstein Telescope of great value

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

    Quotes from national and regional ministers

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

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

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

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

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

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

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

    MIL OSI Europe News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    Media Contact:

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

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

    The MIL Network –

  • MIL-OSI: Wearable Devices Unveils Foundational White Paper on the Future of Gesture Control and Neural Interfaces

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Ilit, Israel, Oct. 21, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, announced the release of a landmark white paper titled, “Elevating AR Glasses User Experience with Gesture Control and Neural Wristband.” The white paper provides an in-depth and definitive analysis of emerging trends in gesture control technology, comparing camera-based solutions with wearable neural interfaces that present a clear case for the future of seamless, wrist-worn input control.

    This sweeping industry and technology analysis draws on Wearable Devices’ decade of experience developing pioneering human-computer interaction (HCI) solutions, including the Company’s award-winning Mudra Band, the world’s first neural interface wristband. Wearable Devices’ thought leadership highlights not only the current landscape of gesture control for face-worn devices but also identifies critical challenges and opportunities for improving usability, comfort and interaction quality.

    “Our far-reaching history in developing neural gesture-control technology uniquely positions Wearable Devices to provide this rigorous level of analysis,” said Wearable Devices Chief Executive Officer Asher Dahan. “Our Mudra technology represents a step forward in creating fluid and precise interactions with augmented reality (“AR”) glasses, eliminating the limitations of conventional input systems. This white paper offers key insights that help businesses and developers envision new ways to create user experiences where technology becomes an extension of natural human movement.”

    Key Findings from the White Paper

    Shift to Wearable Gesture Control for Comfort and Precision

    Traditional camera-based gesture systems often require users to maintain awkward postures or suffer from fatigue (the “gorilla arm” problem). Wearable Devices’ white paper concludes that shifting input functions to wrist-worn devices like the Company’s Mudra Band (iOS) and Mudra Link (Android) creates more natural, comfortable and sustainable user experiences.

    Extended Functionality with Sensor Fusion

    Both the Mudra Band and Mudra Link use AI, inertial measurement units (IMU) and surface nerve conductance (SNC) sensors to deliver accurate navigation and input control through wrist movements and subtle finger gestures. The white paper emphasizes that this combination enhances precision and extends functionality beyond what camera-based systems can achieve by capturing delicate movements like pinches and fingertip pressure.

    Overcoming the Limitations of Field-of-View Boundaries

    Face-worn devices equipped with cameras are inherently limited by their field of view (FOV) which restricts gesture detection. Mudra Band and Mudra Link eliminate this constraint by placing sensors on the wrist, enabling gesture control even when the hands are outside the camera’s view. The white paper concludes that this ability significantly improves user interaction by allowing more fluid, uninterrupted workflows.

    Bridging the Gap Between Device Types

    The analysis highlights how wearable input technologies can unify different face-worn devices—such as smart glasses, monocular heads-up displays and mixed reality headsets—by offering a common, adaptable interface. Mudra Band and Mudra Link both provide discrete gestures (e.g., tap, flick, pinch) suitable for minimal displays as well as point and drag gestures optimized for immersive AR and mixed reality systems.

    Reducing Device Weight and Complexity for Mass Adoption

    Wearable Devices’ study concludes that placing input-related hardware on the wrist rather than the face will drive widespread adoption of AR glasses. By offloading sensors and processors to a neural wristband, manufacturers can design lighter, more comfortable glasses with extended battery life, addressing major consumer pain points identified in competing products like the Apple Vision Pro and Meta Orion.

    Toward a New Standard in Human-Computer Interaction

    Wearable Devices asserts in the white paper that the neural interface is not only a technical upgrade but also a philosophical shift—moving technology away from intrusive control schemes and toward seamless, intuitive interactions. This evolution supports the development of technology that responds naturally to human movement, setting a new standard in human-computer interaction.

    Additional Insights and Market Context

    The white paper also provides detailed comparisons between major products including Apple’s Vision Pro and Meta’s Orion glasses, exploring the trade-offs between camera-based and wearable neural gesture control wristband. The document concludes that while camera-based systems offer initial convenience, neural wearable interfaces will prevail as the gold standard as users seek more practical and comfortable input methods for all-day wear.

    By publicly releasing this white paper to the AR industry, Wearable Devices reaffirms its role as a pioneer in neural gesture control and as a leader in shaping the future of wearable technology. Businesses, developers and innovators are invited to download the full white paper to explore in-depth analyses, research findings and actionable insights.

    The white paper is now available for download on the Wearable Devices website https://www.wearabledevices.co.il/whitepaper

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    Forward-Looking Statement Disclaimer

    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, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our devices and technology; our position as a pioneer in neural gesture control and as a leader in shaping the future of wearable technology; our ability to identify critical challenges and opportunities in the human-computer interaction (HCI) solutions; and the potential of the white paper to help businesses and developers envision new ways to create AR user experiences. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

    Media Contact:

    Steve Schuster
    Rainier Communications
    steve@rainierco.com
    +1-508-868-5892

    The MIL Network –

  • MIL-OSI Asia-Pac: Ambassador Douglas Yu-Tien Hsu and Director General David Cheng-Wei Wu Visited Charles Sturt University, Bathurst Campus

    Source: Republic Of China Taiwan 2

    Ambassador Douglas Yu-Tien Hsu and Director General David Cheng-Wei Wu visited Charles Sturt University, Bathurst Campus where they were warmly welcomed by Associate Dean (Academic), Associate Professor Julia Lynch, and Associate Dean (Research), Professor Zahid Islam, from the Faculty of Business, Justice & Behavioural Sciences at Charles Sturt University.
    The university also arranged a tour of the campus facilities and teaching environments, hoping to attract more outstanding Taiwanese students and strengthen academic exchange and cooperation between Taiwan and Australia.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: This Week in NJ – October 18th, 2024

    Source: US State of New Jersey

    Governor Murphy Signs Bipartisan Legislation Increasing Penalties for Home Invasions

    Governor Phil Murphy visited Edison to sign S3006/A4299 into law, establishing the crimes of home invasion burglary and residential burglary. The two new burglary classifications will raise penalties for crimes of burglary, reinforcing legal protections for New Jersey communities and ensuring that individuals who commit these crimes are held accountable.

    “The safety and well-being of New Jerseyans is our Administration’s highest priority,” said Governor Murphy. “Today’s bipartisan legislation ensures that the penalties for burglary and home invasion reflect the severity of these crimes and deter individuals from entering a home illegally. We are grateful to the Legislature, our law enforcement community, local mayors, and community members for supporting our shared goal of keeping New Jersey residents safe.”

    “We are grateful to the Biden-Harris Administration, New Jersey’s congressional delegation, and the Environmental Protection Agency for their continued support in helping us build a cleaner and healthier Garden State through the Bipartisan Infrastructure Law,” said Governor Murphy. “This newly announced funding will help New Jersey communities with the vital task of replacing all lead pipes within the next ten years as we work to ensure that everyone in New Jersey has access to clean, safe drinking water. These critical investments in our drinking water infrastructure will help protect our children from lead exposure, create good-paying jobs for New Jerseyans, and ensure a stronger drinking water system for generations to come.” 

    Home invasion burglary refers to a person who enters a home to commit an offense and ultimately inflicts bodily injury or is armed with a deadly weapon, whether or not that weapon is used. Under the new law, home invasion burglary is a crime in the first degree. A crime of the first degree is punishable by a term of imprisonment of 10 to 20 years, a fine of up to $200,000, or both.

    Residential burglary refers to a person who enters a home to commit an offense. Under the new law, residential burglary is a crime in the second degree. A crime of the second degree is punishable by a term of imprisonment of five to 10 years, a fine of up to $150,000, or both.

    Both classifications of burglary are subject to the “No Early Release Act,” which requires the convicted person to serve at least 85% of their incarceration term before becoming eligible for parole. Any person convicted of home invasion burglary or residential burglary may be denied a professional license from the Division of Consumer Affairs within the Department of Law and Public Safety.

    This legislation, which takes effect immediately, builds upon the Administration’s commitment to reducing crime and bolstering public safety. Over the past seven years, the Murphy Administration has taken a holistic approach to crime reduction, including tightening gun laws, investing in mental health resources, deploying new data collection technology, and increasing penalties for violators.

    READ MORE

    Governor Murphy Announces Second Round of Medical Debt Elimination, Totaling $120 Million in Debt Abolished for 77,000 New Jerseyans

    Nearly two months after effectuating the first round of medical debt abolishment through the State’s partnership with Undue Medical Debt, Governor Phil Murphy announced that 77,000 eligible individuals and families across New Jersey are set to benefit from the elimination of an additional $120 million in medical debt. Governor Murphy sat down with Andrew Rose Gregory, who was a special guest at the 2024 State of the State Address, to discuss the announcement. Andrew and his wife, Casey, partnered with Undue and raised $1.1 million following her passing to help eliminate medical debt for others. The video is available here.

    By leveraging approximately $900,000 in American Rescue Plan funds, Undue has worked with the Atlantic Health System to identify and purchase qualifying, unpayable medical debts. Impacted residents may have all or some of their debts abolished as part of the Governor’s mission to make health care more affordable and accessible. Through the State’s partnership with Undue, $220 million in medical debt has been eliminated for 127,000 New Jersey residents so far.

    “Investing in affordable and accessible health care allows residents to prioritize their well-being without having to take on the significant burdens of medical debt, which has long served as a debilitating barrier to receiving the life-saving care and services they deserve,” said Governor Murphy. “That is why our Administration has taken action to both protect residents from accumulating debt and eliminate existing debt so that New Jerseyans can focus on what matters most: their health. This announcement marks a monumental step forward and builds upon our efforts to create a health care system that relieves financial constraints and ensures quality, comprehensive care is within reach of every New Jerseyan.”

    READ MORE

    AG Platkin, Division of Consumer Affairs Announce New Rules Aimed at Promoting Greater Transparency in Prescription Drug Pricing, Including How and Why Prices Are Increased

    Advancing the Murphy Administration’s efforts to rein in the high cost of prescription drugs in New Jersey, Attorney General Matthew J. Platkin and the Division of Consumer Affairs (“Division”) announced specially adopted new rules promoting greater transparency in prescription drug pricing.

    The new rules, which became effective upon acceptance for filing by the Office of Administrative Law yesterday, implement P.L. 2023, c. 106, signed into law by Governor Murphy in July 2023 as part of a legislative package to combat the rising costs of prescription drugs in the state.

    “The high cost of prescription drugs is a financial burden that disproportionately impacts the health and well-being of the most vulnerable among us: low-income families, the elderly, the uninsured, and people with disabilities,” said Attorney General Matthew J. Platkin. “Until now, we’ve been kept in the dark about the main drivers of high prescription drug costs. The new rules allow us to gain greater insight into prescription drug pricing and a better understanding of how we can help advance the goal of prescription drug affordability and accessibility.”

    The new rules establish registration, reporting, and compliance requirements for five entities across the prescription drug supply chain—manufacturers, insurance carriers, pharmacy benefits managers, wholesalers and pharmacy services administrative organizations. The entities will be required to provide the Division with information and data pertaining to drugs with significant price increases or high launch prices and other drugs of interest. The Division will then use this information to produce an annual report on emerging trends in prescription drug prices. The report, which will be posted on the Division’s newly created prescription drug pricing webpage, will also be used to help the newly created Drug Affordability Council formulate legislative and regulatory policy recommendations focused on prescription drug affordability.

    READ MORE

    Governor Murphy and Acting Commissioner Dehmer Award $20 Million to Expand High-Quality Preschool in 18 School Districts

    Governor Phil Murphy and New Jersey Department of Education Acting Commissioner Kevin Dehmer announced that 18 school districts have received Fiscal Year 2025 preschool expansion funds to establish or expand access to high-quality preschool programs in the 2024-2025 school year.

    The nearly $20 million, which was included in the Fiscal Year 2025 Budget, is estimated to provide more than 1,200 additional children the opportunity to attend a high-quality preschool program. State-funded, high-quality preschool programs now exist in 293 New Jersey school districts – 229 of which have been established during the Murphy Administration.

    “Our investment in early childhood provides the youngest learners with a solid foundation for success,” said Governor Phil Murphy. “Today’s announcement builds on my ongoing commitment to expand early childhood education to more communities, with the long-term goal of ensuring every 3- and 4-year-old in the State has access to a high-quality preschool program.”

    “The rapid expansion of preschool programs throughout New Jersey has been nothing short of extraordinary,” said Kevin Dehmer, Acting Commissioner of Education. “Governor Murphy’s continued support means that, with the addition of the programs that are being announced today, we are now providing nearly 77,000 children in New Jersey with a state funded high-quality preschool program, each and every year. That’s a huge number of young lives whose futures will be broadened by our state’s efforts.”

    READ MORE

    New Jersey Added 19,200 Jobs in September

    Preliminary labor market estimates for September, produced by the U.S. Bureau of Labor Statistics, show that the unemployment rate decreased by 0.1 percentage point from August to 4.7 percent. Total nonfarm employment increased by 19,200 jobs to reach a seasonally-adjusted level of 4,393,100 jobs in the state.

    Revised estimates of total nonfarm employment from July to August saw an increase of 4,500 jobs (preliminary estimates indicated a loss of 4,400), for a net gain of 100 jobs. The state’s unemployment rate for August remained unchanged at 4.8 percent.

    In September, seven out of nine private industries recorded employment gains compared to August. Sectors that recorded employment gains include education and health services (+10,100), trade, transportation, and utilities (+3,800), construction (+1,700), leisure and hospitality (+1,500), manufacturing (+1,300), professional and business services (+1,300), and other services (+200). Sectors that recorded job losses include financial activities (-600), and information (-300). Public sector jobs increased by 200 for September.

    Over the past twelve months, New Jersey has added 51,600 nonfarm jobs. About eighty-eight percent of those gains were in the private sector, with four out of nine private sector industries recording a gain between September 2023 and September 2024. These include private education and health services (+45,500), trade, transportation, and utilities (+11,200), construction (+2,000), and other services (+1,300). Losses were recorded year-over-year in information (-4,700), financial activities (-3,300), manufacturing (-2,400), professional and business services (-2,200), and leisure and hospitality (-2,200). The public sector has recorded a gain of 6,400 over the past twelve months.

    READ MORE

    MIL OSI USA News –

  • MIL-OSI Canada: The Procurement Ombud’s 2023-24 annual report stresses the need for immediate action

    Source: Government of Canada News (2)

    Federal Procurement Ombud Alexander Jeglic releases his Annual Report for 2023-24, which was tabled in Parliament by the Minister of Public Services and Procurement, the Honourable Jean-Yves Duclos on October 7, 2024.

    Ottawa, Ontario – October 21, 2024 – Federal Procurement Ombud Alexander Jeglic released his Annual Report for 2023-24, which was tabled in Parliament by the Minister of Public Services and Procurement, the Honourable Jean-Yves Duclos on October 7, 2024.

    The report, which summarizes the Office of the Procurement Ombud’s activities from April 1, 2023, to March 31, 2024, highlighted long-standing procurement issues including favouritism towards specific bidders, the complexity of federal procurement, overly restrictive evaluation criteria, the lack of documentation and gaping holes in the quality of contract information made public by departments.

    Furthermore, the report details two suggestions intended to address these issues directly. The first is the creation of a Government Wide Vendor Performance Management Program to track and share information on supplier performance across federal departments and regions, and take past performance into account in the award of future contracts. The second is the creation of a Federal Chief Procurement Officer position to lead the creation, interpretation and implementation of procurement policies, and to lead a capacity building and professionalization initiative.

    The Procurement Ombud has requested three key regulatory changes to enhance his ability to perform his duties more effectively. These proposed changes include the authority to recommend compensation to suppliers exceeding 10% of a contract’s value, the ability to review complaints related to contracts awarded under the Procurement Strategy for Indigenous Businesses (PSIB) set-asides program, and the power to compel (rather than request) federal departments to provide the documentation necessary to conduct reviews and investigations. The latter request was supported in the Standing Committee on National Defence’s recent report on defence procurement.

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Precautionary Measures Taken by Government Agencies

    Source: Asia Pacific Region 2 – Singapore

    JOINT MEDIA STATEMENT

    Shell reported that an estimated 30 to 40 metric tonnes of slop, a mixture of oil and water, was leaked from its land-based pipeline into the water yesterday. 

    2. Agencies are working closely with Shell to clean up the leaked oil in the channel between Pulau Bukom and Bukom Kecil. As 21 October at 3 pm (Singapore Time), there are no other oil sightings.

    3. As a precautionary measure, the Maritime and Port Authority of Singapore has deployed a current buster system off Changi at the entrance to the East Johor Strait to collect oil slick, if sighted, and prevent potential spread beyond our port waters. Another current buster system has also been deployed to the west of Singapore, as a precautionary measure. 

    4. While no oil has been observed at Sentosa, Sisters’ Islands Marine Park, Labrador Nature Reserve, East Coast Park and West Coast Park so far, agencies have preemptively deployed oil absorbent booms to protect the three beaches and the biodiversity-sensitive coastlines on Sentosa, the lagoons at Sisters’ Islands Marine Park, Berlayer Creek and the Rocky Shore at Labrador Nature Reserve, as well as the mangroves and other key areas at the Marsh Garden at West Coast Park, as well as key areas at East Coast Park. The lock gates of Sentosa Cove have been closed, with oil absorbent booms deployed. Additionally, deflective booms will be progressively deployed across the key areas of Sentosa, including the three beaches which currently remain open for land-based and waters activities. 

    5. To date there has been no oil sightings at Kusu, Seringat, St John’s, Lazarus island, and Pulau Hantu. Singapore Land Authority will continue to assess if oil-absorbent booms will be required at the lagoons of these islands.

    6. As a precautionary measure, the National Environment Agency has advised the public against swimming and conducting other primary contact water activities at the beaches at East Coast Park, Kusu, St John’s, and Lazarus island. Information on water quality at these beaches is available at https://go.gov.sg/beach-water-info. 

    7. PUB, Singapore’s National Water Agency, is closely monitoring the seawater intake at its desalination plants. No oil has been detected near the Jurong Island Desalination Plant and Marina East Desalination Plant, which are located nearest to the oil leak location. Seawater quality readings remain normal, and the plants’ operations are not affected. As a precautionary measure, PUB has also deployed oil containment booms across Marina Barrage. 

    8. JTC has advised companies on Jurong Island and waterfront-facing companies in the western region to be on alert and to take precautionary measures as necessary.

    9. To date, there has been no reports of fish farms being affected by the leak. Nonetheless, Singapore Food Agency is in contact with our farmers and has advised them to continue to be vigilant and to take precautionary measures as necessary.  

    10. Businesses which have claims-related queries arising from this oil leakage can contact Shell appointed administrator at +65 6632 8689 (during office hours: 9:00am – 5:30pm) or email shell_claims@crawford.asia.

    11. We have informed the Indonesian and Malaysian authorities of the incident and advised them to look out for any oil sightings along their respective coastlines.  

    12. Investigations into the incident are currently ongoing. 

    Annex: Photos of Agencies’ precautionary measures 

    For photos, please refer to the following https://go.gov.sg/shell-oil-leak-media

    The link will expire on 24 October 2024.

    MIL OSI Asia Pacific News –

  • MIL-OSI Canada: Minister Valdez kicks off Small Business Week 2024 by highlighting the Government of Canada’s commitment to supporting small businesses

    Source: Government of Canada News

    The Honourable Rechie Valdez, Minister of Small Business, made the following statement today in recognition of Small Business Week:

    October 20, 2024 – Ottawa, Ontario

    The Honourable Rechie Valdez, Minister of Small Business, made the following statement today in recognition of Small Business Week:

    “Small Business Week is a great occasion to celebrate Canada’s incredible small businesses. They may be small, but they have a huge impact. They make up 98% of all businesses in Canada, account for nearly half of the country’s private sector jobs and generate at least one third of our economic output.

    “Our government is taking action to ensure these businesses have the support they need to succeed today and compete in a rapidly changing business environment.

    “We are reducing costs, lowering fees and boosting small businesses’ bottom lines. We fulfilled our commitment to lower taxes for small businesses to 9%. We then kept taxes low for more small businesses by raising the income threshold for the small business tax rate from $15 million to $50 million, and we negotiated with Visa and Mastercard to lower credit card interchange fees by up to 27%, effective October 19, 2024. This will save eligible Canadian businesses about $1 billion over five years. We have also improved the Canada Small Business Financing Program by providing additional and more flexible loan and financing options for small businesses, while cutting the administrative burden.

    “Before the end of this year, eligible small and medium-sized businesses will also receive the Canada Carbon Rebate for Small Businesses directly into their bank accounts. For example, an eligible small business in Winnipeg with 10 employees will receive $4,810, a small business in Mississauga with 50 employees will receive $20,050, and a medium-sized business in Calgary with 200 employees will receive $118,200.

    “To ensure small businesses can keep up with emerging technologies and compete in an increasingly digital business environment, we’ve committed $2.4 billion to help secure Canada’s AI advantage. This includes $100 million to help small and medium-sized businesses scale up and increase productivity by building and deploying new AI solutions. Through the Canada Digital Adoption Program, we have invested $1 billion to help over 60,000 small businesses grow their business online and boost their business technologies.

    “We are also building an inclusive economy. We are dedicated to supporting under-represented communities through historic programs like our nearly $7 billion Women Entrepreneurship Strategy, which helps women entrepreneurs access the resources they need to start up and scale up their business. We also established programs like the Black Entrepreneurship Program and the 2SLGBTQI+ Entrepreneurship Program, which are helping remove systemic barriers that entrepreneurs from under-represented groups face in accessing the resources they need.

    “In July, I announced an investment of $25 million in five more venture capital (VC) fund managers as part of the inclusive growth stream of the renewed Venture Capital Catalyst Initiative committed to in Budget 2021. The inclusive growth stream will help advance equity, diversity and inclusion in the Canadian VC ecosystem by increasing access to capital for diverse fund managers and entrepreneurs.

    “To encourage young Canadians to pursue entrepreneurship, in Budget 2024 we committed $60 million to Futurpreneur Canada to provide young entrepreneurs with an extra year of collateral-free lending and increase their maximum collateral-free loan from $60,000 to $75,000. On top of this, young entrepreneurs that have been in business for up to two years will now be eligible for Futurpreneur loans. Futurpreneur’s Side Hustle Program will also increase its loans from $15,000 to $25,000.

    “I would like to take this moment to express my sincere appreciation for all of Canada’s small business owners. Investing in diverse entrepreneurs is among the most meaningful actions we can take to build a strong, inclusive economy. We remain committed to supporting you as you adapt and strive for continued success.

    “I invite all Canadians to join me in supporting our local businesses during Small Business Week and to keep doing so every week thereafter. Together, we will build a strong and resilient economy for all Canadians.”

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    For easy access to government programs for businesses, download the Canada Business app.

    MIL OSI Canada News –

  • MIL-OSI: Transformation of Triller Group Begins With Appointment of CEO and Additions to the Board

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Oct. 21, 2024 (GLOBE NEWSWIRE) — Triller Group Inc. (Nasdaq: ILLR) (“Triller Group” or “the Company”) today announced important updates to its executive leadership team and board of directors (“Board”).

    This marks the initial step in a series of forthcoming announcements as Triller Group strengthens its management lineup and kickstarts the transformation journey of the Company.

    Kevin McGurn, former T-Mobile/Vevo/Hulu Senior Executive, joins as Chief Executive Officer

    Triller Group proudly announces that its Board appointed Kevin McGurn as the Chief Executive Officer of the Company starting in November 2024. Mr. McGurn brings a wealth of leadership experience and industry expertise to the Company. Having most recently served in an executive role for T-Mobile’s marketing division, Mr. McGurn has a proven track record of driving hyper-growth and innovation in the media and music landscape.

    As President of Sales and Distribution at Vevo, the Universal Music and Sony Music Entertainment video joint venture, Mr. McGurn led the company’s expansion as a global music television network. Previous to Vevo, Mr. McGurn served as Head of Sales at Fullscreen and Otter Media Companies building revenue businesses throughout the creator economy. As Senior Vice President of Sales at Hulu, Mr. McGurn played a pivotal role in building Hulu’s sales team from the ground up, generating over half a billion dollars in advertising revenue.

    Mr. McGurn’s impressive career also includes senior positions at Shazam, NBC Universal and DoubleClick, equipping him with the strategic vision and operational acumen needed to lead the Company into its next phase of growth.

    “The future is bright in the world of entertainment, and I am extremely excited to join the team at Triller Group to maximize our value to Creators, Fans, and Brands.” said Mr McGurn. “Our renewed focus means Triller Group is well positioned to deliver best in class entertainment, when, where and how our fans watch it. We will continue to build from our strong roots in vertical video, music and sports, and optimise our expertise in mobile and connected television.”

    James McCann, founder of 1-800-Flowers.com, joins the Board

    Triller Group is delighted to announce that James McCann has joined its Board, assuming the role of Chairman of the Nominations Committee. He has over four decades of leadership experience as the founder and former Chairman and CEO of 1-800-Flowers.com, Inc., where he played a pivotal role in shaping the company’s success. As Chairman of the board of directors for Willis Towers Watson and director for Scott’s Miracle-Gro and International Game Technology PLC, he is expected to bring a depth of governance expertise to the Board of the Company.

    Bobby Sarnevesht moves to the Board

    Triller Corp.’s former Chief Executive Officer, Mr. Sarnevesht now sits on the Board, contributing a wealth of experience and understanding of the Company’s operations and goals. In addition, Mr. Sarnevesht’s entrepreneurial track record positions him uniquely to help guide the Company as it navigates new opportunities.

    Start of the Company’s Transformation

    “My fellow directors and I are thrilled to announce the first steps of our ambitious transformation plan. Kevin’s extensive experience and track record of driving growth and innovation position him uniquely to lead the Company and carry out our shared vision of a single, integrated platform that delivers for creators, brands and users while generating value for all of our stakeholders” said Bob Diamond, Chairman of the Board. “Jim will bring his unparalleled expertise in building and scaling successful businesses to the Board, combined with his deep understanding of consumer engagement, which will be invaluable as we continue to innovate and grow. Jim’s visionary leadership and entrepreneurial spirit align perfectly with our mission, and we look forward to leveraging his insights to drive our strategic initiatives forward. We also look forward to Bobby’s contributions to the Board. His experience within our company positions him uniquely to help guide the Board as we implement our new transformation plan.”

    In the coming weeks, the Company plans to announce further enhancements to its leadership team and capabilities. The Company expects to share detailed insights into its strategic business plan during an upcoming investor and media event scheduled for November 2024. This event is expected to highlight the Company’s future vision and immediate growth strategies. Triller Group looks forward to engaging with stakeholders as it unveils exciting developments in this new chapter of progress.

    The latest press release is available on the Company’s website, please visit: http://www.agba.com/ir.

    About Triller Group Inc.

    Triller Group is a US-based company that operates two main businesses: the newly merged US-based social media operations (Triller Corp.), and the legacy operations of the Company in Hong Kong (“AGBA”).

    Triller Corp. is a next generation, AI-powered, social media and live-streaming event platform for creators. Pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites and networks, enabling them to reach millions of additional users. Triller Corp. additionally owns Triller Sports, Bare-Knuckle Fighting Championship (BKFC); Amplify.ai, a leading machine-learning, AI platform; and TrillerTV, a premier global PPV, AVOD, and SVOD streaming service. For more information, visit http://www.triller.co.

    Established in 1993, AGBA is a leading, multi-channel business platform that incorporates cutting edge machine-learning and offers a broad set of financial services and healthcare products to consumers through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business. For more information, please visit http://www.agba.com.

    Safe Harbor Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at http://www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

    Investor & Media Relations:  

    Bethany Lai
    ir@agba.com

    Anthony Silverman
    ads@apellaadvisors.com

    # # #

    The MIL Network –

  • MIL-OSI Economics: Open letter to climate ministers in advance of COP29 

    Source: International Chamber of Commerce

    Headline: Open letter to climate ministers in advance of COP29 

    Dear Ministers,  

    I am writing in advance of COP29 to seek your active support in ensuring the conference delivers robust and tangible outcomes capable of speeding climate mitigation and adaptation efforts across the real economy.

    Last year, the global business community unequivocally welcomed the successful adoption of the “UAE Consensus” as providing a clear path to keep global temperature increase to 1.5°C. COP29 must now deliver an outcome of equivalent ambition to enable the full implementation of that framework across all countries – and at the lowest possible economic cost.

    In this context, we urge you to ensure that COP29 delivers two core outcomes. Specifically:

    1. A truly ambitious, actionable, and comprehensive New Collective Quantified Goal on Climate Finance (“NCQG”).

      This should, of course, encompass a strong and central public finance commitment in keeping with the scale of climate finance needs of developing and climate-vulnerable economies. But – given that almost half of climate finance today is provided by private actors – we also urge you to seize the opportunity to incorporate in the NCQG an “outer layer” setting out a global investment target and an actionable roadmap to align the global financial system with the goals of the Paris Agreement.

      To be meaningful, this should include specific commitments to tackle prevailing barriers to the deployment of climate finance from private sources in developing economies – from the calibration of global financial stability rules to the impact of sovereign debt levels on climate-related investments. While we recognise that the solution to many of these challenges will need to be pursued outside the mandate of the UNFCCC, we believe a strong political commitment in the NCQG itself could have an important catalytic effect in advancing much-needed action by other relevant institutions.

      Barriers to the deployment of private climate finance are real, well evidenced and cannot be wished away by high-level targets. Setting a new action agenda to forge an enabling environment for private finance would – in our view – represent the biggest step forward in combatting climate change since the gavelling of the Paris Agreement.

      2. Full operationalisation of Article 6 of the Paris Agreement to unleash the potential of international carbon markets to accelerate the pace and scale of emissions reductions.

      In this context, we have been encouraged by the progress of negotiations in recent months in addressing outstanding issues on both Article 6.2 and 6.4 – but remain alert to continued differences amongst parties on critical provisions related to authorisations, registries and the sequencing of reporting and reviews.

      After almost a decade of negotiations, further delay in concluding outstanding guidance on Article 6.2 implementation and the operationalisation of a global trading mechanism under Article 6.4 would represent a serious blow to business confidence in the future of international carbon markets – placing a further (and entirely avoidable) drag on implementation efforts in the real economy.

      Given the scale of finance and efficiency savings that could be generated by robust cross-border carbon markets, we count on your leadership to resolve all outstanding issues with the necessary pragmatism in Baku – staying true to commitments made at prior COPs to avoid micro-management approaches and further politicisation of the issues at stake.

      Simply put: it is time to get a comprehensive and workable agreement on Article 6 over the line – laying the foundations for high-integrity cross-border carbon markets.

      Taken together, we believe these two core deliverables would provide the ideal foundation for governments to submit significantly upgraded Nationally Determined Contributions by 2025 – establishing clear and credible transition plans and coordinated policies at all levels, capable of enabling a virtuous cycle of green business investment in every country and real international cooperation.

      Companies across the International Chamber of Commerce’s global network are increasingly feeling the impacts of climate-related extreme weather events – from the destruction of infrastructure to the erosion of human capital. That is why we say – with genuine perspective – that decisions on finance and carbon markets cannot be delayed or deferred beyond this year.

      The time for action is now. And, in that spirit, please do not hesitate to let me know how we can best support you in ensuring COP29 delivers the ambitious and actionable outcomes the world – and, not least, the private sector – so desperately needs.

      Read more about ICC climate action policy

      MIL OSI Economics –

    1. MIL-OSI: EverCommerce Announces Date of Third Quarter 2024 Earnings Call

      Source: GlobeNewswire (MIL-OSI)

      DENVER, Oct. 21, 2024 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its third quarter 2024 financial results after the U.S. financial markets close on Tuesday, November 12, 2024.

      Management will host a conference call on Tuesday, November 12 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

      About EverCommerce

      EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

      Investor Contact:
      Brad Korch
      SVP and Head of Investor Relations
      720-796-7664
      ir@evercommerce.com

      Press Contact:
      Jeanne Trogan
      VP of Corporate Communications
      512-705-1293
      press@evercommerce.com

      The MIL Network –

    2. MIL-OSI USA: Response and Recovery Efforts in Western North Carolina

      Source: US State of North Carolina

      Headline: Response and Recovery Efforts in Western North Carolina

      Response and Recovery Efforts in Western North Carolina
      mseets

      After Hurricane Helene, North Carolina continues leading a robust response and recovery with the support of federal, local, and non-profit partners.

      Helene hit North Carolina 25 days ago as the deadliest tropical storm in the state’s history. Because Governor Cooper declared a State of Emergency Declaration before the storm hit, North Carolina National Guard soldiers, swift water rescue teams, equipment and supplies were positioned in Western North Carolina to respond as soon as the storm passed. Just as this storm was unprecedented, the response that followed has been unprecedented in its size and speed.

      Key Progress and Numbers

      Today there are approximately 5,000 customers without power down from more than one million customers just after the storm. Most of the cell phone coverage that was wiped out by the storm has been restored. The NC Department of Transportation (NCDOT) has opened 789 roads of the approximately 1,200 roads that were closed as a result of the storm, which is significant considering the difficulty of making repairs in a rugged, mountainous region. NCDOT currently has approximately 2,000 employees and 900 pieces of equipment working to re-open roads that remain closed. 28 of the school districts that were closed following the storm have re-opened, with 7 still closed, two of which are scheduled to re-open this week.

      North Carolina National Guard (NCNG) soldiers and other military personnel rescued 765 people with local first responders and swift water teams rescuing hundreds more. The state has confirmed 95 fatalities and there are currently approximately 26 people still unaccounted for.

      Air Drop of Supplies and Commodities

      Because road access was limited, the state, local and federal government working with nonprofits and volunteers used a system for aerial delivery of supplies and commodities like water, food and medicine. Supplies were brought into the Asheville airport by plane and then delivered to other parts of Western North Carolina by helicopter.

      At the height of this operation, more than 30 planes and helicopters and 1,200 ground vehicles were in use. More than 27 million pounds of food and water were delivered by the state and federal government, with more being brought by non-profits and charities.

      National Guard and Military

      The response to Helene was the largest and fastest integration of U.S. military soldiers with the National Guard in North Carolina history.

      More than 3,150 Soldiers and Airmen have been working in Western North Carolina in the aftermath of the storm. Joint Task Force- North Carolina, led by the North Carolina National Guard is made up of Soldiers and Airmen from 12 different states, two different XVIII Airborne Corps units from Ft. Liberty, a unit from Ft. Campbell’s 101st Airborne Division, and numerous civilian entities working side-by-side to get the much-needed help to people in Western North Carolina.

      The Army Corps of Engineers is working with local, state and federal experts, including the EPA and the N.C. Department of Environmental Quality (NCDEQ), to assess damages, remove debris and repair water systems.

      More than 1,600 responders from 39 state and local agencies have performed 146 missions supporting the response and recovery efforts through the Emergency Management Assistance Compact (EMAC).

      FEMA

      Approximately $129 million in FEMA Individual Assistance funds so far have been paid directly to people in Western North Carolina hurt by the storm and more than 207,000 people have registered for Individual Assistance. More than 6,200 people have been able to get temporary housing through FEMA’s Transitional Sheltering Assistance. More than 5,100 registrations for Small Business Administration Loans have been filed.

      Approximately 1,500 FEMA staff are in the state to help with the Western North Carolina relief effort. In addition to search and rescue and providing commodities, they have been meeting with disaster survivors in their neighborhoods and homes, in shelters, and in other areas to provide rapid access to relief resources.

      Cooper Signed Bipartisan Bill for Funding and Elections

      Just days after the storm, state legislators returned to Raleigh on October 9 to begin the process of allocating state funding for storm recovery. On October 10, Governor Cooper signed HB 149 into law as a first step in that process. In addition to initial funding, the bill also allows people in affected counties to have more options in where they return absentee ballots and gives flexibility to local election boards in impacted counties to ensure people have opportunities to vote. The 2024 election will be safe and secure, and people impacted by the storm will be able to make their voices heard.

      Governor Cooper also raised the amount of weekly unemployment payments for the thousands of people temporarily out of work. The Executive Order increasing benefits won unanimous bipartisan support from the NC Council of State.

      Misinformation and Disinformation Permeate the Response

      Governor Cooper and a bipartisan array of local, state and federal North Carolina officials have called out the intentional spread of disinformation and misinformation as detrimental to this response and recovery, leading to threats and intimidation, breeding confusion, and demoralizing storm survivors and response workers.

      On October 11, Governor Cooper responded to one of Donald Trump’s social media posts by saying, “This is a flat out lie. We’re working with all partners around the clock to get help to people. Trump’s lies and conspiracy theories have hurt the morale of first responders and people who lost everything, helped scam artists and put government and rescue workers in danger.”

      At a media briefing on October 16, Governor Cooper was asked why he believes the misinformation and disinformation have been worse after this storm compared to others. Governor Cooper explained:

      “Candidates are using people’s misery to sow chaos for their own political objectives, and it’s wrong. This is a time where we all need to pull together to help the people of Western North Carolina and it’s disappointing when candidates, knowing full well what they’re doing, are continuing this kind of disinformation filled with lies,”

      Efforts Will Continue to Ensure Long Term Recovery

      Other resources have surged into the area following the storm. $100 million in emergency funding from US Department of Transportation has been granted. NC Department of Health and Human Services, NCDEQ, Department of Motor Vehicles, NC Department of Public Instruction and many other state entities are supporting response and recovery.

      Western North Carolina has never experienced a storm like this. Recovery in mountainous terrain will require a unique, united and sustained effort that focuses on people who’ve lost everything while leaving politics at the door. With just weeks until the 2024 election, the Governor’s office urges all leaders to stick to the truth and not spread disinformation and misinformation, which only hurts the people who need help and those on the ground giving it their all to provide that help.

      ###

      Oct 21, 2024

      MIL OSI USA News –

    3. MIL-OSI: ASUS Announces the ExpertBook P5, its First Copilot+ PC for Work, is Now Available in Canada

      Source: GlobeNewswire (MIL-OSI)

      KEY POINTS

      • First ASUS Copilot+ PC for work: Powered by up to the latest Intel® Core™ Ultra 7 processor (Series 2) to deliver up to 47 NPU TOPS
      • AI-powered productivity and collaboration: ASUS AI ExpertMeet automates meeting minutes, translates subtitles, offers watermarks in conference calls
      • ASUS ExpertGuardian: Includes commercial-grade BIOS, Windows 11 Secured-core PC tech, complimentary 1-year McAfee+ Premium membership

      TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — ASUS today announces that the ExpertBook P5 (P5405), a groundbreaking Copilot+ PC1 designed to empower modern professionals is now available in Canada, starting October 21st. Available through the ASUS Store, Costco, and select retailers, it comes in four configurations starting at CA$1,299.99.

      Powered by up to the latest Intel® Core™ Ultra 7 processor (Series 2) with 47 NPU TOPS2, the laptop delivers up to 3X the AI performance boost compared to the previous generation. Featuring ASUS AI ExpertMeet, this AI-driven powerhouse streamlines workflows and enhances collaboration. Its sleek, durable aluminum chassis houses a stunning 2.5K 144 Hz display, delivering exceptional visuals. With a 1.29 kg3 feather-light design, robust security features, and a focus on sustainability, ExpertBook P5 is the perfect companion for on-the-go professionals seeking peak performance and efficiency.

      The future of work

      Crafted with meticulous attention to detail, ExpertBook P5 boasts a premium aluminum design that seamlessly blends aesthetics and ergonomics. Despite its lightweight construction, at just 1.29 kg, P5 offers exceptional durability — meeting the exacting US MIL-STD 810H military standard. Its thoughtfully designed workspace, featuring conveniently placed function keys and a spacious mouse area, optimizes productivity and comfort during video conferences and multitasking. Engineered with the ASUS ExpertCool thermal structure, a newly-enhanced cooling design, the ExpertBook P5 ensures consistent, optimal cooling whether the lid is open or closed, guaranteeing peak performance even during extended usage. It is a productivity powerhouse designed to elevate professional performance, empowering users to achieve their full potential.

      Forwarding the ASUS commitment to sustainability, ExpertBook P5 also represents a significant advancement in sustainable technology. This intelligent product has significantly enhanced its circularity by 10% to reach 50%, utilizing Circular Transition Indicators (CTI) for performance measurement. By incorporating recycled materials and a modular design, ExpertBook P5 directly addresses the pressing issue of e-waste.

      Experience the power of AI in meetings

      ASUS ExpertBook P5 benefits from the all-new ASUS AI ExpertMeet, an on-device AI assistant that transforms meetings into productive and engaging experiences, leverages advanced AI capabilities to enhance audio, video, and collaboration features, ensuring seamless communication and capturing every important detail.

      AI ExpertMeet offers a comprehensive suite of AI-powered features to elevate every meeting experience. AI Meeting Minutes accurately captures and transcribe meetings, generating detailed summaries and identifying key points from multiple speakers. The AI Translated Subtitles feature provides translations, ensuring seamless communication across languages. Additionally, the Watermark function allows video calls to be personalized with customizable business card information and screen watermarks for added security and professionalism. All powered by on-device intelligence, personal data remains secure, allowing users to focus on ideas without privacy concerns – empower teams with the latest AI technology and unlocking the full potential of virtual collaborations.

      ASUS ExpertGuardian: the ultimate guardian for confidential data

      ASUS ExpertBook P5‘s robust security arsenal safeguards critical data. Engineered with a commercial-grade and NIST SP 800-155-compliant BIOS, it provides a foundational layer of protection against firmware attacks. Coupled with Windows 11 Secured-core PC technologies, the ExpertBook P5 creates a fortified defense against software vulnerabilities. To ensure long-term security, ASUS offers a comprehensive five-year support4 for BIOS and driver updates, safeguarding the system against emerging threats.

      Complementing this robust hardware-based security, ExpertBook P5 includes a complimentary one-year McAfee+ Premium membership. This comprehensive security suite leverages McAfee Smart AI™ for advanced threat detection, including AI-powered deepfake detection to protect against sophisticated social engineering attacks. Additionally, email scam protection provides an extra layer of defense against phishing attempts.

      ASUS Business Support

      Understanding the critical needs of modern professionals, ASUS Business Support is not merely a warranty — it’s a comprehensive service package that includes on-site repairs, dedicated technical assistance and 24/7 customer support. This robust support framework ensures that every ExpertBook user experiences minimal downtime and receives personalized solutions to their technical issues.

      AVAILABILITY & PRICING

      The ASUS ExpertBook P5 is available in 4 different configurations starting from October 21st, 2024.

      The 4 specifications are available on the ASUS Store, ranging from CA$1,299 to CA$1,799 both for B2B and B2C customers.

      The ExpertBook P5 (P5404) with an Intel Core Ultra 5 processor 226V, 512 GB M.2 PCIe® 4.0 2280 SSD, an upgradeable M.2 2230 SSD slot, 16 GB LPDDR5X-8533 RAM and Windows 11 Home is now available starting from CA$1,299 on the ASUS Store and Costco.

      An additional version with Windows 11 Pro is available on the ASUS Store and selected retailers for CA$1,399.

      The ExpertBook P5 (P5404) with an Intel Core Ultra 7 processor 258V, 1 TB M.2 PCIe® 4.0 2280 SSD, an upgradeable M.2 2230 SSD slot, 32 GB LPDDR5X-8533 RAM and Windows 11 Pro is now available starting from CA$1,799 on the ASUS Store and selected retailers.

      An additional version with Windows 11 Home will be available later starting from October 28th on the ASUS Store and selected retailers, starting from CA$1,699.

      Please contact your local ASUS representative for further information.

      NOTES TO EDITORS

      For more product photos: https://press.asus.com/media/photos/

      ExpertBook P5 Product Page: https://www.asus.com/ca-en/laptops/for-work/expertbook/expertbook-p5-p5405/

      ExpertBook P5 ASUS Store: https://shop.asus.com/ca-en/expertbook-p5-p5405.html

      ExpertBook P5 Costco: https://www.costco.ca/asus-expertbook-p5-14-in-laptop%2c-intel-core-ultra-5-226v-%E2%80%93-16gb-ram%2c-512gb-ssd%2c-intel-arc.product.4000313261.html

      ASUS Pressroom: http://press.asus.com

      ASUS Canada Facebook: https://www.facebook.com/asuscanada/

      ASUS Canada Instagram: https://www.instagram.com/asus_ca

      ASUS Canada YouTube: https://ca.asus.click/youtube

      ASUS Global X (Twitter): https://www.x.com/asus

      SPECIFICATIONS5

      ASUS ExpertBook P5 (P5405)

      Model    ExpertBook P5
      P5405CSA-P73-CB      		 ExpertBook P5
      P5405CSA-DH71-CA      		 ExpertBook P5
      P5405CSA-P53-CA      		 ExpertBook P5
      P5405CSA-CH51-CB
      Compute
      platform       		   Intel® Core™ 7 Processor 258 V 32 GB 1.8
      GHz (12 MB Cache, up to 4.8 GHz, 8 cores, 8
      Threads); Intel® AI Boost NPU up to 47      		 Intel® Core™ 5 Processor 226 V 16 GB 1.6
      GHz (8 MB Cache, up to 4.5 GHz, 8 cores, 8
      Threads); Intel® AI Boost NPU up to 40″
      Graphics    Intel® Arc™ 140 V
      GPU (16GB)      		 Intel® Arc™ 140 V
      GPU (16GB)      		 Intel® Arc™ 130 V
      GPU (8GB)”      		 Intel® Arc™ 130 V
      GPU (8GB)”
      Display    14.0″ 2560 x 1600 Anti-Glare, 100% sRGB, 400 nits
      Chassis    Color: Misty Grey
      Operating
      system       		   Windows 11 Pro Windows 11 Home Windows 11 Pro Windows 11 Home
      Main memory    32 GB LPDDR5X-
      8533 MOP      		 32 GB LPDDR5X-
      8533 MOP      		 16 GB LPDDR5X-
      8533 MOP      		 16 GB LPDDR5X-
      8533 MOP
      Storage    1 x 1 TB M.2 PCIe®
       4.0 2280 SSD (Upgradeable to 2 TB)

      1 x M.2 2230 SSD, up
      to 1 TB PCIe® 4.0
      SSD User
      upgradeable

      		 1 x 1 TB M.2 PCIe®
       4.0 2280 SSD (Upgradeable to 2 TB)

      1 x M.2 2230 SSD,
      up to 1 TB PCIe® 4.0
      SSD User
      upgradeable

      		 1 x 512 GB M.2
      PCIe® 4.0 2280 SSD (Upgradeable to 2 TB)

      1 x M.2 2230 SSD,
      up to 1 TB PCIe® 4.0
      SSD User
      upgradeable

      		 1 x 512 GB M.2
      PCIe® 4.0 2280 SSD (Upgradeable to 2 TB)

      1 x M.2 2230 SSD,
      up to 1 TB PCIe® 4.0
      SSD User
      upgradeable
      Connectivity    WiFi 6E (802.11ax) (Dual band) 2*2 + Bluetooth® 5.3 Wireless Card
      Camera    1080p FHD IR camera, Webcam Shield
      I/O ports    2X Thunderbolt™ 4, USB 3.2 Gen2, support wide range 5–20 V

      1 x USB Type-A 3.2 Gen2, support BC1.2

      1 x USB Type-A 3.2 Gen2

      1 x HDMI® 2.1

      1 x Audio combo jack

      1 x Kensington® Nano lock slot
      Keyboard    Full-size keyboard with 1.5 mm key travel; backlit, spill-resistant 78 cc
      Touchpad    ASUS ErgoSense touchpad

      Smart gesture touchpad
      Silent touchpad technology
      Audio    2 x speaker

      2 x multi-array microphone with intelliGO beam forming

      Smart amp technology

      Dolby Atmos certified”
      Battery    63 Wh, 3-cell, Li-polymer
      AC adapter    65 W non-wall mount Type-C® power jack, Input : 100–240 V AC, 50 / 60 Hz universal
      Dimensions    31.2 x 22.3 x 1.645 cm
      Weight    63 Wh battery: starting at 1299 g
      Price    CA$1,799 CA$1,699 CA$1,399 CA$1,299
      Availability    October 10th, 2024 October 28th, 2024 October 10th, 2024 October 10th, 2024
      Where to Buy    ASUS Store ASUS Store ASUS Store ASUS Store
      Costco

      About ASUS

      ASUS is a global technology leader that provides the world’s most innovative and intuitive devices, components, and solutions to deliver incredible experiences that enhance the lives of people everywhere. With its team of 5,000 in-house R&D experts, the company is world-renowned for continuously reimagining today’s technologies. Consistently ranked as one of Fortune’s World’s Most Admired Companies, ASUS is also committed to sustaining an incredible future. The goal is to create a net zero enterprise that helps drive the shift towards a circular economy, with a responsible supply chain creating shared value for every one of us.

      1 Copilot+ PC experiences are coming. Requires free updates available starting late November 2024. Timing varies by device and region. See aka.ms/copilotpluspcs.
      2 The figures are based on theoretical performance. Actual performance may vary in real-world situations.
      3 Weight may vary according to specifications
      4 Five-year support includes but not limited to OS, BIOS, driver and security-related updates. OS and BIOS security update occurs twice a year.
      5 Specifications, content and product availability are all subject to change without notice and may differ from country to country. Actual performance may vary depending on applications, usage, environment and other factors. Full specifications are available at http://www.asus.com

      A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c90e1d1e-c22c-484f-8e7c-91a555a6f437

      The MIL Network –

    4. MIL-OSI USA: Ernst Demands Answers from SBA Over Handling of Disaster Resources

      US Senate News:

      Source: United States Senator Joni Ernst (R-IA)
      WASHINGTON – After the Small Business Administration (SBA) claimed it has run out of funds for disaster relief, U.S. Senator Joni Ernst (R-Iowa), the top Republican on the Senate Small Business and Entrepreneurship Committee, alongside her fellow committee members Senators Tim Scott (R-S.C.), Todd Young (R-Ind.), and James Risch (R-Idaho), demanded answers over the agency’s mismanagement of disaster resources.
      In the letter, the senators highlighted that the SBA failed to notify Congress of the need for supplemental funding ahead of time, as required by law. They also stressed how bureaucratic inefficiency was to blame for the SBA coming up short for Americans in need.
      “Under existing law, the SBA already has several reporting requirements to provide Congress with sufficient notification and information before any shortfall occurs in its disaster account. Unfortunately, the SBA failed to comply, or only partially complied, with several of these provisions and is now, at the eleventh-hour, sounding alarm bells. We must consider whether SBA’s internal decisions were the catalyst for this unfortunate situation. For example, SBA currently has more than $550 million in its disaster administrative expenses account to pay for salaries, but did not request any reprogramming to their disaster loan fund,” wrote the senators.
      “Further, during a disaster, on-the-ground staff and training is essential. Congress has long recognized the need for agencies to scale up and down during times of disaster. In light of this, the SBA has a statutorily authorized disaster cadre, which is not meant to fall below 1,000 employees,” the senators continued.
      “Based on information recently provided by the SBA in response to questions as it sought supplemental funds, it appears that this cadre may have vanished, but no one was notified. This raises stark concerns about the SBA’s ability to provide for disaster victims during the immediate aftermath of these storms and its ability to inform Congress in accordance with the law,” the senators concluded.
      Click here to view the full letter.

      MIL OSI USA News –

    5. MIL-OSI USA: Deadline Approaching in Washington for SBA Working Capital Loans Due to Wildfires

      Source: United States Small Business Administration

      SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded Washington small businesses of the Nov. 20, 2024, deadline to apply for an SBA federal disaster loan for economic injury caused by the wildfires that occurred Aug. 18–25, 2023.

      According to Sánchez, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Sánchez said.

      These low-interest federal disaster loans are available in the counties below:
      Washington counties:  Lincoln, Pend Oreille, Spokane, Stevens and Whitman;
      Idaho counties:  Benewah, Bonner and Kootenai.

      The interest rate is 4 percent for businesses and 2.375 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

      Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

      On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

      Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

      Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

      ###

      About the U.S. Small Business Administration
      The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

      MIL OSI USA News –

    6. MIL-OSI Canada: Celebrating rural success: Minister Sigurdson

      Source: Government of Canada regional news

      “Small Business Week allows us to celebrate small business and community success in rural Alberta. Rural communities have long played a crucial role in Alberta’s growth and economy. To support them, we continue to implement our Economic Development in Rural Alberta Plan, a five-year commitment to foster rural economic growth in Alberta with a focus on rural business supports and entrepreneurship.

      “One of the plan’s key initiatives is the Small Community Opportunity Program. Through this program, we pledged $6 million to provide financial backing for Indigenous and small communities to tackle challenges and tap into opportunities to grow their local economic footprint.

      “Through the first round of program funding in 2023-24, we awarded up to $3 million for 43 projects across the province that are on track to develop their local economies by building capacity in the agriculture and small business sectors. Of these projects, 29 were awarded to small communities, three to Indigenous communities and 11 to the non-profit sector.

      “Through the plan’s Capacity Building Grant Project, rural economic development organizations like Young Agrarians and Alberta Women Entrepreneurs also received funding to help teach business skills and offer training and mentorship opportunities.

      “I encourage all Albertans to join me in celebrating our rural businesses, agricultural societies and the hard-working rural residents who strengthen Alberta’s agriculture, agri-food and agri-based products sector. When our rural communities succeed, Alberta is made stronger.”

      Related information

      • Alberta’s Rural Economic Development
      • Small Community Opportunity Program 2023-24 Grant Recipients

      MIL OSI Canada News –

    7. MIL-OSI United Kingdom: UK infrastructure companies visit Costa Rica to explore opportunities

      Source: United Kingdom – Executive Government & Departments

      British Embassy officials facilitated meetings with key stakeholders in the infrastructure sector.

      Representatives of five British companies travelled to Costa Rica this week to participate in an infrastructure mission focused on identifying business opportunities and generating strategic alliances with potential partners in Costa Rica.

      Representatives from Arup, Bechtel, QGMI, Steer Group and WSP, world-renowned for their expertise in engineering, construction, mobility solutions, and design and implementation of infrastructure projects, among other services, held meetings with Congresswoman Carolina Delgado, Secretary of the Infrastructure Commission of the Legislative Assembly, and with officials from the National Concessions Council (CNC), the Ministry of Public Works and Transport (MOPT) and the firm Arias Law.

      They also spoke with officials from institutions like the Ministry of National Planning and Economic Policy (MIDEPLAN), the Costa Rican Electricity Institute (ICE) and the Ministry of Foreign Trade (COMEX) at a reception at the Residence of the British Ambassador, Ben Lyster-Binns.

      At these meetings, the British companies explored opportunities to strengthen their presence in the country, learning more about Costa Rica’s aspirations to update and expand infrastructure projects at the highest international standards.

      Ambassador Ben Lyster-Binns noted:

      The companies that visited us this week are among the leaders in their respective fields and represent the best of what the UK has to offer in the infrastructure sector, from urban planning to sustainable transport projects to designing future-proof cities.

      They are also committed to implementing innovative solutions that support the UK Government’s clean growth agenda.

      The topic of public-private partnerships (PPPs) was of particular interest, since, according to the Embassy’s Director for Business and Trade, Camila Toscana:

      this model provides an opportunity to develop infrastructure projects that are of key importance for Costa Rica’s sustainable growth and to improve the quality of life of the citizens.

      Many of the companies that took part in the mission have offices in the Latin American region, so their interest in the Costa Rican market represents a natural step in expanding their regional presence, offering quality solutions that comply with international best practices.

      The delegation finalized the mission meeting with representatives of CoST, the Infrastructure Transparency Initiative, financed by the UK Government, which promotes transparency and accountability in public infrastructure projects.

      Updates to this page

      Published 21 October 2024

      MIL OSI United Kingdom –