Category: CTF

MIL-OSI: Lakeland Financial Reports Annual Net Income of $93.5 million, Organic Average Loan Growth of 5% and Average Deposit Growth of 4%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $93.5 million for the year ended December 31, 2024, versus $93.8 million for the year ended December 31, 2023. Diluted earnings per share were $3.63 for the twelve months ended December 31, 2024, versus $3.65 for 2023.

Net income was $24.2 million for the three months ended December 31, 2024, a decrease of $5.4 million, or 18%, compared with net income of $29.6 million for the three months ended December 31, 2023. Diluted earnings per share of $0.94 for the fourth quarter of 2024 decreased by 19% from $1.16 for the fourth quarter of 2023. On a linked quarter basis, net income increased 4%, or $852,000, from third quarter 2024 net income of $23.3 million. Linked quarter diluted earnings per share improved by 3% from $0.91 for the third quarter of 2024.

Pretax pre-provision earnings, which is a non-GAAP measure, were $128.4 million for the twelve months ended December 31, 2024, an increase of $12.3 million, or 11%, compared to $116.2 million for the twelve months ended December 31, 2023. Pretax pre-provision earnings were $32.9 million for the three months ended December 31, 2024, a decrease of $3.4 million, or 9%, compared to $36.4 million for the three months ended December 31, 2023. Pretax pre-provision earnings increased by $2.1 million, or 7%, compared to $30.8 million on a linked quarter basis.

“2024 continued a long and consistent trend of organic growth in our balance sheet. We successfully expanded both our loan and deposit franchises during the year,” stated David M. Findlay, Chairman and CEO. “We are particularly pleased with the 9-basis point expansion of our net interest margin on a linked quarter basis as we effectively managed the balance sheet throughout the year.”

Quarterly Financial Performance

Fourth Quarter 2024 versus Fourth Quarter 2023 highlights:

Tangible book value per share grew by $1.25, or 5%, to $26.47
Total risk-based capital ratio improved to 15.90%, compared to 15.47%
Tangible capital ratio improved to 10.19%, compared to 9.91%
Average loans grew by $206.9 million, or 4%, to $5.09 billion
Core deposit growth of $274.3 million, or 5%, to $5.9 billion
Average equity increased by $121.1 million, or 21%
Return on average equity of 13.87%, compared to 20.52%
Return on average assets of 1.42%, compared to 1.80%
Net interest margin improved to 3.25% versus 3.23%
Net interest income increased by $3.1 million, or 6%
Noninterest expense increased by $1.2 million, or 4%
Provision expense of $3.7 million, compared to $300,000
Net charge offs of $1.4 million versus $433,000
Watch list loans as a percentage of total loans increased to 4.13% from 3.72%

Fourth Quarter 2024 versus Third Quarter 2024 highlights:

Total risk-based capital ratio improved to 15.90% from 15.75%
Average equity growth of $23.6 million, or 4%
Average loans grew by $22.3 million, or less than 1%, to $5.09 billion
Core deposits increased by $118.6 million, or 2%, to $5.8 billion
Net interest margin improved 9 basis points to 3.25% versus 3.16%
Return on average equity of 13.87%, compared to 13.85%
Return on average assets of 1.42%, compared to 1.39%
Noninterest income decreased by $41,000, or less than 1%
Noninterest expense increased by $260,000, or 1%
Provision expense of $3.7 million, compared to $3.1 million
Individually analyzed and watch list loans declined by $56.4 million, or 21%
Watch list loans as a percentage of total loans improved to 4.13% from 5.27%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.90% at December 31, 2024, compared to 15.47% at December 31, 2023 and 15.75% at September 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.19% at December 31, 2024, compared to 9.91% at December 31, 2023. The tangible common equity ratio contracted from 10.47% at September 30, 2024. Unrealized losses from available-for-sale investment securities were $191.1 million at December 31, 2024, compared to $174.6 million at December 31, 2023 and $154.5 million at September 30, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.37% at December 31, 2024, compared to 11.99% at December 31, 2023 and 12.29% at September 30, 2024.

As announced on January 14, 2025, the board of directors approved a cash dividend for the fourth quarter of $0.50 per share, payable on February 5, 2025, to shareholders of record as of January 25, 2025. The fourth quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the fourth quarter of 2023.

“The continued growth in our capital base supports the increase in our dividend rate paid to shareholders and contributes to the growth in total return for shareholders. The compounded annual growth rate for our dividend is 15% since 2012,” stated Kristin L. Pruitt, President.

Loan Portfolio

Average total loans for the twelve months ended December 31, 2024 were $5.04 billion, an increase of $225.7 million, or 5%, from $4.81 billion for the twelve months ended December 31, 2023. Average total loans of $5.09 billion in the fourth quarter of 2024, increased $206.9 million, or 4%, from $4.88 billion for the fourth quarter of 2023, and increased $22.3 million, or less than 1%, from $5.06 billion for the third quarter of 2024.

“Loan growth in 2024 benefited from healthy increases in both our commercial and consumer lending activities,” noted Findlay. “We were pleased to report 8% growth in consumer loans, 6% growth in CRE and multi-family loans, and 2% growth in commercial and industrial loans for 2024. Our Indiana markets continue to benefit from expanding economic activity stimulated by the pro-business operating environment. We continue to be focused on active business development efforts in every market and we are looking forward to continued organic growth in 2025.”

Total loans, net of deferred loan fees, increased by $200.6 million, or 4%, from $4.92 billion as of December 31, 2023 to $5.12 billion as of December 31, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $155.0 million, or 6%, our commercial and industrial loan portfolio growing by $30.1 million, or 2%, and our consumer 1-4 family mortgage loans portfolio growing by $34.0 million, or 7%. These increases were offset by a decrease to other commercial loans of $25.1 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $35.7 million, or 1%, from $5.08 billion at September 30, 2024. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $42.7 million, or 2%, and growth in total agri-business and agricultural loans of $29.0 million, or 8%. Offsetting these increases was a decrease in total commercial and industrial loans of $42.0 million, or 3%.

Commercial loan originations for the fourth quarter included approximately $390.0 million in loan originations, offset by approximately $359.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of December 31, 2024, compared to 39% at December 31, 2023 and was unchanged from 41% as of September 30, 2024. Total available lines of credit contracted by $238.0 million, or 5%, as compared to a year ago, and line usage decreased by $2.0 million, or less than 1%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $101.7 million for this sector represented 2% of total loans at December 31, 2024, a decrease of $899,000, or 1%, from September 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 213% of total risk-based capital at December 31, 2024.

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.


DEPOSIT DETAIL (unaudited, in thousands)

	December 31, 2024				September 30, 2024				December 31, 2023
Retail	$	1,780,726	30.2	%	$	1,709,899	29.3	%	$	1,794,958	31.4	%
Commercial		2,269,049	38.4			2,304,041	39.5			2,227,147	38.9
Public funds		1,809,631	30.7			1,726,869	29.6			1,563,015	27.3
Core deposits		5,859,406	99.3			5,740,809	98.4			5,585,120	97.6
Brokered deposits		41,560	0.7			96,504	1.6			135,405	2.4
Total	$	5,900,966	100.0	%	$	5,837,313	100.0	%	$	5,720,525	100.0	%

Total deposits increased $180.4 million, or 3%, from $5.72 billion as of December 31, 2023 to $5.90 billion as of December 31, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $274.3 million, or 5%. Total core deposits at December 31, 2024 were $5.86 billion and represented 99% of total deposits, as compared to $5.59 billion and 98% of total deposits at December 31, 2023. Brokered deposits were $41.6 million, or 1% of total deposits, at December 31, 2024, compared to $135.4 million, or 2% of total deposits, at December 31, 2023.

The increase in core deposits since December 31, 2023 reflects growth in commercial deposits and public funds deposits. Public funds deposits grew annually by $246.6 million, or 16%, to $1.81 billion. Commercial deposits grew annually by $41.9 million, or 2%, to $2.27 billion. Retail deposits contracted annually by $14.2 million, or 1%, to $1.78 billion. The increase in public funds deposits drove the change in the composition of core deposits as public funds deposits as a percentage of total deposits increased to 31%, from 27%. Commercial and retail deposits as a percentage of total deposits contracted to 38%, from 39%, and to 30%, from 31%, respectively. Growth in public funds was positively impacted by the addition of a new public funds customers in the Lake City Bank footprint which included the addition of their operating accounts.

On a linked quarter basis, total deposits increased $63.7 million, or 1%, from $5.84 billion at September 30, 2024 to $5.90 billion at December 31, 2024. Core deposits increased by $118.6 million, or 2%, while brokered deposits decreased by $54.9 million, or 57%. Linked quarter growth in core deposits resulted primarily from an increase in public funds deposits of $82.8 million, or 5%, and growth in retail deposits of $70.8 million, or 4%. Offsetting these increases was a decrease in commercial deposits of $35.0 million, or 2%.

“Core deposit growth was steady throughout 2024 and accounts for 99% of the funding sources for Lake City Bank,” commented Findlay. “We are pleased that our growth in core deposits came from every region of the bank. We continue to successfully fund the loan growth with in-market stable and diversified deposit growth. We continue to gain market share in our more mature Northern Indiana markets and implemented strategies to enhance growth in the Indianapolis market through data-driven marketing and business development efforts.”

Average total deposits were $6.01 billion for the fourth quarter of 2024, an increase of $208.5 million, or 4%, from $5.80 billion for the fourth quarter of 2023. Average interest-bearing deposits drove the increase in average total deposits and increased by $301.1 million, or 7%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $431.9 million, or 14%. Offsetting this increase was a reduction in average time deposits of $98.9 million, or 9%, and a decrease to average savings deposits of $31.9 million, or 10%. Average noninterest-bearing demand deposits decreased by $92.5 million, or 7%.

On a linked quarter basis, average total deposits increased by $130.9 million, or 2%, from $5.88 billion for the third quarter of 2024 to $6.01 billion for the fourth quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $93.2 million, or 2%. An increase to interest bearing checking accounts of $209.6 million, or 6%, drove the increase to average interest-bearing deposits on a linked quarter basis. Offsetting this increase was a decrease to total average time deposits of $111.1 million, or 10%. Average noninterest-bearing demand deposits increased by $37.7 million, or 3%.

Checking account trends as of December 31, 2024 compared to December 31, 2023, include growth of $310.5 million, or 24%, in aggregate public fund checking account balances, growth of $24.5 million, or 1%, in aggregate commercial checking account balances, and expansion of $34.4 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during 2024.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 62% as of December 31, 2024, compared to 61% at September 30, 2024, and 57% at December 31, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of December 31, 2024, compared to 32% at September 30, 2024, and 31% as of December 31, 2023. As of December 31, 2024, 98% of deposit accounts had deposit balances less than $250,000.

Net Interest Margin

Net interest margin was 3.25% for the fourth quarter of 2024, representing a 2 basis point increase from 3.23% for the fourth quarter of 2023. Earning assets yields decreased by 15 basis points to 5.81% for the fourth quarter of 2024 from 5.96% for the fourth quarter of 2023. The decrease in earning asset yields was offset by a decrease in the company’s funding costs of 17 basis points as interest expense as a percentage of average earning assets decreased to 2.56% for the fourth quarter of 2024, compared to 2.73% for the fourth quarter of 2023.

Linked quarter net interest margin expanded by 9 basis point to 3.25% for the fourth quarter of 2024, compared to 3.16% for the third quarter of 2024. Average earning asset yields decreased by 23 basis points from 6.04% during the third quarter of 2024 to 5.81% during the fourth quarter of 2024 and were offset by a 32 basis point decrease in interest expense as a percentage of average earning assets from 2.88% to 2.56%. The cumulative 100 basis point decline in the Federal Funds Rate during 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the monetary tightening cycle of March 2022 through September 2024 has stabilized with noninterest bearing deposits representing 22% of total deposits at December 31, 2024, compared to 24% at December 31, 2023 and 22% at September 30, 2024.

“Our thoughtful and strategic balance sheet management strategies led to healthy net interest margin expansion of 9 basis points during the fourth quarter,” noted Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer. “Net interest margin expansion resulted from reduced deposit costs that outpaced loan repricing due to falling short term rates. Our public fund balances are largely tied to the effective federal funds rate, and we also continue to benefit from fixed rate loan repricing to the higher interest rate environment.”

The loan beta for the current rate-easing cycle is 25% compared to the deposit beta of 31%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

Liquidity Overview

The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, federal funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of December 31, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.4 billion at December 31, 2023 and $3.7 billion at September 30, 2024. Utilization from these sources totaled $41.6 million at December 31, 2024, compared to $185.4 million at December 31, 2023 and $96.5 million at September 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 99% of total deposits and purchased funds.

Investment Portfolio Overview

Total investment securities were $1.12 billion at December 31, 2024, reflecting a decrease of $58.7 million, or 5%, as compared to $1.18 billion at December 31, 2023. On a linked quarter basis, investment securities decreased $24.8 million, or 2%, due primarily to a decline in the fair market value of available-for-sale securities of $36.6 million, portfolio cash flows of $15.1 million and partially offset by investment security purchases of $30 million. Investment securities represented 17% of total assets on December 31, 2024, compared to 18% at December 31, 2023 and 17% at September 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.0 years at December 31, 2024, compared to 6.5 years and 6.3 years at December 31, 2023 and September 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the impact of the higher interest rate environment. The company anticipates receiving principal and interest cash flows of approximately $104.2 million during 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and to fund new investment securities purchases.

Net interest income decreased by $356,000, or less than 1%, for the twelve months ended December 31, 2024, as compared to the twelve months ended December 31, 2023. Deposit interest expense increased by $35.0 million. Offsetting the increase in deposit interest expense was an increase in loan interest income of $29.8 million and a reduction in borrowings interest expense of $4.7 million. Net interest income was $51.7 million for the fourth quarter of 2024, representing an increase of $3.1 million, or 6%, as compared to the fourth quarter of 2023. Net interest income for the fourth quarter of 2024 benefited from an increase in loan interest income of $1.9 million and a reduction in interest expense of $667,000 compared to the prior year quarter. On a linked quarter basis, net interest income increased $2.4 million, or 5%, from $49.3 million for the third quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a $4.1 million reduction in interest expense and a $1.1 million increase in income from short-term investments. Offsetting the reduction in interest expense was a reduction in loan interest income of $2.9 million.

On a full year basis, revenue increased by $6.6 million, or 3%, to $253.5 million as compared to $246.9 million for 2023. Revenue was $63.6 million for the fourth quarter 2024 representing a decrease of $ 2.2 million or 3%, as compared to the fourth quarter of 2023. On a linked quarter basis, revenue increased by $2.4 million, or 4% from $61.2 million in the third quarter of 2024.

Asset Quality

Provision expense was $16.8 million for the year ended December 31, 2024, an increase of $10.9 million, or 186%, as compared to $5.9 million during 2023. The elevated provision recorded during 2024 as compared to the prior year was primarily driven by an increase in specific allocations from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana. The relationship was placed on nonperforming status in conjunction with the downgrade, which occurred during the second quarter of 2024. Additional specific allocations of $5.5 million were reserved for this credit during the fourth quarter of 2024. The company recorded a provision expense of $3.7 million in the fourth quarter of 2024, compared to provision expense of $300,000 in the fourth quarter of 2023. On a linked quarter basis, provision expense increased by $632,000 from $3.1 million for the third quarter of 2024, or 21%.

The allowance for credit loss reserve to total loans was 1.68% at December 31, 2024, up from 1.46% at December 31, 2023, and 1.65% at September 30, 2024. Net charge offs were $2.8 million for the full year 2024 compared to $6.5 million for 2023. Net charge offs to total loans were 0.05% for 2024 compared to 0.13% for 2023. Net charge offs in the fourth quarter of 2024 were $1.4 million compared to $433,000 in the fourth quarter of 2023 and $143,000 during the linked third quarter of 2024. Annualized net charge offs to average loans were 0.11% for the fourth quarter of 2024, compared to 0.04% for the fourth quarter of 2023, and 0.01% for the linked third quarter of 2024.

Nonperforming assets increased $40.8 million, or 253%, to $56.9 million as of December 31, 2024, versus $16.1 million as of December 31, 2023. On a linked quarter basis, nonperforming assets decreased $1.2 million, or 2%, compared to $58.1 million as of September 30, 2024. The ratio of nonperforming assets to total assets at December 31, 2024 increased to 0.85% from 0.25% at December 31, 2023 and decreased from 0.87% at September 30, 2024. The full-year increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

Total individually analyzed and watch list loans increased by $28.1 million, or 15%, to $211.1 million as of December 31, 2024, versus $183.1 million as of December 31, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $56.4 million, or 21%, from $267.6 million at September 30, 2024. Watch list loans as a percentage of total loans increased by 41 basis points to 4.13% at December 31, 2024, compared to 3.72% at December 31, 2023, and decreased by 114 basis points from 5.27% at September 30, 2024. The linked quarter decrease in total individually analyzed and watch list loans was primarily driven by the removal of six relationships from the watch list with an aggregate balance of $63.7 million, offset by the addition of four downgraded credits with an aggregated balance of $8.4 million. Approximately $45.5 million of the watch list removals were attributable to credit upgrades, with the remaining $18.2 million in removals attributable to payoffs.

“We are encouraged by the $56 million decrease in watch list credits during the quarter and are cautiously optimistic following our fourth quarter, semi-annual portfolio reviews meetings during which we review every commercial banker’s portfolio,” stated Findlay. “Economic conditions in all of our markets remain stable and we continue to actively manage our loan portfolio challenges.”

Noninterest Income

Noninterest income increased by $7.0 million, or 14%, to $56.8 million for the twelve months ended December 31, 2024, compared to $49.9 million for the prior year. The increase in noninterest income for the twelve months ended December 31, 2024 was primarily driven by the net gain on sale of Visa shares of $9.0 million. Contributing further to the increase in noninterest income was an increase to wealth and advisory fees of $1.4 million, or 15%, driven by growth in customers and favorable market performance. Bank owned life insurance income increased $1.1 million, or 34%, due to favorable market performance of the company’s variable bank owned life insurance policies. Offsetting these increases was a $4.5 million, or 49%, decrease to other income. Other income was elevated during the twelve months ended December 31, 2023 from insurance and loss recoveries of $6.3 million that were related to the 2023 wire fraud loss. Offsetting the impact of these recoveries was increased investment income from the company’s limited partnership investments and the receipt of an additional $1.0 million in recoveries from the wire fraud loss. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $46.8 million for the twelve months ended December 31, 2024, an increase of $3.3 million, or 8%, compared to $43.6 million for twelve months ended December 31, 2023.

Findlay added, “It is very gratifying to report strong growth in core noninterest income for 2024. Our fee-based lines of business made significant contributions to revenue growth during the year. Notably, Wealth Advisory fees grew by 15% and treasury management fees grew by 5%. As we move into 2025, our teams continue to be focused on driving continued growth in these business lines.”

The company’s noninterest income decreased $5.3 million, or 31%, to $11.9 million for the fourth quarter of 2024, compared to $17.2 million for the fourth quarter of 2023. Wealth advisory fees increased $388,000, or 17%, and bank owned life insurance increased $476,000, or 64%. Other income decreased $6.5 million, or 89%. Other income was elevated during the fourth quarter of 2023 primarily due to insurance and loss recoveries of $6.3 million related to the wire fraud loss. Adjusted core noninterest income was $11.9 million for the fourth quarter of 2024, an increase of $968,000, or 9%, compared to $10.9 million for the fourth quarter of 2023.

On a linked quarter basis, noninterest income for the fourth quarter of 2024 decreased by $41,000, or less than 1%, from $11.9 million during the third quarter of 2024. The linked quarter decrease was driven by a decrease to other income of $261,000, or 25%, and was offset by an increase to bank owned life insurance income $148,000, or 14%.

Noninterest Expense

Noninterest expense decreased by $5.6 million, or 4%, from $130.7 million to $125.1 million for the twelve months ended December 31, 2023 and 2024, respectively. Noninterest expense during 2023 was elevated as compared to 2024 due to the wire fraud loss, which added a net $16.7 million to noninterest expense. Offsetting this impact on noninterest expense was a $7.6 million, or 13%, increase in salaries and employees benefits during the full year 2024. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $3.2 million, performance-based incentive compensation of $2.3 million, health insurance expense of $918,000, and variable deferred compensation of $950,000, which relates to the company’s variable bank owned life insurance. Other expense increased $2.6 million, or 24%, primarily due to an accrued legal expense of $4.5 million. Data processing fees and supplies increased by $1.2 million, or 8%, from the continued investment in customer-facing and operational technology solutions. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $120.5 million for the twelve months ended December 31, 2024, an increase of $6.5 million, or 6%, compared to $114.0 million for the twelve months ended December 31, 2023.

Noninterest expense increased $1.2 million, or 4%, to $30.7 million for the fourth quarter of 2024, compared to $29.4 million during the fourth quarter of 2023. Driving the fourth quarter 2024 increase to noninterest expense was an increase to salaries and benefits expense of $1.5 million, or 10%, which was primarily attributable to increased salary expense of $825,000, deferred compensation of $414,000 and increased health insurance of $222,000. Other expense decreased by $595,000, or 20%, from lower legal accruals. Adjusted core noninterest expense increased by $1.7 million, or 6%, from $29.0 million during the fourth quarter of 2023.

On a linked quarter basis, noninterest expense increased by $260,000, or 1%, from $30.4 million during the third quarter of 2024. Driving the increase in noninterest expense was an increase in salaries and employee benefits of $785,000, or 5% primarily due to performance-based incentive compensation. Corporate and business development expense decreased by $419,000, or 31%, which was driven by a reduction in advertising expense during the quarter. Other expense decreased by $132,000, or 5%.

The company’s efficiency ratio for the twelve months ended December 31, 2024 was 49.3% compared to 52.9% for the twelve months ended December 31, 2023. The company’s adjusted core efficiency ratio, a non-GAAP financial measure that excludes the impact of certain non-routine operating events, was 49.5% for the twelve months ended December 31, 2024 as compared to 47.4% for the twelve months ended December 31, 2023.

The company’s efficiency ratio was 48.2% for the fourth quarter of 2024, compared to 44.7% for the fourth quarter of 2023 and 49.7% for the linked third quarter of 2024. The company’s adjusted core efficiency ratio was 48.7% for the fourth quarter of 2023 and unchanged when compared to the company’s efficiency ratio for the third and fourth quarters of 2024.

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.7 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


LAKELAND FINANCIAL CORPORATION FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS

	Three Months Ended									Twelve Months Ended
(Unaudited – Dollars in thousands, except per share data)	December 31,			September 30,			December 31,			December 31,			December 31,
END OF PERIOD BALANCES	2024			2024			2023			2024			2023
Assets	$	6,678,374		$	6,645,371		$	6,524,029		$	6,678,374		$	6,524,029
Investments		1,122,994			1,147,806			1,181,646			1,122,994			1,181,646
Loans		5,117,948			5,081,990			4,916,534			5,117,948			4,916,534
Allowance for Credit Losses		85,960			83,627			71,972			85,960			71,972
Deposits		5,900,966			5,837,313			5,720,525			5,900,966			5,720,525
Brokered Deposits		41,560			96,504			135,405			41,560			135,405
Core Deposits (1)		5,859,406			5,740,809			5,585,120			5,859,406			5,585,120
Total Equity		683,911			699,181			649,793			683,911			649,793
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803			3,803			3,803
Tangible Common Equity (2)		680,108			695,378			645,990			680,108			645,990
Adjusted Tangible Common Equity (2)		846,040			832,813			800,450			846,040			800,450
AVERAGE BALANCES
Total Assets	$	6,795,596		$	6,656,464		$	6,514,430		$	6,662,718		$	6,464,980
Earning Assets		6,470,920			6,329,287			6,145,937			6,328,498			6,114,225
Investments		1,134,011			1,128,705			1,107,862			1,134,979			1,184,659
Loans		5,086,614			5,064,348			4,879,695			5,039,406			4,813,678
Total Deposits		6,011,122			5,880,177			5,802,592			5,836,025			5,604,228
Interest Bearing Deposits		4,729,201			4,635,993			4,428,140			4,578,219			4,128,922
Interest Bearing Liabilities		4,729,206			4,649,745			4,441,425			4,644,553			4,295,743
Total Equity		693,744			670,160			572,653			662,087			588,667
INCOME STATEMENT DATA
Net Interest Income	$	51,694		$	49,273		$	48,599		$	196,679		$	197,035
Net Interest Income-Fully Tax Equivalent		52,804			50,383			49,914			201,363			202,347
Provision for Credit Losses		3,691			3,059			300			16,750			5,850
Noninterest Income		11,876			11,917			17,208			56,844			49,858
Noninterest Expense		30,653			30,393			29,445			125,084			130,710
Net Income		24,190			23,338			29,626			93,478			93,767
Pretax Pre-Provision Earnings (2)		32,917			30,797			36,362			128,439			116,183
PER SHARE DATA
Basic Net Income Per Common Share	$	0.94		$	0.91		$	1.16		$	3.64		$	3.67
Diluted Net Income Per Common Share		0.94			0.91			1.16			3.63			3.65
Cash Dividends Declared Per Common Share		0.48			0.48			0.46			1.92			1.84
Dividend Payout		51.06	%		52.75	%		39.66	%		52.89	%		50.41	%
Book Value Per Common Share (equity per share issued)	$	26.62		$	27.22		$	25.37		$	26.62		$	25.37
Tangible Book Value Per Common Share (2)		26.47			27.07			25.22			26.47			25.22
Market Value – High	$	78.61		$	72.25		$	67.88		$	78.61		$	77.07
Market Value – Low		61.10			57.45			45.59			57.45			43.05


	Three Months Ended									Twelve Months Ended
(Unaudited – Dollars in thousands, except per share data)	December 31,			September 30,			December 31,			December 31,			December 31,
PER SHARE DATA (continued)	2024			2024			2023			2024			2023
Basic Weighted Average Common Shares Outstanding		25,686,276			25,684,407			25,614,420			25,676,543			25,604,751
Diluted Weighted Average Common Shares Outstanding		25,792,460			25,767,739			25,732,870			25,769,018			25,723,165
KEY RATIOS
Return on Average Assets		1.42	%		1.39	%		1.80	%		1.40	%		1.45	%
Return on Average Total Equity		13.87			13.85			20.52			14.12			15.93
Average Equity to Average Assets		10.21			10.07			8.79			9.94			9.11
Net Interest Margin		3.25			3.16			3.23			3.18			3.31
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		48.22			49.67			44.74			49.34			52.94
Loans to Deposits		86.73			87.06			85.95			86.73			85.95
Investment Securities to Total Assets		16.82			17.27			18.11			16.82			18.11
Tier 1 Leverage (3)		12.15			12.18			11.82			12.15			11.82
Tier 1 Risk-Based Capital (3)		14.64			14.50			14.21			14.64			14.21
Common Equity Tier 1 (CET1) (3)		14.64			14.50			14.21			14.64			14.21
Total Capital (3)		15.90			15.75			15.47			15.90			15.47
Tangible Capital (2)		10.19			10.47			9.91			10.19			9.91
Adjusted Tangible Capital (2)		12.37			12.29			11.99			12.37			11.99
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	4,273		$	829		$	3,360		$	4,273		$	3,360
Loans Past Due 90 Days or More		28			95			27			28			27
Nonaccrual Loans		56,431			57,551			15,687			56,431			15,687
Nonperforming Loans		56,459			57,646			15,714			56,459			15,714
Other Real Estate Owned		284			384			384			284			384
Other Nonperforming Assets		143			21			8			143			8
Total Nonperforming Assets		56,886			58,051			16,106			56,886			16,106
Individually Analyzed Loans		78,647			77,654			16,124			78,647			16,124
Non-Individually Analyzed Watch List Loans		132,499			189,918			166,961			132,499			166,961
Total Individually Analyzed and Watch List Loans		211,146			267,572			183,085			211,146			183,085
Gross Charge Offs		1,657			231			566			3,468			7,332
Recoveries		299			88			133			706			848
Net Charge Offs/(Recoveries)		1,358			143			433			2,762			6,484
Net Charge Offs/(Recoveries) to Average Loans		0.11	%		0.01	%		0.04	%		0.05	%		0.13	%
Credit Loss Reserve to Loans		1.68			1.65			1.46			1.68			1.46
Credit Loss Reserve to Nonperforming Loans		152.25			145.07			458.01			152.25			458.01
Nonperforming Loans to Loans		1.10			1.13			0.32			1.10			0.32
Nonperforming Assets to Assets		0.85			0.87			0.25			0.85			0.25
Total Individually Analyzed and Watch List Loans to Total Loans		4.13	%		5.27	%		3.72	%		4.13	%		3.72	%


	Three Months Ended									Twelve Months Ended
(Unaudited – Dollars in thousands, except per share data)	December 31,			September 30,			December 31,			December 31,			December 31,
PER SHARE DATA (continued)	2024			2024			2023			2024			2023
OTHER DATA
Full Time Equivalent Employees		643			639			619			643			619
Offices		54			54			53			54			53

________________________________________________________________
(1)  Core deposits equals deposits less brokered deposits.
(2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3)  Capital ratios for December 31, 2024 are preliminary until the Call Report is filed.


CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

	December 31, 2024			December 31, 2023
	(Unaudited)
ASSETS
Cash and due from banks	$	71,733		$	70,451
Short-term investments		96,472			81,373
Total cash and cash equivalents		168,205			151,824

Securities available-for-sale, at fair value		991,426			1,051,728
Securities held-to-maturity, at amortized cost (fair value of $113,107 and $119,215, respectively)		131,568			129,918
Real estate mortgage loans held-for-sale		1,700			1,158

Loans, net of allowance for credit losses of $85,960 and $71,972		5,031,988			4,844,562

Land, premises and equipment, net		60,489			57,899
Bank owned life insurance		113,320			109,114
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		28,446			30,011
Goodwill		4,970			4,970
Other assets		124,842			121,425
Total assets	$	6,678,374		$	6,524,029


LIABILITIES
Noninterest bearing deposits	$	1,297,456		$	1,353,477
Interest bearing deposits		4,603,510			4,367,048
Total deposits		5,900,966			5,720,525

Borrowings – Federal Home Loan Bank advances		0			50,000
Accrued interest payable		15,117			20,893
Other liabilities		78,380			82,818
Total liabilities		5,994,463			5,874,236

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024
25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023		129,664			127,692
Retained earnings		736,412			692,760
Accumulated other comprehensive income (loss)		(166,500	)		(155,195	)
Treasury stock, at cost (469,239 shares and 473,120 shares as of December 31, 2024 and December 31, 2023, respectively)		(15,754	)		(15,553	)
Total stockholders’ equity		683,822			649,704
Noncontrolling interest		89			89
Total equity		683,911			649,793
Total liabilities and equity	$	6,678,374		$	6,524,029


CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2024		2023			2024			2023
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	83,253	$	80,631		$	335,639		$	304,130
Tax exempt		296		1,016			2,126			3,885
Interest and dividends on securities
Taxable		2,997		3,187			12,048			13,153
Tax exempt		3,914		4,009			15,714			16,396
Other interest income		2,910		2,099			7,631			5,703
Total interest income		93,370		90,942			373,158			343,267

Interest on deposits		41,676		42,154			172,759			137,791
Interest on short-term borrowings		0		189			3,720			8,441
Total interest expense		41,676		42,343			176,479			146,232

NET INTEREST INCOME		51,694		48,599			196,679			197,035

Provision for credit losses		3,691		300			16,750			5,850

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		48,003		48,299			179,929			191,185

NONINTEREST INCOME
Wealth advisory fees		2,699		2,311			10,469			9,080
Investment brokerage fees		456		445			1,894			1,815
Service charges on deposit accounts		2,825		2,682			11,157			10,773
Loan and service fees		2,977		2,968			11,832			11,750
Merchant and interchange fee income		889		907			3,542			3,651
Bank owned life insurance income		1,216		740			4,210			3,133
Interest rate swap fee income		0		0			0			794
Mortgage banking income (loss)		48		(70	)		116			(254	)
Net securities gains (losses)		0		(9	)		(46	)		(25	)
Net gain on Visa shares		0		0			8,996			0
Other income		766		7,234			4,674			9,141
Total noninterest income		11,876		17,208			56,844			49,858

NONINTEREST EXPENSE
Salaries and employee benefits		17,261		15,733			66,728			59,147
Net occupancy expense		1,706		1,486			6,865			6,360
Equipment costs		1,405		1,443			5,612			5,632
Data processing fees and supplies		3,742		3,698			15,161			14,003
Corporate and business development		950		877			4,965			4,807
FDIC insurance and other regulatory fees		894		894			3,465			3,363
Professional fees		2,275		2,299			8,950			8,583
Wire fraud loss		0		0			0			18,058
Other expense		2,420		3,015			13,338			10,757
Total noninterest expense		30,653		29,445			125,084			130,710

INCOME BEFORE INCOME TAX EXPENSE		29,226		36,062			111,689			110,333
Income tax expense		5,036		6,436			18,211			16,566
NET INCOME	$	24,190	$	29,626		$	93,478		$	93,767

BASIC WEIGHTED AVERAGE COMMON SHARES		25,686,276		25,614,420			25,676,543			25,604,751

BASIC EARNINGS PER COMMON SHARE	$	0.94	$	1.16		$	3.64		$	3.67

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,792,460		25,732,870			25,769,018			25,723,165

DILUTED EARNINGS PER COMMON SHARE	$	0.94	$	1.16		$	3.63		$	3.65


LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	December 31, 2024					September 30, 2024					December 31, 2023
Commercial and industrial loans:
Working capital lines of credit loans	$	649,609		12.7	%	$	678,079		13.3	%	$	604,893		12.3	%
Non-working capital loans		801,256		15.6			814,804		16.0			815,871		16.6
Total commercial and industrial loans		1,450,865		28.3			1,492,883		29.3			1,420,764		28.9

Commercial real estate and multi-family residential loans:
Construction and land development loans		567,781		11.1			729,293		14.3			634,435		12.9
Owner occupied loans		807,090		15.8			810,453		15.9			825,464		16.8
Nonowner occupied loans		872,671		17.0			766,821		15.1			724,101		14.7
Multifamily loans		344,978		6.7			243,283		4.8			253,534		5.1
Total commercial real estate and multi-family residential loans		2,592,520		50.6			2,549,850		50.1			2,437,534		49.5

Agri-business and agricultural loans:
Loans secured by farmland		156,609		3.1			157,413		3.1			162,890		3.3
Loans for agricultural production		230,787		4.5			200,971		4.0			225,874		4.6
Total agri-business and agricultural loans		387,396		7.6			358,384		7.1			388,764		7.9

Other commercial loans		95,584		1.9			94,309		1.9			120,726		2.5
Total commercial loans		4,526,365		88.4			4,495,426		88.4			4,367,788		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		259,286		5.1			261,462		5.1			258,103		5.2
Open end and junior lien loans		214,125		4.2			210,275		4.1			189,663		3.9
Residential construction and land development loans		16,818		0.3			14,200		0.3			8,421		0.2
Total consumer 1-4 family mortgage loans		490,229		9.6			485,937		9.5			456,187		9.3

Other consumer loans		104,041		2.0			103,547		2.1			96,022		1.9
Total consumer loans		594,270		11.6			589,484		11.6			552,209		11.2
Subtotal		5,120,635		100.0	%		5,084,910		100.0	%		4,919,997		100.0	%
Less: Allowance for credit losses		(85,960	)				(83,627	)				(71,972	)
Net deferred loan fees		(2,687	)				(2,920	)				(3,463	)
Loans, net	$	5,031,988				$	4,998,363				$	4,844,562


LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	December 31, 2024		September 30, 2024		December 31, 2023
Noninterest bearing demand deposits	$	1,297,456	$	1,284,527	$	1,353,477
Savings and transaction accounts:
Savings deposits		276,179		276,468		301,168
Interest bearing demand deposits		3,471,455		3,273,405		3,049,059
Time deposits:
Deposits of $100,000 or more		642,776		787,095		792,738
Other time deposits		213,100		215,818		224,083
Total deposits	$	5,900,966	$	5,837,313	$	5,720,525
FHLB advances and other borrowings		0		30,000		50,000
Total funding sources	$	5,900,966	$	5,867,313	$	5,770,525


LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended December 31, 2024							Three Months Ended September 30, 2024							Three Months Ended December 31, 2023
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,060,397		$	83,253	6.54	%	$	5,037,855		$	86,118	6.80	%	$	4,820,389		$	80,631	6.64	%
Tax exempt (1)		26,217			364	5.52			26,493			366	5.50			59,306			1,265	8.46
Investments: (1)
Securities		1,134,011			7,953	2.79			1,128,705			7,871	2.77			1,107,862			8,262	2.96
Short-term investments		2,765			29	4.17			2,841			35	4.90			2,610			32	4.86
Interest bearing deposits		247,530			2,881	4.63			133,393			1,738	5.18			155,770			2,067	5.26
Total earning assets	$	6,470,920		$	94,480	5.81	%	$	6,329,287		$	96,128	6.04	%	$	6,145,937		$	92,257	5.96	%
Less: Allowance for credit losses		(84,687	)						(81,353	)						(72,165	)
Nonearning Assets
Cash and due from banks		67,994							63,744							69,563
Premises and equipment		60,325							59,493							58,436
Other nonearning assets		281,044							285,293							312,659
Total assets	$	6,795,596						$	6,656,464						$	6,514,430

Interest Bearing Liabilities
Savings deposits	$	274,960		$	43	0.06	%	$	280,180		$	45	0.06	%	$	306,875		$	52	0.07	%
Interest bearing checking accounts		3,505,470			31,562	3.58			3,295,911			33,822	4.08			3,073,570			30,953	4.00
Time deposits:
In denominations under $100,000		214,429			1,921	3.56			215,020			1,914	3.54			220,678			1,810	3.25
In denominations over $100,000		734,342			8,150	4.42			844,882			9,775	4.60			827,017			9,339	4.48
Miscellaneous short-term borrowings		5			0	5.30			13,752			189	5.48			13,285			189	5.64
Total interest bearing liabilities	$	4,729,206		$	41,676	3.51	%	$	4,649,745		$	45,745	3.91	%	$	4,441,425		$	42,343	3.78	%
Noninterest Bearing Liabilities
Demand deposits		1,281,921							1,244,184							1,374,452
Other liabilities		90,725							92,375							125,900
Stockholders’ Equity		693,744							670,160							572,653
Total liabilities and stockholders’ equity	$	6,795,596						$	6,656,464						$	6,514,430
Interest Margin Recap
Interest income/average earning assets					94,480	5.81	%					96,128	6.04	%					92,257	5.96	%
Interest expense/average earning assets					41,676	2.56						45,745	2.88						42,343	2.73
Net interest income and margin				$	52,804	3.25	%				$	50,383	3.16	%				$	49,914	3.23	%

(1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.32 million in the three-month periods ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
(2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, are included as taxable loan interest income.
(3)  Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Twelve Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Total Equity	$	683,911		$	699,181		$	649,793		$	683,911		$	649,793
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Common Equity		680,108			695,378			645,990			680,108			645,990
Market Value Adjustment in AOCI		165,932			137,435			154,460			165,932			154,460
Adjusted Tangible Common Equity		846,040			832,813			800,450			846,040			800,450

Assets	$	6,678,374		$	6,645,371		$	6,524,029		$	6,678,374		$	6,524,029
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Assets		6,674,571			6,641,568			6,520,226			6,674,571			6,520,226
Market Value Adjustment in AOCI		165,932			137,435			154,460			165,932			154,460
Adjusted Tangible Assets		6,840,503			6,779,003			6,674,686			6,840,503			6,674,686

Ending Common Shares Issued		25,689,730			25,684,916			25,614,585			25,689,730			25,614,585

Tangible Book Value Per Common Share	$	26.47		$	27.07		$	25.22		$	26.47		$	25.22

Tangible Common Equity/Tangible Assets		10.19	%		10.47	%		9.91	%		10.19	%		9.91	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.37	%		12.29	%		11.99	%		12.37	%		11.99	%

Net Interest Income	$	51,694		$	49,273		$	48,599		$	196,679		$	197,035
Plus: Noninterest Income		11,876			11,917			17,208			56,844			49,858
Minus: Noninterest Expense		(30,653	)		(30,393	)		(29,445	)		(125,084	)		(130,710	)

Pretax Pre-Provision Earnings	$	32,917		$	30,797		$	36,362		$	128,439		$	116,183

Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Twelve Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Noninterest Income	$	11,876		$	11,917		$	17,208		$	56,844		$	49,858
Less: Net (Gain) Loss on Visa Shares		0			15			0			(8,996	)		0
Less: Insurance and Loss Recoveries		0			0			(6,300	)		(1,000	)		(6,300	)
Adjusted Core Noninterest Income	$	11,876		$	11,932		$	10,908		$	46,848		$	43,558

Noninterest Expense	$	30,653		$	30,393		$	29,445		$	125,084		$	130,710
Less: Legal Accrual		0			0			0			(4,537	)		0
Less: Wire Fraud Loss		0			0			0			0			(18,058	)
Plus: Salaries and Employee Benefits (1)		0			0			(453	)		0			1,397
Adjusted Core Noninterest Expense	$	30,653		$	30,393		$	28,992		$	120,547		$	114,049

Earnings Before Income Taxes	$	29,226		$	27,738		$	36,062		$	111,689		$	110,333
Adjusted Core Impact:
Noninterest Income		0			15			(6,300	)		(9,996	)		(6,300	)
Noninterest Expense		0			0			453			4,537			16,661
Total Adjusted Core Impact		0			15			(5,847	)		(5,459	)		10,361
Adjusted Earnings Before Income Taxes		29,226			27,753			30,215			106,230			120,694
Tax Effect		(5,036	)		(4,404	)		(4,996	)		(16,853	)		(19,119	)
Core Operational Profitability (2)	$	24,190		$	23,349		$	25,219		$	89,377		$	101,575

Diluted Earnings Per Common Share	$	0.94		$	0.91		$	1.16		$	3.63		$	3.65
Impact of Adjusted Core Items		0.00			0.00			(0.18	)		(0.16	)		0.30
Core Operational Diluted Earnings Per Common Share	$	0.94		$	0.91		$	0.98		$	3.47		$	3.95

Adjusted Core Efficiency Ratio		48.22	%		49.66	%		48.72	%		49.49	%		47.40	%

(1) In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
(2) Core operational profitability was $11,000 higher and $4.4 million lower than reported net income for the three months ended September 30, 2024 and December 31, 2023, respectively. Core operational profitability was $4.1 million lower and $7.8 million higher than reported net income for the twelve months ended December 31, 2024 and 2023, respectively.

Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

The MIL Network –

January 25, 2025

MIL-OSI: RYVYL Executes Repurchase and Repayment Agreement with Securityholder to Retire All Outstanding Series B Convertible Preferred Stock and Outstanding Balance of 8% Senior Convertible Note
Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, CA, Jan. 24, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology for diverse international markets, has executed a Preferred Stock Repurchase and Note Repayment Agreement for the full repayment and termination of an 8% Senior Convertible Note (the “Note) and the redemption of all shares of the Company’s Series B Convertible Preferred Stock (the “Preferred Stock”). The Definitive Agreement provides for:
- A first tranche payment of $13.0 million for the redemption of all of the shares of Preferred Stock held by the Securityholder, and payment of a portion of the outstanding balance of the Note so that the remaining outstanding principal balance will be $4.0 million.
- Advancing the maturity date for the remaining balance of $4.0 million due under the Note, following payment of the first tranche, to April 30, 2025.
The Company is required to pay the first tranche payment of $13.0 million on or before January 27, 2025. The first tranche due date may be extended to February 3, 2025, at the sole option of the Company, in consideration for RYVYL’s payment of an additional $50,000.
- Upon payment of the first tranche payment and execution of the Preferred Stock Repurchase and Note Repayment Agreement, certain restrictive covenants contained in the transaction documents pursuant to which the Note and the shares of Preferred Stock were issued will be waived and no additional interest will accrue and be payable, as long as the Company pays the remaining $4.0 million principal balance of the Note ($4,050,000, if the date of the first tranche payment date is extended) on or before April 30, 2025. If the Company fails to pay the remaining balance by such date, the Note will be restored to its terms prior to the first tranche payment, and interest will again accrue and be payable.
- Prior to payment of the first tranche payment, the Securityholder shall retain the ability, subject to certain market limitations, to convert the Note and the Preferred Stock into common stock.
This communication is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and does not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About RYVYL

RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. http://www.ryvyl.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes information that constitutes 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. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding timely payment of the first and second tranches, the benefit to stockholders from the repayment of the note and repurchase of the preferred shares, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

IR Contact:
David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

The MIL Network –
January 25, 2025

MIL-OSI Economics: RBI imposes monetary penalty on Datson Exports Ltd., West Bengal

Source: Reserve Bank of India

The Reserve Bank of India (RBl) has, by an order dated January 15, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Datson Exports Ltd., West Bengal (the company) for non-compliance with certain directions issued by RBI on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58 G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.

The statutory inspection of the company was conducted with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

The company had outsourced one of its decision-making functions, viz., sanction of loans, to its Digital Lending Application (DLA) partner.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/1999

MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Reserve Bank of India imposes monetary penalty on Jammu and Kashmir Bank Limited

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated January 14, 2025, imposed a monetary penalty of ₹3,31,80,000 (Rupees Three crore thirty one lakh eighty thousand only) on Jammu and Kashmir Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’, ‘Know Your Customer’ and ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The Statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said RBI directions.

After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

The bank allowed certain BSBDA holders to also open Savings Bank Deposit Accounts;
The bank did not identify beneficial owner for opening accounts of certain Legal Persons, who were not natural persons;
The bank allowed operations in certain small accounts that did not meet the regulatory requirements; and
The bank sanctioned a working capital demand loan to a Corporation against amounts receivable by way of subsidies from Government.

The action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2000

MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Reserve Bank of India imposes monetary penalty on Bank of India

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated January 07, 2025, imposed a monetary penalty of ₹1.00 crore (Rupees One crore only) on Bank of India (the bank) for non-compliance with provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) read with the ‘Depositor Education and Awareness Fund Scheme, 2014’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.

The Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with the provisions of BR Act and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions of BR Act.

After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had not transferred eligible amounts to the Depositor Education and Awareness Fund within the prescribed period.

The action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2001

MIL OSI Economics –

January 25, 2025

MIL-OSI Global: The Brutalist: an architect’s take on a film about one man’s journey to realise his visionary building

Source: The Conversation – UK – By Phevos Kallitsis, Associate Head Academic, School of Architecture Art and Design, University of Portsmouth

For anyone involved in architecture, it’s no surprise that a film focusing on a visionary architect and his profession demands the epic dimensions of cinematography, drama and a running time of 215 minutes, as in Brady Corbet’s The Brutalist. This week the film was nominated in ten Oscar categories including best picture, best director and best actor.

Despite architects being present in film from the early stages of cinema, architecture’s role in society has rarely been at the epicentre of the narrative.

Notable exceptions are King Vidor’s The Fountainhead (1949), where the architect is a vessel for Ayn Rand’s hymn to individualism; Peter Greenaway’s The Belly of an Architect (1987), which looks at the political stance of architects; and last year’s Megalopolis, where the architect is the ultimate coordinator of everyday life. But I never felt these films grasped the reality of architecture’s complex obligations or the challenges beyond designing.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

The Brutalist tells the story of the fictional Hungarian architect László Tóth (Adrian Brody) who, after surviving the Holocaust and forced separation from his wife (Felicity Jones), emigrates to Philadelphia to work in the furniture shop of his prosperous cousin (Alessandro Nivola).

Unexpectedly, Tóth is tasked with refurbishing the study of a wealthy industrialist Harrison Van Buren (Guy Pearce), who despite his initial negative reaction, hires him to design an enormous library in memory of his mother.

In the process, Van Buren takes Tóth under his wing and helps him bring his wife to the US. The commission of the building is a joyous moment, but as the process of design and construction throws up challenges, the tension escalates.

Epic films usually depict the rise and fall of their protagonist, but The Brutalist explores the interconnected fates of the architect and his buildings. Tóth is aware of what is at stake. Once at the top of his game in Hungary, he is ostracised for his modernism which is considered anti-German by the Nazis. He is also condemned for being a Jew.

But Van Buren gives Tóth a second chance after a news story praises the building and he discovers the Hungarian’s previous work and his connection to the radical German Bauhaus movement.

From that point onward, we would expect that Tóth has gained his client’s trust. His joy at getting the authorities’ approval for the building is soon punctured by the obsessive Van Buren hiring consultants to check his work and keep tabs on the budget. Soon Tóth is beset by other problems as a railway accident delays the arrival of materials causing a hiatus.

Restarting the project is accompanied by constant concerns for health and safety and the pressures of any other potential delays. Tóth is also experiencing problems in his personal life, but Corbet and Mona Fastvold’s screenplay is driven by the challenges of realising his vision for this new groundbreaking building.

The Brutalist demonstrates the intrinsic role the client plays and how the architect is beholden to them – in this case necessitating the negotiation of a tricky relationship with the demanding Van Buren. As Italian architect Aldo Rossi writes in his book The Architecture of the City, “the architecture that is going to be realised is always an expression of the dominant class”.

And the dominant class wants things done their way. Tóth is even ready to sacrifice his fee to realise his vision. He needs the building to make a name for himself at a time when capitalism is producing unprecedented opportunities for architectural expression.

It is the period about which American architect Philip C. Johnson proclaims:, “the battle for modern architecture has been won”. Think of Frank Lloyd Wright’s Johnson Wax tower or Ludwig Mies Van der Rohe’s Lake Shore Drive Apartments, or Eero Saarinen’s General Motors Technical Center to reveal how the US became the main proponent of this ambitious expansive style.

A memorable scene in the cavernous marble quarries of Carrara in Italy is both magnificent and ominous. The sheer scale that renders humans the size of ants underscores the clash between nature and power, in the level of extraction required for materials, and the exploitation of people and planet to satisfy the egos of two competing masculinities.

In the past, “What does an architect do?” was a question I often was asked by clients who wanted me to justify my fee. This is a question I now ask my students to reveal their own perceptions and values.

Architecture is one of the three main fine arts of antiquity. However, beyond the artistry and the aesthetics, its role has been developing to meet the needs of its time. In a post-war world, architects were compelled to go beyond efficiency; they needed to create an identity and capture the public’s imagination, while creating buildings with market value.

Architects take many aspects into consideration. Tóth draws beautifully, has knowledge of materials and technology, reads the landscape and understands the environment. He also manages the budget and has to promote himself in a world that mocks his accent and others him as a foreigner – architecture has a long way to go when it comes to inclusivity.

US modernism is full of immigrant architects who either moved there very young like Estonian Louis Kahn and Finn Eero Saarinen, or by accepting teaching positions like Germans Walter Gropius and Mies Van der Rohe did after the closure of the Bauhaus.

So The Brutalist needs its three and half hours to tell the saga of an immigrant architect’s life and the long arduous years it takes to complete a cherished project. As an architect in a digital era, it made me nostalgic for paper, charcoal drawings and physical models. And wish that architects had a filmmaker’s power to complete the construction of a building like a speeded-up film montage.

Phevos Kallitsis 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. The Brutalist: an architect’s take on a film about one man’s journey to realise his visionary building – https://theconversation.com/the-brutalist-an-architects-take-on-a-film-about-one-mans-journey-to-realise-his-visionary-building-248127

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Video: How to Project Europe’s Power | World Economic Forum Annual Meeting 2025

Source: World Economic Forum (video statements)

Many of Europe’s challenges, from access to critical raw materials to protecting its productive industries and ending war on the continent, cannot be overcome without a more strategically integrated foreign economic policy.

How can Europe better deploy the power of its single market, the reach of its diplomatic network and the momentum of its green transition to engage more effectively with a world transformed?

Speakers: Arancha Gonzalez Laya, Ilham Kadri, Maros Sefcovic, Patrick Pouyanné, Nikol Pashinyan

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=NMy8Ffmsj8Y

MIL OSI Video –

January 25, 2025
MIL-OSI Video: 01/23/25: President Trump Signs Executive Orders

Source: United States of America – The White House (video statements)

The White House

https://www.youtube.com/watch?v=3rmWeGbfN8o

MIL OSI Video –

January 25, 2025
MIL-OSI Russia: GUU among the most mentioned Russian universities in the media based on the results of 2024

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

The State University of Management entered the top 30 media rating of Russian higher education institutions for 2024. The data on this was published by the information and analytical company Medialogiya.

The most cited material mentioning our university was the article “Director of the Institute of Economics and Finance of the State University of Management, Professor Galina Sorokina: two categories of citizens may be allowed to retire at age 50,” which was published in June of last year.

It should be noted that the main indicator of the rating is the Media Index of Medialogy, which allows for a qualitative analysis of the effectiveness of PR.

The index is calculated automatically using linguistic analysis technologies according to the methodology developed by the Medialogia company in collaboration with mathematicians and mass media and PR analysts.

The ratings are based on the media database of the Medialogy system, which currently includes more than 100 thousand mass media: TV, radio, newspapers, magazines, news agencies and online publications.

Let us add that GUU has previously been included in the media rating: in November and July 2024, as well as in November 2023. And now our university is among the most mentioned universities for the whole of 2024 in 29th place.

The full rating can be viewed on the Medialogy website.

Subscribe to the TG channel “Our GUU” Date of publication: 01/24/2025

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI Security: Met officer charged with sexually assaulting three men and a woman

Source: United Kingdom London Metropolitan Police

A serving Met officer has been charged with committing sexual offences against three men and a woman. He was suspended from duty in December 2022.

Police Sergeant Lee Symons, attached to the West Area Command Unit, will appear at Westminster Magistrates’ Court on Monday, 27 January.

PS Symons was charged on 23 December 2024, with assault by penetration and five counts of sexual assault (by touching). These offences are alleged to have taken place on dates between 2012 and 2018 against the same man.

PS Symons was also charged on 23 December with five further counts of sexual assault by touching on dates between 2009 and 2021. Three of these counts relate to alleged offences against a man, the remaining two counts relate to alleged offences against another man and a woman.

All of the offences are alleged to have taken place against people known to him.

MIL Security OSI –

January 25, 2025
MIL-OSI: Blasting Off into the Crypto Stratosphere: SPACEWAR! Token ($SPACE) Takes Center Stage

Source: GlobeNewswire (MIL-OSI)

BERLIN, Jan. 24, 2025 (GLOBE NEWSWIRE) — In the ever-expanding universe of cryptocurrency, a new star has emerged to capture the imagination of investors and enthusiasts alike: SPACEWAR! Token ($SPACE). As an ERC-20 token inspired by the very first video game Elon Musk ever played, this innovative project combines nostalgia, cutting-edge technology, and the promise of a stellar future.

The Birth of a Classic

Originally developed in 1962 by a group of students at the Massachusetts Institute of Technology (MIT), SPACEWAR! holds the distinction of being the first-ever digital computer game. This revolutionary space combat game became a timeless classic, leaving an indelible mark on the history of gaming. Today, its legacy is carried forward with the launch of SPACEWAR! Token ($SPACE), uniting past and present in a unique crypto initiative.

A Star-Studded Team

Behind the SPACEWAR! Token is a team of renowned cryptocurrency experts with a proven track record of successful blockchain projects. With meticulous planning and a visionary approach, they’ve developed a robust framework that positions $SPACE for long-term growth and development.

Community and Influencer Power

Key to $SPACE’s rapid rise is its passionate community and widespread influencer support. A diverse group of crypto enthusiasts, thought leaders, and influencers have rallied around SPACEWAR! Token, sparking widespread excitement and engagement within the cryptocurrency ecosystem.

A Stellar Launch

The launch of SPACEWAR! Token ($SPACE) was met with overwhelming enthusiasm, with investors rushing to participate in the project. This strong debut highlights the growing confidence in the token’s potential and the dedication of its team and supporters.

What’s Next for $SPACE?

As SPACEWAR! Token gains traction, its developers have ambitious plans for future growth. By leveraging its nostalgic appeal, cutting-edge technology, and a supportive community, the token is poised to carve out a unique and lasting presence in the cryptocurrency landscape.

Conclusion

SPACEWAR! Token ($SPACE) is more than just another cryptocurrency—it’s a tribute to gaming history, a celebration of blockchain innovation, and a symbol of community-driven success. With its accomplished team, strong community backing, and a launch that exceeded expectations, $SPACE is a token worth watching.

Get ready to blast off into the crypto stratosphere—SPACEWAR! Token ($SPACE) is here to make history!

Contact Us:

VedP
Project Lead
contact@spacewareth.io

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

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1d62800e-8af9-4140-80e1-392d1c599f69

https://www.globenewswire.com/NewsRoom/AttachmentNg/c080ea0a-cf16-445b-a971-50fbf5b5c7cb

The MIL Network –

January 25, 2025
MIL-OSI Africa: Africa’s Power Revolution: Mission 300 to Light up Continent’s Future
Source: Africa Press Organisation – English (2) – Report:

ABIDJAN, Ivory Coast, January 24, 2025/APO Group/ —
- Exceptional World Bank Group-African Development Bank (http://www.AfDB.org/en) Collaboration to Connect 300 million People to Electricity by 2030
- Dar es Salaam Energy Summit to Chart Pathways for Energy Transformation
In a continent where millions of homes are still shrouded in darkness each night, a groundbreaking initiative is sparking hope. Next week, African and global changemakers will converge in Dar es Salaam, Tanzania, for the inaugural Africa Heads of State Energy Summit, where they will commit to an ambitious project to connect 300 million Africans to electricity by 2030.

The initiative, dubbed ‘Mission 300’ (M300), represents an unprecedented collaboration between the African Development Bank and the World Bank Group, alongside other global partners. The project aims to bridge the continent’s vast power divide by leveraging cutting-edge technology and innovative financing.

Several heads of state and Government from Africa and the rest of the world, will join 1,500 other participants—with strong representation from the private sector—at the January 27-28 summit. Together, they will chart Africa’s course toward universal access to affordable, reliable, and sustainable energy by 2030.

This initiative comes at a critical time: nearly 600 million Africans, representing a staggering 83 percent of the world’s energy-deprived population, lack access to electricity.

“No economy can grow, industrialize, or be competitive in the dark,” declared African Development Bank Group President Dr. Akinwumi Adesina. “This partnership is a game changer for Africa’s development.” Mission 300, launched at the World Bank/IMF Spring Meetings 2024, also has the backing of the Group of Seven (G7) and the G20.

Next week’s summit is expected to yield two significant outcomes: the Dar es Salaam Energy Declaration, stating commitments and reform actions from African governments to reform the energy sector, and the first set of National Energy Compacts, which will serve as blueprints for country-specific transformations.

Under the first phase of Mission 300, twelve countries will present their energy compacts: Chad, Côte d’Ivoire, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia. These countries represent more than half of the global population lacking access to electricity and a quarter of those lacking clean cooking solutions. Other African countries are expected to develop their compacts in subsequent phases.

The two-day gathering will also highlight energy sector successes in selected countries, establish an alliance of sector stakeholders to accelerate energy infrastructure investments, and strengthen regional power planning, market trade, and policy frameworks. These efforts will support the implementation of the Continental Master Plan and the African Single Electricity Market.

World Bank Group President Ajay Banga outlined a three-pronged approach for success: “We need action from governments, financing from multilateral development banks, and investment from the private sector.”

Already, the Global Energy Alliance for People and Planet and The Rockefeller Foundation have committed $10 million to technical assistance for electricity projects across 11 African nations—from Nigeria’s bustling cities to Madagascar’s remote villages—while energizing initiatives within COMESA, Africa’s largest regional economic community.

Pioneering Role

As Africa’s premier development finance institution, the African Development Bank Group brings substantial experience to the M300 initiative. The Bank’s current portfolio and pipeline of energy projects are forecast to deliver access to 43 million connections. Under Mission 300 and the Bank’s new Ten-Year Strategy, this will increase to 50 million connections, complemented by the World Bank’s pledge of 250 million connections by 2030.

The Bank’s track record includes landmark projects such as Kenya’s Lake Turkana Wind Power Project, which added 310 megawatts to the country’s capacity. Another ambitious effort, the Desert to Power (D2P) initiative, aims to transform Africa’s vast, sun-drenched Sahel region into a solar energy powerhouse spanning 11 countries, connecting 250 million people.

Recent successes under the D2P initiative include a $302.9 million loan co-financing for a solar power plant and electricity interconnection project between Mauritania and Mali. This project is expected to benefit 100,000 households. Through its Sustainable Energy Fund for Africa (SEFA), the Bank has supported green mini-grid projects across the continent.

As Africa works toward universal access to affordable, reliable, and sustainable energy by 2030, Mission 300 offers more than infrastructure development. For millions of Africans who have never known reliable electricity, it represents the promise of transformation—not just of the energy landscape but of daily lives.

The continent’s leaders and changemakers gathering in Dar es Salaam next week will set the stage for Africa’s electrification revolution. The partnerships forged and commitments made there will shape the continent’s journey toward achieving universal energy access, transforming millions of lives, and driving sustainable development.

“The entire world will be watching us,” Adesina said in anticipation.

Join in the conversation via our X Space live (http://apo-opa.co/42KL4wX) today.

Learn more about Mission 300 and the Africa Energy Summit here (http://apo-opa.co/3CbevgL).

MIL OSI Africa –
January 25, 2025
MIL-OSI China: Xi extends festive greetings ahead of Chinese New Year

Source: People’s Republic of China – State Council News

SHENYANG, Jan. 24 — Chinese President Xi Jinping has visited ordinary Chinese people and joined them in preparing for the Chinese New Year during an inspection trip to the northeastern industrial hub of Liaoning Province from Wednesday to Friday.

Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, extended his festive greetings to all Chinese people, wishing them happiness and health, and the country peace and prosperity in the Year of the Snake.

The Chinese New Year, or the Spring Festival, which falls on Jan. 29 this year, is the most important holiday on the Chinese calendar and an occasion for family reunions.

MIL OSI China News –

January 25, 2025
MIL-OSI United Kingdom: Garadacimab (andembry) approved to prevent angioedema attacks
Source: United Kingdom – Executive Government & Departments

The Medicines and Healthcare products Regulatory Agency (MHRA) has today, 24th January 2025, approved garadacimab (brand name Andembry) for patients aged 12 years and older with hereditary angioedema (HAE) to prevent angioedema attacks.
This national approval has been granted through an ACCESS work-sharing procedure. The ACCESS consortium is a medium-sized coalition of regulatory authorities that work together to promote greater regulatory collaboration and alignment of regulatory requirements.

HAE is a rare condition that causes fluid to build up throughout the body, triggering sudden and repeated serious swelling. HAE is a condition that often runs in families, but some people may not have a family history.

Garadacimab is administered as a subcutaneous (under the skin) injection.

Julian Beach, MHRA Interim Executive Director of Healthcare Quality and Access, said:

Patient safety is our top priority, which is why I am pleased to confirm approval of garadacimab for patients with hereditary angioedema to prevent angioedema attacks.

We’re assured that the appropriate regulatory standards of safety, quality and efficacy for the approval of this new medicine have been met.

As with all products, we will keep its safety under close review.

A study was undertaken with patients involving 64 adult and paediatric patients with HAE, who experienced at least who experienced at least 2 attacks during the run-in period, which lasted up to 2 months.

The study showed that over six months of treatment, patients taking garadacimab had a lower monthly rate of HAE attacks compared with patients given placebo.

Additionally, more patients taking garadacimab were attack-free during the first 3 months of treatment compared to placebo.

For the full list of all side effects reported with this medicine, see Section 4 of the Patient Information leaflet or the Summary of Product Characteristics available on the MHRA website.

Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.

ENDS  

Notes to editors 

The new marketing authorisation was granted on January 24th 2025 to CSL Behring GmbH

This product was submitted and approved via a national procedure and ACCESS.

More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.

The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.

The MHRA is an executive agency of the Department of Health and Social Care.

For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

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Published 24 January 2025
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Garry Taylor appointed as Director of City Development

Source: City of York

City of York Council is delighted to announce the appointment of Garry Taylor as the new Director of City Development.

Garry, who brings over 25 years of extensive experience in local government, urban regeneration, and place-making, will take up the position on Monday 27 January.

Garry joins the Council following his role as Assistant Director for Major Projects, Culture & Place at Hull City Council. There, he oversaw a £400 million public-private capital investment programme, including highways, cultural venues, retail and leisure developments, and public spaces. His leadership was instrumental in Hull’s transformation during and after its tenure as UK City of Culture 2017, delivering economic growth, cultural renewal, and significant investment to the region.

In his new role, Garry will lead York’s City Development directorate, driving forward strategic regeneration initiatives, inward investment, and sustainable growth to ensure York remains a thriving and inclusive city. A passionate advocate for place-making, Garry is committed to enhancing both the physical environment and the quality of life for all residents and visitors.

“I am truly excited to be joining City of York Council at such a pivotal time,” he said.

“York is a city with a rich heritage and dynamic community, and I look forward to working closely with colleagues, partners, and residents to build on its unique character while addressing key challenges and opportunities for sustainable and inclusive development.”

Ian Floyd, Chief Operating Officer at City of York Council, said:

“We are thrilled to welcome Garry to the team.

“His wealth of experience in urban regeneration and his proven track record of delivering transformative projects make him the ideal choice to lead our city development initiatives. We look forward to working with him to ensure York continues to flourish.”

Garry’s appointment aligns with the Council’s commitment to delivering ambitious plans for York’s future, including strengthening the city’s economy, improving infrastructure, and addressing climate and sustainability goals.

With a background in planning and regeneration and professional accreditation as a Chartered Member of the Royal Town Planning Institute (MRTPI), Garry has also been recognised for his innovative and collaborative approach to fostering partnerships, securing funding, and delivering award-winning projects.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: BLOG: A new plan for urban mobility will benefit us all
Source: City of Liverpool

Liverpool City Council is set to green light a new strategy to transform how people move around Liverpool city centre over the next 20 years. Cllr Dan Barrington discusses how the plan will increase safety, well-being and quality of life for everyone.

Liverpool City Council’s Cabinet this week approved a vitally important plan that will help improve the lives of our residents, commuters and visitors.

Our 20-year Urban Mobility and Public Spaces Plan aims to increase the use of public transport, walking, and cycling while reducing reliance on private vehicles.

This ambitious plan, part of the Council’s commitment to achieving net-zero status, will guide multi-million-pound enhancements to transport infrastructure and vibrant public spaces.

What does that mean for our city and residents?

Firstly, it means improving bus routes and connectivity between major transport hubs. Whether it’s commuters travelling to work or people out enjoying the vibrant social scene in Liverpool, everyone needs to have a fully integrated public transport system. Without it we simply will not be able to reduce car usage on our roads.

At the same time, we will be prioritizing safe and accessible cycling and walking routes throughout the city centre. Castle Street and London Road will be revitalized to create more pedestrian-friendly environments.

Obviously, we have seen work completed towards these objectives in the last few years, such as the Liverpool City Centre connectivity program, which saw significant investments in upgrading key routes.

A Focus on People and Place

The plan emphasizes a “people-first” approach, prioritizing the needs of commuters, residents, businesses, and visitors. It will also focus on environmental sustainability, reducing carbon emissions, and improving air quality.

Immediate Actions and Long-Term Vision

The plan outlines a phased approach, with immediate “quick win” projects followed by more ambitious long-term initiatives. These include:
- Improving pedestrian and public transport links at key locations.
- Developing a city-wide parking strategy to address issues like pavement parking.
- Exploring innovative solutions like bus franchising to improve public transport efficiency.
- A more sustainable future for Liverpool
One of the actions we will be looking at taking is the introduction of 20mph zones within Liverpool city centre.

This has proved successful in other parts of the UK, such as Wales where road traffic collisions, injuries and deaths have all been reduced without a significant increase in car journey times. These types of policies may attract some initial negative responses. But once residents, businesses and commuters experience the benefits that can be realised they are won over to a new way of doing things.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Media Alert – temporary city centre road closure planned

Source: City of Manchester

A temporary closure of a small section of the Bridgewater Viaduct (A56) is scheduled for Monday, January 27th.

A temporary lane closure of Bridgewater Viaduct (A56) between Whitworth Street West and Old Deansgate*/Owen Street is due to come into effect from Monday 27 January.

The closure of the southbound carriageway – travelling out of Manchester – is planned to provide work crews a safe environment to carry out the widening of the pavement around the viaduct. A diversion will be in place for those leaving the city centre, going along Whitworth Street West/Albion Street/Medlock Street.

The northbound carriageway – travelling into the city centre – will remain in use for motorists and cyclists.

This closure is planned to be in place for two weeks, extendable up to four weeks dependent on weather or if other unavoidable issues arise.

The Council will endeavour to minimise disruption during this period, but motorists are advised to avoid this stretch of road where possible during the course of works. Steps will be put in place to manage traffic around busy periods to keep delays to a minimum.

Updates can also be found via the Council’s social media channels.

Councillor Tracey Rawlins, Executive Member for Clean Air, Environment and Transport, said: “This necessary closure will be put in place to ensure that workers in the road are able to carry out their jobs safely, and I would like to thank people in advance for their patience.”

For more information about this scheme please follow this link https://www.manchester.gov.uk/deansgate-what-is-happening

*Old Deansgate is a colloquial name, used to differentiate between the sections of the road called Deansgate, which is separated by Whitworth Street West.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Asia-Pac: Interdepartmental working group on festival arrangements releases latest information on cross-boundary passenger traffic estimation and arrangements for Chinese New Year festive period

Source: Hong Kong Government special administrative region

Interdepartmental working group on festival arrangements releases latest information on cross-boundary passenger traffic estimation and arrangements for Chinese New Year festive period
Interdepartmental working group on festival arrangements releases latest information on cross-boundary passenger traffic estimation and arrangements for Chinese New Year festive period
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The interdepartmental working group on festival arrangements, led by the Chief Secretary for Administration, released the following information today (January 24) on the estimated visitor flow and arrangements for the upcoming Chinese New Year festive period. During the upcoming Chinese New Year festive period (from January 28 to February 4), the Immigration Department (ImmD), in consultation with the Shenzhen General Station of Exit and Entry Frontier Inspection and other Mainland authorities, estimates that around 7.34 million passengers (including Hong Kong residents and visitors) will pass through land boundary control points. The ImmD estimates that the passenger traffic at the Lo Wu Control Point, the Lok Ma Chau Spur Line Control Point and the Hong Kong-Zhuhai-Macao Bridge Control Point will be heavy, with a daily average forecast of about 205 000, 190 000 and 146 000 passengers respectively. To cope with the anticipated heavy traffic during the festive period, the ImmD has minimised leave for frontline officers for flexible deployment, and operation of extra clearance counters and kiosks. Additional security guards will also be deployed to provide crowd management support. Furthermore, the ImmD, the Hong Kong Police Force, the Customs and Excise Department and the MTR Corporation Limited will set up a joint command centre at the Lo Wu Control Point to make necessary arrangements. The ImmD will also establish close communication with Mainland authorities, including the Shenzhen General Station of Exit and Entry Frontier Inspection. To ensure a smooth passenger traffic flow, passenger conditions will be closely monitored and appropriate traffic diversion plans will be adopted when necessary. To avoid congestion and a longer than usual waiting time for immigration clearance, the ImmD advises all land boundary passengers to plan in advance, avoid making their journeys during busy periods and keep track of radio and TV broadcasts on traffic conditions at various control points. The busy times at boundary control points are available on the website of the ImmD at http://www.immd.gov.hk. Furthermore, passengers may also check the estimated waiting times at each land boundary control point at any time or place via the Immigration Mobile Application (ImmD Mobile App). They can then plan their trips effectively and save time queuing at control points. The ImmD Mobile App can be downloaded free of charge from the Apple App Store (supports iOS version 12.0 or above), Google Play (supports Android version 8.0 or above), Huawei AppGallery (supports Android version 8.0 or above) and the APK file available on the ImmD website. Passengers can download the ImmD Mobile App by scanning the QR code (see Annex) or via the ImmD website, http://www.immd.gov.hk. In addition, information on public transport services to and from various control points is available on the Transport Department website at http://www.td.gov.hk. For travellers making journeys to the Mainland, the ImmD reminds them to carry their proof of identity and valid travel documents for crossing the boundary. Hong Kong residents should also check the validity of their Home Visit Permits. Non-permanent residents must carry their valid smart identity card as well as their Document of Identity for Visa Purposes or valid travel document. Holders of the acknowledgement receipt issued due to reported loss or replacement of their Hong Kong identity cards, or children under 11 years old who hold Hong Kong identity cards, should carry a valid travel document or Re-entry Permit. About 700 e-Channels have been installed at various control points. The Contactless e-Channel service is available at all control points now. All eligible Hong Kong residents, after enrolment, can generate an encrypted QR code through the Contactless e-Channel mobile application to enter the e-Channel, and then verify their identity with the facial verification technology for automated immigration clearance. In addition, all control points have introduced self-service departures for visitors to Hong Kong (Smart Departure) which provides greater travel convenience for visitors. The service employs facial recognition technology for identity verification, which allows eligible visitors holding electronic travel documents to perform self-service departure clearance through Smart Departure e-Channels without prior enrolment. Hong Kong residents who require assistance while travelling outside Hong Kong may call the 24-hour hotline of the Assistance to Hong Kong Residents Unit of the ImmD at (852) 1868, call the 1868 hotline using network data or use the 1868 Chatbot via the ImmD Mobile App, send a message to 1868 WhatsApp assistance hotline or 1868 WeChat assistance hotline or submit the Online Assistance Request Form, The interdepartmental working group on festival arrangements is tasked with holistically co-ordinating and steering the preparatory work of various government departments for welcoming visitors to Hong Kong during the Chinese New Year holidays, as well as strengthening information dissemination to enable the public and visitors to plan their itineraries according to the latest situation.

Ends/Friday, January 24, 2025Issued at HKT 20:18

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Hong Kong Customs detects case involving possession of suspected “space oil drug” by passenger (with photo)

Source: Hong Kong Government special administrative region

Hong Kong Customs detects case involving possession of suspected “space oil drug” by passenger (with photo)
Hong Kong Customs detects case involving possession of suspected “space oil drug” by passenger (with photo)
******************************************************************************************

Hong Kong Customs yesterday (January 23) detected a case involving possession of suspected etomidate (the main ingredient of “space oil drug”), a kind of Part 1 poison under the Pharmacy and Poisons Regulations, by an incoming passenger at the Lok Ma Chau Control Point. A total of ten suspected “space oil drug” capsules were seized. A local 19-year-old male passenger arrived in Hong Kong via the Lok Ma Chau Control Point yesterday. During customs clearance, ten suspected “space oil drug” capsules were found in his jacket pocket. He was subsequently arrested. The arrested man has been put on bail pending further investigation. Under the Pharmacy and Poisons Ordinance, any person who possesses any poison included in Part 1 of the Poisons List other than in accordance with provisions commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for two years. Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour report hotline 182 8080 or its dedicated crime reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Ends/Friday, January 24, 2025Issued at HKT 20:18

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: AGF Investments Announces January 2025 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) —

AGF Investments Inc. (AGF Investments) today announced the January 2025 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on January 31, 2025 will receive cash distributions payable on February 6, 2025.

Details regarding the final “per unit” distribution amounts are as follows:

ETF	Ticker	Exchange	Cash Distribution Per Unit ($)
AGF Enhanced U.S. Equity Income Fund*	AENU	Cboe Canada Inc.	$0.139916
AGF Total Return Bond Fund*	ATRB	Cboe Canada Inc.	$0.131000
AGF Systematic Global Infrastructure ETF	QIF	Cboe Canada Inc.	$0.141593

*AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

Further information about the AGF ETFs can be found at AGF.com.

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

AGF ETFs are ETFs offered by AGF Investments Inc. ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

January 25, 2025

MIL-OSI: Purpose Investments Announces Expansion of Its Yield Shares Suite with the Filling of the Preliminary Prospectus for 8 New ETFs

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose Investments”) is pleased to announce that it has filed and received a preliminary prospectus with the Canadian securities regulators for the proposed launch of eight new yield-focused single-stock ETFs, expanding its acclaimed Yield Shares suite. These ETFs are designed to provide investors with monthly income while maintaining exposure to leading global companies.

The new Yield Shares ETFs include:

Yield Shares ETF	Ticker	Underlying Company
Costco (COST) Yield Shares Purpose ETF	YCOS	Costco
Palantir (PLTR) Yield Shares Purpose ETF	YPLT	Palantir
UnitedHealth (UNH) Yield Shares Purpose ETF	YUNH	UnitedHealth Group
JPMorgan (JPM) Yield Shares Purpose ETF	YJPM	JPMorgan
Coinbase (COIN) Yield Shares Purpose ETF	YCON	Coinbase
Netflix (NFLX) Yield Shares Purpose ETF	YNET	Netflix
Broadcom (AVGO) Yield Shares Purpose ETF	YAVG	Broadcom
Tech Innovators Yield Shares Purpose ETF	YMAG	Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia

“Since launching in 2022, Purpose Yield Shares has become a leading choice for investors seeking monthly income while maintaining growth exposure to the world’s top companies. In response to strong client demand, we are excited to expand our lineup to include high-growth technology and innovation leaders while also diversifying into market pioneers within the consumer staples, financial, and healthcare sectors. These new ETFs enhance the breadth of the Yield Shares suite, offering investors a wider range of opportunities to generate monthly income from industry giants while participating in their long-term growth,” said Yuan Gao, Vice President of Product. “The Yield Shares lineup remains dedicated to providing investors with access to high-quality companies with strong fundamentals and long-term growth potential. These new ETFs enable investors to continue benefiting from exposure to market leaders driving innovation and economic progress while earning monthly income. Whether in technology, consumer staples, financial services, or healthcare, our Yield Shares suite delivers a compelling mix of income and capital appreciation potential, allowing investors to share in the success of industry leaders.”

Each ETF seeks to provide shareholders with (i) long-term capital appreciation through purchasing and holding common stock of the underlying companies, including by using leverage through cash borrowing to purchase common stock of the underlying companies and (ii) distributions by writing covered call options and/or cash covered put options on a portion of the fund’s portfolio.

The Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG) intends to provide investors with exposure to a basket of leading global technology and innovation-driven companies while generating income by writing covered call options and/or cash-covered put options on a portion of the portfolio.

YMAG provides investors with a one-ticket solution to gain exposure to the Nasdaq trillion-dollar market cap club while generating monthly income. Known as “BATMMAAN,” this select group of industry leaders—Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia—is driving technological innovation across artificial intelligence, cloud computing, digital services, and next-generation infrastructure, positioning themselves as key players in the future of technology and economic growth.

Building on the success of the Yield Shares lineup, these new ETFs will aim to offer investors monthly cash distributions alongside exposure to the long-term growth potential of industry-leading companies.

About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

A preliminary long-form prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy securities of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose, or at http://www.purposeinvest.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the manager’s sole discretion.

The MIL Network –

January 25, 2025

MIL-OSI: Abaxx Announces Closing of Final Tranche of C$2,756,000 Private Placement

Source: GlobeNewswire (MIL-OSI)

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE CA:ABXX) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, is pleased to announce it has today closed its final tranche (the “Final Tranche”) of a non-brokered private placement financing (the “Financing”). The Final Tranche consisted of the issuance of 50,000 common shares (the “Shares”) of the Company at a price of C$13.00 per Share for aggregate gross proceeds of C$650,000. The Financing, which consisted of the Final Tranche and a tranche which closed on November 22, 2024, consisted of the issuance of 212,000 Shares at a price of C$13.00 per Share for aggregate gross proceeds of C$2,756,000.

The proceeds of the Financing are expected to be used for general corporate and working capital requirements, including to fund ongoing operations and/or working capital and minimum regulatory requirements for Abaxx Exchange and Abaxx Clearing. No finder’s fees or commissions were paid in connection with the Final Tranche.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issuable under the Financing have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold to or for the account or benefit of persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Abaxx Technologies
Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by the Monetary Authority of Singapore as “recognized market operator” and “approved clearinghouse”, respectively.

Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

For more information about this press release, please contact:

Steve Fray, CFO
Tel: 647-490-1590

Media and investor inquiries:

Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 647 490 1590
E-mail: ir@abaxx.tech

Cautionary Statement Regarding Forward-Looking Information

This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals or future plans and intended use of proceeds from the Financing. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, the risk factors in the Company’s most recent management’s discussion and analysis and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.

The MIL Network –

January 25, 2025
MIL-OSI NGOs: Cameroon: In Campo, local residents express their annoyance with Camvert

Source: Greenpeace Statement –

Yaounde: 21rd January 2025 – The population of Campo in the south region of Cameroon have taken to the streets to express their dissatisfaction with the companies CAMVERT, SOPHONY and BOISCAM. Following the demonstrations at the weekend, one local resident was arrested and subsequently released, while others were arrested, questioned and given a statement of facts. The communities are demanding, among other things, that Camvert revise the specifications and that the logging companies (SOPHONY and BOISCAM), which own the logging sales in FMU 0925, pay royalties.

His Majesty, Abel Mvondo, chief of the village of Ndoumessamebenga, in the Campo district, said: ‘Enough is enough, we have been patient enough and so far nothing has changed. In December, we sent a petition to the Divisional Officer, but nothing has been done. It’s time for us to make ourselves heard and demand that all these companies respect our rights. We’re not going to let Camvert continue to sacrifice our forests and exploit our lands’.

For three years now, the communities have been calling for a participatory review of the specifications with Camvert, a request that has so far gone unheeded. Likewise, the company continues to violate the law and the rights of these communities by failing to pay land royalties. Article 17 of Decree no. 76-166 of 27 April 1976 setting out the terms and conditions for the management of the National Estate stipulates that ‘revenue from the allocation of plots of land in the National Estate, either as a concession or a lease, shall be distributed as follows: 40% to the State, 40% to the Commune where the land is located, and 20% to the village community concerned for a project of interest’.

Stella Tchoukep, Forest Campaigner at Greenpeace Africa, said: ‘A framework for dialogue is needed so that the various stakeholders have a safe and structured space to discuss and find solutions to their differences. However, this framework for dialogue can only be effective if the resolutions adopted are implemented. So far, Camvert has failed to honour its commitments and has violated the law in force in Cameroon, all of which has fuelled the anger of local residents and the indignation of environmental organisations’.

Camvert SA, which has been based in Campo in the South of Cameroon region since 2019, obtained a provisional concession of more than 40,000 hectares in March 2022, under unclear circumstances. A project that has contributed significantly to the violation of the rights of local and indigenous communities whose survival depends essentially on the forest. It is also a weapon of massive destruction of the biodiversity to which Cameroon is committed. In recent years, local people have also had to contend with incursions by roaming animals, a direct consequence of the destruction of their natural habitat.Read the latest Greenpeace report on Camvert here

Media contact:

Pressdesk Africa, [email protected]

MIL OSI NGO –

January 25, 2025
MIL-OSI Video: UK Harold Macmillan, Earl of Stockton, speaks in first televised Lords debate

Source: United Kingdom UK House of Lords (video statements)

The first televised debate on 23 January 1985, forty years ago this week, saw members press government on the economy.

Former Prime Minister Harold Macmillan, then Earl of Stockton, spoke without notes for 20 minutes aged 90 as ‘a very new boy in your Lordships’ House’. Lord Stockton was said by commentators to have ‘stolen the show.’

See other speeches and find out more about the first televised proceedings from the Lords: https://www.parliament.uk/business/news/2025/january/40-years-of-broadcasting-from-the-house-of-lords/

https://www.youtube.com/watch?v=nVwK4Slf9SQ

MIL OSI Video –

January 25, 2025
MIL-OSI Europe: AFRICA/GABON – The intention to establish a Catholic University in Gabon confirmed

Source: Agenzia Fides – MIL OSI

Libreville (Agenzia Fides) – “The Holy See is interested in offering young Gabonese people an educational alternative for professional and university studies,” said Msgr. Javier Herrera Corona, Apostolic Nuncio in the Republic of Congo and Gabon, confirming the project to build a Catholic university in Gabon.The debate on the creation of this academic institution has been going on for months. In April 2024, the project was analyzed in meetings between the Minister of Higher Education, Hervé Ndoume Essigone, and the Spanish ambassador to Gabon, Ramón Molina. The proposal was reaffirmed in a recent meeting between the Apostolic Nuncio and the President of the Transition, Brice Oligui Nguema, who has expressed his support for moving forward with the initiative.The new Catholic university is part of the Gabonese authorities’ objective of strengthening the national education system, in line with strategic projects such as the creation of a digital and industrial “technopolis” in Libreville. This initiative is part of the “Digital Gabon” strategy, launched in November 2024, which seeks to promote digital transformation as a driver of development, creating a favorable environment for it. The region already has precedents of similar institutions, such as the Catholic University of Central Africa (Université Catholique d’Afrique Centrale, UCAC) in Yaoundé (Cameroon), created in 1989 through an agreement between the Holy See and the Cameroonian government.UCAC has extended its presence to other countries in the region, such as the Republic of Congo and Chad. Likewise, in the Democratic Republic of Congo there is the Université Catholique du Congo (UCC), founded in 1987. (L.M.) (Agenzia Fides, 24/1/2025)
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MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: AMERICA/VENEZUELA – People in Barquisimeto do not lose hope: the poor help the poor

Source: Agenzia Fides – MIL OSI

Friday, 24 January 2025

Barquisimeto (Agenzia Fides) – After the elections held in July last year (see Fides, 30/7/2024), there is an impression that an air of sadness, frustration and disappointment is hanging over Venezuela. Father Miguel Angel Bombin, during a visit to the country, reports the difficulties faced by the political problems facing the Venezuelan population.”In Barquisimeto, where the Don Orione Work carries out most of its work in the country, the mood is not the best, even if the environment is calm and there are no particular tensions,” reports the missionary. “Most people feel that their voice has been taken away from them, that their will has not been respected,” notes Father Bombin, who is the head of the Vice-Province of “Nuestra Señora del Pilar” of the Don Orione Work, which includes Spain and Venezuela.”The only hope is that something will change. Many are thinking of leaving the country again, we now have 8 million Venezuelans who have emigrated, and there is a fear that the exodus will start again, especially among the young people who have stayed here until now because they were hoping for something different.””This difficult situation,” he continues, “also affects the work of the Don Orione Foundation in the country. At the moment we have a day center for the disabled in Barquisimeto, and the parish, which carries out many activities, including a project with Caritas on nutrition and food. In the seminary we have two aspirants and three young people in training. We are also present in Caraballeda, where we have a preschool with 100 children up to 6 years old, and where we have been building a new parish for five years, even if the work is progressing very slowly. Unfortunately, it is not easy, we live day by day and are always struggling with resources. Since 2012 we have lost all financial support from the government and we continue to use the provincial funds and some outside help, but economically the situation is serious. We can no longer accommodate so many guests in the day center because it is difficult to find doctors or to guarantee them a decent salary. However, we are not discouraged and we see that Providence is manifested above all in the many people who come here as volunteers.””Despite the difficulties, we continue,” concludes Father Bombin, “and the Congregation continues to look forward, following that Hope that is the central theme of the 2025 Jubilee. Seeing how many people living with their difficulties are volunteering in psychiatric centers, in prisons or even in garbage dumps where so many people have to live is a sign that in these difficult situations the best in people comes out. They are poor people who help other poor people, creating closeness and solidarity. This is the hope that we want to live in this Holy Year.”Following the charism of their Founder, the spirit of charity that animates the Congregation of the Little Work of Divine Providence is not limited to a single human need but reaches orphans, women and men in difficulty, elderly and disabled people, young people in search of a better future, poor and exploited populations, and every human suffering. (AP) (Agenzia Fides, 24/1/2025)
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MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: AFRICA/DR CONGO – Escalation of violence in North Kivu: M23 rebels advance towards Goma

Source: Agenzia Fides – MIL OSI

Kinshasa (Agenzia Fides) – The North Kivu region, in the east of the Democratic Republic of Congo (DRC), is facing a serious escalation of violence, with intense fighting between the Congolese armed forces (FARDC) and the M23 rebels, who are supported by Rwandan soldiers. For their part, government troops are supported by Burundian soldiers, the Southern African Development Community Mission in the DRC (SAMIDRC), the blue helmets of MONUSCO and Wazilendo militiamen.The advance of the rebels has been significant, managing to conquer the towns of Mumbambiro and Sake, located just 30 km from the city of Goma, capital of North Kivu. In recent days, fighting has focused on strategic arteries such as Sake-Kirotshe, Sake-Mushaki and Sake-Kitshanga. The heavy fighting in Sake has triggered a new mass exodus of displaced people towards Goma, where the humanitarian situation is already alarming. Clashes have now reached the territory of Nyiragongo, near Goma, particularly in Kibumba, some 20 km from the city. Heavy artillery shelling can be heard in the northern districts of Goma, while the camps for internally displaced people in Bulengo, Kimashini and Lushagara, west of the city, have been evacuated, forcing their occupants to seek refuge in the city centre. The chaos is exacerbated by the spread of contradictory news, such as the alleged assassination of the military governor of North Kivu, Péter Cirimwami. While media close to the rebels claim his death, other sources close to the government deny it, although there has been no official confirmation. The Congo River Alliance, the political arm of the M23, has issued a statement in English and French urging SAMIDRC troops and MONUSCO blue helmets not to intervene alongside Congolese forces. In addition, the rebels have announced their intention to advance on Goma with the declared aim of “bringing peace and stability to the region.” Given the seriousness of the situation, Congolese President Félix Tshisekedi returned to Kinshasa from Davos on January 23 to meet urgently with the Ministers of the Interior and Defense. He also chaired an extraordinary meeting of the High Council of Defense on January 24 to address the crisis. In parallel, Turkish President Recep Tayyip Erdogan, on a visit to Kigali, Rwanda, expressed his willingness to mediate between Rwanda and the DRC to end the conflict. (L.M.) (Agenzia Fides, 24/1/2025)
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MIL OSI Europe News –

January 25, 2025
MIL-OSI Europe: ASIA/INDIA – The Jubilee Year in Tamil Nadu: giving new hope to the Dalits

Source: Agenzia Fides – MIL OSI

Bangalore (Agenzia Fides) – “For the Dalits, the Jubilee means hoping for the recognition of their human dignity; it means breaking the spiral of discrimination and exclusion. The Jubilee period is a time of hope for them to escape from the caste mentality and enjoy opportunities in society and in the Church on an equal basis with other citizens,” said Franciscan Father Nithya Sagayam OFM Cap, Secretary of the Commission for Castes and Scheduled Tribes (SCST) of the Council of Catholic Bishops of the State of Tamil Nadu, to Fides, referring to the Jubilee Year in the South Indian state. In an area that includes 18 dioceses and 38 civil districts, the religious works for the development, emancipation and spiritual accompaniment of the Dalits (the so-called “untouchables”), who make up 20% of the state’s population (81 million inhabitants in total) and live mainly in rural areas, with little or no access to education and social services. “Among the Catholics in Tamil Nadu (7.5 million believers in total)”, said the Franciscan Father, “Dalits make up about 60 percent, and they are the poorest of the poor, the excluded, the deprived of dignity. It is therefore important for the Catholic community to stand by them and to set out with them on the path of hope, as the Pope wishes at this time of the Jubilee.” “It is about awakening in them the hope of human dignity, of a life worth living, which they do not just spend resignedly on the fringes of society and history. Here, a caste mentality still prevails, which irreversibly relegates them to the last place,” he notes. The Commission for the Dalits of the Council of Bishops of Tamil Nadu has drawn up a program with various initiatives on the occasion of the Jubilee: “The first,” he reports, “is education and learning the English language to improve their situation and the possibility of employment; then there are emancipation initiatives such as seminars to learn how to do business, to start small economic activities; there is also the desire to deal with the phenomenon of emigration, since Dalits live in rural villages and tend to migrate to the cities”. “In this pilgrimage of hope alongside them – the religious concluded – we are always helped by faith in Jesus Christ, who has given salvation to all, so that each of us, each Dalit, is a beloved child’. (PA) (Agenzia Fides, 24/1/2025)
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MIL OSI Europe News –

January 25, 2025
MIL-OSI United Kingdom: Dibden Road fire updates
Source: City of Norwich

Published on Friday, 24th January 2025

Following the recent fire on Dibden Road, the council and partners have been actively working to ensure the safety of residents and facilitate recovery efforts.
The building at the centre of the fire was a privately owned shoe factory that was no longer operational.

The fire began on the evening of Monday 20 January and was responded to by Norfolk Fire Service.

Key actions so far:

Safety measures:

Precautionary asbestos testing was conducted periodically throughout, and all results have been negative.

Additional testing was performed in nearby areas, including a the playground at George White Primary School to enable it to reopen after a two-day precautionary closure.

Debris removal:
Environmental protection officers joined contractors to engage with residents near the site to address concerns about debris. Inspections found minimal debris in gardens, which the contractor is clearing. If you have any outstanding concerns about debris in your garden, please email compliance@norwich.gov.uk with the details.

Work on the site:
Demolition work is underway, with the work scheduled to restart on Monday 27 January, due to the high winds forecast on Friday 24 January.

Road closures:
Dibden Road will remain closed until work is completed and rubble is removed.

Bin collections:

Disrupted bin collections are resuming from the afternoon of Friday 24 January.

Looking ahead

The council and its partners are committed to keeping residents informed as recovery efforts continue. Regular updates will be shared via social media and the council website when necessary.

We thank everyone for their patience and cooperation during this time.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI USA: New solar plants expected to support most U.S. electric generation growth

Source: US Energy Information Administration

In-brief analysis

January 24, 2025

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), January 2025
Note: Capacity values represent the amount of generating capacity at utility-scale power plants (greater than 1 megawatt). Other renewables include geothermal, waste biomass, wood biomass, and pumped storage hydropower.

In our latest Short-Term Energy Outlook (STEO), we expect that U.S. renewable capacity additions—especially solar—will continue to drive the growth of U.S. power generation over the next two years. We expect U.S. utilities and independent power producers will add 26 gigawatts (GW) of solar capacity to the U.S. electric power sector in 2025 and 22 GW in 2026. Last year, the electric power sector added a record 37 GW of solar power capacity to the electric power sector, almost double 2023 solar capacity additions. We forecast wind capacity additions will increase by around 8 GW in 2025 and 9 GW in 2026, slight increases from the 7 GW added in 2024.

In contrast to solar and wind, generating capacity for most other energy sources will remain mostly unchanged in 2025 and 2026. Natural gas-fired capacity growth slowed in 2024, with only 1 GW of capacity added to the power mix, but natural gas remains the largest source of U.S. power generation.

We forecast U.S. coal retirements will accelerate, removing 6% (11 GW) of coal generating capacity from the U.S. electricity sector in 2025 and removing another 2% (4 GW) in 2026. Last year, coal retirements represented about 3 GW of electric power capacity removed from the power system, which is the lowest annual amount of coal capacity retired since 2011.

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook
Note: Other renewables include geothermal, waste biomass, wood biomass, and pumped storage hydropower.

We expect that planned renewable capacity additions will support most of the growth in U.S. electric power generation, which we expect will increase by 2% in 2025 and by 1% in 2026. The U.S. electric power sector produced a total of 4,155 billion kilowatthours (kWh) of electricity in 2024, up 3% from 2023.

Natural gas
In 2024, U.S. natural gas-fired power plants generated a total of 1,767 billion kWh, 4% more than in 2023. Natural gas-fired power accounted for around 42% of the U.S. electricity mix, mostly unchanged compared with 2023. We expect natural gas generation will decline in 2025 by 3% to 1,712 billion kWh and decrease a further 1% to 1,692 billion kWh in 2026.

Renewables
We expect renewable power generation will increase 12% in the United States to 1,058 billion kWh in 2025 and increase a further 8% to 1,138 billion kWh in 2026. Renewable sources were the second-largest contributor to U.S. power generation in 2024 and accounted for 945 billion kWh, up 9% from 2023.

Nuclear
We expect U.S. nuclear power generation to grow 2% to 796 billion kWh in 2025 and increase a further 1% to 800 billion kWh in 2026. Nuclear power generation in 2024 was up slightly from 2023, totaling 781 billion kWh. Increased nuclear generation in the forecast is partly due to the addition of the two Vogtle power plant units that began commercial operations in July 2023 and April 2024, as well as the expected restart of the Palisades power plant in October 2025.

Coal
We expect U.S. coal power generation to remain unchanged at around 640 billion kWh in 2025 and 2026. Coal electricity generation was 647 billion kWh in 2024.

Principal contributor: Katherine Antonio

MIL OSI USA News –

January 25, 2025

Category: CTF

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