NewzIntel.com

Category: Economy

  • MIL-OSI USA: Governor Stein Announces Pratt & Whitney Will Expand Manufacturing Operations in Asheville

    Source: US State of North Carolina

    Headline: Governor Stein Announces Pratt & Whitney Will Expand Manufacturing Operations in Asheville

    Governor Stein Announces Pratt & Whitney Will Expand Manufacturing Operations in Asheville
    bwood

    Raleigh, NC

    Today, Governor Stein announced that Pratt & Whitney, an RTX business (NYSE: RTX), will expand its turbine airfoil manufacturing plant in Buncombe County, a significant vote of confidence in western North Carolina. The company’s expansion project will create 325 additional jobs and includes an additional investment of $285 million in Asheville.  

    “Western North Carolina’s economy took it on the chin after Hurricane Helene, yet still it remains an incredible place to work and do business,” said Governor Josh Stein. “Pratt & Whitney clearly sees the opportunities in North Carolina and the strength of our highly skilled workforce. We look forward to welcoming them here.” 

    Pratt & Whitney is a world leader in the design, manufacture, and service of aircraft engines and auxiliary power units.  More than 17,000 customers operating in more than 200 countries and territories use Pratt & Whitney engines, with more than 90,000 engines currently in service.  The company’s Asheville facility, first announced in October 2020, produces high-tech turbine airfoils, an important component in aircraft jet engines.  The company’s new project will expand its production capacity to meet growing customer demand.

    “Pratt & Whitney’s continued investment in Asheville is critical to meet the growing demand for our products, such as the GTF for the A320family and the F135 for the F-35 Lightning II,” said Asheville General Manager for Pratt & Whitney Dan Field. “We would like to thank the state, Buncombe County and Governor Stein for their support on this project. This latest round of investment allows us to add critical process elements for the manufacture of turbine airfoils and increase the overall delivery output of this facility, enabling us to deliver on our customer commitments while creating hundreds of new jobs in the Asheville community.” 

    “The aviation industry is a key driver of North Carolina’s economic success and Pratt & Whitney’s decision strengthens our aerospace ecosystem substantially,” said Commerce Secretary Lee Lilley.  “We will continue to invest in support systems, like our community colleges and universities, that help employers like Pratt & Whitney succeed in our state—and bolster Western NC’s economy.”

    The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.

    The average salary for the new positions will be $62,413, compared with an average wage in Buncombe County of $55,416.  The new positions will bring an annual payroll impact to the community of more than $20 million per year. 

    The company’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by nearly $2.1 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $4,202,250, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. 

    The project’s projected return on investment of public dollars is 317 per cent, meaning for every dollar of potential cost, the state receives $4.17 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.  

    Because Pratt & Whitney chose to expand in Buncombe County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $1,400,750 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Buncombe, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. 

    “Many local, regional, and state organizations have worked hard to bring this new economic development project to Buncombe County, all while working diligently through the many details of storm recovery,” said Representative Eric Ager. “We look forward to seeing Pratt & Whitney continue to thrive in our great community.” 

    Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Departments of Revenue and Transportation, N.C. Commerce’s Division of Workforce Solutions, the Office of Congressman Chuck Edwards, the Golden LEAF Foundation, Duke Energy, Asheville-Buncombe Technical Community College, Biltmore Farms, Buncombe County, the City of Asheville, and the Economic Development Coalition of Asheville and Buncombe County.  

    Jan 28, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Supports Bessent for Treasury Secretary

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–The United States Senate today confirmed Scott Bessent to serve as Secretary of the U.S. Department of the Treasury by a bipartisan vote of 68-29.  In a speech on the Senate floor, U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) highlighted Mr. Bessent’s qualifications and urged colleagues to support his nomination. 
    “Mr. Bessent is committed to restoring the prosperity and opportunity experienced under President Trump’s leadership,” Crapo said.  “I look forward to working closely with him to ensure we extend the policies that benefitted Americans of every income bracket and enabled families and businesses to get ahead.  If qualifications–and, I might add, character–are one’s test for supporting a nominee, voting to confirm Mr. Bessent is one of the easiest votes we could ever take.” 
    Mr. Bessent’s nomination was previously reported favorably out of the Senate Finance Committee by a bipartisan vote of 16 to 11. 

    Read Senator Crapo’s full remarks below:
    “I rise today to urge my colleagues to vote in favor of the confirmation of Mr. Scott Bessent, who has been nominated to serve as Secretary of the Treasury.
    “Over the weekend, the Senate voted with broad bipartisan support to advance Mr. Bessent’s nomination.  In fact, fifteen of my Democrat colleagues joined Republicans in advancing Mr. Bessent’s nomination.
    “Despite Mr. Bessent’s prolific experience and qualifications—which cannot be disputed—a few detractors frame their policy preferences as if these are compliance issues with respect to his taxes. 
    “Let me be clear: Mr. Bessent followed all applicable laws and met the Committee’s longstanding and rigorous diligence standard.  The Finance Committee has the most rigorous standard of vetting nominees of any committee in the Congress, including looking at their past tax returns and having tax experts come in and evaluate their tax returns with us.
    “His diligence matched that which has applied to nominees in previous administrations. 
    “Contrary to what you have heard, he provided extensive supporting material for all of the attacks on him, including more than 3,000 pages worth, and he and his staff spent countless hours with Republican and Democrat Senate Finance Committee members and staff going over all of these allegations and all of these claimed failures to pay taxes.  
    “He’s gone further by not only divesting all of his business ties, which is no small task, but by publicly committing that if there is any change in the law in the future on these policy arguments, that he would comply with those changes in the law.
    “Let me state this again, as clearly as it can be said, Scott Bessent paid his taxes.
    “I’ve heard it said twice on this floor that he did not pay his taxes.  Experts have gone over his tax returns, and he has complied with standard, prevailing interpretations of the tax code every time.
    “The issue here is that the IRS wants to change the interpretation of the tax code, but the IRS doesn’t get to decide what our tax code says.  Congress does, and Congress has not made the changes that the IRS wants to see.
    “Even in the face of that, arguing that he should have done what the IRS wanted him to do, in fact, they didn’t even say they wanted him to do it, they said it to other taxpayers, and other taxpayers have taken the IRS to court over this issue.  Mr. Bessent has said, if the IRS prevails and changes the tax code–the interpretation of the tax code–he will comply.
    “But the argument that he has not complied with long standing tax policy and interpretation is false, and I don’t know anybody who could go through a more rigorous standard than what we put him through in the Finance Committee.
    “As for the nominee, Mr. Bessent has worked for the last three decades as one of the sharpest minds in the global finance industry.  He has decades of academic, professional and leadership experience relevant to the position of Treasury Secretary.  
    “His performance at the Committee was stellar.  His background and training are tailor-made for this role, and he has the demeanor and character to be an effective Secretary.
    “Mr. Bessent is committed to restoring the prosperity and opportunity experienced under President Trump’s leadership. 
    “This includes ensuring that we avert an over-$4-trillion tax hike on the American people if the Trump tax cuts are allowed to expire, which he rightly described at his nomination hearing as a pass/fail exercise. 
    “There should be no question that we will extend these tax cuts.
    “I’ve also heard it argued on this floor here today that this is just a tax cut for rich billionaires.  The reality is that the vast majority of the tax cut goes to everyday people–to people making less than $400,000 a year.
    “The vast majority of those tax cuts go to people in the lower-and-middle income tax brackets. The tax cuts that we are talking about gave tax cuts to every single solitary income cohort in the tax code, and the greatest tax cuts went to those in the lower- and middle-income categories.
    “It would be terrible if we did not extend these tax cuts, and yet, Mr. Bessent is attacked for saying he supports extending these tax cuts.  It doesn’t make sense.  
    “I look forward to working closely with him to ensure we extend the policies that benefitted Americans of every income bracket and enabled families and businesses to get ahead.
    “I should also say that under this tax policy, when it was passed, the richest in America paid a greater percentage of the overall tax burden than they had before.  Yet he is attacked for wanting to extend these tax cuts that will hammer every single tax paying American if they are allowed to expire
    “If qualifications–and I might add, character–are one’s test for supporting a nominee, voting to confirm Mr. Bessent is one of the easiest we could ever take. 
    “In previous congresses, many of my Republican colleagues and I have voted for candidates we considered to be qualified to serve as Treasury Secretary, even when they were nominated by Democratic presidents and we disagreed with many of their policy positions.  
    “Mr. Bessent’s candidacy ought to enjoy similar bipartisan support and I encourage my colleagues on both sides of the aisle to join with me in confirming his nomination.
    “He is the right person for this job, and I commend President Trump in making such an excellent selection.”

    MIL OSI USA News –

  • MIL-OSI: Bybit Web3 Launches Telegram Mini Wallet to Simplify Wallet Creation for Web2 Users

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 28, 2025 (GLOBE NEWSWIRE) — Bybit Web3, the Web3 division of Bybit, today announced the launch of its Telegram Mini Wallet, a significant step towards bridging the gap between Web2 and Web3. This innovative feature empowers users to seamlessly create and manage their Bybit Wallets directly within the popular Telegram messaging app, eliminating the need for separate app downloads and streamlining their Web3 journey. This integration reflects Bybit’s strategic commitment to simplifying access to blockchain technology for a broader audience, particularly Telegram’s active user base. 

    Key Features and Benefits of the Bybit Telegram Mini Wallet:

    • Simplified Onboarding: Allows users to create a Bybit Wallet easily within the Telegram interface.
    • Integrated Asset Management: Enables depositing, withdrawing, and managing crypto assets directly within Telegram.
    • Improved User Experience: Offers opportunities to participate in campaigns, engage with the Bybit ecosystem, and explore Web3 within Telegram.
    • Enhanced Accessibility: Aims to break down the barriers to entry for Web2 users and support broader blockchain adoption.

    “We’re thrilled to introduce the Telegram Mini Wallet — it’s a big step in our mission to bridge CeDeFi and become the gateway to everything on-chain,” said Emily Bao, Head of Spot and Web3. “By making wallet creation and management simpler, we’re opening the door for more people to experience the amazing possibilities of Web3. It’s all about making blockchain technology easy and accessible for everyone.”

    Exploring New Possibilities: Bybit Telegram Mini Wallet and FarmX Campaign

    The launch of the Telegram Mini Wallet aligns with the latest edition of FarmX, Bybit SpaceS’ flagship token farming initiative. This campaign features a prize pool exceeding $100,000, and an expanded selection of token rewards, including $PinEye, $FLOCK, and $USDT (via Tanssi).

    Over 20,000 users have already won USDT in previous FarmX campaigns, with more than 5,000 joining within 24 hours during a first-come, first-served event. One user earned around 50 USDT, demonstrating the potential rewards available. The upcoming campaign provides an expanded scope, featuring 50,000 slots available for users to claim potential rewards.

    The Telegram Mini Wallet addresses a common industry challenge: for many beginners, getting started with DeFi can be confusing, especially when it comes to choosing and setting up a Web3 wallet. By leveraging Telegram, a trusted platform familiar to millions, the Bybit Mini Telegram Wallet simplifies the process by allowing users to create and manage their Web3 wallet directly within the app. This seamless integration provides an easy and secure way for users to explore decentralized finance, offering a smoother introduction to owning and managing digital assets.

    Users can seamlessly connect via the Telegram Mini Wallet or their Bybit Wallet, streamlining their participation in FarmX. Moreover, holding or staking $TON unlocks exclusive perks, such as boosted rewards in the TON Pool, further enhancing the earning potential.

    Bybit’s Telegram Mini Wallet and FarmX campaign exemplifies its innovative approach to integrating social engagement with blockchain technology, empowering users with intuitive tools and generous rewards.

    #Bybit / #TheCryptoArk / #BybitWeb3

    About Bybit Web3

    Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

    Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.

    Join the revolution now and open the door to your Web3 future with Bybit.

    For more details about Bybit Web3, please visit Bybit Web3.

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press
    For media inquiries, please contact: media@bybit.com 
    For updates, please follow: Bybit’s Communities and Social Media
    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/663c0477-8b1e-44e7-a7f4-fdd6a69a6018

    The MIL Network –

  • MIL-OSI: Alliance Witan PLC – Dividend Declaration

    Source: GlobeNewswire (MIL-OSI)

    Alliance Witan PLC (‘the Company’)
    LEI: 213800SZZD4E2IOZ9W55

    Dividend Declaration

    58 Years of Rising Dividends

    Alliance Witan PLC declares a fourth interim dividend of 6.73p per share, up 6.2% on the equivalent dividend of 6.34p paid in the same period in the last financial year. The total dividend for 2024 is therefore 26.70p, an increase of 6.0% on the Company’s 2023 dividend. This sustains dividend growth for legacy Witan shareholders and marks the 58th consecutive annual increase for the Company, one of the longest track records in the investment trust industry. With substantial reserves, the Board is confident that it can go on increasing dividends well into the future.

    The dividend will be paid on 31 March 2025 to shareholders on the register at the close of business on 28 February 2025. The ex-dividend date is 27 February 2025.”

    Juniper Partners Limited
    Company Secretary

    28 January 2025

    The MIL Network –

  • MIL-OSI: Western Financial Group Honoured as a Top Alberta Employer

    Source: GlobeNewswire (MIL-OSI)

    HIGH RIVER, Alberta, Jan. 28, 2025 (GLOBE NEWSWIRE) — Thanks in part to our exceptional workplace culture, commitment to work-life balance and care for our people, customers, and communities in which we live and work, Western Financial Group (Western) has been recognized as one of Alberta’s Top Employers 2025.  

    First published in 2006, Alberta’s Top Employers is an annual competition organized by the editors of Canada’s Top 100 Employers. This special designation recognizes the employers that lead their industries in offering exceptional places to work. 

    “It’s an honour to receive this kind of recognition, particularly in a time when many industries are facing a war for talent,” said Grant Ostir, Western’s Chief Executive Officer. “This really reinforces our commitment to caring for our people, ensuring professional growth opportunities and giving them the tools they need to succeed. This commitment carries across all teams, from coast to coast.” 

    Western was also recently named to the Forbes’ Canada Best Employers 2025 list for the second time. 

    “From our inclusive environment and generous vacation time, to our commitment to the local communities in which we live and work, there are many reasons why people are drawn to work at Western,” said Kristy Rachkowski, Chief People and Culture Officer. “I’m really proud of the workplace culture we’ve cultivated and the philosophy that our people and our customers are at the heart of all we do. We can feel that at all levels throughout the organization.”  

    Founded in 1905 in High River, Alberta, Western stands out as a workplace committed to fostering a positive environment for its approximately 2,200 employees across Canada, from coast to coast. 

    Click here for more information about Western’s culture and staff insights. For more information about Western Financial Group, visit www.westernfinancialgroup.ca. 

    Western Financial Group Inc.  

    Headquartered in High River, Alberta, Western Financial Group is a diversified insurance services company focused on creating security and peace of mind and has provided over one million Canadians with the proper protection for over 100 years. Western is committed to community service, customer service, innovation, growth, and people while providing personal and business insurance through our engaged team of over 2,000 people in approximately 200 communities, affiliates, and various connected channels.  

    Since the very beginning, supporting our local communities has guided everything we do – it’s who we are. In 2001, the Western Financial Group Communities Foundation (our non-profit charity) was created as a way for our team members to give back and positively impact the people and pride in the places where we live, work and play – to date we have granted over $9 million back into our communities.  

    Western Financial Group is a subsidiary of Trimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company. Visit https://westernfinancialgroup.ca for more. 

    For more information, please contact:  

    Nichola Petts, PR Manager: Nichola.petts@westernfg.ca  

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/239fad2e-3930-406d-bedf-d41e0dedd2ac

    The MIL Network –

  • MIL-OSI: Bybit Brings Gold and Forex Trading to the Forefront with Exclusive Copy Trading Fiesta

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 28, 2025 (GLOBE NEWSWIRE) —

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has unveiled the Copy Trading Gold & FX Fiesta, an exclusive event offering a total prize pool of 130,000 USDT. This unique opportunity invites crypto traders to explore Gold and Forex markets through Bybit’s innovative Copy Trading platform, which simplifies trading for beginners and experienced participants alike. The event runs from now until Feb. 24, 2025, providing a seamless gateway for crypto traders to expand their strategies into new asset classes.

    Participants can unlock rewards by completing a variety of engaging tasks. Traders who register as Master Traders and complete their first trade on the Copy Trading Gold & FX platform will be eligible to receive a 50 USDT airdrop. Those who choose to follow a Master Trader and execute their first copy trade are eligible for a 10 USDT airdrop. Participants can enhance their chances of winning by completing a daily trading task. By trading at least 2 lots of Gold or forex, they can unlock one Lucky Draw opportunity each day, adding more potential rewards to their experience.

    Bybit’s Copy Trading Gold & FX Fiesta is designed to help traders diversify their portfolios, moving beyond traditional cryptocurrency markets to explore the potential of Gold and Forex. With the global economy showing positive growth, this is a chance to discover new opportunities and expand into promising asset classes. Bybit’s platform ensures convenience by leveraging USDT instead of fiat, simplifying transactions and making it easy for users to participate. Beginners can follow the strategies of experienced traders through Copy Trading, gaining confidence and insights as they trade alongside industry pros.

    Joan Han, Sales and Marketing Director at Bybit, shared her thoughts on the event: “By combining exclusive features with a user-friendly platform, we’re making it easier than ever for our users to explore new trading opportunities and diversify their portfolios. This event is the perfect gateway for those looking to enter the Gold and Forex markets while leveraging the expertise of seasoned traders.”

    Rewards for this event are distributed on a first-come, first-served basis. Lucky Draw rewards will be credited to winners’ Rewards Hub and must be claimed within 14 days. To qualify, participants must register via the designated event page and complete Identity Verification Level 1. Restrictions apply, and users are advised to read the terms and conditions. 

    For any questions or assistance, users can contact Bybit’s Customer Support team.

    #Bybit / #TheCryptoArk

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press
    For media inquiries, please contact: media@bybit.com 
    For updates, please follow: Bybit’s Communities and Social Media
    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d39060a8-34cf-4f63-bc50-08e09e6d083d

    The MIL Network –

  • MIL-OSI USA: Senator Marshall Joins Fox Business The Bottom Line: We Have a New Sheriff in Town

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Fox Business’ The Bottom Line to discuss President Trump’s America First foreign policy strategy and the Senate confirming Scott Bessent as Secretary of the Department of Treasury.
    Senator Marshall sits on the Senate Finance Committee, met with Bessent ahead of his confirmation hearing, and voted yes to confirm him as Treasury Secretary. The Senator strongly believes that Bessent is the right leader to revive America’s economy.
    You may click HERE or on the image above to watch Senator Marshall’s full interview.
    Highlights from Senator Marshall’s interview include: 
    On President Trump’s proposed tariffs on Colombia:
    “This whole week’s been nothing but shock and awe. It’s been a blitzkrieg for Donald Trump. It’s been a long time since we’ve seen a leader like this, so this sends a clear message to all the leaders – don’t mess with the United States right now, that we have a new sheriff in charge.”
    “What was impressive was the speed this came out. In years past, this would take weeks for a policy to develop. There’s President Trump between swings saying, enough of this – Colombia, take back your criminals. So indeed, a new sheriff in town.”
    On Scott Bessent passing Senate confirmation to become the next Secretary of the Treasury:
    “Of course, I voted yes, and it went through with flying colors, 68 to 29. Scott Bessent is approved to be your next Secretary of the Treasury. Scott’s going to do a great job. He’s going to bring some South Carolina common sense to everything here. He was raised in a small town, but yet he’s financially brilliant, so I think he’ll be part of the solution as we work forward on the legislation and balancing our budget.”

    MIL OSI USA News –

  • MIL-OSI Banking: Media advisory: Corruption Perceptions Index to be published on 11 February 2025

    Source: Transparency International

    Transparency international will release its 2024 Corruption Perceptions Index on Tuesday, 11 February 2025 at 6:01 CET (12:01 EST).

    The Corruption Perceptions Index (CPI) is the leading global indicator of public sector corruption, providing an annual comparative snapshot of 180 countries and territories. The index for 2024 is calculated using data from 13 external sources.

    Watch the CPI explainer video

    The 2024 CPI edition assesses how countries have responded to corruption over time, reviewing progress and failures in the past year, while focusing particularly on how corruption is undermining climate action around the world. It shows how the biggest recipients of climate finance are facing governance and corruption challenges and that undue influence from the fossil fuel industry is limiting the ambition of wealthy nations to tackle climate change.

    2024 Corruption Perceptions Index

    11 February 2025 at 06:01 CET

    Published online at  www.transparency.org/cpi/

    Embargoed materials will be available on Tuesday, 4 February. To request interviews or press materials under embargo until publication, please email Felix Arbenz-Caines at di:ga Communications [email protected] or the press office at Transparency International Secretariat [email protected].

    For national enquiries, please contact the appropriate Transparency International chapter.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Reappointment of Ofgem Chief Executive

    Source: United Kingdom – Executive Government & Departments 2

    Jonathan Brearley reappointed as Chief Executive Officer of Ofgem.

    Energy Secretary Ed Miliband has today (14 January 2025) confirmed the reappointment of Jonathan Brearley as Chief Executive Officer of Ofgem.

    The reappointment will run from 1 February 2025 until 31 January 2030.

    The Secretary of State has also extended the terms of 2 non-executive directors – Myriam Madden to 31 March 2025 and Barry Panayi to 16 March 2027.

    Biographies

    Jonathan Brearley – Chief Executive Officer

    Jonathan Brearley was appointed as an executive member of the Ofgem Board in 2018. Jonathan became Ofgem’s Chief Executive Officer on 3 February 2020. This follows his previous appointment as Executive Director for Systems and Networks in April 2018.

    He has wide-ranging energy sector experience, having led Electricity Market Reform as the Director for Energy Markets and Networks at the Department of Energy and Climate Change (DECC).

    Prior to this, he was Director of the Office of Climate Change, a cross-government strategy unit focussed on climate change and energy issues, where he led the development of the Climate Change Act. Earlier in his career, Jonathan was a senior adviser in the Prime Minister’s Strategy Unit.

    Appointed: 3 February 2020
    Reappointed: 1 February 2025
    Term ends: 31 March 2025

    Myriam Madden – Non-Executive Director

    Myriam was appointed to the Ofgem Board in January 2020. She has held senior executive finance and operational positions in global technology companies, financial services in the UK, US and Europe, as well as the public sector. An experienced Executive Director, Myriam specialised in business transformation, operational restructuring and finance in both the private and public sectors.

    Myriam is a chartered management accountant and a Board member of the International Ethics Standards Board for Accountants (IESBA). She is a Board member of Home Group, chairman of their Scottish subsidiary, a board member of the Traverse Theatre and chairman of their Audit committee.

    Myriam previously served as a non-executive member of the Audit and Risk Assurance Committee of BEIS. She was also a Board member of the American Institute of Certified Public Accountants and President of the Chartered Institute of Management Accountants, both global accounting bodies.

    Appointed: 1 January 2020
    Extended: 1 February 2025
    Term ends: 31 January 2030

    Barry Panayi Madden – Non-Executive Director

    Barry was appointed to the Ofgem Board in March 2020. He specialises in data and digital transformation and has worked in data for the whole of his career. He is currently Chief Data and Insight Officer for John Lewis.

    Prior to John Lewis, Barry spent the majority of his early career at Ernst & Young helping to lead the data and analytics practice and has subsequently headed up data and digital teams in organisations such as Bupa, Virgin and Lloyds Banking Group.

    Appointed: 16 March 2020
    Extended: 1 February 2025
    Term ends: 16 March 2027

    Updates to this page

    Published 14 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Oricidin Launches Groundbreaking Dental Gel for Long-Term Periodontitis Treatment

    Source: GlobeNewswire (MIL-OSI)

    BEVERLY HILLS, California, Jan. 28, 2025 (GLOBE NEWSWIRE) — Orocidin A/S, a subsidiary of Nordicus Partners Corporation (OTCQB: NORD) (“Nordicus” or the “Company”), a financial consulting company specializing in supporting Nordic and U.S. life sciences companies in establishing themselves in the U.S. market, has developed a novel, proprietary dental gel that represents a significant breakthrough in the long-term treatment of periodontitis.

    This innovative low-viscosity gel, featuring a unique active ingredient, offers an effective and convenient solution for long-term management of this widespread oral health condition. The gel is applied by dentists using a syringe and flushing cannula to deliver the treatment directly into dental pockets. Upon contact with oral cavity moisture, the gel forms a semi-solid, bioadhesive crystalline matrix. This structure enables the slow and localized release of the active peptide, ensuring sustained treatment efficacy over time.

    The formulation leverages an optimized ratio of triglycerides, monoglycerides, and water. When exposed to water naturally present in the oral cavity, the gel rapidly forms a semi-solid bioadhesive crystalline matrix, enabling the slow, localized release of the active peptide for effective, long-term treatment of periodontitis. All components are biocompatible and FDA-approved for oral use, ensuring safety and effectiveness for patients.

    “Oricidin’s innovative dental gel represents a significant advancement in the treatment of periodontitis,” said Allan Wehnert, Founder and CEO of Orocidin. “By combining cutting-edge science with patient-centered design, we aim to improve both outcomes and the overall dental care experience,”.

    For further information, contact:

    Mr. Henrik Rouf
    Chief Executive Officer
    Phone +1 310 666 0750
    Email hr@nordicuspartners.com

    Investor Relations
    Jonathan Paterson
    Harbor Access Investor Relations
    Jonathan.Paterson@Harbor-Access.com
    Tel +1 475 477 9401

    About Nordicus Partners Corporation

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    This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 

            

    The MIL Network –

  • MIL-OSI: Summit State Bank Reports Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA ROSA, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported a net loss of $6,605,000, or $0.98 loss per diluted share for the fourth quarter ended December 31, 2024, compared to net income of $1,901,000, or $0.28 per diluted share for the fourth quarter ended December 31, 2023. The current quarter’s results were impacted by expenses including a $6,646,000 provision for credit losses on loans and a $4,119,000 one-time non-cash impairment charge to write off the remaining balance of goodwill. The Bank has taken significant charge offs and provisions for credit losses in the fourth quarter of 2024 as a proactive step towards resolving its problem loans. The goodwill impairment was a result of the Bank’s stock price trading below book value and is a non-cash charge that does not impact the Bank’s cash flows, liquidity, or regulatory capital. The Bank ended the year with improved regulatory capital ratios and is focused on expanding net interest margin in 2025.

    For the year ended December 31, 2024, the Bank reported a net loss of $3,656,000, or $0.54 loss per diluted share compared to net income of $10,822,000, or $1.62 per diluted share for the year ended December 31, 2023. The 2024 net income loss was primarily attributable to annual provision for credit losses on loans totaling $7,958,000 and a one-time non-cash goodwill impairment expense of $4,119,000.

    Pre-tax, pre-provision net income before goodwill1 was $2,994,000 for the quarter ended December 31, 2024, compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively. “At the beginning of 2024, the Bank was negatively impacted by the ongoing strains that the high-interest rate environment put on our funding costs,” said Brian Reed, President and CEO. “By the fourth quarter of 2024, the Bank’s core operating results improved due to a lower cost of funds and improved noninterest income.”

    “The Bank continues to focus on maintaining strong capital levels and did that effectively in 2024 by strategically managing the balance sheet and suspending cash dividends.
    As such, the Board determined it will also suspend cash dividends in the first quarter of 2025 so that we can build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”

    “The largest negative impact on the Bank’s performance in 2024 was a result of the heightened level of non-performing assets,” said Reed. “We have been aggressively pursuing solutions to these problem loans and have reduced our non performing loans by $9,160,000 in the fourth quarter of 2024. We anticipate non performing loans will be further reduced by $18,187,000 in the first half of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract to be sold.”

    “We are headed into 2025 feeling positive about our prospects subsequent to our significant progress in resolving problem loans. We continue to maintain our well capitalized status and sufficient liquidity after having realized successive quarters of improved net operating income results,” concluded Reed.

    Fourth Quarter 2024 Financial Highlights (at or for the three months ended December 31, 2024)

    • The Bank’s Tier 1 Leverage ratio increased to 8.92% at December 31, 2024 compared to 8.85% at December 31, 2023. This ratio remains above the minimum of 5% required to be considered “well-capitalized” for regulatory capital purposes.
    • The Bank has implemented numerous operating cost saving initiatives including an 8% reduction in force.
    • The Bank’s annualized loss on average assets and annualized loss on average equity for the fourth quarter of 2024 was 2.39% and 25.94%, respectively. The pre-tax, pre-provision return on average assets before goodwill1 and pre-tax, pre-provision return on average equity before goodwill1 in the fourth quarter would have been 1.08% and 11.76%, respectively.
    • Net income was a loss of $6,605,000 for the fourth quarter of 2024. Pre-tax, pre-provision net income before goodwill1 was $2,994,000 for the fourth quarter of 2024 compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
    • Collateral relating to two of the non performing loans is in contract to sell in the first half of 2025 and the expected proceeds represent 65% or $18,010,000 of the remaining $27,754,000 of non performing loans.
    • The allowance for credit losses to total loans was 1.50% after charging off $8,343,000 and recording a $6,646,000 provision for credit losses to replenish reserves on December 31, 2024.
    • The Bank maintained strong total liquidity of $435,409,000, or 40.8% of total assets as of December 31, 2024. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $111,471,000 or 10.4% of total assets, plus available borrowing capacity of $323,938,000 or 30.3% of total assets.
    • The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
      • Net loans decreased $33,627,000 to $904,999,000 at December 31, 2024, compared to $938,626,000 one year earlier and decreased $12,368,000 compared to $917,367,000 three months earlier.
      • Total deposits decreased 5% to $962,562,000 at December 31, 2024, compared to $1,009,693,000 at December 31, 2023, and decreased 4% when compared to the prior quarter end of $1,002,770,000.
    • Book value was $13.61 per share, compared to $14.40 per share a year ago and $14.85 in the preceding quarter.

    Operating Results

    For the fourth quarter of 2024, the annualized loss on average assets was 2.39% and the annualized loss on average equity was 25.94%. This compared to an annualized return on average assets of 0.67% and an annualized return on average equity of 8.02%, respectively, for the fourth quarter of 2023. These ratios were negatively impacted during the fourth quarter of 2024 by a credit loss provision and one-time goodwill impairment. Without the impact from these items, the pre-tax, pre-provision return on average assets before goodwill1 and the pre-tax, pre-provision return on average equity before goodwill1 would have been 1.08% and 11.76%, respectively, for the three months ended December 31, 2024.

    For the year ended 2024, the loss on average assets was 0.37% and the loss on average equity was 3.69%. This compares to the return on average assets of 0.95% and return on average equity of 11.56%, respectively, for the year ended 2023.

    The Bank’s net interest margin was 2.88% in the fourth quarter of 2024 compared to its lowest quarterly net interest margin this year of 2.71% which occurred in the second and third quarters of 2024. The current net interest margin is also higher compared to the fourth quarter of 2023 of 2.85%. This was primarily attributable to the cost of deposits decreasing in the fourth quarter of 2024 to 2.87% compared to 3.05% during the preceding quarter. “We are starting to see an improvement in cost of funds in response to the Federal Reserve rate decreases. As CDs mature, we expect to see continued improvement in deposit pricing in the near future,” said Reed. “In addition, loan yields have started to improve as our existing loans have started to reprice.”

    Interest and dividend income decreased 1.0% to $14,935,000 in the fourth quarter of 2024 compared to $15,036,000 in the fourth quarter of 2023. The decrease in interest income is attributable to a $182,000 decrease in interest on investment securities and a $137,000 decrease in interest on deposits with banks offset by an increase of $214,000 in interest and fees on loans.

    Noninterest income increased in the fourth quarter of 2024 to $1,373,000 compared to $297,000 in the fourth quarter of 2023. The increase is primarily attributed to the Bank recognizing $857,000 in gains on sales of SBA guaranteed loan balances in the fourth quarter of 2024 compared to no gains on sales of SBA guaranteed loan balances in the fourth quarter of 2023.

    Operating expenses increased in the fourth quarter of 2024 to $10,200,000 compared to $5,483,000 in the fourth quarter of 2023. The increase is primarily due to a one-time non-cash impairment charge of $4,119,000 to write off the remaining balance of goodwill. In addition, the Bank recorded a $443,000 loss related to an external check fraud event during the fourth quarter of 2024. The Bank has filed an insurance claim related to this fraud loss and may be partially reimbursed by insurance at a later date.

    “We remain focused on enhancing revenue generation and driving significant cost efficiencies to improving our operational effectiveness. To date we have leveraged existing staff and technologies to reduce third-party expenses, eliminated raises and bonuses, reduced employee benefits Bank-wide, and reduced director fees.”

    Balance Sheet Review

    During 2024, the Bank strategically managed its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. As a result of the efforts, net loans decreased 4% to $904,999,000 and total deposits also decreased 5% to $962,562,000 as of December 31, 2024 compared to December 31, 2023.

    Net loans were $904,999,000 at December 31, 2024 compared to $938,626,000 at December 31, 2023, and decreased 1% compared to September 30, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio, “secured by farmland” totaling 9% of the portfolio, and 7% in commercial and industrial loans. Of the commercial real estate total, approximately 34% or $231,000,000 is owner occupied and the remaining 66% or $451,000,000 is non-owner occupied. The Bank’s entire loan portfolio is well diversified between industries including office space which totals $116,400,000.

    Total deposits were $962,562,000 at December 31, 2024 compared to $1,009,693,000 at December 31, 2023, and decreased 4% compared to the prior quarter end. At December 31, 2024, noninterest bearing demand deposit accounts decreased 8% compared to a year ago and represented 19% of total deposits; savings, NOW and money market accounts decreased 9% compared to a year ago and represented 49% of total deposits, and CDs increased 4% compared to a year ago and comprised 32% of total deposits.

    Shareholders’ equity was $92,261,000 at December 31, 2024, compared to $100,662,000 three months earlier and $97,678,000 a year earlier. The decrease in shareholders’ equity compared to a year ago was due to a reduction in retained earnings. At December 31, 2024 book value was $13.61 per share, compared to $14.85 three months earlier, and $14.40 at December 31, 2023.

    The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of 5% necessary to be categorized as “well-capitalized” for regulatory capital purposes. The Tier-1 leverage ratio at the end of 2024 was 8.92%, an increase compared to 8.85% at the end of 2023.

    Credit Quality

    “Our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “To that end we charged off loans of $8,343,000 and recorded a $6,646,000 provision for credit losses to replenish reserves during the fourth quarter of 2024. Three credits represent 94% or $26,040,000 of our non performing loans and are “secured by farmland” which have been hit hard by the current environment. The bank holds a small portion of its total loans in this industry and actively monitors the performance of these loans. Collateral relating to two of these three non performing loans is in contract to sell in the first half of 2025 and represents 65% or $18,010,000 of the non performing portfolio. The remaining non performing loans are being reserved at current appraisal value less selling cost.”

    Non performing assets were $32,884,000, or 3.08% of total assets, at December 31, 2024. This compared to $41,971,000 in non performing assets at September 30, 2024, and $44,206,000 in non performing assets at December 31, 2023. Non performing assets include $5,130,000 for one other real estate owned loan at December 31, 2024 and September 30, 2024, compared to no other real estate owned loans at December 31, 2023.

    There were $8,343,000 in net charge-offs during the three months ended December 31, 2024, compared to no charge-offs during the three months ended September 30, 2024 and net recoveries of $9,000 during the three months ended December 31, 2023.

    For the fourth quarter of 2024, consistent with factors within the allowance for credit losses model, the Bank recorded a $6,646,000 provision for credit loss expense for loans, a $8,000 provision for credit losses for unfunded loan commitments and a $2,000 reversal of credit losses on investments. This compared to a $31,000 reversal of credit loss expense on loans, a $65,000 reversal of credit losses on unfunded loan commitments and a $31,000 provision for credit losses on investments in the fourth quarter of 2023.

    The allowance for credit losses to total loans was 1.50% on December 31, 2024, and 1.60% on December 31, 2023. The decrease is due to $9,690,000 in loan charge-offs offset with a provision for credit losses on loans of $7,958,000 and $91,000 reversal of credit losses on unfunded loan commitments recorded during the year ended December 31, 2024.

    About Summit State Bank

    Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of $1.1 billion and total equity of $92 million as of December 31, 2024. The Bank has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

    Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

    Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

    The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-K for the period ended December 31, 2024 and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

    Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

    1Non-GAAP Financial Measures

    This release contains non-GAAP (Generally Accepted Accounting Principles) financial measures in addition to the results presented in accordance with GAAP. These Non-GAAP financial measures include pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision return on average assets before goodwill (“ROAA”), and pre-tax, pre-provision return on average equity (“ROAE”) before goodwill. We believe the presentation of these non-GAAP financial measures, provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our history results and those of our peers.

    Not all companies use identical calculations or the same definitions of pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision ROAA before goodwill and pre-tax, pre-provision ROAE before goodwill, so the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. These non-GAAP financial measures should be taken together with the corresponding GAAP measure and should not be considered a substitute for the GAAP measure. Reconciliations of the most directly comparable GAAP measures to these non-GAAP financial measurements are presented below.

    Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908

                         
        Three Months Ended
                         
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
        (In thousands)
    Reconciliation of non-GAAP pre-tax, pre-provision income net of goodwill                
                         
    Net (loss) income   $ (6,605 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,652       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,172 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,125 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                         
    Excluding goodwill impairment     4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,994     $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                       
                         
                         
        Three Months Ended
                         
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
        (In thousands)
    Reconciliation of non-GAAP return on average assets                  
                         
    Average assets   $ 1,098,890     $ 1,098,469     $ 1,078,700     $ 1,087,960     $ 1,123,057  
    (Loss) return on average assets (1)     -2.39%       0.23%       0.35%       0.51%       0.67%  
                         
    Net (loss) income   $ (6,605 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,652       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,172 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,125 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                         
    Excluding goodwill impairment     4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,994     $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                         
    Adjusted return on average assets (non-GAAP) (1)   1.08%       0.77%       0.47%       0.72%       0.93%  
                         
    (1) Annualized.                
                         
        Three Months Ended
                         
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
        (In thousands)
    Reconciliation of non-GAAP return on average shareholders’ equity                
                         
    Average shareholders’ equity   $ 101,313     $ 99,962     $ 97,548     $ 97,471     $ 94,096  
    (Loss) return on average shareholders’ equity (1)   -25.94%       2.48%       3.82%       5.74%       8.02%  
                         
    Net (loss) income   $ (6,605 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,652       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,172 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,125 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                         
    Excluding goodwill impairment     4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,994     $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                         
    Adjusted return on average shareholders’ equity (non-GAAP) (1)   11.76%       8.42%       5.21%       8.04%       11.14%  
                         
    (1) Annualized.                
                     
                   
    SUMMIT STATE BANK
    STATEMENTS OF INCOME
    (In thousands except earnings per share data)
                   
      Three Months Ended   Year Ended
      December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                   
    Interest and dividend income:              
    Interest and fees on loans $ 13,623     $ 13,409     $ 53,574     $ 52,560  
    Interest on deposits with banks   655       792       2,060       4,410  
    Interest on investment securities   530       712       2,614       2,855  
    Dividends on FHLB stock   127       123       514       416  
    Total interest and dividend income   14,935       15,036       58,762       60,241  
    Interest expense:              
    Deposits   7,099       7,113       28,495       24,227  
    Federal Home Loan Bank advances   6       –       337       177  
    Junior subordinated debt   128       94       454       375  
    Total interest expense   7,233       7,207       29,286       24,779  
    Net interest income before provision for credit losses   7,702       7,829       29,476       35,462  
    Provision for (reversal of) credit losses on loans   6,646       (31 )     7,958       342  
    Provision for (reversal of) credit losses on unfunded loan commitments   8       (65 )     (91 )     (68 )
    (Reversal of) provision for credit losses on investments   (2 )     31       (22 )     58  
    Net interest income after provision for (reversal of) credit              
    losses, unfunded loan commitments and investments   1,050       7,894       21,631       35,130  
    Non-interest income:              
    Service charges on deposit accounts   225       219       926       872  
    Rental income   61       54       241       193  
    Net gain on loan sales   857       –       2,114       2,481  
    Net gain on securities   6       –       6       –  
    FHLB prepayment fee   –       –       –       1,024  
    Other income   224       24       865       631  
    Total non-interest income   1,373       297       4,152       5,201  
    Non-interest expense:              
    Salaries and employee benefits   3,429       3,044       15,639       15,399  
    Occupancy and equipment   413       386       1,761       1,713  
    Goodwill impairment   4,119       –       4,119       –  
    Other expenses   2,239       2,053       7,889       7,938  
    Total non-interest expense   10,200       5,483       29,408       25,050  
    (Loss) income before provision for income taxes   (7,777 )     2,708       (3,625 )     15,281  
    (Reversal of) provision for income taxes   (1,172 )     807       31       4,459  
    Net (loss) income $ (6,605 )   $ 1,901     $ (3,656 )   $ 10,822  
                   
    Basic (loss) earnings per common share $ (0.98 )   $ 0.28     $ (0.54 )   $ 1.62  
    Diluted (loss) earnings per common share $ (0.98 )   $ 0.28     $ (0.54 )   $ 1.62  
                   
    Basic weighted average shares of common stock outstanding   6,719       6,698       6,714       6,695  
    Diluted weighted average shares of common stock outstanding   6,719       6,698       6,714       6,698  
                                   
    SUMMIT STATE BANK  
    BALANCE SHEETS  
    (In thousands except share data)  
             
      December 31, 2024   December 31, 2023  
      (Unaudited)   (Unaudited)  
             
    ASSETS        
             
    Cash and due from banks $ 51,403   $ 57,789  
    Total cash and cash equivalents   51,403     57,789  
             
    Investment securities:        
    Available-for-sale, less allowance for credit losses of $36 and $58        
    (at fair value; amortized cost of $80,887 in 2024 and $97,034 in 2023)   68,228     84,546  
             
    Loans, less allowance for credit losses of $13,769 in 2024 and $15,221 in 2023   904,999     938,626  
    Bank premises and equipment, net   5,155     5,316  
    Investment in Federal Home Loan Bank (FHLB) stock, at cost   5,889     5,541  
    Goodwill   –     4,119  
    Other real estate owned   5,130     –  
    Affordable housing tax credit investments   7,484     8,405  
    Accrued interest receivable and other assets   19,269     18,166  
             
    Total assets $ 1,067,557   $ 1,122,508  
             
    LIABILITIES AND        
    SHAREHOLDERS’ EQUITY        
             
    Deposits:        
    Demand – non interest-bearing $ 185,756   $ 201,909  
    Demand – interest-bearing   193,355     244,748  
    Savings   47,235     54,352  
    Money market   226,879     212,278  
    Time deposits that meet or exceed the FDIC insurance limit   70,717     63,159  
    Other time deposits   238,620     233,247  
    Total deposits   962,562     1,009,693  
             
    FHLB advances   –     –  
    Junior subordinated debt, net   5,935     5,920  
    Affordable housing commitment   583     4,094  
    Accrued interest payable and other liabilities   6,216     5,123  
             
    Total liabilities   975,296     1,024,830  
             
    Total shareholders’ equity   92,261     97,678  
             
    Total liabilities and shareholders’ equity $ 1,067,557   $ 1,122,508  
             
     
    Financial Summary
    (In thousands except per share data)
                     
        As of and for the   As of and for the
        Three Months Ended   Year Ended
        December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Statement of Income Data:                
    Net interest income   $ 7,702     $ 7,829     $ 29,476     $ 35,462  
    Provision for (reversal of) credit losses on loans     6,646       (31 )     7,958       342  
    Provision for (reversal of) credit losses on unfunded loan commitments   8       (65 )     (91 )     (68 )
    (Reversal of) provision for credit losses on investments     (2 )     31       (22 )     58  
    Non-interest income     1,373       297       4,152       5,201  
    Non-interest expense     10,200       5,483       29,408       25,050  
    (Reversal of) provision for income taxes     (1,172 )     807       31       4,459  
    Net (loss) income   $ (6,605 )   $ 1,901     $ (3,656 )   $ 10,822  
                     
    Selected per Common Share Data:                
    Basic earnings per common share   $ (0.98 )   $ 0.28     $ (0.54 )   $ 1.62  
    Diluted earnings per common share   $ (0.98 )   $ 0.28     $ (0.54 )   $ 1.62  
    Dividend per share   $ –     $ 0.12     $ 0.28     $ 0.48  
    Book value per common share (1)   $ 13.61     $ 14.40     $ 13.61     $ 14.40  
                     
    Selected Balance Sheet Data:                
    Assets   $ 1,067,557     $ 1,122,508     $ 1,067,557     $ 1,122,508  
    Loans, net     904,999       938,626       904,999       938,626  
    Deposits     962,562       1,009,693       962,562       1,009,693  
    Average assets     1,098,890       1,123,057       1,091,047       1,142,790  
    Average earning assets     1,064,872       1,089,808       1,058,766       1,110,801  
    Average shareholders’ equity     101,313       94,096       99,082       93,621  
    Nonperforming loans     27,754       44,206       27,754       44,206  
    Other real estate owned     5,130       –       –       –  
    Total nonperforming assets     32,884       44,206       32,884       44,206  
                     
    Selected Ratios:                
    (Loss) return on average assets (2)     -2.39 %     0.67 %     -0.34 %     0.95 %
    (Loss) return on average shareholders’ equity (2)     -25.94 %     8.02 %     -3.69 %     11.56 %
    Efficiency ratio (3)     112.47 %     67.47 %     87.47 %     61.60 %
    Net interest margin (2)     2.88 %     2.85 %     2.78 %     3.19 %
    Common equity tier 1 capital ratio     10.19 %     9.90 %     10.19 %     9.90 %
    Tier 1 capital ratio     10.19 %     9.90 %     10.19 %     9.90 %
    Total capital ratio     11.94 %     11.75 %     11.94 %     11.75 %
    Tier 1 leverage ratio     8.92 %     8.85 %     8.92 %     8.85 %
    Common dividend payout ratio (4)     0.00 %     42.63 %     -51.81 %     30.05 %
    Average shareholders’ equity to average assets     9.22 %     8.38 %     9.08 %     8.19 %
    Nonperforming loans to total loans     3.02 %     4.63 %     3.02 %     4.63 %
    Nonperforming assets to total assets     3.08 %     3.94 %     3.08 %     3.94 %
    Allowance for credit losses to total loans     1.50 %     1.60 %     1.50 %     1.60 %
    Allowance for credit losses to nonperforming loans     49.61 %     34.43 %     49.61 %     34.43 %
             
    (1) Total shareholders’ equity divided by total common shares outstanding.        
    (2) Annualized.        
    (3) Non-interest expenses to net interest and non-interest income, net of securities gains.            
    (4) Common dividends divided by net (loss) income available for common shareholders.        
             

    The MIL Network –

  • MIL-OSI: CMD Portal Awards 2025: AFL wins ‘Most Improved Bond Issuer’ award

    Source: GlobeNewswire (MIL-OSI)

                                                                 Press release
    28/01/2025

    CMD Portal Awards 2025: AFL wins ‘Most Improved Bond Issuer’ award

    AFL, the French local government funding agency, is rewarded for the second time by CMD Portal – a network of more than 35,000 bond market experts – and wins the “Most Improved Bond Issuer” prize, the most efficient bond issuer. This distinction reflects the bank’s proven ability to place its debt with a growing and diversified investor base across multiple currencies. Now well established as frequent bond issuer, AFL is on its way to become a significant borrower in the capital markets, offering investors the only diversified exposure to the French local public sector.

    A funding program in full expansion for 10 years

    Created 10 years ago by and for the French local authorities, AFL’s mission is to facilitate access to financing and is among the leading lenders to local governments.

    Since its creation, the bank has been able to maintain its financial strength while expanding its operations. It has doubled its financing program, diversified its issuance currencies, and increased the frequency of both private placements and benchmark transactions with the objective to improve liquidity for investors. AFL’s bond issues are now located nearly on the entire Euro curve, which allows it to broaden its access to the market.

    Ten years after the beginning of its activities, AFL’s balance sheet stands at nearly €11 billion, reflecting the dynamic growth in loan production granted to local authorities since its first bond issue in 2015.

    Issuance of new products and expansion into new international markets

    Since 2023, AFL has had the ability to issue callable bonds. On this segment, the bank has already and successfully completed six transactions of this type in 2024, with an average size of €37 million, totaling €221 million.

    In April 2024, AFL entered the public Swiss Franc (CHF) market with an inaugural transaction of CHF 110 million. This strategic bond issuance broadened AFL’s already diverse investor base, which now spans France, Germany, Austria, Switzerland, the Benelux, the UK, Northern Europe, and Asia.

    The institution now has a base of more than 300 international investors, including banks, private banks, fund managers, insurance companies, pension funds, and a growing number of central banks and official institutions.

    Lastly, in December 2024, AFL issued €50 million of subordinated debt securities, with the aim of enabling it to deploy its business plan while strengthening its equity base.

    2024 constitutes a pivotal year for AFL in two respects:

    • AFL was able to maintain its AA- rating when S&P downgraded France’s sovereign rating from AA to AA- in May 2024, leading the bank to now share the same as the French central government. AFL has thus strengthened its position compared to other public sector banking institutions.
    • Additionally, the HQLA 1 qualification granted by the ACPR in respect of for AFL’s debt on June 21, 2024, following the change in the risk weighting of French local authorities to 0%, has contributed to significantly enhancing the eligibility of AFL’s debt securities in the portfolios of investors, particularly banks.

    Key Takeaways:


    €11 billion in loans     granted over the past 10 years

    3rd largest lender to French local authorities

    Recognized as a public development bank in 2021

    HQLA 1 since June 2024

    AA-/AA- (S&P/Fitch)
    Same credit rating as the French government

    About AFL

    “The Company’s mission is to embody a responsible finance to strengthen the local world’s empowerment so as to better deliver the present and future needs of its inhabitants.”

    By creating our bank, the first one that we own and manage, we, French local authorities, have decided to act to deepen decentralization. Our bank, Agence France Locale (AFL), is not a financial institution similar to any other. Created by and for local authorities, it aims to strengthen our freedom, our ability to develop projects and our responsibility as local public actors. Its culture of prudence spares us from the dangers of complexity and its governance from downward slides of conflicts of interest. The main objective is to provide local world with an access to cost-efficient resources, under total transparency. The principles of solidarity and equity drive us. We are convinced that together we go further. We decided that our institution would be agile, addressing all types of local authorities, from the largest regions to the smallest municipalities. We see profit as a means to maximize public spending, not as an end goal. Through AFL, we support a local world committed to take up social, economic, and environmental challenges. AFL strengthens our empowerment: to carry out projects in our territories, today and tomorrow, to the benefits of the inhabitants. We are proud to have a bank whose development is like us, even more responsible and sustainable. We are Agence France Locale.

    Press contact
    Justine GUIGUES – Press Relation Officer
    justine.guigues@afl-banque.fr
    +33 6 74 94 29 66

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Sudan and Eastern DRC: Foreign Secretary’s statement

    Source: United Kingdom – Executive Government & Departments

    The Foreign Secretary made a statement to the House of Commons on the situation in Sudan and Eastern DRC on 28 January.

    With permission, Madam Deputy Speaker, I will make a statement on the situation in Sudan and eastern Democratic Republic of the Congo.

    The latest conflict in Sudan has now lasted twenty-one months.

    This weekend, the Rapid Support Forces attacked the last functional hospital in the besieged city of El-Fasher, in Darfur.

    The World Health Organisation assess some seventy patients and their families were killed.

    This attack is far from isolated.

    In recent weeks, the RSF shelled the ZamZam camp, where displaced people are trapped outside El-Fasher.

    While there are widespread reports of extrajudicial killings by militias aligned to the Sudanese armed forces in Wad Medani.

    The Government condemns these attacks in the strongest possible terms.

    They show a callous disregard for international humanitarian law and innocent Sudanese civilians.

    Exact figures for those killed and displaced in Sudan are hard to come by.

    But we know aid is being blocked from reaching those in need.

    And this is without a shadow of a doubt one of the biggest humanitarian catastrophes of our lifetimes.

    I saw this for myself, Madam Deputy Speaker, last week in Adré, on the Chad-Sudan border.

    This was the first ever Foreign Secretary to visit Chad.

    I felt it was my duty to confront the true horror of what is unfolding.

    To bear witness.

    And raise up the voices of those suffering, mainly women, so horrendously.

    88 per cent of the refugees at Adré are women and children.

    I met nurses in a clinic, fighting to save the lives of starving children.

    I met a woman who showed me her scars.

    She had been burned.

    She had been beaten.

    She had been raped.

    Turning to DRC, conflict there has gripped the east for over thirty years.

    An M23 rebel offensive at the start of this year had already seized Masisi and Minova.

    This weekend saw them enter Goma, the region’s major city, which M23 last occupied in 2012.

    Brave UN peacekeepers from South Africa, Malawi and Uruguay have tragically been killed.

    And with hundreds of thousands having already fled M23 to Goma, there is potential for a further humanitarian catastrophe.

    I have not yet travelled as Foreign Secretary to meet those fleeing Eastern DRC

    But the reports speak for themselves.

    This is one of the most dangerous places in the world to be a woman or girl with children as young as nine reportedly attacked and mutilated by machete-wielding militias. 

    Around a quarter of DRC’s population are facing acute food insecurity.

    And frequent bombardment of the makeshift camps which shelter those who have fled their homes.

    I regret to say, Madam Deputy Speaker, that Foreign Secretaries updating the House on conflicts in Africa is something of a rarity.

    As I discussed yesterday with African Ambassadors and High Commissioners, the surge of conflict globally includes the number in Africa almost doubling in the past decade.

    This is causing untold damage and holding back economic growth – the bedrock of our future partnership with African countries.  

    But where is the outrage?

    Again and again in Adré, I was asked:

    What is the world doing to help us?

    The truth is, if we were witnessing the horrors of El-Fasher and Goma on any other continent, or, for that matter, seeing the extremist violence in the Sahel and Somalia anywhere else in the world, there would be far more attention across the Western world.

    Indeed, one recent survey of armed conflict in 2024 contained spotlights on Europe, Eurasia, Asia and the Americas, but none on Africa.

    There should be no hierarchy of conflicts, but there is one.

    Every human life is of equal worth.

    The impact of these wars, Madam Deputy Speaker, is clear for all to see.

    You only have to be willing to look.

    I could not see atrocities such as these, and shrug my shoulders.

    However, the House will also understand the UK’s national interest in addressing these conflicts.

    Irregular migration from Sudan to Britain alone increased by 16% last year. 

    Unscrupulous smuggling gangs are looking to profit from the misery in places such as Sudan and DRC. 

    And the longer these wars last, the greater their ripple effects.

    Neighbours like Chad and many others are working hard to manage this crisis alongside others nearby.

    But further escalation only increases instability and the risks of conflict elsewhere.

    With Sudan sitting along the major trade routes of the Red Sea and eastern DRC one of the most resource-rich regions in the world.

    This is something we cannot tolerate.

    This Government therefore refuses to let these conflicts be forgotten.

    Working with Sierra Leone, the UK prepared a UN Security Council Resolution on Sudan to address the humanitarian catastrophe.

    Shockingly, despite support from every other member, including China, Russia wielded their veto.

    But Russian cynicism will not deter us.

    We will continue to use our Security Council seat to shine a light on what is happening and work with our African partners on broader UN reform.

    We have also doubled UK aid, supporting over one million displaced people.

    I saw our impact at the Adré crossing, and announced a further twenty million pounds to support food production and sexual and reproductive services.

    The UK is the third largest humanitarian donor on the crisis, having offered almost 250 million pounds in support this financial year.

    We have been redoubling our diplomatic efforts as well.

    In the spring, I am looking to gather Ministers in the UK to galvanise international support for peace.

    We need to see three things.

    First, the RSF and Sudanese Armed Forces committing a permanent ceasefire and protection of civilians.

    Second, unrestricted humanitarian access into and within Sudan, and a permanent UN presence.

    And finally, an international commitment to a sustained and meaningful political process.

    Instead of new and even more deadly weapons entering the conflict, we want to see consistent calls for all political parties to unite behind a common vision of a peaceful Sudan.

    We will engage with all those willing to work on bringing the conflict to an end.

    On DRC, the UK, has also reacted quickly to the current crisis, we now advise British Nationals not to the Rubavu district in Western Rwanda on the border with Goma.

    And we are continuing our humanitarian assistance , having provided 62 million pounds this financial year.

    This enables lifesaving assistance such as clean drinking water, treatment for malnourished children, and support for victims of sexual violence.

    Ultimately however, we need a political solution.

    We know that M23 rebels could not have taken Goma without material support from Rwandan Defence Forces.

    My Noble Friend, Lord Collins of Highbury, and I have been urging all sides to engage in good faith in African-led processes.

    Lord Collins spoke to the Rwandan and Angolan Foreign Ministers last week.

    And in the last few days, I have spoken to both Rwandan President Kagame and South African Foreign Minister Lamola.

    For all the complexities of such a long-running conflict, we must find a way to stop the killing.

    Madam Deputy Speaker, civilians in Sudan and eastern DRC must feel so powerless.

    Power seems gripped by those waging war around them.

    The Government, our partners, cannot simply will a ceasefire into being.

    But this is not a licence for inaction.

    As we have seen in Gaza, it can take hundreds of days of diplomatic failure to reach even the most fragile of ceasefires.

    So for our part, Madam Deputy Speaker, the UK will keep doing all in our power to get the world focused on these conflicts.

    And, somehow, to bring them to an end.

    I comment this statement to the House.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Mapping groundwater in southern Alberta

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General Alan Wilson joins 19 states in urging Costco to end unlawful DEI policiesRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson joined attorneys general from 18 other states in calling on Costco to end its unlawful diversity, equity, and inclusion (DEI) policies, which they assert violate state and federal anti-discrimination laws. The letter, sent to Costco’s leadership, demands the company repeal these divisive policies within 30 days, emphasizing that Costco’s practices stand in direct opposition to its stated motto, “Do the right thing.”

    “Costco’s DEI policies may have a fancy name, but at their core, they’re about discrimination, not diversity,” said Attorney General Wilson. “America was built on the idea that individuals are judged by their character and contributions, not the color of their skin. Costco should focus on merit, not woke politics.”

    The letter highlights the Supreme Court’s recent decision in Students for Fair Admissions v. Harvard, which struck down race-based preferences and classifications. Justice Clarence Thomas’s opinion in that case reaffirmed that such practices contradict the principles outlined in the Declaration of Independence and the Constitution, which guarantee that all individuals are created equal and must be treated equally under the law.

    In recent months, many companies, including Amazon, Ford, McDonald’s, Meta, and Walmart, have abandoned or reevaluated their DEI policies in light of legal challenges and public pressure. Costco, however, has doubled down, with its board of directors unanimously opposing a shareholder proposal to study the financial risks associated with these policies.

    “Costco’s refusal to step away from discriminatory practices not only risks lawsuits but also jeopardizes the trust of its customers, employees, and investors,” added Attorney General Wilson. “The Supreme Court has made it crystal clear: eliminating racial discrimination means eliminating all of it.”

    The letter also urges Costco to redirect its focus to other pressing issues, including allegations of slave labor in its supply chain, rather than clinging to policies that sow division and violate the law. The attorneys general have requested a response from Costco within 30 days, either confirming the repeal of its DEI policies or providing an explanation for their continuation.

    You can read the letter here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Charter Market traders offered FREE training in essential business skills

    Source: St Albans City and District

    Publication date:

    Traders at St Albans Charter Market are to be offered FREE training and advice to improve their skills and help their business grow.

    St Albans City and District Council, which runs the market, has teamed up with St Albans Enterprise Agency (STANTA) to make the assistance available.

    To qualify for the 12 hours of free help, a trader needs to be a regular at the Market and have run their business for up to five years.

    They can then apply to have a choice of training and advice modules under the Government-backed Get Enterprising programme delivered by STANTA. This includes:

    • Business advice from an experienced adviser.

    • Assistance with choosing the most suitable business structure.

    • Free workshops with content ranging from business planning, bookkeeping to digital marketing and AI.

    Get Enterprising is funded by the Government with the aim of helping new and fledgling businesses.

    Councillor Paul de Kort, the Council’s Leader and Lead for Economic Development, said:

    This is a great opportunity for some of our Charter Market entrepreneurs to get first class training and advice on a wide range of business matters.

    We want to support our traders who not only create a great atmosphere in the City Centre, but also help the local economy by bringing in visitors and creating jobs.

    This training will assist them, not just in managing their businesses but in growing them as well. A market is a wonderful place to start a business as some of Britain’s leading business people started out that way.

    I am delighted that we are building a strong relationship with STANTA and together in the future we will look io provide more support and training opportunities for our traders.

    STANTA’s Executive Director Steve Bedford said:

    We are delighted to work alongside St Albans City and District Council to make available our business advice and skills workshop services to St Albans Market traders. 

    We have a wide remit in terms of supporting startups, young and small business in the area and look forward to working with the market traders.

    STANTA is an independent enterprise agency which has been active in St Albans, Harpenden and the surrounding area for more than 40 years.

    A not-for-profit service, it has helped local people start, grow and develop successful businesses: https://stanta.co.uk/.

    Charter Market traders will receive details of how to apply to the scheme from the Council’s markets team.

    Photo: the Charter Market.

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

    MIL OSI United Kingdom –

  • MIL-OSI USA: AFSCME’s Saunders on the federal funding freeze: This is a blatant overreach straight from Project 2025

    Source: American Federation of State, County and Municipal Employees Union

    WASHINGTON – AFSCME President Lee Saunders released the following statement in response to reporting that the Trump administration has halted federal financial assistance including billions in funding to programs that working families depend on:

    “Billionaires and their anti-union extremist friends have amassed more power and influence than ever, and they are using it now to rob working people. This is a blatant overreach of presidential powers that comes straight from Project 2025. These actions will hurt those who are most vulnerable: families, seniors and people with disabilities who depend on Medicaid for health care; new mothers and newborns who need nutrition assistance; kids who receive education through Head Start or their food through school breakfast and lunch programs; people who rely on housing assistance to keep a roof over their heads, and so many others.

    “At the same time, the Senate just confirmed a billionaire hedge fund manager to run the Treasury department and is about to confirm Russell Vought, the architect of Project 2025, who will immediately seek to slash public services to hand out trillions in tax cuts to his wealthy friends. Make no mistake: this funding freeze is his handiwork. We urge the administration to reverse course on this freeze immediately.”

    MIL OSI USA News –

  • MIL-OSI USA: Preventing the Spread of Avian Influenza

    Source: US State of New York

    Governor Kathy Hochul today announced New York State’s ongoing proactive measures to prevent the spread of the highly pathogenic avian influenza (HPAI) and facilitate early detection, particularly on New York farms. Following the detection of HPAI in poultry on a farm in Suffolk County and in several wild and domestic birds at a learning center in Putnam County, the State is encouraging organizations in contact with wild birds to remain vigilant for signs of illness in their domestic animals. Farms are urged to practice biosecurity measures to prevent the spread of the virus. While HPAI can spread quickly among wild birds and poultry, there have been no documented human cases in New York State, and the risk to humans is low.

    “At my direction, New York State is continuing to monitor for HPAI and take proactive measures to keep our communities safe,” Governor Hochul said. “While the risk to public health remains low, I encourage all New Yorkers, especially individuals frequently in contact with poultry and wild birds, to remain vigilant and take the necessary steps to protect our state.”

    New York State Department of Agriculture and Markets Commissioner Richard A. Ball said, “New York State has been monitoring for HPAI and taking a number of proactive measures to prevent the spread of HPAI in the state since the first detection in a backyard poultry operation here in 2022. The protocols we have in place, and continue to update, for early detection in poultry and livestock are working, helping us to identify cases and deploy resources to help. We encourage everyone who keeps poultry and livestock to be vigilant about minimizing their animals’ exposure to the virus and to wild bird populations and practice good biosecurity measures.”

    New York State Department of Health Commissioner Dr. James McDonald said, “As Highly Pathogenic Avian Influenza continues to be detected in New York State, we are remaining vigilant and are working closely with our state and local partners to minimize the risk to people who have or may come into contact with infected animals. The State Department of Health will continue to support farmers and other industry professionals who have contact with wild birds with resources and guidance. While the risk to humans remains low, we will continue to monitor these detections in animals including livestock and poultry to assess any potential risks to public health and safety.”

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “The DEC continues to work closely with State and federal partners to reduce the spread of HPAI. New Yorkers are encouraged to avoid direct contact with sick or dead wild birds and poultry, especially waterfowl and raptors, and hunters are reminded to not harvest sick or dead animals. People should report unusual wildlife mortalities to their local DEC regional office.”

    The New York State Department of Health is also reminding the public that this recent HPAI detection does not present an immediate public health concern. The State Department of Health is providing guidance and resources to the local health departments that responded to these two situations. Individuals who may have had contact with infected birds are being monitored for symptoms and will be evaluated for HPAI if any become sick.

    While both recent HPAI cases are under control and surveillance of surrounding farms continues, the State continues to urge those involved in poultry production to take extra steps to prevent their flocks from becoming infected. All poultry producers, from small backyard to large commercial operations, should review their biosecurity plans and take precautions to protect their birds. Poultry biosecurity materials and checklists can be found on the USDA’s “Defend the Flock” website.

    In addition to practicing good biosecurity, poultry owners should keep their birds away from wild ducks and geese and their droppings. Outdoor access for poultry should be limited at this time, particularly as the State continues to see HPAI detections in wild bird populations.

    To report sick birds, unexplained high number of deaths, or sudden drop in egg production, please contact the New York State Department of Agriculture and Markets (AGM) Division of Animal Industry at (518) 457-3502 or the USDA at (866) 536-7593.

    HPAI in Dairy Cattle
    AGM also recently announced that it is implementing new testing initiatives on dairy farms as part of its aggressive, proactive response to the outbreak of HPAI in livestock in other states. Working in close collaboration with federal partners, including USDA’s Animal and Plant Health Inspection Service, FDA, and the National Association of State Departments of Agriculture, and state partners, including the New York State Department of Health, this enhanced testing strategy is part of the State’s effort to protect animal and human health and prevent the transmission of HPAI in livestock in New York State. While there have been no detections of HPAI in livestock in New York to date, the State’s comprehensive approach is aimed at ensuring the state remains free of HPAI and facilitating early detection.

    In addition to the new testing initiative, New York State has implemented multiple preventative measures to protect animal and human health since the first detection of HPAI in dairy cattle in Texas in March 2024. In April, June, and August 2024, the Department issued orders on import requirements for dairy cattle coming into New York as well as testing requirements for lactating dairy cattle entering fairs or exhibitions. These orders continue to remain in place until further notice.

    USDA offers several producer support programs that are available to all dairy producers as well as certain programs only available to dairy producers with HPAI-positive herds. These programs include tools to support biosecurity planning and implementation as well as financial support programs to offset costs associated with HPAI testing, veterinary expenses, personal protective equipment purchases, milk disposal, and milk losses.

    MIL OSI USA News –

  • MIL-OSI USA: Welch, Collins Introduce Bipartisan Bills that Support Vermont’s Maple Industry 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) recently joined Senator Susan Collins (R-Maine) to introduce the Making Agricultural Products Locally Essential (MAPLE) Act and the Supporting All Producers (SAP) Act, two bipartisan, bicameral bills to support Vermont’s maple industry.  
    The MAPLE Act would provide a new market for maple syrup producers while increasing seniors’ access to nutritious, locally sourced maple syrup products by adding maple syrup to the eligible products under the Seniors Farmers Market Nutrition Program (SFMNP). SFMNP gives low-income seniors access to locally grown fruits, vegetables, honey, and herbs at farmers’ markets, roadside stands, and community-supported agriculture programs. The bill is cosponsored in the Senate by Minority Leader Chuck Schumer (D-N.Y.) and Senators Bernie Sanders (I-Vt.), Angus King (I-Maine), and Kirsten Gillibrand (D-N.Y.) and led in the House by Reps. Nick Langworthy (R-NY-23) and Joe Courtney (D-CT-02).  
    The SAP Act would require the U.S. Department of Agriculture to consult with maple producers when determining education and research priorities for the Acer Access and Development Program (Acer), a competitive grant program supporting research and education related to maple syrup production and sustainability in the industry. The bill is cosponsored in the Senate by Senator Angus King and is led in the House by Reps. Nick Langworthy and Becca Balint (VT-At-Large). 
    “Sharing our state’s world-class maple with families across the country is a lifelong tradition for Vermonters. Preserving this part of our culture is crucial to ensuring Vermont’s sugarmakers can continue setting the gold standard in maple production for generations to come,” said Senator Welch. “The MAPLE Act and the SAP Act are strong, bipartisan bills that will support Vermont’s first-in-the-nation maple industry, and benefit maple lovers and our local economy.” 
    “Maine is the third largest producer of pure maple syrup in the country, producing more than 575,000 gallons in a normal season, and bringing in more than $55 million to our state each year while supporting hundreds of local jobs,” said Senator Collins. “These bills support both local producers and consumers and make this market more accessible for all Mainers.” 
    “New York’s farmers and growers are some of the most important drivers of our state and district’s economy, and provide critical food resources to Americans,” said Rep. Langworthy. “These pieces of legislation are specifically crafted with the help of stakeholders and leaders to help our hardworking farmers and producers, benefit seniors, and help our rural communities grow. I was disappointed we couldn’t get bipartisan cooperation to get the Farm Bill passed in the last Congress, but I look forward to working with House Agriculture Chairman GT Thompson and my colleagues on both sides of the aisle to ensure these initiatives stay in the base text of the bill and we get it across the finish line.”  
    “The Seniors Farmer’s Market Nutrition Program (SFMNP) has long helped seniors afford fresh fruits, vegetables, honey, and herbs from their local farmers markets. My colleagues and I are working together once again to expand the program to allow local maple syrup to be purchased with SFMNP benefits,” said Rep. Courtney. “The MAPLE Act would help seniors afford high-quality local maple syrup while supporting Connecticut’s excellent maple syrup producers. I look forward to working with my colleagues and our maple syrup producers to see this bill advanced in the new Congress.”  
    “In Vermont, our tight-knit communities flourish in part because of the strength of our culture and family farms, which in many towns is driven by maple syrup production. Input from maple producers themselves will allow for further education and research methods to strengthen this critical industry. I’m proud to reintroduce this bipartisan legislation with Rep. Langworthy and Sen. Welch to support our region’s maple industry,” said Rep. Balint. 
    The MAPLE Act and SAP Act are endorsed by the Vermont Maple Sugar Makers Association, New York Farm Bureau, and the New York State Maple Producers Association. 
    Learn more about the MAPLE Act and read the full text of the bill. 
    Learn more about the SAP Act and read the full text of the bill.  

    MIL OSI USA News –

  • MIL-OSI: Innovation: Infomaniak inaugurates a data center that recycles 100% of its energy and will heat 6,000 households a year for at least 20 years

    Source: GlobeNewswire (MIL-OSI)

    Yesterday, the Swiss cloud provider Infomaniak officially inaugurated its new data center, which has been recovering 100% of the electricity it uses since 11 November. Located in a residential area of Geneva, on an underground site of the participatory and eco-responsible cooperative of la Bistoquette, the data center has no impact on the landscape and recycles 100% of the local renewable energy it consumes. At full capacity, it will feed 1.7 MW (or 14.9 GWh/year) into the region’s heating network, enabling 6,000 Minergie-A households to be heated a year or 20,000 people to take a 5-minute shower every day. This new generation of data centers, which has already received a number of awards, has been documented by students from EPFL, IMD and the University of Lausanne with a view to making it open source and enabling it to be reproduced on a large scale.

    Inauguration of the D4, a data center that is revolutionising the cloud industry

    Infomaniak’s new data center, a symbol of technological innovation and sustainability, was officially inaugurated yesterday, with the public authorities and key project stakeholders in attendance. Their collective commitment was essential in making this world first a reality. The project exceeds the standards of similar infrastructures in terms of environmental integration and energy recovery.

    Since 2 p.m. on 11 November 2024, all the electricity consumed by this structure, in the form of heat, has already been fed back into the district heating network of the Canton of Geneva. This achievement marks a key stage in the region’s energy transition, transforming an energy-intensive facility into an active player in energy recovery.

    Currently operating at 25% of its potential capacity, Infomaniak’s data center will gradually increase its output to reach full capacity by 2028, guaranteeing a sustainable contribution to society for at least 20 years.

    The future of the cloud: circular energy with no impact on the landscape

    Having already won several awards for the energy efficiency of its infrastructures, which have been operating without air conditioning since 2013, Infomaniak is addressing four major challenges facing the cloud industry with this new data center model:

    1. 100% of the electricity used by the data center is reused to heat households via a district heating network.
    2. The facility does not require additional water or air conditioning to be cooled.
    3. It is built on an underground site in a residential area.
    4. It has no impact on the landscape.

    “In the real world, data centers convert electricity into heat. With the exponential growth of the cloud, this energy is currently being released into the atmosphere and wasted. There is an urgent need to upgrade this way of doing things, to connect these infrastructures to heating networks and adapt building standards,” explains Boris Siegenthaler, Infomaniak’s Founder and Chief Strategy Officer.        

    Nothing is wasted, everything is transformed

    Unlike existing projects that recycle a fraction of the energy they consume, the system implemented by Infomaniak goes further.

    All the electricity consumed (by servers, inverters, ventilation, etc.) is converted into heat at a temperature of 40 to 45°C. This heat is then transferred to an air/water exchanger, which integrates it into a hot water circuit. Heat pumps then raise its temperature to transfer the waste heat from the data center to the heating network.

    The originality of the system lies in the use of both sides of the pump:

    • The gas in the heat pumps expands by capturing the energy in the water, which drops from 45°C to 28°C. This cooled water is fed into the air/water exchanger to cool the servers, eliminating the need for traditional air conditioning.
    • The gas in the pumps is then compressed to transmit energy to the district heating network, raising the water temperature to 67 °C in summer and 85 °C in winter to meet the needs of the district heating operator.

    The recovery mechanism is therefore the same as the one that keeps the servers at an optimal operating temperature. The additional energy required to run the heat pumps is also recycled, and it is the cold released by this process that keeps the servers cool.

    “Today, PUE, which measures the energy efficiency of data centers, is no longer sufficient in the face of the climate emergency. We also need to take ERE into account, which evaluates the energy actually consumed compared to the energy reused, as well as the ERF, which measures the proportion of the data center’s total energy that is reused for other purposes, such as district heating. Taken together, these three indicators provide a more complete picture of the energy impact of digital infrastructures,” explains Boris Siegenthaler, Infomaniak’s Founder and Chief Strategy Officer.

    6,000 homes heated and 3,600 t CO₂e saved each year

    At full capacity, the new data center will house some 10,000 servers in an underground area measuring 1,800 m2. It will provide the heating network with 1.7 MW, equivalent to the energy needed to heat 6,000 Minergie-A households per year or allow 20,000 people to take a 5-minute shower every day.

    Geneva will avoid having to burn 3,600 t CO2e of natural gas per year or the equivalent of 5,500 t CO2e of pellets per year, not to mention eliminate 211 lorries per year transporting 13 tonnes of material and the microparticles associated with pellet transport and combustion.

    An economically neutral operation

    In financial terms, recycling waste heat is a neutral operation for Infomaniak. Without the servers, this data center cost CHF 12 million, including a CHF 6 million advance from the cloud provider to adapt heat levels those required by heating network. Part of this CHF 6 million was provided by the Cantonal Energy Office of the Canton of Geneva (OCEN) and the heating network operator (SIG). The remainder will be gradually amortised by the heat produced by Infomaniak, at cost price.

    From finding the site (June 2019) to commissioning the first servers (December 2023), the project took a total of four and a half years to complete, whereas Infomaniak would usually build a data center in two years. The main challenges involved were finding a location that was both secure and close to a district heating network capable of permanently absorbing the associated volume of heat, and negotiating a contract with the district heating network operator.

    Good for Europe’s technological sovereignty

    This data center strengthens Europe’s technological sovereignty and creates value for many local companies by relying on equipment manufactured exclusively in Europe, with the exception of the security cameras used:

    • Trane heat pumps (France)
    • Ebmpapst fans (Germany)
    • Siemens power rails (Germany)
    • Siemens switchboard (Germany)
    • Minkels server racks (Netherlands)
    • ABB inverters (Switzerland)
    • Margen generator (Italy)
    • Meyer-Burger solar panels (Switzerland/Germany)

    The local economy will also benefit directly from the impact of this project.

    A new generation of data centers that is open source

    This innovation can be reproduced and the expertise gained during the course of the project has been made available free of charge. This model works, demonstrating to the cloud industry and policymakers that it is possible to double the value of energy from data centers. It also shows that the digital sector should no longer be seen as an end consumer of electricity, but as an actor in the energy transition.

    Infomaniak’s new data center, which was awarded the Swiss Ethics Prize and the Sustainable Development Prize of the Canton of Geneva in 2023, has been documented by UNIL, IMD and EPFL as part of the e4s.center programme to illustrate its energy efficiency in real time and make it easier to reproduce. This work is available for free at https://d4project.org/ and includes:

    • A technical guide explaining how to replicate this data center model.
    • Real-time monitoring of data center operational performance
    • A summary for policymakers with information to improve regulations on the design and sustainability of data centers

    Two new similar data centers already planned

    To support its growth, Infomaniak is actively looking for heating networks for its future data centers. “We already have 1.1 MW ready to be fed into a heating network, and by 2028, a new data center of at least 3.3 MW will be needed to meet demand. The principle is simple: we buy electricity locally and provide our carbon-free waste heat free of charge,” explains Boris Siegenthaler.

    Key figures

    • Average PUE: 1.09 (European average: 1.6)
    • ERE and ERF: see online
    • 2 1.7 MW heat pumps
    • Total area: 1,800 m2
    • Total budget (without servers): CHF 12 million
    • Total energy recycled at full capacity: 1.7 MW
    • Number of servers at full capacity: approximately 10,000 (200 47U racks)
    • Capacity of the solar power plant linked to this data center: 130 kWp (364 modules)
    • GPUs currently installed in this data center: Nvidia L4, A100 and H100

    Resources

    The MIL Network –

  • MIL-OSI: Jeremy Michael Joins Guggenheim Securities to Expand Energy Investment Banking Practice

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) — Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, announced today that Jeremy Michael has joined the firm’s Energy, Power & Energy Transition investment banking business as a Senior Managing Director.

    Mr. Michael brings more than two decades of investment banking experience to Guggenheim with a focus on upstream, midstream, and downstream energy. He joins the firm from Barclays where he served as Global Head of Natural Resources Investment Banking advising industry-leading companies and leading sector-defining transactions.

    “We are pleased to welcome Jeremy to Guggenheim,” said Mark Van Lith, CEO of Guggenheim Securities. “Jeremy is a leading advisor in the energy sector and will play an important role as we continue to build our energy and power franchises. We look forward to his success at the firm.”

    Mr. Michael earned his B.A. from Vanderbilt University.

    About Guggenheim Securities

    Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Guggenheim Securities offers services that fall into four broad categories: Advisory, Financing, Sales and Trading, and Research. Guggenheim Securities is headquartered in New York, with additional offices in Atlanta, Boston, Chicago, Houston, London, Menlo Park, and San Francisco. For more information, please visit GuggenheimSecurities.com, follow us on LinkedIn or contact us at GSinfo@GuggenheimPartners.com or 212.518.9200.

    About Guggenheim Partners

    Guggenheim Partners is a diversified financial services firm that delivers value to its clients through two primary businesses: Guggenheim Investments, a premier global asset manager and investment advisor, and Guggenheim Securities, a leading investment banking and capital markets business. Guggenheim’s professionals are based in offices around the world, and our commitment is to deliver long-term results with excellence and integrity while advancing the strategic interests of our clients. Learn more at GuggenheimPartners.com, and follow us on LinkedIn and Twitter @GuggenheimPtnrs.

    Media Contact

    Steven Lee
    Guggenheim Securities
    212.293.2811
    Steven.Lee@guggenheimpartners.com

    The MIL Network –

  • MIL-OSI: Eagle Bancorp Montana Earns $3.4 Million, or $0.44 per Diluted Share, in the Fourth Quarter of 2024 and $9.8 Million, or $1.24 per Diluted Share for the Year 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share

    Source: GlobeNewswire (MIL-OSI)

    HELENA, Mont., Jan. 28, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and $2.2 million, or $0.28 per diluted share, in the fourth quarter of 2023. For the year ended December 31, 2024, net income was $9.8 million, or $1.24 per diluted share, compared to $10.1 million, or $1.29 per diluted share, in 2023.

    Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on January 23, 2025. The dividend will be payable March 7, 2025, to shareholders of record February 14, 2025. The current dividend represents an annualized yield of 3.93% based on recent market prices.

    “Eagle’s fourth quarter operating results were highlighted by strong quarterly deposit growth, sound revenue generation, and net interest margin expansion,” said Laura F. Clark, President and CEO. “We continue to maintain a stable core deposit base, with non-CDs representing 72.4% of total deposits at year end. Additionally, we continue to maintain quality credit. While loan growth has moderated in recent quarters, we are anticipating steady single-digit loan growth in the year ahead.”

    Fourth Quarter 2024 Highlights (at or for the three-month period ended December 31, 2024, except where noted):

    • Net income increased 26.7% to $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and increased 58.6% compared to $2.2 million, or $0.28 per diluted share, in the fourth quarter a year ago.
    • Net interest margin (“NIM”) was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point increase compared to the fourth quarter a year ago.
    • Revenues (net interest income before the provision for credit losses, plus noninterest income) increased 2.8% to $21.4 million in the fourth quarter of 2024, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago.
    • Total loans increased 2.4% to $1.52 billion, at December 31, 2024, compared to $1.48 billion a year earlier, and decreased 0.9% compared to $1.53 billion at September 30, 2024.
    • Total deposits increased $46.0 million or 2.8% to $1.68 billion at December 31, 2024, compared to a year earlier, and increased $30.7 million or 1.9%, compared to September 30, 2024.
    • The allowance for credit losses represented 1.11% of portfolio loans and 437.7% of nonperforming loans at December 31, 2024, compared to 1.11% of portfolio loans and 195.2% of nonperforming loans at December 31, 2023.
    • The Company’s available borrowing capacity was approximately $404.0 million at December 31, 2024, compared to $398.5 million at December 31, 2023.
      December 31, 2024 December 31, 2023
    (Dollars in thousands)  Borrowings Outstanding    Remaining Borrowing Capacity    Borrowings Outstanding    Remaining Borrowing Capacity
    Federal Home Loan Bank advances $ 140,930   $ 276,664   $ 175,737   $ 266,017
    Federal Reserve Bank discount window   –     27,349     –     32,472
    Correspondent bank lines of credit   –     100,000     –     100,000
    Total $ 140,930   $ 404,013   $ 175,737   $ 398,489
             
    • The Company paid a quarterly cash dividend in the fourth quarter of $0.1425 per share on December 6, 2024, to shareholders of record November 15, 2024.

    Balance Sheet Results
    Eagle’s total assets increased 1.3% to $2.10 billion at December 31, 2024, compared to $2.08 billion a year ago, and decreased 2.0% compared to $2.15 billion three months earlier. The investment securities portfolio totaled $292.6 million at December 31, 2024, compared to $318.3 million a year ago, and $307.0 million at September 30, 2024.

    Eagle originated $68.1 million in new residential mortgages during the quarter and sold $64.0 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.18%. This production compares to residential mortgage originations of $58.0 million in the preceding quarter with sales of $51.0 million and an average gross margin on sale of mortgage loans of approximately 3.31%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

    Total loans increased $36.2 million, or 2.4%, compared to a year ago, and decreased $14.0 million, or 0.9%, from three months earlier. Commercial real estate loans increased 6.1% to $646.0 million at December 31, 2024, compared to $608.7 million a year earlier. Commercial real estate loans were comprised of 71.4% non-owner occupied and 28.6% owner occupied at December 31, 2024. Agricultural and farmland loans increased 4.9% to $281.0 million at December 31, 2024, compared to $267.9 million a year earlier. Residential mortgage loans decreased 1.8% to $153.7 million, compared to $156.6 million a year earlier. Commercial loans increased 8.5% to $144.0 million, compared to $132.7 million a year ago. Commercial construction and development loans decreased 21.5% to $124.2 million, compared to $158.1 million a year ago. Home equity loans increased 12.2% to $97.5 million, residential construction loans increased 5.2% to $45.7 million, and consumer loans decreased 5.4% to $28.5 million, compared to a year ago.

    “Similar to other community banks, our deposit mix has shifted towards higher yielding deposits over the last several quarters due to the higher interest rate environment. However, the recent Fed rate cuts have started to ease deposit pricing, and we anticipate this will continue as we move through this next rate cycle,” said Miranda Spaulding, CFO.

    Total deposits increased to $1.68 billion at December 31, 2024, compared to $1.64 billion at December 31, 2023, and $1.65 billion at September 30, 2024. Noninterest-bearing checking accounts represented 24.9%, interest-bearing checking accounts represented 13.2%, savings accounts represented 12.5%, money market accounts comprised 21.8% and time certificates of deposit made up 27.6% of the total deposit portfolio at December 31, 2024. There were no brokered certificates at December 31, 2024, compared to $72.2 million at December 31, 2023, and $22.1 million at September 30, 2024. The average cost of total deposits was 1.71% in the fourth quarter of 2024, compared to 1.76% in the preceding quarter and 1.49% in the fourth quarter of 2023. The estimated amount of uninsured deposits was approximately $323.0 million, or 19% of total deposits, at December 31, 2024, compared to $307.0 million, or 18% of total deposits, at September 30, 2024.

    Shareholders’ equity was $174.8 million at December 31, 2024, compared to $169.3 million a year earlier and $177.7 million three months earlier. Book value per share was $21.77 at December 31, 2024, compared to $21.11 a year earlier and $22.17 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, was $16.88 at December 31, 2024, compared to $16.05 a year earlier and $17.23 three months earlier.

    Operating Results
    “The higher yields on interest earning assets combined with a lower cost of funds contributed to our 25 basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate additional improvement in our cost of funds over the next several quarters.”

    Eagle’s NIM was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point improvement compared to the fourth quarter a year ago. The interest accretion on acquired loans totaled $161,000 and resulted in a four basis-point increase in the NIM during the fourth quarter of 2024, compared to $167,000 and a three basis-point increase in the NIM during the preceding quarter. Funding costs for the fourth quarter of 2024 were 2.69%, compared to 2.89% in the third quarter of 2024 and 2.58% in the fourth quarter of 2023. Average yields on interest earning assets for the fourth quarter of 2024 increased to 5.70%, compared to 5.66% in the third quarter of 2024 and 5.36% in the fourth quarter a year ago. For the year, the NIM was 3.42% compared to 3.51% for 2023.

    Net interest income, before the provision for credit losses, increased 6.3% to $16.8 million in the fourth quarter of 2024, compared to $15.8 million in the third quarter of 2024, and increased 10.5% compared to $15.2 million in the fourth quarter of 2023. For the year, net interest income increased 1.5% to $63.4 million, compared to $62.5 million in 2023.

    Fourth quarter revenues increased 2.8% to $21.4 million, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago. For the year 2024, revenues were $81.2 million, compared to $85.2 million in 2023. The decrease compared to a year ago was largely due to lower volumes in mortgage banking activity.

    Total noninterest income decreased 8.2% to $4.6 million in the fourth quarter of 2024, compared to $5.0 million in the preceding quarter, and decreased 21.3% compared to $5.8 million in the fourth quarter a year ago. The decrease compared to the preceding quarter was largely due to income from bank owned life insurance of $724,000 recorded during the third quarter of 2024. Net mortgage banking income, the largest component of noninterest income, totaled $2.8 million in the fourth quarter of 2024, compared to $2.6 million in the preceding quarter and $3.7 million in the fourth quarter a year ago. This decrease compared to the fourth quarter a year ago was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes. For the year, noninterest income decreased 21.8% to $17.8 million, compared to $22.7 million in 2023. Net mortgage banking income decreased 33.1% to $10.0 million in 2024, compared to $15.0 million in 2023. These decreases were driven by a decline in net gain on sale of mortgage loans.

    Eagle’s fourth quarter noninterest expense was $17.7 million, an increase of 2.5% compared to $17.3 million in the preceding quarter and a 6.3% decrease compared to $18.9 million in the fourth quarter a year ago. Lower salaries and employee benefits contributed to the decrease compared to the year ago quarter. For the year, noninterest expense decreased 3.9% to $69.3 million, compared to $72.1 million in 2023.

    For the fourth quarter of 2024, the Company recorded income tax expense of $269,000. This compared to income tax expense of $529,000 in the preceding quarter and an income tax benefit of $315,000 in the fourth quarter of 2023. The effective tax rate for the year was 14.2% compared to 13.7% for the prior year and is due to the increase in proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

    Credit Quality
    Due to muted loan growth and positive economic factors within the CECL modeling, Eagle recorded a recapture in its provision for credit losses of $36,000 during the fourth quarter of 2024. This compared to a $277,000 provision for credit losses in the preceding quarter and $270,000 in the fourth quarter a year ago. The allowance for credit losses represented 437.7% of nonperforming loans at December 31, 2024, compared to 356.7% three months earlier and 195.2% a year earlier. Nonperforming loans were $3.9 million at December 31, 2024, $4.8 million at September 30, 2024, and $8.4 million a year earlier. Net loan charge-offs totaled $44,000 in the fourth quarter of 2024, compared to net loan charge-offs of $17,000 in the preceding quarter and net loan charge-offs of $10,000 in the fourth quarter a year ago. The allowance for credit losses was $16.9 million, or 1.11% of total loans, at December 31, 2024, compared to $17.1 million, or 1.12% of total loans, at September 30, 2024, and $16.4 million, or 1.11% of total loans, a year ago.

    Capital Management
    The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.57% at December 31, 2024, up from 6.32% a year ago and 6.56% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of December 31, 2024, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.07% as of December 31, 2024.

    About the Company
    Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 29 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

    Forward Looking Statements
    This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; our ability to appropriately address social, environmental, and sustainability concerns that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

    Use of Non-GAAP Financial Measures
    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

    The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

    Balance Sheet      
    (Dollars in thousands, except per share data)   (Unaudited)  
      December 31, September 30, December 31,
      2024 2024 2023
           
    Assets:      
    Cash and due from banks $ 29,824   $ 22,954   $ 23,243  
    Interest bearing deposits in banks   1,735     19,035     1,302  
    Federal funds sold   –     200     –  
    Total cash and cash equivalents   31,559     42,189     24,545  
    Securities available-for-sale, at fair value   292,590     306,982     318,279  
    Federal Home Loan Bank (“FHLB”) stock   7,778     11,218     9,191  
    Federal Reserve Bank (“FRB”) stock   4,131     4,131     4,131  
    Mortgage loans held-for-sale, at fair value   13,368     13,429     11,432  
    Loans:      
    Real estate loans:      
    Residential 1-4 family   153,721     156,811     156,578  
    Residential 1-4 family construction   45,701     52,217     43,434  
    Commercial real estate   645,962     644,019     608,691  
    Commercial construction and development   124,211     125,323     158,132  
    Farmland   146,610     145,356     142,590  
    Other loans:      
    Home equity   97,543     93,646     86,932  
    Consumer   28,513     29,445     30,125  
    Commercial   144,039     143,190     132,709  
    Agricultural   134,346     144,645     125,298  
    Total loans   1,520,646     1,534,652     1,484,489  
    Allowance for credit losses   (16,850 )   (17,130 )   (16,440 )
    Net loans   1,503,796     1,517,522     1,468,049  
    Accrued interest and dividends receivable   12,890     14,844     12,485  
    Mortgage servicing rights, net   15,376     15,443     15,853  
    Assets held-for-sale, at cost   960     257     –  
    Premises and equipment, net   101,540     100,297     94,282  
    Cash surrender value of life insurance, net   53,232     52,852     47,939  
    Goodwill   34,740     34,740     34,740  
    Core deposit intangible, net   4,499     4,834     5,880  
    Other assets   26,631     26,375     28,860  
    Total assets $ 2,103,090   $ 2,145,113   $ 2,075,666  
           
    Liabilities:      
    Deposit accounts:      
    Noninterest bearing $ 419,211   $ 419,760   $ 418,727  
    Interest bearing   1,262,017     1,230,752     1,216,468  
    Total deposits   1,681,228     1,650,512     1,635,195  
    Accrued expenses and other liabilities   47,018     38,593     36,462  
    FHLB advances and other borrowings   140,930     219,167     175,737  
    Other long-term debt, net   59,149     59,111     58,999  
    Total liabilities   1,928,325     1,967,383     1,906,393  
           
    Shareholders’ Equity:      
    Preferred stock (par value $0.01 per share; 1,000,000 shares      
    authorized; no shares issued or outstanding)   –     –     –  
    Common stock (par value $0.01; 20,000,000 shares authorized;      
    8,507,429 shares issued; 8,027,177, 8,016,784 and 8,016,784      
    shares outstanding at December 31, 2024, September 30, 2024, and      
    December 31, 2023, respectively   85     85     85  
    Additional paid-in capital   108,334     109,040     108,819  
    Unallocated common stock held by Employee Stock Ownership Plan   (4,011 )   (4,154 )   (4,583 )
    Treasury stock, at cost (480,252, 490,645 and 490,645 shares at      
    December 31, 2024, September 30, 2024, and December 31, 2023, respectively)   (10,761 )   (11,124 )   (11,124 )
    Retained earnings   101,264     98,979     96,021  
    Accumulated other comprehensive loss, net of tax   (20,146 )   (15,096 )   (19,945 )
    Total shareholders’ equity   174,765     177,730     169,273  
    Total liabilities and shareholders’ equity $ 2,103,090   $ 2,145,113   $ 2,075,666  
           
    Income Statement   (Unaudited)     (Unaudited)
    (Dollars in thousands, except per share data) Three Months Ended   Years Ended
      December 31, September 30, December 31,   December 31,
      2024 2024 2023   2024 2023
    Interest and dividend income:            
    Interest and fees on loans $ 23,756   $ 23,802   $ 21,481     $ 92,282   $ 79,423  
    Securities available-for-sale   2,475     2,598     2,790       10,428     11,376  
    FRB and FHLB dividends   308     266     247       1,085     727  
    Other interest income   148     94     23       416     89  
    Total interest and dividend income   26,687     26,760     24,541       104,211     91,615  
    Interest expense:            
    Interest expense on deposits   7,216     7,190     6,090       27,838     17,857  
    FHLB advances and other borrowings   2,005     3,084     2,569       10,211     8,562  
    Other long-term debt   676     684     684       2,724     2,719  
    Total interest expense   9,897     10,958     9,343       40,773     29,138  
    Net interest income   16,790     15,802     15,198       63,438     62,477  
    (Recapture) provision for credit losses   (36 )   277     270       518     1,456  
    Net interest income after provision for credit losses   16,826     15,525     14,928       62,920     61,021  
                 
    Noninterest income:            
    Service charges on deposit accounts   387     430     444       1,645     1,757  
    Mortgage banking, net   2,818     2,602     3,718       10,014     14,970  
    Interchange and ATM fees   675     662     663       2,540     2,524  
    Appreciation in cash surrender value of life insurance   408     1,038     301       2,054     1,466  
    Net loss on sale of available-for-sale securities   (141 )   –     –       (141 )   (222 )
    Other noninterest income   425     251     686       1,664     2,227  
    Total noninterest income   4,572     4,983     5,812       17,776     22,722  
                 
    Noninterest expense:            
    Salaries and employee benefits   9,830     9,894     11,359       39,715     42,973  
    Occupancy and equipment expense   2,194     2,134     1,972       8,531     8,072  
    Data processing   1,715     1,587     1,673       6,209     5,943  
    Software subscriptions   576     511     519       2,127     2,064  
    Advertising   466     277     445       1,312     1,375  
    Amortization   337     337     386       1,391     1,587  
    Loan costs   372     385     461       1,567     1,887  
    FDIC insurance premiums   287     295     288       1,165     1,150  
    Professional and examination fees   596     438     438       1,941     1,922  
    Other noninterest expense   1,323     1,412     1,350       5,348     5,116  
    Total noninterest expense   17,696     17,270     18,891       69,306     72,089  
                 
    Income before provision for income taxes   3,702     3,238     1,849       11,390     11,654  
    Provision (benefit) for income taxes   269     529     (315 )     1,612     1,598  
    Net income $ 3,433   $ 2,709   $ 2,164     $ 9,778   $ 10,056  
                 
    Basic earnings per common share $ 0.44   $ 0.35   $ 0.28     $ 1.25   $ 1.29  
    Diluted earnings per common share $ 0.44   $ 0.34   $ 0.28     $ 1.24   $ 1.29  
                 
    Basic weighted average shares outstanding   7,862,279     7,836,921     7,809,274       7,838,822     7,793,352  
                 
    Diluted weighted average shares outstanding   7,868,507     7,860,138     7,815,022       7,853,792     7,798,244  
                 
    ADDITIONAL FINANCIAL INFORMATION   (Unaudited)  
    (Dollars in thousands, except per share data) Three Months Ended or Years Ended
      December 31, September 30, December 31,
      2024 2024 2023
           
    Mortgage Banking Activity (For the quarter):      
    Net gain on sale of mortgage loans $ 2,036   $ 1,691   $ 2,845  
    Net change in fair value of loans held-for-sale and derivatives   (3 )   159     (40 )
    Mortgage servicing income, net   785     752     913  
    Mortgage banking, net $ 2,818   $ 2,602   $ 3,718  
           
    Mortgage Banking Activity (Year-to-date):      
    Net gain on sale of mortgage loans $ 6,741     $ 11,396  
    Net change in fair value of loans held-for-sale and derivatives   (5 )     194  
    Mortgage servicing income, net   3,278       3,380  
    Mortgage banking, net $ 10,014     $ 14,970  
           
    Performance Ratios (For the quarter):      
    Return on average assets   0.65%   0.51%   0.42%
    Return on average equity   8.12%   6.56%   5.68%
    Yield on average interest earning assets   5.70%   5.66%   5.36%
    Cost of funds   2.69%   2.89%   2.58%
    Net interest margin   3.59%   3.34%   3.32%
    Core efficiency ratio*   81.26%   81.47%   88.08%
           
    Performance Ratios (Year-to-date):      
    Return on average assets   0.47%     0.50%
    Return on average equity   5.94%     6.33%
    Yield on average interest earning assets   5.62%     5.14%
    Cost of funds   2.76%     2.11%
    Net interest margin   3.42%     3.51%
    Core efficiency ratio*   83.62%     82.75%
           
    * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
    costs and intangible asset amortization, by the sum of net interest income and non-interest income.    
           
           
           
    ADDITIONAL FINANCIAL INFORMATION      
    (Dollars in thousands, except per share data)      
           
    Asset Quality Ratios and Data: As of or for the Three Months Ended
      December 31, September 30, December 31,
      2024 2024 2023
           
    Nonaccrual loans $ 3,227   $ 3,859   $ 8,395  
    Loans 90 days past due and still accruing   623     944     26  
    Total nonperforming loans   3,850     4,803     8,421  
    Other real estate owned and other repossessed assets   45     4     5  
    Total nonperforming assets $ 3,895   $ 4,807   $ 8,426  
           
    Nonperforming loans / portfolio loans   0.25%   0.31%   0.57%
    Nonperforming assets / assets   0.19%   0.22%   0.41%
    Allowance for credit losses / portfolio loans   1.11%   1.12%   1.11%
    Allowance for credit losses/ nonperforming loans   437.66%   356.65%   195.23%
    Gross loan charge-offs for the quarter $ 51   $ 22   $ 11  
    Gross loan recoveries for the quarter $ 7   $ 5   $ 1  
    Net loan charge-offs for the quarter $ 44   $ 17   $ 10  
           
           
      December 31, September 30, December 31,
      2024 2024 2023
    Capital Data (At quarter end):      
    Common shareholders’ equity (book value) per share $ 21.77   $ 22.17   $ 21.11  
    Tangible book value per share** $ 16.88   $ 17.23   $ 16.05  
    Shares outstanding   8,027,177     8,016,784     8,016,784  
    Tangible common equity to tangible assets***   6.57%   6.56%   6.32%
           
    Other Information:      
    Average investment securities for the quarter $ 300,088   $ 305,730   $ 306,678  
    Average investment securities year-to-date $ 306,538   $ 308,688   $ 328,533  
    Average loans for the quarter **** $ 1,533,686   $ 1,547,246   $ 1,494,181  
    Average loans year-to-date **** $ 1,523,384   $ 1,519,951   $ 1,436,672  
    Average earning assets for the quarter $ 1,858,078   $ 1,874,669   $ 1,817,419  
    Average earning assets year-to-date $ 1,850,120   $ 1,847,468   $ 1,780,727  
    Average total assets for the quarter $ 2,107,357   $ 2,116,839   $ 2,062,267  
    Average total assets year-to-date $ 2,092,051   $ 2,086,951   $ 2,015,586  
    Average deposits for the quarter $ 1,671,653   $ 1,622,254   $ 1,626,598  
    Average deposits year-to-date $ 1,636,390   $ 1,624,636   $ 1,603,861  
    Average equity for the quarter $ 169,054   $ 165,162   $ 152,516  
    Average equity year-to-date $ 164,591   $ 163,106   $ 158,807  
           
           
           
    ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
    less goodwill and core deposit intangible, by common shares outstanding.
    *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
    equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
    **** Includes loans held for sale
    Reconciliation of Non-GAAP Financial Measures          
                 
    Core Efficiency Ratio   (Unaudited)     (Unaudited)
    (Dollars in thousands) Three Months Ended   Years Ended
      December 31, September 30, December 31,   December 31,
      2024 2024 2023   2024 2023
    Calculation of Core Efficiency Ratio:            
    Noninterest expense $ 17,696   $ 17,270   $ 18,891     $ 69,306   $ 72,089  
    Intangible asset amortization   (337 )   (337 )   (386 )     (1,391 )   (1,587 )
    Core efficiency ratio numerator   17,359     16,933     18,505       67,915     70,502  
                 
    Net interest income   16,790     15,802     15,198       63,438     62,477  
    Noninterest income   4,572     4,983     5,812       17,776     22,722  
    Core efficiency ratio denominator   21,362     20,785     21,010       81,214     85,199  
                 
    Core efficiency ratio (non-GAAP)   81.26%   81.47%   88.08%     83.62%   82.75%
                 
    Tangible Book Value and Tangible Assets (Unaudited)
    (Dollars in thousands, except per share data) December 31, September 30, December 31,
      2024 2024 2023
    Tangible Book Value:      
    Shareholders’ equity $ 174,765   $ 177,730   $ 169,273  
    Goodwill and core deposit intangible, net   (39,239 )   (39,574 ) $ (40,620 )
    Tangible common shareholders’ equity (non-GAAP) $ 135,526   $ 138,156   $ 128,653  
           
    Common shares outstanding at end of period   8,027,177     8,016,784     8,016,784  
           
    Common shareholders’ equity (book value) per share (GAAP) $ 21.77   $ 22.17   $ 21.11  
           
    Tangible common shareholders’ equity (tangible book value)      
    per share (non-GAAP) $ 16.88   $ 17.23   $ 16.05  
           
    Tangible Assets:      
    Total assets $ 2,103,090   $ 2,145,113   $ 2,075,666  
    Goodwill and core deposit intangible, net   (39,239 )   (39,574 )   (40,620 )
    Tangible assets (non-GAAP) $ 2,063,851   $ 2,105,539   $ 2,035,046  
           
    Tangible common shareholders’ equity to tangible assets      
    (non-GAAP)   6.57%   6.56%   6.32%
           
    Contacts: Laura F. Clark, President and CEO
    (406) 457-4007
    Miranda J. Spaulding, SVP and CFO
    (406) 441-5010
       

    The MIL Network –

  • MIL-OSI Economics: IPAA Announces Michael Hillebrand as New Board Chairman 

    Source: Independent Petroleum Association of America

    Headline: IPAA Announces Michael Hillebrand as New Board Chairman 

    Jan 28, 2025 IPAA Announces Michael Hillebrand as New Board Chairman 

    Posted at 09:53h in Press Releases by

    IPAA Board Appoints Hillebrand, Huntley & Huntley CEO, as Chairman for 2024-2026 Term 

    WASHINGTON – The Independent Petroleum Association of America (IPAA) board of directors are pleased to announce Michael “Mike” A. Hillebrand, the chief executive officer of Pennsylvania-based Huntley & Huntley, as board chairman for a two-year term through 2026. IPAA advocates for thousands of oil and natural gas producers that develop 90 percent of wells nationwide. The IPAA board approved Hillebrand at the association’s annual meeting in late fall, and Hillebrand officially assumed the role this month.

    “Mike brings fantastic business and technical expertise to the role of chairman, coupled with a passion for industry and association advocacy,” said Jeff Eshelman, IPAA president and chief executive officer. “Past-chairman Steve Pruett, the president and chief executive officer of Elevation Resources, has been invaluable in expanding IPAA’s reach in Texas and the Permian Basin. I look forward to working with Mike on deepening our roots and relationships in my home state of Pennsylvania and throughout the Appalachian Basin formations.”

    Hillebrand is a principal shareholder and chief executive officer of one of the world’s oldest and continuously existing oil and gas companies, Huntley & Huntley (founded in 1912), the founder, shareholder, and board member of its institutional joint venture, Olympus Energy, the fifth largest shale producer in southwestern Pennsylvania. Mr. Hillebrand has thirty-nine years of combined experience in both vertical and horizontal well drilling, completions, and operations, as well as all operating and financial aspects of oil and natural gas business development, assembly and acquisition, and marketing.

    He has played a key leadership role in securing over $1.1 billion of capital funding and/or commitments into several of Huntley’s affiliated companies. One of those companies, Olympus Energy, now operates nearly 100,000 acres and in one of SW Pennsylvania’s last undeveloped core Marcellus, deep Utica and Upper Devonian unconventional shale positions, now producing over 600 mmcf/d.

    Mr. Hillebrand is a graduate of the Pennsylvania State University with a Bachelor of Science degree in Petroleum and Natural Gas Engineering. He is member of the Society of Petroleum Engineers (SPE) and the current Chairman of the Pennsylvania Independent Oil and Gas Association (PIOGA).

    For the full IPAA Board of Directors, visit https://www.ipaa.org/board-of-directors/

    ###

    MIL OSI Economics –

  • MIL-OSI USA: Warren Writes Fox News Digital Op-ed Challenging Elon Musk to Cut $2 Trillion in Waste By Taking On Billionaires and Giant Corporations

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    January 28, 2025
    “Here’s something President Donald Trump, Elon Musk, and I agree on: the federal government throws away trillions of dollars on wasteful spending.”
    “Instead of cutting help for people who rely on Medicare, Social Security and the VA, let’s focus on the billionaires and billionaire corporations who are feasting off the American taxpayer.”
    Warren Op-Ed in Fox News Digital
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, published an op-ed outlining her recommendations for cutting government waste to make government more efficient and save taxpayers money. In a public letter last week, Warren proposed 30 recommendations for President Trump and Elon Musk, head of the Department of Government Efficiency, to cut at least $2 trillion in government waste over the next decade. 
    Musk has already walked back his goal of $2 trillion of cuts. Unlike the Republican plans, none of these recommendations would cut access to Medicare, Medicaid, Social Security, veterans’ benefits, and other programs that tens of millions of Americans count on–and instead focus on waste, fraud, and abuse in government spending. 
    Read the full op-ed here and below: 
    Senator Elizabeth Warren: Trump, Musk and I agree on something important. And I’ve got 30 ways to get it doneJanuary 28, 2025
    Here’s something President Donald Trump, Elon Musk, and I agree on: the federal government throws away trillions of dollars on wasteful spending. I have spent years trying to squeeze government waste out of our budget, and I’m ready to work with Musk to make government more efficient and save taxpayers money. But here’s the thing: we need to focus in the right place. Instead of cutting help for people who rely on Medicare, Social Security and the VA, let’s focus on the billionaires and billionaire corporations who are feasting off the American taxpayer.
    After promising his Department of Government Efficiency (DOGE) would cut $2 trillion in government waste, Musk’s ambition is rapidly shrinking. Within weeks, he cut his goal in half to $1 trillion– all before he’s actually cut a single dollar. I don’t want Musk to fold so quickly. I crunched the numbers and found $2 trillion that we could cut over the next 10 years by focusing on the guys who are getting rich off our government. Last week, I sent Musk my blueprint to do just that. 
    Congressional Republicans’ initial plans call for cuts to government programs that millions of Americans rely on to pay their bills each month – things like Social Security, money to cover nursing home costs, and help buying private health insurance. Scrapping essential services is not efficiency; it is cold-hearted cruelty. Tossing old folks out of nursing homes or telling people that their insurance has been cancelled won’t save money; it just makes lives tougher for the families that struggle to pick up the slack. If Musk and the Republicans take that route, it will be a disaster for working people and I will fight back.
    But we don’t have to cut the programs Americans rely on. We can eliminate at least $2 trillion of government waste over the next decade without cutting programs that help our grandparents, our veterans, and our children. In fact, I have 30 specific proposals to do just that. I’ll share a few of them now, but you can read all about them in my letter to Musk here.
    Here are a few examples of government waste we could start with. First, we could negotiate better contracts for the Department of Defense. In 2023, the DoD spent $440.7 billion on contracts – and giant contractors overcharge us on nearly everything. The Air Force pays over 7,500% more on soap dispensers than regular Americans do. The Army pays $71 for pins that should cost less than a nickel. Spending is so out of control at DoD that it is the only agency in government that cannot pass a simple audit. American taxpayers are sick of getting scammed by overpaid military contractors. My recommendations on Defense spending alone would save nearly $200 billion in the next 12 years. 
    Taxpayers are also getting swindled by for-profit health insurance companies. Right now, about half of all seniors have been lured into a privatized Medicare program called Medicare Advantage. This program was started to lower costs for seniors, but over time the insurers figured out how to boost their profits by manipulating claims and denying coverage. It’s so bad now that the non-partisan Medicare Payment Advisory Commission estimates that privatized Medicare insurers overcharged taxpayers by nearly $83 billion in 2024 alone, while other independent researchers put the dollar figure at $140 billion. Rooting out their dirty tactics could save more than a trillion dollars over ten years without cutting Medicare benefits by one penny.
    Cracking down on health care profiteering isn’t a partisan issue. I’ve partnered with Republican Josh Hawley of Missouri to claw back billions more from corporations that are cheating the government on health care costs. He’s not the only Republican who agrees that we need to stop corporations from overcharging taxpayers for lifesaving medications: President Trump has voiced support for another one of my proposals to cut wasteful spending, Medicare price negotiations. By expanding this program to bring the prices down for the most expensive drugs covered by Medicare, the government could save taxpayers another $200 billion over the next decade.
    We can bring down the deficit by cutting spending, but we can also improve our financial position by making millionaires and billionaires pay their fair share. Hedge funds and private equity companies use loopholes to avoid paying anywhere between $1.4 billion and $18 billion each year – that’s an easy fix. By closing just one big estate tax exemption loophole abused by the ultra-rich, the US government could save another $60 billion per year. We should close those loopholes – and fully fund the IRS to catch wealthy tax cheats who think they’re above the law.  
    My list of cuts and loophole closers will save $2 trillion. So where are Elon Musk, Donald Trump and the DOGE project? Why give up so quickly on beating back the defense contractors, health insurance giants, and other huge companies that are ripping off the American people? If Musk and Trump have the courage to cut this waste, I’ve got a plan and 30 specific recommendations to get it done.
    Democrat Elizabeth Warren represents Massachusetts in the United States Senate.

    MIL OSI USA News –

  • MIL-OSI Global: Trump 2.0: the rise of an ‘anti-elite’ elite in US politics

    Source: The Conversation – France – By William Genieys, Directeur de recherche CNRS au CEE, Sciences Po

    US president Donald Trump is surrounded by a new cohort of politicians and officials. While one of his campaign promises was to overthrow the “corrupt elites” he accuses of flooding the American political arena, his second term in office has elevated elites chosen, above all, for their political loyalty to him.

    The media’s focus on Trump’s comments on making Canada the 51st US state and annexing Greenland and billionaire Elon Musk’s support for some far-right parties in Europe has obscured the ambitious programme to transform the federal government that the new political elite intends to implement.

    In the wake of Trump’s inauguration on January 20, the Republican elites most loyal to the MAGA (“Make America Great Again”) leader, who staunchly oppose Democratic elites and their policies, are operating amid their party’s control over the executive and legislative branches (at least until the midterm elections in 2026), a conservative-dominated Supreme Court that includes three Trump-appointed justices, and a federal judiciary that shifted right during his first term.

    However, the political project of the Trumpist camp consists less of challenging elitism in general than attacking a specific elite: one particular to liberal democracies.

    Castigating democratic elitism

    Typical anti-elite political propaganda, along the lines of “I speak for you, the people, against the elites who betray and deceive you,” claims that a populist leader would be able to exercise power for and on behalf of the people without the mediation of an elite disconnected from their needs.

    Political theorist John Higley sees behind this form of anti-elite discourse an association between so-called “forceful leaders” and “leonine elites” (who take advantage of the former and their political success): a phenomenon that threatens the future of Western democracies.

    Since the Second World War, there has been a consensus in US politics on the idea of democratic elitism. According to this principle, elitist mediation is inevitable in mass democracies and must be based on two criteria: respect for the results of elections (which must be free and competitive); and the relative autonomy of political institutions.

    The challenge to this consensus has been growing since the 1990s with the increased polarization of American politics. It gained new momentum during and after the 2016 presidential campaign, which was marked by anti-elite rhetoric from both Republicans and Democrats (such as senators Bernie Sanders and Elizabeth Warren). At the heart of some of their diatribes was an aversion to “the Establishment” on the east and west coasts of the United States, where many prestigious financial, political and academic institutions are based, and the conspiracy notion of the “deep state”.

    The re-election of Trump, who has never admitted defeat in the 2020 presidential vote, growing political hostility and the direct involvement of tech tycoons in political communication –especially on the Republican side– further reinforce the denial of democratic elitism.

    Trump’s populism from above: a revolt of the elites

    The idea that democracy could be betrayed by “the revolt of the elites”, put forward by the US historian Christopher Lasch (1932-1994), is not new. For the anthropologist Arjun Appadurai, it is a particular feature of contemporary populism, which comes “from above.” Indeed, if the 20th century was the era of the “revolt of the masses”, the 21st century, according to Appadurai, “is characterized by the ‘revolt of the elites’.” This would explain the rise of populist autocracies (such as those currently led by Viktor Orban in Hungary, Recep Tayyip Erdogan in Turkey and Narendra Modi in India, and formerly led by Jair Bolsonaro in Brazil), but also the election successes of populist leaders in consolidated democracies (including those of Trump in the US, Giorgia Meloni in Italy, and Geert Wilders in the Netherlands, for example).

    As Appadurai explains, the success of Trumpian populism, which represents a revolt by ordinary Americans against the elites, casts a veil over the fact that, following Trump’s victory in November, “it is a new elite that has ousted from power the despised Democratic elite that had occupied the White House for nearly four years.”

    The aim of this “alter elite” is to replace the “regular” Democrat elites, but also the moderate Republicans, by deeply discrediting their values (such as liberalism and so-called “wokeism”) and their supposedly corrupt political practices. As a result, this populism “from above” carried out by the President’s supporters constitutes an alternative elite configuration, the effects of which on American democratic life could be more significant than those observed during Trump’s first term.

    Beyond the idea of a ‘Muskoligarchy’

    The idea that we are witnessing the formation of a “Muskoligarchy” –in other words, an economic elite (including tech barons such as Jeff Bezos, Mark Zuckerberg and Marc Andreessen) rallying around the figurehead of Elon Musk, whom Trump asked to lead what the president has called a “Department of Government Efficiency” (DOGE) –is seductive. It perfectly combines the vision of an alliance between a “conspiratorial, coherent, conscious” ruling class and an oligarchy made up of the “ultra-rich”. For the Financial Times columnist Martin Wolf, it is even a sign of the development of “pluto-populism”. (It is also worth noting that former president Joe Biden, in his farewell speech, referred to “an oligarchy… of extreme wealth” and “the potential rise of a tech-industrial complex.”)

    However, some observers are cautious about the advent of a “Muskoligarchy.” They point to the sociological eclecticism of the new Trumpian elite, whose facade of unity is held together above all by a political loyalty, for the time being unfailing, to the MAGA leader. The fact remains, however, that the various factions of this new “anti-elite” elite are converging around a common agenda: to rid the federal government of the supposed stranglehold of Democratic “insiders.”

    An ‘anti-elite’ elite against the ‘deep state’

    In his presidential inauguration speech in 1981, Ronald Reagan said: “Government is not the solution to our problem; government is the problem.” The anti-elitism of the Trump elite is inspired by this diagnosis, and defends a simple political programme: rid democracy of the “deep state.”


    Although the idea that the US is “beleaguered” by an “unelected and unaccountable elite” and “insiders” who subvert the general interest has been shown to be unfounded, it is nonetheless predominant in the new Trump Administration.

    This conspiracy theory has been taken to the extreme by Kash Patel, the candidate being considered to head the FBI. In his book, Government Gangsters, a veritable manifesto against the federal administration, the former lawyer writes about the need to resort to “purges” in order to bring elite Democrats to justice. He lists around 60 people, including Biden, ex-secretary of state Hillary Clinton and ex-vice president Kamala Harris.

    Government Gangsters, Kash Patel’s controversial book.
    Google Books

    The appointment of Russell Vought as head of the Office of Management and Budget at the White House, a person who is known for having sought to obstruct the transition to the Biden Administration in 2021, also highlights the hard turn that the Trump administration is likely to take.

    Reshaping the state around political loyalty

    To “deconstruct the administrative state”, the “anti-elite” elites are relying on Project 2025, a 900-plus page programme report that the conservative think-tank The Heritage Foundation, which published it, says was produced by “more than 400 scholars and policy experts.” According to former Project 2025 director Paul Dans, “never before has the entire movement… banded together to construct a comprehensive plan” for this purpose. On this basis, the “anti-elite” elite want to impose loyalty to Project 2025 on federal civil servants.

    But this idea is not new. At the end of his first term, Trump issued an executive order facilitating the dismissal of statutory federal civil servants occupying “policy-related positions” and considered to be “disloyal”. The decree was rescinded by president Biden, but Trump on his first day back in office signed an executive order that seeks to void Biden’s rescindment. As President, Trump is also able to allocate senior positions within the federal administration to his supporters.

    The “anti-elite” elite not only want to reduce the size of the state, as was the case under Reagan’s “neoliberalism”, but to deconstruct and rebuild it in their own image. Their real aim is a more lasting victory: the transformation of democratic elitism into populist elitism.

    Les auteurs ne travaillent pas, ne conseillent pas, ne possèdent pas de parts, ne reçoivent pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’ont déclaré aucune autre affiliation que leur organisme de recherche.

    – ref. Trump 2.0: the rise of an ‘anti-elite’ elite in US politics – https://theconversation.com/trump-2-0-the-rise-of-an-anti-elite-elite-in-us-politics-248180

    MIL OSI – Global Reports –

  • MIL-OSI Global: Nutrition advice is rife with misinformation − a medical education specialist explains how to tell valid health information from pseudoscience

    Source: The Conversation – USA – By Aimee Pugh Bernard, Assistant Professor of Immunology and Microbiology, University of Colorado Anschutz Medical Campus

    If a health claim about a dietary intervention sounds too good to be true, it probably is.
     Mizina/iStock via Getty Images Plus

    The COVID-19 pandemic illuminated a vast landscape of misinformation about many topics, science and health chief among them.

    Since then, information overload continues unabated, and many people are rightfully confused by an onslaught of conflicting health information. Even expert advice is often contradictory.

    On top of that, people sometimes deliberately distort research findings to promote a certain agenda. For example, trisodium phosphate is a common food additive in cakes and cookies that is used to improve texture and prevent spoilage, but wellness influencers exploit the fact that a similarly named substance is used in paint and cleaning products to suggest it’s dangerous to your health.

    Such claims can proliferate quickly, creating widespread misconceptions and undermining trust in legitimate scientific research and medical advice. Social media’s rise as a news and information source further fuels the spread of pseudoscientific views.

    Misinformation is rampant in the realm of health and nutrition. Findings from nutrition research is rarely clear-cut because diet is just one of many behaviors and lifestyle factors affecting health, but the simplicity of using food and supplements as a cure-all is especially seductive.

    I am an assistant professor specializing in medical education and science communication. I also train scientists and future health care professionals how to communicate their science to the general public.

    In my view, countering the voices of social media influencers and health activists promoting pseudoscientific health claims requires leaning into the science of disease prevention. Extensive research has produced a body of evidence-based practices and public health measures that have consistently been shown to improve the health of millions of people around the world. Evaluating popular health claims against the yardstick of this work can help distinguish which ones are based on sound science.

    To parse pseudoscientific claims from sound advice about health and nutrition, it’s crucial to evaluate the information’s source.
    tadamichi/Getty Images

    Navigating the terrain of tangled information

    Conflicting information can be found on just about everything we eat and drink.

    That’s because a food or beverage is rarely just good or bad. Instead, its health effects can depend on everything from the quantity a person consumes to their genetic makeup. Hundreds of scientific studies describe coffee’s health benefits and, on the flip side, its health risks. A bird’s-eye view can point in one direction or another, but news articles and social media posts often make claims based on a single study.

    Things can get even more confusing with dietary supplements because people who promote them often make big claims about their health benefits. Take apple cider vinegar, for example – or ACV, if you’re in the know.

    Apple cider vinegar has been touted as an all-natural remedy for a variety of ailments, including digestive issues, urinary health and weight management. Indeed, some studies have shown that it might help lower cholesterol, in addition to having other health benefits, but overall those studies have small sample sizes and are inconclusive.

    Advocates of this substance often claim that one particular component of it – the cloudy sediment at the bottom of the bottle termed “the mother” – is especially beneficial because of the bacteria and yeast it contains. But there is no research that backs the claim that it offers any health benefits.

    One good rule of thumb is that health hacks that promise quick fixes are almost always too good to be true. And even when supplements do offer some health benefits under specific circumstances, it’s important to remember that they are largely exempt from Food and Drug Administration regulations. That means the ingredients on their labels might contain more or less of the ingredients promised or other ingredients not listed, which can potentially cause harms such as liver toxicity.

    It’s also important to keep in mind that the global dietary supplements industry is worth more than US$150 billion per year, so companies – and wellness influencers – selling supplements have a financial stake in convincing the public of their value.

    Misinformation about nutrition is nothing new, but that doesn’t make it any less confusing.

    How nutrition science gets twisted

    There’s no doubt that good nutrition is fundamental for your health. Studies consistently show that a balanced diet containing a variety of essential nutrients can help prevent chronic diseases and promote overall well-being.

    For instance, minerals such as calcium and iron support bone health and oxygen circulation in the blood, respectively. Proteins are essential for muscle repair and growth, and healthy fats, like those found in avocados and nuts, are vital for brain health.

    However, pseudoscientific claims often twist such basic facts to promote the idea that specific diets or supplements can prevent or treat illness. For example, vitamin C is known to play a role in supporting the immune system and can help reduce the duration and severity of colds.

    But despite assertions to the contrary, consuming large quantities of vitamin C does not prevent colds. In fact, the body needs only a certain amount of vitamin C to function properly, and any excess is simply excreted.

    Companies sometimes claim their supplement is “scientifically proven” to cure illness or boost brain function, with no credible research to back it up.

    Some companies overstate the benefits while underplaying the hazards.

    For example, wellness influencers have promoted raw milk over pasteurized milk as a more natural and nutritious choice, but consuming it is risky. Unpasteurized milk can contain harmful bacteria that leads to gastrointestinal illness and, in some cases, much more serious and potentially life-threatening diseases such as avian influenza, or bird flu.

    Such dietary myths aren’t harmless. Reliance on nutrition alone can lead to neglecting other critical aspects of health, such as regular medical checkups and lifesaving vaccinations.

    The lure of dietary myths has led people with cancer to replace proven science-backed treatments, such as chemotherapy or radiation, with unproven and misleading nutrition programs.

    How to spot less-than-solid science

    Pseudoscience exploits your insecurities and emotions, taking advantage of your desire to live the healthiest life possible.

    While the world around you may be uncertain and out of your control, you want to believe that at the very least, you have control over your own health. This is where the wellness industry steps in.

    What makes pseudoscientific claims so confusing is that they use just enough scientific jargon to sound believable. Supplements or powders that claim to “boost immunity” often list ingredients such as adaptogens and superfoods. While these words sound real and convincing, they actually don’t mean anything in science. They are terms created by the wellness industry to sell products.

    I’ve researched and written about reliable ways to distinguish science facts from false health claims. To stay alert and find credible information, I’d suggest you follow a few key steps.

    First, check your emotions – strong emotional reactions, such as fear and anger, can be a red flag.

    Next, check that the author has experience or expertise in the field of the topic. If they’re not an expert, they might not know what they are talking about. It’s always a good idea to make sure the source is reputable – ask yourself, would this source be trusted by scientists?

    Finally, search for references that back up the information. If very little or nothing else exists in the science world to back up the claims, you may want to put your trust in a different source.

    Following these steps will separate the facts from fake news and empower you to make evidence-based decisions.

    Aimee Pugh Bernard is an unpaid board member for Immunize Colorado

    – ref. Nutrition advice is rife with misinformation − a medical education specialist explains how to tell valid health information from pseudoscience – https://theconversation.com/nutrition-advice-is-rife-with-misinformation-a-medical-education-specialist-explains-how-to-tell-valid-health-information-from-pseudoscience-246478

    MIL OSI – Global Reports –

  • MIL-OSI Global: Getting mail to your door is just one part of what the postmaster general does

    Source: The Conversation – USA – By Jena Martin, Professor of Law, St. Mary’s University

    Postal workers sort through mail and packages. Frederic J. Brown/AFP via Getty Images

    The postmaster general is responsible for getting billions of pieces of mail across the globe, managing hundreds of thousands of employees and caring for some of the country’s most vulnerable Americans.

    The agency is currently run by Postmaster General Louis DeJoy, who served in President Donald Trump’s first administration and during President Joe Biden’s term as well. He is one of the few key advisers to serve in both Trump administrations.

    I’m a law professor who has studied the United States Postal Service and the role of the postmaster general.

    Here’s what having the job of overseeing the Postal Service entails. Spoiler: It’s about more than getting your mail delivered.

    Sprawling duties of the postmaster

    The postmaster general overseas a vast operation.

    Over 44% of the world’s mail is processed and delivered by the U.S. Postal Service, making it the largest delivery service in the world.

    In 2023 alone, the Postal Service handled 116.2 billion pieces of mail. And while processing and delivering mail is the key component of the Postal Service’s mission, it has other responsibilities as well.

    In many ways, in fact, it’s the nondelivery parts of the organization that have the biggest impact on the U.S. economy.

    In 2023, USPS owned or leased 22,873 properties around the country. To place this in perspective, the General Services Administration – known as “America’s landlord” – owns or leases only 8,800 properties.

    The agency also paid US$2 billion in salary and benefits to its 525,469 career employees and processed more than 8.5 million passport applications.

    Finally, USPS has a mandate that supports the health of many Americans. The service’s “last mile” delivery commitment ensures that all Americans – even those living in rural communities – receive mail delivery six days a week. This is particularly important for people without easy access to medical services, as it often provides lifesaving medications to people in need.

    Those are all official duties. Unofficially, the Postal Service has long been known to assist elderly citizens and respond to emergency situations that occur on letter carriers’ routes. In early January 2025, for example, a Massachusetts mail carrier was able to save a house from burning by quickly extinguishing a fire.

    As my co-author Matt Titolo and I have written elsewhere, “Americans depend on USPS for a host of essential services including food, medicine, paying bills, shopping, and running small businesses.”

    Deep roots in US history

    That deep connection with communities has been a part of USPS since its founding. In fact, the postal system is older than the nation itself, with Benjamin Franklin serving as the first head of the organization beginning in 1775.

    When the U.S. Constitution was ratified in 1789, it included Article 1, Section 8 – generally known as the postal clause – which explicitly gives Congress the power “to establish Post Offices and post Roads” and “to make all Laws which shall be necessary and proper” to implement the task.

    A faded postcard sent in 1912.
    Jena Ardell via GettyImages

    Until 1971 the postmaster general was a Cabinet-level position and fifth in the presidential line of succession – coming right after the attorney general and right before the secretary of the Interior. The postmaster general was removed from the Cabinet, and the line of succession, in 1971 when Congress reorganized the Post Office and gave it its new name of the U.S. Postal Service.

    Since that reorganization, the president no longer has the power to appoint – or fire – the postmaster general. That power lies with the Board of Governors of the Postal Service, whose members are appointed by the president with the advice and consent of the Senate.

    The future of the Postal Service

    Over the years, postmaster generals have discussed moving USPS away from its roots as a service-oriented organization and toward a typical business operation. Presidential candidates, including Trump, have called for either full or partial privatization of the agency.

    Indeed, USPS faces continuous deficit problems. But privatization and a resulting focus on profits would likely increase the cost of mailing a letter, a change that would disproportionately affect low-income individuals and small businesses – and could even result in service cuts to rural areas, making life for Americans living there harder and less healthy.

    As Forbes reports, critics and proponents of the move to privatize acknowledge it could result in “fewer days of mail services, longer mail delivery timelines or less access to USPS services.”

    This story is part of a series of profiles of Cabinet and high-level administration positions.

    Prof. Martin’s husband has been employed with the Postal Service for the last twenty-nine years.

    – ref. Getting mail to your door is just one part of what the postmaster general does – https://theconversation.com/getting-mail-to-your-door-is-just-one-part-of-what-the-postmaster-general-does-246861

    MIL OSI – Global Reports –

  • MIL-OSI Video: Competitiveness Compass: Europe is shifting gears and seizing opportunities

    Source: European Commission (video statements)

    Europe must shift gears, seize every opportunity, and stand united to secure its place in the global economy.

    Discover how the Competitiveness Compass charts the way to a stronger, more innovative, and cohesive Europe.

    To find our more about the Competitiveness Compass, follow this link: https://europa.eu/!hktDFx
    You may need to copy and paste the link in a new browser window.

    #europeancommission #europeanunion

    https://www.youtube.com/watch?v=3MNDcK89WWA

    MIL OSI Video –

  • MIL-OSI United Kingdom: Middle East: Minister for Development’s statement, 28 January 2025

    Source: United Kingdom – Executive Government & Departments

    Development Minister Anneliese Dodds gave an oral statement to the House of Commons on the ceasefire agreement in Gaza and effect on humanitarian aid.

    With permission, I will update the House on the ceasefire agreement in Gaza and detail our latest efforts to get aid to those in desperate need.

    Madam Deputy Speaker, this is a fragile ceasefire – but it brings much-needed hope for the Israeli and Palestinian people.

    The agreement to end the fighting and release the hostages is what this Labour government has been pressing for from the moment we came to office.

    I thank Qatar, Egypt and the US for their tireless efforts, and echo the Prime Minister in wishing Emily Damari and the other former hostages well as they begin to recover from their horrific ordeals.

    We continue to call, Madam Deputy Speaker, for their immediate release of all those still waiting to be reunited with their loved ones, including the remaining hostages with links to the UK.

    Madam Deputy Speaker, civilians in Gaza have endured suffering that defies belief, and this deal brings hope that they can start to rebuild their lives.

    In the days since the guns were silenced, Israel has opened up mechanisms to surge in aid.

    The UN and aid organisations have been working tirelessly to deliver the humanitarian aims of the ceasefire agreement.

    After so much time waiting at the border – delays I saw for myself in December – trucks are now streaming in.

    Partners on the ground report that more than 200,000 food parcels have been dispatched to more than 130 distribution points since the ceasefire.

    This government has been at the forefront of the humanitarian effort in Gaza since we came to office.

    Overturning the suspension of funding to UNRWA and then boosting our support. Supporting UK-Med field hospitals to help the injured. Working with Egypt to support those Medevac-ed out of Gaza and providing vital resources to UNICEF and the World Food Programme.

    Today, I am pleased to announce that the UK is investing in the ceasefire.

    UK support will be distributed to the UN and key medical partners, so that tens of thousands of civilians get the healthcare, food and shelter they need.

    That support will amount to £17 million from the UK to get more aid into Gaza and restore services. The figure also includes £2 million for the World Bank to support the construction and restoration of critical water and energy infrastructure.

    The UK has already helped around 284,000 people in Gaza to access water, sanitation and hygiene services.

    Today’s uplift brings our commitment for the Occupied Palestinian Territories and Palestinian refugees in the region to £129 million this financial year.

    I am also pleased to announce to the House that this morning, Jordanian air force helicopters started landing in Gaza with UK-funded medical supplies and logistical support from UK armed forces.

    I thank Jordan for their excellent commitment to getting aid in, in such challenging circumstances. We will continue to support our Jordanian partners in this initiative.

    But more action is needed.

    The air bridge to Gaza is no substitute for road routes, which must remain open.

    We also call on Israel to allow more essential items like tents, mattresses and medical equipment in.

    As people start to move home, basic services need to be put back in place, and unexploded bombs and mines cleared.

    Without this, even more lives will be lost.

    And of course, the UN and humanitarian agencies must be able to operate freely.

    This Government has repeatedly stated the need for UNRWA to continue its lifesaving assistance to the people of Gaza, Jerusalem and the West Bank.

    The Knesset legislation taking effect on the 30th of January risks impeding the progress made since the ceasefire. Israel must allow the agency to continue to operate.

    The legislation does not and cannot change the fact that Israel has a responsibility under international law to facilitate humanitarian assistance.

    As the UN Security Council heard last week, a million Gazan children need support to process their traumatic experiences – their suffering cannot be underestimated.

    And around fifteen and a half thousand patients need medical evacuation, according to the World Health Organisation. Routes must be opened for them to get this treatment.

    Madam Deputy Speaker, the UK and wider international community stand ready to support Palestinians as they begin to rebuild their lives, their homes and their communities.

    We are under no illusions concerning the scale of the challenge ahead.

    The overwhelming majority of homes in Gaza are damaged or destroyed. The economy has collapsed. And basic services, including energy and water, have been knocked out.

    So, we are working with partners to urgently find ways to

    best finance and support recovery and reconstruction efforts.

    It is essential that the coming surge of assistance is properly coordinated, and with the access and security to reach those in need.

    The Palestinian Authority has a crucial role to play and we are providing technical and financial assistance to the Authority, including to support the urgent recovery of basic services.

    Madam Deputy Speaker, the UK has always been clear that this ceasefire is just the first step. We must build confidence on all sides to help sustain it, progress through all its phases and turn it into a lasting peace that assures the security of Israelis and Palestinians alike.

    The UK will focus all of our efforts on keeping up the momentum, using every diplomatic channel available.

    As you will know, Madam Deputy Speaker, the Foreign Secretary and the Minister for the Middle East kept up the drumbeat of engagement during their visits to Egypt and the United Nations last week.

    We will keep up the pace until every hostage is released, aid reaches all those in need, and Palestinians are able to rebuild their homes and their lives.

    I commend this statement to the House.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government opens discussions with Community Pharmacy England over 25/26 funding contract

    Source: United Kingdom – Executive Government & Departments

    The consultation will set the future direction for the community pharmacy sector.

    The Department of Health and Social Care (DHSC) has entered into consultation with Community Pharmacy England (CPE) regarding the 2024/25 and 2025/26 funding contractual framework.

    The discussions will set the future direction for community pharmacy as it plays a vital role in supporting delivery of the reforms set out in the government’s Plan for Change.

    A letter signalling the start of the consultation was sent to CPE on Monday.

    Moving the focus of care from hospitals into the community is one of the three core shifts outlined in the 10 Year Health Plan, which will be published later this year. The government has previously outlined its ambition to make better use of pharmacists’ skills and training to deliver more services for patients within their local communities.

    Minister of State for Care, Stephen Kinnock said:

    Community pharmacists are at the heart of local healthcare, and they have a vital role to play as we shift from hospital to community, giving patients better access to care, closer to home, through our 10 Year Health Plan.

    We have inherited a sector that is suffering from years of underfunding and neglect, but we recognise the hard work pharmacists undertake every day to deliver for patients.

    I am committed to working closely with Community Pharmacy England to agree a package of funding that is reflective of the important support that they provide to patients up and down the country. I am confident that together we can get the sector back on its feet and fit for pharmacies and patients long into the future.

    Janet Morrison, Chief Executive of Community Pharmacy England said:

    We are relieved that discussions on the arrangements for community pharmacy are now commencing.

    Community Pharmacy England will consider very carefully if the proposals that the Government is putting on the table address the severity of the funding crisis in community pharmacy.

    Everyone in community pharmacy shares the Government’s ambition for a vibrant community pharmacy sector, playing a vital role in delivering long term health plans, but this can only be achieved if the sector is put on a sustainable financial footing.

    Amanda Doyle, National Director for Primary Care for NHS England, said:

    The NHS knows just how important pharmacies are to local communities – they offer people convenient care close to home which is a key ambition of the 10 Year Health Plan.

    We recognise that pharmacies are under pressure, and we are committed to working with the sector and government to ensure that patients can continue to receive high-quality care building on the exceptional work of teams over the past few years to develop and expand new services for patients.

    ENDS.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –