NewzIntel.com

Category: Economy

  • MIL-OSI USA: Barrasso Statement on the Confirmation of Scott Bessent as Treasury Secretary

    US Senate News:

    Source: United States Senator for Wyoming John Barrasso

    WASHINGTON, D.C. – Today, U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, released the following statement after voting to confirm Scott Bessent to be Secretary of the Department of Treasury.

    “Scott Bessent has a clear vision to reignite America’s economy. He is going to be a strong partner in helping us lower prices, increase wages and create more American jobs. Secretary Bessent believes in unleashing American energy, cutting wasteful spending, and staying tough on our adversaries. Secretary Bessent will protect families in Wyoming and across the country from crushing regulations and devasting tax hikes.”

    MIL OSI USA News –

  • MIL-OSI Australia: Women struggle in the boardroom to promote social responsibility initiatives

    Source: University of South Australia

    28 January 2025

    It’s well documented that despite increasing awareness of gender equality, women remain underrepresented when taking a seat at leadership tables in the corporate world. But what about the challenges women face once they make it to the boardroom?

    University of South Australia researchers have found that women encounter significant struggles when navigating power dynamics in leadership teams – specifically when it comes to driving corporate social responsibility (CSR) initiatives. This is despite many previous studies suggesting that having more women on boards will lead to stronger social outcomes.

    CSR is when a business makes a conscious effort to make the world a better place. It could be a small enterprise making a simple charity donation or large corporation giving a portion of its profits to a worthy cause.

    Researchers in UniSA’s Centre for Markets, Values and Inclusion, Associate Professor Wei Qian, Dr Kathy Rao and Dr Xin Deng conducted a study recently that revealed the power dynamics at play when CSR decisions are being considered by boards and companies.

    Twenty senior women directors and managers from both small and large companies were interviewed from a variety of industries including banking, metal and mining, health care, finance, telecommunication, real estate and insurance.

    Assoc Prof Qian says the women expressed biases and difficulties in promoting CSR to their boardroom colleagues.

    “When speaking with these women, we heard several examples of women finding it hard to navigate power imbalances when it comes to driving social initiatives. One participant said she was told she ‘wears her heart on her sleeve’ when she was expressing concerns about a social initiative and wanting the company to go in a certain direction,” Assoc Prof Qian says.

    “We found that when women leaders were assigned ‘soft’ tasks that are assumed to be less important, such as CSR projects, they were often either marginalised or completely silenced, making them less likely to challenge board decisions or have an impact on changing performance. This created discomfort and sometimes even an intimidating environment for women to raise CSR concerns or ideas.

    “Men predominantly hold the powerful positions, such as executive directors or chairs, and they dominate the ‘hard’ business issues.”

    Some women also explained how they had to take a gentler approach to advocacy, choose their words carefully and sometimes adjust their CSR ideas to make them more receptive to their male colleagues – often by reframing it as a business opportunity or a chance for the business to gain competitive advantage.

    One research participant explained, “The best example was talking about the climate change program. You have to build a good story, sort of start at the economic (s) … and work your way up to (it), and then (say) ‘by the way, this would be a good and responsible thing to do’.”

    Assoc Prof Qian says stereotypes play into the question of whether women are more receptive to CSR agendas, but overall, she believes women are more often associated with strong performance in environmental and social goals and community engagement.

    “Stereotypically, women are perceived as more emotional, sensitive, caring and empathetic towards others. In contrast men are viewed as more independent, masterful and assertive,” she says.

    “Women directors are keener to build connections that offer social support and foster a sense of belonging, which in turn can lead them to engage more in CSR activities,” she says. “This confirms that gender equality on boards matters.”

    The research involved participants from Australia and China, neither of which have gender quotas. The researchers say although the two countries are distinctive in terms of political, social and economic structures, female leaders experienced similar struggles in the boardroom when promoting CSR.

    …………………………………………………………………………………………………………………………

    Contact for interview: Associate Professor Wei Qian, UniSA E: Wei.Qian@unisa.edu.au
    Media contact: Melissa Keogh, Communications Officer, UniSA M: +403 659 154 E: Melissa.Keogh@unisa.edu.au

    MIL OSI News –

  • MIL-Evening Report: David Seymour says Kiwis are too squeamish about privatisation – history shows why they lost the appetite

    Source: The Conversation (Au and NZ) – By Richard Shaw, Professor of Politics, Te Kunenga ki Pūrehuroa – Massey University

    Getty Images

    State asset sales have been a political dividing line in New Zealand for decades now, and it seems voters are again being asked to decide which side they’re on.

    In his state-of-the-nation speech last week, ACT Party leader David Seymour advised New Zealanders to “get past their squeamishness about privatisation” and ask themselves:

    If we want to be a first world country, then are we making the best use of the government’s half-a-trillion-dollars–plus worth of assets? If something isn’t getting a return, the government should sell it so we can afford to buy something that does.

    No doubt this appealed to ACT’s core constituency. But the available evidence suggests many New Zealanders view the privatisation of state assets with scepticism, not squeamishness.

    The most rigorous available data are from the New Zealand Election Study: just under 50% of those surveyed in 2020 either “somewhat” or “strongly” agreed with the proposition that “privatisation has gone too far”.

    Just over 9% either somewhat or strongly disagreed with that statement. In other words, those who oppose state asset sales comfortably outnumber those who support them.

    It seems reasonable to suggest this reflects the sizeable proportion of New Zealanders who remember the asset sales experience of the 1980s and 1990s under both Labour and National governments.

    Writing in 2000, during the heights of this bipartisan privatisation boom, economic analyst Brian Gaynor argued:

    By selling 100 per cent shareholdings in state assets, the New Zealand Government has allowed a small group of investors, mainly offshore, to make enormous profits. With just a little foresight these profits could have been kept for the benefit of domestic investors and taxpayers.

    At the same time, voters have watched levels of wealth inequality rise, and the transfer of public wealth into private hands. And while asset sales can improve efficiency, they can also reduce access to services for those on limited incomes or experiencing higher unemployment.

    Market failure

    Research has shown a clear majority of New Zealanders would prefer the government provides social services, especially in health and education.

    Just over 80% of New Zealanders trust the public service based on their own experiences. And levels of trust in the public service outstrip those in the private sector. All this suggests there is little appetite for a return to the days of peak privatisation.

    More broadly, some New Zealanders will also question Seymour’s assertion that state assets should provide a return on investment.

    Aside from it not being possible to turn a profit on many of the assets a government needs to serve the needs of its citizens, there are costs associated with putting a market value on certain social goods and services.

    As Harvard political philosopher Michael Sandel has argued:

    [W]hen money comes increasingly to govern access to the essentials of the good life – decent health care, access to the best education, political voice and influence in campaigns – when money comes to govern all of those things, inequality matters a great deal.

    Furthermore, there is ample evidence of the ethical and operational shortcomings of applying the profit motive to public institutions such as prisons, hospitals and schools.

    Nor are markets themselves value-free, self-correcting mechanisms. In the material economy, they have a propensity to fail. When they do, the people who suffer most tend to be those least well positioned to defend themselves.

    That is why the state performs certain functions: to make sure those unable to pay for privately provided goods and services are not denied them.

    The nature and extent of what the state should provide is quite properly a matter for debate. But those decisions affect everyone and should be decided in the public domain, not left to the managers and owners of private companies.

    Prime Minister Christopher Luxon: open to a conversation about priviatisation.
    Getty Images

    Public versus private debt

    Seymour also suggested a return to asset sales was justified by the country’s current levels of public debt. He referred to “the other tribe” who are

    building a majority for mediocrity – who would love nothing more than to go into lockdown again, make some more sourdough, and worry about the billions in debt another day.

    But as the right-leaning Maxim Institute points out,

    the real risk in New Zealand is our very high levels of private debt, which includes household debt like mortgages, student loans, credit card, hire purchases, to buying a car in instalments […] Compared to our relatively low levels of public debt our current household debt stands at 95% of GDP.

    According to the Treasury, current public debt levels are “prudent”, although “an ageing population, climate change and historical trends mean governments have important choices to make”.

    The risk of renewed asset sales and privatisation is that public debt might be reduced but at the expense of private debt increasing.

    Prime Minister Christopher Luxon has responded by saying he was open to a conversation about selling state assets. While it was “not something on our agenda right now”, he said, he hinted National may campaign on it ahead of next year’s election.

    His other coalition partner, NZ First, has a long-held antipathy to selling local assets to offshore owners. And Luxon may also remember the result of the non-binding citizens-initiated referendum in 2013, when 67.3% opposed the potential sale of the state’s energy companies.

    A niche party such as ACT can safely take policy positions that have little appeal beyond its core supporters. But that’s not a luxury available to its major coalition partner, which started the year behind in the polls.

    On the other hand, National does not want to be outflanked any further by ACT. Asset sales, it seems, are destined to remain a perennial political fault line.

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

    – ref. David Seymour says Kiwis are too squeamish about privatisation – history shows why they lost the appetite – https://theconversation.com/david-seymour-says-kiwis-are-too-squeamish-about-privatisation-history-shows-why-they-lost-the-appetite-248308

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Graham Votes to Confirm Bessent as Treasury Secretary

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham

    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today released the following statement after the Senate confirmed South Carolina native Scott Bessent as the next Secretary of the U.S. Department of Treasury.

    Bessent grew up in Little River. He is the founder and CEO of Key Square Group and has been in the financial services business for over 35 years. Graham praised President Trump for nominating Bessent for the post and introduced him at his nomination hearing before the Senate Finance Committee.

    “It’s a very big day for South Carolina and our nation,” said Senator Graham. “Scott Bessent received strong bipartisan support to be the next Treasury Secretary. He will hit the ground running in support of President Trump’s America First Agenda. Scott is a great combination of academic excellence and real-world experience. It’s a long way to go from Little River to Secretary of the Treasury, and he has more than earned this prestigious position. Congratulations to Scott and his family as he begins this new, important journey.”

    MIL OSI USA News –

  • MIL-OSI USA: McConnell Proud to Confirm Bessent as Treasury Secretary

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell

    Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today regarding the confirmation of Scott Bessent as U.S. Secretary of the Treasury:

    “The American people voted resoundingly to return to commonsense, pro-growth policies after four years of reckless spending and runaway inflation under the Biden Administration. Scott Bessent’s sharp financial foresight and private sector expertise will be immediate assets to the President as his Administration gets to work on urgent tax reform and widespread regulatory relief. Secretary Bessent is the right choice to get our fiscal house back in order, and I look forward to working with him in the years ahead.”

    MIL OSI USA News –

  • MIL-OSI USA: Hoeven Statement on Confirmation of Scott Bessent as Secretary of the Treasury

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    01.27.25
    WASHINGTON – Senator John Hoeven issued the following statement after the U.S. Senate confirmed Scott Bessent to serve as Secretary of the U.S. Department of the Treasury.
    “Scott Bessent has the skills and experience necessary to lead the Treasury Department. We look forward to working with Secretary Bessent and President Trump to extend the tax cuts for American families and businesses, tackle inflation, grow our economy and get our nation’s fiscal house in order.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: PM emphasises importance of growth in 2025

    Source: New Zealand Government

    For the Government, 2025 will bring a relentless focus on unleashing the growth we need to lift incomes, strengthen local businesses and create opportunity.
    Prime Minister Christopher Luxon today laid out the Government’s growth agenda in his Statement to Parliament.
    “Just over a year ago this Government was elected by the people of New Zealand with a mandate to change course. Since then, we have made big changes and we are seeing promising signs of success, with inflation dropping and remaining low, interest rates starting to fall, and wages continuing to rise,” Mr Luxon says.
    “Business and consumer confidence is rising and average mortgage interest rates have now fallen for the first time in more than three years. Wages are rising faster than inflation, supporting a recovery in household incomes. Growth is also expected to resume, reaching 2.1 per cent in 2025 according to Treasury’s latest forecasts in the Half Year Economic and Fiscal Update. 
    “We need to act now to strengthen growth and productivity – both in the very near term and over the years to come.
    “In 2025, we will take action to end the culture of no – whether that’s through Fast Track, comprehensive RMA reform, rewriting our health and safety laws, enabling more mining, allowing our farmers to grow their businesses with much less red tape, or other changes designed to promote more growth and investment. 
    “In this Government’s first year in office we made tough decisions to ease the cost of living and laid the foundations for a stronger economy, rising incomes and more opportunities for New Zealanders to get ahead. 
    “This year we will continue to build on this early progress to make sure these green shoots of recovery grow into lasting improvements that benefit all New Zealanders,” Mr Luxon says.

    MIL OSI New Zealand News –

  • MIL-OSI USA: ON THE JOB FOR MICHIGAN: Port Director Paul LaMarre Emphasizes Senator Peters’ Efforts to Deliver Results for Port of Monroe

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 01.27.2025
    On the Job Video Series Highlights Senator Peters’ Efforts to Help Constituents and Communities Across Michigan

    WASHINGTON, DC – In a new video from U.S. Senator Gary Peters’ (MI) office, Captain Paul LaMarre III, Director of the Port of Monroe and President of the American Great Lakes Ports Association, emphasizes Peters’ efforts to help support the Port of Monroe and position it for long-term success. The video is part of the On the Job for Michigan series, which highlights Peters’ leadership and advocacy on behalf of constituents and communities across Michigan.  
    “Senator Peters has supported the Port of Monroe, not just from our efforts to create Michigan’s first marine container terminal, which will be known as Michigan’s Maritime Gateway, but he also championed a number of grant efforts that have led to improved infrastructure and equipment that will put the port at the cutting edge of the next generation of Great Lakes shipping,” said LaMarre.  

    Watch Captain LaMarre’s On the Job for Michigan video here. You can also see the video posted on X/Twitter. 
    “The Port of Monroe is a critical resource for our Michigan manufacturers and our partners across the Great Lakes Region,” said Senator Peters. “I’ll continue to work alongside Captain LaMarre to help strengthen operations and ensure the Port of Monroe continues to play an important role in transporting the commodities and products that families and businesses rely on every day.” 
      During his time in the Senate, Peters has prioritized strengthening Michigan’s shipping ports, including the Port of Monroe. Since 2020, Peters has helped to secure nearly $13 million in grant funding for the port, including investments to expand cargo capacity, purchase new crane equipment and upgrade cargo screening infrastructure. In 2024, LaMarre testified during a Commerce Subcommittee field hearing convened by Peters to examine the impact of the Bipartisan Infrastructure Law on Michigan’s transportation infrastructure. In 2021, Peters toured the Port of Monroe with Customs and Border Protection officials to discuss cargo clearance challenges facing the port.  
    Peters has also worked alongside LaMarre and other stakeholders to support Michigan’s maritime workforce. In 2023, Peters’ bipartisan Changing Age-Determined Eligibility to Student Incentive Payments (CADETS) Act was signed into law, expanding the Student Incentive Payment Program eligibility age for financial assistance to cadets who attended one of the six State Maritime Academies and commit to a post-graduation service obligation to include any qualified student who will meet the age requirements for enlistment in the U.S. Navy Reserve at their time of graduation.  
     

    MIL OSI USA News –

  • MIL-OSI Economics: CanREA celebrates successful bids in Nova Scotia Green Choice Program’s expanded RFP

    Source: – Press Release/Statement:

    Headline: CanREA celebrates successful bids in Nova Scotia Green Choice Program’s expanded RFP

    CanREA congratulates members and Indigenous partners for their successful bids in the Nova Scotia Green Choice Program’s expanded 625 MW wind RFP. 

    Ottawa, January 27, 2025—The Canadian Renewable Energy Association (CanREA) congratulates its members RES, ABO Energy, SWEB, and Glooscap Energy (Glooscap First Nation), as well as all the other Indigenous partners, Eskasoni, Potlotek, We’koqma’q L’nue’kati, Wagmatook, Paq’tnkek and Pictou Landing First Nations, for their successful bids in the Nova Scotia Green Choice Program RFP, as announced today by Energy Minister Trevor Boudreau.

    The resulting projects will deliver 625 MW of wind, nearly double the original call for 350 MW, which was launched in 2023.

    “Our members are ready to support the energy transition and help grow Nova Scotia’s new green economy,” said Jean Habel, CanREA’s Senior Director for Quebec and Atlantic Canada. “We are especially pleased that Nova Scotia’s RFP was expanded from 350 MW to 625 MW. All Nova Scotians will benefit from these new wind projects, which will supply affordable, clean and reliable renewable energy starting in late 2028.”       

    The Green Choice Program is unique in allowing participating customers to purchase up to 100% of the electricity they use from local renewable energy sources. It is part of Nova Scotia’s 2030 Clean Power Plan, aiming to reach 80% renewable energy by 2030 by adding a substantial amount of wind, solar and energy storage into the Nova Scotia’s grid.  

    “These new wind energy projects will contribute to sustainable development in Nova Scotia,” said Habel. “They will significantly reduce greenhouse gases by adding more renewable energy to the provincial grid, and what’s more they will create economic opportunities in communities, ensure the protection of the environment, and help enhance Reconciliation, as each wind farm is co-owned by one or more Mi’kmaw community.”      

    CanREA is eager to continue working with the government and all stakeholders to ensure the success of this unique program, as a priority of our Atlantic Network.  

    Quotes 

    “Our members are ready to support the energy transition and help grow Nova Scotia’s new green economy.”  

    “We are especially pleased that Nova Scotia’s RFP was expanded from 350 MW to 625 MW. All Nova Scotians will benefit from these new wind projects, which will supply affordable, clean and reliable renewable energy starting in late 2028.”            

    “These new wind energy projects will contribute to sustainable development in Nova Scotia. They will significantly reduce greenhouse gases by adding more renewable energy to the provincial grid, and what’s more they will create economic opportunities in communities, ensure the protection of the environment, and help enhance Reconciliation, as each wind farm is co-owned by one or more Mi’kmaw community.”  
    —Jean Habel, Senior Director for Quebec and Atlantic Canada, Canadian Renewable Energy Association (CanREA) 

    For media inquiries or interview opportunities, please contact:

    Communications  Canadian Renewable Energy Association  communications@renewablesassociation.ca  

    About CanREA

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on  LinkedIn and X. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca.   

    The post CanREA celebrates successful bids in Nova Scotia Green Choice Program’s expanded RFP appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI USA: Senator Coons statement of support for Secretary of the Treasury Scott Bessent

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senator Chris Coons (D-Del.) released the following statement announcing that he would vote to confirm Scott Bessent as the next Secretary of the U.S. Department of the Treasury:
    “I support Mr. Bessent’s nomination to lead the Department of the Treasury because of his decades of experience in the financial sector and his conviction that American strength is built on a stable, innovative, and growing economy. While I disagree with many of his policy positions, particularly his support for extending tax cuts for the wealthy and President Trump’s tariff threats, I hope that he will focus the Treasury Department on bringing down costs for middle-class Americans. I am particularly encouraged by his commitment to continue U.S. investment in international financial institutions, which are essential tools for advancing global prosperity and demonstrating U.S. leadership.”  

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Section 106 affordable housing: call for next level support to new clearing service as registrations near 300 in first 50 days

    Source: United Kingdom – Executive Government & Departments

    Home builders and providers looking to sell or buy homes, built as part of Section 106 planning agreements, urged to maximise use of new service.

    Nearly 300 organisations from across England have signed up to the new Section 106 Affordable Housing Clearing Service to help unlock delivery.

    More than 70 housebuilders have registered to provide details of affordable homes they have planning permission to build, alongside private homes, but have been unable to find a buyer for.

    They join 140 Registered Providers (RPs) and more than 70 Local Authorities (LAs) who have already registered for the service as potential buyers, and are viewing available information about potential opportunities on a regular basis.

    Registered users, especially sellers, are urged to continue their support by providing crucial details in addition to basic registration information; such as site location, construction progress, number of homes and types of tenure.

    It is hoped the service, created and managed by Homes England in response to sector feedback, will play its part in facilitating and accelerating the sale of uncontracted and unsold affordable homes across England, excluding London.

    Homes England Chief Customer Officer Ian Workman, said:

    This is a relatively simple but potentially impactful service that means greater visibility of opportunities to get affordable homes sold and occupied. I would urge house builders in particular to register and add as much detail as they can.

    Over 200 registered providers and local authorities have already signed up, and regularly checking for potential opportunities to acquire homes for the communities they serve.

    Listening, acting and working hand-in-glove with partners is fundamental, if we are to move forward and find solutions together to the challenges the sector is facing.  I am grateful to all those who have helped to shape this service so far, with promising early signs of uptake.

    Housing Minister, Matthew Pennycook, said:

    We recognise the challenge posed by the reduced appetite of registered providers of social housing to buy affordable homes delivered under section 106 agreements.

    The new clearing service we have worked in partnership with Homes England to establish will help improve the functioning of the market and unblock the delivery of section 106 affordable housing.

    Hundreds of developers and providers have already come forward to engage with this new service and real progress is being made as a result.

    Cllr Adam Hug, LGA housing spokesperson said:

    Councils urgently want to deliver more affordable housing including those affordable homes agreed in Section 106 agreements with developers in local planning applications.

    This service is a positive step to promoting stalled sites to registered providers of affordable housing, and the LGA encourages all local authorities to engage with it. But it is just one tool which will help bring forward more affordable housing. Much more needs to be done.

    Kate Henderson, Chief Executive of the National Housing Federation, says:

    This clearing service is a welcome tool in tackling the current issue in the delivery of Section 106 affordable homes. Building new relationships between developers and social housing providers is important in overcoming the immediate challenges, as well as helping developers to understand the requirements of housing associations in the future.

    Housing associations are facing significant competing financial pressures, which is also impacting their ability to both buy Section 106 homes and build other new affordable homes. In the longer term, housing associations are committed to working in partnership with the government on a long-term housing strategy to rebuild their capacity and deliver more much needed social and affordable homes.

    Notes to editors

    1. Homes England is the government’s homes and regeneration agency. We drive the creation of more high-quality homes and thriving places so that everyone – no matter their background – has a place to live and thrive. We work in partnership with thousands of public and private bodies including local authorities, home builders, developers, affordable housing providers, commercial real estate companies  and financial institutions to make this happen. For more information visit: Homes England – GOV.UK (www.gov.uk)
    2. A Section 106 agreement is a planning obligation that requires developers to contribute to local infrastructure and community facilities, such as affordable housing, schools, parks, or transport improvements, as a condition of planning permission.
    3. For more information about the service or to register visit: The Section 106 Affordable Housing Clearing Service – GOV.UK
    4. The service does not include London, where the Greater London Authority has responsibility for affordable housing delivery.
    5. For further information or interview requests please contact media@HomesEngland.gov.uk or 0207 874 8262.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Pension reforms to go further to unlock billions to drive growth and boost working peoples’ pension pots

    Source: United Kingdom – Executive Government & Departments

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK.

    • Prime Minister and Chancellor to tell leading CEOs that Britain is back and open for business.
    • Changes to pension rules will allow trapped surplus funds to be invested in the wider economy, fuelling economic growth.
    • Move is part of government action to remove blockages that are stopping growth – from regulation to planning processes.

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK. 

    Hosting a meeting with leaders of Britain’s biggest businesses in the City of London today (Tuesday 28 January), the Prime Minister and the Chancellor will set out the details of changes and tell some of the country’s leading CEOs that Britain is back and open for business.

    At the roundtable, the PM and Chancellor will outline how restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. 

    This follows action taken by the government last week to bring a renewed focus on growth from some of the UK’s biggest regulators, a shake-up to legal challenges on planning applications, and new “brownfield passports” to speed up housing in commuter hotspots.

    Prime Minister, Keir Starmer said: 

    The number one mission of my government is to secure growth, drive higher living standards for everyone, and get more money into people’s pockets.

    To achieve the change our country needs requires nothing short of rewiring the economy. It needs creative reform, the removal of hurdles, and unrelenting focus. Whether it’s how public services are run, regulation or pension rules, my government will not accept the status quo. Today’s changes will unlock billions of investment, pushing forward in delivering my Plan for Change.

    Chancellor of the Exchequer, Rachel Reeves said:

    I know this government and businesses are united on growth being the top priority for our economy, which is why I am fighting every day to tear down the biggest barriers to growth, taking on regulators, planning processes and opposition to this urgent mission.

    The Prime Minister and Chancellor will tell CEOs from some of the UK’s most successful companies that that the government is seeking to create the best possible conditions for the private sector to thrive. They will promise to work in partnership with businesses, to deliver high-quality jobs across the country, and the economic growth that will fund the schools, hospitals and roads that we all rely on.

    Pension trustees and the sponsoring employers could then use this money to increase the productivity of their businesses – to boost wages and drive growth or unlock more money for pension scheme members. 

    High growth and more productive businesses boost the size of the economy which in turn will fund our vital public services.

    This more efficient approach demonstrates that the government has been listening to business, and will give businesses more flexibility, allowing trapped surplus funds to be invested into the wider UK economy, or given to scheme members as additional benefits.

    Where trustees agree to share a portion of scheme surplus with a sponsoring employer, the employer may choose to invest these funds in their core business, for example to purchase equipment or supplies, and/or provide additional benefits to members of the pension scheme.

    Approximately 75% of schemes are currently in surplus, worth £160 billion, but restrictions have meant that businesses have struggled to invest them.

    These reforms build on the Chancellor’s Mansion House reforms which will create pension megafunds as part of the biggest set of pension reforms in decades, unlocking billions of pounds of investment in exciting new businesses and infrastructure and local projects.     

    Over £1.1 trillion is held by pension funds in the UK and defined contribution pension schemes are set to manage £800 billion worth of assets by the end of the decade. This Government is determined to encourage these pension funds to deliver investment and drive economic growth – which is the only way to make people better off.    

    Jonathan Lipkin, Director of Policy, Strategy & Innovation at the Investment Association said:

    Unlocking surplus capital from defined benefit schemes has the potential to both boost UK growth by opening up investment opportunities for companies and their stakeholders, as well as the possibility of higher pensions for scheme members. With around £1.1 trillion in assets, defined benefit schemes already make a significant contribution to the funding of the UK economy and public services. 

    With the right guardrails in place, the government’s proposals could help channel more funding into the economy, by enabling schemes to invest more widely and take on greater risk, while allowing for members to receive an uplift to pension benefits.

    Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Saving Association, said: 

    The PLSA backs surplus release, with the right protections in place to ensure member benefits are secure. Surpluses could be used to increase DB scheme benefits or could be redirected to fund contributions to sponsoring employers’ defined contribution workplace schemes.

    Lowering the legislative threshold for allowing returns of surplus could potentially encourage trustees, in conjunction with their employers, to adopt a more ambitious mindset and take on slightly riskier investment strategies for their DB assets, including greater investment in UK assets.

    Patrick Heath-Lay, Chief Executive Officer for The People’s Pension, said:

    It is positive news to see the government is looking at the pension industry as a whole. This will help unlock more of the £2.9trillion that is held in UK pension savings, to benefit savers and the economy alike.

    We look forward to other pension schemes following our plans and outlining how they will invest in private markets.

    The roundtable discussion will focus on the government’s partnership approach to growth with business, including how regulation can better support the Growth Mission, and the role of business in achieving the UK’s ambitions in AI which the Prime Minister unveiled earlier this month. Every regulator has a role to play in the Growth Mission and the Chancellor is hosting a series of roundtables with the 17 regulators that the Prime Minister wrote to in December, to discuss their proposals to support growth in the coming year. 

    The meeting with CEOs comes days after the Chancellor’s return from the World Economic Forum, where she pitched Britain’s investment credentials and let global business leaders know that the UK is open for business again. She championed early reforms to planning, pensions, and regulation that make it easier to do business in Britain and remove barriers investors from overseas face.

    On Wednesday, the Chancellor will make a speech where she will set out plans to push through further planning reforms to get Britian building again, rip up regulatory barriers so we can encourage more investment into the UK and announcements to boost trade and investment.

    The government will set out the details of the surplus policy in its response to the Options for Defined Benefits consultation, due this Spring.

    Further information: 

    • Currently DB scheme surplus can only be accessed where schemes passed a resolution by 2016, so not all schemes can access surplus even if trustees and sponsors both want to do so. 
    • Legislative changes could enable all DB schemes to change their rules to permit surplus extraction where there is trustee-employer agreement. This allows trustees to assess the suite of options available in striking a deal with employers on how best scheme members can also benefit – linked to improving member outcomes. 
    • Trustees have an overarching fiduciary duty to act in the best interests of their members. When considering surplus extraction, trustees must fund the scheme and invest its assets in a way that leads to members receiving their full benefits.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Pension reforms to go further to unlock billions to drive growth and boost working peoples’ pension pots

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK.

    • Prime Minister and Chancellor to tell leading CEOs that Britain is back and open for business.
    • Changes to pension rules will allow trapped surplus funds to be invested in the wider economy, fuelling economic growth.
    • Move is part of government action to remove blockages that are stopping growth – from regulation to planning processes.

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK. 

    Hosting a meeting with leaders of Britain’s biggest businesses in the City of London today (Tuesday 28 January), the Prime Minister and the Chancellor will set out the details of changes and tell some of the country’s leading CEOs that Britain is back and open for business.

    At the roundtable, the PM and Chancellor will outline how restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. 

    This follows action taken by the government last week to bring a renewed focus on growth from some of the UK’s biggest regulators, a shake-up to legal challenges on planning applications, and new “brownfield passports” to speed up housing in commuter hotspots.

    Prime Minister, Keir Starmer said: 

    The number one mission of my government is to secure growth, drive higher living standards for everyone, and get more money into people’s pockets.

    To achieve the change our country needs requires nothing short of rewiring the economy. It needs creative reform, the removal of hurdles, and unrelenting focus. Whether it’s how public services are run, regulation or pension rules, my government will not accept the status quo. Today’s changes will unlock billions of investment, pushing forward in delivering my Plan for Change.

    Chancellor of the Exchequer, Rachel Reeves said:

    I know this government and businesses are united on growth being the top priority for our economy, which is why I am fighting every day to tear down the biggest barriers to growth, taking on regulators, planning processes and opposition to this urgent mission.

    The Prime Minister and Chancellor will tell CEOs from some of the UK’s most successful companies that that the government is seeking to create the best possible conditions for the private sector to thrive. They will promise to work in partnership with businesses, to deliver high-quality jobs across the country, and the economic growth that will fund the schools, hospitals and roads that we all rely on.

    Pension trustees and the sponsoring employers could then use this money to increase the productivity of their businesses – to boost wages and drive growth or unlock more money for pension scheme members. 

    High growth and more productive businesses boost the size of the economy which in turn will fund our vital public services.

    This more efficient approach demonstrates that the government has been listening to business, and will give businesses more flexibility, allowing trapped surplus funds to be invested into the wider UK economy, or given to scheme members as additional benefits.

    Where trustees agree to share a portion of scheme surplus with a sponsoring employer, the employer may choose to invest these funds in their core business, for example to purchase equipment or supplies, and/or provide additional benefits to members of the pension scheme.

    Approximately 75% of schemes are currently in surplus, worth £160 billion, but restrictions have meant that businesses have struggled to invest them.

    These reforms build on the Chancellor’s Mansion House reforms which will create pension megafunds as part of the biggest set of pension reforms in decades, unlocking billions of pounds of investment in exciting new businesses and infrastructure and local projects.     

    Over £1.1 trillion is held by pension funds in the UK and defined contribution pension schemes are set to manage £800 billion worth of assets by the end of the decade. This Government is determined to encourage these pension funds to deliver investment and drive economic growth – which is the only way to make people better off.    

    Jonathan Lipkin, Director of Policy, Strategy & Innovation at the Investment Association said:

    Unlocking surplus capital from defined benefit schemes has the potential to both boost UK growth by opening up investment opportunities for companies and their stakeholders, as well as the possibility of higher pensions for scheme members. With around £1.1 trillion in assets, defined benefit schemes already make a significant contribution to the funding of the UK economy and public services. 

    With the right guardrails in place, the government’s proposals could help channel more funding into the economy, by enabling schemes to invest more widely and take on greater risk, while allowing for members to receive an uplift to pension benefits.

    Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Saving Association, said: 

    The PLSA backs surplus release, with the right protections in place to ensure member benefits are secure. Surpluses could be used to increase DB scheme benefits or could be redirected to fund contributions to sponsoring employers’ defined contribution workplace schemes.

    Lowering the legislative threshold for allowing returns of surplus could potentially encourage trustees, in conjunction with their employers, to adopt a more ambitious mindset and take on slightly riskier investment strategies for their DB assets, including greater investment in UK assets.

    Patrick Heath-Lay, Chief Executive Officer for The People’s Pension, said:

    It is positive news to see the government is looking at the pension industry as a whole. This will help unlock more of the £2.9trillion that is held in UK pension savings, to benefit savers and the economy alike.

    We look forward to other pension schemes following our plans and outlining how they will invest in private markets.

    The roundtable discussion will focus on the government’s partnership approach to growth with business, including how regulation can better support the Growth Mission, and the role of business in achieving the UK’s ambitions in AI which the Prime Minister unveiled earlier this month. Every regulator has a role to play in the Growth Mission and the Chancellor is hosting a series of roundtables with the 17 regulators that the Prime Minister wrote to in December, to discuss their proposals to support growth in the coming year. 

    The meeting with CEOs comes days after the Chancellor’s return from the World Economic Forum, where she pitched Britain’s investment credentials and let global business leaders know that the UK is open for business again. She championed early reforms to planning, pensions, and regulation that make it easier to do business in Britain and remove barriers investors from overseas face.

    On Wednesday, the Chancellor will make a speech where she will set out plans to push through further planning reforms to get Britian building again, rip up regulatory barriers so we can encourage more investment into the UK and announcements to boost trade and investment.

    The government will set out the details of the surplus policy in its response to the Options for Defined Benefits consultation, due this Spring.

    Further information: 

    • Currently DB scheme surplus can only be accessed where schemes passed a resolution by 2016, so not all schemes can access surplus even if trustees and sponsors both want to do so. 
    • Legislative changes could enable all DB schemes to change their rules to permit surplus extraction where there is trustee-employer agreement. This allows trustees to assess the suite of options available in striking a deal with employers on how best scheme members can also benefit – linked to improving member outcomes. 
    • Trustees have an overarching fiduciary duty to act in the best interests of their members. When considering surplus extraction, trustees must fund the scheme and invest its assets in a way that leads to members receiving their full benefits.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Housing Sector – Affordable housing project for Wānaka seniors receives $100k grant

    Source: Queenstown Lakes Housing Community Trust (QLCHT)

    A Wānaka housing project that will provide affordable rentals to seniors has received a $100,000 grant from a local trust that assists people in need in the Upper Clutha.

    The housing project, which is being developed and managed by Queenstown Lakes Housing Community Trust (QLCHT), received the six-figure donation from the Elsie and Ray Armstrong Charitable Trust recently. The financial contribution will go towards the development of 10 affordable, one-bedroom units along with two three-bedroom family units on the corners of Upton and McDougall Streets in central Wānaka.
     
    The concept first began in November 2022 when QLCHT purchased a section on McDougall Street – beside five council-owned rental properties – with the intent of developing the vacant lot into affordable rental units for seniors.
     
    Last year, the Queenstown Lakes District Council approved the transfer of ownership and operational management of the five neighbouring properties to QLCHT, following public consultation. Currently in the planning phase, the housing project will contain 12 units across both sites, with stage one consisting of civil works and new builds on the empty section, followed by the redevelopment of the existing site.
     
    Queenstown Lakes Community Housing Trust chief executive Julie Scott says the grant is greatly appreciated, especially in the current economic climate. QLCHT will fund the project, estimated to be around $5m-$6m, but grants like this one are vital to ensure ongoing costs to residents can be kept to a minimum.
     
    “There is not a lot of funding for these types of projects at the moment, and we are so grateful to the Elsie and Ray Armstrong Charitable Trust for their generous donation,” she says. “It will allow us to provide additional features such as solar panels, a communal laundry space and shared services, including a highly efficient hot water heating system to the 12-units.
     
    “These extra infrastructure benefits will provide substantial financial support to the occupants by significantly reducing power costs,” Scott adds.
     
    Elsie and Ray Armstrong Charitable Trust trustee Simon Telfer says the group is excited to contribute towards the important community project.
     
    “The elderly are an important demographic in our local community who need support and we are thrilled about what this project will provide them,” he says. “We’re pleased this grant helps to kickstart the development and hope it leads to others supporting our fellow Wānaka residents.”
     
    The site is located within 200 metres of the Wānaka Community Hub, which provides critical services and amenities to many local seniors.
     
    QLCHT Wānaka tenancy manager Emma Roberts says the demand for affordable senior housing is growing.
     
    “We have a lot of people aged over 60 living in the district, and some encounter unfortunate and unexpected circumstantial changes, which are outside of their control,” Roberts explains. “For many of these people, their only option is to upheave their lives and leave town.
     
    “By offering an alternative rental option it allows them to have a greater sense of security, which is important as the local population grows and ages. And with 250 eligible Wānaka households currently on our waiting list today, we have significant demand for this type of housing,” she says.
     
    “Tenants living in the five existing units will be cared for by our team throughout the build process and will have the opportunity to shift into one of the new units, before stage two starts,” Scott says. “All going to plan, we hope to break ground on the first stage in the middle of this year.”

    About the Queenstown Lakes Community Housing Trust:
    QLCHT is a not-for-profit, registered community housing provider created to manage and deliver affordable housing solutions to those vital to the community who cannot afford it. Initiated by Queenstown Lakes District Council in 2007, which recognised the affordability issue and acted upon it, the Trust is an independent entity operating throughout the Queenstown Lakes District.

    MIL OSI New Zealand News –

  • MIL-OSI: BlackRock® Canada Announces Final January Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final January 2025 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on January 28, 2025 will receive cash distributions payable on January 31, 2025.

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

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.145
     

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Contact for Media:
    Reem Jazar
    Email: reem.jazar@blackrock.com

    The MIL Network –

  • MIL-OSI: Purpose Investments Files Preliminary Prospectus for the World’s First Solana ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), the pioneer behind the world’s first Bitcoin ETF and Ether ETF, is pleased to announce that it has filed a preliminary prospectus with Canadian securities regulators for the proposed launch of Purpose Solana ETF.

    The Purpose Solana ETF seeks to invest substantially all of its assets in long-term holdings of Solana and to provide holders of ETF Units with the opportunity for long-term capital appreciation.

    “At Purpose, we are committed to pioneering innovation and bridging the gap between traditional and decentralized finance to unlock new opportunities for investors,” said Som Seif, founder and CEO of Purpose Investments. “We have long believed in the transformative potential of crypto and decentralized finance and have taken a thoughtful, measured approach to making these innovations accessible to investors. In 2021, we led the way with the world’s first spot Bitcoin ETF, followed shortly by the first Ether ETF. With the continued evolution of the Solana blockchain network, we believe now is the time to provide investors with direct exposure to Solana, further expanding access to this emerging digital asset ecosystem.”

    “We are committed to providing investors with access to this exciting opportunity in a simple, secure, and efficient manner through the ETF structure,” added Vlad Tasevski, Chief Innovation Officer of Purpose.

    About Purpose Investments Inc.

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

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

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

    Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: Durbin Highlights Bill To Halt U.S. Investment In Venezuela’s Energy Sector Until Legitimate 2024 Election Results Are Elected

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    January 27, 2025
    WASHINGTON – In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL) today highlighted a bill he introduced terminating all U.S. petroleum cooperation and petroleum-related trade with Venezuela until the legitimate results of the recent Venezuelan election are respected. On July 28, 2024, more than 10 million Venezuelans peacefully voted in the presidential election, with results meticulously compiled by credible election monitors showing an overwhelming victory for opposition candidate, Edmundo González, over President Nicolás Maduro. The regime issued an arrest warrant forGonzález and brazenly refused to swear him in as President on January 10, the country’s Inauguration Day. The Maduro regime currently uses oil revenues dependent on U.S. involvement to maintain its police state. Durbin filed the bill as an amendment to the annual defense authorization bill last year. A bipartisan companion bill was reintroduced in the House earlier this month by Representatives Debbie Wasserman-Schultz (D-FL-25) and Maria Salazar (D-FL-27).  
    “In 2018, I had the opportunity to visit Venezuela—it was a once prosperous, albeit imperfect, democracy suffering from terrible economic and political decline. I told then-President Maduro that if he rigged the upcoming election, Venezuelans would be more isolated and endure unnecessary suffering. It didn’t stop him for a minute. He went ahead with a discredited election. The result was as predicted. The economy of Venezuela started descending into chaos. People were literally starving. There was an exodus of millions of people from Venezuela,” Durbin said.
    “Last July, Venezuela held another presidential election during which the regime arbitrarily blocked leading opposition candidates from the ballot and tried to undermine the electoral process. Nonetheless, more than 10 million Venezuelans actually voted and the results were meticulously documented by credible election monitors showed a sweeping victory for Edmundo González—his opponent,” said Durbin. “I was glad to see that one of newly confirmed Secretary of State Rubio’s first calls was to President-elect González.”
    “Yet, despite his clear victory, the Maduro Administration has refused to give up the office of presidency and refused to recognize the legitimate election result. …. [it] announced that it had won actually… which is becoming a common trick by these dictators, and refused to swear him in on their inauguration day,” Durbin said. “So, today, I am reintroducing a short, simple bill terminating all U.S. petroleum cooperation and related trade with Venezuela until the legitimate results of the election are respected. It’s pretty simple—the entrenched regime clings to power using oil revenues dependent on the U.S. Under my bill, that will end. President Trump and Secretary Rubio could also take this step right away without my legislation.”
    Durbin concluded, “Lastly, I appeal to our democratic allies in the region, including the democracies of the Caribbean, to stand resolute in defense of a sweeping and clear vote by their exhausted Venezuelan neighbors. They cannot sit idly by for another six years of regime-inflicted suffering and collapse in Venezuela.”
    Durbin traveled to Venezuela in April 2018, during which time he met with then National Assembly Member Juan Guaidó as well as Nicolás Maduro, warning him that pursuing a sham election the following month would further isolate his autocratic regime.
    Video of Durbin’s remarks on the Senate floor is available here.
    Audio of Durbin’s remarks on the Senate floor is available here.
    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall, Kansas State Senators Announce $41 Million Savings to Kansas Taxpayers

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    WICHITA, KS – U.S. Senator Roger Marshall, M.D., and Kansas State Senators Michael Fagg and Rick Billinger are pleased to announce more than $41 million in savings to Kansas taxpayers through a reduction in the state’s federal debt payments.
    “I was honored to work with long-time friend, Senator Mike Fagg, to deliver important debt relief to Kansas taxpayers,” said Senator Marshall. “This was a simple but impactful change that will save the state millions of dollars.” 
    “I’m excited and proud of how all of our federal and state officials worked together to guide this project through to a successful finish,” said State Senator Mike Fagg, R-El Dorado. “This is a great deal for Kansas and will financially help towards the water challenges in our state.” 
    I would like to thank Senator Roger Marshall for leading the way in the Us Senate and making the forgiveness of the compounding interest his number one priority,” said State Senator Rick Billinger, R-Goodland. “I also thank Senator Jerry Moran for making the forgiveness of the compounding interest his number one priority. Thank you Representative Tracy Mann for leading the charge in the US House and voting for the bill. Thanks to Representatives Ron Estes and Sharice Davids, who both voted for the bill. I would like to thank Governor Kelly for having the Kansas water office write a letter asking forgiveness for the compounding interest. I would also like to thank Senator Mike Fagg for all his hard work in making this savings to the state of Kansas happen. Mike and Senator Marshall had worked together to have the compounding interest forgiven. They also worked on a loan at El Dorado lake a few years earlier.”
    Background: 
    The State of Kansas has a water storage agreement with the U.S. Army Corp of Engineers (USACE) for water storage at 14 Kansas reservoirs. However, Milford Lake and Perry Lake still have contracts that date back to the 1970s and require the state to pay compound interest to USACE. Through the 2024 Water Resource Development Act (WRDA) passed by Congress in December, Senator Marshall was successful in changing the compound interest payments to simple interest payments, saving the state more than $40 million over the course of the contracts. 
    In 2022, Senator Marshall was successful in changing the City of El Dorado’s debt payment to USACE for water storage in El Dorado Lake from compound to simple, saving the city millions of dollars. Senator Fagg, who previously served as mayor of El Dorado, reached out to Senator Marshall’s office asking for assistance in making the same changes to the state’s debt agreements with USACE. 

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: STANDING AT ALTON’S RESTAURANT IN CHEEKTOWAGA WITH EGG & GROCERY PRICES RISING DUE TO BIRD FLU OUTBREAK CALLS ON FEDS TO SURGE ‘BIOSECURITY’ AND GET ALL HANDS ON DECK TO HELP FARMS CONTAIN…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Says Egg Prices Already Increased $2 Per Dozen In Last Two Months And Could Get Worse If New Admin Doesn’t Surge Efforts To Beat Bird Flu; Farmers Do Not Have Resources To Contain Bird Flu Alone, Says Feds Must Ramp Up Efforts NOW Before Prices Climb Higher
    With Millions Of Birds Impacted Last Month, And More Bird Flu Being Found In NY Just Last Week, Schumer Says Biosecurity And Increased Fed Response Is Key To Isolate & Contain Bird Flu And Lower Grocery Costs
    Schumer: With New Admin, We Can’t Afford To Scramble To Keep Bird Flu Mitigation Going—Or Egg & All Grocery Prices Could Surge
    Amid the increasing price of eggs in Western NY and across Upstate New York amid the bird flu outbreak, U.S. Senator Chuck Schumer today stood at Cheektowaga’s beloved Alton’s Restaurant and called on HHS and the USDA to surge funding and get all hands on deck for coordinated federal response to stop the spread causing sky-rocketing egg prices and lower costs for families, diners, and local bakeries.
    “Alton’s has been a staple in Western New York for over 40 years, but recently restaurants like Alton’s and families in Buffalo have been shell-shocked by higher egg and grocery prices. Egg prices are skyrocketing because of bird flu, driving costs up for families, farms, diners, and small businesses. In November, a dozen eggs cost about $4 in NY which is already high, but now the average is nearly $6, and with bird flu getting worse this problem could quickly spiral into a crisis,” said Senator Schumer. “Last year I secured millions to help contain this disease and we need the new administration to surge biosecurity efforts to beat back bird flu. We need a robust, coordinated federal response to crack down on bird flu and I am committed to working in a bipartisan way with the new administration to get grocery prices lower and that starts with getting a handle on bird flu. The health of our livestock, our restaurants, and Western NY families’ wallets depend on it.”
    For decades, Alton’s has been a beloved cornerstone of Western New York’s culinary scene, serving hearty Greek-American comfort food for breakfast, lunch, and dinner. Since opening its doors in 1982, the Cheektowaga-based restaurant, owned by Milton Koutsandreas, has built a loyal following with its warm atmosphere and home-cooked meals. However, like many local businesses across the region, Alton’s has felt the strain of rising costs, particularly the significant increase in egg prices. Just a few months ago they were able to get 30 dozen eggs for $50 a case, and now the diner is seeing prices climb to $180 a case.
    Some grocery stores are limiting the number of egg cartons consumers can purchase, and the price of eggs in New York State has increased from $4.23 in November to $6.10 as of January 10 according to the U.S. Department of Agriculture. Roughly 8% of egg supply has been affected by the avian flu nationwide, and experts say prices could increase an additional 20% in 2025 if the bird flu keeps spreading.
    Schumer added, “I’ll be pushing for more federal resources in the upcoming budget bill to stop the bird flu, and the feds need to continue prioritizing biosecurity, get all hands on deck for containing bird flu. This will give farmers the resources to isolate, sanitize, and purchase the protective equipment they need.”
    More than 20 million egg-laying chickens died last quarter because of bird flu, and last week Long Island’s last commercial duck farm was forced to kill thousands of ducks after health officials detected cases of bird flu, forcing the farm to cease operations. An outbreak in Georgia last week showed how the virus can spread, and Schumer highlighted the need for federal coordination to prevent further spread and support farms in New York and across the country. With infections across the country, there have been fewer eggs available, and decreased supply has led to increasing prices at grocery stores.
    “As a restaurant manager, I know firsthand how crucial affordable ingredients are to keeping our business running and our customers happy. Eggs are a staple in so many of the dishes we serve, and rising prices significantly affect our costs and prices – something we always try to avoid,” said Alton’s Restaurant General Manager Audrea Arricale. “I want to thank Senator Chuck Schumer for taking the issue of excessively high food costs seriously.”
    “Stable egg prices are critical for the success of Cheektowaga’s local businesses, especially restaurants and grocery stores, which are already navigating the challenges of inflation,” said Cheektowaga Chamber of Commerce President and CEO James Burns. “Senator Schumer’s push to strengthen biosecurity and support farmers in fighting bird flu is essential to keeping costs down for both businesses and families in our community.”
    “I thank Senator Schumer for standing up for basic, common sense public health efforts. As the COVID-19 pandemic showed, we need everyone, from global partners and academia to local health departments in the fight together against illnesses like H5N1 highly pathogenic avian flu, which is a looming threat to the public’s health, our economy and our food security,” said Erie County Executive Mark Poloncarz.
    “I thank Senator Schumer for his efforts to advance a practical solution to an issue that has a concrete impact on all of us. Resources are already in the federal budget and should be expended to address the issue,” said Cheektowaga Town Supervisor Brian Nowak.
    Schumer said that the federal government must invest in biosecurity efforts including isolation, sanitation, and more personal protective equipment (PPE). The senator called on the U.S. Department of Agriculture (USDA), U.S. Department of Health and Human Services (HHS), Centers for Disease Control and Prevention, and National Institutes of Health, among other federal agencies, to engage in a coordinated federal response to manage this bird flu outbreak. HHS invested $300+ million dollars before the new administration took office and the USDA has said that preparedness is the key to keeping Americans healthy and our country safe. Schumer said that as Congress continues to negotiate the Farm Bill, which regulates the federal budget for agricultural-related programs, the new Congress and the new administration must continue to prioritize investing in helping farms detect and contain bird flu.
    “The bottom-line here is that we do not want farmers, the feds, or consumers at the grocery store to scramble with this threat of bird flu sustaining into 2025. We want to try and keep grocery prices in check, and that means keeping the new Congress and the new administration laser-focused on ending this latest bird flu outbreak,” said Schumer.
    Under the Biden administration, the CDC made plans to award approximately $111 million in funding to enhance our ability to monitor the bird flu at the local, state and national levels, including $103 million to increase monitoring of individuals exposed to infected animals, testing, and outreach to high-risk populations (such as livestock workers) and $8 million to manufacture, store, and distribute influenza diagnostic test kits for virologic surveillance. The NIH made plans to award approximately $11 million in funding for additional research into potential medical countermeasures for the bird flu.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: AI sensors on fridges and kettles helping vulnerable people to live independently

    Source: United Kingdom – Executive Government & Departments 2

    Councils are leveraging AI and technology to enhance public services, save money, and improve living standards, aligning with government plans for £45 billion in efficiency savings under the Plan for Change.

    10 records of how local councils use AI to help local residents and save money.

    • From estimating budgets and improving care, to getting people new bins more quickly, new records reveal how councils are using AI and tech to help local residents and save money
    • Follows government announcing plans to put technology to work across public services, targeting £45 billion in efficiency savings
    • Innovations demonstrate the potential for AI and technology to improving public services and living standards, delivering on Plan for Change

    Local councils are picking up the AI mantle to help unleash this revolutionary technology across the UK – to turbocharge the Plan for Change and deliver a decade of national renewal.

    The latest transparency data – published by the Department for Science, Innovation and Technology (DSIT) – shows that councils are wasting no time in putting the weight of the public sector behind AI and finding new and innovative ways to make it work for working people.

    It shows that AI is being used to identify when a pensioner has had a fall, to stop people fall into rent arrears, to map which houses need loft insulation, to give people bigger bins, and – instead of taking people’s jobs – to help them find work in social care.

    The publication of records follows the Technology Secretary setting out a blueprint for how his department will help the public sector use technology to transform public services, targeting £45 billion in potential productivity savings.

    The plan will see a new team, housed in the Department for Science, Innovation and Technology (DSIT), cut across barriers to join up public services, including those provided by local councils, so people do not have to tell dozens of organisations the same thing.

    The team will first start by looking at services used by people with long term health conditions across organisations like the NHS, Department for Work and Pensions, local councils and more.

    As the digital centre of government, the Department for Science, Innovation and Technology (DSIT) will champion innovation, like that shown by the London Borough of Sutton, and help to spread it around the country so it can be used to improve public services and drive the Government’s Plan for Change.

    Speaking from a trip to see the Tech Enabled Care solution in Sutton, AI and Digital Government Minister Feryal Clark said:

    AI has immense potential to make our lives easier and improve public service. The technology we are together sharing with the public today includes shining examples of innovation that does everything from speeding up crucial applications for bigger bins, to helping people live independently.

    Being transparent with the detail of how we are putting AI to work in public services is crucial to our plans to use technology to improve public services, which is a key part of our Plan for Change.

    Other initiatives include AI-enabled fridge sensors and connected kettles are being used to detect changes in the daily routines of vulnerable people that could indicate a decline in health and ultimately lead to a fall, thanks to technology used by the London Borough of Sutton.

    Helping people who would otherwise need additional care, the technology uses sensors to spot changes in behaviour, like missed meals, a skipped cup of tea or whether a door has been left open for too long, before AI analysis is used to detect whether something might be wrong. An alert is then sent to close family members or carers so they can stop by to check on how they are and offer additional support if needed.

    Details of the technology, which was developed by Loughborough tech company The Access Group and Medequip Connect, have been released today alongside nine other public sector organisations setting out how they use AI and algorithmic tools. 

    Councillor Marian James, Lead Member for People Services at the London Borough of Sutton said:

    Research shows that people live well for longer when they can maintain their sense of independence and dignity by remaining in their own home. That’s why we are using the latest digital technology to enable our residents to continue living their lives independently within the comfort of their own home, but with the peace of mind that support is available when they need it. 

    The pressures facing our adult social care services show no sign of easing, so I’m proud the Council is taking this forward-thinking approach to find solutions that will reduce the pressure on the system, as well as being beneficial for our residents.

    Among the records published today, West Berkshire Council also shared how it is using technology to help residents get a bigger black bin more quickly, if they are eligible.

    A tool, built entirely in-house by the council, takes in information from an online application form, like the number of people living in a home, and the number of children in nappies, to automatically rule out people who might not be eligible for a bigger bin.

    Though, people whose applications are declined can still appeal the crucial decision, and have a human quickly look at their request. By speeding up the processing of requests, it makes sure families with newborns can get a bigger bin to handle the increased waste much more quickly.

    Other records published today detail chatbots used to help people apply for social care qualifications in Wales, and algorithmic tools to help councils more accurately predict the cost of adult care, so they can better manage their budgets.

    Minister of State for Care, Stephen Kinnock said:

    Around a third of adults over 65 will have at least one fall a year. This can be devastating and doesn’t just risk broken bones, but a loss of confidence and independence in older people.

    I am determined that we harness cutting-edge technology to protect them – and this groundbreaking AI will help to stop accidents before they happen and cut down on hospital visits.

    Our Plan for Change will drive forward this kind of innovation, transform the NHS, and ensure people can live safely and independently.

    Andy Sparkes, Managing Director, Local Government, The Access Group, said:

    We’re delighted to support Sutton Council’s ambitious approach to AI and technology-enabled care, which offers a personalised service that enables individuals to live independently for longer.

    AI and machine learning have the potential to enable all local authorities to shift their approach to care from the traditional reactive model to a more proactive approach that allows for early intervention. By scaling these proven examples of success, councils can reduce the pressure on current services and empower residents to remain in their homes for as long as possible.

    Notes to editors

    Full list of transparency records in this bundle.

    Dorset City Council

    Formulate for Adult Care – estimates financially sustainable personal budgets for adults with eligible care and support needs.

    Camden Council

    RentSense AI Tool Pilot – analyses council housing tenants’ rent transactions to prioritise arrears cases for management.

    Ealing Council

    Adult Social Care Annual Financial Expenditure Forecast – forecasts annual adult social care expenditure more accurately to make it easier for services to allocate budgets.

    Greater London Authority

    London Building Stock Model 2 – predicts missing information about London’s properties to help inform housing improvement programmes and decisions that reduce carbon emissions and energy bills.

    London Borough of Sutton

    Access Assure, Technology Enabled Care (TEC) – helps residents live independently by monitoring their data and alerting carers and family/friends where necessary.

    Social Care Wales

    Qualifications Chatbot – helps anyone with an interest in social care qualifications find appropriate qualification and information to work in the social care, early years, and childcare sector in Wales.

    Warwickshire County Council

    Domestic EPC Estimates – estimates domestic energy performance certificates (EPC) of households that have a missing EPC to help support better outcomes for citizens.

    West Berkshire Council

    Apply for a Larger Rubbish Bin – assesses whether applicants for a larger household waste container meet the minimum threshold set out in the council’s policy to provide a faster, improved service.

    London Borough of Barnet

    Ami Chatbot – a chatbot on the council’s website to provide better customer experience.

    Bristol City Council

    Not in Education, Employment, or Training (NEET) – assesses the risk of an individual becoming NEET to enable safeguarding professionals deliver timely and targeted interventions and support.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI China: What to watch about China’s Spring Festival travel rush

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

    BEIJING, Jan. 24 — Chunyun, the world’s largest annual human migration, officially kicked off on Jan. 14 in China ahead of the Spring Festival. Authorities predict travel volumes will hit new highs during the 40-day travel rush.

    The latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, spotlighted key trends shaping this year’s travel season, including record-breaking travel numbers, booming tourism, transformative technologies, the rise of electric vehicles and a surge in inbound travel.

    TRAVEL PEAK

    The annual travel frenzy is driven by the movement of people working, studying or living far from their hometowns as they head back to celebrate China’s most important festival.

    It is estimated that 9 billion passenger trips will be made, with car journeys accounting for 80 percent. Railway trips are projected to surpass 510 million, while air passenger volume will likely exceed 90 million.

    Faced with such a massive travel demand, transportation systems are undergoing their annual tests. “Safety remains our top priority,” Wang Xiuchun, an official of the Ministry of Transport, said on the show.

    Rail and aviation authorities have deployed robust safety measures to ensure secure and efficient operations, including addressing weather-related challenges and improving risk prevention.

    TOURISM TAKING OFF

    While family reunions remained the primary reason for travel, tourism saw a notable surge this year.

    Wang predicted a 25-percent increase in travel for leisure purposes. Popular destinations include tropical hotspots like Hainan and Yunnan, as well as winter wonderlands in Heilongjiang, Jilin and Xinjiang, said Shang Kejia, an official of the Civil Aviation Administration of China.

    Local tourism authorities are seizing the opportunity to attract visitors with unique offerings. Guangzhou’s Flower City Square is holding a spectacular lantern festival, while Tianjin’s cruise market is already bustling with holiday travelers. Harbin, the host of the 9th Asian Winter Games, is blending winter sports with holiday festivities, a combination that is a real boost to the ice-and-snow economy.

    “The way people celebrate the Chinese Lunar New Year is becoming more diverse and enriched, reflecting changing travel habits,” said Shang.

    TECHNOLOGY RESHAPING TRAVEL

    Technology has also reshaped the Spring Festival migration. Online purchases now account for over 93 percent of railway ticket sales, said Zhu Wenzhong from China State Railway Group Co., Ltd.

    As of 9 a.m. Tuesday, 12306, the railway booking platform, had sold 235 million tickets since Dec. 31. Travelers no longer need paper tickets, as ID cards grant seamless access to trains. The app also offers a wide range of additional services like hotel bookings, car rentals and food delivery.

    Beyond ticketing, innovations like smart inspection robots, drone-assisted traffic monitoring, and highway ice warning systems are also helping ensure safer and smoother journeys.

    RISE OF ELECTRIC VEHICLES

    New energy vehicles (NEVs) are joining the chunyun in growing numbers.

    NEVs accounted for 15.9 percent of road trips during the National Day holiday in October last year, and their share is expected to rise further this Spring Festival, experts said.

    To meet the rising charging demand, the country has accelerated the construction of charging infrastructure. By the end of 2024, 98 percent of highway service areas had charging facilities, with 35,000 charging stations in place. “Aside from a few remote, high-altitude areas, nearly all service areas now offer charging options,” said Hua Lei, an official with the Ministry of Transport.

    In 2024, China’s NEV production and sales hit record highs, exceeding 12.8 million units, which solidified the country’s position as the global NEV leader for a tenth consecutive year.

    CHINA TRAVEL

    Another notable highlight this year is the surge in inbound tourism. According to preliminary statistics, ticket bookings for inbound flights during the chunyun period surged 47 percent year on year, Shang said.

    “China Travel” has become a trending topic, globally. In 2024, 64.88 million foreign visitors traveled to the country, an 82.9 percent increase from the previous year. In particular, visa-free entries involved 20.12 million visits, more than double that of 2023.

    China’s commitment to opening-up is driving this tourism boom.

    Expanded visa policies, such as mutual visa waivers with 25 countries, unilateral visa-free policies for 38 countries, and transit visa exemptions for 54 countries, are making it easier for tourists to explore China.

    Additionally, improvements in payment systems, accommodations and public transport also ensure foreign visitors can fully enjoy China’s cultural and technological charms, experts said.

    MIL OSI China News –

  • MIL-OSI USA: New Report Highlights Transformational First Year of Colorado Universal Preschool, Reaching Nearly 70% of Eligible Four-Year-Olds

    Source: US State of Colorado

    DENVER — The Colorado Universal Preschool Annual Report, submitted to the Colorado Legislature as part of SMART Act requirements, highlights how the program’s inaugural year transformed early childhood education by providing high-quality, voluntary preschool to every child in the year before kindergarten. Read the report here. 

    “Free preschool is saving Colorado families an average of $6,100 every single year and helping our kids get the best possible start in life. This report shows that we are reaching the vast majority of young learners and we are committed to continue serving even more students,” said Governor Jared Polis. 

    In its first year, Colorado Universal Preschool served 43,479 children, reaching nearly 69% of the state’s eligible four-year-olds—a milestone that positions Colorado among the top states for preschool access nationwide. 

    “This success underscores Colorado’s commitment to children and families,” said Dr. Lisa Roy, Executive Director of CDEC. “Universal preschool is strengthening families and providing a solid foundation for our youngest learners to thrive.” 

    Key Wins for Colorado Families Enrolled in Colorado Universal Preschool in 2023-24:

    • Lowering Families’ Costs: The program saved families an average of $6,100 annually on preschool expenses, providing critical financial relief for other costs. 
    • Expanding Family Choice: With more than 1,900 providers statewide, families had the flexibility to choose from community-based, school-based, and home-based preschool settings. 
    • Serving Diverse Needs: Nearly 50% of children came from low-income households, with over 11,000 children also classified as being multilingual, experiencing ‘homelessness’, or having a disability. 
    • Strengthening the Sector: The program distributed $239.4 million to providers, enhancing sustainability and incentivizing sector growth. 

    “The impact of Colorado’s Universal Preschool program is profound,” said Michael Gaal, Superintendent of Colorado Springs School District 11. “District 11 is proud to be the largest provider of Universal Preschool serving more than 1000 preschoolers in El Paso County, with 31 of our 33 elementary schools offering the program. By investing in early childhood education, Colorado is setting the foundation for success. This program will not only benefit our students today, but its impact will continue to be felt for years to come.” 

    The report outlines ongoing challenges, including provider shortages in certain regions and workforce gaps. In response, the program has expanded full-day preschool (30 hours/week) for children in poverty and is launching a Provider Resource Bank to improve quality and accessibility statewide.

     “Colorado Universal Preschool is building a national model of excellence while addressing local needs,” Dr. Roy added. “We look forward to partnering with families, providers, and communities to create even greater opportunities for Colorado’s children.” 

    Apply Now for The 2025-26 School Year Submit an application by February 5, 2025 to be included in the first family-to-provider matching round. Learn more, explore preschool options, and apply online at UPK.Colorado.Gov. 

    Assistance is available: 

    💻Visit: Help.Upk.Colorado.Gov 

    📧Email: universalpreschool@state.co.us 

    📲Call: 303-866-5223 (Monday–Friday, 8 a.m.–8 p.m. MST). Interpreters available in 100+ languages.

    MIL OSI USA News –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR SECOND QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JANUARY 28, AT 9:30 AM CENTRAL TIME

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, Jan. 27, 2025 (GLOBE NEWSWIRE) —

    Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2025 of $14.7 million, an increase of $2.5 million, or 20.2%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, income taxes, and provision for credit losses. Preliminary net income was $1.30 per fully diluted common share for the second quarter of fiscal 2025, an increase of $0.23 as compared to the $1.07 per fully diluted common share reported for the same period of the prior fiscal year.

    Highlights for the second quarter of fiscal 2025:

    • Earnings per common share (diluted) were $1.30, up $0.23, or 21.5%, as compared to the same quarter a year ago, and up $0.20, or 18.2% from the first quarter of fiscal 2025, the linked quarter.
    • Annualized return on average assets (“ROAA”) was 1.21%, while annualized return on average common equity was 11.5%, as compared to 1.07% and 10.6%, respectively, in the same quarter a year ago, and 1.07% and 10.0%, respectively, in the first quarter of fiscal 2025, the linked quarter.
    • Net interest margin for the quarter was 3.36%, as compared to 3.25% reported for the year ago period, and 3.37% reported for the first quarter of fiscal 2025, the linked quarter. Net interest income increased $3.7 million, or 10.6% compared to the same quarter a year ago, and increased $1.5 million, or 4.0%, from the first quarter of fiscal 2025, the linked quarter.
    • Noninterest income was up 21.7% for the quarter, as compared to the same quarter a year ago, primarily as a result of losses realized on sale of available-for-sale (AFS) securities in the prior comparable quarter, and down 4.3% from the first quarter of fiscal 2025, the linked quarter.
    • Gross loan balances as of December 31, 2024, increased by $60.5 million, or 1.5%, as compared to September 30, 2024, and by $295.1 million, or 7.9%, as compared to December 31, 2023.
    • Cash equivalent balances as of December 31, 2024, increased by $70.5 million as compared to September 30, 2024, but decreased by $71.0 million as compared to December 31, 2023.
    • Deposit balances increased by $170.5 million, or 4.2%, as compared to September 30, 2024, and by $225.1 million, or 5.6%, as compared to December 31, 2023. The increase compared to the linked quarter was primarily due to seasonal inflows of deposits from agricultural and public unit depositors.
    • Tangible book value per share was $38.91, having increased by $4.26, or 12.3%, as compared to December 31, 2023.
    • The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due a $380,000 adjustment of tax accruals attributable to completed merger activity.

    Dividend Declared:

    The Board of Directors, on January 21, 2025, declared a quarterly cash dividend on common stock of $0.23, payable February 28, 2025, to stockholders of record at the close of business on February 14, 2025, marking the 123rd consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

    Conference Call:

    The Company will host a conference call to review the information provided in this press release on Tuesday, January 28, 2025, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 230612. Telephone playback will be available beginning one hour following the conclusion of the call through February 1, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 279309.

    Balance Sheet Summary:

    The Company experienced balance sheet growth in the first six months of fiscal 2025, with total assets of $4.9 billion at December 31, 2024, reflecting an increase of $303.4 million, or 6.6%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash and cash equivalents, and AFS securities.

    Cash and cash equivalents were a combined $146.1 million at December 31, 2024, an increase of $84.7 million, or 137.9%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth and AFS securities purchases during the period. AFS securities were $468.1 million at December 31, 2024, up $40.2 million, or 9.4%, as compared to June 30, 2024.

    Loans, net of the allowance for credit losses (ACL), were $4.0 billion at December 31, 2024, increasing by $175.0 million, or 4.6%, as compared to June 30, 2024. The Company noted growth primarily in drawn construction, 1-4 family residential, commercial and industrial, agricultural production loan draws, owner occupied commercial real estate, and agriculture real estate loan balances. This was somewhat offset by a decrease in loans secured by non-owner occupied commercial real estate, multi-family property, and consumer loans. The table below illustrates changes in loan balances by type over recent periods:

                                             
    Summary Loan Data as of:      Dec. 31,        Sep. 30,        June 30,        Mar. 31,        Dec. 31,  
       (dollars in thousands)   2024     2024     2024     2024     2023  
                                             
    1-4 residential real estate   $ 967,196     $ 942,916     $ 925,397     $ 903,371     $ 893,940  
    Non-owner occupied commercial real estate     882,484       903,678       899,770       898,911       863,426  
    Owner occupied commercial real estate     435,392       438,030       427,476       412,958       403,109  
    Multi-family real estate     376,081       371,177       384,564       417,106       380,632  
    Construction and land development     393,388       351,481       290,541       268,315       298,290  
    Agriculture real estate     239,912       239,787       232,520       233,853       238,093  
    Total loans secured by real estate     3,294,453       3,247,069       3,160,268       3,134,514       3,077,490  
                                             
    Commercial and industrial     484,799       457,018       450,147       436,093       443,532  
    Agriculture production     188,284       200,215       175,968       139,533       146,254  
    Consumer     56,017       58,735       59,671       56,506       57,771  
    All other loans     3,628       3,699       3,981       4,799       7,106  
    Total loans     4,027,181       3,966,736       3,850,035       3,771,445       3,732,153  
                                             
    Deferred loan fees, net     (202 )      (218 )     (232 )     (251 )     (263 )
    Gross loans     4,026,979       3,966,518       3,849,803       3,771,194       3,731,890  
    Allowance for credit losses     (54,740 )     (54,437 )     (52,516 )      (51,336 )     (50,084 )
    Net loans   $ 3,972,239     $ 3,912,081     $ 3,797,287     $ 3,719,858     $ 3,681,806  
       

    Loans anticipated to fund in the next 90 days totaled $172.5 million at December 31, 2024, as compared to $168.0 million at September 30, 2024, and $140.5 million at December 31, 2023.

    The Bank’s concentration in non-owner occupied commercial real estate, as defined for regulatory purposes, is estimated at 316.9% of Tier 1 capital and ACL at December 31, 2024, as compared to 317.5% as of June 30, 2024, with these loans representing 41.0% of gross loans at December 31, 2024. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 33 loans totaling $24.2 million, or 0.60% of gross loans at December 31, 2024, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

    Nonperforming loans (NPLs) were $8.3 million, or 0.21% of gross loans, at December 31, 2024, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPAs) were $10.8 million, or 0.22% of total assets, at December 31, 2024, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in the total dollar of NPAs reflects an increase in NPLs, which was largely offset by a reduction in other real estate owned due to property sales. The increase in NPLs was primarily attributable to the addition of three unrelated loans collateralized by single-family residential property, totaling $1.4 million.

    Our ACL at December 31, 2024, totaled $54.7 million, representing 1.36% of gross loans and 659% of NPLs, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of NPLs, at June 30, 2024. The Company has estimated its expected credit losses as of December 31, 2024, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. Qualitative adjustments in the Company’s ACL model were increased compared to June 30, 2024, due to various factors that are relevant to determining expected collectability of credit. The Company decreased the allowance attributable to classified hotel loans that have been slow to recover from the COVID-19 pandemic due to updated collateral appraisals, which provided a more favorable assessment than the Company’s prior period estimates. Additionally, provision for credit loss (PCL) was required due to loan growth in the second quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.02% (annualized) during the current period, as compared to 0.10% for the same period of the prior fiscal year.

    Total liabilities were $4.4 billion at December 31, 2024, an increase of $279.7 million, or 6.8%, as compared to June 30, 2024.

    Deposits were $4.2 billion at December 31, 2024, an increase of $267.6 million, or 6.8%, as compared to June 30, 2024. The deposit portfolio saw year-to-date increases primarily in certificates of deposit and savings accounts, as customers continued to move balances into high yield savings accounts and special rate time deposits in the relatively high rate environment. Public unit balances totaled $565.9 million at December 31, 2024, a decrease of $28.7 million compared to June 30, 2024, but an increase of $55.4 million, as compared to $510.5 million at September 30, 2024. Public unit balances increased compared to September 30, 2024, the linked quarter, due to seasonal inflows, but decreased year-to-date due to the loss of a large local public unit depositor. Brokered deposits totaled $254.0 million at December 31, 2024, an increase of $80.3 million as compared to June 30, 2024, but a decrease of $19.1 million compared to September 30, 2024, the linked quarter. Year-to-date, the Company increased brokered deposits due to more attractive pricing for brokered certificates of deposit relative to local market rates and the need to meet seasonal loan demand, and to build on-balance sheet liquidity. The average loan-to-deposit ratio for the second quarter of fiscal 2025 was 96.4%, as compared to 96.3% for the quarter ended June 30, 2024, and 94.3% for the same period of the prior fiscal year. The loan-to-deposit ratio at period end December 31, 2024, was 95.6%. The table below illustrates changes in deposit balances by type over recent periods:

                                   
    Summary Deposit Data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,
    (dollars in thousands)   2024   2024   2024   2024   2023
                                   
    Non-interest bearing deposits   $ 514,199   $ 503,209   $ 514,107   $ 525,959   $ 534,194
    NOW accounts     1,211,402     1,128,917     1,239,663     1,300,358     1,304,371
    MMDAs – non-brokered     347,271     320,252     334,774     359,569     378,578
    Brokered MMDAs     3,018     12,058     2,025     10,084     20,560
    Savings accounts     573,291     556,030     517,084     455,212     372,824
    Total nonmaturity deposits     2,649,181     2,520,466     2,607,653     2,651,182     2,610,527
                                   
    Certificates of deposit – non-brokered     1,310,421     1,258,583     1,163,650     1,158,063     1,194,993
    Brokered certificates of deposit     251,025     261,093     171,756     176,867     179,980
    Total certificates of deposit     1,561,446     1,519,676     1,335,406     1,334,930     1,374,973
                                   
    Total deposits   $ 4,210,627   $ 4,040,142   $ 3,943,059   $ 3,986,112   $ 3,985,500
                                   
    Public unit nonmaturity accounts   $ 482,406   $ 447,638   $ 541,445   $ 572,631   $ 544,873
    Public unit certificates of deposit     83,506     62,882     53,144     51,834     49,237
    Total public unit deposits   $ 565,912   $ 510,520   $ 594,589   $ 624,465   $ 594,110
     

    FHLB advances were $107.1 million at December 31, 2024, an increase of $5.0 million, or 4.9%, as compared to June 30, 2024.

    The Company’s stockholders’ equity was $512.4 million at December 31, 2024, an increase of $23.6 million, or 4.8%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $1.0 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $16.4 million at December 31, 2024 compared $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.

    Quarterly Income Statement Summary:

    The Company’s net interest income for the three-month period ended December 31, 2024, was $38.1 million, an increase of $3.7 million, or 10.6%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.7% increase in the average balance of interest-earning assets and an 11-basis point increase in the net interest margin, from 3.25% to 3.36%, as the 32-basis point increase in the yield on interest-earning assets was partially offset by a 22-basis point increase in cost of interest-bearing liabilities.

    Loan discount accretion and deposit premium amortization related to the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $987,000 in net interest income for the three-month period ended December 31, 2024, as compared to $1.5 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed nine basis points to net interest margin in the three-month period ended December 31, 2024, compared to 14 basis points during the same period of the prior fiscal year, and as compared to a nine basis point contribution in the linked quarter, ended September 30, 2024, when the net interest margin was 3.37%.

    The Company recorded a PCL of $932,000 in the three-month period ended December 31, 2024, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $501,000 provision attributable to the ACL for loan balances outstanding and a $431,000 provision attributable to the allowance for off-balance sheet credit exposures.

    The Company’s noninterest income for the three-month period ended December 31, 2024, was $6.9 million, an increase of $1.2 million, or 21.7%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to the Company’s realization of a $682,000 loss on sale of AFS securities in the year-ago period, as well as increases in deposit account charges and related fees, other loan fees, and wealth management fees. These increases were partially offset by lower net realized gains on sale of loans, which were primarily driven by a reduction in gains on sale of Small Business Administration (SBA) loans, and lower loan late charges.

    Noninterest expense for the three-month period ended December 31, 2024, was $24.9 million, an increase of $1.0 million, or 4.3%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to increases in compensation and benefits, legal and professional fees, other noninterest expense, and occupancy expenses. The increase in compensation and benefits expense was primarily due to a trend increase in employee headcount, as well as annual merit increases. Legal and professional fees were elevated due to consulting fees tied to internal projects, recruiter costs, and the settlement of a legal matter. Other noninterest expense increased due to increased expenses associated with SBA loans and costs for employee travel and training. Lastly, occupancy and equipment expenses increased primarily due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. Partially offsetting these increases from the prior year period are lower data processing and telecommunication expenses, and a reduction in intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the prior quarter.

    The efficiency ratio for the three-month period ended December 31, 2024, was 55.3%, as compared to 58.5% in the same period of the prior fiscal year. The change was attributable to net interest income and noninterest income growing faster than operating expenses.

    The income tax provision for the three-month period ended December 31, 2024, was $4.5 million, an increase of $1.4 million, or 43.3%, as compared to the same period of the prior fiscal year. The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due to an adjustment of tax accruals attributable to completed merger & acquisition activity.

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    Southern Missouri Bancorp, Inc.
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
     
                                     
    Summary Balance Sheet Data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands, except per share data)   2024   2024   2024   2024   2023  
                                     
    Cash equivalents and time deposits   $ 146,078   $ 75,591   $ 61,395   $ 168,763   $ 217,090  
    Available for sale (AFS) securities     468,060     420,209     427,903     433,689     417,406  
    FHLB/FRB membership stock     18,099     18,064     17,802     17,734     18,023  
    Loans receivable, gross     4,026,979     3,966,518     3,849,803     3,771,194     3,731,890  
    Allowance for credit losses     54,740     54,437     52,516     51,336     50,084  
    Loans receivable, net     3,972,239     3,912,081     3,797,287     3,719,858     3,681,806  
    Bank-owned life insurance     74,643     74,119     73,601     73,101     72,618  
    Intangible assets     75,399     76,340     77,232     78,049     79,088  
    Premises and equipment     96,418     96,087     95,952     95,801     94,519  
    Other assets     56,738     56,709     53,144     59,997     62,952  
    Total assets   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992   $ 4,643,502  
                                     
    Interest-bearing deposits   $ 3,696,428   $ 3,536,933   $ 3,428,952   $ 3,437,420   $ 3,451,306  
    Noninterest-bearing deposits     514,199     503,209     514,107     548,692     534,194  
    Securities sold under agreements to repurchase     15,000     15,000     9,398     9,398     9,398  
    FHLB advances     107,070     107,069     102,050     102,043     113,036  
    Other liabilities     39,424     38,191     37,905     46,712     42,256  
    Subordinated debt     23,182     23,169     23,156     23,143     23,130  
    Total liabilities     4,395,303     4,223,571     4,115,568     4,167,408     4,173,320  
                                     
    Total stockholders’ equity     512,371     505,629     488,748     479,584     470,182  
                                     
    Total liabilities and stockholders’ equity   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992   $ 4,643,502  
                                     
    Equity to assets ratio     10.44 %     10.69 %     10.61 %     10.32 %     10.13 %
                                     
    Common shares outstanding     11,277,167     11,277,167     11,277,737     11,366,094     11,336,462  
    Less: Restricted common shares not vested     46,653     56,553     57,956     57,956     49,676  
    Common shares for book value determination     11,230,514     11,220,614     11,219,781     11,308,138     11,286,786  
                                     
    Book value per common share   $ 45.62   $ 45.06   $ 43.56   $ 42.41   $ 41.66  
    Less: Intangible assets per common share     6.71     6.80     6.88     6.90     7.01  
    Tangible book value per common share (1)     38.91     38.26     36.68     35.51     34.65  
    Closing market price     57.37     56.49     45.01     43.71     53.39  
                                     

    (1)   Non-GAAP financial measure.

                                     
    Nonperforming asset data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands)   2024   2024   2024   2024   2023  
                                     
    Nonaccrual loans   $ 8,309   $ 8,206   $ 6,680   $ 7,329   $ 5,922  
    Accruing loans 90 days or more past due     —     —     —     81     —  
    Total nonperforming loans     8,309     8,206     6,680     7,410     5,922  
    Other real estate owned (OREO)     2,423     3,842     3,865     3,791     3,814  
    Personal property repossessed     37     21     23     60     40  
    Total nonperforming assets   $ 10,769   $ 12,069   $ 10,568   $ 11,261   $ 9,776  
                                     
    Total nonperforming assets to total assets     0.22 %     0.26 %     0.23 %     0.24 %     0.21 %  
    Total nonperforming loans to gross loans     0.21 %     0.21 %     0.17 %     0.20 %     0.16 %  
    Allowance for credit losses to nonperforming loans     658.80 %     663.38 %     786.17 %     692.79 %     845.73 %  
    Allowance for credit losses to gross loans     1.36 %     1.37 %     1.36 %     1.36 %     1.34 %  
                                     
    Performing modifications to borrowers experiencing financial difficulty   $ 24,083   $ 24,340   $ 24,602   $ 24,848   $ 24,237  
                                     
                                   
        For the three-month period ended
    Quarterly Summary Income Statement Data:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,
    (dollars in thousands, except per share data)      2024   2024   2024   2024   2023
                                   
    Interest income:                                   
    Cash equivalents   $ 784   $ 78   $ 541   $ 2,587   $ 1,178
    AFS securities and membership stock     5,558     5,547     5,677     5,486     5,261
    Loans receivable     63,082     61,753     58,449     55,952     55,137
    Total interest income     69,424     67,378     64,667     64,025     61,576
    Interest expense:                              
    Deposits     29,538     28,796     27,999     27,893     25,445
    Securities sold under agreements to repurchase     226     160     125     128     126
    FHLB advances     1,099     1,326     1,015     1,060     1,079
    Subordinated debt     418     435     433     435     440
    Total interest expense     31,281     30,717     29,572     29,516     27,090
    Net interest income     38,143     36,661     35,095     34,509     34,486
    Provision for credit losses     932     2,159     900     900     900
    Noninterest income:                              
    Deposit account charges and related fees     2,237     2,184     1,978     1,847     1,784
    Bank card interchange income     1,301     1,499     1,770     1,301     1,329
    Loan late charges     —     —     170     150     146
    Loan servicing fees     232     286     494     267     285
    Other loan fees     944     1,063     617     757     644
    Net realized gains on sale of loans     133     361     97     99     304
    Net realized losses on sale of AFS securities     —     —     —     (807     (682
    Earnings on bank owned life insurance     522     517     498     483     472
    Insurance brokerage commissions     300     287     331     312     310
    Wealth management fees     843     730     838     866     668
    Other noninterest income     353     247     974     309     380
    Total noninterest income     6,865     7,174     7,767     5,584     5,640
    Noninterest expense:                              
    Compensation and benefits     13,737     14,397     13,894     13,750     12,961
    Occupancy and equipment, net     3,585     3,689     3,790     3,623     3,478
    Data processing expense     2,224     2,171     1,929     2,349     2,382
    Telecommunications expense     354     428     468     464     465
    Deposit insurance premiums     588     472     638     677     598
    Legal and professional fees     619     1,208     516     412     387
    Advertising     442     546     640     622     392
    Postage and office supplies     283     306     308     344     283
    Intangible amortization     897     897     1,018     1,018     1,018
    Foreclosed property expenses     73     12     52     60     44
    Other noninterest expense     2,074     1,715     1,749     1,730     1,852
    Total noninterest expense     24,876     25,841     25,002     25,049     23,860
    Net income before income taxes     19,200     15,835     16,960     14,144     15,366
    Income taxes     4,547     3,377     3,430     2,837     3,173
    Net income     14,653     12,458     13,530     11,307     12,193
    Less: Distributed and undistributed earnings allocated                              
    to participating securities     61     62     69     58     53
    Net income available to common shareholders   $ 14,592   $ 12,396   $ 13,461   $ 11,249   $ 12,140
                                   
    Basic earnings per common share   $ 1.30   $ 1.10   $ 1.19   $ 1.00   $ 1.08
    Diluted earnings per common share     1.30     1.10     1.19     0.99     1.07
    Dividends per common share     0.23     0.23     0.21     0.21     0.21
    Average common shares outstanding:                              
    Basic     11,231,000     11,221,000     11,276,000     11,302,000     11,287,000
    Diluted     11,260,000     11,240,000     11,283,000     11,313,000     11,301,000
                                   
                                     
        For the three-month period ended  
    Quarterly Average Balance Sheet Data:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands)      2024   2024   2024   2024   2023  
                                     
    Interest-bearing cash equivalents   $ 64,976   $ 5,547   $ 39,432   $ 182,427   $ 89,123  
    AFS securities and membership stock     479,633     460,187     476,198     472,904     468,498  
    Loans receivable, gross     3,989,643     3,889,740     3,809,209     3,726,631     3,691,586  
    Total interest-earning assets     4,534,252     4,355,474     4,324,839     4,381,962     4,249,207  
    Other assets     291,217     283,056     285,956     291,591     301,415  
    Total assets   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553   $ 4,550,622  
                                     
    Interest-bearing deposits   $ 3,615,767   $ 3,416,752   $ 3,417,360   $ 3,488,104   $ 3,341,221  
    Securities sold under agreements to repurchase     15,000     12,321     9,398     9,398     9,398  
    FHLB advances     107,054     123,723     102,757     111,830     113,519  
    Subordinated debt     23,175     23,162     23,149     23,137     23,124  
    Total interest-bearing liabilities     3,760,996     3,575,958     3,552,664     3,632,469     3,487,262  
    Noninterest-bearing deposits     524,878     531,946     539,637     532,075     572,101  
    Other noninterest-bearing liabilities     31,442     33,737     35,198     33,902     31,807  
    Total liabilities     4,317,316     4,141,641     4,127,499     4,198,446     4,091,170  
                                     
    Total stockholders’ equity     508,153     496,889     483,296     475,107     459,452  
                                     
    Total liabilities and stockholders’ equity   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553   $ 4,550,622  
                                     
    Return on average assets     1.21 %     1.07 %     1.17 %     0.97 %     1.07 %
    Return on average common stockholders’ equity     11.5 %     10.0 %     11.2 %     9.5 %     10.6 %
                                     
    Net interest margin     3.36 %     3.37 %     3.25 %     3.15 %     3.25 %
    Net interest spread     2.79 %     2.75 %     2.65 %     2.59 %     2.69 %
                                     
    Efficiency ratio     55.3 %     59.0 %     58.3 %     61.2 %     58.5 %

    The MIL Network –

  • MIL-OSI: Five Star Bancorp Announces Quarterly and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CORDOVA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024 and $10.8 million for the three months ended December 31, 2023. Net income for the year ended December 31, 2024 was $45.7 million, as compared to $47.7 million for the year ended December 31, 2023.

    Financial and Other Highlights

    Performance highlights and other developments for the Company for the periods noted below included the following:

      Three months ended
    (in thousands, except per share and share data) December 31, 2024   September 30, 2024   December 31, 2023
    Return on average assets (“ROAA”)   1.31 %     1.18 %     1.26 %
    Return on average equity (“ROAE”)   13.48 %     11.31 %     15.45 %
    Pre-tax income $ 19,367     $ 15,241     $ 15,151  
    Pre-tax, pre-provision income(1) $ 20,667     $ 17,991     $ 15,951  
    Net income $ 13,317     $ 10,941     $ 10,799  
    Basic earnings per common share $ 0.63     $ 0.52     $ 0.63  
    Diluted earnings per common share $ 0.63     $ 0.52     $ 0.63  
    Weighted average basic common shares outstanding   21,182,143       21,182,143       17,175,445  
    Weighted average diluted common shares outstanding   21,235,318       21,232,758       17,193,114  
    Shares outstanding at end of period   21,319,083       21,319,583       17,256,989  
      Year ended
    (in thousands, except per share and share data) December 31, 2024   December 31, 2023
    ROAA   1.23 %     1.44 %
    ROAE   12.72 %     17.85 %
    Pre-tax income $ 64,721     $ 66,616  
    Pre-tax, pre-provision income(1) $ 71,671     $ 70,616  
    Net income $ 45,671     $ 47,734  
    Basic earnings per common share $ 2.26     $ 2.78  
    Diluted earnings per common share $ 2.26     $ 2.78  
    Weighted average basic common shares outstanding   20,154,385       17,166,592  
    Weighted average diluted common shares outstanding   20,205,440       17,187,969  
    Shares outstanding at end of period   21,319,083       17,256,989  
                   

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    James E. Beckwith, President and Chief Executive Officer, commented:

    “While we focus on the future and maintaining a position of distinction and respect in the markets we serve, we proudly look back at 2024 as another outstanding year of achievement. We experienced consistent, strong financial performance with year-over-year growth in loans and deposits, a consistent shareholder dividend, and stable net interest margin. We also continued our successful execution of our San Francisco market expansion and now have 27 employees in the San Francisco Bay Area who contributed $229.5 million in deposits from June 5, 2023 to December 31, 2024. We have managed expenses and executed on conservative underwriting practices, which are foundational to our success.

    Five Star Bank consistently executes on client and community-focused initiatives, and in 2024, we received a Super Premier rating from Findley Reports, an IDC Superior rating, and a Bauer Financial rating of 5 stars (out of five). We were also awarded the prestigious 2023 Raymond James Community Bankers Cup, were among S&P Global Market Intelligence’s 2023 Top 20 Best-Performing Community banks in the nation (with assets between $3 billion and $10 billion), and were ranked fifth on the 2024 Bank Director Magazine (RankingBanking) Best U.S. Banks with assets less than $5 billion. We also received the Greater Sacramento Economic Council’s Sustainability Award recognizing a company that has supported industry growth in the Greater Sacramento region.

    In 2024, our senior leadership was recognized by the Sacramento Business Journal with a C-Suite Award, a Women Who Mean Business honor, a 40 Under 40 recognition, and placement on the Power 100 list. Our senior leadership was also recognized on the San Francisco Business Times’ Newsmaker 100 list, as part of the Independent Community Bankers of America’s 40 Under 40: Emerging Community Bank Leaders, among the Association of Latino Professionals for America’s 50 Most Powerful Latinas, and with a National Association of Women Business Owners’ Sacramento Valley Outstanding Women Leaders’ Executive Woman award.

    Being recognized as community leaders ensures Five Star Bank remains top of mind in the markets we serve as we continue to build-out our market presence. I am humbled and proud of our team’s accomplishments and look forward to the future.”

    Financial highlights included the following:

    • The San Francisco Bay Area team, which increased from 24 to 27 employees during the three months ended December 31, 2024, generated deposit balances totaling $229.5 million at December 31, 2024, an increase of $40.4 million from September 30, 2024.
    • Cash and cash equivalents were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 7.38% at September 30, 2024.
    • Total deposits increased by $158.0 million, or 4.65%, during the three months ended December 31, 2024, due to increases in both non-wholesale and wholesale deposits, which the Company defines as brokered deposits and public time deposits. During the three months ended December 31, 2024, non-wholesale deposits increased by $8.0 million, or 0.27%, and wholesale deposits increased by $150.0 million, or 36.59%.
    • Consistent, disciplined management of expenses contributed to our efficiency ratio of 41.21% for the three months ended December 31, 2024, as compared to 43.37% for the three months ended September 30, 2024.
    • For the three months ended December 31, 2024, net interest margin was 3.36%, as compared to 3.37% for the three months ended September 30, 2024 and 3.19% for the three months ended December 31, 2023. For the year ended December 31, 2024, net interest margin was 3.32%, as compared to 3.42% for the year ended December 31, 2023. The effective Federal Funds rate fell to 4.33% as of December 31, 2024 from 4.83% as of September 30, 2024 and 5.33% as of December 31, 2023.
    • Other comprehensive loss was $2.6 million during the three months ended December 31, 2024. Unrealized losses, net of tax effect, on available-for-sale securities were $12.4 million as of December 31, 2024. Total carrying value of held-to-maturity and available-for-sale securities represented 0.07% and 2.48% of total interest-earning assets, respectively, as of December 31, 2024.
    • The Company’s common equity Tier 1 capital ratio was 11.02% and 10.93% as of December 31, 2024 and September 30, 2024, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
    • Loan and deposit growth in the three and twelve months ended December 31, 2024 was as follows:
    (in thousands) December 31, 2024   September 30, 2024   $ Change   % Change
    Loans held for investment $ 3,532,686   $ 3,460,565   $ 72,121   2.08 %
    Non-interest-bearing deposits   922,629     906,939     15,690   1.73 %
    Interest-bearing deposits   2,635,365     2,493,040     142,325   5.71 %
                   
    (in thousands) December 31, 2024   December 31, 2023   $ Change   % Change
    Loans held for investment $ 3,532,686   $ 3,081,719   $ 450,967   14.63 %
    Non-interest-bearing deposits   922,629     831,101     91,528   11.01 %
    Interest-bearing deposits   2,635,365     2,195,795     439,570   20.02 %
                           
    • The ratio of nonperforming loans to loans held for investment at period end decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024.
    • The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended December 31, 2024. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on January 16, 2025, which the Company expects to pay on February 10, 2025 to shareholders of record as of February 3, 2025.

    Summary Results

    Three months ended December 31, 2024, as compared to three months ended September 30, 2024

    The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024. Net interest income increased by $3.1 million, primarily due to an increase in interest income driven by a larger average balance of interest-earning assets, partially offset by an increase in interest expense due to a larger average balance of deposits, as compared to September 30, 2024. The provision for credit losses decreased by $1.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended September 30, 2024. Non-interest income increased by $0.3 million, primarily due to income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a loss from equity investments in venture-backed funds during the three months ended September 30, 2024. Non-interest expense increased by $0.7 million, primarily due to: (i) increased salaries and employee benefits mainly resulting from increased loan production driving higher commissions expense period-over-period; and (ii) increased advertising and promotional expenses due to a larger number of events sponsored and attended period-over-period.

    Three months ended December 31, 2024, as compared to three months ended December 31, 2023

    The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.8 million for the three months ended December 31, 2023. Net interest income increased by $6.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $0.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Non-interest income decreased by $0.3 million, primarily due to lower swap referral and rate lock fees during the three months ended December 31, 2024 compared to the same quarter of the prior year. Non-interest expense increased by $1.8 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

    Year ended December 31, 2024, as compared to year ended December 31, 2023

    The Company’s net income was $45.7 million for the year ended December 31, 2024, as compared to $47.7 million for the year ended December 31, 2023. Net interest income increased by $8.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $3.0 million, or 73.75%, as loan originations in the year ended December 31, 2024 were almost double those for the year ended December 31, 2023. Non-interest income decreased by $1.1 million, primarily due to lower income received on equity investments in venture-backed funds during the year ended December 31, 2024 than during the year ended December 31, 2023. Non-interest expense increased by $6.7 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

    The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

        Three months ended        
    (in thousands, except per share data)   December 31, 2024   September 30, 2024   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 33,489     $ 30,386     $ 3,103     10.21 %
    Provision for credit losses     1,300       2,750       (1,450 )   (52.73) %
    Non-interest income     1,666       1,381       285     20.64 %
    Non-interest expense     14,488       13,776       712     5.17 %
    Pre-tax income     19,367       15,241       4,126     27.07 %
    Provision for income taxes     6,050       4,300       1,750     40.70 %
    Net income   $ 13,317     $ 10,941     $ 2,376     21.72 %
    Earnings per common share:                
    Basic   $ 0.63     $ 0.52     $ 0.11     21.15 %
    Diluted   $ 0.63     $ 0.52     $ 0.11     21.15 %
    Performance and other financial ratios:                
    ROAA     1.31 %     1.18 %        
    ROAE     13.48 %     11.31 %        
    Net interest margin     3.36 %     3.37 %        
    Cost of funds     2.65 %     2.72 %        
    Efficiency ratio     41.21 %     43.37 %        
        Three months ended        
    (in thousands, except per share data)   December 31, 2024   December 31, 2023   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 33,489     $ 26,678     $ 6,811     25.53 %
    Provision for credit losses     1,300       800       500     62.50 %
    Non-interest income     1,666       1,936       (270 )   (13.95) %
    Non-interest expense     14,488       12,663       1,825     14.41 %
    Pre-tax income     19,367       15,151       4,216     27.83 %
    Provision for income taxes     6,050       4,352       1,698     39.02 %
    Net income   $ 13,317     $ 10,799     $ 2,518     23.32 %
    Earnings per common share:                
    Basic   $ 0.63     $ 0.63     $ —     — %
    Diluted   $ 0.63     $ 0.63     $ —     — %
    Performance and other financial ratios:                
    ROAA     1.31 %     1.26 %        
    ROAE     13.48 %     15.45 %        
    Net interest margin     3.36 %     3.19 %        
    Cost of funds     2.65 %     2.50 %        
    Efficiency ratio     41.21 %     44.25 %        
                             
        Year ended        
    (in thousands, except per share data)   December 31, 2024   December 31, 2023   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 119,711     $ 110,880     $ 8,831     7.96 %
    Provision for credit losses     6,950       4,000       2,950     73.75 %
    Non-interest income     6,453       7,511       (1,058 )   (14.09) %
    Non-interest expense     54,493       47,775       6,718     14.06 %
    Pre-tax income     64,721       66,616       (1,895 )   (2.84) %
    Provision for income taxes     19,050       18,882       168     0.89 %
    Net income   $ 45,671     $ 47,734     $ (2,063 )   (4.32) %
    Earnings per common share:                
    Basic   $ 2.26     $ 2.78     $ (0.52 )   (18.71) %
    Diluted   $ 2.26     $ 2.78     $ (0.52 )   (18.71) %
    Performance and other financial ratios:                
    ROAA     1.23 %     1.44 %        
    ROAE     12.72 %     17.85 %        
    Net interest margin     3.32 %     3.42 %        
    Cost of funds     2.64 %     2.10 %        
    Efficiency ratio     43.19 %     40.35 %        


    Balance Sheet Summary

    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Selected financial condition data:                
    Total assets   $ 4,053,278   $ 3,593,125   $ 460,153     12.81 %
    Cash and cash equivalents     352,343     321,576     30,767     9.57 %
    Total loans held for investment     3,532,686     3,081,719     450,967     14.63 %
    Total investments     100,914     111,160     (10,246 )   (9.22) %
    Total liabilities     3,656,654     3,307,351     349,303     10.56 %
    Total deposits     3,557,994     3,026,896     531,098     17.55 %
    Subordinated notes, net     73,895     73,749     146     0.20 %
    Total shareholders’ equity     396,624     285,774     110,850     38.79 %
                               
    • Insured and collateralized deposits were approximately $2.4 billion, representing 66.92% of total deposits as of December 31, 2024. Net uninsured and uncollateralized deposits were approximately $1.2 billion as of December 31, 2024.
    • Commercial and consumer deposit accounts constituted 77.00% of total deposits. Deposit relationships of greater than $5 million represented 61.13% of total deposits and had an average age of approximately 9.28 years as of December 31, 2024.
    • Cash and cash equivalents as of December 31, 2024 were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 10.62% as of December 31, 2023.
    • Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $1.9 billion as of December 31, 2024.
        December 31, 2024
    (in thousands)   Line of Credit   Letters of Credit Issued   Borrowings   Available
    Federal Home Loan Bank of San Francisco (“FHLB”) advances   $ 1,212,209   $ 701,500   $ —   $ 510,709
    Federal Reserve Discount Window     862,136     —     —     862,136
    Correspondent bank lines of credit     175,000     —     —     175,000
    Cash and cash equivalents     —     —     —     352,343
    Total   $ 2,249,345   $ 701,500   $ —   $ 1,900,188

    The increase in total assets from December 31, 2023 to December 31, 2024 was primarily due to a $451.0 million increase in total loans held for investment and a $30.8 million increase in cash and cash equivalents, partially offset by a $10.2 million decrease in investments. The $451.0 million increase in total loans held for investment between December 31, 2023 and December 31, 2024 was the result of $1.1 billion in loan originations, partially offset by $263.0 million and $423.0 million in loan payoffs and paydowns, respectively. The $451.0 million increase in total loans held for investment included $281.4 million in purchased loans within the consumer concentration of the loan portfolio. The $30.8 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $425.7 million and $52.3 million, respectively, partially offset by net cash outflows related to investing activities of $447.3 million.

    The increase in total liabilities from December 31, 2023 to December 31, 2024 was primarily attributable to an increase in deposits of $531.1 million, partially offset by a decrease in other borrowings of $170.0 million. The $531.1 million increase in deposits was largely due to increases in money market, time, and non-interest-bearing demand deposits of $242.9 million, $203.6 million, and $91.5 million, respectively, partially offset by decreases in interest-bearing demand and savings deposits of $5.1 million and $1.8 million, respectively.

    The increase in total shareholders’ equity from December 31, 2023 to December 31, 2024 was primarily a result of $80.9 million of additional common stock issued during the year and net income recognized of $45.7 million, partially offset by $16.2 million in cash dividends paid during the period.

    Net Interest Income and Net Interest Margin

    The following is a summary of the components of net interest income for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   September 30, 2024   $ Change   % Change
    Interest and fee income   $ 57,745     $ 52,667     $ 5,078   9.64 %
    Interest expense     24,256       22,281       1,975   8.86 %
    Net interest income   $ 33,489     $ 30,386     $ 3,103   10.21 %
    Net interest margin     3.36 %     3.37 %        
                     
        Three months ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Interest and fee income   $ 57,745     $ 46,180     $ 11,565   25.04 %
    Interest expense     24,256       19,502       4,754   24.38 %
    Net interest income   $ 33,489     $ 26,678     $ 6,811   25.53 %
    Net interest margin     3.36 %     3.19 %        
                     
        Year ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Interest and fee income   $ 206,951     $ 174,382     $ 32,569   18.68 %
    Interest expense     87,240       63,502       23,738   37.38 %
    Net interest income   $ 119,711     $ 110,880     $ 8,831   7.96 %
    Net interest margin     3.32 %     3.42 %        

    The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

        Three months ended
        December 31, 2024   September 30, 2024   December 31, 2023
    (in thousands)   Average Balance   Interest Income/Expense   Yield/Rate   Average Balance   Interest Income/Expense   Yield/Rate   Average Balance   Interest Income/Expense   Yield/Rate
    Assets                                    
    Interest-earning deposits in banks   $ 363,828   $ 4,335   4.74 %   $ 126,266   $ 1,657   5.22 %   $ 157,775   $ 2,100   5.28 %
    Investment securities     103,930     607   2.33 %     106,256     620   2.32 %     106,483     651   2.43 %
    Loans held for investment and sale     3,498,109     52,803   6.01 %     3,354,050     50,390   5.98 %     3,055,042     43,429   5.64 %
    Total interest-earning assets     3,965,867     57,745   5.79 %     3,586,572     52,667   5.84 %     3,319,300     46,180   5.52 %
    Interest receivable and other assets, net     91,736             91,965             80,360        
    Total assets   $ 4,057,603           $ 3,678,537           $ 3,399,660        
                                         
    Liabilities and shareholders’ equity                                    
    Interest-bearing transaction accounts   $ 298,518   $ 1,249   1.66 %   $ 302,188   $ 1,237   1.63 %   $ 291,967   $ 1,091   1.48 %
    Savings accounts     127,298     887   2.77 %     124,851     979   3.12 %     130,915     891   2.70 %
    Money market accounts     1,596,116     13,520   3.37 %     1,578,244     14,688   3.70 %     1,347,111     10,824   3.19 %
    Time accounts     617,596     7,438   4.79 %     326,640     4,172   5.08 %     417,434     5,322   5.06 %
    Subordinated notes and other borrowings     73,872     1,162   6.25 %     76,988     1,205   6.23 %     88,401     1,374   6.16 %
    Total interest-bearing liabilities     2,713,400     24,256   3.56 %     2,408,911     22,281   3.68 %     2,275,828     19,502   3.40 %
    Demand accounts     921,881             852,872             821,651        
    Interest payable and other liabilities     29,234             32,062             24,886        
    Shareholders’ equity     393,088             384,692             277,295        
    Total liabilities & shareholders’ equity   $ 4,057,603           $ 3,678,537           $ 3,399,660        
                                         
    Net interest spread           2.23 %           2.16 %           2.12 %
    Net interest income/margin       $ 33,489   3.36 %       $ 30,386   3.37 %       $ 26,678   3.19 %

    Net interest income during the three months ended December 31, 2024 increased $3.1 million, or 10.21%, to $33.5 million compared to $30.4 million during the three months ended September 30, 2024. Net interest margin totaled 3.36% for the three months ended December 31, 2024, a decrease of one basis point compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $5.1 million in interest income due to a $379.3 million, or 10.58%, increase in the average balance of interest-earning assets during the three months ended December 31, 2024 compared to the prior quarter. The increase in interest income was partially offset by a $2.0 million increase in deposit interest expense due to a $376.6 million, or 11.83%, increase in the average balance of deposits during the three months ended December 31, 2024 compared to the prior quarter.

    As compared to the three months ended December 31, 2023, net interest income increased $6.8 million, or 25.53%, to $33.5 million compared to $26.7 million. Net interest margin totaled 3.36% for the three months ended December 31, 2024, an increase of 17 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $9.4 million in loan interest income due to a $443.1 million, or 14.50%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans during the three months ended December 31, 2024 compared to the same quarter of the prior year. The increase in interest income was partially offset by a $5.0 million increase in deposit interest expense due to a $552.3 million, or 18.36%, increase in the average balance of deposits and a 19 basis point increase in the average cost of deposits during the three months ended December 31, 2024 compared to the same quarter of the prior year.

    The following table shows the components of net interest income and net interest margin for the annual periods indicated:

        Year ended
        December 31, 2024   December 31, 2023
    (in thousands)   Average Balance   Interest Income/Expense   Yield/Rate   Average Balance   Interest Income/Expense   Yield/Rate
    Assets                        
    Interest-earning deposits in banks   $ 218,156   $ 11,080   5.08 %   $ 184,103   $ 9,069   4.93 %
    Investment securities     106,289     2,530   2.38 %     113,515     2,600   2.29 %
    Loans held for investment and sale     3,283,874     193,341   5.89 %     2,947,603     162,713   5.52 %
    Total interest-earning assets     3,608,319     206,951   5.74 %     3,245,221     174,382   5.37 %
    Interest receivable and other assets, net     90,061             75,741        
    Total assets   $ 3,698,380           $ 3,320,962        
                             
    Liabilities and shareholders’ equity                        
    Interest-bearing transaction accounts   $ 298,137   $ 4,716   1.58 %   $ 312,944   $ 3,321   1.06 %
    Savings accounts     124,208     3,584   2.89 %     140,060     3,073   2.19 %
    Money market accounts     1,533,405     53,750   3.51 %     1,263,539     33,932   2.69 %
    Time accounts     412,007     20,348   4.94 %     372,557     17,535   4.71 %
    Subordinated notes and other borrowings     77,335     4,842   6.26 %     93,279     5,641   6.05 %
    Total interest-bearing liabilities     2,445,092     87,240   3.57 %     2,182,379     63,502   2.91 %
    Demand accounts     858,789             844,057        
    Interest payable and other liabilities     35,331             27,127        
    Shareholders’ equity     359,168             267,399        
    Total liabilities & shareholders’ equity   $ 3,698,380           $ 3,320,962        
                             
    Net interest spread           2.17 %           2.46 %
    Net interest income/margin       $ 119,711   3.32 %       $ 110,880   3.42 %

    Net interest income during the year ended December 31, 2024 increased $8.8 million, or 7.96%, to $119.7 million compared to $110.9 million during the year ended December 31, 2023. Net interest margin totaled 3.32% for the year ended December 31, 2024, a decrease of 10 basis points compared to the prior year. The increase in net interest income is primarily attributable to an additional $30.6 million in loan interest income due to a $336.3 million, or 11.41%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans as compared to the prior year. The increase in interest income was partially offset by an additional $24.5 million in deposit interest expense due to a $293.4 million, or 10.00%, increase in the average balance of deposits and a 58 basis point increase in the average cost of deposits compared to the prior year.

    Loans by Type

    The following table provides loan balances, excluding deferred loan fees, by type as of December 31, 2024:

    (in thousands)    
    Real estate:    
    Commercial   $ 2,857,173  
    Commercial land and development     3,849  
    Commercial construction     111,318  
    Residential construction     4,561  
    Residential     32,774  
    Farmland     47,241  
    Commercial:    
    Secured     170,548  
    Unsecured     27,558  
    Consumer and other     279,584  
    Net deferred loan fees     (1,920 )
    Total loans held for investment   $ 3,532,686  


    Interest-bearing Deposits

    The following table provides interest-bearing deposit balances by type as of December 31, 2024:

    (in thousands)    
    Interest-bearing demand accounts   $ 315,217
    Money market accounts     1,525,293
    Savings accounts     124,702
    Time accounts     670,153
    Total interest-bearing deposits   $ 2,635,365


    Asset Quality

    Allowance for Credit Losses

    At December 31, 2024, the Company’s allowance for credit losses was $37.8 million, as compared to $34.4 million at December 31, 2023. The $3.4 million increase in the allowance is due to a $7.5 million provision for credit losses recorded during the twelve months ended December 31, 2024, partially offset by net charge-offs of $4.1 million, mainly attributable to commercial and industrial loans, during the same period.

    The Company’s ratio of nonperforming loans to loans held for investment decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024. Loans designated as watch increased from $39.6 million to $123.4 million between December 31, 2023 and December 31, 2024. Loans designated as substandard increased from $2.0 million to $2.6 million between December 31, 2023 and December 31, 2024. There were no loans with doubtful risk grades at December 31, 2024 or December 31, 2023.

    A summary of the allowance for credit losses by loan class is as follows:

        December 31, 2024   December 31, 2023
    (in thousands)   Amount   % of Total   Amount   % of Total
    Real estate:                
    Commercial   $ 25,864   68.44 %   $ 29,015   84.27 %
    Commercial land and development     78   0.21 %     178   0.52 %
    Commercial construction     2,268   6.00 %     718   2.08 %
    Residential construction     64   0.17 %     89   0.26 %
    Residential     270   0.71 %     151   0.44 %
    Farmland     607   1.61 %     399   1.16 %
          29,151   77.14 %     30,550   88.73 %
    Commercial:                
    Secured     5,866   15.52 %     3,314   9.62 %
    Unsecured     278   0.74 %     189   0.55 %
          6,144   16.26 %     3,503   10.17 %
    Consumer and other     2,496   6.60 %     378   1.10 %
    Total allowance for credit losses   $ 37,791   100.00 %   $ 34,431   100.00 %

    The ratio of allowance for credit losses to loans held for investment was 1.07% at December 31, 2024, as compared to 1.12% at December 31, 2023.

    Non-interest Income

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   September 30, 2024   $ Change   % Change
    Service charges on deposit accounts   $ 179   $ 165   $ 14     8.48 %
    Gain on sale of loans     150     306     (156 )   (50.98) %
    Loan-related fees     400     406     (6 )   (1.48) %
    FHLB stock dividends     332     327     5     1.53 %
    Earnings on bank-owned life insurance     182     162     20     12.35 %
    Other income     423     15     408     2,720.00 %
    Total non-interest income   $ 1,666   $ 1,381   $ 285     20.64 %


    Gain on sale of loans.     The decrease related primarily to an overall decline in the volume of loans sold during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $4.4 million of loans sold with an effective yield of 7.03% during the three months ended September 30, 2024.

    Other income. The increase resulted primarily from $0.3 million of income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a $0.1 million loss from equity investments in venture-backed funds during the three months ended September 30, 2024.

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended      
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Service charges on deposit accounts   $ 179   $ 165     $ 14     8.48 %
    Net gain (loss) on sale of securities     —     (167 )     167     (100.00) %
    Gain on sale of loans     150     317       (167 )   (52.68) %
    Loan-related fees     400     667       (267 )   (40.03) %
    FHLB stock dividends     332     314       18     5.73 %
    Earnings on bank-owned life insurance     182     155       27     17.42 %
    Other income     423     485       (62 )   (12.78) %
    Total non-interest income   $ 1,666   $ 1,936     $ (270 )   (13.95) %


    Net gain (loss) on sale of securities.     The decrease in the net loss on sale of securities related to the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the three months ended December 31, 2023, with no sales occurring during the three months ended December 31, 2024.

    Gain on sale of loans. The decrease resulted from an overall decline in the volume of loans sold during the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $5.9 million of loans sold with an effective yield of 5.41% during the three months ended December 31, 2023.

    Loan-related fees. The decrease resulted from the recognition of $0.2 million lower rate lock fees and $0.1 million lower swap referral fees during the three months ended December 31, 2024 than the three months ended December 31, 2023.

    Non-interest income for the periods indicated:

        Year ended      
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Service charges on deposit accounts   $ 721   $ 575     $ 146     25.39 %
    Net gain (loss) on sale of securities     —     (167 )     167     (100.00) %
    Gain on sale of loans     1,274     1,952       (678 )   (34.73) %
    Loan-related fees     1,605     1,719       (114 )   (6.63) %
    FHLB stock dividends     1,320     970       350     36.08 %
    Earnings on bank-owned life insurance     644     510       134     26.27 %
    Other income     889     1,952       (1,063 )   (54.46) %
    Total non-interest income   $ 6,453   $ 7,511     $ (1,058 )   (14.09) %


    Service charges on deposit accounts.     The increase resulted primarily from a $0.2 million increase in wire transfer fees recognized, partially offset by a small decrease in other fees recognized during the year ended December 31, 2024 compared to the year ended December 31, 2023.

    Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities resulted from the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the year ended December 31, 2023, with no sales occurring during the year ended December 31, 2024.

    Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the year ended December 31, 2024 compared to the year ended December 31, 2023. During the year ended December 31, 2024, approximately $18.3 million of loans were sold with an effective yield of 6.96%, as compared to approximately $36.5 million of loans sold with an effective yield of 5.35% during the year ended December 31, 2023.

    Loan-related fees. The decrease was primarily a result of a $0.2 million net decrease in income earned from the credit card program, partially offset by a small increase in loan fee income earned on various loan types and services.

    FHLB stock dividends. The increase primarily relates to a 50 basis point increase in the annualized dividend rate earned year-over-year, while the average shares outstanding remained consistent.

    Earnings on bank-owned life insurance. The increase was primarily due to additional policies purchased between December 31, 2024 and December 31, 2023.

    Other income. The decrease resulted primarily from $0.5 million in income received on equity investments in venture-backed funds during the year ended December 31, 2024, as compared to $1.7 million in income received on equity investments in venture-back funds during the year ended December 31, 2023.

    Non-interest Expense

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   September 30, 2024   $ Change   % Change
    Salaries and employee benefits   $ 8,360   $ 7,969   $ 391     4.91 %
    Occupancy and equipment     649     626     23     3.67 %
    Data processing and software     1,369     1,327     42     3.17 %
    Federal Deposit Insurance Corporation (“FDIC”) insurance     440     405     35     8.64 %
    Professional services     774     830     (56 )   (6.75) %
    Advertising and promotional     752     584     168     28.77 %
    Loan-related expenses     321     292     29     9.93 %
    Other operating expenses     1,823     1,743     80     4.59 %
    Total non-interest expense   $ 14,488   $ 13,776   $ 712     5.17 %


    Salaries and employee benefits.     The increase was primarily a result of: (i) a $0.1 million increase in salaries, benefits, and bonus expense; and (ii) a $0.5 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.2 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

    Advertising and promotional. The increase was primarily due to the timing of events sponsored and attended during the three months ended December 31, 2024 compared to the three months ended September 30, 2024.

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Salaries and employee benefits   $ 8,360   $ 7,182   $ 1,178   16.40 %
    Occupancy and equipment     649     583     66   11.32 %
    Data processing and software     1,369     1,110     259   23.33 %
    FDIC insurance     440     370     70   18.92 %
    Professional services     774     658     116   17.63 %
    Advertising and promotional     752     717     35   4.88 %
    Loan-related expenses     321     268     53   19.78 %
    Other operating expenses     1,823     1,775     48   2.70 %
    Total non-interest expense   $ 14,488   $ 12,663   $ 1,825   14.41 %


    Salaries and employee benefits.     The increase was primarily a result of: (i) a $1.0 million increase in salaries, benefits, and bonus expense, of which approximately $0.8 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $0.7 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.5 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

    Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

    Professional services. The increase was primarily due to increased audit and examination fees for services provided for the three months ended December 31, 2024 compared to the three months ended December 31, 2023.

    The following table presents the key components of non-interest expense for the periods indicated:

        Year ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Salaries and employee benefits   $ 31,709   $ 27,097   $ 4,612   17.02 %
    Occupancy and equipment     2,547     2,218     329   14.83 %
    Data processing and software     5,088     4,015     1,073   26.72 %
    FDIC insurance     1,635     1,557     78   5.01 %
    Professional services     3,078     2,575     503   19.53 %
    Advertising and promotional     2,411     2,403     8   0.33 %
    Loan-related expenses     1,207     1,192     15   1.26 %
    Other operating expenses     6,818     6,718     100   1.49 %
    Total non-interest expense   $ 54,493   $ 47,775   $ 6,718   14.06 %


    Salaries and employee benefits.     The increase was the result of: (i) a $3.5 million increase in salaries, benefits, and bonus, of which approximately $3.3 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $1.4 million increase in commissions paid, primarily to employees in the San Francisco Bay Area. The increase was partially offset by a $0.3 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

    Occupancy and equipment. The increase related to rent expense for the San Francisco branch office and a new office lease to support back office staff during the year ended December 31, 2024, which did not exist for the full year ended December 31, 2023.

    Data processing and software. The increase related to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

    Professional services. The increase was due to an increase in audit, IT support, and other consulting fees for services provided for the year ended December 31, 2024 compared to the year ended December 31, 2023.

    Other operating expenses. The increase is primarily related to a $0.2 million increase in IntraFi Network fees resulting from an overall increase in balances carried in the network, partially offset by a $0.1 million decrease in conference and training expenses.

    Provision for Income Taxes

    Three months ended December 31, 2024, as compared to the three months ended September 30, 2024

    Provision for income taxes for the quarter ended December 31, 2024 increased by $1.8 million, or 40.70%, to $6.1 million, as compared to $4.3 million for the quarter ended September 30, 2024, which was primarily due to: (i) the increase in taxable income recognized during the three months ended December 31, 2024; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended September 30, 2024. The effective tax rate was 31.24% and 28.21% for the three months ended December 31, 2024 and September 30, 2024, respectively.

    Three months ended December 31, 2024, as compared to the three months ended December 31, 2023

    Provision for income taxes increased by $1.7 million, or 39.02%, to $6.1 million for the three months ended December 31, 2024, as compared to $4.4 million for the three months ended December 31, 2023. This increase is due to: (i) the increase in taxable income for the three months ended December 31, 2024 compared to the three months ended December 31, 2023; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended December 31, 2023. The effective tax rate was 31.24% and 28.72% for the three months ended December 31, 2024 and December 31, 2023, respectively.

    Year ended December 31, 2024, as compared to the year ended December 31, 2023

    Provision for income taxes increased by $0.2 million, or 0.89%, to $19.1 million for the year ended December 31, 2024, as compared to $18.9 million for the year ended December 31, 2023. This increase is due to a $0.6 million provision to return true-up recorded during the year ended December 31, 2024, partially offset by a decline in taxable income year-over-year. The effective tax rate was 29.43% and 28.34% for the years ended December 31, 2024 and December 31, 2023, respectively.

    Webcast Details

    Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, January 28, 2025, at 1:00 pm ET (10:00 am PT), to discuss its fourth quarter and annual financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

    About Five Star Bancorp

    Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

    The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

    Condensed Financial Data (Unaudited)

        Three months ended
    (in thousands, except per share and share data)   December 31, 2024   September 30, 2024   December 31, 2023
    Revenue and Expense Data            
    Interest and fee income   $ 57,745     $ 52,667     $ 46,180  
    Interest expense     24,256       22,281       19,502  
    Net interest income     33,489       30,386       26,678  
    Provision for credit losses     1,300       2,750       800  
    Net interest income after provision     32,189       27,636       25,878  
    Non-interest income:            
    Service charges on deposit accounts     179       165       165  
    Net gain (loss) on sale of securities     —       —       (167 )
    Gain on sale of loans     150       306       317  
    Loan-related fees     400       406       667  
    FHLB stock dividends     332       327       314  
    Earnings on bank-owned life insurance     182       162       155  
    Other income     423       15       485  
    Total non-interest income     1,666       1,381       1,936  
    Non-interest expense:            
    Salaries and employee benefits     8,360       7,969       7,182  
    Occupancy and equipment     649       626       583  
    Data processing and software     1,369       1,327       1,110  
    FDIC insurance     440       405       370  
    Professional services     774       830       658  
    Advertising and promotional     752       584       717  
    Loan-related expenses     321       292       268  
    Other operating expenses     1,823       1,743       1,775  
    Total non-interest expense     14,488       13,776       12,663  
    Income before provision for income taxes     19,367       15,241       15,151  
    Provision for income taxes     6,050       4,300       4,352  
    Net income   $ 13,317     $ 10,941     $ 10,799  
                 
    Comprehensive Income            
    Net income   $ 13,317     $ 10,941     $ 10,799  
    Net unrealized holding (loss) gain on securities available-for-sale during the period     (3,747 )     3,549       5,744  
    Reclassification for net loss on sale of securities included in net income     —       —       167  
    Less: Income tax (benefit) expense related to other comprehensive (loss) income     (1,108 )     1,049       1,747  
    Other comprehensive (loss) income     (2,639 )     2,500       4,164  
    Total comprehensive income   $ 10,678     $ 13,441     $ 14,963  
                 
    Share and Per Share Data            
    Earnings per common share:            
    Basic   $ 0.63     $ 0.52     $ 0.63  
    Diluted   $ 0.63     $ 0.52     $ 0.63  
    Book value per share   $ 18.60     $ 18.29     $ 16.56  
    Tangible book value per share(1)   $ 18.60     $ 18.29     $ 16.56  
    Weighted average basic common shares outstanding     21,182,143       21,182,143       17,175,445  
    Weighted average diluted common shares outstanding     21,235,318       21,232,758       17,193,114  
    Shares outstanding at end of period     21,319,083       21,319,583       17,256,989  
                 
    Credit Quality            
    Allowance for credit losses to period end nonperforming loans     2,101.78 %     2,041.44 %     1,752.70 %
    Nonperforming loans to loans held for investment     0.05 %     0.05 %     0.06 %
    Nonperforming assets to total assets     0.05 %     0.05 %     0.05 %
    Nonperforming loans plus performing loan modifications to loans held for investment     0.05 %     0.05 %     0.06 %
                 
    Selected Financial Ratios            
    ROAA     1.31 %     1.18 %     1.26 %
    ROAE     13.48 %     11.31 %     15.45 %
    Net interest margin     3.36 %     3.37 %     3.19 %
    Loan to deposit     99.38 %     101.87 %     102.19 %


    (1)     See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

        Year ended
    (in thousands, except per share and share data)   December 31, 2024   December 31, 2023
    Revenue and Expense Data        
    Interest and fee income   $ 206,951     $ 174,382  
    Interest expense     87,240       63,502  
    Net interest income     119,711       110,880  
    Provision for credit losses     6,950       4,000  
    Net interest income after provision     112,761       106,880  
    Non-interest income:        
    Service charges on deposit accounts     721       575  
    Net gain (loss) on sale of securities     —       (167 )
    Gain on sale of loans     1,274       1,952  
    Loan-related fees     1,605       1,719  
    FHLB stock dividends     1,320       970  
    Earnings on bank-owned life insurance     644       510  
    Other income     889       1,952  
    Total non-interest income     6,453       7,511  
    Non-interest expense:        
    Salaries and employee benefits     31,709       27,097  
    Occupancy and equipment     2,547       2,218  
    Data processing and software     5,088       4,015  
    FDIC insurance     1,635       1,557  
    Professional services     3,078       2,575  
    Advertising and promotional     2,411       2,403  
    Loan-related expenses     1,207       1,192  
    Other operating expenses     6,818       6,718  
    Total non-interest expense     54,493       47,775  
    Income before provision for income taxes     64,721       66,616  
    Provision for income taxes     19,050       18,882  
    Net income   $ 45,671     $ 47,734  
             
    Comprehensive Income        
    Net income   $ 45,671     $ 47,734  
    Net unrealized holding (loss) gain on securities available-for-sale during the period     (858 )     2,228  
    Reclassification for net loss on sale of securities included in net income     —       167  
    Less: Income tax (benefit) expense related to other comprehensive (loss) income     (254 )     708  
    Other comprehensive (loss) income     (604 )     1,687  
    Total comprehensive income   $ 45,067     $ 49,421  
             
    Share and Per Share Data        
    Earnings per common share:        
    Basic   $ 2.26     $ 2.78  
    Diluted   $ 2.26     $ 2.78  
    Book value per share   $ 18.60     $ 16.56  
    Tangible book value per share(1)   $ 18.60     $ 16.56  
    Weighted average basic common shares outstanding     20,154,385       17,166,592  
    Weighted average diluted common shares outstanding     20,205,440       17,187,969  
    Shares outstanding at end of period     21,319,083       17,256,989  
             
    Credit Quality        
    Allowance for credit losses to period end nonperforming loans     2,101.78 %     1,752.70 %
    Nonperforming loans to loans held for investment     0.05 %     0.06 %
    Nonperforming assets to total assets     0.05 %     0.05 %
    Nonperforming loans plus performing loan modifications to loans held for investment     0.05 %     0.06 %
             
    Selected Financial Ratios        
    ROAA     1.23 %     1.44 %
    ROAE     12.72 %     17.85 %
    Net interest margin     3.32 %     3.42 %
    Loan to deposit     99.38 %     102.19 %
                     

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    (in thousands)   December 31, 2024   September 30, 2024   December 31, 2023
    Balance Sheet Data            
    Cash and due from financial institutions   $ 33,882     $ 44,531     $ 26,986  
    Interest-bearing deposits in banks     318,461       206,321       294,590  
    Time deposits in banks     4,121       4,118       5,858  
    Securities – available-for-sale, at fair value     98,194       104,238       108,083  
    Securities – held-to-maturity, at amortized cost     2,720       2,720       3,077  
    Loans held for sale     3,247       2,910       11,464  
    Loans held for investment     3,532,686       3,460,565       3,081,719  
    Allowance for credit losses     (37,791 )     (37,583 )     (34,431 )
    Loans held for investment, net of allowance for credit losses     3,494,895       3,422,982       3,047,288  
    FHLB stock     15,000       15,000       15,000  
    Operating leases, right-of-use asset     6,245       6,590       5,284  
    Premises and equipment, net     1,584       1,657       1,623  
    Bank-owned life insurance     19,375       19,192       17,180  
    Interest receivable and other assets     55,554       56,745       56,692  
    Total assets   $ 4,053,278     $ 3,887,004     $ 3,593,125  
                 
    Non-interest-bearing deposits   $ 922,629     $ 906,939     $ 831,101  
    Interest-bearing deposits     2,635,365       2,493,040       2,195,795  
    Total deposits     3,557,994       3,399,979       3,026,896  
    Subordinated notes, net     73,895       73,859       73,749  
    Other borrowings     —       —       170,000  
    Operating lease liability     6,857       7,101       5,603  
    Interest payable and other liabilities     17,908       16,135       31,103  
    Total liabilities     3,656,654       3,497,074       3,307,351  
                 
    Common stock     302,531       302,251       220,505  
    Retained earnings     106,464       97,411       77,036  
    Accumulated other comprehensive loss, net of taxes     (12,371 )     (9,732 )     (11,767 )
    Total shareholders’ equity     396,624       389,930       285,774  
    Total liabilities and shareholders’ equity   $ 4,053,278     $ 3,887,004     $ 3,593,125  
                 
    Quarterly Average Balance Data            
    Average loans held for investment and sale   $ 3,498,109     $ 3,354,050     $ 3,055,042  
    Average interest-earning assets     3,965,867       3,586,572       3,319,300  
    Average total assets     4,057,603       3,678,537       3,399,660  
    Average deposits     3,561,409       3,184,795       3,009,078  
    Average total equity     393,088       384,692       277,295  
                 
    Capital Ratios            
    Total shareholders’ equity to total assets     9.79 %     10.03 %     7.95 %
    Tangible shareholders’ equity to tangible assets(1)     9.79 %     10.03 %     7.95 %
    Total capital (to risk-weighted assets)     13.99 %     13.94 %     12.30 %
    Tier 1 capital (to risk-weighted assets)     11.02 %     10.93 %     9.07 %
    Common equity Tier 1 capital (to risk-weighted assets)     11.02 %     10.93 %     9.07 %
    Tier 1 leverage ratio     10.05 %     10.83 %     8.73 %
                             

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    Non-GAAP Reconciliation (Unaudited)

    The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

    Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

    Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

    Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income.

    The following reconciliation tables provide a more detailed analysis of this non-GAAP financial measure:

        Three months ended
    (in thousands)   December 31, 2024   September 30, 2024   December 31, 2023
    Pre-tax, pre-provision income            
    Pre-tax income   $ 19,367   $ 15,241   $ 15,151
    Add: provision for credit losses     1,300     2,750     800
    Pre-tax, pre-provision income   $ 20,667   $ 17,991   $ 15,951
        Year ended
    (in thousands)   December 31, 2024   December 31, 2023
    Pre-tax, pre-provision income        
    Pre-tax income   $ 64,721   $ 66,616
    Add: provision for credit losses     6,950     4,000
    Pre-tax, pre-provision income   $ 71,671   $ 70,616


    Investor Contact:
    Heather C. Luck, Chief Financial Officer
    Five Star Bancorp
    (916) 626-5008
    hluck@fivestarbank.com

    Media Contact:
    Shelley R. Wetton, Chief Marketing Officer
    Five Star Bancorp
    (916) 284-7827
    swetton@fivestarbank.com

    The MIL Network –

  • MIL-OSI USA: Welch Convenes Businesses, State Officials to Talk Trump’s Tariffs Threats and the Impact on Vermont’s Local Economy, Hardworking Families 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    ST. ALBANS, VT – Today, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, convened Vermont businesses and state and local leaders for a roundtable discussion on President Trump’s threats to reignite a trade war with Canada and other U.S. trade allies by imposing dramatic tariffs on goods imported from Canada. Senator Welch advocated for a ‘Do No Harm’ policy approach and warned against imposing tariffs that get passed on to the consumer—Vermont families. 
    “We saw the harmful impact of the Trump Tariffs during his first term, and we can’t accept a return to that chaotic trade policy. Canada is Vermont’s biggest trading partner, and one of our most important allies nationally. Our trade relationship needs to be strong, because the success of hardworking families, businesses, farms, and manufacturers depends on it,” said Senator Welch. “President Trump’s plans are still unknown, but what we do know today is that a trade war is not the answer. We need a ‘Do No Harm’ policy. This is about jobs, and this is about the consistency Vermont businesses deserve. I’ll advocate in Washington for Vermonters, and push for open markets, which are necessary to keep our economy strong.”  
    Senator Welch was joined by leaders in the technology, agriculture, energy, services, construction and manufacturing industries. Participants talked about the importance of Canada as an economic partner for Vermont’s local communities, and how the proposed Trump Tariffs could be detrimental to the state’s businesses, farms, and manufacturers, leading to higher costs for hardworking families.  
    View photos from the event below:  
    Sen. Welch was joined today by the Vermont Chamber of Commerce; the Vermont Association of General Contractors; Manufacturing Solutions, Inc.; H20 Innovation; A.N. Deringer, Inc.; Poulin Grain; Green Mountain Power; Vermont State Treasurer Mike Pieciak; Brett Long, Deputy Commissioner, Vermont Department of Economic Development; and Tim Smith, Mayor, St. Albans. 
    Attendees at the roundtable spoke about the impact of the tariffs on their businesses and their concerns regarding President Trump’s rhetoric regarding trade since taking office last week. In many cases, Vermont manufacturers buy inputs from Canada to manufacture into products. However, the ability of Vermont’s small manufacturing businesses to absorb a 25% increase in costs on parts or raw materials is limited. If President Trump follows through on his threats of a 25% tariff on Canada and Mexico, Vermonters could see higher homebuilding costs, increased costs of grain for farmers, more expensive equipment for maple producers, and costlier electricity.   
    The tariffs could also further exacerbate inequalities found within the current U.S. tax system. As trade wars accelerate, some families—especially those with young children—end up being disproportionately impacted by high tariffs, as the U.S. imports 97% of clothing, and infant formulas are hit by tariffs of 17.5%. 

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Senator Reverend Warnock Pushes for Key Commitments from Agriculture Nominee to Support Georgia Farmers and Families

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    WATCH: Senator Reverend Warnock Pushes for Key Commitments from Agriculture Nominee to Support Georgia Farmers and Families

    At today’s Senate Agriculture committee hearing, Senator Reverend Warnock questioned Brooke Rollins, President Trump’s nominee to run the United States Department of Agriculture (USDA)
    Senator Reverend Warnock pushed for key commitments to ensure disaster assistance is distributed both swiftly and equitably, Georgia farmers are protected from the high costs associated with trade wars, and more
    Following the catastrophic damage of Hurricane Helene in September 2024, Senator Reverend Warnock helped secure nearly $21 billion in disaster relief funding for farmers as well as $10 billion in economic assistance for row crops farmers, including cotton and peanut farmers in Georgia; if confirmed, Ms. Rollins will oversee the distribution of this funding
    Senator Reverend Warnock also pushed Rollins on how she would protect Georgia farmers from high costs associated with trade wars and expanding market access 
    Senator Reverend Warnock: “Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?”
    Senator Reverend Warnock: “Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us”

    Watch Senator Reverend Warnock at Thursday’s Agriculture nominee hearing  HERE and  HERE
    Washington, D.C. – Today, during a U.S. Senate Agriculture committee hearing on the nomination of Brooke Rollins to lead the United States Department of Agriculture (USDA), U.S. Senator Reverend Raphael Warnock (D-GA) pushed for key commitments from Rollins to ensure disaster assistance is distributed both swiftly and equitably, Georgia farmers are protected from the high costs associated with trade wars, and more. The Senator also pushed Rollins to commit to protecting Fort Valley State’s partnership with USDA and to removing red tape from low-income children and families receiving nutrition benefits.
    If confirmed, Rollins would oversee USDA’s rollout of disaster funding for farmers Senator Warnock secured in December. Following the catastrophic damage of Hurricane Helene in September 2024, Senator Warnock fought for the inclusion of agricultural disaster funding in any end-of-year government funding package, which included nearly $21 billion in disaster relief funding for farmers as well as $10 billion in economic assistance for row crops farmers, including cotton and peanut farmers in Georgia.
    “Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?,” Senator Reverend Warnock asked. 
    As a veteran member of the Senate committee overseeing federal agriculture policies, and as a senator representing a state with a proud and prosperous history of agriculture excellence, Senator Warnock is vigilant in defending programs that help Georgia farmers keep more profits in their pockets and keep the industry at the frontlines of Georgia’s success.
    “Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us. If confirmed, what will you do from your position at USDA to ensure that Georgia’s farmers and families aren’t caught up in a trade war? It’s something I have worked on with Republicans, helping to get our farmers’ goods to market, it’s something we think about a lot,” said Senator Reverend Warnock. 
    Watch the first part of the Senator’s remarks  HERE and the second part  HERE.
    See below a transcript of key exchanges between Senator Warnock and USDA nominee Brooke Rollins (remarks have been lightly edited for clarity):
    On federal disaster assistance for Georgia farmers 
    SRW: Last year I worked hard with my colleagues in a bipartisan manner to provide $21 billion to help farmers recover from natural disasters like Hurricane Helene. Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?
    Brooke Rollins (BR): Yes sir, thank you, and I’ll try to answer quickly so we can go on. The day I got the call from President Trump, it was Saturday, November 23rd. We were in our motorhome traveling across the country to an Aggie football game. Within a few hours of accepting the nomination, I began to immediately pivot to how we distribute this disaster and so important economic aid working with a few of the senators on this committee. Clearly I am not confirmed yet, so this is going to await my arrival. But in the meantime, sir, we’ve already announced the undersecretary who worked on this in the last Trump administration who is already building the team who distributed these funds so they know what they’re doing. We’re not reinventing the wheel.
    SRW: Will you work with our state agriculture commissioner to ensure Georgia producers, including our foresters, have the support they need from USDA to get that assistance without having to jump through a bunch of bureaucratic hoops?
    BR: Of course.
    SRW: And will you also commit to equitably getting that assistance to all eligible farmers, all eligible farmers, including those who’ve been historically left out of USDA assistance, often due to discrimination.
    BR: Sir, we will follow the law and ensure that that is the case.
    SRW: Is that a yes or a no?
    BR: Yes.
    On protecting Georgia farmers from costs of trade wars
    SRW: Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us. If confirmed, what will you do from your position at USDA to ensure that Georgia’s farmers and families aren’t caught up in a trade war? It’s something I have worked on with Republicans, helping to get our farmers’ goods to market, it’s something we think about a lot.
    BR: When I was in your office last month we talked about your commitment to your farmers and what a priority this was to you. Georgia is a very important agricultural state. You’re obviously pastoring in a church and in the United States Senate, but I was impressed at your commitment to your ag community in your state and look forward to continuing to work with you. It’s very clear the coming tariffs, and I think there is no doubt President Trump has been very transparent that he believes this is an extremely important tool in his toolkit to put America first, to revive the economy, to get us back to a place where he believes we need to be, and I agree with him and hope to help him execute that vision. But it also should not be surprising that his heart and his commitment to our farmers and our agriculture community was certainly clear in the last administration. The number one answer from my perspective is working around the clock to expand market access and working on new trade deals and getting new partners from around the world. I already have an undersecretary named, hopefully get him confirmed, so we can begin to build those teams. The president is a consummate dealmaker, and I feel very confident we will be able to expand those markets, begin to peel back the trade deficit, and get back to trade surpluses. But immediately moving into the distribution of disaster relief, economic relief, the new farm bill that’s coming out, I’ve already announced the undersecretary and put the team in place to be able to deploy that.
    SRW: I agree with you that access to farm markets is critical and in Georgia we’ve got a lot of sectors that are relying on strong export markets: timber, poultry, pecans. Are you concerned that isolationist trade practices may harm our abilities, our farmers’ ability to access these foreign markets?
    BR: I have full confidence in President Trump’s ability to lead us on this, and, and hopefully he and many of you have confidence in my ability to help from the ag perspective.
    On supporting 1890 land grant institutions
    SRW: Ms. Rollins, good morning and welcome to you and to your family and all those who are here to support you and congratulations on your nomination. I enjoyed meeting with you last month to discuss your nomination and plans for USDA, and this morning I’d just like to follow up on some of the issues, many of which we’ve already discussed. But first, it has come to my attention that a recent executive order has led to the potential termination of USDA’s liaisons to our 1890 land grant institutions, institutions like Fort Valley State University in Fort Valley, Georgia. There’s strong bipartisan support for these institutions. They’ve done an incredible job, often doing so much for so many with so very little for such a long time that it’s lost on people the work these institutions do every day. I’m deeply concerned about this and the actions to shut out their voices at USDA. Ms. Rollins, if you are confirmed, will you commit to supporting our 1890 institutions?
    BR: I am not familiar with exactly what you’re speaking of, but my commitment to you is to find out and to continue a really important discussion and to learn more about the issue.
    SRW: Well the executive order could lead to the potential termination of USDA’s liaisons to these 1890 institutions which helped them to navigate their relationship with the USDA. Can I have your commitment to protect those who serve these institutions at the USDA?
    BR: Again, sir, I would want to know more and understand more before I can make that commitment, but clearly, those institutions are important. They are bipartisan supported, and you have my commitment to have a very robust dialogue at any moment, any time of day or night, to ensure that we have all the data as we’re making any decisions.
    SRW: I appreciate that. I’ve had good relationships and good work, bipartisan work, supporting these institutions, and I hope you’ll keep your eye on that issue.
    BR: I will.
    On fighting hunger and protecting nutritional benefits
    SRW: Fighting hunger has long been a part of my life’s work long before I was elected to the Senate. As you know, I’m a pastor, and the one miracle story that’s in all the gospels, all four, is the feeding of the 5000. And so I constantly hear from Georgia families about how their dollar just doesn’t go as far at the grocery store as it used to. The average Georgian participating in SNAP, a food assistance program that provides critical nutrition, aid to our most vulnerable families, has about $6.15 a day to spend on food. In your view, is $6.15 a day adequate to avoid hunger for Georgia families.
    BR: Sir, this is a supplemental program. I am just getting my arms around it. There are few that will be in my role, if confirmed, that have a passion for this more than I do. Serving those who are most in need, as you and I discussed in your office, is a driving force of my entire life. It almost sent me to seminary, but I ended up in public policy instead, so you have my wholehearted commitment to look and ensure that the people who need this the most are receiving it in the best way possible, but at the same time ensuring that all of the tax dollars that are spent on it are also spent in the best way possible.
    SRW: One of the things as these families struggle, one of the things that I’m concerned about are proposals to slash this critical assistance and create additional work verification red tape for families participating in these programs. Do you think creating more bureaucratic red tape for families will help them purchase nutritious food?
    BR: I think it’s extremely important that we take a wholesale look at every one of these programs and ensure that they are serving the people that are needing the programs and that they are the safety net that they truly set out to be. Obviously I do not like the words bureaucracy or red tape, but ensuring that we have set up the appropriate lifelines and the appropriate structure so that we can get these resources to the families that need them the most.
    SRW: As we talk about work requirements, and I support work, I was raised by a father and a mother who had a serious work ethic, but we want to help these families have a basic safety net. Most poor people are children. I think it’s important to remember that most poor people are children. SNAP lifts children, seniors, veterans, and folks with disabilities out of poverty, and it’s proven to reduce health care costs and stimulate our local economies. If you’re confirmed, I hope we can find ways to work together to ensure our most vulnerable families and our neighbors can afford groceries. I think, as someone who preaches the miracle of the feeding of 5000, I think it’s the right thing to do, but I also think it’s a smart thing to do.
    BR: Yes sir, you have my commitment.
    On combating the history of racial discrimination in USDA
    SRW: USDA has a long documented and unfortunate history of racial discrimination, even recent history. I was proud to have secured funding in the Inflation Reduction Act to provide financial assistance to farmers who had previously experienced discrimination at the hands of their USDA farm lending programs. This was a meaningful step in rebuilding trust. However, USDA still has a lot of work to do and this will only be more difficult following the new administration’s executive order aimed at rolling back all of this progress. I was proud Congress passed my legislation in 2021 to require USDA to create an equity commission, and the commission’s final report provides an excellent road map for continuing this work. Chair Boozman, without objection, I would like to enter the USDA’s 2024 equity report into the record. Thank you so much. When we met last month, you promised to read the equity report. Have you gotten a chance to read it yet?
    BR: 90 pages and 66 recommendations. Yes, sir. Now that has been about a little over a month ago, so please don’t ask me to quote page 66, but yes.
    SRW: I’m glad you got a chance to read it. I understand it’s been removed from the website or there’s no access to it. I’m glad you got a chance to read it. Will you seriously consider the recommendations of the equity commission’s report if you’re confirmed?
    BR: Senator, let me answer this way. I was really appreciative of the conversation. For me, more knowledge is always best, understanding where everyone comes from, whether I agree or disagree, recognizing what’s in the past is important, but also realizing the path ahead and how we forge the path…
    SRW: Will you consider the recommendations?
    BR: Sir, I will consider anything that’s on the table. I think that’s only fair, but also, President Trump won on the concept of removing the diversity, equity and inclusion, making sure that we are basing our decisions on merit, and I obviously support that 100% as well, but I look forward, Senator, to continuing to talk about this. My friend Alveda has long talked to me about the plight of black farmers in Georgia and other places around the country, and I’m always open to discussions, always, and may I say there is no room for racism at the United States Department of Agriculture. 
    SRW: In that regard, will you commit to recruiting more diverse employees who understand these communities, have relationships with these communities, so that we build trust between these communities and the lending office?
    BR: Sir, my commitment is to recruit the best workforce in the history of the United States Department of Agriculture, period, full stop. I believe that will include many members of all different corners of our country.
    SRW: Do you think a diverse workforce and a high-quality workforce are somehow oppositional objectives?
    BR: I think always hiring based on who is the best person for the job, who is gonna do the most excellent service, who is best equipped to execute on all of the promises is the promise of America, but I also believe to your point and have long held that ensuring that we give all people a chance to succeed and to thrive and for equal opportunity is a bedrock foundational principle of America.

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: Now consumers will be able to rely on the opinions of other borrowers when choosing a credit institution

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The regulator has developed a methodology for calculating the ranking of banks, which will take into account the number of justified complaints about a credit institution during a calendar year and their ratio to the number of loans in effect during this period. Thus, the consumer will have the opportunity to choose the most customer-oriented banks from all banks.

    Systemically important banks and all other banks will be ranked separately. According to calculation methods, credit institutions will be distributed in the ranking in descending order of the indicator. If no more than one complaint was received against a financial institution during the year or if at the time of calculating the indicator it did not have a banking license, it will not be included in such a list.

    The regulator plans to publish the first rankings in April 2025 based on the results of 2024.

    Preview photo: JOURNEY STUDIO7 / Shutterstock / Fotodom

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    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23317

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  • MIL-OSI Russia: Financial news: On 27.01.2025, the deposit auction of the MFI Financing Fund will take place

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

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    HTTPS: //VVV. MEEX.K.M.M.

    Categoris24-7, Miles, Moscow, Moscow Stotsk Exchang, Russians savings, Russians Federal, Russians Language, Russian economy

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    Parameters
    Date of the deposit auction 01/27/2025
    Placement currency Rub
    Maximum amount of funds placed (in placement currency) 35,000,000.00
    Placement period, days 30
    Date of deposit 01/28/2025
    Refund date 02.27.2025
    Minimum placement interest rate, % per annum 21.50
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 35,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Treaty General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 12:45 to 13:00
    Applications in competition mode from 13:00 to 13:10
    Setting a cut-off percentage or declaring the auction invalid until 13:30
       
    Additional terms Interest payment at the end of the term

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: The deposit auction of the Investment Agency of the Tyumen Region will take place on 01/27/2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

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    HTTPS: //VVV. MOEX.K.M.M.

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    Parameters
    Date of the deposit auction 01/27/2025
    Placement currency Rub
    Maximum amount of funds placed (in placement currency) 87 651 000.00
    Placement period, days 109
    Date of deposit 01/27/2025
    Refund date 05/16/2025
    Minimum placement interest rate, % per annum 21.50
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 33,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Treaty General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 12:15 to 12:30
    Applications in competition mode from 12:30 to 12:40
    Setting a cut-off percentage or declaring the auction invalid until 13:10
       
    Additional terms Placement of funds without the possibility of early withdrawal of the deposit, monthly payment of interest on the deposit

    MIL OSI Russia News –

  • MIL-OSI New Zealand: The State of the Nation

    Source: ACT Party

    The Haps

    Public hearings for the Treaty Principles Bill have begun. David Seymour kicked off proceedings, throwing down the gauntlet on equal rights and fielding questions from hostile MPs. His submission to the Justice Committee is a must-watch.

    Even people who say there should be no bill seem to want the debate. The hearings are a major milestone for New Zealand, it is now possible for ordinary people to go to Parliament and say they are equal.

    The State of the Nation

    David Seymour’s 2025 State of the Nation speech has been overwhelmed with praise from those who attended and watched it online. If you missed it, the video is here and we have reproduced the text below.

    Thank you, Brooke, for your kind introduction. I’m biased, but I think you’re the Government’s most quietly effective Minister. Your labour law reforms are making it easier to employ workers and to be employed. Your minimum wage increases are announced early to give business certainty, and relief. You are taking on two of the hardest chestnuts in the workplace – holiday pay and health and safety – by listening to the people affected. You’ve put together an honest Royal Commission on COVID-19, and got wait times down for new passports and Citizenships. All the while you attract growing respect as a hard-working local MP here in Tamaki.

    It’s easy to forget Brooke’s 32. She has the biggest future in New Zealand politics.

    The only problem with mentioning one ACT MP is they’re all kicking goals with both feet, so you have to mention the lot. Nicole McKee is speeding up the court system, rewriting the entire Arms Act to make New Zealand safer, and reforming anti-money laundering laws so people can business done.

    Andrew Hoggard handles the country’s biosecurity, managing would-be outbreaks with steady hands. He is also dealing to Significant Natural Areas that erode farmers’ property rights and correcting the naïve treatment of methane that punishes the whole country.

    He’s able to do that in large part because of the work Mark Cameron did, and continues to do. From 2020 onwards he scared the bejesus out of every other party in rural New Zealand. He shifted the whole political spectrum right on the split gas approach, SNAs, and freshwater laws. Now the Government is changing those policies. As Chair of the Primary Production Committee, Mark stays in the headlines championing rural New Zealand every week. He is the definition of an effective MP.

    Karen Chhour is the embodiment of ACT values. Her life gives her more excuses than anyone in Parliament, but she makes none, and she accepts none. She is reforming the government department that let her down when she was small. If every New Zealander had Karen’s attitude and values, we’d be a country with no problems.

    Perhaps the biggest single policy problem we face is the Resource Management Act. Somone once said you can fill a town hall to stop anything in this country, but you can’t fill a telephone box to get something started. In steps Simon Court who, with Chris Bishop, is designing new resource management laws based on property rights. That’s an ACT policy designed to unleash the latent wealth our country has by letting people develop and use the property they own.

    Our new MPs that you helped elect last year are also making their marks. Todd Stephenson has picked up the End of Life Choice baton, with a bill to extend compassion and choice to those who suffer the most: those with long-term, degenerative illnesses. Parmjeet Parmar is one of the hardest working MPs I have seen, and a great chair of the Economic Development, Science and Innovation Committee. Cam Luxton and Laura McClure speak to a new generation of young parents who want their children to grow up in a free society.

    If you gave your Party Vote to ACT last year, you can be proud of the New Zealanders you put in Parliament to represent you. I am proud to lead this team of free thinkers in our House of Representatives, and I think we can all be proud of their efforts.

    New Zealand’s origin story: a nation of immigrants

    The summer is a good time to think about the state of our nation, and I got to thinking about who we are and how we got here. Whatever troubles we may face today, I couldn’t help coming back to something that unites New Zealand.

    Our country at its best is a place that welcomes hopeful people from all over the earth. People with different languages, religions and cultures united by one thing. When you look at the map it jumps out at you. We are the most remote country on Earth. If you’ve never stood at Cape Reinga and looked out to see wide open spaces for 10,000 kilometres, you owe it to yourself just once.

    It shows that one thing makes us all different from the rest of the world. No matter when or where you came from, you or your ancestors once travelled farther than anyone to give your children and theirs a better tomorrow.

    That is the true Kiwi spirit. Taking a leap into the unknown for a chance at better. Compared with what divides us, our spirit as a nation of pioneers unites us ten times over. Migrating from oppression and poverty for freedom and prosperity is what it means to be Kiwi.

    If that bright and optimistic side of our psyche, got half as much time as the whinging, we would all be better off. We would see ourselves as people unafraid of challenges, freed from conformity, with the power to decide our best days are always ahead of us.

    New Zealand’s inherent tension: two tribes

    I got to wondering why that isn’t a more popular story. Why do we cut down tall poppies? Why do we value conformity over truth? Why do people who came here for a better life grow up disappointed and move away again?

    I believe our nation is dominated by two invisible tribes. One, I call ‘Change Makers’. People who act out the pioneering spirit that built our country every day. We don’t just believe it is possible to make a difference in our own lives; we believe it’s an obligation.

    Change makers load up their mortgage to start a business and give other people jobs. They work the land to feed the world. They save up and buy a home that they maintain for someone else to live in. They study hard to extend themselves. They volunteer and help out where they can. They take each person as they find them. They don’t need to know your ancestry before they know how to treat you.

    Too often, they get vilified for all of the above. I know there’s many people like that in this room today. ACT people are Change Makers; we carry the pioneering spirit in our hearts.

    Then there’s the other tribe – people building a Majority for Mediocrity. They would love nothing more than to go into lockdown again, make some more sourdough, and worry about the billions in debt another day.

    They blame one of the most successful societies in history for every problem they have. They believe that ancestry is destiny. They believe people are responsible for things that happened before they were born, but criminals aren’t responsible for what they did last week.

    Far from believing people can make a difference in their own lives, they believe that their troubles are caused by other people’s success. They look for politicians who’ll cut tall poppies down – politicians who say to young New Zealanders ‘if you study hard, get good grades, get a good job, save money, and invest wisely, we’ll tax you harder’.

    I wasn’t kidding about the lockdowns; they were a litmus test. In early 2022, after this city had been locked down for months, and the borders had been closed for two years, a pollster asked New Zealanders if they’d like to be locked down again for Omicron.

    Now, I know it’s painful to think back, but bear with me. Omicron spread more easily than any earlier variant. It was also less harmful if you caught it. That was especially so because we were then among the most vaccinated nations on earth. The damage to business, education, non-COVID healthcare, and the government’s books was already massive and painful.

    And yet, 48 per cent of New Zealanders wanted another lockdown for Omicron. 46 per cent didn’t. That for me put the tribes into sharp relief. If you were a business owner who needed to open, a parent worried about missed education, a migrant missing their family, or just someone who wanted their life back, you wanted to open.

    When the Government finally lifted restrictions, many of those people left. Real estate agents report people selling because they’re moving to Australia every day. This is where the balance between these two invisible tribes comes into focus.

    Remember the gap in that poll was two per cent. Since the borders opened a net 116,000 citizens have left New Zealand. That’s a touch over two per cent.

    A tipping point

    The more people with get up and go choose to get up and leave, the less attractive it is for motivated people to stay here.

    Muldoon once quipped, ‘New Zealanders who leave for Australia raise the IQ of both countries.’ Actually, New Zealanders who leave for Australia  are tipping us towards a Majority for Mediocrity. Motivated New Zealanders leaving is good news for the shoplifters, conspiracy theorists, and hollow men who make up the political opposition.

    A few more good people leaving is all they need for their Majority of Mediocrity. The more that aspirational, hardworking people get up and leave New Zealand, the more likely it is we’ll get left-wing governments in the future.

    That’s why I say we’re at a tipping point.

    There’s another reason why the mediocrity majority is growing, young people feel betrayed and disillusioned.

    A new generation looks at the housing market and sees little hope. Imagine you’re someone who’s done it all right, you listened to your teacher and did your homework. You studied for a tertiary education like everyone told you. Now you have $34,000 in debt, you start on $60,000, and you see the average house is 900,000 or fifteen times your (before tax) income.

    Nobody can blame a young person for wondering if they aren’t better off overseas. Many decide they are. Those who stay are infected  by universities  with the woke mind viruses of identity politics, Marxism, and post-modernism.

    Feeling like you’ll never own your own capital asset at the same time as some professor left over from the Cold War tells you about Marx is a dangerous combination.

    This is the other political tipping point that risks manufacturing a majority for mediocrity. A bad housing market and a woke education system combined are a production line for left-wing voters.

    The hard left prey on young New Zealanders. They tell them that their problems are caused by others’ success. That they are held back by their identity, but if they embrace identity politics, they can take back what’s theirs. Their mechanism is a new tax on wealth.

    These are the opposite of the spirit brings New Zealanders to our shores in the first place. The state of our nation is that we’re at a tipping point , and what we do in the next few years will decide which way we go.

    The short-term outlook is sunny, but only because Labour was so bad.

    We can afford to hope that this year will be better than 2024. By that standard, 2025 will be a success. Interest rates will be lower. The Government will have stopped wasting borrowed money, banning things, punishing employers, landlords, farmers, and anyone else trying to make a difference, with another layer of red tape.

    In fact, we have a Government that’s saving money, cutting red tape, and paring back identity politics. With those changes we will see more hope than we’ve seen in years, and hopefully a slowdown in citizens leaving. That is good, it’s welcome, and ACT is proud to be part of the coalition Government that’s doing it.

    ACT is needed to be brave, articulate, and patriotic

    The truth is, though, it’s easy to do a better job of Labour over 12 months. It’s much harder to muster the courage to keep making difficult decisions over several years, even if they’re not immediately popular. Our nation is in a century of decline. Just stopping one Government’s stupid stuff and waiting for a cyclical recovery won’t change the long-term trend. We need to be honest about the challenges we face and the changes needed to overcome them.

    We need to act like a country at risk of reaching a tipping point and losing its first world status. We are facing some tough times, and tough times require tough choices to be made.

    ACT’s goal is to keep the Government, and make it better. We may have gone into Government, but we never went into groupthink. It’s the role of ACT to be the squeaky wheel, pointing out where the Government needs to do better.

    The Government cannot measure itself by just being better than Labour. Instead, we need to ask ourselves, is this policy good enough to make New Zealand a first world country that people want to stay in?

    It’s easy to have big plans, we are the world, but charity begins at home. We need to focus only on what the government does, and ensure it does it well.

    We need to think carefully about three areas of government activity: spending, owning, and regulating. There is nothing the government does that doesn’t come down to one of those three things.

    Why government spends a dollar it has taxed or borrowed, and whether the benefits of that outweigh the costs.

    Why government owns an asset, and whether the benefits to citizens outweigh the costs to taxpayers of owning it.

    Why a restriction is placed on the use and exchange of private property, and whether the benefits of that regulation outweigh the costs on the property owner.

    When it comes to spending, we have a burning platform.

    Last year the economy shrunk by one per cent, even as the population grew slightly thanks to births and inbound migration. This year the Government is planning to borrow $17 billion, about $10 billion is for interest on debt, and we’ll have to pay interest on that debt the following year. Next year, government debt will exceed $200 billion.

    There lots of reasons why this situation will get harder.

    We’ve claimed an exclusive economic zone of four million square kilometres by drawing a circle around every offshore island we could name. We spend less than one per cent of GDP defending it, while our only ally, across the ditch, spends twice that.

    Put another way, we’re a country whose government gives out $45 billion in payments each year but spends only $3.2 billion defending the place. Does that sound prudent to you? Doubling defense would cost another $3.2 billion per year, effectively paying more for what we already have. We may face pressure to do just that thanks to US foreign policy.

    There’s a tail wind on balancing the books, and it’s affecting every developed country, our population is ageing faster than it’s growing.

    Every year around 60,000 people turn sixty-five and become eligible for a pension. To the taxpayer, superannuation expenses increase by $1.4 billion each year.

    Healthcare spending has gone from $20 billion to $30 billion in five years, but people are so dissatisfied that healthcare is now the third biggest political issue. Put it another way, we are now spending nearly $6,000 per citizen on healthcare.

    How many people here would give up their right to the public healthcare system if they got $6,000 for their own private insurance? Should we allow people to opt out of the public healthcare system, and take their portion of funding with them so they can go private?

    Education is similar. We spend $20 billion of taxpayer money every year, and every year 60,000 children are born. By my count that’s $333,000 of lifetime education spending for each citizen.

    How many people would take their $333,000 and pay for their own education? How many young New Zealanders would be better off if they did it that way?

    Instead of spending next year because we did it this year, we need to ask ourselves, if we want to remain a first world country, then do New Zealanders get a return on this spending that justifies taking the money off taxpayers in the first place? If spending doesn’t stack up, it should stop so we can repay debt or spend the money on something that does.

    Then there’s the $570 billion, over half a trillion dollars of assets, the government owns. The one thing we know from state houses, hospital projects, and farms with high levels of animal death, is that the government is hopeless at owning things.

    But did you know you own Quotable Value, a property valuation company chaired by a former race relations conciliator that contracts to the government of New South Wales?

    What about 60,000 homes? The government doesn’t need to own a home to house someone. We know this because it also spends billions subsidising people to live in homes it doesn’t own. On the other hand, the taxpayer is paying $10 billion a year servicing debt, and the KiwiBuild and Kainga Ora debacles show the government should do as little in housing as possible.

    There are greater needs for government capital. We haven’t built a harbour crossing for nearly seven decades. Four hundred people die every year on a substandard road network. Beaches around here get closed thanks to sewerage overflow, but we need more core infrastructure. Sections of this city are being red zoned from having more homes built because the council cannot afford the pipes and pumping stations.

    We need to get past squeamishness about privatisation and ask a simple question: if we want to be a first world country, then are we making the best use of the government’s half a trillion dollars’ plus worth of assets? If something isn’t getting a return, the government should sell it so we can afford to buy something that does.

    Finally, there’s regulation. That is placing restrictions on the use and exchange of property that the government doesn’t own or hasn’t taxed off the people who earned it already. That is, your property. Bad regulation is killing our prosperity in three ways.

    It adds costs to the things we do. It’s the delays, the paperwork, and the fees that make too many activities cost more than they ought to. It’s the builder saying it takes longer to get the consent than it took to build the thing. It’s the anti-money laundering palaver that ties people in knots doing basic things but somehow doesn’t stop criminals bringing in half a billion dollars of P each year. It’s the daycare centre that took four years to open because different departments couldn’t agree about the road noise outside. I could go on all afternoon.

    Then there’s the things that just don’t happen because people decide the costs don’t add up once the red tape is factored in.

    Then there’s the big one that goes to the heart of our identity and culture. It’s all the kids who grow up in a country where people gave up or weren’t allowed to try. It’s the climbing wall at Sir Edmund Hillary’s old school with signs saying don’t climb. It’s the lack of nightlife because it’s too hard to get a license. It’s the fear that comes from worrying WorkSafe or some other regulator will come and shut you down. You can’t measure it, but we all know it’s there.

    The Kiwi spirit we are so proud of is being chipped away and killing our vibe. Nobody migrated here to be compliant, but compliance is infantilising our culture, and I haven’t even mentioned orange cones yet.

    If we want to remain first world, we need to change how we regulate. No law should be passed without showing what problem is being solved, whether the benefits outweigh the costs, and who pays the costs and gets the benefits. These are the basic principles of the Regulatory Standards Bill that the Government will pass this year.

    Conclusion

    Of course, the Government IS doing many things that will change how it operates. There is a drive to reduce waste. There is a drive to get more money from overseas investment. The Regulatory Standards Bill will change how we regulate. The Resource Management Act is being replaced. Anti-money laundering laws are being simplified. Charter schools are opening, more roads are being built. These are all good things.

    But make no mistake, our country has always been the site of a battle between two tribes. The effect of emigration, and the world faced by young New Zealanders risks creating a permanent majority for mediocrity. Our country is at a tipping point.

    We need honest conversations about why government spends, owns, and regulates, and whether those policies are good enough to secure our future as a first world nation.

    You may have seen the ACT Party has been involved in a battle to define the principles of the Treaty democratically. It’s caused quite a stir. If you missed it, please check out treaty.nz where we outline what it’s about. It may still succeed this time, or it may be one of those bills that simply breaks the ground so something like it can proceed in the future.

    Either way, the tribe of change makers has a voice. People who want equal rights for all New Zealanders to be treated with respect and dignity because they’re citizens have a position that others need to refute. Good luck to them arguing against equal rights.

    It also shows something else, that ACT is the party prepared to stand up when it’s not easy and it’s not popular. That’s exactly the type of party our country needs in our Government.

    To all the Change Makers who proudly put us there, thank you, and no matter how daunting this tipping point may feel, together we can ensure our best days are still ahead of us.

    MIL OSI New Zealand News –