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Category: Economy

  • MIL-OSI: Voxtur Terminates Definitive Agreement with University Bancorp

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and TAMPA, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF), a technology company creating a more transparent and accessible real estate lending ecosystem, today announced the termination of the definitive agreement dated Friday July 26, 2024, with University Bancorp, Inc. (“University”) for the acquisition of 50.5% stake in Blue Water Financial Technologies Holding Company, LLC, an indirect subsidiary of Voxtur (“Blue Water”).

    About Voxtur

    Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.

    Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s strategic initiatives, plans, business prospects, and opportunities. Forward-looking statements should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the effects of unexpected costs, liabilities or delays; success of software activities; the competition for skilled personnel; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: implementation of new products; changing global financial conditions; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.

    This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.

    NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.

    Voxtur Contact:
    Jordan Ross
    Chief Operating Officer
    Tel: (416) 708-9764
    Email: jordan@voxtur.com

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Discover the Future of AI Video in an Online Webinar with Beamr, Oracle and NVIDIA

    Source: GlobeNewswire (MIL-OSI)

    Join an online webinar, “The Future of Video AI – From Infrastructure to Experience,” on January 29, 2025, at 11:30 AM ET

    Herzliya Israel, Jan. 27, 2025 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today announced a webinar exploring “The Future of Video AI – From Infrastructure to Experience”, with Jeffrey Schick, VP Strategic Client Engagement Media and Entertainment at Oracle, Richard Kerris, VP of Media and Entertainment at NVIDIA, and Sharon Carmel, CEO and Co-Founder at Beamr. The online webinar will be held on January 29, 2025, at 11:30 AM ET. To join the webinar, please register here.

    The webinar will explore the opportunities and challenges of building high-performance video pipelines for AI-driven applications. The discussion will highlight the infrastructures and technologies essential for creating engaging experiences, providing insights relevant to companies already utilizing AI video pipelines or those considering using them. The webinar will discuss Oracle Cloud Infrastructure (OCI), which delivers powerful AI compute with advanced graphics and media accelerated with NVIDIA L40S GPUs. Beamr’s proprietary Content Adaptive Bitrate technology (CABR) is available on OCI through the Beamr Cloud service, allowing high-efficiency video operations. The webinar will also highlight NVIDIA Holoscan for Media, NVIDIA’s AI platform for live media, NVIDIA’s 8th-generation GPU encoder (NVENC), the NVIDIA Blackwell architecture for Generative AI and NVIDIA RTX 4000 Ada Generation GPUs.

    The webinar will cover:

    • How AI is revolutionizing the video industry: Explore the upcoming change in handling, storing and delivering media content while improving user experiences.
    • Real-time content personalization: Learn about AI models’ ability to adapt videos and deliver unlimited content versions within the same process, as well as other innovative use cases.
    • The landscape of video AI models: Gain insights about generative AI models translating text to video, algorithms transforming video to text, enabling automated tagging and editing, or advanced features like super resolution – taking low resolution videos and transforming them to 4K resolution and beyond.

    To join the online webinar “The Future of Video AI – From Infrastructure to Experience”, please register here.

    ​​About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit www.beamr.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Boralex will release its 2024 fourth quarter financial results on February 28

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Jan. 27, 2025 (GLOBE NEWSWIRE) — Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) announces that the release of the 2024 fourth quarter results will take place on Friday, February 28, 2025, at 11 a.m.

    Financial analysts and investors are invited to attend a conference call during which the financial results will be presented.

    Date and time

    Friday, February 28, 2025, at 11 a.m. ET

    To attend the conference

    Webcast link: https://edge.media-server.com/mmc/p/fifq2sc5

    To attend the event by phone: Click here to register for the earnings call. Once you have completed your registration, you will receive a confirmation email containing the link and your personal PIN to connect to the call. If you lose this link and your PIN, you will be able to register again. You must register if you wish to attend the call by phone.

    Media and other interested individuals are invited to listen to the conference and view a presentation which will be broadcasted live and on a deferred basis on Boralex’s website at www.boralex.com. A full replay will also be available on Boralex’s website until February 28, 2026.

    The financial information will be released through a press release and on Boralex’s website on February 28, 2025, at 7 a.m.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of more than 7.2 GW in wind, solar projects and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.  

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook, LinkedIn and Instagram.  

    For more information

    Source: Boralex inc.

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Eos Energy Secures Cerberus Delayed Draw Term Loan Full Funding, Continuing U.S. Manufacturing Capacity to Strengthen America’s Energy Independence

    Source: GlobeNewswire (MIL-OSI)

    TURTLE CREEK, Pa., Jan. 27, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), America’s leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage systems sourced and manufactured in the United States, today announced the successful achievement of the third set of performance milestones previously agreed upon between Eos and an affiliate of Cerberus Capital Management LP (“Cerberus”) as part of Cerberus’s strategic investment in the Company. Successfully meeting these performance milestones allowed the Company to access the final $40.5 million of the Delayed Draw Term Loan (DDTL), fueling ongoing operations, U.S. production expansion, and the creation of an American energy storage powerhouse.

    “The Eos team is making measurable progress, consistently meeting critical operational targets and positioning the Company for profitable growth,” said Nathan Kroeker, Eos Chief Financial Officer. “With the term loan fully funded, combined with Department of Energy (DOE) loan guarantee first disbursement in December, Eos has a strong foundation and sufficient capital to continue implementing Project AMAZE. We’re executing our strategy to scale production into strong customer demand for long duration energy storage. Cash from customer projects now play an important role in funding working capital and our American-made system can play a critical role in America achieving energy independence.”

    The $210.5 million DDTL announced in June 2024 is now fully funded, driven by the Company consistently achieving key operational milestones related to the Company’s state-of-the-art manufacturing line, raw materials cost-out, Z3 technology performance improvement and orders backlog cash conversion. The Company surpassed its January raw materials cost-out target by 6% while delivering manufacturing cycle times below 10 seconds to further demonstrate continued operational efficiency and progress towards profitable growth.

    “Cerberus is ecstatic about the incredible progress made since our initial investment last year. Joe and team continue to fire on all cylinders, and Cerberus will continue to be all-in, helping Eos execute on their rapidly growing global pipeline and backlog,” said Nick Robinson, Cerberus Senior Managing Director and Eos Board Member. “With all the pieces now firmly in place to scale, 2025 and beyond is all about revenue growth, profitability and acceleration of global manufacturing capacity to meet exponential global demand. This demand is driven by a critical need for a long duration, non-flammable alternative to lithium at a time when the national security imperative could not be more important. With President Trump’s recent Executive Order, emphasizing American-made, and American-sourced, manufacturing to supporting America’s energy independence, Cerberus could not be more excited about partnering with Eos to build a large global platform. Cerberus views Eos as the “First Solar” of the battery space, further highlighting America’s ability to lead, innovate, and reclaim our energy independence.”

    About Eos Energy Enterprises

    Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.


    Forward Looking Statements

    Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our path to profitability and strategic outlook, statements regarding our capital needs to support project AMAZE, statements regarding the anticipated use of proceeds from the delayed draw term loan with Cerberus, and statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

    Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future, including the discretionary revolving facility from Cerberus; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; uncertainties around our ability to meet the applicable conditions precedent to funding under the DOE loan; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

    The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Arax Investment Partners Acquires Cedrus Financial

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Arax Investment Partners (“Arax”), a premier wealth and asset management platform company backed by RedBird Capital Partners (“RedBird”), today announced that it has acquired Cedrus Financial (“Cedrus”), an established RIA headquartered in Littleton, Colorado, managing around $1 billion in assets under management. Financial terms of the transaction were not disclosed.

    The acquisition marks the latest addition to Arax’s expanding platform, which partners with leading boutique wealth management firms and financial advisors to unlock strategic business growth and provide complementary investment opportunities, alongside an enhanced client experience. Cedrus will operate within Arax Advisory Partners, which is Arax’s coalition of independent firms focused on specialized services, investment advice and supervisory solutions for institutions, high-net-worth families and elite athletes.

    “At Cedrus, our goal has always been meeting the needs of our clients,” said Mark Neely, Managing Partner at Cedrus. “Joining the Arax platform provides access to operational synergies and technological advancements that will support the scaled growth of our business, compounding our ability to deliver premium service to our clients and help them achieve their financial goals.”

    “Our multi-boutique wealth management strategy continues to attract the best in the business, supporting the growth and expansion of the Arax platform,” said Haig Ariyan, Chief Executive Officer of Arax. “In Cedrus, we found a partner firm with a unique and personalized approach that prioritizes integrity and collaboration in service of clients – in other words, a natural fit for our platform. We look forward to working with the Cedrus team.”

    About CĒDRUS Financial
    Founded in 2013, Cedrus is a wealth management and investment advisory firm providing financial planning, portfolio management and advisor selection services to high-net-worth families. The firm pairs cutting-edge wealth management strategies with 100 years of combined experience in small business ownership, corporate management and wealth preservation to create holistic wealth management solutions in support of its clients’ financial goals. With a footprint across Colorado and Idaho, Cedrus is the partner of choice for individuals seeking a transparent and communicative approach to managing family wealth.

    About Arax Investment Partners
    Arax Investment Partners is a rapidly growing, multi-boutique wealth management platform making strategic control investments in best-in-class operating companies in partnership with their founders and management teams. Arax is focused on making strategic investments and supporting RIAs, hybrid wealth managers, and advisor teams seeking a new growth platform to scale their businesses.

    Arax enables its partners and affiliates to be entrepreneurial and focus on delivering industry-leading financial services to their clients. Firms within the Arax network benefit from a seasoned management team with a successful track record of scaling wealth platforms, M&A experience, capital sourcing capabilities and company-building expertise backed by a proven investor with an extensive network, RedBird Capital Partners. Our experienced leaders, multi-platform structure and growth equity partnership create a unique advantage for our partners. For more information, please go to www.araxpartners.com.

    About RedBird Capital Partners
    RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

    Media Contact:

    Dan Gagnier
    Gagnier Communications
    RedBird@gagnierfc.com

    The MIL Network –

    January 28, 2025
  • MIL-OSI: LPL Financial Welcomes Bruen Wealth Management

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    Related

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

    About LPL Financial

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

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

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

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

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

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

    Tracking #681312

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Urgently Announces Appointment of Alex Zyngier to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va, Jan. 27, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently” or “the Company”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today its board of directors has appointed Alex Zyngier to serve as a member of the board, effective January 23, 2025.

    “Alex is a seasoned leader with a proven track record of navigating complex business challenges and driving growth,” said Matt Booth, Chief Executive Officer and President of Urgently. “With over 30 years of investment, strategy, governance and operating experience across a range of industries, Alex brings a wealth of expertise to Urgently as the Company continues to transform the roadside assistance industry. We are thrilled to welcome him to our board and look forward to his contributions.”

    “I am honored to join the Board of Directors at Urgently, a company at the forefront of digital innovation in roadside assistance,” said Alex Zyngier. “Since debuting as a public company, Urgently has made remarkable progress in driving margin expansion through financial and operational improvements, while continuing to deliver an exceptional customer experience and value to its partners. In addition, the Company has demonstrated positive traction in the marketplace, as evident by the significant contract renewals, expansions and new customer wins. Urgently is at an exciting point in its growth, and I look forward to working with the board and leadership team to help drive strategic initiatives, enhance operational excellence, and expand Urgently’s impact on the mobility ecosystem.”

    Alex is the Founder and Managing Director of Batuta Capital Advisors, a private investment and advisory firm. He currently serves as Chairman of the Board for COFINA and EVO Transportation, as well as a director for various public and private companies, including Atari SA, Nu Ride, SlamCorp and Unifin Financiera. His extensive experience includes leadership roles in complex transactions, mergers and acquisitions, and strategic financial advisory. Alex’s diverse background spans roles as a Portfolio Manager at Alden Global/Smith Management, Goldman Sachs, and Deutsche Bank, focusing on distressed investments and special situations. He has also served as an Engagement Manager at McKinsey & Co. and a Technical Brand Manager at Procter & Gamble. His educational background includes an MBA in Finance and Accounting from the University of Chicago and a Bachelor of Science in Chemical Engineering from UNICAMP.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Western Financial Group Celebrates Branch Opening in Dawson Creek

    Source: GlobeNewswire (MIL-OSI)

    DAWSON CREEK, British Columbia, Jan. 27, 2025 (GLOBE NEWSWIRE) — A great way to kick off 2025! Western Financial Group (Western) is pleased to announce a new, redesigned branch opening in the city of Dawson Creek on January 31, 2025. With a focus on care, convenience, and unmatched customer service, Western wants to be where our customers are. We’re providing service in convenient and accessible ways – whether online, by phone, or in person.

    “It’s an exciting time here at Western, we have robust plans for growth while maintaining our commitment to care in all that we do,” said Western Financial Group Chief Executive Officer, Grant Ostir. “Buying insurance should be easy and we want our customers to come to us for advice, knowing we’ve got their best interests at heart. Branch opening events like these give us a great opportunity to connect with our current and future customers, giving them a chance to get to know us and what we’re all about.”

    The new branch has an updated look and feel, and boasts not one, but two drive-thru windows for customer ease and accessibility. The branch is open from Monday to Friday, 8 am to 8 pm (drive thru only from 6-8 pm); Saturday 9 am to 5:30 pm (in office & drive thru); Sunday 11 am to 5 pm (drive thru only).

    Grand opening/Ribbon cutting ceremony details:

    DATE: January 31, 2025
       
    TIME: 12pm-2pm (Ribbon cutting at 1pm)
       
    WHERE: 11300 8 Street, Dawson Creek
       
    WHO: Grant Ostir, Western Financial Group CEO
       
      Darren Sinclair, Western Financial Group Vice President, Sales
       
      Darcy Dober, Mayor of Dawson Creek
       
    WHAT: Local city officials and Western Financial Group leaders will engage in a ribbon-cutting ceremony. Get to know our people, local businesses while enjoying some light refreshments and door prizes.

    Western Financial Group Inc.

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

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

    Western Financial Group is a subsidiary of Trimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company. www.westernfinancialgroup.ca

    For more information, assets, or to schedule an interview with Grant Ostir, please contact:

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

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.64 per Share

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Jan. 27, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.64 per share. The dividend will be payable on March 14, 2025, to shareholders of record at the close of business on March 6, 2025.

    “We are pleased to announce a quarterly dividend of $0.64 per share, as we continue to provide returns to our shareholders,” said Mike Huston, President and CEO. At the stock price of $78.80 per share at the close of the market on January 23, 2025, the current dividend equates to a yield of 3.25% on an annualized basis.

    On January 24, 2025, Northrim reported net income of $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, compared to $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, and $6.6 million, or $1.19 per diluted share, in the fourth quarter a year ago.

    About Northrim BanCorp

    Northrim BanCorp, Inc. is the holding company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

    www.northrim.com

    Contact:   Mike Huston, President, CEO, and COO
      (907) 261-8750
      Jed Ballard, Chief Financial Officer
      (907) 261-3539

    The MIL Network –

    January 28, 2025
  • MIL-OSI: ARRAY Technologies Names Gina Gunning as Chief Legal Officer

    Source: GlobeNewswire (MIL-OSI)

    ALBUQUERQUE, N.M., Jan. 27, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, today announced the appointment of Gina Gunning as its new chief legal officer and corporate secretary, effective immediately. Gunning will report directly to ARRAY’s chief executive officer, Kevin G. Hostetler, and will relocate to Chandler, Arizona. 

    Gunning joins ARRAY with more than 25 years of legal and compliance experience across global organizations. She is a recognized leader in corporate law, governance, compliance, and risk management, with expertise in structuring complex transactions, navigating regulatory landscapes, and leading diverse legal teams. Most recently, she served as Chief Legal Officer and Corporate Secretary at GrafTech International Ltd., where she led the legal department, developed strategic legal frameworks, and managed global litigation and arbitrations. 

    “Gina’s wealth of experience in corporate law, governance, compliance and strategy makes her uniquely qualified to navigate the regulatory landscape and support ARRAY’s ambitious growth plans,” said Hostetler. “Her ability to align legal strategies with business objectives will be instrumental as we continue to lead in renewable energy innovation.”  

    Prior to her tenure at GrafTech, Gunning held senior legal roles at FirstEnergy Corp. and Cliffs Natural Resources Inc., where she demonstrated expertise in mergers and acquisitions, securities law, and capital markets transactions. Earlier in her career, she was a capital markets partner at the global law firm Jones Day, advising Fortune 500 clients on corporate finance and governance. 

    “I am excited to join ARRAY Technologies and contribute to its mission of driving the global transition to sustainable energy,” said Gunning. “ARRAY’s innovative spirit and dedication to advancing renewable energy solutions resonate deeply with me, and I look forward to collaborating with the team to support its continued success.”  

    As chief legal officer, Gunning will lead ARRAY’s legal, compliance, and risk management teams, supporting business objectives and adherence to legal and ethical standards worldwide. Her responsibilities will also include providing strategic counsel on corporate governance, contracts, intellectual property, and environmental, social, and governance (ESG) initiatives. 

    Gunning earned her Juris Doctor from Notre Dame Law School, where she served on the Notre Dame Law Review, and her Bachelor of Arts from the University of Notre Dame. 

    About ARRAY 
    ARRAY Technologies (NASDAQ: ARRY) is a leading global renewable energy company and provider of utility-scale solar tracking technology. Engineered to withstand the harshest conditions on the planet, ARRAY’s high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, ARRAY relies on its diversified global supply chain and customer-centric approach to deliver, commission, and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy. For more news and information on ARRAY, please visit arraytechinc.com. 

    Forward Looking Statement 
    This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. 

    Media Contact 
    Nicole Stewart 
    505.589.8257 
    nicole.stewart@arraytechinc.com  

    Investor Relations Contact 
    Array Technologies, Inc. 
    Investor Relations 
    investors@arraytechinc.com 

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Hola Prime Enhances Global Access with Visa Card and New London Office

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Jan. 27, 2025 (GLOBE NEWSWIRE) — Hola Prime, a leading name in the prop trading industry, has taken another leap in empowering traders by launching the Hola Prime Visa Card. Designed to streamline access to earnings, this innovative solution ensures that traders can effortlessly manage their payouts whenever and wherever they need.

    With the new Visa Card, Hola Prime addresses a major pain point for traders – delayed or complicated payout processes. This card provides instant access to funds, allowing traders to seamlessly handle their earnings through online transactions, in-store purchases, and ATM withdrawals worldwide.

    A New Standard in Trader Accessibility

    Instant Payouts: Traders can access their earnings immediately without relying on lengthy bank transfers.

    Global Usability: Whether online shopping, dining out, or withdrawing cash, the Visa Card works everywhere Visa is accepted.

    Enhanced Security: Transactions are safeguarded with 3D Secure technology, providing traders with peace of mind.

    Flexible Payments: From contactless payments to POS systems and ATM cash withdrawals, this card caters to all needs.

    “Traders can directly receive their payouts on the Hola Prime Visa Card and use them however they like – whether for online purchases, in-store transactions, or ATM withdrawals. These cards now serve as a standard payout withdrawal method for traders,” said CFO, Ms. Sumedha Sharma.

    “We already offer one-hour payouts, and this Visa Card takes convenience to the next level, providing traders with the freedom and flexibility they deserve anytime, anywhere” she added.

    Global Expansion: Hola Prime Opens Office in London

    In a strategic move to expand its global footprint, Hola Prime has inaugurated a new office in London, one of the world’s leading financial hubs. This milestone underlines the firm’s vision of empowering traders globally while ensuring top-notch support for its European clientele.

    The London office will enable Hola Prime to serve traders in the region with greater efficiency, offering localized solutions and bolstering its reputation as a global leader in prop trading.

    “London is a pivotal market for finance and trading. Establishing our presence here allows us to engage closely with traders and cater to their unique needs in a dynamic and international environment,” said Ms. Sharma.

    A Vision for Innovation and Empowerment

    Hola Prime’s dual initiatives – the Visa Card and its London expansion – demonstrate its unwavering focus on innovation and trader-centric solutions. From simplifying financial management to enhancing global accessibility, the company is setting benchmarks that resonate with modern traders.

    As Hola Prime continues to break new ground, its dedication to fostering a transparent, accessible, and empowering trading ecosystem remains its defining ethos.

    About Hola Prime

    Hola Prime is a leading global proprietary trading firm with a strong presence in the UK, Hong Kong, Cyprus, Dubai, and India. Renowned for its commitment to transparency, Hola Prime serves prop traders across 175+ countries, offering access to over 50 trading instruments. The firm is dedicated to empowering traders with real-time risk management, advanced technological infrastructure, and a secure trading environment. Committed to fairness and trust, Hola Prime ensures seamless payouts, robust compliance, and a reliable trading experience. With multiple trading platforms and a focus on bringing freshness to the prop trading industry, Hola Prime is redefining the future of trading.

    Social Links

    Facebook: https://fb.com/profile.php?id=61565158992654&sk=about_contact_and_basic_info

    Instagram: https://www.instagram.com/holaprime_global/

    YouTube: https://www.youtube.com/channel/UCtVEJa1Ml132Be7tnk-DjeQ

    LinkedIn: https://www.linkedin.com/company/hola-prime/?viewAsMember=true

    Twitter: https://x.com/HolaPrimeGlobal

    Discord: https://discord.gg/TJ7TcHPXBf

    Quora: https://www.quora.com/profile/HolaPrime/

    Reddit: https://www.reddit.com/user/HolaPrime/

    Medium: https://medium.com/@social_46267

    Media Contact

    Company: Hola Prime

    Contact: Media Team

    Email: marketing@holaprime.com

    Website: https://holaprime.com/

    SOURCE: Hola Prime

    The MIL Network –

    January 28, 2025
  • MIL-OSI Global: College course teaches Philly students to appreciate beer − whether they’re tailgating or fine dining

    Source: The Conversation – USA – By Paul O’Neill, Assistant Clinical Professor of Food and Hospitality Management, Drexel University

    The Philadelphia region is home to over 90 craft breweries. sutiporn somnam/Moment Collection via Getty Images

    Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

    Title of course:

    The Fundamentals of Beer

    What prompted the idea for the course?

    After 25 years of working in professional kitchens and as a server in fine dining, I became an adjunct professor and then director of special projects in the Food and Hospitality Management department at Drexel University. Lynn Hoffman, the founder of the school’s culinary program and the author of “The Short Course in Beer,” suggested we create a 10-week beer course.

    It seemed like a no-brainer, given beer’s popularity with college students. But it was also an opportunity to help our students appreciate beer’s dizzying array of styles, as well as its deep cultural and historical significance – including right here in Philadelphia.

    What does the course explore?

    The course explores the history of brewing and how different societies – specifically Sumerian, German, English and Belgian – influenced the ingredients and brewing techniques used to make different styles of beers.

    Some styles are named after their city of origin – for example, pilsners originated in Pilzen, Czech Republic. Others are derived from the brewing procedure. “Lager,” for example, is German for “to stock or store.” These beers are stored at refrigerated temperatures for months after they’re brewed in order for residual flavors to subside, making way for a cleaner, crisper and more refreshing profile. Meanwhile, “porters” are named after the London working-class longshoremen – those who loaded and unloaded cargo at ports – who commonly consumed them.

    After studying the foundational aspects of beer, students learn about its evolution in America, with a focus on the Philadelphia region.

    For example, Yuengling, originally named Eagle Brewery, was established in 1829 in Pottsville, Pennsylvania, about 100 miles outside Philadelphia, and is credited with being America’s oldest continuously operating brewery. And in the city itself, local brewer Robert Hare Jr. made what George Washington referred to as “the best porter in Philadelphia,” just down the street from where America’s first lager was purportedly brewed by Bavarian expat John Wagner around 1840.

    We also discuss current Philadelphia-area brewers such as the Philadelphia Brewing Company, Dock Street and Yards, and their impact on the city’s craft beer industry.

    Why is this course relevant now?

    Beer and other alcoholic beverages have a significant financial impact on the restaurant industry, where many businesses operate on thin margins. Restaurants can attract diners with a dynamic beverage offering. A good beer program requires an informed staff, locally brewed options and an array of diverse styles. They might showcase classic lagers and ales alongside popular contemporary favorites such as New England IPAs and Italian pilsners, and off-the-wall experiments like Fruity Pebbles kettle sour ales.

    What’s a critical lesson from the course?

    Beer appreciation is not inebriation.

    There is a proper way to analyze beer through sight, aroma, palate texture and flavor. We use a tasting grid to guide students through this process. First we assess the beer’s color, clarity and foam, which gives us our initial ideas regarding the beer’s character. We then evaluate the beer’s aroma, which is derived from the grains, hops and fermentation. Then we sip and focus on the texture of the beer to determine the weight of it on the palate, the quality of the carbonation and the mouthfeel – whether it is thin, full or silky. Last, we assess the flavor profile.

    Students get the opportunity to distinguish the various malt and hop characters present in many popular beer styles – from the crisp, biscuit or cracker flavor and light green bitterness of a pilsner, to the dried fruit and dark caramel-laden quality of doppelbocks, to the cold-brew coffee style of dry stouts.

    “Tasting” and not simply “drinking” beer enables students to understand and appreciate what is in their glass. It is also important to note that when analyzing a beer, the glass must be clean, clear and of a certain shape – tulip. Having a globe to swirl the beer allows tasters to judge the viscosity, test the carbonation and open up the aromas.

    What materials does the course feature?

    • Lynn Hoffman’s “Short Course in Beer” offers a digestible summation of beer styles, history and how beer can be enjoyed in settings ranging from tailgates to fine dining.

    • Joshua Bernstein’s “The Complete Beer Course” illustrates the beer family tree in great detail, includes interviews with prominent brewers and provides textbook examples of various beer styles.

    • The Brewers Association’s Style Guidelines
      and Tasting Grid are go-to guides for how beer styles are delineated using a scale of color, bitterness and flavor attributes.

    • Six 1-oz. weekly samples allow students to taste historical representations and current iterations of a particular beer style, such as Bohemian pilsners, German hefeweizens, English bitters and Belgian tripels.

    • We also do a guided tour and tasting at one of Philadelphia’s larger independent craft beer brewers, Yards brewery.

    What will the course prepare students to do?

    Students learn about the history of beer production and its cultural relevance, and develop an understanding of tasting notes and profiles for various beer styles so they can distinguish between ale and lager family styles. By the end of the course, they should also be able to design their own beer menu for a restaurant.

    Paul O’Neill does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. College course teaches Philly students to appreciate beer − whether they’re tailgating or fine dining – https://theconversation.com/college-course-teaches-philly-students-to-appreciate-beer-whether-theyre-tailgating-or-fine-dining-244476

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI Global: Why Trump’s tariffs can’t solve America’s fentanyl crisis

    Source: The Conversation – USA – By Rodney Coates, Professor of Critical Race and Ethnic Studies, Miami University

    Americans consume more illicit drugs per capita than anyone else in the world; about 6% of the U.S. population uses them regularly.

    One such drug, fentanyl – a synthetic opioid that’s 50 to 100 times more potent than morphine – is the leading reason U.S. overdose deaths have surged in recent years. While the rate of fentanyl overdose deaths has dipped a bit recently, it’s still vastly higher than it was just five years ago.

    Ending the fentanyl crisis won’t be easy. The U.S. has an addiction problem that spans decades – long predating the rise of fentanyl – and countless attempts to regulate, legislate and incarcerate have done little to reduce drug consumption. Meanwhile, the opioid crisis alone costs Americans tens of billions of dollars each year.

    With past policies having failed to curb fentanyl deaths, President Donald Trump now looks set to turn to another tool to fight America’s drug problem: trade policy.

    During his presidential campaign, Trump pledged to impose tariffs on Canada and Mexico if they don’t halt the flow of drugs across U.S. borders. Trump also promised to impose a new set of tariffs against China if it doesn’t do more to crack down on the production of chemicals used to make fentanyl. He reiterated his plan on his first day back in office, saying to reporters, “We’re thinking in terms of 25% on Mexico and Canada because they’re allowing … fentanyl to come in.”

    Speaking as a professor who studies social policy, I think both fentanyl and the proposed import taxes represent significant threats to the U.S. While the human toll of fentanyl is undeniable, the real question is whether tariffs will work – or worsen what’s already a crisis.

    Fentanyl: The ‘single greatest challenge’

    In 2021, more than 107,000 Americans died from overdoses – the most ever recorded – and nearly seven out of 10 deaths involved fentanyl or similar synthetic opioids. In 2022, fentanyl was killing an average of 200 people each day. And while fentanyl deaths declined slightly in 2023, nearly 75,000 Americans still died from synthetic opioids that year. In March of that year – the most recent for which full-year data on overdose deaths is available – the then-secretary of homeland security declared fentanyl to be “the single greatest challenge we face as a country.”

    But history shows that government efforts to curb drug use often have little success.

    The first real attempt to regulate drugs in the U.S. occurred in 1890, when, amid rampant drug abuse, Congress enacted a law taxing morphine and opium. In the years that followed, cocaine use skyrocketed, rising 700% between 1890 and 1902. Cocaine was so popular, it was even found in drinks such as Coca-Cola, from which it got its name.

    This was followed by a 1909 act banning the smoking of opium, and, in 1937, the “Marihuana Tax Act.” The most comprehensive package of laws was instituted with the Controlled Substances Act of 1970, which classified drugs into five categories based on their medical uses and potential for abuse or dependence. A year later, then-President Richard Nixon launched the “War on Drugs” and declared drug abuse as “public enemy No. 1.” And in 1986, Congress passed the Anti-Drug Abuse Act, directing US$1.7 billion for drug enforcement and control.

    President Richard Nixon declared drug abuse “Public enemy No. 1” at this 1971 press conference.

    These policies have generally failed to curb drug supply and use, while also causing significant harm to people and communities of color. For example, between 1980 and 1997, the number of incarcerations for nonviolent drug offenses went from 50,000 to 400,000. But these policies hardly put a dent in consumption. The share of high school seniors using drugs dipped only slightly over the same period, from 65% in 1980 to 58% in 1997.

    In short, past U.S. efforts to reduce illegal drug use haven’t been especially effective. Now, it looks like the U.S. is shifting toward using tariffs – but research suggests that those will not lead to better outcomes either, and could actually cause considerable harm.

    Why tariffs won’t work

    America’s experiments with tariffs can be traced back to the founding era with the passage of the Tariff Act of 1789. This long history has shown that tariffs, industrial subsidies and protectionist policies don’t do much to stimulate broad economic growth at home – but they raise prices for consumers and can even lead to global economic instability. History also shows that tariffs don’t work especially well as negotiating tools, failing to effect significant policy changes in target countries. Economists generally agree that the costs of tariffs outweigh the benefits.

    Over the course of Trump’s first term, the average effective tariff rate on Chinese imports went from 3% to 11%. But while imports from China fell slightly, the overall trade relationship didn’t change much: China remains the second-largest supplier of goods to the U.S.

    The tariffs did have some benefit – for Vietnam and other nearby countries with relatively low labor costs. Essentially, the tariffs on China caused production to shift, with global companies investing billions of dollars in competitor nations.

    This isn’t the first time Trump has used trade policy to pressure China on fentanyl – he did so in his first term. But while China made some policy changes in response, such as adding fentanyl to its controlled substances list in 2019, fentanyl deaths in the U.S. continued to rise. Currently, China still ranks as the No. 1 producer of fentanyl precursors, or chemicals used to produce illicit fentanyl. And there are others in the business: India, over that same period, has become a major producer of fentanyl.

    A question of supply and demand

    Drugs have been pervasive throughout U.S. history. And when you investigate this history and look at how other nations are dealing with this problem rather than criminalization, the Swiss and French have approached it as an addiction problem that could be treated. They realized that demand is what fuels the illicit market. And as any economist will tell you, supply will find a way if you don’t limit the demand. That’s why treatment works and bans don’t.

    The U.S. government’s ability to control the production of these drugs is limited at best. The problem is that new chemical products will continually be produced. Essentially, failure to restrict demand only places bandages on hemorrhaging wounds. What the U.S. needs is a more systematic approach to deal with the demand that’s fueling the drug crisis.

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

    – ref. Why Trump’s tariffs can’t solve America’s fentanyl crisis – https://theconversation.com/why-trumps-tariffs-cant-solve-americas-fentanyl-crisis-245978

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI Europe: €100 million money laundering scheme busted with help from Eurojust and Europol

    Source: European Union 2

    Investigations into the group began in 2023 when border police in Spain noticed suspicious trips from their airports transporting large sums of money. The trips to Cyprus by members of the criminal group were used to deliver criminal profits, which were then laundered. Authorities stopped the criminals from travelling and seized more than EUR 1.8 million.

    The authorities discovered that the group was running a sophisticated money laundering service for other criminal organisations. The group acted as a financial service to transfer criminal profits internationally. Cryptocurrencies were used to move cash profits between criminal organisations. To dispose of the cash profits, money was transported on commercial flights, mainly to Cyprus, and by public transport to neighbouring countries of Spain. The group was able to carry out four to six money laundering transactions per week. 

    Running this financial service required a professionally structured organisation consisting of at least 52 members, operating mostly from Spain and Cyprus. The group worked with contacts outside of their organisation to liaise with clients and receive the cash to be laundered. Their contacts are linked to several commercial companies around the world. 

    As the financial service was used throughout Europe, authorities had to work together to stop the criminal group. An international investigation was launched by setting up a joint investigation team (JIT) at Eurojust between Spanish, Cypriot and German authorities, Eurojust and Europol. Through the JIT, information from tax and judicial authorities was exchanged that led to the takedown of the criminal group. Europol supported this international operation with experts specialised in financial crime, fighting high-risk criminal networks, unravelling money laundering structures, and tracing cryptocurrency flows.

    A series of actions were carried out to stop the financial service. In October 2024, actions were carried out in Spain, France and Cyprus to dismantle the criminal group. This was followed by actions in November 2024 that targeted actors working with the criminal group. A total of 91 searches were carried out, 77 in Spain, 1 in France and 13 in Cyprus. Twenty suspects were arrested in Spain, one in France and two in Slovenia. Authorities seized a total of EUR 8 million in cash, 2 million in bank accounts and froze EUR 27 million in cryptocurrency. Investigations into the group and its financial service continue.

    The following authorities were involved in the actions:

    • Spain: Investigating Judge no 2 of El Prat de Llobregat; Public Prosecution Office of Barcelona; Guardia Civil Special Central Unit 3, Destabilizing Threat Group-UCO
    • Cyprus: Attorney General’s Office; MOKAS (Unit for Combating Money Laundering); Criminal Investigation Department (CID) (in collaboration with other police departments)
    • Germany: Public Prosecutor’s Office, Landshut; Customs Investigation Office, München
    • France: Judicial Court of Marseille, Interregional Specialised Jurisdiction against organised crime (JIRS) ; National Anti-Fraud Office (ONAF), Marseille/Nice. 

    MIL OSI Europe News –

    January 28, 2025
  • MIL-OSI United Kingdom: Return of The Big Apprenticeship Event this February

    Source: Northern Ireland City of Armagh

    Launching The Big Apprenticeship Event for 2025 is SRC CEO Lee Campbell and the Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage.

    Southern Regional College’s Big Apprenticeship Event returns this February to Craigavon’s Civic Centre on Thursday 6th February from 5:00pm to 7:30pm. The Big Apprenticeship Event is a one stop shop for those seeking to start a new apprenticeship course from level 2 to level 5 from September 2025. The event seeks to match potential apprentices with employers, with over 40 employers and support organisations expected to attend both the Newry and Craigavon events. College staff will also be present discussing course modules, entry requirements and assessments.

    Also returning to the event this year are student ambassadors from various programmes of study, giving a first-hand account of what it is like being an apprentice and sharing their incredible journeys and giving the low-down on the reality of studying whilst being an apprentice. Employers, support organisations, lecturing staff and student ambassadors alike will be answering questions from attendees.

    Now in its 7th year the Big Apprenticeship Event, delivered in partnership with Armagh City Banbridge and Craigavon Borough Council and the ABC Labour Market Partnership, this event provides opportunities to young people and adult returners alike to develop skills and gain relevant experience with recruiting employers.

    Apprenticeships and higher level apprenticeships are flexible career pathways providing the chance to earn a salary while pursuing qualifications. With course fees funded by the Department for the Economy, now has never been a better time to start an apprenticeship or higher level apprenticeship at Southern Regional College.

    Apprenticeships are offered at level 2 and 3 at Southern Regional College in over 30 areas ranging from business, children’s care, construction, engineering, hairdressing & barbering, hospitality & food manufacturing to motor vehicles.

    Higher Level Apprenticeships provide participants with recognised foundation and honour degrees, referred to as level 5 and 6 qualifications in 20 subject areas. This ranges from accounting, business, finance and marketing, computing, construction, engineering, science, sports & exercise and tourism, hospitality & events management.

    The College has successfully run Higher Level Apprenticeship programmes of study for 10 years, providing over 1,200 people with jobs since the inception of the programme. This year could be attendees’ opportunity to add a degree and a new source of employment to their accomplishments.

    Lee Campbell, Principal & CEO of Southern Regional College commented:

    “We are delighted to once again host The Big Apprenticeship Event in our local communities.  The event provides attendees the unique opportunity to start conversations and directly engage with a wide and varied range of employers.

    “Attendees will have the opportunity to gather information on the various programmes of study and gain an understanding of the benefits of studying an apprenticeship.  Apprenticeships offer value by combining hands on vocational training, equipping individuals with the skills and experience currently in demand by employers.

    “Whether you are a school leaver, a career changer, or someone seeking professional development, this event promises to deliver a wealth of knowledge and inspiration to help you shape your future.”

    Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage added:

    “ABC Council is delighted to support the return of the Big Apprenticeship event on Thursday 6th February in Craigavon Civic & Conference Centre. Apprenticeships and higher level Apprenticeships have the opportunity to transform the lives of individuals, families and communities, connecting local people with local career pathways in forward-thinking local businesses, sparking partnerships that drive innovation and strengthen our economy.

    “Apprenticeships and higher level Apprenticeships are not just a win for individuals who have the opportunity to earn while they learn, but they are also a win for local business and our Borough as a whole as we work collectively to nurture a pipeline of skilled individuals to strengthen the local economy both now and into the future.”

    With many career opportunities available, attendees are encouraged to make their way to their closest Big Apprenticeship Event.  Free tickets are now available to book using the registration link https://src-big-apprenticeship-event-2025.eventbrite.co.uk

    MIL OSI United Kingdom –

    January 28, 2025
  • MIL-OSI: LM Funding America Achieves 560 PH/s with 15 MW Oklahoma Mining Site Active

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Jan. 27, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA), (“LM Funding” or the “Company”) a Bitcoin mining and technology-based specialty finance company, today announced the successful deployment of approximately 432 petahash per second (“PH/s”) of miners at its 15 MW mining site in Oklahoma. This expansion increases the Company’s total fleet to 5,121 active miners for an energized hashrate of approximately 560 PH/s across multiple sites, of which 432 PH/s can be overclocked at the Oklahoma mining site.

    Bruce M. Rodgers, Chairman and CEO of LM Funding America stated, “We are pleased to announce that with the deployment of additional miners at our 15 MW Oklahoma site, we now have approximately 560 PH/s across our mining operations. This marks the achievement of our previously outlined objectives and we plan to aggressively pursue the acquisition of additional mining sites that align with our strategic investment criteria.”

    Ryan Duran, President of LM Funding America’s US Digital Mining & Hosting Co. subsidiary, stated, “Through the dedicated efforts of our team and strategic partnerships, we successfully met our installation targets. This includes the successful transition of 1,440 miners from storage to active deployment, showcasing our commitment to operational excellence.”

    About LM Funding America
    LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. It operates through two segments; Specialty Finance and Mining Operations. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

    Forward-Looking Statements
    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    Contact:
    Crescendo Communications, LLC
    Tel: (212) 671-1021
    Email: LMFA@crescendo-ir.com

    The MIL Network –

    January 28, 2025
  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.73 Per Share for Q4 2024; Twelve Month 2024 Earnings up 10% to $2.37 per Share

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    December 31, 2024, Highlights:

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

    Balance Sheet and Asset Quality Review

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

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

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

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

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

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

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

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

    Operations Review

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

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

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

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

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

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

    About PSB Holdings, Inc.

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

    Forward-Looking Statements

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

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

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
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    The MIL Network –

    January 28, 2025
  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    December 31, 2024, Highlights:

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

    Balance Sheet and Asset Quality

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

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

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

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

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

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

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

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

    (in thousands, except ratios)

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

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

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

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

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

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

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

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

    Deposit Portfolio Composition
    (in thousands)

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

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

    Deposit Composition By Type
    (in thousands)

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

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

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

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

    Review of Operations

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

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

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

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

    Portfolio Contractual Repricing:
    (in millions, except yields)

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

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

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

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

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

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

    Cautionary Statement Regarding Forward-Looking Statements

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

    1Non-GAAP Financial Measures

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

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

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

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

    (CZWI-ER)

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

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

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

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

    (in thousands, except per share data)

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

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

    Loan Composition

    (in thousands)

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

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

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

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

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

    Wholesale Deposits
    (in thousands)

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

    Key Financial Metric Ratios:

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

    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

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

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

    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

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

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

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

    (in thousands, except per share data)

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

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

    (in thousands, except ratios)

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

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

    (in thousands, except ratios)

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

    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

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

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

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

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

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

    The MIL Network –

    January 28, 2025
  • MIL-OSI: Byrna Technologies Partners with USCCA to Promote Less-Lethal Self-Defense Solutions

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that it is partnering with the United States Concealed Carry Association (USCCA). This collaboration will enable Byrna to highlight its less-lethal solutions to nearly one million USCCA members.

    The United States Concealed Carry Association (USCCA) helps responsible Americans prepare for what happens before, during, and after an Act of Self-Defense. In addition to offering education and training, the USCCA has an insurance policy that provides the association’s members with self-defense liability insurance.

    “This collaboration further legitimizes our less-lethal launchers as viable alternatives to traditional firearms,” said Bryan Ganz, CEO of Byrna. “With nearly a million members, the USCCA also offers us a new channel to introduce our products to responsible gun owners, a key demographic for us. We encourage our customers to take advantage of the USCCA’s self-defense training and liability insurance to ensure they are well-prepared and protected.”

    USCCA Chairman and Co-Founder Tim Schmidt added: “Byrna is a leader in the less-lethal market, and we are proud to showcase their products to our members as an important self-defense option. We look forward to providing Byrna customers with access to best-in-class liability protection and important self-defense training lessons.”

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    The MIL Network –

    January 28, 2025
  • MIL-OSI: ConnectM Acquires MHz Invensys, Enhancing Wireless Communication Solutions

    Source: GlobeNewswire (MIL-OSI)

    Company Expected to Generate an Additional $15M of Revenue from the AMI Vertical by the End of 2027

    Acquisition Bolsters ConnectM’s Wireless Solutions for Smart Metering and Allows Expansion into Key Adjacent Markets

    TAM for the Global Advanced Metering Infrastructure Market Predicted to be North of $47 Billion by 2030

    MARLBOROUGH, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a leader in the electrification economy, today announced the recent acquisition of MHz Invensys, a renowned developer of high-performing wireless communication products and solutions. ConnectM has entered an all-stock transaction in exchange for all of MHz Invensys’ assets, comprised primarily of intellectual property. The two founders, Kiran Kumar and Mahesh Oni, will stay on as employees of ConnectM. This strategic acquisition aims to bolster ConnectM’s capabilities in effectively delivering wireless communication, particularly in the smart metering/Advanced Metering Infrastructure (“AMI”) vertical. AMI enables two-way communication between smart meters and utility companies. This infrastructure collects, stores, analyzes, and presents energy usage data in real-time, allowing for more efficient and accurate monitoring of electricity, gas, and water consumption.

    MHz Invensys has established technology leadership in the energy sector, addressing the complexities of traditional energy metering protocols with its advanced RF mesh-based product and solution designs. This proven technology architecture enables multi-billion scale meter readings every half hour and supports millions of smart meters with bidirectional communication for pre-payment systems.

    Stellar Market Research predicts the global AMI market size to reach $47.5 billion by 2030, with a CAGR of 16.1% from 2024-2030.1 The acquisition of MHz Invensys strengthens ConnectM’s ability to provide comprehensive, end-to-end wireless solutions. ConnectM expects to generate an additional $15M of revenue from the AMI vertical alone over the next three years. Integrating MHz Invensys’s technology allows ConnectM to serve not only its existing markets but also rapidly growing sectors such as solar grid monitoring, IoT/Industrial IoT, Renewables, and water and gas AMI. This strategic acquisition will allow ConnectM to achieve economies of scale and meet the rising demand for reliable, secure, and efficient communication solutions across a broader range of industries.

    “We are excited to welcome Kiran and Mahesh, the founders of MHz Invensys, to the ConnectM family,” said Bhaskar Panigrahi, CEO and Chairman of ConnectM. “Their company’s innovative solutions and expertise in the Smart Metering domain coupled with ConnectM’s AI-powered platform will significantly enhance the offerings in our Building Electrification segment and enable us to deliver even greater value to our customers.”

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

    About Mhz Invensys
    Mhz Invensys was established by a team with extensive experience in deploying large IoT networks globally. The team at Mhz Invensys understands the unique challenges of last-mile connectivity. Mhz Invensys offers its innovative technology to device manufacturers, communication platform providers, backhaul service enablers, and business-specific application providers such as HES (Head-End Systems), MDMS (Meter Data Management Systems), and analytics platforms.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    MZ North America
    (203) 741-8811
    ConnectM@mzgroup.us


    1 “Advanced Metering Infrastructure Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, and Region,” Stellar Market Research (2024).

    The MIL Network –

    January 28, 2025
  • MIL-OSI Global: I study democracy worldwide − here’s how Texas is eroding human rights, free expression and civil liberties

    Source: The Conversation – USA – By Katie Scofield, Assistant Instructional Professor in Political Science, Texas A&M University-San Antonio

    Everything is bigger in Texas, except maybe its democracy. Luis Diaz Devesa/Moment via Getty

    While concerns about the future of American democracy dominate headlines worldwide, millions of Texans are already seeing a rapid decline in democratic standards.

    In December 2024, Texas Attorney General Ken Paxton sued a New York doctor for prescribing abortion-inducing medications to a woman in Collin County, Texas, alleging that the shipment violated Texas’ near-total ban on abortion.

    Two months earlier, Paxton’s office had sued to block a federal rule protecting women’s out-of-state medical records from criminal investigation. And in 2022, it sued the Biden administration over federal guidelines requiring doctors to perform abortions in emergency situations.

    Paxton’s lawsuits – alongside the state’s restrictive abortion policies – raise troubling questions about individual privacy and women’s bodily autonomy in Texas, where I live and teach. And they’re indicative of a broader problem. As my research on democracy and human rights shows, the state government is becoming increasingly antidemocratic.

    Scholars examine a number of factors to determine the health of a democracy. Elections must be free and fair. There should be freedom of expression and belief, multiple competitive political parties and minimal corruption. A democratic government must also respect individual freedom.

    On many of these metrics, I believe Texas falls short.

    Are Texas elections free and fair?

    Texas has some of the most restrictive voting laws in the United States, including strict voter ID laws, stringent limits on mail-in and absentee ballots and no online voter registration.

    Republicans, who passed each of these policies, claim their concern is a democratic one – election integrity. Yet, when Lt. Gov. Dan Patrick offered a US$25,000 reward to anyone who could prove voter fraud in the 2020 election, it led to just one arrest.

    The Texas Legislature nonetheless pledged to pass an even more restrictive voting bill in 2021, referencing “purity of the ballot box,” an old Jim Crow phrase. Democratic lawmakers ended up fleeing the state to paralyze the state assembly and keep the most egregious parts of the bill from passing.

    Healthy democracies also have robust competition between multiple parties so that voters have real choices at the polls.

    Yet since its current constitution was written in 1876, Texas has effectively been a one-party state governed by conservatives. No Democrat has won statewide office since 1994 – the longest Democrats have been locked out of statewide office in any state.

    Money in politics

    Texas puts no limits on individual campaign contributions to the governor, one of just 12 U.S. states that lacks this common anti-corruption measure.

    This has allowed Texas’ current governor, Greg Abbott, who has been in office since 2015, to raise vast sums of money. In the 2022 Texas gubernatorial race – the most expensive in the state’s history at $212 million – Abbott outspent his Democratic opponent by almost $50 million. In 2018, he had 90 times more cash on hand than his Democratic opponent.

    Texas’ lack of effective campaign finance regulations has given big donors access to power in the form of gubernatorial appointments.

    An in-depth investigation by The Texas Tribune in 2022 revealed that 27 of the 41 members of the governor’s COVID-19 task force were campaign donors who had collectively paid $6 million toward the governor’s reelection. Many were business owners who had a vested interest in reopening the state.

    Freedom of expression

    Texas is also at the center of a national struggle over academic freedom, a key component of free expression.

    Texas passed a law in 2023 requiring public universities to close their diversity, equity and inclusion, or DEI, offices, depriving the most vulnerable student communities of resources such as scholarships, mental health programs and career workshops.

    The Texas Senate is considering expanding this legislation to prohibit “DEI curriculum and course content.”

    The mere threat appears to be squelching freedom of thought and intellectual exploration in Texas universities already. The University of North Texas in November started editing course titles and syllabi to remove identity-based topics.

    On Jan. 14, Abbott threatened to fire the president of Texas A&M University – a part of my university system – if faculty attended an academic conference showcasing the work of Black, Latino and Indigenous scholars.

    Human rights at the border

    Abbott’s campaign to control the U.S.-Mexico border has raised concerns among human rights groups about civil rights in the state.

    In March of 2021, Abbott declared a state of emergency in counties on the Texas border, allowing him to deploy the Texas National Guard there. The initiative, Operation Lone Star, was supposed to stop migrants from crossing the border outside official government checkpoints.

    Since border enforcement is a federal authority, however, the troops have mostly enforced state laws on trespassing or drugs and weapons possession. Guardsmen have also participated in busing migrants to Democratic-run cities such as New York and Chicago and built razor-wire barriers in the Rio Grande.

    The result is an $11 billion policing program that has largely targeted Latino American citizens – not immigrants. Fully 96% of those arrested on trespassing charges are Latino, and 75% of those facing court proceedings for that and other crimes as a result of Operation Lone Star are U.S. citizens.

    Gov. Greg Abbott, left, and Donald Trump greet Texas National Guard troops in Edinburg, Texas, on Nov. 19, 2023.
    Michael Gonzalez/Getty Images

    Women’s freedoms

    Finally, women’s right to bodily autonomy is under threat in Texas, which has one of the country’s most restrictive abortion laws.

    At least three women have died as a result of doctors being afraid to treat their miscarriages. Overall, maternal mortality rates have increased by 56% since the ban was imposed in 2021. Scary statistics haven’t stopped the state’s plans to tighten its ban.

    The 2025 Texas legislative session began with Republican legislators having prefiled several bills aimed at ending abortion by mail services, including one that would reclassify common abortion pills as controlled substances like Valium or Ambien. Doctors warn that this reclassification could also make it harder for them to disperse these medications quickly in life-threatening emergencies.

    And a handful of rural Texas counties have made it illegal to transport women seeking out-of-state abortions on their roads.

    As Texas goes, so goes the nation?

    The question of whether a government is democratic is often not black or white. It should be viewed on a sliding scale.

    Freedom House, a nonpartisan international democracy watchdog, ranks countries on a 100-point scale based on the factors I mentioned earlier, among others, and labels countries as “free,” “partly-free” and “not free.”

    The freest country in 2024, Finland, had a score of 100. The U.S. has been sliding down the rankings, receiving a score of 83 in 2024 – down from 94 in 2010. It’s still solidly in the “free” category, but U.S. democracy looks less like Germany’s and more like Romania’s. The antidemocratic policy changes made in Texas and a handful of other states contribute to this slide.

    Freedom House doesn’t rank states, but if it did, Texas would likely still rate as a “free” democracy. There is space for dissent, opposition and free speech. Democratic politicians have occasional political victories.

    But Texas is decidedly less democratic than the U.S. at large. Democracy here is not lost, but I fear Texas is in danger of becoming only “partly-free.”

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

    – ref. I study democracy worldwide − here’s how Texas is eroding human rights, free expression and civil liberties – https://theconversation.com/i-study-democracy-worldwide-heres-how-texas-is-eroding-human-rights-free-expression-and-civil-liberties-246936

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI Global: How does raw water compare to tap water? A microbiologist explains why the risks outweigh the benefits

    Source: The Conversation – USA – By Bill Sullivan, Professor of Microbiology and Immunology, Indiana University

    Water that comes straight from natural sources, dubbed “raw water,” is gaining popularity. Raw water advocates reject public water supplies, including tap water, because they don’t enjoy the taste or believe it’s unsafe and depleted of vital minerals.

    On the surface, raw water might seem alluring – the natural surroundings may look beautiful, and the water may look clean and taste refreshing. But unlike tap or commercially bottled water, raw water is not evaluated for safety. This leaves the people who drink it vulnerable to infectious microbes or potentially other toxic contaminants.

    I’m a microbiology researcher studying infectious diseases. From a public health perspective, clarifying misconceptions about tap water and the health hazards of raw water can protect consumers and curtail the spread of infectious diseases.

    A short history of public drinking water

    Archaeological evidence suggests that humans have long associated dirty water with negative health outcomes. As early as 1500 BCE, ancient Egyptians added a binding agent to their water to clump contaminants together for easy removal.

    Two major developments in the mid-1800s showed why impure water is dangerous. First, physician John Snow traced a deadly cholera outbreak to contaminated water from London’s Broad Street pump. Second, Louis Pasteur advanced the germ theory of disease, which postulated that microbes can cause illness. Pasteur established that consumable liquids like raw water and milk can harbor disease-causing pathogens.

    Physician John Snow’s 1854 map of cholera cases in London, highlighted in black, clustered around a contaminated pump.
    John Snow/Wellcome Collection

    These discoveries paved the way for large-scale infrastructure projects in the 20th century to ensure the public water supply is safe.

    Today, the process of cleaning water begins with the same steps employed by the ancient Egyptians, followed by extensive filtration to get rid of debris as well as most germs and chemicals. Chlorine is added to kill lingering pathogens, including those that may reside in the service pipes carrying the water to the faucet. Beginning in the 1940s, a small amount of fluoride was added as an inexpensive, safe and effective means to improve dental health.

    The cleanliness and fluoridation of the water supply has dramatically reduced infectious disease and cavities, and has been heralded as one of the 20th century’s greatest public health achievements.

    Is raw water healthier than tap water?

    People who champion raw water claim it has health benefits, such as essential minerals and beneficial bacteria called probiotics, that are stripped from tap water. Let’s unpack each of these claims.

    Water dissolves bits of soil and rock at its source; therefore, its mineral content depends on the local geology. Areas with a lot of limestone, like the Midwest, have water that is higher in calcium. Water from deeper in the ground may have higher mineral content since it passes through more rock on its way to the surface.

    The mineral content of water largely depends on its source and location.
    Sergii Zyskо/iStock via Getty Images Plus

    The idea that tap water is depleted of essential minerals is not true, as these nutrients are too small to be excluded by the filtration process. Test kits can determine the mineral content of your water, and if you find it lacking, mineral supplements can be added. Experts suggest, however, that most minerals you need come from your diet, not water.

    Some also claim that raw water contains probiotics that are removed from tap water. The amount of probiotics in water would also vary by location, and the notion that health-promoting bacteria reside in raw water has not been proved.

    There are no studies associating raw water with any health benefit. Anecdotal claims about smoother skin or increased energy are likely to be placebo effects. Even the idea that raw water tastes better might be more psychological than physiological – a 2018 study showed that most people preferred tap water over bottled water in a blind taste test.

    Risks of drinking raw water

    Raw water carries the risk of serious gastrointestinal infection from a wide variety of pathogens.

    Water-borne viruses include rotavirus and norovirus, which cause rapid-onset diarrhea and vomiting, and hepatitis A, which infects the liver. Bacteria such as E. coli and Salmonella, or parasites like Cryptosporidium and Giardia, also cause severe diarrhea that can lead to dangerous levels of dehydration. Toxoplasma gondii can also lurk in raw water and can cause miscarriage or birth defects if consumed during pregnancy.

    Tap water undergoes several treatment steps before it reaches your faucet.
    CDC

    Carriers of diarrheal infections can transmit them to others if they swim in public pools or fail to properly wash their hands before touching others or preparing food. Norovirus is particularly durable and can survive on surfaces for days, increasing chances of it infecting someone else.

    Raw water can also contain algae that release toxins causing abdominal issues and damage to the brain and nervous system.

    Cholera, dysentery and typhoid fever are no longer health burdens in the U.S. thanks to a robust water treatment system. But areas of the world lacking this privilege suffer high child mortality and widespread diarrheal diseases.

    How safe is tap water in the US?

    Tap water in the U.S. is among the safest to drink in the world. The Biden administration took steps to further improve it, including funding to replace lead pipes and new rules to monitor forever chemicals like perfluoroalkyl and polyfluoroalkyl substances, or PFAS, which have been linked to cancer and developmental disorders.

    Importantly, raw water is not necessarily free from lead, arsenic, pesticides or industrial contaminants. Raw water sources are not reliably monitored by experts, so it is difficult to say which ones pose less risk. In addition, the water may be acceptably safe one day, but not on another. For example, soil runoff from a storm could introduce new germs or pollutants into the area.

    The Environmental Protection Agency routinely screens for nearly 100 contaminants to ensure tap water is safe. In contrast, raw water remains untested, unregulated and untreated, leaving its safety to drink in question. In terms of risks and benefits, there are no demonstrated health benefits from drinking raw water, but clear evidence that you may be exposing yourself to harmful infectious and toxic contaminants.

    Bill Sullivan receives funding from the National Institutes of Health.

    – ref. How does raw water compare to tap water? A microbiologist explains why the risks outweigh the benefits – https://theconversation.com/how-does-raw-water-compare-to-tap-water-a-microbiologist-explains-why-the-risks-outweigh-the-benefits-246866

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI USA: Murray, Schumer, Murphy, Kim Lead 46 Senators in Introducing Resolution Condemning Pardons of Individuals Found Guilty of Assaulting Capitol Police Officers

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Resolution comes after Trump pardons 1,500 Jan 6 insurrectionists—including those convicted of violently assaulted police officers

    Murray will seek unanimous consent to pass the resolution this week

    Washington, D.C. – Today, U.S. Senators Patty Murray (D-WA), Democratic Leader Chuck Schumer (D-NY), Chris Murphy (D-CT), and Andy Kim (D-NJ) will lead a group of 46 senators in introducing a new resolution condemning the pardons of individuals who were found guilty of assaulting Capitol Police Officers. The resolution follows the move by President Trump, on the first day of his second term, to grant full, complete, and unconditional pardons to over 1,500 people charged with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers, far-right militias. Among those pardoned by Trump were 169 people who pled guilty to assaulting police officers on January 6th.  During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.

    The senators’ resolution, Condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” This week, Senator Murray will seek unanimous consent on the Senate floor to pass the resolution.

    In addition to Murray, Schumer, Murphy, and Kim, Senators Angela Alsobrooks (D-MD), Tammy Baldwin (D-WI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), Tammy Duckworth (D-IL), Dick Durbin (D-IL), Ruben Gallego (D-AZ), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Angus King (I-ME), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Ed Markey (D-MA), Jeff Merkley (D-OR), Jon Ossoff (D-GA), Alex Padilla (D-CA), Gary Peters (D-MI), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR) also cosponsored the resolution. In total, 46 senators signed onto the resolution. A PDF of the resolution is HERE.


    “I refuse to allow President Trump to rewrite what happened on January 6th—armed insurrectionists, incited by Trump himself, broke into the U.S. Capitol and violently assaulted Capitol Police officers in their attempt to overthrow a free and fair election,”
    said Senator Murray. “Insurrectionists cracked the ribs of police officers and smashed spinal disks. Donald Trump’s pardons are a wholesale endorsement of political violence—as long as it serves Donald Trump. Affirming that U.S. Senators condemn unconditional pardons for people who were found guilty of violently assaulting Capitol Police officers should be the easiest thing in the world. If Republicans care even the tiniest bit about law enforcement, they should be outraged by these pardons. I hope and expect my Republican colleagues will allow this very simple resolution to pass as a show of support for the officers who put their lives on the line to keep senators safe.”

    “The people who invaded the Capitol on January 6th, whether they committed violence or not, broke the law and attempted to thwart democracy. What they did is a serious crime. There’s no gray area here,” said Democratic Leader Chuck Schumer. “Donald Trump’s made it clear he’s more interested in rewarding lawbreakers and pardoning lawless rioters who attacked police officers and invaded the Capitol, than standing up for law and order. Senate Republicans who experienced the same mayhem on January 6 should join us in condemning this dangerous signal to lawbreakers, so we can make clear that political violence of any kind is unacceptable.”

    “Trump’s pardons of January 6th rioters who viciously assaulted law enforcement officers send a dangerous message: if you’re willing to commit violence in his name, there are no consequences,” said Senator Murphy. “This endorsement of political violence not only undermines our justice system, but it also makes our nation less safe and emboldens those who would attack our democracy.”

    “On January 6th 2021, we witnessed an attack against our sacred Capitol and a brutal assault on police officers upholding their sworn duty. It is shameful for President Trump to issue the pardons and exalt political violence. We all resoundingly condemned the assassination attempts on Trump only to see him bless the violence against a different branch of government. Never should political violence be acceptable,” said Senator Kim.  

    “President Trump’s blanket pardons of armed insurrectionists, who were convicted by juries of everyday Americans, is the ultimate disrespect for police officers who were brutally assaulted on January 6,” said Senator Blumenthal. “These sickening pardons are a clear endorsement of political violence and discredit justice and the rule of law. I urge my Republican colleagues who were protected that terrible day—and who now stay silent—to join in condemning the violence that occurred and standing with the officers who put their lives on the line for their safety.”

    “By attacking law enforcement and trying to block the peaceful transfer of power, the people being pardoned did serious damage to our Capitol and democracy. Some of them attacked and hurt police officers, all received their day in court and were convicted of their crimes. These pardons are a mistake that I strongly disagree with,” said Senator Cantwell.

    “By putting hundreds of violent criminals back on the streets as one of his first acts back in office, President Trump is sending a clear message: it’s open season on law enforcement officers, as long as you’re committing a crime he approves of,” said Senator Coons, co-chair of the Senate Law Enforcement Caucus. “I pray that none of these criminals go on to commit further acts of violence, but President Trump’s pardons have made our police officers and our streets less safe.”

    “President Trump is pardoning violent criminals who assaulted police officers and attempted to overturn a fair and free election,” said Senator Cortez Masto. “This is an insult to law enforcement across the country and an endorsement of political violence. The very least my Republican colleagues can do to back law enforcement is to support this resolution.”

    “On day one in office—after years of pushing the false narrative that Democrats are ‘soft on crime’ and Republicans truly ‘back the blue’— Donald Trump pardoned over 1,500 violent insurrectionists who assaulted law enforcement officers and stormed our nation’s Capitol in an effort to overturn a free and fair election,” said Senator Duckworth. “Not only are these pardons a gross endorsement of political violence, they’re also an insult to the heroic law enforcement officers who defended our democracy and those who died as a result of that fateful day. If Republicans really cared about upholding democracy and the rule of law, then they’d join us in supporting this simple resolution to condemn President Trump’s pardons.”

    “On January 6, 2021, a mob of Trump-inspired insurrectionists  descended on the U.S. Capitol in an attempt to overturn a free and fair election, wielding unspeakable violence against law enforcement officers.  A ‘full, complete, and unconditional’ pardon dishonors the lives of the five law enforcement officers who died as a result of this day, as well as those who are left with life-altering injuries inflicted by these thugs,” said Senator Durbin.  “This resolution ensures that what truly happened that day – the violent, egregious assault on law enforcement officers and the undermining of a Constitutional proceeding – will not be forgotten, even if President Trump has tried to absolve insurrectionists of their crimes.”

    “I was on the House floor, preparing myself and my colleagues for the mob to overrun the Capitol. President Trump’s pardons of these rioters, many of whom attacked policemen—my friends—is a gross misuse of power,” said Senator Gallego. “We must support law enforcement, not the ones who attacked them and tried to take our democracy.”

    “These criminals used flagpoles, fire extinguishers and bear spray to assault the police securing the Capitol on January 6. No one who assaults a police officer should be given a ‘get out of jail free card’ from the President,” said Senator Heinrich.

    “Instead of focusing on steps to strengthen our economy, lower costs, or make communities safer, Donald Trump’s day one priority was pardoning over 1,500 people who stormed the Capitol on January 6, 2021 in an attempt to overturn an election, including those convicted of assaulting police officers,” said Senator Kaine. “These deeply offensive pardons are a slap in the face of the law enforcement community—including five Virginians who died after protecting the Capitol that day—the Constitution, the rule of law, and our democracy. I’m joining together with my colleagues to introduce legislation to formally condemn these shameful pardons.”

    “We will never forget the truth of what happened on January 6: A violent mob attacked our democracy, our Capitol, and the brave men and women of the Capitol Police who were defending it, ” said Senator Klobuchar. “These officers deserve our respect, not the release and pardoning of those who assaulted them. Over the last four years, I have led hearings to examine the events leading up to the attack and have worked with Democrats and Republicans to ensure Capitol Police officers have our full support moving forward. The release of and pardons for those who assaulted them is simply wrong.”

    “The pardons that President Trump granted to insurrectionists who desecrated our Capitol and threatened our democracy on January 6 are not only condemnable – they are disrespectful of the law enforcement who show up every day to protect and serve us. When Republicans say they ‘back the blue,’ they are lauding the very violent criminals who left our officers back and blue on that day. Anyone who supports these pardons is supporting crime and violence,” said Senator Markey. 

    “I condemn in the strongest terms President Trump’s disgraceful pardon of more than 1,000 criminals, many of them violent, who overran the U.S. Capitol, desecrated the seat of our democracy, and assaulted law enforcement in their failed attempt to prevent the peaceful transfer of power,” Senator Ossoff said.

    “President Trump’s decision to pardon the people who attacked the U.S. Capitol and violently assaulted law enforcement officers, in an effort to overturn a free and fair election, is a clear abuse of power. A President’s allies should never receive special treatment when they’ve committed serious, violent crimes – crimes intended to undermine our democracy. To give these attackers a clean slate not only undermines the rule of law, it emboldens their extreme ideological views and it further erodes Americans’ trust in our government,” said Senator Peters.

    “These pardons were a slap in the face of the Capitol Police who stand up everyday to protect members of Congress.  They have our back; we should have theirs.  Failing to condemn the pardons of the criminals who attacked the Capitol would be a shameful betrayal of these dedicated officers,” said Senator Reed.

    “It’s unconscionable that one of President Trump’s first actions in office was to pardon criminals who violently attacked the U.S. Capitol on January 6th, 2021,” said Senator Rosen. “A number of these convicted felons attacked police officers and injured them. It should not be a partisan issue to fully condemn these actions and President Trump’s pardons.”

    “Pardoning those who were convicted of assaulting police officers who were doing their duty during the January 6, 2021, attack on the U.S. Capitol is reckless and dangerous,” said Senator Shaheen. “No elected official, especially the President of the United States, should ever do anything that would justify, condone or excuse politically motivated violence. I hope all my colleagues will join us in supporting this resolution to condemn pardons for those found guilty of assaulting police officers on January 6, 2021.”

    “President Trump’s day one agenda was letting violent criminals who beat police officers out of prison. These are people who planned an insurrection, assaulted police officers with metal batons, fire extinguishers, wooden planks, and even admitted to these crimes and pled guilty in court. The brave Capitol Police officers who put themselves in danger to protect our democracy deserve better. We can’t let what actually happened on January 6th, 2021 be rewritten and whitewashed,” said Senator Smith.

    “On January 6, many rioters attacked our Capitol and assaulted, bludgeoned, and bloodied Capitol Police officers and officers from the District of Columbia. Donald Trump’s pardons of these convicted criminals are sickening – they are a gross insult to the brave officers who did their duty and a betrayal of all of law enforcement. I urge our Republican colleagues to join us in sending a simple message: celebrating criminals convicted of beating police officers is unacceptable,” said Senator Van Hollen.

    According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in Court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.

    Among others, the individuals who assaulted law enforcement officers and were granted full, unconditional pardons by President Trump this week include:

    • Taylor James Johnatakis, of Kingston, Washington, was convicted of three felonies in November 2023, including assaulting officers. Prosecutors said that he “coordinated a violent assault on a line of police officers defending” the Capitol and that video shows he “used a metal barricade to attack officers head on and grabbed one officer to prevent him from defending himself against other attacking rioters.”
    • Julian Khater, who assaulted a U.S. police office—Brian Sicknick—and later pled guilty to assaulting a police officer with a dangerous weapon.
    • Robert Palmer, who attacked police with a fire extinguisher, a wooden plank, and a pole.
    • Tyler Bradley Dykes of Bluffton, South Carolina, who was sentenced to 57 months in federal prison for stealing a police riot shield and twice using it against officers. He pleaded guilty to two felony counts of assaulting, resisting or impeding officers.
    • Devlyn Thompson, who hit a police officer with a metal baton.
    • Andrew Taake, of Houston, Texas, who was sentenced to a little more than six years for assaulting law enforcement officers with bear spray and a metal whip.
    • Christopher Quaglin, who federal prosecutors said “viciously assaulted numerous officers” and was one of the most violent rioters, was sentenced to 12 years in federal prison.
    • David Dempsey, who, according to prosecutors, “was one of the most violent rioters,” and received 20 years in prison. Prosecutors also said Dempsey had a “very significant history of arrests and convictions” prior to the January 6th attack.
    • Daniel Rodriguez, of Fontana, California, who plunged a stun gun into the neck of Washington Police Officer Michael Fanone multiple times.
    • Ryan Nichols, of Longview, Texas, who assaulted officers with pepper spray, and later on Jan. 6, at his hotel room, he called for additional violence.
    • Howard Richardson, of King of Prussia, Pennsylvania, who struck a police officer three times with a flagpole, hard enough to break the flagpole.
    • Robert Sanford, from Chester, Pennsylvania, who hit two police officers in the head with a fire extinguisher and threw a traffic cone at another officer.
    • Jonathan Munafo, of Albany, New York, who punched a police officer, stole the officer’s riot shield, and struck a Capitol office window with two poles.

    MIL OSI USA News –

    January 28, 2025
  • MIL-OSI Global: Trump has rejected the Paris agreement again, but game theory shows how other countries can still lead by example

    Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

    petrmalinak/Shutterstock

    It came as a surprise to nobody that one of Donald Trump’s first acts on his return to the White House was to sign an executive order withdrawing the US from the Paris agreement on climate change.

    Almost 200 other countries will remain part of the deal designed to stem global warming. So how will they fare without the participation of one of the biggest polluters on the planet?

    The exit of the US encapsulates a tricky issue when it comes to international efforts to tackle climate change. Any effort to decrease the use of fossil fuels is individual, while any benefits are universal.

    And since 1997, the main approach to tackle climate change multilaterally has been through UN-backed summits known as “Cops” (Conference of the Parties) where countries gather and promise each other to cut their emissions.

    Richer countries, which polluted more in the past and created most of the accumulated CO2 in the atmosphere, have also committed to helping poorer countries develop economically while emitting less, to the tune of US$300 billion (£244 billion) a year by 2035.

    But while plenty of effort goes in to organising the largest possible coalition of countries, in the end, everything is based on good faith and promises. There is no mechanism by which countries which fail to live up to agreements are punished.

    So when national politics or budgetary constraints come into play, climate commitments can be left by the wayside. A project to tax pollution may be cancelled or campaigners may succeed in blocking plans.

    Yet there are benefits to be had from leading by example and cutting emissions without any guarantee that others will do the same. This is partly because humans have a tendency towards what’s known as “conditional cooperation”. People who fail to cooperate when they have to do it at the same time as others are much more likely to join in if they observe previous cooperation.

    For this reason, research I recently published with colleagues on game theory (the mathematical study of strategic interactions), suggests that the best thing for advanced economies to do is keep on cutting their own emissions.

    Because without efforts from rich countries to pursue a path towards mitigating global warming, there is no hope the others will follow. In that case, even a small wealthy country (like the UK) matters in demonstrating an unambiguous commitment to tackling climate change.

    Carbon cooperation

    Beyond encouraging further cooperation, a strong climate policy in the form of carbon taxes is also the most powerful way to punish those who do not take part in the global effort.

    Both the US (under Biden) and the EU have developed their own versions of a tool called a “carbon border adjustment mechanism” which means exporters from countries that do not tax emissions (or tax them less less heavily) need to pay the domestic carbon tax instead.

    Consider for instance a Chinese company exporting a container to the UK. If Chinese manufacturers have already paid a carbon tax worth £100 to the Chinese government for the product in the container, but the UK’s carbon tax would have been £200, the border tax is the difference between the two, £100.

    But if the Chinese government increases its domestic carbon tax to the UK level or above, the tax from the border adjustment mechanism drops to zero.

    This approach has influenced many countries to start their own carbon tax, because it is better to get tax receipts at home than to send them elsewhere. But again, it helps to lead by example. To influence others with border taxes, you need to implement your own system first.

    Cop out?

    Despite all of this apparent cooperation, and widespread concern about the impact of climate change, the latest Cop summit in Azerbaijan, held in November 2024, was considered by many to be a disappointment.

    But there is also some good news, which suggests that efforts are heading in the right direction. The latest data for example, shows that the EU is not far away from its 2030 target. Greenhouse gas emissions are already 37% below what they were in 1990 level. In the UK, the figure is 42%.

    In China, emissions might have apparently already peaked, earlier than expected. Even in the US, emissions are decreasing.

    Looking back at the scenarios that led to the first UN climate summit in Kyoto, not everything is bright. The world is unlikely to avoid global temperatures raising to more than 1.5°C above pre-industrial levels.

    So maybe we shouldn’t rely too much on future summits to make the next environmental breakthrough. The path forward could be more likely to come from technical solutions like carbon taxes and border adjustment mechanisms. And perhaps the best way to convince the rest of the world to cut their emissions is not to give them lectures and conferences – but to lead by example.

    Renaud Foucart 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. Trump has rejected the Paris agreement again, but game theory shows how other countries can still lead by example – https://theconversation.com/trump-has-rejected-the-paris-agreement-again-but-game-theory-shows-how-other-countries-can-still-lead-by-example-246818

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI Global: England’s maths teacher recruitment problem is set to worsen

    Source: The Conversation – UK – By Neil Saunders, Senior Lecturer in Mathematics, City St George’s, University of London

    Ground Picture/Shutterstock

    Everyone should leave school with a solid understanding of maths. Decent mathematics literacy is a hugely important skill in many aspects of life. We need it when budgeting for a weekly shop, asking for a pay rise and completing a tax return.

    An interest and enjoyment in maths fostered at school can lead people to study the subject further. Mathematics graduates go on to professions in government, industry, software development and financial analytics, as well as many genres of engineering.

    In total, 13% of all employment in the UK is in professions that depend on mathematical sciences. A workforce that has been well taught in maths is crucial to a society’s prosperity.

    Building a workforce skilled in mathematics in England, however, will be difficult when there are not enough people qualified to teach the subject at school. Mathematics is a technical discipline. Quality teaching relies on its educators to have specific training: a university degree in maths.

    Research published in 2019 in Australia found that secondary school students achieved noticeably higher results when they were taught maths by teachers with a university degree majoring in maths than those “out-of-field” teachers.

    But in England, the Department of Education has an ongoing problem of under-recruitment of maths teachers. In the year 2023-24, recruitment in initial trainee maths teaching reached only 63% of its target. Research from 2018 found that less than half of maths teachers in state schools have a mathematics or other relevant degree.

    And maths achievement is declining. In the OECD’s programme for international student assessment (Pisa) tests, introduced in the year 2000, 15 year-olds in the UK are recording their lowest maths results since 2006.

    The longstanding failure to recruit enough maths graduates to become teachers is now set to be exacerbated by the changes in maths provision at universities. Maths degrees are becoming less accessible to the people who are likely to go on to become teachers.

    University options

    Over the previous decade, but particularly since the pandemic, Russell Group universities – research-intensive institutions that take students with the highest A-level grades — have increased their intake of students taking maths degrees.

    On the other hand, maths options are declining at lower-tariff universities and those that offer flexible study options.

    Birkbeck, University of London, no longer offers undergraduate degrees in maths as a single subject. Birkbeck is renowned for its provision of evening and part-time degree courses, which offers flexibility for students who may not be able to attend a traditional course or need to work while studying.

    Huddersfield has also discontinued its mathematics courses after reviewing its provision, and many other institutions are considering further cuts and redundancies.

    In 2011, lower-tariff institutions accounted for 13% of the market share of the intake of mathematics students. This dropped to just 4.5% in 2021, putting such institutions under severe pressure.

    Graduates of post-92 universities – former polytechnics and other recently established institutions, which often require lower grades for entry – are much more likely than their Russell Group counterparts to go into school teaching. A recent report by Professor Paul Wakeling, which was commissioned by the Campaign for Mathematical Sciences, analysed outcomes of mathematical degrees in the UK across the period 2017-18 to 2020-21.

    Over that period, it found that 17.4% of graduates from post-92 institutions went into the secondary teaching, compared with around 5.6% from Russell group universities.

    The accessibility of a degree will affect who enrols.
    VesnaArt/Shutterstock

    The closure of mathematics departments causes the phenomenon of “maths deserts”: large swaths of the country where access to mathematics degree study is limited. This particularly affects students from poorer backgrounds, who are more likely to be living at home during their degree and will attend their local university.

    This also affects the provision of school maths teachers. Graduates in mathematics from more disadvantaged socioeconomic backgrounds are more likely to go into school teaching than graduates from more wealthy backgrounds.

    The decline in the availability of maths degrees at lower-tariff institutions is likely to be reducing the number of potential maths teachers – as well as severely reducing the diversity of people going into maths.

    The chronic shortage of specialist maths teachers is set to worsen. Universities around the country are under severe financial pressure, which is likely to lead to further cutting of courses and staff.

    This will only exacerbate the problem of teacher shortages – which is turn will lead to declining mathematical literacy in the community, as well as a lack of diversity in mathematics.

    Neil Saunders 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. England’s maths teacher recruitment problem is set to worsen – https://theconversation.com/englands-maths-teacher-recruitment-problem-is-set-to-worsen-246351

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Fourth Quarter 2024 and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Jan. 27, 2025 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the fourth quarter of 2024 (three months ended December 31, 2024) and full year of 2024 ahead of its quarterly filing.

    Financial Highlights

    • Revenue is expected to be between $1.1 million – $1.3 million in 4Q24, an increase of 882% at the midpoint of the range from revenue of $117,000 in 4Q23
    • Gross margin is expected to increase from 36% in 4Q23 to 72-74% in 4Q24, driven by increased sales and efficiencies in the manufacturing process in calendar 2024
    • Full year 2024 revenue is expected to increase from $349,000 in fiscal 2023 to $3.4 million – $3.6 million, representing almost 10-fold growth
    • Full year 2024 gross margin is expected to increase from 35% in fiscal 2023 to 65-67%, driven by increased volume in manufacturing in calendar 2024

    2024 Corporate Highlights

    • Announced a complete rebranding of the Company to NEWTON GOLF Company
    • Launched the Newton Fairway Motion shafts
    • Launched the new Newton Gravity premium putter line through the introduction of five new putter models
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in 50 of Japan’s largest golf retail locations
    • Increased the number of golf professionals using the Newton Motion Shafts on the PGA TOUR Champions from less than five at the beginning of 2024 to 34 at the end of 2024
    • Executed successful digital campaigns with high return on ad spending that were instrumental in the Company’s revenue growth
    • Closed on $9.1 million in financings to support the Company’s strategic growth
    • Introduced new advanced performance shafts for higher swing speeds in January 2025

    NEWTON GOLF Executive Chairman Greg Campbell commented, “Our expected improved results in 4Q24 and full year 2024 is reflective of the growing acceptance of our unique technology and design elements in our putters and replacement shafts. We recognized significantly increased sales of our NEWTON Motion replacement shafts throughout 2024 from both professional and recreational golfers, and we expect that momentum to continue in 2025. Despite it being generally off season for golf, we were pleased with our Black Friday and Cyber Monday sales, and we look forward to improved gross margin performance as we scale production and bring down unit cost.”

    This press release contains preliminary estimated financial results for the quarter and fiscal year ended December 31, 2024, and the financial results may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

    January 28, 2025
  • MIL-OSI United Kingdom: Improving Access to Scotland’s NHS: We Can Renew Scotland’s NHS and Help Our Nation Thrive

    Source: Scottish National Party

    Like all of us, the National Health Service is personal for me – I see first-hand all that it does, and has done, for my own family.

    In the last years of my beloved Mother’s life, I saw such care and attentiveness in the community and in hospital care.

    My wife would not have the capacity and capability she has in dealing with MS, had it not been for the outstanding care and insight of the National Health Service alongside, might I say, her absolutely personal determination to stay strong.

    I would not have had such joy in my life at the birth of my three children without the National Health Service.

    It is personal for all of us.

    That is why we care about it so much.

    That is why we want to see it thriving once again.

    We all know the tremendous pressures our NHS has been under in recent years.

    We see a service still reeling from the strain of a global pandemic – a pandemic that revealed the NHS’s many strengths but also exposed its underlying weaknesses.

    Weaknesses made worse by a decade and a half of austerity, and by the body blow of inflation that has meant – as we know from our own family finances – the available money delivers less.

    It is a service still beset by backlogs and delayed discharges, and struggling to meet the increasing needs of an ageing population.

    The challenges are great, of that I have no doubt. But I know also that our NHS is fundamentally resilient, fundamentally robust.

    I witnessed both these realities earlier this month when I spent a Saturday evening visiting the emergency department at the Royal Infirmary of Edinburgh.

    In the midst of both winter pressures and a particularly challenging flu season, I saw patients who waited too long to be seen, but also staff who went above and beyond.

    I saw an NHS that in the face of the storm kept on standing, kept on delivering.

    There are some who oppose the NHS model, who believe that the answer to our health challenges is a privatisation of care. They want us to believe that the health service is beyond saving, that it is on the point of collapse.

    But that is simply not true.

    There are challenges.

    Some services are struggling.

    Periods of real crisis as we have seen in recent weeks as flu cases spiked.

    The impact of these issues on too many patients is real.

    But, as I will set out today, there is nothing wrong with the National Health Service that can’t be fixed by what is right with the National Health Service.

    What is right with the National Health Service includes the thousands of health and care staff who are doing phenomenal things under enormous pressure.

    People who, time and again, display resilience, selflessness and grit, who truly go above and beyond.

    It includes innovations, such as the Rapid Cancer Diagnostic Service, a new pathway that delivers significant reductions in the time from referral to diagnosis, opening the door also to faster treatment.

    It includes national public health initiatives like the HPV vaccination programme, which has resulted in no cases of cervical cancer in young women who have been fully vaccinated.

    A remarkable, utterly remarkable, life-saving achievement.

    And it includes cutting-edge research, multiple projects, looking into the ways AI can transform diagnosis and treatment in the years to come.

    The foundations on which we will build NHS recovery and renewal are strong.

    Under this Government, the NHS will always remain in the hands of the public and free at the point of use. That is non-negotiable.

    The question then becomes how do we do better?

    How do we ensure our health service is not just the best in these isles but the best it can possibly be?

    The answer to that question is not a simple one. There is no ‘magic bullet’.

    Rather, it involves progress across multiple fronts, a balancing of sometimes competing demands and interests.

    It will require choices and action by central government, yes, but that must be delivered in partnership with others – local government, the third sector, patient groups, and health and social care workers at all levels.

    It must deliver reform that is fundamentally patient-centred but do so through a health and social care system that becomes an ever more interconnected whole.

    I have said before that my approach as First Minister is to seek the right solutions, not merely the quick ones.

    I favour consensus building and collaboration over diktats from on high. For the future success of our NHS this is not only the right approach, but also the necessary approach.

    We will only succeed on this path of reform and renewal if we walk it together.

    That is why the Cabinet Secretary for Health and I meet regularly with staff in all parts of the National Health Service.

    It is why we have been engaging with health boards, local government, Health and Social Care Partnerships, the Scottish Ambulance Service, Public Health Scotland, and NHS 24.

    We have listened carefully, also, to patients and their families, to all those who depend on the NHS for lifesaving, life-enhancing care.

    We have been told all that is going well and all that must be better.

    We have heard the advice from those with direct, frontline experience. And that has helped us develop a clear understanding of where the challenges are, and what changes are needed.

    It is this kind of open, collaborative approach, with a focus on solutions, on the right answers over the easy ones, that has led to the actions I am setting out today.

    It is a set of actions with clear outcomes – tangible improvements that we can and will deliver.

    Tangible improvements to make people’s experience of the NHS in Scotland better than it is today.

    Actions made possible by the record funding we are delivering to the NHS frontline.

    Actions that will address the immediate issues in our health service – those problems of access that I know cause so much frustration, and indeed for some, unnecessary pain.

    Actions that set out a new course so we can safeguard the NHS for the long-term.

    Over the coming weeks, the Government will set out for Parliament what the different elements of our approach will mean in practice.

    And we will be reminding Members of Parliament as we do that, that the delivery of this stronger NHS depends on the safe progress of the draft Budget currently being considered by Parliament.

    The actions we will take to deliver a more accessible, more person-centred NHS have three clear purposes:

    First, to reduce the immediate pressures across the NHS.

    Second, to shift the balance of care from acute services to the community.

    Third, to use innovation – digital and technological – to improve access to care.

    Together, these will address the problems that right now, every day weigh down our National Health Service.

    They will begin to deliver the long-term, systemic improvement that is needed to ensure our health service is sustainable for the future.

    And they will make it easier for people across Scotland to live healthier lives, helping us to build a future in which health is practiced in homes and communities as much as it is practiced in surgeries and hospitals.

    So let’s talk first about those immediate problems, the crises facing too many parts of our National Health Service.

    The first and most important thing on many people’s minds is how long it can take to access services.

    Delays in access, with waiting times that are too long, and delays in discharge, because appropriate at home or in community care is not available.

    The two, of course, are fundamentally connected.

    Last year, I referred to delayed discharge as the canary in the coal mine of our National Health Service. I think of waiting times in much the same way.

    Both these delays tell us that the flow of people through the health system is not happening as it should.

    Put more simply, people are not getting the right care in the right place, at the right time.

    That is not acceptable to me.

    It is not acceptable to my Government, because it can lead to people getting sicker as they wait, and it can mean they can take longer to recover.

    It adds substantially to the stress they and their loved ones experience.

    It creates greater strain across the system, leading to more delays elsewhere, poorer outcomes for others and still further stress on services.

    It is the very definition of a vicious circle, and it has to come to an end.

    So, today, we commit to a substantial increase in capacity in order to significantly reduce people’s waits.

    The changes we propose – including an enhanced regional delivery model, alongside increased levels of activity in our National Treatment Centres – will deliver over 150,000 extra appointments and procedures – in hospitals, in communities – in the coming year.

    That includes 10,000 extra procedures through smarter working in the National Treatment Centres.

    Other sites – including Gartnavel, Inverclyde, Stracathro, Perth Royal Infirmary and Queen Margaret Hospital – will deliver 9,500 extra cataract procedures.

    As well as 2,500 extra orthopaedic appointments and procedures – operations such as hip or knee replacements.

    In this way, we will create centres of excellence, places of expertise and specialisation, where we will be better placed to capitalise on the technological innovation and the potential of AI.

    And we will cut our waiting lists.

    Cancer referrals, gynaecology, ophthalmology, orthopaedics, and radiology – all benefiting from this new investment.

    Centres able to deliver more care, more quickly and more efficiently than traditional, smaller, more fragmented facilities – with transport support provided for those who need it.

    And, to ensure that they do, we will put in place clear milestones and targets for those specialities that add the most to our waiting lists.

    Our second focus will see more and better care delivered in the community.

    I spoke earlier about the importance of people receiving the right care at the right time, in the right setting.

    That right setting will always be the least intensive setting appropriate to the person’s needs.

    Sometimes that appropriate setting is in hospital. More often, it is not.

    So to strengthen and renew our NHS, we will shift more care into communities and into homes.

    As much as possible, people who do not need to be in hospital will not go to hospital, protecting those acute services for those who absolutely need them.

    This new approach will mean changing the way we deliver acute services.

    By this summer, we will have specialised staff in frailty teams, at the front door of every A&E department in Scotland.

    This will mean that frail patients, often older patients with complex needs, will bypass our busy A&Es, in order to receive the specialist care and support they need, whether in hospital or back at home.

    It will mean better care for these most vulnerable patients while reducing the pressure on our A&Es.

    Our actions will also improve the NHS’s capacity to treat people at home.

    Our Hospital at Home initiative, which allows hospital-levels of care in a person’s home, will be expanded to at least 2,000 beds by the end of 2026.

    Without the need for any new bricks and mortar, the effective capacity of every single hospital in Scotland will be expanded.

    Taken together, it is action that will ease acute pressures, reduce delays, cost less to our NHS, and most importantly, help people get better more quickly, more comfortably.

    Quality care for thousands of Scots delivered not simply close to home, but at home.

    Of course, we cannot simply shift services out of acute settings. We also need to build capacity in our primary care and community health settings.

    With this in mind, the Government has been listening carefully to the views of Scotland’s GPs.

    They have described the multiple contributions general practice can make as we shift to more community-focused care. They have argued that GPs must be given the resources they need to fulfil that role.

    We have listened, and we have been persuaded.

    As a result, our plan will ensure that a greater proportion of new NHS funding goes to primary and community care.

    GPs and services in the community will have the resources they need to play a greater role in our health system.

    This increased investment will result in GP services that are easier for people to access.

    That is important in terms of people’s confidence in the health service – indeed, difficulties making GP appointments top the list of issues that people often raise with me.

    But equally, it will make it more likely that health issues are picked up quickly and dealt with earlier.

    For there is no better way to deal with illness than to prevent it.

    Addressing conditions early and intervening to prevent diseases from progressing, prevents manageable conditions from becoming serious ones.

    It is good for patients and of vital importance for the future sustainability of our National Health Service.

    That is why our plan also includes £10.5 million to build GP capacity to intervene earlier and prevent illnesses, such as cardiovascular disease.

    But this is not only an issue of money. We must also innovate and identify new ways of working.

    For example, I want to see the NHS Scotland Pharmacy First Service expand so that community pharmacies can treat a greater number of clinical conditions and prevent the need for a GP visit in the first place.

    The third part of our approach is innovation to improve access to, and delivery of, care.

    Better use of data will ensure that more operating theatres are working at maximum capacity, with best practice approaches, approaches shown to increase productivity by 20%, rolled out across the country.

    Using existing capacity, more operations will be delivered – enabling us to also deliver shorter waiting times.

    The latest innovations in genetic testing will be harnessed to enable better targeting of medications in cases ranging from recent stroke patients to new-born infants with bacterial infections.

    Smarter care, better care.

    Building on the already successful model of digital support for mental health – a service that saw 74,000 referrals in 2023-24 – we will offer support in additional areas including dermatology and the management of long-term conditions.

    This type of care, because it is not dependent on physical attendance, at a specific time, in a specific place, is more flexible.

    It means care can be made to fit better into the lives of those who use the services.

    Again, smarter care, and better care.

    And, as a much-needed addition to improve patients’ interaction with the NHS, there will be a Scottish health and social care app.

    This ‘Digital Front Door’ will begin rollout from the end of this year, starting in Lanarkshire, and, over time, it will become an ever more central, ever more important access and management point for care in Scotland.

    This is the third in a series of speeches I have delivered in recent weeks.

    In each I have spoken about the importance of identifying clear goals, clear direction to national policy.

    If we have a clear sense of the direction we wish to travel, the levels of success we wish to achieve, and if we can unite behind these goals, then genuine progress becomes all the more possible.

    Protecting, strengthening, renewing our National Health Service – that is a goal I think we can all get behind.

    MIL OSI United Kingdom –

    January 28, 2025
  • MIL-OSI United Kingdom: UK drives green growth by connecting millions to electricity across Africa

    Source: United Kingdom – Executive Government & Departments

    UK Minister for Africa Lord Collins announces support to extend electricity access to millions across Africa.

    • Minister for Africa Lord Collins announces support to extend electricity access to millions across Africa.

    • New deal between British International Investment and UK cleantech company MOPO will connect over a million people across the DRC to renewable energy sources, delivering on the Plan for Change by unleashing the power of British technological innovation.

    • UK partnership with the African Development Bank will also channel private sector capital into African clean energy.

    Millions more people across Africa will have access to clean power thanks to UK investment, Africa Minister Lord Collins has announced.

    This comes as UK Special Representative for Climate Rachel Kyte attends the Mission 300 Africa Energy Summit today [27 January] in Dar Es Salaam, Tanzania.

    The UK is one of the largest investors in clean energy in Africa and is working in partnership to support the Mission 300 initiative, which aims to expand electricity access to 300 million people in Africa by 2030. Half of Africa’s population – 600 million people – lack vital access to electricity.

    Lord Collins is announcing a £5.3 million new deal between British International Investment (BII), the UK’s development finance institution, and UK cleantech firm MOPO. 

    This investment will enable MOPO to expand its pay-per-use battery rental operations in the DRC where over 80% of the population lack access to electricity. It demonstrates how UK companies are unlocking new opportunities for growth and positive impact that the clean energy transition has to offer in the UK and beyond.

    Lord Collins will also announce new UK support of £8.5 million towards the African Development Bank’s Sustainable Energy Fund for Africa (SEFA) to build on existing efforts between the UK and African partners to connect millions of people across the continent with clean, reliable power.

    Today’s announcement will unlock private sector investment in renewable energy projects including clean cooking and energy efficiency.

    The support, which will be delivered as part of the UK’s Africa Regional Climate and Nature Programme (ARCAN), will accelerate renewable energy adoption and improve energy efficiency, developing solar-powered mini-grids in rural communities and providing technical assistance for large-scale renewable energy projects.

     Minister for Africa Lord Collins of Highbury said:

    The UK has set a landmark goal to be the first major economy to deliver clean power by 2030, and through our Plan for Change we’ll harness technology to transform the UK into a clean energy superpower. We want to leverage this ambition with our African partners to power green growth, eradicate poverty and tackle climate change.

    Connecting the continent to clean, reliable energy is vital, and UK support is helping ensure millions are getting the access they need to prosper through planet-friendly solutions. This will also allow us to deepen our partnerships across Africa, sharing expertise, finance and innovation.

    These announcements from Lord Collins show how the UK Government is delivering on the Plan for Change, which will transform the UK into a clean energy superpower, cutting bills and guaranteeing our energy independence, while championing clean technology innovation overseas  and generating opportunities for investment and jobs in British businesses. 

    Speaking at the summit, the UK’s Special Representative on Climate, Rachel Kyte, said:

    Reliable, affordable and clean energy is the cornerstone of economic growth and development. Clean energy, through modern grids and distributed renewable energy offers an opportunity for inclusive growth. Helping end energy poverty supports growth, builds resilience and puts countries on a pathway that helps our common challenge of fighting climate change.  The UK is working with partners across Africa to connect millions of people in the region with cleaner and more efficient power. That is why I’m pleased to be at this summit, supporting Mission 300 and reaffirming our commitment to our shared sustainable development goals especially in Africa.

    At the summit, the UK’s Special Representative for Climate will set out how the UK is deepening our partnerships with African nations and multilateral institutions to fuel the clean energy revolution and stimulate growth whilst tackling the climate emergency.

    Leslie Maasdorp, BII CEO said: 

    At BII we want to use our distinctive position, and track record, to create more early-stage solutions that help expand access to energy for more Africans. This is demonstrated through our investment in MOPO, which is expected to reach over a million people in DRC where energy access is limited.

    More broadly, we welcome the partnership of African governments, as well as other institutions like the African Development Bank, in making that ambition a reality.

    Today’s announcements at the Dar Es Salaam summit also reinforce the long-standing UK-Tanzania partnership.

    Tanzania was one of the first countries to sign up to the first mission of the UK’s Global Clean Power Alliance. The two countries are working together to boost the global clean energy transition, whilst furthering trade opportunities that will create jobs and deliver economic growth.   

    Notes to Editors:

    • BII is playing its part in the overall ecosystem to meet the goals of Mission 300. Today, BII’s investments provide clean energy to over 26 million people across sub-Saharan Africa and it has ambitions to do more.
    • MOPO installs hundreds of solar powered hubs which rent MOPO batteries to customers in regions far from the main grid. MOPO was supported in its early stages to develop its technology, business model and partnerships through the FCDO’s Transforming Energy Access programme.
    • The ADB funding will be delivered through the Sustainable Energy Fund for Africa (SEFA) and will provide concessional finance and technical assistance to mobilise finance from the private sector into innovate, clean energy projects. Investments made by SEFA with support from the UK and other donors is expected to create 1.3 million new electricity connections in Africa.
    • The Africa Regional Climate and Nature Programme (ARCAN) is part of the UK’s wider £11.6bn International Climate Finance commitment. Other projects include the Climate Adaptation and Resilience research programme (CLARE), FSD Africa and FSD Africa investments, and Cooperation in International Waters in Africa (CIWA).

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Updates to this page

    Published 27 January 2025

    MIL OSI United Kingdom –

    January 28, 2025
  • MIL-OSI: Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results for the Third Fiscal Quarter and Declaration of Distributions on Common Stock for the Months Ending April, May, and June 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 27, 2025 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (Nasdaq: OXLC) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) (NasdaqGS: OXLCI) (“Oxford Lane,” the “Company,” “we,” “us” or “our”) announced today the following financial results and related information: 

    • On January 24, 2025, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    April 30, 2025 April 16, 2025 April 30, 2025 $ 0.09
    May 31, 2025 May 16, 2025 May 30, 2025 $ 0.09
    June 30, 2025 June 16, 2025 June 30, 2025 $ 0.09
    • Net asset value (“NAV”) per share as of December 31, 2024 stood at $4.82, compared with a NAV per share on September 30, 2024 of $4.76.
    • Net investment income (“NII”), calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), was approximately $72.4 million, or $0.20 per share, for the quarter ended December 31, 2024.
    • Our core net investment income (“Core NII”) was approximately $99.9 million, or $0.28 per share, for the quarter ended December 31, 2024.
      • Core NII incorporates all applicable cash distributions received, or entitled to be received (if any, in either case), on our collateralized loan obligation (“CLO”) equity investments. See additional information under “Supplemental Information Regarding Core Net Investment Income” below.
      • We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.
    • Total investment income for the quarter ended December 31, 2024 amounted to approximately $114.5 million, which represented an increase of approximately $9.3 million from the quarter ended September 30, 2024.
      • For the quarter ended December 31, 2024 we recorded investment income as follows:
        • Approximately $107.6 million from our CLO equity and CLO warehouse investments, and
        • Approximately $6.9 million from our CLO debt investments and other income.
    • Our total expenses for the quarter ended December 31, 2024 were approximately $42.0 million, compared with total expenses of approximately $37.9 million for the quarter ended September 30, 2024.
    • As of December 31, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders): 
      • The  weighted average yield of our CLO debt investments at current cost was 16.6%, down from 17.3% as of September 30, 2024.
      • The weighted average effective yield of our CLO equity investments at current cost was 16.1%, down from 16.5% as of September 30, 2024. For the December quarter, we have excluded the impact of CLO warehouse positions from the calculation.
      • The weighted average cash distribution yield of our CLO equity investments at current cost was 23.9%, down from 24.1% as of September 30, 2024.
    • For the quarter ended December 31, 2024, we recorded a net increase in net assets resulting from operations of approximately $103.7 million, or $0.29 per share, comprised of:
      • NII of approximately $72.4 million;
      • Net realized losses of approximately $3.6 million; and
      • Net unrealized appreciation of approximately $34.9 million. 
    • During the quarter ended December 31, 2024, we made additional investments of approximately $389.3 million, and received approximately $33.9 million from sales and repayments of our CLO investments.
    • For the quarter ended December 31, 2024, we issued a total of approximately 49.0 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $248.9 million. As of December 31, 2024, we had approximately 388.9 million shares of common stock outstanding.
    • On January 24, 2025, our Board of Directors declared the required monthly dividends on our 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares as follows:
    Preferred
     Shares Type
    Per Share Dividend Amount Declared Record Dates Payment Dates
    6.25% – Series 2027 $         0.13020833  March 17, 2025, April 16, 2025, May
    16, 2025
    March 31, 2025, April 30, 2025, May
    30, 2025
    6.00% – Series 2029 $         0.12500000  March 17, 2025, April 16, 2025, May
    16, 2025
    March 31, 2025, April 30, 2025, May
    30, 2025
    7.125% – Series 2029 $         0.14843750  March 17, 2025, April 16, 2025, May
    16, 2025
    March 31, 2025, April 30, 2025, May
    30, 2025

    In accordance with their terms, each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares will pay a monthly dividend at a fixed rate of 6.25%, 6.00% and 7.125%, respectively, of the $25.00 per share liquidation preference, or $1.5625, $1.5000 and $1.78125 per share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not, in any case, be lower than 6.25%, 6.00% and 7.125% per year, respectively, for each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares and 7.125% Series 2029 Term Preferred Shares.

    Supplemental Information Regarding Core Net Investment Income 

    We provide information relating to Core NII (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. Oxford Lane’s management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of Oxford Lane’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons.

    Income from investments in the “equity” class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by the Company during the period (referred to below as “CLO equity adjustments”). 

    Furthermore, in order for the Company to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.

    The following table provides a reconciliation of GAAP NII to Core NII for the three months ended December 31, 2024:

      Three Months Ended
    December 31, 2024
     

    Amount

      Per Share
    Amount
    GAAP net investment income $ 72,425,786   $ 0.20
    CLO equity adjustments   27,482,067     0.08
    Core net investment income $ 99,907,853   $ 0.28

    We will host a conference call to discuss our third fiscal quarter results today, Monday, January 27, 2025 at 9:00 AM ET. Please call 1-833-470-1428, access code number 435642 to participate. A recording of the conference call will be available for replay for approximately 30 days following the call. The replay number is 1-866-813-9403, and the replay passcode is 828365.  

    A presentation containing additional details regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordlanecapital.com. 

    About Oxford Lane Capital Corp. 

    Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of CLO vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties.  Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

    January 28, 2025
  • MIL-OSI: DECEMBER 2024: ELFA CapEx Finance Index Shows New Business Volumes Surged at Year-End

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

    A photo accompanying this announcement is available at:

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

    The MIL Network –

    January 28, 2025
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