Economy – Page 1315 – NewzIntel.com

MIL-OSI: Inuvo to Host Third Quarter 2024 Financial Results Conference Call on Friday, November 8th at 8:30 A.M. EST

Source: GlobeNewswire (MIL-OSI)

LITTLE ROCK, Ark., Oct. 31, 2024 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), provider of the first generative artificial intelligence (AI) advertiser solution made specifically for brands and agencies, will host a conference call on Friday, November 8, 2024, at 8:30 AM Eastern Standard Time to discuss its financial results and provide a business update for the for the third quarter ended September 30, 2024.

Conference Call Details:
Date: Friday, November 8, 2024
Time: 8:30 a.m. Eastern Standard Time
Toll-free Dial-in Number: 1-800-717-1738
International Dial-in Number: 1- 646-307-1865
Conference ID: 1131160
Webcast Link: HERE

A telephone replay will be available through Friday, November 22, 2024. To access the replay, please dial 1- 844-512-2921 (domestic) or 1- 412-317-6671 (international). At the system prompt, please enter the code 1131160 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.

About Inuvo

Inuvo®, Inc. (NYSE American: INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.

Safe Harbor / Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Inuvo’s quarter-end financial close process and preparation of financial statements for the quarter that are subject to risks and uncertainties that could cause results to be materially different than expectations. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed on February 29, 2024, and our other filings with the SEC. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information which appears on our websites and our social media platforms is not part of this press release.

Inuvo Company Contact:
Wally Ruiz
Chief Financial Officer
Tel (501) 205-8397
wallace.ruiz@inuvo.com

Investor Relations :
David Waldman / Natalya Rudman
Crescendo Communications, LLC
Tel: (212) 671-1020
inuv@crescendo-ir.com

The MIL Network –

January 25, 2025

MIL-OSI: SuRo Capital Corp. to Report Third Quarter 2024 Financial Results on Thursday, November 7, 2024

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — SuRo Capital Corp. (“SuRo Capital”) (Nasdaq: SSSS) today announced that it will report its financial results for the quarter ended September 30, 2024 after the close of the U.S. market on Thursday, November 7, 2024.

Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. The conference ID number for both access numbers is 9289675. Additionally, interested parties can listen to a live webcast of the call from the “Investor Relations” section of SuRo Capital’s website at www.surocap.com. An archived replay of the webcast will also be available for 12 months following the live presentation.

A replay of the conference call may be accessed until 5:00 p.m. PT (8:00 p.m. ET) on November 14, 2024 by dialing 866-583-1035 (U.S.) or +44 (0) 20 3451 9993 (International) and using conference ID number 9289675.

About SuRo Capital Corp.

SuRo Capital Corp. (Nasdaq: SSSS) is a publicly traded investment fund that seeks to invest in high-growth, venture-backed private companies. The fund seeks to create a portfolio of high-growth emerging private companies via a repeatable and disciplined investment approach, as well as to provide investors with access to such companies through its publicly traded common stock. SuRo Capital is headquartered in New York, NY and has offices in San Francisco, CA. Connect with the company on X, LinkedIn, and at www.surocap.com.

Contact

SuRo Capital Corp.
(212) 931-6331
IR@surocap.com

The MIL Network –

January 25, 2025

MIL-OSI: Fidus Investment Corporation Announces Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Board of Directors Declared Total Dividends of $0.61 per Share for Fourth Quarter 2024

Base Dividend of $0.43 and Supplemental Dividend of $0.18 Per Share

EVANSTON, Ill., Oct. 31, 2024 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”), a provider of customized debt and equity financing solutions, primarily to lower middle-market companies based in the United States, today announced its financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Total investment income of $38.4 million
Net investment income of $21.4 million, or $0.64 per share
Adjusted net investment income of $20.4 million, or $0.61 per share⁽¹⁾
Invested $65.9 million in debt and equity securities, including three new portfolio companies
Received proceeds from repayments and realizations of $50.8 million
Paid total dividends of $0.57 per share: regular quarterly dividend of $0.43 and a supplemental dividend of $0.14 per share on September 26, 2024
Net asset value (“NAV”) of $658.8 million, or $19.42 per share, as of September 30, 2024
Estimated spillover income (or taxable income in excess of distributions) as of September 30, 2024 of $43.1 million, or $1.27 per share

Management Commentary

“For the third quarter, our debt investments generated a 8.4% increase in interest income year-over-year. We continued to carefully grow total assets under management while maintaining a healthy portfolio structured to deliver recurring income and the potential for enhanced returns from the monetization of equity investments. We expect investment activity to remain at reasonable levels for the rest of the year, providing us opportunities to advance our long-term goals of generating attractive risk-adjusted returns for our shareholders, preserving capital and growing NAV over time,” said Edward Ross, Chairman and CEO of Fidus Investment Corporation.

(1) Supplemental information regarding adjusted net investment income:

On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment adviser provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of net investment income to adjusted net investment income are set forth in Schedule 1.

Third Quarter 2024 Financial Results

The following table provides a summary of our operating results for the three months ended September 30, 2024, as compared to the same period in 2023 (dollars in thousands, except per share data):


	Three Months Ended September 30,
	2024		2023		$ Change			% Change
Interest income	$	31,857	$	28,313	$	3,544			12.5	%
Payment-in-kind interest income		1,851		2,789		(938	)		(33.6	%)
Dividend income		1,384		262		1,122			428.2	%
Fee income		2,693		2,255		438			19.4	%
Interest on idle funds		597		566		31			5.5	%
Total investment income	$	38,382	$	34,185	$	4,197			12.3	%

Net investment income	$	21,411	$	16,660	$	4,751			28.5	%
Net investment income per share	$	0.64	$	0.63	$	0.01			1.6	%

Adjusted net investment income ⁽¹⁾	$	20,424	$	18,188	$	2,236			12.3	%
Adjusted net investment income per share ⁽¹⁾	$	0.61	$	0.68	$	(0.07	)		(10.3	%)

Net increase (decrease) in net assets resulting from operations	$	16,477	$	24,299	$	(7,822	)		(32.2	%)
Net increase (decrease) in net assets resulting from operations per share	$	0.49	$	0.91	$	(0.42	)		(46.2	%)

The $4.2 million increase in total investment income for the three months ended September 30, 2024, as compared to the same period in 2023, was primarily attributable to (i) a $2.6 million increase in total interest income (which includes payment-in-kind interest income) resulting from an increase in average debt investment balances outstanding, partially offset by a decrease in weighted average yield on debt investment balances outstanding, (ii) a $1.1 million increase in dividend income due to an increase in distributions received from equity investments and (iii) a $0.4 million increase in fee income resulting from an increase in amendment fees.

For the three months ended September 30, 2024, total expenses, including the base management fee waiver and income tax provision, were $17.0 million, a decrease of $0.5 million, or (3.2%) from the $17.5 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended September 30, 2023. The decrease was primarily attributable to (i) a $2.5 million decrease in capital gains incentive fee accrued, partially offset by (ii) a $0.7 million net increase in base management fee, including the base management fee waiver, due to higher average total assets, (iii) a $0.6 million increase in the income incentive fee, and (iv) a $0.6 million increase in income tax provision (benefit).

Net investment income increased by $4.7 million, or 28.5%, to $21.4 million during the three months ended September 30, 2024 as compared to the same period in 2023, as a result of the $4.2 million increase in total investment income and the $0.5 million decrease in total expenses, including base management fee waiver and income tax provision. Adjusted net investment income,⁽¹⁾ which excludes the capital gains incentive fee accrual, was $0.61 per share compared to $0.68 per share in the prior year.

For the three months ended September 30, 2024, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was $(0.4) million, as compared to total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, of $9.7 million for the same period in 2023.

Portfolio and Investment Activities

As of September 30, 2024, the fair value of our investment portfolio totaled $1,090.7 million and consisted of 85 active portfolio companies and five portfolio companies that have sold their underlying operations. Our total portfolio investments at fair value were approximately 101.5% of the related cost basis as of September 30, 2024. As of September 30, 2024, the debt investments of 49 portfolio companies bore interest at a variable rate, which represented $702.0 million, or 73.2%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. As of September 30, 2024, our average active portfolio company investment at amortized cost was $12.6 million, which excludes investments in five portfolio companies that have sold their underlying operations. The weighted average yield on debt investments was 13.8% as of September 30, 2024. The weighted average yield was computed using the effective interest rates for debt investments at cost as of September 30, 2024, including the accretion of original issue discounts and loan origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing.

Third quarter 2024 investment activity included the following new portfolio company investment:

Jumo Health, Inc., a developer of creative, patient-centric educational solutions that improve health literacy to accelerate clinical trial enrollment and increase participant retention. Fidus invested $6.0 million in first lien debt and $0.8 million in preferred equity.
Thrust Flight LLC, a provider of professional flight training services. Fidus invested $9.8 million in first lien debt, $1.1 million in common equity and made additional commitments up to $2.6 million in first lien debt.
InductiveHealth Informatics, LLC, a leading provider of disease and syndromic surveillance solutions for health agencies. Fidus invested $20.0 million in first lien debt and $0.4 million in preferred equity.

Liquidity and Capital Resources

As of September 30, 2024, we had $54.4 million in cash and cash equivalents and $100.0 million of unused capacity under our senior secured revolving credit facility (the “Credit Facility”). For the three months ended September 30, 2024, we received net proceeds of $14.1 million from the equity at-the-market program (the “ATM Program”). As of September 30, 2024, we had SBA debentures outstanding of $175.0 million, $125.0 million outstanding of our 4.75% notes due January 2026 (the “January 2026 Notes”) and $125.0 million outstanding of our 3.50% notes due November 2026 (the “November 2026 Notes” and collectively with the January 2026 Notes the “Notes”). As of September 30, 2024, the weighted average interest rate on total debt outstanding was 4.6%.

Fourth Quarter 2024 Dividends Totaling $0.61 Per Share Declared

On October 28, 2024, our board of directors declared a base dividend of $0.43 per share and a supplemental dividend of $0.18 per share for the fourth quarter. The dividends will be payable on December 27, 2024, to stockholders of record as of December 17, 2024.

When declaring dividends, our board of directors reviews estimates of taxable income available for distribution, which differs from consolidated income under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2024 taxable income, as well as the tax attributes for 2024 dividends, will be made after the close of the 2024 tax year. The final tax attributes for 2024 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of our common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

Subsequent Events

On October 1, 2024, we invested $6.3 million in first lien debt and common equity in Estex Manufacturing Company, LLC, a branded manufacturer of sewn products used in the utility, airline / aerospace, sports, and military end markets.

On October 11, 2024, we exited our debt investment in US Fertility Enterprises, LLC. We received payment in full of $15.2 million on our subordinated debt, which included a prepayment fee.

On October 24, 2024, we exited our debt investment in Sonicwall US Holdings, Inc. We received payment of $3.3 million on our second lien debt, resulting in a realized loss of $0.1 million.

On October 25, 2024, we invested $14.8 million in first lien debt and common equity in Axis Medical Technologies LLC (dba Movemedical), a leading provider of last-mile supply chain software solutions to medical device OEMs.

Third Quarter 2024 Financial Results Conference Call

Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, November 1, 2024. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

A live webcast of the conference call will be available at http://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.

ABOUT FIDUS INVESTMENT CORPORATION

Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and was licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, such as changes in the financial and lending markets, the impact of the general economy (including an economic downturn or recession), and the impact of interest rate volatility; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

FIDUS INVESTMENT CORPORATION Consolidated Statements of Assets and Liabilities (in thousands, except shares and per share data)
	September 30,		December 31,
	2024		2023
ASSETS
Investments, at fair value:
Control investments (cost: $6,832 and $6,832, respectively)	$	—	$	—
Affiliate investments (cost: $48,019 and $46,485, respectively)		85,827		83,876
Non-control/non-affiliate investments (cost: $1,019,953 and $883,312, respectively)		1,004,848		874,030
Total investments, at fair value (cost: $1,074,804 and $936,629, respectively)		1,090,675		957,906
Cash and cash equivalents		54,443		119,131
Interest receivable		14,317		11,965
Prepaid expenses and other assets		1,618		1,896
Total assets	$	1,161,053	$	1,090,898
LIABILITIES
SBA debentures, net of deferred financing costs	$	170,472	$	204,472
Notes, net of deferred financing costs		248,081		247,243
Borrowings under Credit Facility, net of deferred financing costs		38,853		(1,082	)
Secured borrowings		14,025		15,880
Accrued interest and fees payable		3,544		5,924
Base management fee payable, net of base management fee waiver – due to affiliate		4,784		4,151
Income incentive fee payable – due to affiliate		5,059		4,570
Capital gains incentive fee payable – due to affiliate		14,914		17,509
Administration fee payable and other, net – due to affiliate		619		789
Taxes payable		751		1,227
Accounts payable and other liabilities		1,190		741
Total liabilities	$	502,292	$	501,424
Commitments and contingencies
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 33,914,652 and 30,438,979 shares
issued and outstanding at September 30, 2024 and December 31, 2023, respectively)	$	34	$	31
Additional paid-in capital		572,159		504,298
Total distributable earnings		86,568		85,145
Total net assets		658,761		589,474
Total liabilities and net assets	$	1,161,053	$	1,090,898
Net asset value per common share	$	19.42	$	19.37

FIDUS INVESTMENT CORPORATION Consolidated Statements of Operations (unaudited) (in thousands, except shares and per share data)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Investment Income:
Interest income
Control investments	$	—		$	—		$	—		$	—
Affiliate investments		870			1,011			2,603			3,168
Non-control/non-affiliate investments		30,987			27,302			88,899			77,268
Total interest income		31,857			28,313			91,502			80,436
Payment-in-kind interest income
Control investments		—			—			—			—
Affiliate investments		—			—			—			—
Non-control/non-affiliate investments		1,851			2,789			5,745			4,661
Total payment-in-kind interest income		1,851			2,789			5,745			4,661
Dividend income
Control investments		—			—			—			—
Affiliate investments		1,328			(1	)		1,830			519
Non-control/non-affiliate investments		56			263			308			431
Total dividend income		1,384			262			2,138			950
Fee income
Control investments		—			—			—			—
Affiliate investments		5			5			15			60
Non-control/non-affiliate investments		2,688			2,250			6,559			5,868
Total fee income		2,693			2,255			6,574			5,928
Interest on idle funds		597			566			2,738			1,824
Total investment income		38,382			34,185			108,697			93,799
Expenses:
Interest and financing expenses		6,026			5,985			18,100			16,761
Base management fee		4,848			4,161			13,986			12,066
Incentive fee – income		5,059			4,478			14,072			11,959
Incentive fee (reversal) – capital gains		(987	)		1,528			942			507
Administrative service expenses		688			581			1,894			1,672
Professional fees		567			587			2,469			2,044
Other general and administrative expenses		266			269			764			773
Total expenses before base management fee waiver		16,467			17,589			52,227			45,782
Base management fee waiver		(64	)		(72	)		(200	)		(216	)
Total expenses, net of base management fee waiver		16,403			17,517			52,027			45,566
Net investment income before income taxes		21,979			16,668			56,670			48,233
Income tax provision (benefit)		568			8			682			66
Net investment income		21,411			16,660			55,988			48,167
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		—			—			—			(11,458	)
Affiliate investments		—			1			—			100
Non-control/non-affiliate investments		(366	)		9,749			12,161			15,625
Total net realized gain (loss) on investments		(366	)		9,750			12,161			4,267
Income tax (provision) benefit from realized gains on investments		—			(31	)		(1,523	)		(1,569	)
Net change in unrealized appreciation (depreciation):
Control investments		—			—			—			11,083
Affiliate investments		2,075			(4,507	)		417			(9,109	)
Non-control/non-affiliate investments		(6,643	)		2,450			(5,823	)		(2,113	)
Total net change in unrealized appreciation (depreciation) on investments		(4,568	)		(2,057	)		(5,406	)		(139	)
Net gain (loss) on investments		(4,934	)		7,662			5,232			2,559
Realized losses on extinguishment of debt		—			(23	)		(521	)		(23	)
Net increase (decrease) in net assets resulting from operations	$	16,477		$	24,299		$	60,699		$	50,703
Per common share data:
Net investment income per share-basic and diluted	$	0.64		$	0.63		$	1.74		$	1.89
Net increase in net assets resulting from operations per share — basic and diluted	$	0.49		$	0.91		$	1.89		$	1.99
Dividends declared per share	$	0.57		$	0.72		$	1.81		$	2.08
Weighted average number of shares outstanding — basic and diluted		33,380,480			26,618,973			32,138,865			25,490,379

Schedule 1

Supplemental Information Regarding Adjusted Net Investment Income

On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year, less the aggregate amount of any capital gains incentive fees paid in all prior years. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income for the three and nine months ended September 30, 2024 and 2023.

	($ in thousands)					($ in thousands)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	(unaudited)					(unaudited)
	2024			2023		2024		2023
Net investment income	$	21,411		$	16,660	$	55,988	$	48,167
Capital gains incentive fee expense (reversal)		(987	)		1,528		942		507
Adjusted net investment income ⁽¹⁾	$	20,424		$	18,188	$	56,930	$	48,674

	(Per share)					(Per share)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	(unaudited)					(unaudited)
	2024			2023		2024		2023
Net investment income	$	0.64		$	0.63	$	1.74	$	1.89
Capital gains incentive fee expense (reversal)		(0.03	)		0.05		0.03		0.02
Adjusted net investment income ⁽¹⁾	$	0.61		$	0.68	$	1.77	$	1.91

(1

)

Adjusted net investment income per share amounts are calculated as adjusted net investment income dividend by weighted average shares outstanding for the period. Due to rounding, the sum of net investment income per share and capital gains incentive fee expense (reversal) amounts may not equal the adjusted net investment income per share amount presented here.

Company Contact:	Investor Relations Contact:
Shelby E. Sherard	Jody Burfening
Chief Financial Officer	LHA
(847) 859-3940	(212) 838-3777
ssherard@fidusinv.com	jburfening@lhai.com

The MIL Network –

January 25, 2025

MIL-OSI: Bimini Capital Management Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

VERO BEACH, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended September 30, 2024.

Third Quarter 2024 Highlights

Net income of $0.3 million, or $0.03 per common share
Book value per share of $0.83
Company to discuss results on Friday, November 1, 2024, at 10:00 AM ET

Management Commentary

Commenting on the third quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The long-awaited impacts of tight monetary policy orchestrated by the Federal Reserve appear to have finally had the desired impacts on inflation and the imbalances in the labor market. Inflation is closing in on the Fed’s 2% target and hiring and wage growth are slowing while the unemployment rate has steadily risen. In contrast, growth in the economy and consumer spending have remained robust throughout. In late September the Fed reduced the overnight funding rate by 50 basis points, and the market anticipated it was the first of many such cuts. Unfortunately, the non-farm payroll report for September 2024, released in early October, as well as the latest readings on inflation and consumer spending, imply the economy may not be weakening so much after-all. If this proves to be the case the magnitude and urgency of additional rate cuts by the Fed may differ with those market expectations mentioned above.

“Orchid Island Capital reported net income for the third quarter 2024 of $17.3 million and its shareholders equity increased from $555.9 million to $656.0 million. As a result, Bimini’s advisory service revenues of approximately $3.3 million represented a 4% increase over the second quarter. The growth in Orchid’s capital base during the third quarter would translate into higher quarterly revenues – all else equal – for a full quarter. As mentioned above, if the Fed’s easing cycle proves to be brief and the economy remains resilient, capital raising opportunities for Orchid may not materialize in the near term.

“The investment portfolio generated net interest income of $0.3 million inclusive of dividends on our shares of Orchid Island. Mark to market gains and losses on our MBS portfolio, hedge positions and shares of Orchid netted to income of $0.4 million. The Company – inclusive of both the advisory services segment and the investment portfolio segment, recorded net income before taxes for the quarter of $0.8 million versus a net loss before taxes of $0.2 million for the second quarter of 2024.”

Details of Third Quarter 2024 Results of Operations

The Company reported net income of $0.3 million for the three-month period ended September 30, 2024. Advisory service revenue for the quarter was $3.3 million. We recorded interest and dividend income of $1.7 million and interest expense on repurchase agreements of $1.4 million and on long-term debt of $0.6 million. We recorded an unrealized $0.1 million mark to market loss on our shares of Orchid common stock, net unrealized gains of $2.5 million on our MBS portfolio and net losses of $2.0 million on our derivative holdings. The results for the quarter also included operating expenses of $2.6 million and an income tax provision of $0.5 million.

Management of Orchid Island Capital, Inc.

Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended September 30, 2024, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid’s common stock. Also, during the three months ended September 30, 2024, Bimini recorded $3.3 million in advisory services revenue for managing Orchid’s portfolio consisting of $2.4 million of management fees, $0.6 million in overhead reimbursement and $0.2 million in repurchase, clearing and administrative fees.

Book Value Per Share

The Company’s Book Value Per Share on September 30, 2024 was $0.83. The Company computes Book Value Per Share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At September 30, 2024, the Company’s stockholders’ equity was $8.3 million, with 10,005,457 Class A Common shares outstanding.

Capital Allocation and Return on Invested Capital

The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio (“PT MBS”) and the structured MBS portfolio, consisting of interest only (“IO”) and inverse interest-only (“IIO”) securities. The table below details the changes to the respective sub-portfolios during the quarter.


Portfolio Activity for the Quarter
				Structured Security Portfolio
							Inverse
	Pass			Interest			Interest
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Market Value – June 30, 2024	$	83,960,741		$	2,450,477		$	3,501		$	2,453,978		$	86,414,719
Securities purchased		31,715,015			–			–			–			31,715,015
Return of investment		n/a			(84,011	)		(162	)		(84,173	)		(84,173	)
Pay-downs		(2,097,231	)		n/a			n/a			n/a			(2,097,231	)
Discount accreted due to pay-downs		16,953			n/a			n/a			n/a			16,953
Mark to market gains		2,453,793			4,468			5,106			9,574			2,463,367
Market Value – September 30, 2024	$	116,049,271		$	2,370,934		$	8,445		$	2,379,379		$	118,428,650

The tables below present the allocation of capital between the respective portfolios at September 30, 2024 and June 30, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended September 30, 2024. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.


Capital Allocation
				Structured Security Portfolio
							Inverse
	Pass			Interest			Interest
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
September 30, 2024
Market value	$	116,049,271		$	2,370,934		$	8,445		$	2,379,379		$	118,428,650
Cash equivalents and restricted cash		5,706,502			–			–			–			5,706,502
Repurchase agreement obligations		(113,022,999	)		–			–			–			(113,022,999	)
Total⁽¹⁾	$	8,732,774		$	2,370,934		$	8,445		$	2,379,379		$	11,112,153
% of Total		78.6	%		21.3	%		0.1	%		21.4	%		100.0	%
June 30, 2024
Market value	$	83,960,741		$	2,450,477		$	3,501		$	2,453,978		$	86,414,719
Cash equivalents and restricted cash		6,223,538			–			–			–			6,223,538
Repurchase agreement obligations		(82,875,999	)		–			–			–			(82,875,999	)
Total⁽¹⁾	$	7,308,280		$	2,450,477		$	3,501		$	2,453,978		$	9,762,258
% of Total		74.9	%		25.1	%		0.0	%		25.1	%		100.0	%

The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 7.5% and 2.1%, respectively, for the three months ended September 30, 2024. The combined portfolio generated a return on invested capital of approximately 6.2%.


Returns for the Quarter Ended September 30, 2024
				Structured Security Portfolio
							Inverse
	Pass			Interest			Interest
	Through			Only			Only
	Portfolio			Securities			Securities			Sub-total			Total
Interest income (expense) (net of repo cost)	$	71,254		$	40,897		$	(15	)	$	40,882		$	112,136
Realized and unrealized gains		2,470,746			4,468			5,106			9,574			2,480,320
Hedge losses		(1,991,315	)		n/a			n/a			n/a			(1,991,315	)
Total Return	$	550,685		$	45,365		$	5,091		$	50,456		$	601,141
Beginning capital allocation	$	7,308,280		$	2,450,477		$	3,501		$	2,453,978		$	9,762,258
Return on invested capital for the quarter⁽¹⁾		7.5	%		1.9	%		145.4	%		2.1	%		6.2	%

(1)		Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

Prepayments

For the third quarter of 2024, the Company received approximately $2.2 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 6.3% for the third quarter of 2024. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):


	PT	Structured
	MBS Sub-	MBS Sub-	Total
Three Months Ended	Portfolio	Portfolio	Portfolio
September 30, 2024	6.3	6.7	6.3
June 30, 2024	10.9	5.5	10.0
March 31, 2024	18.0	9.2	16.5
December 31, 2023	8.9	4.6	8.0
September 30, 2023	4.3	6.6	4.8
June 30, 2023	8.0	13.0	9.6
March 31, 2023	2.4	10.3	5.0

Portfolio

The following tables summarize the MBS portfolio as of September 30, 2024 and December 31, 2023:

($ in thousands)
									Weighted
			Percentage						Average
			of			Weighted			Maturity
	Fair		Entire			Average			in		Longest
Asset Category	Value		Portfolio			Coupon			Months		Maturity
September 30, 2024
Fixed Rate MBS	$	116,050		98.0	%		5.61	%		342	1-Apr-54
Structured MBS		2,379		2.0	%		2.85	%		283	15-May-51
Total MBS Portfolio	$	118,429		100.0	%		5.24	%		341	1-Apr-54
December 31, 2023
Fixed Rate MBS	$	90,181		97.3	%		6.00	%		343	1-Nov-53
Structured MBS		2,550		2.7	%		2.84	%		290	15-May-51
Total MBS Portfolio	$	92,731		100.0	%		5.44	%		341	1-Nov-53

($ in thousands)
	September 30, 2024					December 31, 2023
			Percentage of					Percentage of
Agency	Fair Value		Entire Portfolio			Fair Value		Entire Portfolio
Fannie Mae	$	35,338		29.8	%	$	38,204		41.2	%
Freddie Mac		83,091		70.2	%		54,527		58.8	%
Total Portfolio	$	118,429		100.0	%	$	92,731		100.0	%

	September 30, 2024		December 31, 2023
Weighted Average Pass Through Purchase Price	$	102.99	$	104.43
Weighted Average Structured Purchase Price	$	4.48	$	4.48
Weighted Average Pass Through Current Price	$	102.06	$	101.55
Weighted Average Structured Current Price	$	13.68	$	13.46
Effective Duration⁽¹⁾		2.627		2.508

(1)		Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 2.627 indicates that an interest rate increase of 1.0% would be expected to cause a 2.627% decrease in the value of the MBS in the Company’s investment portfolio at September 30, 2024. An effective duration of 2.508 indicates that an interest rate increase of 1.0% would be expected to cause a 2.508% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2023. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

Financing and Liquidity

As of September 30, 2024, the Company had outstanding repurchase obligations of approximately $113.0 million with a net weighted average borrowing rate of 5.20%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $118.8 million. At September 30, 2024, the Company’s liquidity was approximately $4.7 million, consisting of unpledged MBS and cash and cash equivalents.

We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at September 30, 2024.

($ in thousands)
Repurchase Agreement Obligations
						Weighted			Weighted
	Total					Average			Average
	Outstanding		% of			Borrowing			Maturity
Counterparty	Balances		Total			Rate			(in Days)
Marex Capital Markets Inc.	$	26,185		23.2	%		5.21	%		17
Mirae Asset Securities (USA) Inc.		20,016		17.7	%		5.25	%		18
DV Securities, LLC Repo		19,930		17.6	%		5.06	%		28
Clear Street LLC		17,894		15.8	%		5.31	%		33
South Street Securities, LLC		17,126		15.2	%		5.03	%		24
Mitsubishi UFJ Securities, Inc.		11,872		10.5	%		5.37	%		25
	$	113,023		100.0	%		5.20	%		24

(1)		Equal to the fair value of securities sold (including accrued interest receivable) and cash posted as collateral, if any, minus the sum of repurchase agreement liabilities, accrued interest payable and securities posted by the counterparty (if any).

Summarized Consolidated Financial Statements

The following is a summarized presentation of the unaudited consolidated balance sheets as of September 30, 2024, and December 31, 2023, and the unaudited consolidated statements of operations for the nine and three months ended September 30, 2024 and 2023. Amounts presented are subject to change.


BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS (Unaudited – Amounts Subject to Change)

	September 30, 2024		December 31, 2023
ASSETS
Mortgage-backed securities	$	118,428,650	$	92,730,852
Cash equivalents and restricted cash		5,706,502		4,470,286
Orchid Island Capital, Inc. common stock, at fair value		4,677,763		4,797,269
Accrued interest receivable		572,506		488,660
Deferred tax assets, net		17,995,449		19,047,680
Other assets		4,251,713		4,063,267
Total Assets	$	151,632,583	$	125,598,014

LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase agreements	$	113,022,999	$	86,906,999
Long-term debt		27,373,739		27,394,417
Other liabilities		2,912,616		3,168,857
Total Liabilities		143,309,354		117,470,273
Stockholders’ equity		8,323,229		8,127,741
Total Liabilities and Stockholders’ Equity	$	151,632,583	$	125,598,014
Class A Common Shares outstanding		10,005,457		10,005,457
Book value per share	$	0.83	$	0.81


BIMINI CAPITAL MANAGEMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited – Amounts Subject to Change)

	Nine Months Ended September 30,						Three Months Ended September 30,
	2024			2023			2024			2023
Advisory services	$	9,396,828		$	10,518,862		$	3,300,512		$	3,620,002
Interest and dividend income		4,781,408			2,781,763			1,690,252			1,111,659
Interest expense		(5,558,657	)		(3,624,861	)		(1,980,863	)		(1,441,371	)
Net revenues		8,619,579			9,675,764			3,009,901			3,290,290
Other income (expense)		1,067,454			(2,466,795	)		420,726			(2,360,590	)
Expenses		8,439,314			6,657,293			2,627,343			2,105,424
Net income (loss) before income tax provision (benefit)		1,247,719			551,676			803,284			(1,175,724	)
Income tax provision (benefit)		1,052,231			(320,596	)		547,059			(757,016	)
Net income (loss)	$	195,488		$	872,272		$	256,225		$	(418,708	)

Basic and Diluted Net (Loss) Income Per Share of:
CLASS A COMMON STOCK	$	0.02		$	0.09		$	0.03		$	(0.04	)
CLASS B COMMON STOCK	$	0.02		$	0.09		$	0.03		$	(0.04	)

	Three Months Ended September 30,
Key Balance Sheet Metrics	2024			2023
Average MBS⁽¹⁾	$	102,421,681		$	74,315,815
Average repurchase agreements⁽¹⁾		97,949,499			71,055,794
Average stockholders’ equity⁽¹⁾		8,195,116			13,199,138

Key Performance Metrics
Average yield on MBS⁽²⁾		5.80	%		4.51	%
Average cost of funds⁽²⁾		5.61	%		4.68	%
Average economic cost of funds⁽³⁾		5.75	%		4.74	%
Average interest rate spread⁽⁴⁾		0.19	%		(0.17	)%
Average economic interest rate spread⁽⁵⁾		0.05	%		(0.23	)%

(1)		Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
(2)		Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
(3)		Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
(4)		Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
(5)		Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.

About Bimini Capital Management, Inc.

Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

Forward Looking Statements

Statements herein relating to matters that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.

Earnings Conference Call Details

An earnings conference call and live audio webcast will be hosted Friday, November 1, 2024, at 10:00 AM ET. Participants can register and receive dial-in information at https://register.vevent.com/register/BI909b06944b334b3e8e769108f5807eab. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/qzvibaf6 or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available for 30 days after the call.

The MIL Network –

January 25, 2025

MIL-OSI: CNB Financial Corporation Announces Quarterly Dividend for Series A Preferred Stock and Related Depositary Shares Distribution

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) — The Board of Directors of CNB Financial Corporation (Nasdaq: CCNE) (the “Corporation”) has announced the declaration of a quarterly cash dividend of $0.4453125 per depositary share (Nasdaq: CCNEP), resulting from the Corporation’s declaration of a quarterly cash dividend of $17.8125 per share on its Series A Preferred Stock. The dividend is payable on November 29, 2024, to holders of record as of November 15, 2024.

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.0 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, two loan production offices, one drive-up office, one mobile office, and 54 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

The MIL Network –

January 25, 2025

MIL-OSI: Progress Completes Acquisition of ShareFile

Source: GlobeNewswire (MIL-OSI)

ShareFile’s AI-powered, document-centric collaboration platform expands Progress’ industry-leading product portfolio and marks a major milestone in the company’s Total Growth Strategy

BURLINGTON, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered infrastructure software, today announced the completion of the acquisition of ShareFile, a business unit of Cloud Software Group, Inc., providing a SaaS-native, AI-powered, document-centric collaboration platform, focusing on industry segments including business and professional services, financial services, industrial and healthcare.

“This acquisition marks the latest major milestone in Progress’ Total Growth Strategy, which is built on three pillars: Invest and Innovate, Acquire and Integrate and Drive Customer Success. The addition of ShareFile significantly enhances our product capabilities, benefiting our customers and meaningfully expanding the customer base we serve,” said Yogesh Gupta, CEO of Progress. “We are thrilled to welcome ShareFile customers and employees to the Progress community and look forward to a bright future with ShareFile now part of Progress.”

Progress products help organizations to develop, deploy and manage responsible AI-powered applications and experiences. ShareFile fits strategically with Progress’ Digital Experience portfolio to enable customers to deliver more efficient and effective client and team collaboration, while simplifying the sharing of documents and prioritizing security.

As previously announced, Progress acquired ShareFile for a purchase price of $875 million, funded with a combination of cash and Progress’ existing revolving credit facility. ShareFile is expected to add more than $240M in annual revenue and more than 86,000 customers to Progress.

About Progress
Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Note Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Risks, uncertainties and other important factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include: uncertainties as to the effects of disruption from the acquisition of ShareFile (i.e., making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities); other business effects, including the effects of industry, economic or political conditions outside of Progress’ or ShareFile’s control; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies will be realized; and uncertainties as to whether ShareFile’s business will be successfully integrated with Progress’ business. For further information regarding risks and uncertainties associated with Progress’ business, please refer to Progress’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2023. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

The MIL Network –

January 25, 2025

MIL-OSI New Zealand: Trade Deals – Gulf State trade deal to grow economy – BusinessNZ

Source: BusinessNZ

BusinessNZ welcomes the opportunity for New Zealand business to access new markets and grow our economy through a Free Trade Agreement (FTA) with the Gulf States.

Chief Executive Katherine Rich says the new high-quality FTA between New Zealand and the Gulf Cooperation Council will be welcome news to those looking to grow their business overseas.

“New Zealand has a strong reputation for exports which are sought after in the Gulf States – things like high-quality agriculture, food and beverage, as well as other goods. This FTA gives preferential access for our primary sector exporters and streamlined customs processes.

“This deal will help meet the ambitious target set by this Government to double export value by 2034. The Gulf States are home to some 54 million people who have good incomes and sophisticated tastes, so there are plenty of opportunities for Kiwi exporters to expand into the region.

“This FTA also sends an important global signal at a time of increasing protectionism, that some countries are still embracing open economies and free trade – which is for the mutual benefit of their consumers and citizens.

“BusinessNZ acknowledges the hard work our negotiators have put into making this deal a reality and look forward to further growing our economy through overseas trade.

The Gulf Cooperation Council Nations include: Bahrain, Kuwait , Oman, Qatar, Saudi Arabia, UAE

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: Disaster Recovery Center Opens in Polk County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opens in Polk County

Disaster Recovery Center Opens in Polk County

RALEIGH, N.C. – A Disaster Recovery Center (DRC) will open Friday, Nov. 1 in Mill Spring (Polk County) to assist North Carolina survivors who experienced loss from Tropical Storm Helene. The Polk County DRC is located at: Polk County Recreation Complex (Parking Lot)235 Wolverine TrailMill Spring, NC 28756Open: 8 a.m. – 7 p.m., Monday through SundayA DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more. FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs, such as childcare, transportation, medical needs, funeral or dental expenses. To find additional DRC locations, go to fema.gov/drc or text “DRC” and a zip code to 43362. Additional recovery centers will open soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.   Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed.  It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service.
barbara.murien…
Thu, 10/31/2024 – 19:29

MIL OSI USA News –

January 25, 2025

MIL-OSI Economics: Apple reports fourth quarter results

Source: Apple

Headline: Apple reports fourth quarter results

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

About Apple

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

MIL OSI Economics –

January 25, 2025

MIL-OSI: Prospera Energy Inc. Announces Change of Auditor

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) (“Prospera” or the “Corporation“)

Prospera. announces that it has changed its auditors from Crowe MacKay LLP (the “Former Auditor”) to MNP LLP (the “Successor Auditor”) effective October 8, 2024. There were no reservations in the Former Auditor’s audit report for any financial period during which the Former Auditor was the Corporation’s auditor. There are no ‘reportable events’ (as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Corporation and the Former Auditor.

In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Corporation’s Audit Committee and filed on SEDAR accordingly.

About Prospera

Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.

The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.

The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.

For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Website: www.prosperaenergy.com

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

The MIL Network –

January 25, 2025

MIL-OSI Russia: IMF Releases the 2024 Financial Access Survey Results

Source: IMF – News in Russian

October 30, 2024

Washington, DC: The International Monetary Fund (IMF) released the results of the 2024 Financial Access Survey (FAS), marking the 15th anniversary of the FAS. The report “FAS: 2024 Highlights,” published along with the data release, summarizes the key trends on access to and usage of financial services over the past few years. Established in 2009, the FAS has played a crucial role in providing essential data to develop and evaluate financial inclusion policies, a topic of key relevance for the IMF, as it fosters broader economic participation, reduces inequalities, promotes inclusive growth, and aids in achieving the Sustainable Development Goals (SDGs). The FAS stands as the most comprehensive annual supply-side database on financial inclusion, boasting nearly complete global coverage. It covers 192 economies, featuring 121 series and 70 normalized indicators for global comparison. The FAS dataset spans from 2004 to 2023, and it continues to evolve in line with financial innovations such as the provision of digital financial services and the increasing demand for gender-disaggregated data.

Digital Financial Services Continue to Make Gains

There has been a substantial increase in the usage of non-traditional financial services, including mobile and internet banking, with mobile money being particularly important in Sub-Saharan Africa. Yet, usage of traditional financial services remains essential in many economies. For example, from 2013 to 2019, deposit accounts per 100 adults increased by over 40% in emerging and developing Europe and Sub-Saharan Africa. The growth of digital financial services has also led to an increase in non-traditional access points, such as retail and mobile money agents, while traditional access methods like ATMs and bank branches have seen a decline, especially since the COVID-19 pandemic (Figure).

Traditional and Non-traditional Access Points in Recent Years (2019 to 2023)

(Number of Access Points Per 100,000 Adults)

Source: Financial Access Survey and IMF staff calculations.

Notes: These charts show the weighted average by region for economies whose data are available for 2019–2023. Country coverage differs across indicators depending on data availability. While three economies from Latin America and the Caribbean (El Salvador, Colombia, and Haiti) report data on number of registered mobile money agents, none provide data for all five years covered in this chart and are therefore not included.

Microfinance Institutions Have Continued Supporting Economically Marginalized Groups

Financing by microfinance institutions has shown resilience amid recent economic shocks. In various economies, borrowing from microfinance institutions increased, as indicated by the growth in the number of accounts and outstanding loans. While commercial banks usually provide larger loan amounts, microfinance institutions serve a broader client base, as evidenced by the larger number of loan accounts compared to those at commercial banks.

Challenges in Narrowing Gender Gaps Remain

Despite the benefits of incorporating women into the financial system, substantial gender gaps in the usage of financial services persist. These gaps are particularly evident in the usage of deposit and loan accounts. Globally, women’s outstanding deposit amounts as percentage of men’s stand at 64 percent, while their outstanding loan balances account for only 46 percent of men’s. In terms of regional differences, advanced economies demonstrate a more gender-equal financial inclusion compared to emerging economies. Among the latter, emerging and developing Europe and Latin America and the Caribbean show relatively higher gender equality.

Lending to SMEs Declined

Data from FAS indicate a decrease in the outstanding amounts of SME loans from 2021 to 2023 in most economies that reported this information. Although several supportive policies were introduced during the COVID-19 Pandemic, subsequent developments, including tighter financial conditions and geopolitical tensions, may have contributed to the decline in SME loans.

Additional Enhancements to the FAS are Being Tested

To ensure the FAS data remain vital for informing financial inclusion policy, a pilot exercise is underway to assess the potential for enhancing the FAS. This includes incorporating additional gender disaggregation, information on new fintech services, and important factors such as loan pricing and risks, especially for underserved populations.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/10/30/pr-24400-imf-releases-the-2024-financial-access-survey-results

MIL OSI

MIL OSI Russia News –

January 25, 2025

MIL-OSI Europe: Minister Calleary announces key milestone in the implementation of the EU regulation on AI

Source: Government of Ireland – Department of Jobs Enterprise and Innovation

31st October 2024

Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary TD, today published a list of nine national public authorities responsible for protecting fundamental rights under the EU Artificial Intelligence (AI) Act.

These authorities will get additional powers under the AI Act to facilitate them in carrying out their current responsibilities for protecting fundamental rights in circumstances where use of AI poses a high risk to those rights. For example, the authorities will have the power to access documentation that developers and deployers of AI systems are required to hold under the AI Act.

This action fulfils Ireland’s first obligation for the national implementation of the AI Act.

The list of authorities is as follows:

An Coimisiún Toghcháin
Coimisiún na Meán
Data Protection Commission
Environmental Protection Agency
Financial Services & Pensions Ombudsman
Irish Human Rights & Equality Commission
Ombudsman
Ombudsman for Children
Ombudsman for the Defence Forces

Minister Calleary commented,

“AI can provide many benefits for our society and our economy. However, AI also comes with certain risks. The EU AI Act will have a critical role in addressing these risks and in promoting human-centric, trustworthy AI. It will establish a regulatory framework for the development and use of AI systems to provide a high level of protection to people’s health, safety, and fundamental rights.

“The government is committed to comprehensive and effective implementation of the AI Act and the publication of this list is an important first step in this regard. The additional powers these authorities will acquire under the AI Act will support them in protecting fundamental rights in circumstances where certain high-risk AI systems are used.”

This list will be notified to the European Commission. It will be kept under review by the Minister and can be updated at any time to reflect future changes in the national authorities.

Note to Editors

The pioneering EU Artificial Intelligence (AI) Act, which entered into force on 2nd August 2024, provides a harmonised regulatory framework for AI systems developed or deployed in the EU. It is the most comprehensive such framework in the world. It is designed to provide a high level of protection to people’s health, safety, and fundamental rights and to promote the adoption of human-centric, trustworthy AI. The Act adopts a risk-based approach to regulation and focuses on applications of AI systems to ensure that its regulatory provisions are targeted and proportionate. Its provisions will apply, in a phased manner, over the 36-month period from entry into force.

The AI Act is an EU Regulation and consequently has direct effect in all Member States, however, it places obligations on Member States to provide for implementation and enforcement at national level.

The first obligation on Member States under the Act is to identify national public authorities which supervise or enforce the respect of obligations under Union law protecting fundamental rights, including the right to non-discrimination, in relation to certain high-risk uses of AI systems, specified the Act. Under the Act, fundamental rights are those enshrined in the EU Charter of Fundamental Rights, including democracy, the rule of law and environmental protection. This list of authorities must be published, and notified to the European Commission, by 2 November 2024.

The identified authorities will not be competent authorities for the Act, nor will any obligations, responsibilities or tasks be assigned to them. Rather, identified authorities will get additional powers to facilitate them in carrying out their current mandates in circumstances involving the use of AI systems. These powers will apply from 2 August 2026.

ENDS

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MIL OSI Europe News –

January 25, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q3 2024 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended September 30, 2024, or $0.45 diluted earnings per share, as compared to net income of $795 thousand, or $0.31 diluted earnings per share, for the quarter ended June 30, 2024, and $1.2 million, or $0.45 diluted earnings per share, for the quarter ended September 30, 2023. The Company also announced today that its Board of Directors declared a cash dividend on common stock of $0.19 per share, payable on November 26, 2024 to stockholders of record as of the close of business on November 12, 2024.

Comments from the President and Chief Executive Officer

“For the first time in our history, loans surpassed $900 million, and we continued to grow deposits. These production improvements came as we held operating expenses steady, demonstrating our ability to grow the Bank efficiently,” remarked Laurie Stewart, President and Chief Executive Officer. “We also completed a major upgrade to our online banking services and have received positive feedback on this from our clients,” concluded Ms. Stewart.

“Net income increased 45% from the prior quarter primarily due to the improvement in our net interest margin, which was driven by the repricing and origination of new loans at higher market rates. At the same time, funding costs increased at a slower pace, as the majority of our deposits had already been repriced. We also made progress in transitioning time deposits to savings and money market accounts, which typically carry lower rates and provide more flexibility for future repricing,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

Mr. Ochs continued, “As always, we remain focused on maintaining strong asset quality. Non-performing loans decreased from the prior quarter-end and we are actively utilizing available remedies to address the remaining problem loans.”

Q3 2024 Financial Performance
Total assets increased $26.1 million or 2.4% to $1.10 billion at September 30, 2024, from $1.07 billion at June 30, 2024, and increased $70.8 million or 6.9% from $1.03 billion at September 30, 2023.				Net interest income increased $425 thousand or 5.7% to $7.9 million for the quarter ended September 30, 2024, from $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand or 3.6% from $8.2 million for the quarter ended September 30, 2023.

				Net interest margin (“NIM”), annualized, was 2.98% for the quarter ended September 30, 2024, compared to 2.92% for the quarter ended June 30, 2024 and 3.38% for the quarter ended September 30, 2023.
Loans held-for-portfolio increased $12.5 million or 1.4% to $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024, and increased $26.3 million or 3.0% from $875.4 million at September 30, 2023.
				An $8 thousand provision for credit losses was recorded for the quarter ended September 30, 2024, compared to a $109 thousand and a $75 thousand release of provision for credit losses for the quarters ended June 30, 2024 and September 30, 2023, respectively. At September 30, 2024, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.96% at both June 30, 2024 and September 30, 2023.
Total deposits increased $23.4 million or 2.6% to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024, and increased $69.3 million or 8.1% from $860.9 million at September 30, 2023. Noninterest-bearing deposits increased $4.8 million or 3.8% to $129.7 million at September 30, 2024 compared to $124.9 million at June 30, 2024, and decreased $24.2 million or 15.7% compared to $153.9 million at September 30, 2023.
				Total noninterest income increased $73 thousand or 6.3% to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand or 14.2% compared to the quarter ended September 30, 2023.
The loans-to-deposits ratio was 97% at September 30, 2024, compared to 98% at June 30, 2024 and 102% at September 30, 2023.
				Total noninterest expense decreased $58 thousand or 0.7% to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand or 0.4% from compared to the quarter ended September 30, 2023.
Total nonperforming loans decreased $420 thousand or 4.7% to $8.5 million at September 30, 2024, from $8.9 million at June 30, 2024, and increased $6.7 million or 381.8% from $1.8 million at September 30, 2023. Nonperforming loans to total loans was 0.94% and the allowance for credit losses on loans to total nonperforming loans was 101.13% at September 30, 2024.
				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at September 30, 2024.

Operating Results

Net interest income increased $425 thousand, or 5.7%, to $7.9 million for the quarter ended September 30, 2024, compared to $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand, or 3.6%, from $8.2 million for the quarter ended September 30, 2023.The increase from the prior quarter was primarily due to a higher average yield on interest-earning assets, particularly loans receivable, and an increase in the average balances of both loans receivable and interest-earning cash. This was partially offset by a more modest rise in the cost of funds, as higher cost earnings interest-bearing deposits decreased by the end of the third quarter of 2024, limiting the growth in funding costs compared to the prior quarter. The decrease in net interest income compared to the same quarter one year ago was primarily due to higher funding costs, specifically, increased rates on and balances of money market and certificate accounts, partially offset by an increase in the average yield earned on interest-earning assets.

Interest income increased $799 thousand, or 5.7%, to $14.8 million for the quarter ended September 30, 2024, compared to $14.0 million for the quarter ended June 30, 2024, and increased $2.2 million, or 17.0%, from $12.7 million for the quarter ended September 30, 2023. The increase from the prior quarter was primarily due to a higher average balance of loans and interest-bearing cash, along with a 14 basis point increase in the average loan yield, reflecting higher rates on newly originated loans and upward adjustments to rates on existing variable rate loans. The increase in interest income compared to the same quarter last year was due primarily to higher average balances of loans and interest-bearing cash, a 41 basis point increase in the average yield on loans, a 20 basis point increase in the average yield on interest-bearing cash, and a seven basis point increase in the average yield on investments, partially offset by a decline in the average balance of investments.

Interest income on loans increased $556 thousand, or 4.5%, to $12.9 million for the quarter ended September 30, 2024, compared to $12.3 million for the quarter ended June 30, 2024, and increased $1.4 million, or 11.9%, from $11.5 million for the quarter ended September 30, 2023. The average balance of total loans was $898.6 million for the quarter ended September 30, 2024, up from $891.9 million for the quarter ended June 30, 2024 and $862.4 million for the quarter ended September 30, 2023. The average yield on total loans was 5.70% for the quarter ended September 30, 2024, up from 5.56% for the quarter ended June 30, 2024 and 5.29% for the quarter ended September 30, 2023. The increase in the average loan yield during the current quarter, compared to both the prior quarter and the third quarter of 2023, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the third quarter of 2023. The increase in the average balance during the current quarter compared to the prior quarter was primarily due to growth in commercial and multifamily loans, manufactured housing loans and consumer loans, with the growth in consumer loans coming primarily from floating home loans. This was partially offset by a decline in construction and land loans. The average balances for commercial business loans and one-to-four family loans remained relatively flat from the second quarter of 2024. The increase in the average balance of loans during the current quarter compared to the third quarter of 2023 was primarily due to loan growth across all categories, except for one-to-four family loans, construction and land loans, and commercial business loans, with the largest decrease being in construction and land loans.

Interest income on investments was $132 thousand for the quarter ended September 30, 2024, compared to $133 thousand for the quarter ended June 30, 2024, and $139 thousand for the quarter ended September 30, 2023. Interest income on interest-bearing cash increased $244 thousand to $1.8 million for the quarter ended September 30, 2024, compared to $1.6 million for the quarter ended June 30, 2024, and increased $788 thousand from $1.0 million for the quarter ended September 30, 2023. These increases were due to higher average balances of interest-bearing cash, with the increase from the same quarter in the prior year also resulting from a higher average yield.

Interest expense increased $374 thousand, or 5.7%, to $7.0 million for the quarter ended September 30, 2024, from $6.6 million for the quarter ended June 30, 2024, and increased $2.4 million, or 54.2%, from $4.5 million for the quarter ended September 30, 2023. The increase in interest expense during the current quarter from the prior quarter was primarily the result of a $38.8 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on these accounts, partially offset by a $13.9 million decrease in the average balance of certificate accounts. The increase in interest expense during the current quarter from the comparable period a year ago was primarily the result of a $9.8 million increase in the average balance of certificate accounts and a $148.1 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on all interest-bearing deposits. This was partially offset by a $46.3 million decrease in the average balance of demand and NOW accounts and a $2.8 million decrease in the average balance of FHLB advances. The average cost of deposits was 2.74% for the quarter ended September 30, 2024, up from 2.67% for the quarter ended June 30, 2024 and 1.85% for the quarter ended September 30, 2023. The average cost of FHLB advances was 4.32% for both the quarters ended September 30, 2024 and June 30, 2024, and down from 4.38% for the quarter ended September 30, 2023.

NIM (annualized) was 2.98% for the quarter ended September 30, 2024, up from 2.92% for the quarter ended June 30, 2024 and down from 3.38% for the quarter ended September 30, 2023. The increase in NIM from the prior quarter was result of an increase in interest income on interest-earning assets, partially offset by an increase in the cost of funding. The decrease in NIM from the quarter one year ago was primarily due to the cost of funding increasing at a faster pace than the yield earned on interest-earning assets, driven by the higher average balance of higher costing money market and certificate accounts.

A provision for credit losses of $8 thousand was recorded for the quarter ended September 30, 2024, consisting of a provision for credit losses on loans of $106 thousand and a release of provision for credit losses on unfunded loan commitments of $98 thousand. This compared to a release of provision for credit losses of $109 thousand for the quarter ended June 30, 2024, consisting of a release of provision for credit losses on loans of $88 thousand and a release of provision for credit losses on unfunded loan commitments of $21 thousand, and a provision for credit losses of $75 thousand for the quarter ended September 30, 2023, consisting of a provision for credit losses on loans of $224 thousand and a release of the provision for credit losses on unfunded loan commitments of$149 thousand. The increase in the provision for credit losses for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 resulted primarily from growth in the loan portfolio and higher quantitative loss rates, which were influenced by a forecast of higher unemployment, and enhancements to the loss model, including an additional qualitative adjustment related to loan review. These adjustments were partially offset by decline in the balance of the construction loan portfolio, which typically has higher loss rates, and a decrease in the qualitative risk adjustment for construction loans as projects were completed and market conditions improved. Expected loss estimates consider various factors, such as market conditions, borrower -specific information, projected delinquencies, and the impact of economic conditions on borrowers’ ability to repay.

Noninterest income increased $73 thousand, or 6.3%, to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand, or 14.2%, compared to the quarter ended September 30, 2023. The increase from the prior quarter was primarily related to a $217 thousand upward adjustment in fair value of mortgage servicing rights and a $52 thousand increase in earnings from bank-owned life insurance (“BOLI”), both influenced by fluctuating market interest rates. These gains were partially offset by a $133 thousand decrease in service charges and fee income, which was elevated in the prior quarter due to the recovery of potential future lost fee income due to vendor error. Additionally, there was a $34 thousand decrease in net gain on sale of loans, due to lower sales volume, and a $30 thousand decrease in gain on disposal of assets due to insurance claims on the loss of fully depreciated assets in second quarter of 2024. The increase in noninterest income from the comparable period in 2023 was primarily due to an $98 thousand increase in earnings on BOLI due to market rate fluctuations, and an $179 thousand increase in the fair value adjustment on mortgage servicing rights due to changes in prepayment speeds, servicing costs, and discount rate. These increases were partially offset by a $72 thousand decrease in service charges and fee income primarily due to a volume incentive paid by Mastercard in 2023, a $36 thousand decrease in net gain on sale of loans for reason similar to those noted above, and a decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than we are replacing the loans. Additionally, mortgage servicing income decreased by $15 thousand compared to the third quarter of 2023. Loans sold during the quarter ended September 30, 2024, totaled $2.4 million, compared to $4.0 million and $4.4 million of loans sold during the quarters ended June 30, 2024 and September 30, 2023, respectively.

Noninterest expense decreased $58 thousand, or 0.7%, to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand, or 0.4%, from the quarter ended September 30, 2023. The decrease from the quarter ended June 30, 2024 was primarily a result of lower a $189 thousand decrease in salaries and benefits, primarily due to lower incentive compensation accruals. This was partially offset by an $157 thousand increase in data processing expenses, largely due to a vendor reimbursement received in the previous quarter for software implementation costs. Additionally, regulatory assessments declined $31 thousand due to a lower accrual for exam costs. Compared to same quarter in 2023, the decrease in noninterest expense was primarily due to lower operations, data processing, and occupancy expenses, which were partially offset by a $321 thousand increase in salaries and benefits. Operations expenses decreased due to reduction in loan originations costs, office expenses, marketing costs, legal fees, and charitable contributions, partially offset by an operational loss from a fraudulently obtained loan charged off in the third quarter of 2024. Data processing expenses decreased due to one-time costs related to new technology implemented in 2023, while occupancy expenses decreased primarily due fully amortized leasehold improvements. The increase in salaries and benefits compared to the third quarter of 2023 reflected higher incentive compensation, medical expenses, retirement plan costs, and directors’ fees (due to the addition of a new director), partially offset by lower salaries from a restructuring of positions at the end of 2023.

Balance Sheet Review, Capital Management and Credit Quality

Assets at September 30, 2024 totaled $1.10 billion, an increase from $1.07 billion at June 30, 2024 and $1.03 billion at September 30, 2023. The increase in total assets from June 30, 2024 and one year ago was primarily due to an increase in cash and cash equivalents and in loans held-for-portfolio.

Cash and cash equivalents increased $13.8 million, or 10.2%, to $148.9 million at September 30, 2024, compared to $135.1 million at June 30, 2024, and increased $47.0 million, or 46.2%, from $101.9 million at September 30, 2023. The increase from the prior quarter and from one year ago was primarily due to the increase in deposits exceeding the increase in loans held-for-portfolio.

Investment securities increased $28 thousand, or 0.3%, to $10.2 million at September 30, 2024, compared to $10.1 million at June 30, 2024, and increased $17 thousand, or 0.2%, from $10.2 million at September 30, 2023. Held-to-maturity securities totaled $2.1 million at both September 30, 2024 and June 30, 2024, and totaled $2.2 million at September 30, 2023. Available-for-sale securities totaled $8.0 million at September 30, 2024, June 30, 2024 and September 30, 2023.

Loans held-for-portfolio were $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024 and $875.4 million at September 30, 2023. The increase from to June 30, 2024, primarily resulted from growth in one-to-four family home loans, commercial and multifamily loans, as well as manufactured home and floating home loans, partially offset by decreases in construction and land loans and home equity loans. The increase in one-to-four family home loans was primarily due to new originations exceeding prepayments during the quarter, while the increase in commercial and multifamily loans primarily resulted from conversion of construction projects to permanent financing. The increase in manufactured home loans and floating home loans relates to continued strong demand for this type of financing in our market. The decrease in construction and land loans was primarily due to project completions and reduced demand caused by higher interest rates, which limited new financing opportunities. The decrease in home equity loans reflected normal payment fluctuations. Compared to September 30, 2024, the overall increase in loans held-for-portfolio was due to sustained strong loan demand and slower prepayment activity, with increases primarily related to commercial and multifamily loans, home equity loans, manufactured home loans and floating home loans.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, decreased $420 thousand, or 4.7%, to $8.6 million at September 30, 2024, from $9.0 million at June 30, 2024 and increased $6.3 million, or 268.2%, from $2.3 million at September 30, 2023. The decrease in NPAs from June 30, 2024 was primarily due to the payoff of three loans totaling $175 thousand and one loan totaling $421 thousand returning to accrual status, partially offset by the addition of eight loans totaling $260 thousand to nonaccrual. The increase in NPAs from one year ago was primarily due to the placement of an additional $7.7 million of loans on nonaccrual status, which included a $3.7 million matured commercial real estate loan where the borrower is in the process of securing financing from another lender, a $2.4 million floating home loan, and a $985 thousand commercial real estate loan, all of which are well secured, and one manufactured home loan of $115 thousand that was repossessed in the first quarter of 2024. These additions were partially offset by the payoff of seven loans totaling $877 thousand, and normal payment amortization.

NPAs to total assets were 0.78%, 0.84% and 0.23% at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at September 30, 2024, compared to 0.96% at both June 30, 2024 and September 30, 2023. Net loan charge-offs for the third quarter of 2024 totaled $14 thousand, compared to $17 thousand for the second quarter of 2023, and $3 thousand for the third quarter of 2023.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Nonperforming Loans:
One-to-four family	$	745		$	822		$	835		$	1,108		$	1,137
Home equity loans		338			342			83			84			86
Commercial and multifamily		4,719			5,161			4,747			—			306
Construction and land		25			28			29			—			78
Manufactured homes		230			136			166			228			151
Floating homes		2,377			2,417			3,192			—			—
Commercial business		23			—			—			2,135			—
Other consumer		32			3			1			1			4
Total nonperforming loans		8,489			8,909			9,053			3,556			1,762
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			575			575			575
Manufactured homes		115			115			115			—			—
Total OREO and repossessed assets		115			115			690			575			575
Total NPAs	$	8,604		$	9,024		$	9,743		$	4,131		$	2,337

Percentage of Nonperforming Loans:
One-to-four family		8.7	%		9.1	%		8.5	%		26.9	%		48.7	%
Home equity loans		3.9			3.8			0.9			2.0			3.7
Commercial and multifamily		54.8			57.2			48.7			—			13.1
Construction and land		0.3			0.3			0.3			—			3.3
Manufactured homes		2.7			1.5			1.7			5.5			6.4
Floating homes		27.6			26.8			32.8			—			—
Commercial business		0.3			—			—			51.7			—
Other consumer		0.4			—			—			—			0.2
Total nonperforming loans		98.7			98.7			92.9			86.1			75.4
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			5.9			13.9			24.6
Manufactured homes		1.3			1.3			1.2			—			—
Total OREO and repossessed assets		1.3			1.3			7.1			13.9			24.6
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,493		$	8,598		$	8,760		$	8,438		$	8,217
(Release of) Provision for credit losses during the period		106			(88	)		(106	)		337			224
Net charge-offs during the period		(14	)		(17	)		(56	)		(15	)		(3	)
Balance at end of period	$	8,585		$	8,493		$	8,598		$	8,760		$	8,438
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	245		$	266		$	193		$	557		$	706
(Release of) Provision for credit		(98	)		(21	)		73			(364	)		(149	)
Balance at end of period		147			245			266			193			557
Allowance for Credit Losses	$	8,732		$	8,738		$	8,864		$	8,953		$	8,995
Allowance for credit losses on loans to total loans		0.95	%		0.96	%		0.96	%		0.98	%		0.96	%
Allowance for credit losses to total loans		0.97	%		0.98	%		0.99	%		1.00	%		1.03	%
Allowance for credit losses on loans to total nonperforming loans		101.13	%		95.33	%		94.97	%		246.34	%		478.89	%
Allowance for credit losses to total nonperforming loans		102.86	%		98.08	%		97.91	%		251.77	%		510.50	%

Deposits increased $23.4 million, or 2.6%, to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024 and increased $69.3 million, or 8.1%, from $860.9 million at September 30, 2023. The increase in deposits compared to the prior quarter-end was primarily a result of an increase of $17.0 million related to one new depositor relationship, as well as a $5.3 million increase in related party money market deposits. Compared to a year ago, the increase was primarily a result of an increase in certificate accounts and money market accounts, including $50.2 million of related party deposits, which helped fund organic loan growth. These increases were partially offset by decreases in noninterest-bearing and interest-bearing demand accounts and savings accounts, as interest rate sensitive clients shifted funds from lower-cost deposits, such as noninterest-bearing deposits, into higher rate money market and time deposits. Noninterest-bearing deposits increased $4.8 million, or 3.8%, to $129.7 million at September 30, 2024, compared to $124.9 million at June 30, 2024 and decreased $24.2 million, or 15.7%, from $153.9 million at September 30, 2023. Noninterest-bearing deposits represented 14.0%, 13.8% and 17.9% of total deposits at September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

FHLB advances totaled $40.0 million at each of September 30, 2024, June 30, 2024, and September 30, 2023. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at September 30, 2024 had maturities ranging from late 2024 through early 2028. Subordinated notes, net totaled $11.7 million at each of September 30, 2024, June 30, 2024 and September 30, 2023.

Stockholders’ equity totaled $102.2 million at September 30, 2024, an increase of $892 thousand, or 0.9%, from $101.3 million at June 30, 2024, and an increase of $2.0 million, or 2.0%, from $100.2 million at September 30, 2023. The increase in stockholders’ equity from June 30, 2024 was primarily the result of $1.2 million of net income earned during the current quarter and a $127 thousand decrease in accumulated other comprehensive loss, net of tax, partially offset by the payment of $487 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans; expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Quarter Ended
	September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Interest income	$	14,838	$	14,039		$	13,760		$	13,337		$	12,686
Interest expense		6,965		6,591			6,300			5,770			4,518
Net interest income		7,873		7,448			7,460			7,567			8,168
Provision for (release of) credit losses		8		(109	)		(33	)		(27	)		75
Net interest income after provision for (release of) credit losses		7,865		7,557			7,493			7,594			8,093
Noninterest income:
Service charges and fee income		628		761			612			576			700
Earnings on bank-owned life insurance		186		134			177			222			88
Mortgage servicing income		280		279			282			288			295
Fair value adjustment on mortgage servicing rights		101		(116	)		(65	)		(96	)		(78	)
Net gain on sale of loans		40		74			90			76			76
Other income		—		30			—			—			—
Total noninterest income		1,235		1,162			1,096			1,066			1,081
Noninterest expense:
Salaries and benefits		4,469		4,658			4,543			3,802			4,148
Operations		1,540		1,569			1,457			1,537			1,625
Regulatory assessments		189		220			189			198			183
Occupancy		414		397			444			458			458
Data processing		1,067		910			1,017			1,311			1,296
Net (gain) loss on OREO and repossessed assets		—		(17	)		6			—			—
Total noninterest expense		7,679		7,737			7,656			7,306			7,710
Income before provision for income taxes		1,421		982			933			1,354			1,464
Provision for income taxes		267		187			163			143			295
Net income	$	1,154	$	795		$	770		$	1,211		$	1,169

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Nine Months Ended September 30
		2024			2023
Interest income	$	42,638		$	37,273
Interest expense		19,856			10,990
Net interest income		22,782			26,283
(Release of) provision for credit losses		(134	)		(246	)
Net interest income after (release of) provision for credit losses		22,916			26,529
Noninterest income:
Service charges and fee income		2,001			1,951
Earnings on bank-owned life insurance		498			957
Mortgage servicing income		841			891
Fair value adjustment on mortgage servicing rights		(81	)		(123	)
Net gain on sale of loans		205			264
Other income		30			—
Total noninterest income		3,494			3,940
Noninterest expense:
Salaries and benefits		13,670			13,333
Operations		4,566			4,557
Regulatory assessments		598			490
Occupancy		1,255			1,352
Data processing		2,995			3,077
Net (gain) loss on OREO and repossessed assets		(10	)		13
Total noninterest expense		23,074			22,822
Income before provision for income taxes		3,336			7,647
Provision for income taxes		617			1,419
Net income	$	2,719		$	6,228

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
ASSETS
Cash and cash equivalents	$	148,930		$	135,111		$	137,977		$	49,690		$	101,890
Available-for-sale securities, at fair value		8,032			7,996			8,115			8,287			7,980
Held-to-maturity securities, at amortized cost		2,139			2,147			2,157			2,166			2,174
Loans held-for-sale		65			257			351			603			1,153
Loans held-for-portfolio		901,733			889,274			897,877			894,478			875,434
Allowance for credit losses – loans		(8,585	)		(8,493	)		(8,598	)		(8,760	)		(8,438	)
Total loans held-for-portfolio, net		893,148			880,781			889,279			885,718			866,996
Accrued interest receivable		3,705			3,413			3,617			3,452			3,415
Bank-owned life insurance, net		22,363			22,172			22,037			21,860			21,638
Other real estate owned (“OREO”) and other repossessed assets, net		115			115			690			575			575
Mortgage servicing rights, at fair value		4,665			4,540			4,612			4,632			4,681
Federal Home Loan Bank (“FHLB”) stock, at cost		2,405			2,406			2,406			2,396			2,783
Premises and equipment, net		4,807			4,906			6,685			5,240			5,204
Right-of-use assets		3,779			4,020			4,259			4,496			4,732
Other assets		6,777			6,995			4,500			6,106			6,955
TOTAL ASSETS	$	1,100,930		$	1,074,859		$	1,086,685		$	995,221		$	1,030,176
LIABILITIES
Interest-bearing deposits	$	800,480		$	781,854		$	788,217		$	699,813		$	706,954
Noninterest-bearing deposits		129,717			124,915			128,666			126,726			153,921
Total deposits		930,197			906,769			916,883			826,539			860,875
Borrowings		40,000			40,000			40,000			40,000			40,000
Accrued interest payable		908			760			719			817			588
Lease liabilities		4,079			4,328			4,576			4,821			5,065
Other liabilities		9,711			9,105			9,578			9,563			9,794
Advance payments from borrowers for taxes and insurance		2,047			812			2,209			1,110			1,909
Subordinated notes, net		11,749			11,738			11,728			11,717			11,707
TOTAL LIABILITIES		998,691			973,512			985,693			894,567			929,938
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,296			28,198			28,110			27,990			28,112
Retained earnings		74,840			74,173			73,907			73,627			73,438
Accumulated other comprehensive loss, net of tax		(922	)		(1,049	)		(1,050	)		(988	)		(1,337	)
TOTAL STOCKHOLDERS’ EQUITY		102,239			101,347			100,992			100,654			100,238
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,100,930		$	1,074,859		$	1,086,685		$	995,221		$	1,030,176

KEY FINANCIAL RATIOS
(unaudited)

	For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Annualized return on average assets		0.42	%		0.30	%		0.29	%		0.46	%		0.46	%
Annualized return on average equity		4.50	%		3.17	%		3.06	%		4.78	%		4.60	%
Annualized net interest margin⁽¹⁾		2.98	%		2.92	%		2.95	%		3.04	%		3.38	%
Annualized efficiency ratio⁽²⁾		84.31	%		89.86	%		89.48	%		84.63	%		83.36	%
_{(1) Net interest income divided by average interest earning assets.}
_{(2) Noninterest expense divided by total revenue (net interest income and noninterest income).}

PER COMMON SHARE DATA
(unaudited)

	At or For the Quarter Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Basic earnings per share	$	0.45	$	0.31	$	0.30	$	0.47	$	0.45
Diluted earnings per share	$	0.45	$	0.31	$	0.30	$	0.47	$	0.45
Weighted-average basic shares outstanding		2,544,233		2,540,538		2,539,213		2,542,175		2,553,773
Weighted-average diluted shares outstanding		2,569,368		2,559,015		2,556,958		2,560,656		2,571,808
Common shares outstanding at period-end		2,564,095		2,557,284		2,558,546		2,549,427		2,568,054
Book value per share	$	39.87	$	39.63	$	39.47	$	39.48	$	39.03

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following tables present, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	898,570		$	12,876	5.70	%	$	891,863		$	12,320	5.56	%	$	862,397		$	11,505	5.29	%
Interest-earning cash		138,240			1,830	5.27	%		120,804			1,586	5.28	%		81,616			1,042	5.07	%
Investments		13,806			132	3.80	%		13,935			133	3.84	%		14,793			139	3.73	%
Total interest-earning assets	$	1,050,616			14,838	5.62	%		1,026,602		$	14,039	5.50	%	$	958,806			12,686	5.25	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	340,281			2,688	3.14	%	$	301,454			2,115	2.82	%	$	192,214			720	1.49	%
Demand and NOW accounts		148,252			151	0.41	%		153,739			148	0.39	%		194,561			173	0.35	%
Certificate accounts		303,632			3,524	4.62	%		317,496			3,731	4.73	%		293,820			2,984	4.03	%
Subordinated notes		11,745			168	5.69	%		11,735			168	5.76	%		11,703			168	5.70	%
Borrowings		40,000			434	4.32	%		40,000			429	4.31	%		42,815			473	4.38	%
Total interest-bearing liabilities	$	843,910			6,965	3.28	%	$	824,424			6,591	3.22	%	$	735,113			4,518	2.44	%
Net interest income/spread				$	7,873	2.34	%				$	7,448	2.28	%				$	8,168	2.81	%
Net interest margin						2.98	%						2.92	%						3.38	%

Ratio of interest-earning assets to interest-bearing liabilities		124	%						125	%						130	%
Noninterest-bearing deposits	$	132,762						$	128,878						$	151,298
Total deposits		924,927		$	6,363	2.74	%		901,567		$	5,994	2.67	%		831,893		$	3,877	1.85	%
Total funding ⁽¹⁾		976,672			6,965	2.84	%		953,302			6,591	2.78	%		886,411			4,518	2.02	%
_{(1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.}

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	895,300		$	37,429	5.58	%	$	865,357		$	34,437	5.32	%
Interest-earning cash		122,194			4,832	5.28	%		70,094			2,447	4.67	%
Investments		12,607			377	3.99	%		13,962			389	3.73	%
Total interest-earning assets	$	1,030,101			42,638	5.53	%	$	949,413			37,273	5.25	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	308,845			6,669	2.88	%	$	173,319			1,197	0.92	%
Demand and NOW accounts		153,897			440	0.38	%		216,753			587	0.36	%
Certificate accounts		312,176			10,950	4.69	%		273,564			7,182	3.51	%
Subordinated notes		11,735			504	5.74	%		11,693			504	5.76	%
Borrowings		40,000			1,293	4.32	%		45,280			1,520	4.49	%
Total interest-bearing liabilities	$	826,653			19,856	3.21	%	$	720,609			10,990	2.04	%
Net interest income/spread				$	22,782	2.32	%				$	26,283	3.21	%
Net interest margin						2.95	%						3.70	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						132	%
Noninterest-bearing deposits	$	131,365						$	161,051
Total deposits		906,283		$	18,059	2.66	%		824,687		$	8,966	1.45	%
Total funding ⁽¹⁾		958,018			19,856	2.77	%		881,660			10,990	1.67	%
_{(1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.}

LOANS
(Dollars in thousands, unaudited)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Real estate loans:
One-to-four family	$	271,702		$	268,488		$	279,213		$	279,448		$	280,556
Home equity		25,199			26,185			24,380			23,073			21,313
Commercial and multifamily		358,587			342,632			324,483			315,280			304,252
Construction and land		85,724			96,962			111,726			126,758			118,619
Total real estate loans		741,212			734,267			739,802			744,559			724,740
Consumer Loans:
Manufactured homes		40,371			38,953			37,583			36,193			34,652
Floating homes		86,155			81,622			84,237			75,108			73,716
Other consumer		18,266			18,422			18,847			19,612			18,710
Total consumer loans		144,792			138,997			140,667			130,913			127,078
Commercial business loans		17,481			17,860			19,075			20,688			25,033
Total loans		903,485			891,124			899,544			896,160			876,851
Less:
Premiums		736			754			808			829			850
Deferred fees, net		(2,488	)		(2,604	)		(2,475	)		(2,511	)		(2,267	)
Allowance for credit losses – loans		(8,585	)		(8,493	)		(8,598	)		(8,760	)		(8,438	)
Total loans held-for-portfolio, net	$	893,148		$	880,781		$	889,279		$	885,718		$	866,996

DEPOSITS
(Dollars in thousands, unaudited)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Noninterest-bearing demand	$	129,717	$	124,915	$	128,666	$	126,726	$	153,921
Interest-bearing demand		148,740		152,829		159,178		168,346		185,441
Savings		61,455		63,368		65,723		69,461		76,729
Money market⁽¹⁾		285,655		253,873		241,976		154,044		143,558
Certificates		304,630		311,784		321,340		307,962		301,226
Total deposits	$	930,197	$	906,769	$	916,883	$	826,539	$	860,875
_{(1) Includes $5.0 million of brokered deposits at December 31, 2023.}

CREDIT QUALITY DATA
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total nonperforming loans	$	8,489		$	8,909		$	9,053		$	3,556		$	1,762
OREO and other repossessed assets		115			115			690			575			575
Total nonperforming assets	$	8,604		$	9,024		$	9,743		$	4,131		$	2,337
Net charge-offs during the quarter	$	(14	)	$	(17	)	$	(56	)	$	(15	)	$	(3	)
Provision for (release of) credit losses during the quarter		8			(109	)		(33	)		(27	)		75
Allowance for credit losses – loans		8,585			8,493			8,598			8,760			8,438
Allowance for credit losses – loans to total loans		0.95	%		0.96	%		0.96	%		0.98	%		0.96	%
Allowance for credit losses – loans to total nonperforming loans		101.13	%		95.33	%		94.97	%		246.34	%		478.89	%
Nonperforming loans to total loans		0.94	%		1.00	%		1.01	%		0.40	%		0.20	%
Nonperforming assets to total assets		0.78	%		0.84	%		0.90	%		0.42	%		0.23	%

OTHER STATISTICS
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023

Total loans to total deposits		97.13	%		98.27	%		98.11	%		108.42	%		101.86	%
Noninterest-bearing deposits to total deposits		13.95	%		13.78	%		14.03	%		15.33	%		17.88	%

Average total assets for the quarter	$	1,095,404		$	1,070,579		$	1,062,036		$	1,033,985		$	1,005,223
Average total equity for the quarter	$	102,059		$	100,961		$	101,292		$	100,612		$	100,927

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

January 25, 2025

MIL-OSI Economics: IMF Releases the 2024 Financial Access Survey Results

Source: International Monetary Fund

October 30, 2024

Washington, DC: The International Monetary Fund (IMF) released the results of the 2024 Financial Access Survey (FAS), marking the 15th anniversary of the FAS. The report “FAS: 2024 Highlights,” published along with the data release, summarizes the key trends on access to and usage of financial services over the past few years. Established in 2009, the FAS has played a crucial role in providing essential data to develop and evaluate financial inclusion policies, a topic of key relevance for the IMF, as it fosters broader economic participation, reduces inequalities, promotes inclusive growth, and aids in achieving the Sustainable Development Goals (SDGs). The FAS stands as the most comprehensive annual supply-side database on financial inclusion, boasting nearly complete global coverage. It covers 192 economies, featuring 121 series and 70 normalized indicators for global comparison. The FAS dataset spans from 2004 to 2023, and it continues to evolve in line with financial innovations such as the provision of digital financial services and the increasing demand for gender-disaggregated data.

Digital Financial Services Continue to Make Gains

There has been a substantial increase in the usage of non-traditional financial services, including mobile and internet banking, with mobile money being particularly important in Sub-Saharan Africa. Yet, usage of traditional financial services remains essential in many economies. For example, from 2013 to 2019, deposit accounts per 100 adults increased by over 40% in emerging and developing Europe and Sub-Saharan Africa. The growth of digital financial services has also led to an increase in non-traditional access points, such as retail and mobile money agents, while traditional access methods like ATMs and bank branches have seen a decline, especially since the COVID-19 pandemic (Figure).

Traditional and Non-traditional Access Points in Recent Years (2019 to 2023)

(Number of Access Points Per 100,000 Adults)

Source: Financial Access Survey and IMF staff calculations.

Notes: These charts show the weighted average by region for economies whose data are available for 2019–2023. Country coverage differs across indicators depending on data availability. While three economies from Latin America and the Caribbean (El Salvador, Colombia, and Haiti) report data on number of registered mobile money agents, none provide data for all five years covered in this chart and are therefore not included.

Microfinance Institutions Have Continued Supporting Economically Marginalized Groups

Financing by microfinance institutions has shown resilience amid recent economic shocks. In various economies, borrowing from microfinance institutions increased, as indicated by the growth in the number of accounts and outstanding loans. While commercial banks usually provide larger loan amounts, microfinance institutions serve a broader client base, as evidenced by the larger number of loan accounts compared to those at commercial banks.

Challenges in Narrowing Gender Gaps Remain

Despite the benefits of incorporating women into the financial system, substantial gender gaps in the usage of financial services persist. These gaps are particularly evident in the usage of deposit and loan accounts. Globally, women’s outstanding deposit amounts as percentage of men’s stand at 64 percent, while their outstanding loan balances account for only 46 percent of men’s. In terms of regional differences, advanced economies demonstrate a more gender-equal financial inclusion compared to emerging economies. Among the latter, emerging and developing Europe and Latin America and the Caribbean show relatively higher gender equality.

Lending to SMEs Declined

Data from FAS indicate a decrease in the outstanding amounts of SME loans from 2021 to 2023 in most economies that reported this information. Although several supportive policies were introduced during the COVID-19 Pandemic, subsequent developments, including tighter financial conditions and geopolitical tensions, may have contributed to the decline in SME loans.

Additional Enhancements to the FAS are Being Tested

To ensure the FAS data remain vital for informing financial inclusion policy, a pilot exercise is underway to assess the potential for enhancing the FAS. This includes incorporating additional gender disaggregation, information on new fintech services, and important factors such as loan pricing and risks, especially for underserved populations.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

MIL OSI Economics –

January 25, 2025

MIL-Evening Report: Individual action on climate was tarred as greenwashing or virtue signalling. But it still has a place

Source: The Conversation (Au and NZ) – By Sukhbir Sandhu, Associate Professor in Sustainability, University of South Australia

j.chizhe/Shutterstock

Two decades ago, the fight against climate change was often framed as a personal choice. You might try to reduce your carbon footprint by avoiding flights or change your buying habits to avoid meat or reduce plastic.

But this approach lost popularity, as it shifted responsibility from producer to consumer. The carbon footprint, for instance, was famously popularised by oil company BP. In 2008, well-known American climate activist Bill McKibben pointed out the impotence of individual action without collective action.

Behavioural researchers also began finding a seeming paradox – many of us expressed strong interest in taking individual action on climate, but our actual behaviours barely changed.

Much focus shifted to top-down efforts such as government incentives for clean energy and commitments at a national level to cut emissions.

But there is still a role for individuals – especially around demonstrating what clean alternatives actually look like. For instance, the more solar panels are installed on rooftops in your neighbourhood, the more likely you are to consider it. This neighbourhood effect also affects uptake of electric vehicles and e-bikes. This is especially important if we are to see clean alternatives go mainstream rather than stop at a small fraction of the population.

Of course, individual actions can only go so far. As our research on sustainable consumption has shown, individual actions can be magnified with a backdrop of institutional support.

The neighbourhood effect has influence on solar and electric vehicle uptake.
zstock/Shutterstock

What we say and what we do

Humans are complicated. We often say we want to make greener choices – but in reality, we act differently.

Individual climate action sounds great in theory. If many of us chose electric vehicles or bikes, installed solar panels and built energy efficient houses, our actions in aggregate could contribute to wider emissions goals. Then there are choices such as reducing dairy and meat, installing LED lights and buying produce with less packaging.

Everyday actions can contribute too, such as washing clothes in cold water, avoiding putting aircon too low or heating too high, and wearing extra layers of clothes. Recycling, repairing and reusing offer us still more methods to extend the life of our products, reduce waste and save money.

Yet it turns out the reality of individual action on climate is much more complicated – because we are complicated.

When surveyed, a majority of us say we want green, sustainable products. But when we go to the shops, we often don’t actually buy them. My colleagues and I have dubbed this the “Janus faced” consumer phenomenon – we often say one thing but do another.

Why might that be? One reason is many consumers believe green products – whether electric cars or detergents – will perform worse. Green products are also perceived to be more expensive and inconvenient to use.

Then there’s the question of virtue signalling. This is a phenomenon where consumers purchase highly visible green products primarily to signal they’re a person who cares about the environment without necessarily doing so.

Some of these challenges are being overcome. It’s hard to write off modern electric cars as inferior when they can accelerate faster and run much cheaper than fossil fuel cars. While early adopters of solar might once have been seen as virtue-signallers, the main reason Australian households go solar is to save money on the power bill, according to a CSIRO survey.

Was buying a Toyota Prius about going green – or signalling your virtue?
Stephen Barnes/Shutterstock

One and the many

Individual action can only go so far. For individual action to create sustained impact, it needs supportive policies and institutional backing.

For instance, a 2023 report found many Australian clean energy organisations would like to re-use solar panels for community projects or as a low-cost option for households. This makes sense, given used solar panels are often 80% as good as new ones.

But for consumers to actually act on this, they need institutional scaffolding. If you’re going to buy used solar, you want to make sure they are in good condition. Without a certification process, their willingness will come to nothing.

While many of us say we would consider buying an electric vehicle, the uptake is constrained by things outside our control such as whether there are enough public chargers in cities and rural areas.

You can see the importance of institutional backing clearly in transport. The Melbourne-Sydney flight path is the fifth busiest in the world. That’s because there are no fast green alternatives. If there was high-speed rail as in China or Japan, many of us would choose to avoid the emissions caused by flying. But it doesn’t exist (yet), so our individual choices are curtailed.

Which way forward?

As climate change intensifies, more and more of us say we are willing to act on our beliefs and concerns on an individual level. Even better, more of us are actually doing what we say we will.

Not everywhere, of course. For many Australians, switching from petrol to electric might be easier than giving up meat or a flight to Japan. But some progress is better than none.

This groundswell is encouraging. But our individual efforts can only go so far. To make the most of it, we need institutional scaffolding. Australia has world-beating rooftop solar uptake because state and federal governments used subsidies and incentives to make the emerging technology cheaper. With incentives on offer, millions of us made individual choices to take it up.

We are more than consumers, of course. Our power as individuals isn’t limited to choosing specific products. As citizens, we can push for our governments to provide the essential scaffolding we need to make greener choices.

Sukhbir Sandhu has received research grants from Australian Research Council (Discovery), Green Industries SA, and the European Union.

– ref. Individual action on climate was tarred as greenwashing or virtue signalling. But it still has a place – https://theconversation.com/individual-action-on-climate-was-tarred-as-greenwashing-or-virtue-signalling-but-it-still-has-a-place-239196

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI: Athabasca Oil Announces 2024 Third Quarter Results Highlighted by Strong Free Cash Flow and Continued Execution on Share Buybacks

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its third quarter results highlighting strong free cash flow underpinned by operational momentum at all assets and continued execution on its return of capital commitment through share buybacks.

Corporate Consolidated Third Quarter Highlights

Production: Average production of 38,909 boe/d (98% Liquids), representing 8% growth year over year (16% on a per share basis). Annual production remains on track with previously increased 2024 guidance of 36,000 – 37,000 boe/d.
Cash Flow Growth: Adjusted Funds Flow of $164 million (cash flow from operating activities of $187 million) or $0.30 per share, representing 25% growth on a per share basis year over year. In 2024, the Company forecasts Adjusted Funds Flow of ~$555 million¹, supported by increased operating scale and constructive Canadian heavy oil pricing. Athabasca forecasts ~100% growth in 2024 forecasted funds flow per share relative to 2022 when growth to 28,000 bbl/d at Leismer was sanctioned.
Differentiated Balance Sheet: Proactively refinanced the Company’s senior secured second lien Notes with $200 million of senior unsecured notes at a 6.75% coupon with a 2029 maturity. Consolidated Net Cash position of $135 million with Liquidity of $456 million, including $335 million in cash.
Resilient Producer: Competitively positioned with Thermal Oil sustaining capital to hold production flat funded within cash flow at ~US$50/bbl WTI¹ and growth initiatives fully funded within cash flow at ~US$60/bbl WTI¹.
Robust Free Cash Flow: Capital flexibility and balance sheet strength supports durable asset growth and return of capital initiatives for shareholders, resulting in continued top tier cash flow per share growth into the future. Athabasca expects to generate in excess of $1 billion of Free Cash Flow at US$70/bbl WTI¹ after fully funding its growth program during the timeframe of 2024-27. The Company intends to release its 2025 capital budget in December.

Return of Capital

Cumulative Return of Capital of ~$800 million. Commencing in the Fall of 2021 a deliberate strategy prioritized $385 million of debt reduction. Share buybacks commenced in 2023 and have totaled $415 million to date.
2024 Return of Capital Commitment: Athabasca (Thermal Oil) is allocating 100% of Free Cash Flow to share buybacks in 2024. Year to date the Company has completed $257 million in share buybacks and forecasts 2024 Free Cash Flow of ~$315 million¹.
Focus on Per Share Metrics: A steadfast commitment to return of capital has driven an ~104 million share reduction (~16%) in the Company’s fully diluted share count since March 31, 2023.

Athabasca (Thermal Oil) Third Quarter Highlights

Production: ~34,900 bbl/d supported by growth at Leismer (record quarter at ~27,500 bbl/d) and stability at Hangingstone (~7,400 bbl/d).
Cash Flow: Adjusted Funds Flow of $150 million with an Operating Netback of $49.68/bbl.
Capital Program: $44 million of capital focused on sustaining operations at Leismer and Hangingstone. 2024 capital program forecast of ~$195 million including the commencement of progressive growth to 40,000 bbl/d at Leismer. The Company is currently drilling four new well pairs and six redrill opportunities at Leismer with production expected in early 2025. Two new well pairs at Hangingstone (1,400 meter laterals) will begin steaming in late November with production expected in early 2025.
Free Cash Flow: $106 million of Free Cash Flow supporting return of capital commitments.

Duvernay Energy Corporation (“DEC”) Third Quarter Highlights

Production: ~4,100 boe/d (77% Liquids) supported by production from two new pads placed on production in the spring. Results continue to support management’s type curve expectations with restricted IP180s/well averaging ~840 boe/d (82% Liquids) on the 2-well 100% working interest (“WI”) pad and IP120s/well averaging ~835 boe/d (85% Liquids) on the 3-well 30% WI pad.
Cash Flow: Adjusted Funds Flow of $14 million with an Operating Netback of $44.20/boe.
Capital Program: $6 million focused on commencing a 3-well 100% WI pad at 04-18-64-16W5 which spud in early September. The first two wells have been cased with lateral lengths averaging ~4,000 meters per well. The pad is expected to be completed in 2025. The 2024 capital program forecast is ~$75 million, fully funded within cash flow and cash on hand in DEC.

Corporate Consolidated Strategy

Value Creation: The Company’s Thermal Oil division provides a differentiated liquids weighted growth platform supported by financial resiliency to execute on return of capital initiatives. Athabasca’s subsidiary company, Duvernay Energy Corporation, is designed to enhance value for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. Athabasca (Thermal Oil) and Duvernay Energy have independent strategies and capital allocation frameworks.
Consolidated Free Cash Flow Growth: Athabasca’s capital allocation framework is designed to unlock shareholder value by prioritizing multi‐year cash flow per share growth. In 2024, Athabasca forecasts Corporate Consolidated Adjusted Funds Flow of ~$555 million or ~$1 per share, representing ~100% per share growth over 2022 when the Company sanctioned growth to 28,000 bbl/d at Leismer. The Company’s outlook targets ~20% net Adjusted Funds Flow per share compound annual growth rate during the three-year time to 2027².

Athabasca (Thermal Oil) Strategy

Large Resource Base: Athabasca’s top-tier assets underpin a strong Free Cash Flow outlook with low sustaining capital requirements. The long life, low decline asset base includes ~1.2 billion barrels of Proved plus Probable reserves and ~1 billion barrels of Contingent Resource.
Strong Financial Position: Prudent balance sheet management is a core tenet of Athabasca’s strategy. During the quarter, Athabasca issued $200 million 6.75% senior unsecured notes due in 2029 and redeemed US$157 million 9.75% senior secured second lien notes due in 2026. The Company proactively refinanced its debt on attractive terms and maintains strategic flexibility with a Net Cash position.
Capital Efficient Leismer Expansions: As previously announced, the Company has sanctioned expansion plans at Leismer for growth to 40,000 bbl/d. This will be completed utilizing a progressive build strategy that adds incremental production in the coming years with the full capacity to be achieved in 2028. The capital for this project is estimated at $300 million for a capital efficiency of ~$25,000/bbl/d. The Company can maintain 40,000 bbl/d for approximately fifty years (Proved plus Probable Reserves).
Sustaining Hangingstone: Steaming on two new sustaining well pairs will occur later this year with first production expected in early 2025. These wells will support base production with the objective of ensuring Hangingstone continues to deliver meaningful cash flow contributions to the Company and maintaining competitive netbacks ($48.39/bbl Q3 2024 Operating Netback).
Corner – Future Optionality: The Company’s Corner asset is a large de-risked oil sands asset adjacent to Leismer with 351 million barrels of Proved plus Probable reserves and 520 million barrels Contingent Resource (Best Estimate Unrisked). There are over 300 delineation wells and ~80% seismic coverage, with reservoir qualities similar or better than Leismer. The asset has a 40,000 bbl/d regulatory approval for development with the existing pipeline corridor passing through the Corner lease. The Company has updated its development plans and is finalizing facility cost estimates. Athabasca intends to explore external funding options and does not plan to fund an expansion utilizing existing cash flow or balance sheet resources.
Exposure to Improving Heavy Oil Pricing: With the start-up of the Trans Mountain pipeline expansion (590,000 bbl/d) in early May, spare pipeline capacity is driving tighter and less volatile WCS heavy differentials. Regional liquids pricing benchmarks have also been supported by a depreciating Canadian currency relative to the United States. Every US$5/bbl WCS change impacts Athabasca (Thermal Oil) Adjusted Funds Flow by ~$85 million annually.
Significant Multi-Year Free Cash Flow: Inclusive of the progressive growth at Leismer, Athabasca (Thermal Oil) expects to generate in excess of $1 billion of Free Cash Flow at US$70 WTI¹ during the timeframe of 2024-27. Free Cash Flow will continue to support the Company’s return of capital initiatives.
Thermal Oil Royalty Advantage: Athabasca has significant unrecovered capital balances on its Thermal Oil Assets that ensure a low Crown royalty framework (~6%¹). Leismer is forecasted to remain pre-payout until late 2027¹ and Hangingstone is forecasted to remain pre-payout beyond 2030¹.
Tax Free Horizon Advantage: Athabasca (Thermal Oil) has $2.4 billion of valuable tax pools and does not forecast paying cash taxes this decade.

Duvernay Energy Strategy

Accelerating Value: DEC is an operated, private subsidiary of Athabasca (owned 70% by Athabasca and 30% by Cenovus Energy). DEC accelerates value realization for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth without compromising Athabasca’s capacity to fund its Thermal Oil assets or its return of capital strategy.
Kaybob Duvernay Focused: Exposure to ~200,000 gross acres in the liquids rich and oil windows with ~500 gross future well locations, including ~46,000 gross acres with 100% working interest.
Self-Funded Growth: Current activity is being funded within cash flow and cash on hand. The 2024 program includes drilling and completions of a two-well 100% WI pad and a three-well 30% WI pad along with the spudding an additional multi-well pad in September 2024. The Company has self-funded growth potential to in excess of ~20,000 boe/d (75% Liquids) by the late 2020s¹.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash, Liquidity) and production disclosure.

¹Pricing Assumptions: realized prices January – October and flat pricing of US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.73 C$/US$ FX for the balance of 2024. 2025-27 US$70 WTI, US$12.50 WCS heavy differential, C$3.00 AECO, and 0.75 C$/US$ FX.
²The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x EV/Debt Adjusted Cash flow in 2025 and beyond.

Financial and Operational Highlights

	Three months ended September 30,						Nine months ended September 30,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
CORPORATE CONSOLIDATED⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		38,909			36,176			36,675			34,950
Petroleum, natural gas and midstream sales	$	376,781		$	379,241		$	1,089,635		$	952,596
Operating Income⁽²⁾	$	180,184		$	168,410		$	465,070		$	320,063
Operating Income Net of Realized Hedging⁽²⁾⁽³⁾	$	175,755		$	164,643		$	460,511		$	289,645
Operating Netback ($/boe)⁽²⁾	$	49.12		$	50.84		$	46.36		$	33.27
Operating Netback Net of Realized Hedging ($/boe)⁽²⁾⁽³⁾	$	47.91		$	49.70		$	45.91		$	30.11
Capital expenditures	$	50,634		$	33,286		$	175,098		$	101,080
Cash flow from operating activities	$	187,143		$	134,879		$	398,864		$	202,330
per share – basic	$	0.35		$	0.23		$	0.72		$	0.34
Adjusted Funds Flow⁽²⁾	$	163,680		$	141,138		$	417,198		$	213,406
per share – basic	$	0.30		$	0.24		$	0.75		$	0.36
ATHABASCA (THERMAL OIL)
Bitumen production (bbl/d)⁽²⁾		34,853			31,691			33,390			29,972
Petroleum, natural gas and midstream sales	$	372,634		$	360,761		$	1,072,954		$	895,167
Operating Income⁽²⁾	$	163,694		$	155,415		$	425,837		$	278,533
Operating Netback ($/bbl)⁽²⁾	$	49.68		$	53.59		$	46.64		$	33.72
Capital expenditures	$	44,431		$	34,439		$	120,634		$	89,604
Adjusted Funds Flow⁽²⁾	$	150,088					$	383,214
Free Cash Flow⁽²⁾	$	105,657					$	262,580
DUVERNAY ENERGY⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		4,056			4,485			3,285			4,978
Percentage Liquids (%)⁽²⁾	77		%	55		%	77		%	56		%
Petroleum, natural gas and midstream sales	$	24,728		$	24,508		$	63,015		$	78,403
Operating Income⁽²⁾	$	16,490		$	12,995		$	39,233		$	41,530
Operating Netback ($/boe)⁽²⁾	$	44.20		$	31.50		$	43.59		$	30.56
Capital expenditures	$	6,203		$	(1,153	)	$	54,464		$	11,476
Adjusted Funds Flow⁽²⁾	$	13,592					$	33,984
Free Cash Flow⁽²⁾	$	7,389					$	(20,480	)
NET INCOME AND COMPREHENSIVE INCOME
Net income and comprehensive income⁽⁴⁾	$	68,722		$	(79,212	)	$	203,407		$	(78,726	)
per share – basic⁽⁴⁾	$	0.13		$	(0.14	)	$	0.37		$	(0.13	)
per share – diluted⁽⁴⁾	$	0.12		$	(0.14	)	$	0.36		$	(0.13	)
COMMON SHARES OUTSTANDING
Weighted average shares outstanding – basic		540,884,257			581,917,255			555,035,218			586,906,810
Weighted average shares outstanding – diluted		550,712,443			581,917,255			559,203,568			586,906,810

	September 30		December 31
As at ($ Thousands)	2024		2023
LIQUIDITY AND BALANCE SHEET
Cash and cash equivalents	$	334,851	$	343,309
Available credit facilities⁽⁵⁾	$	121,316	$	85,488
Face value of term debt⁽⁶⁾	$	200,000	$	207,648

(1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
(2) Refer to the “Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
(3) Includes realized commodity risk management loss of $4.4 million and $4.6 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – loss of $3.8 million and $30.4 million).
(4) Net income (loss) and comprehensive income (loss) per share amounts are based on net income (loss) and comprehensive income (loss) attributable to shareholders of the Parent Company. In the calculation of diluted net income (loss) per share for the three months ended September 30, 2024 net income (loss) was reduced by $2.6 million to account for the impact to net income (loss) had the outstanding warrants been converted to equity.
(5) Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.
(6) The face value of the term debt at December 31, 2023 was US$157.0 million translated into Canadian dollars at the December 31, 2023 exchange rate of US$1.00 = C$1.3226.

Operations Update

Athabasca (Thermal Oil)

Production for the third quarter of 2024 averaged 34,853 bbl/d. The Thermal Oil division generated Operating Income of $164 million (Operating Netbacks – $50.05/bbl at the Leismer and $48.39/bbl at Hangingstone) during the period with capital expenditures of $44 million, primarily related to drilling and completions, and progressing future growth initiatives at Leismer.

Leismer

Leismer produced a record 27,485 bbl/d during the quarter following the completion of the facility expansion. The Company is continuing with progressive growth to increase Leismer production to 40,000 bbl/d (regulatory approved capacity) over the next three years. These capital projects are flexible and highly economic (~$25,000/bbl/d capital efficiency) and will maximize value creation when executed alongside the Company’s return of capital initiatives. Activity over the next three years will include drilling ~20 well pairs (sustaining and growth wells), expanding steam capacity to ~130,000 bbl/d and adding oil processing capacity at the central processing facility. The project will benefit from installing opportunistically pre-purchased steam generators which reduce the timelines and costs for the project.

Activity in H2 2024 includes drilling four sustaining well pairs at Pad L10 and six extended redrills on Pad L1, with production expected in early 2025.

Hangingstone

Production during the quarter averaged 7,368 bbl/d. Non-condensable gas co-injection continues to assist in pressure support, reduced energy usage and an improved SOR averaging ~3.4x year to date. During the quarter the Company rig released two ~1,400 meter well pairs with first steam planned for later this year and production in early 2025. Well design with extended reach laterals is expected to drive project capital efficiencies of ~$15,000/bbl/d and will leverage off available plant and infrastructure capacity. These sustaining well pairs will support base production with the objective of ensuring Hangingstone continues to deliver meaningful cash flow contributions to the Company and maintaining competitive netbacks.

Duvernay Energy

Production for the third quarter of 2024 averaged 4,056 boe/d (77% Liquids). Duvernay Energy generated Operating Income of $16 million (Operating Netback – $44.20/boe) during the period.

Duvernay Energy brought its two-well 100% working interest pad at 03-18-64-17W5 on production in late April. The pad generated an average restricted 180-day rate of ~840 boe/d per well (82% liquids). A three well pad (30% working interest) at 02-03-65-20W5 was brought on production in late May, with an approximate 120-day rate of ~835 boe/d per well (85% liquids). Both pads are performing in-line with management’s expectations and are exhibiting strong extended results with high liquids content. The Company spud a three-well 100% working interest pad at 4-18-64-16W5 in September. Two wells have been cased on this pad with average laterals of ~4,000 meters per well. The operated pad of wells is expected to be completed in 2025.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; expected operating results at Hangingstone; Adjusted Funds Flow and Free Cash Flow in 2024 and 2025 to 2027; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of the Trans Mountain pipeline expansion and heavy oil pricing; and other matters.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2023 (which is respectively referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated February 29, 2024 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Also included in this News Release are estimates of Athabasca’s 2024 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Initial Production Rates

Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2023. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2023 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2024.

The 500 gross Duvernay drilling locations referenced include: 37 proved undeveloped locations and 76 probable undeveloped locations for a total of 113 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2023 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP and Other Financial Measures, and Production Disclosure

The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Sustaining Capital, Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

	Three months ended September 30, 2024									Three months ended September 30, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾			Corporate Consolidated⁽¹⁾			Corporate Consolidated
Cash flow from operating activities	$	169,950		$	17,193		$	187,143		$	134,879
Changes in non-cash working capital		(20,201	)		(3,401	)		(23,602	)		5,898
Settlement of provisions		339			(200	)		139			361
ADJUSTED FUNDS FLOW		150,088			13,592			163,680			141,138
Capital expenditures		(44,431	)		(6,203	)		(50,634	)		(33,286	)
FREE CASH FLOW	$	105,657		$	7,389		$	113,046		$	107,852

(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

	Nine months ended September 30, 2024									Nine months ended September 30, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾			Corporate Consolidated⁽¹⁾			Corporate Consolidated
Cash flow from operating activities	$	367,018		$	31,846		$	398,864		$	202,330
Changes in non-cash working capital		14,560			2,134			16,694			22,498
Settlement of provisions		1,636			4			1,640			1,155
Long-term deposit		—			—			—			(12,577	)
ADJUSTED FUNDS FLOW		383,214			33,984			417,198			213,406
Capital expenditures		(120,634	)		(54,464	)		(175,098	)		(101,080	)
FREE CASH FLOW	$	262,580		$	(20,480	)	$	242,100		$	112,326

(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

Duvernay Energy Operating Income and Operating Netback

The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

	Three months ended September 30,						Nine months ended September 30,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Petroleum and natural gas sales	$	24,728		$	24,508		$	63,015		$	78,403
Royalties		(2,470	)		(3,510	)		(8,282	)		(10,403	)
Operating expenses		(4,684	)		(5,964	)		(12,387	)		(19,988	)
Transportation and marketing		(1,084	)		(2,039	)		(3,113	)		(6,482	)
DUVERNAY ENERGY OPERATING INCOME	$	16,490		$	12,995		$	39,233		$	41,530

Athabasca (Thermal Oil) Operating Income and Operating Netback

The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets. The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

	Three months ended September 30,						Nine months ended September 30,
($ Thousands)	2024			2023			2024			2023
Heavy oil (blended bitumen) and midstream sales	$	372,634		$	360,761		$	1,072,954		$	895,167
Cost of diluent		(129,965	)		(117,418	)		(411,991	)		(380,781	)
Total bitumen and midstream sales		242,669			243,343			660,963			514,386
Royalties		(22,291	)		(27,613	)		(62,651	)		(45,170	)
Operating expenses – non-energy		(24,903	)		(19,521	)		(72,445	)		(63,349	)
Operating expenses – energy		(9,994	)		(20,572	)		(38,187	)		(64,118	)
Transportation and marketing⁽¹⁾		(21,787	)		(20,222	)		(61,843	)		(63,216	)
ATHABASCA (THERMAL OIL) OPERATING INCOME	$	163,694		$	155,415		$	425,837		$	278,533

(1) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – $0.6 million and $1.7 million).

Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

	Three months ended September 30,						Nine months ended September 30,
($ Thousands)	2024			2023			2024			2023
Petroleum, natural gas and midstream sales⁽¹⁾	$	397,362		$	385,269		$	1,135,969		$	973,570
Royalties		(24,761	)		(31,123	)		(70,933	)		(55,573	)
Cost of diluent⁽¹⁾		(129,965	)		(117,418	)		(411,991	)		(380,781	)
Operating expenses		(39,581	)		(46,057	)		(123,019	)		(147,455	)
Transportation and marketing⁽²⁾		(22,871	)		(22,261	)		(64,956	)		(69,698	)
Operating Income		180,184			168,410			465,070			320,063
Realized loss on commodity risk mgmt. contracts		(4,429	)		(3,767	)		(4,559	)		(30,418	)
OPERATING INCOME NET OF REALIZED HEDGING	$	175,755		$	164,643		$	460,511		$	289,645

(1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
(2) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – $0.6 million and $1.7 million).

Cash Transportation and Marketing Expense

The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

Sustaining Capital

Sustaining Capital is managements’ assumption of the required capital to maintain the Company’s production base.

Net Cash

Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

Liquidity

Liquidity is defined as cash and cash equivalents plus available credit capacity.

Production volumes details

	Three months ended September 30,				Nine months ended September 30,
Production	2024		2023		2024		2023
Duvernay Energy:
Oil⁽¹⁾	bbl/d	2,688		1,398		2,235		1,461
Condensate NGLs	bbl/d	—		581		—		705
Oil and condensate NGLs	bbl/d	2,688		1,979		2,235		2,166
Other NGLs	bbl/d	447		528		298		615
Natural gas⁽²⁾	mcf/d	5,526		11,869		4,511		13,181
Total Duvernay Energy	boe/d	4,056		4,485		3,285		4,978
Total Thermal Oil bitumen	bbl/d	34,853		31,691		33,390		29,972
Total Company production	boe/d	38,909		36,176		36,675		34,950

(1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
(2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.

This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,000 – 34,000 bbl/d for 2024. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~3,000 boe/d for 2024 is expected to be comprised of approximately 67% tight oil, 23% shale gas and 10% NGLs.

Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash, Liquidity) and production disclosure.

¹ Pricing Assumptions: realized prices January – October and flat pricing of US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.73 C$/US$ FX for the balance of 2024. 2025-27 US$70 WTI, US$12.50 WCS heavy differential, C$3.00 AECO, and 0.75 C$/US$ FX.
² The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x EV/Debt Adjusted Cash flow in 2025 and beyond.

The MIL Network –

January 25, 2025

MIL-OSI Economics: The Americas Flyways Initiative to begin implementation in January 2025

Source: CAF Development Bank of Latin America

After two years of rigorous science-based design, the Americas Flyways Initiative (AFI) is moving into its implementation phase in 2025, aimed at protecting and restoring critical ecosystems through Nature-Based Solutions (NbS) and bird-friendly infrastructure that also benefits people.

Inspired by the wonderful world of birds and their epic migratory journeys across the hemisphere, which connect landscapes, cultures, and people, the AFI science team has identified a portfolio of crucial sites to ensure the connectivity and conservation of at least 10% of prioritized populations of migratory shorebirds and landbirds in the Americas.

Birds serve as vital bioindicators of the health of nature. They not only signal the problems we face but also point to solutions: where and how we need to act. Protecting birds means protecting life. For example, 85% of the important bird conservation sites in Colombia coincide with key areas for water regulation and climate change mitigation.

Currently, AFI has five initial projects, also known as “nest projects,” named for their connection to shelter, development, and well-being:

Improving coastal climate resilience in the Rocuant Andalién Wetland in Chile;
Restoring montane forest landscapes and aquatic ecosystems in the northwestern Andes of Ecuador;
Integrating bird-friendly practices in transmission and distribution power lines reaching the coast of Guayas, Ecuador;
Incorporating bird-friendly architecture and design at the CAF headquarters in Panama City;
Knowledge exchange on best practices at the Iona Wastewater Treatment Plant on Iona Island, British Columbia.

To guide project developers in designing and implementing proposals that combine conservation and sustainable development, AFI has also released four practical and strategic guides:

Guide 1: High biodiversity and carbon-dense ecosystems.
Guide 2: Water security: drinking water, sanitation, and access to irrigation.
Guide 3: Coastal management.
Guide 4: Infrastructure.

The relevance of AFI is grounded in the premise that conservation without funding is merely conversation. Without agile and sustainable financial resources, effective conservation, protection, and restoration of nature cannot be achieved. Currently, there is a financial gap of between $598 billion and $824 billion annually needed to implement actions addressing the climate crisis and biodiversity loss.

One of the primary objectives of the sixteenth Conference of the Parties (COP 16) to the Convention on Biological Diversity (CBD), taking place in Cali, is to advance the details and mechanisms for meeting Target 19 of the Global Biodiversity Framework: achieving the annual mobilization of at least $200 billion by 2030. Of this amount, it is expected that at least $30 billion will be directed toward developing countries, which are often more severely affected by climate change impacts and wildlife decline.

As of the date of this statement, eight governments have pledged $163 million to enable the Global Biodiversity Fund (GBFF) to implement the Kunming-Montreal Biodiversity Framework. While this is a step forward, it remains insufficient given the scale of what is required and the context we face.

The protection and sustainable use of the services and resources we receive from nature are not solely the responsibility of the naturalist or scientific community. More than half of the world’s economy depends on the benefits provided by nature: clean water and air, fertile soils, food, medicine, raw materials, among others. More than half of the global GDP is moderately or highly dependent on nature and its services. Consequently, this figure is linked to the risks and impacts associated with the destruction of nature.

Therefore, actions aimed at the conservation, restoration, and sustainable management of ecosystems and their biodiversity are an obligation and responsibility for all sectors, as they form the fundamental basis for our societies to continue existing and thriving. Fortunately, much of the answer to the challenge of channeling financing for biodiversity lies within nature itself.

“Nature-Based Solutions (NbS) are actions to protect, sustainably manage, and restore natural and modified ecosystems that effectively and adaptively address societal challenges while simultaneously benefiting people and nature” (IUCN, 2016).

In this context, at COP15 in Montreal, the National Audubon Society, BirdLife International, and the Development Bank of Latin America and the Caribbean (CAF) forged a commitment and the foundations of a strategic, transformative, and visionary alliance that will mobilize investment for nature and the communities that depend on it through a comprehensive financial mechanism.

AFI is a symbiosis for prosperity that combines cutting-edge applied science and agile financial mechanisms to sustainably manage over 30 marine and terrestrial landscapes by 2050, mobilizing between $3 trillion and $5 trillion.

Elizabeth Gray, CEO of Audubon, highlighted the importance of the initiative: “We are working together to protect 30 terrestrial and marine landscapes across this vast region. This is essential for promoting nature-based solutions and sustainable development. The Americas is one of the most biodiverse regions in the world, and we have much to do to address both the biodiversity and climate crises.”

Martin Harper, CEO of BirdLife International, expressed gratitude and recognition to the teams from the three organizations for their hard work in reaching this point: “We are building something very special, something that will unite conservation efforts across the Americas. This initiative is already inspiring similar projects in other major migratory routes worldwide.”

Sergio Díaz Granados, Executive President of CAF, reminded attendees of the bank’s efforts to become the green bank of the region, including increasing its capital to address the climate emergency: “The loss of biodiversity is one of our most urgent problems. Mitigating it and adapting is not a choice; it is a responsibility we must fulfill. We have been collaborating with institutions like Audubon and BirdLife to bridge conservation gaps in Latin America and the Caribbean.”

MIL OSI Economics –

January 25, 2025

MIL-OSI China: Meta reports Q3 results with net income, revenue increase

Source: China State Council Information Office

U.S. social media giant Meta Platforms, Inc. on Wednesday reported financial results for the third quarter ending Sept. 30, with a total quarterly revenue of 40.59 billion U.S. dollars, a 19 percent increase year on year.

The company’s quarterly net income increased to 15.69 billion dollars, up 35 percent from 11.58 billion dollars year on year. The diluted earnings per share for the quarter increased to 6.03 dollars from 4.39 dollars in the same period of 2023, said Meta, which is based in Menlo Park, California.

The company’s family daily active people (DAP) was 3.29 billion on average for September 2024, an increase of 5 percent year over year.

Its cash, cash equivalents and marketable securities were 70.90 billion dollars as of Sept. 30, 2024. Free cash flow was 15.52 billion dollars, according to the company.

“We had a good quarter driven by AI progress across our apps and business,” said Mark Zuckerberg, Meta founder and CEO. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.”

The company expects fourth quarter 2024 total revenue to be in the range of 45 billion to 48 billion dollars, and the full-year 2024 total expenses to be in the range of 96 billion to 98 billion dollars, updated from its prior range of 96 billion to 99 billion dollars.

Meta anticipates the full-year 2024 capital expenditures will be in the range of 38 billion to 40 billion dollars, and expects significant capital expenditures growth in 2025.

According to Meta, the increasing legal and regulatory headwinds in the European Union and the United States could significantly impact its business and financial results, and the company will continue to monitor the active regulatory landscape.

MIL OSI China News –

January 25, 2025

MIL-OSI Australia: Western Sydney suburbs pass $1 million in NSW Government toll relief

Source: New South Wales Ministerial News

Published: 31 October 2024

Released by: The Premier, Minister for Customer Service and Digital Government, Minister for Roads

Motorists in the Western Sydney suburbs of Blacktown and Baulkham Hills have collectively claimed more than $1 million in toll relief for each suburb under the Minns Labor Government’s $60 weekly toll cap.

Blacktown last week became the first suburb to pass $1 million in total toll relief claimed, followed by Baulkham Hills this week.

Other car-reliant suburbs like Auburn, Merrylands and Marsden Park are now closing in on the same milestone for toll relief.

More than 3,000 motorists in both Blacktown and Baulkham Hills have claimed toll relief so far – evidence that Labor’s $60 weekly toll cap is getting relief to where it is needed in the most heavily-tolled areas of Sydney.

More than 224,000 claims have been made, with $60.5 million already returned to motorists. The average rebate is $284.

More than 11,000 motorists have received quarterly toll relief rebates of more than $1,000 since the program started.

Tolling data shows it is the motorways that get people in and out of Western Sydney that are most commonly used by those claiming toll relief. They are:

WestConnex
M2 Hills Motorway
Westlink M7

Data shows motorists claiming toll relief are generally hitting the $60 toll cap by midweek, with journeys on Fridays, Saturdays and Sundays the most common days on which toll journeys are refunded.

There is $60 million in relief available to be claimed for trips made in the third quarter of the year between 1 July 2024 – 29 September 2024.

Toll relief is supporting motorists as the NSW Labor Government works on tolling reform to fix the damage wrought by the toll road privatisation of the former government.

The Liberal Party legacy left a total toll bill of $195 billion in nominal terms that must be paid by motorists out to 2060, on top of the billions they have already paid.

The NSW Government is currently preparing its response to the independent Toll Review of Professor Allan Fels and Dr David Cousins, which described Sydney’s toll road network as an unfair and poorly-functioning patchwork of numerous different price structures, with those in Western Sydney financially impacted the most.

Eligible drivers who have spent more than $60 a week on toll trips since 1 January can claim the toll relief via the Service NSW website with the rebate calculated and claimed each quarter.

Once your toll account details are linked to your MyServiceNSW Account, claims can easily be lodged.

Motorists can claim up to a maximum of $340 per week for each tag or licence plate number, as part of a “fair use” provision in place to ensure the program’s integrity.

People can claim their 2024 toll spend until 30 June 2025.

To claim, visit www.service.nsw.gov.au/transaction/claim-the-toll-relief-cap and follow the step-by-step instructions including linking your toll account to your MyServiceNSW Account.

New South Wales Premier Chris Minns said:

“The $60 toll cap is one of the most important cost-of-living measures the NSW Government is providing, and it is heartening to see that the relief is getting to where it is needed most – Western Sydney.

“We know people are doing it tough, and our toll cap is making it fairer for drivers that heavily rely on toll roads.

“Suburbs like Blacktown, like Baulkham Hills, are the places where paying tolls is really not a choice, it’s a fact of life.

“Motorists have so far claimed more than $1 million in toll refunds in each of these suburbs and we know every dollar is important in stretched family budgets.”

Minister for Roads John Graham said:

“The data tells us that it is the people whose journeys start and end in Western Sydney that are claiming the lion’s share of toll relief, and this is where it is needed most. These suburbs have fewer public transport alternatives.

“Toll relief is rolling out as we progress with toll reform. The current system is a poorly-functioning patchwork of numerous different price structures that has created complexity, inefficiency, inequities and unfairness, with those in Western Sydney financially impacted the most.

Minister for Customer Service and Digital Government Jihad Dib said:

“It’s good to see eligible motorists saving an average of $284 per quarter which is a massive boost for household budgets and could make the Christmas bills that little bit more manageable.

“We encourage motorists to apply, the online claims process is easy to use and support is available in Service NSW Centres or by calling 13 77 88.

“I encourage everyone to check their eligibility via the Service NSW website and to make a claim.”

MIL OSI News –

January 25, 2025

MIL-OSI Asia-Pac: Strive and Rise Programme starts recruiting third cohort

Source: Hong Kong Government special administrative region

Strive and Rise Programme starts recruiting third cohort
Strive and Rise Programme starts recruiting third cohort
********************************************************

The Strive and Rise Programme has started recruiting 4 000 mentees for the third cohort today (October 31). Secondary One to Secondary Four students from underprivileged families, particularly those living in subdivided units, may submit applications through the Programme’s mobile application starting today and approach their schools or the non-governmental organisations that assist the Government in implementing the Programme (see Annex) for enquiries if more information or assistance is required. Applications will close on November 20. The Programme is formulated and implemented by an interdepartmental task force led by the Chief Secretary for Administration. Through tripartite collaboration among the Government, the business sector and the community, the Programme provides focused support for Secondary One to Secondary Four students from underprivileged families, particularly those living in subdivided units. The Programme comprises three key elements, namely mentorship, personal development plans and financial support. Through a one-year intensive foundation training that includes mentorship and a structured programme covering orientation, basic training, diverse group activities, Mainland study and exchange tours, etc, the Programme will help mentees broaden their horizons, reinforce self-confidence, develop a positive outlook on life, set goals for the future and strive for upward mobility. In addition, the Programme will provide start-up financial support of $5,000 for mentees to implement their personal development plans under the guidance of their mentors. Upon successful completion of the Programme, a scholarship of $5,000 will be awarded to the mentees for their personal pursuits by applying the financial planning concepts that they have learned. Upon successful completion of the one-year intensive foundation training of the Programme, mentees will automatically become members of the Alumni Club, where they will continue to expand their social network and horizons by participating in diverse activities and job tasting/internship programmes. For more information about the application details of the third cohort and the mobile application of the Programme, please visit the designated website: www.striveandrise.gov.hk.

Ends/Thursday, October 31, 2024Issued at HKT 9:00

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Australia: Partnerships to revitalise regional Victoria

Source: Australian Ministers 1

The Albanese Government is supporting local jobs, tourism and cultural opportunities in regional Victoria, investing $21.5 million to community projects through the $400 million regional Precincts and Partnerships Program.

We are investing $5 million in the Hamilton Community and Cultural Precinct which seeks to boost the visitor economy by taking advantage of underused central locations.

Plans for the development of the CDB, New Hamilton Gallery, and Community and Digital Hub will help shape the precinct for Hamilton.

We are also investing $800,000 in Cobram for the Thompsons Beach and Kennedy Park Precinct Plan to better connect communities by shaping infrastructure developments on the NSW and Victorian border, and support economic and tourism opportunities.

The funding will also support the delivery of precinct infrastructure including $7.7 million for the Mansfield Station Precinct Activation Project.

The Mansfield township has identified the station precinct upgrades as a major priority for the region. The project will include an all-abilities playground, accessible changing facilities and a bicycle pump track.

We are also investing $8 million for the Cowes Foreshore Precinct to improve visitor experiences by connecting the foreshore with retail, dining and accommodation.

Thompson Avenue North and The Esplanade will undergo one-way traffic upgrades and improved landscaping and wayfinding.

The rPPP has already funded $3.8 million for projects across Victoria including in Colac Otway, Bendigo East, and Swan Hill.

Further applications to the program are currently under assessment. For more information on the program visit: infrastructure.gov.au/regional.

Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

“We are listening to communities across regional Victoria and funding the projects they’ve identified as priorities.

“The new Cowes Foreshore Precinct will rejuvenate the township into a premier tourism destination.

“The Mansfield community will be able to enjoy improved facilities suitable for all ages and abilities.

“Our investments are planning and building more liveable and productive precincts across the state through effective local partnerships that provide long-term benefits.”

MIL OSI News –

January 25, 2025

MIL-OSI USA: October 30th, 2024 Heinrich Delivers Keynote Address at Veterans Business Summit

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
PHOTOS & VIDEOS
ALBUQUERQUE, N.M. — Today, U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, delivered a keynote address at the New Mexico Veterans Business Summit highlighting how investments in veteran-owned businesses have grown New Mexico’s economy and created jobs New Mexicans can build their families around.
Heinrich secured $50,000 through the Appropriations process for the New Mexico Veterans Business Advocates Expo to provide New Mexico’s veteran-owned businesses an opportunity to interact with potential partners, customers, and employees, supporting their success and growth.
Heinrich also highlighted his work to expand veterans’ benefits and access to the health care they’ve earned and deserve.

U.S. Senator Martin Heinrich (D-N.M.) delivers a keynote address at the New Mexico Veterans Business Summit, October 30, 2024.
“Small, locally-owned businesses — including veteran-owned businesses — are the beating hearts of our communities and backbone of our economy,” said Heinrich. “Our veterans leave their military service with unique skills and experience. I was proud to secure $50,000 in the 2024 Appropriations Bills to support the New Mexico Veterans Business Summit that is providing resources to help veteran-owned small businesses and military veterans looking for new career and entrepreneurial opportunities. I remain committed to supporting our state’s veterans and small business owners, lowering costs, growing our economy, and connecting New Mexicans to high-quality careers they can build their families around.”

U.S. Senator Martin Heinrich (D-N.M.) at the New Mexico Veterans Business Summit, October 30, 2024.
Heinrich remains unwavering in his commitment to provide the care and benefits that veterans deserve and have earned.
This year, the VA has served more veterans than ever before and provided more care and benefits to veterans who were exposed to toxins during their time in the military because of the successful implementation of the Honoring our Promise to Address Comprehensive Toxics (PACT) Act, bipartisan legislation that Heinrich helped lead as then-Chair of the Senate Appropriations Subcommittee on Military Construction, Veterans Affairs, and Related Agencies.
The PACT Act was signed into law in 2022 and has provided a record expansion of care and benefits for veterans. As a result, more veterans are filing claims and receiving their long overdue earned benefits, including disability compensation and GI Bill benefits.
Heinrich also recently passed legislation to protect veterans’ earned benefits and ensure the Department of Veterans Affairs (VA) is able to continue to pay disability compensation, surviving spouses and dependent compensation, pension, and education benefits to veterans, including nearly 70,000 New Mexicans.
Additionally, Heinrich recently announced the Senate Appropriations Committee’s bipartisan, unanimous passage of the Fiscal Year 2025 Military Construction, Veterans Affairs, and Related Agencies Appropriations Bill, which included $3.2 billion to expand programs providing critical services and housing for veterans and their families. Heinrich also fought to include key language to protect access to abortion for veterans in cases of rape, incest, and when the life of the mother is at risk, but the Committee did not ultimately include the provision.
In the Fiscal Year 2024 Military Construction, Veterans Affairs, and Related Agencies Appropriations Bill, Heinrich successfully advocated for major increases in funding to programs that support veterans in New Mexico and throughout the United States. He also successfully included key language to protect access to health care for veterans in New Mexico and nationally. Specifically, Heinrich secured increased funding to provide access to care for rural and Tribal veterans, transportation for rural veterans, rural health care for veterans, assistance to homeless veterans, construct state extended care facilities, improve veteran access to Suicide Prevention Coordinators, increase research on prosthetics and limb loss, and build on the work of neurology-related Centers of Excellence.
Additionally, in the Fiscal Year 2024 Transportation, Housing and Urban Development, and Related Agencies Appropriations Bill, Heinrich successfully ensured that funding was not cut from the Tribal HUD-VA Supportive Housing Program, which provides rental assistance and supportive services to Nativ

MIL OSI USA News –

January 25, 2025

MIL-OSI: TORONTO-DOMINION BANK SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against The Toronto-Dominion Bank – TD

Source: GlobeNewswire (MIL-OSI)

NEW ORLEANS, Oct. 30, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 23, 2024 to file lead plaintiff applications in a securities class action lawsuit against The Toronto-Dominion Bank (“TD” or the “Company”) (NYSE: TD), if they purchased the Company’s securities between February 29, 2024 to October 9, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

Get Help

TD investors should visit us at https://claimsfiler.com/cases/nyse-td-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

TD and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On October 10, 2024, the Company disclosed resolutions reached from investigations by various U.S. Government entities into the Company’s anti-money laundering (“AML”) program compliance with the United States Bank Secrecy Act (“BSA”), which included a punitive payment of $3.09 billion, an asset cap preventing TD’s two U.S. subsidiaries from exceeding a collective $434 billion, and a “more stringent approval processes for new bank products, services, markets, and stores to ensure the AML risk of new initiatives is appropriately considered and mitigated.”

On this news, the price of TD’s shares fell from a closing price of $63.51 per share on October 9, 2024 to $59.44 per share on October 10, 2024, and further to $57.01 on October 11, 2024.

The case is Tiessen v. The Toronto-Dominion Bank, et al., No. 24-cv-08032.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

The MIL Network –

January 25, 2025

MIL-OSI Economics: ADB Says Climate Change Could Reduce GDP in Developing Asia and the Pacific by 17% by 2070

Source: Asia Development Bank

MANILA, PHILIPPINES (31 October 2024) — New Asian Development Bank (ADB) research finds the impacts of climate change could reduce gross domestic product (GDP) in developing Asia and the Pacific by 17% by 2070 under a high-end greenhouse gas emissions scenario, rising to 41% by 2100.

Rising sea levels and falling labor productivity would cause the greatest losses, with lower income and fragile economies hit hardest. The new research, presented in the inaugural issue of ADB’s Asia-Pacific Climate Report, details a series of damaging impacts threatening the region. If the climate crisis continues to accelerate, up to 300 million people in the region could be threatened by coastal inundation, and trillions of dollars of coastal assets could be damaged annually by 2070.

“Climate change has supercharged the devastation from tropical storms, heat waves, and floods in the region, contributing to unprecedented economic challenges and human suffering,” said ADB President Masatsugu Asakawa. “Urgent, well-coordinated climate action that addresses these impacts is needed before it is too late. This climate report provides insight into how to finance urgent adaptation needs and offers promising policy recommendations to governments in our developing member countries on how to reduce greenhouse gas emissions at lowest cost.”

The report finds that regional public sentiment supports climate action. In an ADB climate change perception study this year, 91% of respondents across 14 regional economies said they view global warming as a serious problem, with many seeking more ambitious government action.

Adaptation responses need to be accelerated to address growing climate risks, along with an imperative to greatly upscale adaptation-focused climate finance. The report values annual investment needs for regional countries to adapt to global warming at between $102 billion and $431 billion—far exceeding the $34 billion of tracked adaptation finance in the region in 2021–2022. Government regulation reforms and enhanced recognition of climate risks are helping attract new sources of private climate capital, but far greater private investment flows are needed.

On the mitigation front, the report shows the region is well placed to embrace renewable energy in driving a transition to net zero, and that forging ahead with domestic and international carbon markets can help achieve climate action goals cost effectively.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

MIL OSI Economics –

January 25, 2025

MIL-OSI China: ‘World Cities Culture Forum 2024’ kicks off in Dubai

Source: China State Council Information Office 3

The “World Cities Culture Forum 2024” kicked off in Dubai, the United Arab Emirates, on Wednesday, bringing together representatives from more than 36 cities worldwide to exchange ideas and strategies around cultural and creative growth.

Held under the theme “Tomorrow’s Culture: How Will the Next Generation Shape Our World?” the forum marks its first appearance in the Middle East and North Africa region, spanning three days to underscore the role of cities in fostering creative economy.

It will discuss key topics including investment in cultural and creative industries, nurturing talent, and creating opportunities for talents to help reshape the future of cities.

On the forum’s opening day, Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, chairperson of the Dubai Culture and Arts Authority, announced the launch of the “Future of Education in the Creative Economy” report. This report examines the educational landscape within cultural and creative sectors and emphasizes the crucial role of education in developing an innovative, knowledge-based economy.

Sheikha Latifa called for a collaborative effort to establish an innovative framework aimed at empowering youths globally to achieve their ambitions and enhance the creative economy’s impact.

“We will unify all efforts through this forum to advance the youths as leaders and innovators of tomorrow, and we will strive to empower them with strong foundations in education,” the chairperson said.

The World Cities Culture Forum is a global network of over 40 cities that champions the belief that culture is at the heart of city planning and investment.

MIL OSI China News –

January 25, 2025

MIL-OSI China: Introducing France to China, word by word

Source: China State Council Information Office 3

The 16th edition of the Fu Lei Translation and Publishing Prize will be held on Nov 30 and Dec 1 in Beijing. The event is part of the cultural activities commemorating the 60th anniversary of diplomatic relations between China and France, Nicolas Pillerel, minister counselor for culture, education and scientific affairs at the French embassy in China, announced during a news conference on Oct 24.

Established in 2009 by the French Embassy in China and French-speaking Chinese intellectuals, including Dong Qiang, author, translator and professor of French literature at Peking University, the Fu Lei prize is awarded for the translation of French books into Chinese, and also promotes the dissemination of these translations.

Supported by intellectuals, including Nobel laureates in literature Jean-Marie Gustave Le Clezio and Mo Yan, the prize acknowledges the crucial role of translators as conveyors of words, as well as their role in bolstering cultural exchange between France and China.

The prize is given in three categories — “Literature”, “Essay”, and since 2013, the “Young Shoots” category to encourage the next generation of translators.

“We are aware that without the participation and involvement of young people, and without the emergence of outstanding young translators, the translation industry will inevitably face a talent gap,” says Dong.

This year, 47 titles are competing for the Fu Lei prize, with 28 in the “Essay” category and 19 in the “Literature” category. Notably, 42 of the 60 translators were born after 1980.

Yu Zhongxian, chairman of the jury this year, says that the finalists are younger than those in previous years, and a majority are women.

In the “Essay” category, the original versions of some of the translations are lengthy, difficult books on which multiple people worked to complete the translation.

In the “Literature” category, translations cover an impressive array, including not only books from the last century, but also those that reflect the contemporary lifestyles of young people in France.

Yu says that, given the increasing variety of books introduced in recent years, there is a need for younger publishers to discover them, and for younger translators to translate them.

Ten books — five about social sciences and five literary titles — made it to the final list and the winners will be announced in Beijing on Nov 30.

The finalists include Francois Furet and Mona Ozouf’s A Critical Dictionary of the French Revolution, Delphine de Vigan’s novel Children Are Kings, which addresses the pitfalls of social networks, Dany Sandron’s Notre-Dame de Paris: History and Archaeology of a Cathedral, and Nastassja Martin’s In the Eye of the Wild, which explores the relationship between humans and nature. These books demonstrate the diversity and vitality of French-to-Chinese translations today.

Since 2013, China has been the largest buyer of French copyrights abroad. Last year, 1,383 contracts were signed between French and Chinese publishers.

“The enduring appeal of French literature and thought is inseparable from the contribution of translators, and we should be grateful for their work. For this reason, we place great importance on supporting translators,” says Pillerel.

He says that translators are usually obscure like shadows, but that at least once a year, there is a need to “cast the spotlight” on them.

In addition, the French embassy in China financially supports the publishing of at least 30 translations, in addition to translation training programs to nurture more young talent.

This year marks the 60th anniversary of the establishment of Sino-French diplomatic ties, as well as the China-France Year of Culture and Tourism. Pillerel says that the series of activities organized by the French embassy around both themes throughout the year culminates with the prize.

MIL OSI China News –

January 25, 2025

MIL-OSI China: Chinese foreign minister holds talks with Finnish counterpart

Source: China State Council Information Office

Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, holds talks with Finnish Foreign Minister Elina Valtonen in Beijing, capital of China, Oct. 30, 2024. [Photo/Xinhua]

Chinese Foreign Minister Wang Yi on Wednesday said that China hopes Finland can play a constructive role in urging the European Union (EU) to avoid politicizing economic and trade issues, properly resolve differences through dialogue and consultation, and jointly safeguard the overall situation of China-EU relations.

Wang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks during his talks with Finnish Foreign Minister Elina Valtonen.

Wang noted that in 2017, the two heads of state jointly decided to elevate China-Finland relations to a future-oriented new-type cooperative partnership, which is unique in China’s foreign relations and fully reflects the distinctiveness and adaptability of the China-Finland relationship.

Finnish President Alexander Stubb’s state visit to China, accompanied by a high-profile delegation, is not only a continuation of friendship but also an opportunity to expand cooperation, Wang added.

The foreign ministries of the two countries should maintain close communication and coordination, implement the important consensus reached by the two heads of state, strengthen mutually beneficial cooperation in various fields, jointly tackle global challenges, and push China-Finland relations to a higher level, Wang said.

The EU imposing tariffs on Chinese electric vehicles obviously violates WTO rules and the principle of free trade, Wang stressed, noting that China has always believed that a universally beneficial and inclusive economic globalization is in the interests of all parties involved.

Valtonen said Finland looks forward to working closely with China to implement the important consensus reached by the two heads of state, strengthen cooperation in areas such as low-carbon, green energy and circular economy, and jointly address global challenges such as climate change.

As a member of the EU, Finland hopes that EU-China relations will maintain constructive development and supports both sides to strengthen cooperation and properly handle differences, Valtonen said.

It is expected that China will play a greater role in resolving international hotspot issues such as the Ukraine crisis, Valtonen added.

MIL OSI China News –

January 25, 2025

MIL-OSI Australia: Check now: Aussies owed $241 million in unpaid Medicare benefits.

Source: Ministers for Social Services

31 October 2024

Over $241 million in unclaimed Medicare benefits is ready to be paid to more than 930,000 Australians who haven’t provided their current bank details to Medicare.

Minister for the National Disability Insurance Scheme and Government Services, Bill Shorten said Australians could only be reunited with unpaid Medicare benefits once they updated their bank details.

“We know a bit of extra money is always welcome in the lead up to the holidays – so there’s no better time than now to check if your bank details with Medicare are current, and if you have any unpaid benefits,” Minister Shorten said.

“The average Australian with unpaid Medicare benefits is owed around $260 – but there are also 200 people owed more than $10,000.

“Young people are owed the most, with more than 224,000 Australians aged between 18 and 24 owed over $52 million.”

“With everyone doing it tough due to cost of living this is good news for nearly a million Aussies from all walks of life all over Australia.”

Minister Shorten said it took the average person with a myGov account linked to Medicare less than a minute to check and update their bank details using the myGov app.

“There are a few quick and easy ways to check and update your Medicare details, including through your linked Medicare service on the myGov app, or your Medicare online account,” Minister Shorten said.

“Once you update your details, Services Australia will pay your unpaid benefits within 3 days.”

Minister Shorten said unpaid benefits only made up a small portion of overall Medicare benefits.

“Services Australia paid almost $30 billion in Medicare benefits to Australians last financial year,” Minister Shorten said.

“All up, we’ve reunited over half a million Australians with $117 million in unpaid Medicare benefits since December 2023.

“Services Australia is in the process of sending over half a million notifications to people’s myGov inbox asking them to update their details.

“If you’re updating your details through myGov, sign in to my.gov.au or use the official app, and remember Services Australia never asks you to open a link in a text message or email.”

For more information on how to check and update your bank details with Medicare, go to servicesaustralia.gov.au/getmedicarebenefits.

MIL OSI News –

January 25, 2025

MIL-OSI Economics: ADB’s $80 Million Project to Enhance Access and Quality of Secondary Education in Cambodia

Source: Asia Development Bank

PHNOM PENH, CAMBODIA (31 October 2024) — The Asian Development Bank (ADB) approved an $80 million loan to enhance secondary education in Cambodia, spotlighting “21st century” skills like critical and creative thinking, inclusive teaching for boys and girls, and expanding pathways to post-secondary education. The Secondary Education for Human Capital Competitiveness Project will expand the number of inclusive climate-resilient school facilities—including an additional 400 classrooms—to address classroom overcrowding and expand access to quality upper secondary education.

“Cambodia needs to accelerate the shift to higher value-added economic activities, especially those driven by technology, to remain globally competitive and consolidate its remarkable economic progress in the recent past,” said ADB Country Director for Cambodia Jyotsana Varma. “A skilled and educated workforce is a prerequisite for this to happen. Building on ADB’s ongoing investments in education and skills development, this project aims to maximize the potential of Cambodia’s young population to drive future economic growth.”

Net enrollment in upper secondary education remains low in Cambodia at 35.5% due to factors such as inadequate school facilities and economic constraints, especially for boys who are expected to contribute to their household income. Teachers require additional training and support to develop in-demand skills and competencies in students. Moreover, students with special education needs face even greater barriers to quality secondary education.

The project will improve access to education, especially for students with learning disabilities by developing assistive technology and supporting special education secondary schools. The project will promote education in science, technology, engineering and math (STEM) subjects to prepare a future cohort of workers possessing skills aligned with industry demand. To the same end, the project will seek to develop soft skills like communication, collaboration, and critical and creative thinking in students. The project will invest in improving professional development of teachers to encourage project-based teaching that incorporates group work, real-world problem solving, and community engagement. It will also review and strengthen the grade 12 national examination to better reflect the modernized curriculum, as well as develop fast-track courses in priority fields—like digital economy and applied mathematics—that aim to strengthen the pipeline of skilled human resources.

The project is a key component of ADB’s support for the government to enhance human capital development. It aligns with the government’s pentagonal strategy for growth, employment, equity, efficiency and sustainability, as well as ADB’s country partnership strategy for Cambodia, 2024–2028.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

MIL OSI Economics –

January 25, 2025

MIL-OSI China: Eurozone GDP up 0.4% in Q3

Source: China State Council Information Office

The eurozone’s seasonally adjusted gross domestic product (GDP) grew by 0.4 percent in the third quarter of 2024, marking an improvement from the 0.2 percent growth seen in the previous quarter, according to preliminary data released Wednesday by Eurostat.

The GDP in the European Union (EU) grew by 0.3 percent in the third quarter, maintaining the same pace as in the second quarter, according to data from the EU’s statistical office.

Year-on-year, seasonally adjusted GDP grew by 0.9 percent in both the euro area and the EU from July to September, up from a 0.6 percent increase in the euro area and 0.8 percent in the EU in the second quarter.

Germany, the eurozone’s largest economy, reversed its second-quarter contraction to achieve 0.2 percent growth in the third quarter, according to Eurostat data. Meanwhile, France and Spain saw growth rates of 0.4 percent and 0.8 percent, respectively.

Ireland posted the highest growth rate in the third quarter, with a 2 percent increase, while Hungary saw a significant decline of 0.7 percent. Latvia and Sweden also reported negative growth during the same period.

Bert Colijn, senior economist at ING, noted that third-quarter GDP growth in the eurozone was partly fueled by one-off factors, including Ireland’s volatile GDP growth influenced by multinational accounting activities and a boost in French GDP driven by the Olympics.

Colijn expressed caution regarding the eurozone’s economic outlook, forecasting weaker GDP growth in the fourth quarter. In a research report, he noted that “the eurozone economy remains sluggish for the moment.”

MIL OSI China News –

January 25, 2025

Category: Economy

Source: BusinessNZ

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