Economy – Page 1376 – NewzIntel.com

MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

Source: GlobeNewswire (MIL-OSI)

Executive Snapshot:

Average Loan portfolio continues to grow:
- On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023

Continued solid financial results:
- Key metrics for third quarter 2024:
  - Net income of $12.9 million versus $12.6 million for the second quarter 2024
  - Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
  - Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
Capital continues to grow:
- Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
- Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023. TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products. The objective was to meet customer needs and encourage increased utilization through existing HECLs.

Overview

Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

Details

Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.

At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814. The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.


TRUSTCO BANK CORP NY
GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)
(Unaudited)
		Three months ended
		9/30/2024				6/30/2024				9/30/2023
Summary of operations
Net interest income		$	38,671			$	37,788			$	42,221
Provision for credit losses			500				500				100
Net gains on equity securities			23				1,360				–
Noninterest income, excluding net gains on equity securities			4,908				4,291				4,574
Noninterest expense			26,200				26,459				27,460
Net income			12,875				12,551				14,680

Per share
Net income per share:
– Basic		$	0.68			$	0.66			$	0.77
– Diluted			0.68				0.66				0.77
Cash dividends			0.36				0.36				0.36
Book value at period end			35.19				34.46				32.80
Market price at period end			33.07				28.77				27.29

At period end
Full time equivalent employees			735				753				764
Full service banking offices			138				138				143

Performance ratios
Return on average assets			0.84		%		0.82		%		0.96		%
Return on average equity			7.74				7.76				9.32
Efficiency ratio (1)			59.65				62.84				58.33
Net interest spread			2.17				2.09				2.55
Net interest margin			2.61				2.53				2.85
Dividend payout ratio			53.16				54.57				46.65

Capital ratios at period end
Consolidated equity to assets			10.95		%		10.73		%		10.31		%
Consolidated tangible equity to tangible assets (2)			10.94		%		10.72		%		10.30		%

Asset quality analysis at period end
Nonperforming loans to total loans			0.38		%		0.38		%		0.36		%
Nonperforming assets to total assets			0.36				0.35				0.31
Allowance for credit losses on loans to total loans			0.99				0.99				0.95
Coverage ratio (3)		2.6x				2.6x				2.6x


(1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities). See Non-GAAP Financial Measures Reconciliation.
(2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
(3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.


FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)
(Unaudited)
		Nine Months Ended
		09/30/24				09/30/23
Summary of operations
Net interest income	$		113,037				133,238
Provision (Credit) for credit losses			1,600				(100	)
Net gains on equity securities			1,383				–
Noninterest income, excluding net gains on equity securities			14,042				13,841
Noninterest expense			77,562				82,466
Net income			37,552				48,798

Per share
Net income per share:
– Basic	$		1.97				2.57
– Diluted			1.97				2.57
Cash dividends			1.08				1.08
Book value at period end			35.19				32.80
Market price at period end			33.07				27.29

Performance ratios
Return on average assets			0.82		%		1.08
Return on average equity			7.68				10.57
Efficiency ratio (1)			60.80				55.70
Net interest spread			2.08				2.78
Net interest margin			2.52				3.01
Dividend payout ratio			54.70				42.11

(1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities). See Non-GAAP Financial Measures Reconciliation.


CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)
(Unaudited)
		Three months ended
		9/30/2024				6/30/2024				3/31/2024				12/31/2023			9/30/2023
Interest and dividend income:
Interest and fees on loans		$	52,112			$	50,660			$	49,804			$	49,201		$	47,921
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			718				909				906				750			672
State and political subdivisions			–				1				–				1			–
Mortgage-backed securities and collateralized mortgage
obligations – residential			1,397				1,451				1,494				1,533			1,485
Corporate bonds			361				362				476				477			473
Small Business Administration – guaranteed
participation securities			90				94				100				102			107
Other securities			2				2				3				3			2
Total interest and dividends on securities available for sale			2,568				2,819				2,979				2,866			2,739

Interest on held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations – residential			62				65				68				70			73
Total interest on held to maturity securities			62				65				68				70			73

Federal Home Loan Bank stock			153				147				152				149			131

Interest on federal funds sold and other short-term investments			6,174				6,894				6,750				6,354			6,688
Total interest income			61,069				60,585				59,753				58,640			57,552

Interest expense:
Interest on deposits:
Interest-bearing checking			311				288				240				165			102
Savings			770				675				712				707			639
Money market deposit accounts			2,154				2,228				2,342				2,500			2,384
Time deposits			18,969				19,400				19,677				16,460			11,962
Interest on short-term borrowings			194				206				204				201			244
Total interest expense			22,398				22,797				23,175				20,033			15,331

Net interest income			38,671				37,788				36,578				38,607			42,221

Less: Provision for credit losses			500				500				600				1,350			100
Net interest income after provision for credit losses			38,171				37,288				35,978				37,257			42,121

Noninterest income:
Trustco Financial Services income			2,044				1,609				1,816				1,612			1,627
Fees for services to customers			2,482				2,399				2,745				2,563			2,590
Net gains on equity securities			23				1,360				–				–			–
Other			382				283				282				299			357
Total noninterest income			4,931				5,651				4,843				4,474			4,574

Noninterest expenses:
Salaries and employee benefits			12,134				12,520				11,427				12,444			12,393
Net occupancy expense			4,271				4,375				4,611				4,209			4,358
Equipment expense			1,757				1,990				1,738				1,852			1,923
Professional services			1,863				1,570				1,460				1,561			1,717
Outsourced services			2,551				2,755				2,501				2,532			2,720
Advertising expense			339				466				408				384			586
FDIC and other insurance			1,112				797				1,094				1,085			1,078
Other real estate expense (income), net			204				16				74				(12	)		163
Other			1,969				1,970				1,590				4,776			2,522
Total noninterest expenses			26,200				26,459				24,903				28,831			27,460

Income before taxes			16,902				16,480				15,918				12,900			19,235
Income taxes			4,027				3,929				3,792				3,052			4,555

Net income		$	12,875			$	12,551			$	12,126			$	9,848		$	14,680

Net income per common share:
– Basic		$	0.68			$	0.66			$	0.64			$	0.52		$	0.77

– Diluted			0.68				0.66				0.64				0.52			0.77

Average basic shares (in thousands)			19,010				19,022				19,024				19,024			19,024
Average diluted shares (in thousands)			19,036				19,033				19,032				19,026			19,024



CONSOLIDATED STATEMENTS OF INCOME, Continued

(dollars in thousands, except per share data)
(Unaudited)
		Nine Months Ended
		09/30/24				09/30/23
Interest and dividend income:
Interest and fees on loans	$		152,576				138,255
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			2,533				2,055
State and political subdivisions			1				1
Mortgage-backed securities and collateralized mortgage
obligations – residential			4,342				4,613
Corporate bonds			1,199				1,510
Small Business Administration – guaranteed
participation securities			284				335
Other securities			7				7
Total interest and dividends on securities available for sale			8,366				8,521

Interest on held to maturity securities:
Mortgage-backed securities-residential			195				226
Total interest on held to maturity securities			195				226

Federal Home Loan Bank stock			452				351

Interest on federal funds sold and other short-term investments			19,818				20,213
Total interest income			181,407				167,566

Interest expense:
Interest on deposits:
Interest-bearing checking			839				217
Savings			2,157				1,824
Money market deposit accounts			6,724				4,954
Time deposits			58,046				26,525
Interest on short-term borrowings			604				808
Total interest expense			68,370				34,328

Net interest income			113,037				133,238

Less: Provision (Credit) for credit losses			1,600				(100	)
Net interest income after provision (credit) for credit losses			111,437				133,338

Noninterest income:
Trustco Financial Services income			5,469				4,813
Fees for services to customers			7,626				8,085
Net gains on equity securities			1,383				–
Other			947				943
Total noninterest income			15,425				13,841

Noninterest expenses:
Salaries and employee benefits			36,081				38,798
Net occupancy expense			13,257				13,218
Equipment expense			5,485				5,758
Professional services			4,893				4,684
Outsourced services			7,807				7,507
Advertising expense			1,213				1,494
FDIC and other insurance			3,003				3,215
Other real estate expense, net			294				536
Other			5,529				7,256
Total noninterest expenses			77,562				82,466

Income before taxes			49,300				64,713
Income taxes			11,748				15,915

Net income	$		37,552				48,798

Net income per common share:
– Basic	$		1.97				2.57

– Diluted			1.97				2.57

Average basic shares (in thousands)			19,019				19,024
Average diluted shares (in thousands)			19,034				19,024




CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)
(Unaudited)
		9/30/2024				6/30/2024				3/31/2024				12/31/2023			9/30/2023
ASSETS:

Cash and due from banks		$	49,659			$	42,193			$	44,868			$	49,274		$	45,940
Federal funds sold and other short term investments			473,306				493,920				564,815				528,730			461,321
Total cash and cash equivalents			522,965				536,113				609,683				578,004			507,261

Securities available for sale:
U. S. government sponsored enterprises			90,588				106,796				128,854				118,668			121,474
States and political subdivisions			26				26				26				26			34
Mortgage-backed securities and collateralized mortgage
obligations – residential			222,841				218,311				227,078				237,677			233,719
Small Business Administration – guaranteed
participation securities			15,171				15,592				16,260				17,186			17,316
Corporate bonds			54,327				53,764				53,341				78,052			76,935
Other securities			701				688				682				680			657
Total securities available for sale			383,654				395,177				426,241				452,289			450,135

Held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations-residential			5,636				5,921				6,206				6,458			6,724
Total held to maturity securities			5,636				5,921				6,206				6,458			6,724

Federal Reserve Bank and Federal Home Loan Bank stock			6,507				6,507				6,203				6,203			6,203

Loans:
Commercial			280,261				282,441				279,092				273,515			268,642
Residential mortgage loans			4,382,674				4,370,640				4,354,369				4,365,063			4,343,006
Home equity line of credit			393,418				370,063				355,879				347,415			332,028
Installment loans			14,503				15,168				16,166				16,886			16,605
Loans, net of deferred net costs			5,070,856				5,038,312				5,005,506				5,002,879			4,960,281

Less: Allowance for credit losses on loans			49,950				49,772				49,220				48,578			47,226
Net loans			5,020,906				4,988,540				4,956,286				4,954,301			4,913,055

Bank premises and equipment, net			33,324				33,466				33,423				34,007			32,135
Operating lease right-of-use assets			37,958				38,376				39,647				40,542			41,475
Other assets			98,730				102,544				101,881				96,387			97,310

Total assets		$	6,109,680			$	6,106,644			$	6,179,570			$	6,168,191		$	6,054,298

LIABILITIES:
Deposits:
Demand		$	753,878			$	745,227			$	742,997			$	754,532		$	773,293
Interest-bearing checking			988,527				1,029,606				1,020,136				1,015,213			1,033,898
Savings accounts			1,092,038				1,144,427				1,155,517				1,179,241			1,235,658
Money market deposit accounts			477,113				517,445				532,611				565,767			610,012
Time deposits			1,952,635				1,840,262				1,903,908				1,836,024			1,581,504
Total deposits			5,264,191				5,276,967				5,355,169				5,350,777			5,234,365

Short-term borrowings			91,450				89,720				94,374				88,990			103,110
Operating lease liabilities			41,469				42,026				43,438				44,471			45,418
Accrued expenses and other liabilities			43,549				42,763				37,399				38,668			47,479

Total liabilities			5,440,659				5,451,476				5,530,380				5,522,906			5,430,372

SHAREHOLDERS’ EQUITY:
Capital stock			20,058				20,058				20,058				20,058			20,058
Surplus			257,644				257,490				257,335				257,181			257,078
Undivided profits			442,079				436,048				430,346				425,069			422,082
Accumulated other comprehensive loss, net of tax			(6,600	)			(14,268	)			(14,763	)			(13,237	)		(31,506	)
Treasury stock at cost			(44,160	)			(44,160	)			(43,786	)			(43,786	)		(43,786	)

Total shareholders’ equity			669,021				655,168				649,190				645,285			623,926

Total liabilities and shareholders’ equity		$	6,109,680			$	6,106,644			$	6,179,570			$	6,168,191		$	6,054,298

Outstanding shares (in thousands)			19,010				19,010				19,024				19,024			19,024


NONPERFORMING ASSETS

(dollars in thousands)
(Unaudited)
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Nonperforming Assets

New York and other states*
Loans in nonaccrual status:
Commercial	$	466		$	741		$	532		$	536		$	540
Real estate mortgage – 1 to 4 family		15,320			14,992			14,359			14,375			14,633
Installment		163			131			149			151			93
Total non-accrual loans		15,949			15,864			15,040			15,062			15,266
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			3			5
Total nonperforming loans		15,949			15,864			15,040			15,065			15,271
Other real estate owned		2,503			2,334			2,334			194			1,185
Total nonperforming assets	$	18,452		$	18,198		$	17,374		$	15,259		$	16,456

Florida
Loans in nonaccrual status:
Commercial	$	314		$	314		$	314		$	314		$	314
Real estate mortgage – 1 to 4 family		3,176			2,985			2,921			2,272			2,228
Installment		5			22			–			15			65
Total non-accrual loans		3,495			3,321			3,235			2,601			2,607
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			–			–
Total nonperforming loans		3,495			3,321			3,235			2,601			2,607
Other real estate owned		–			–			–			–			–
Total nonperforming assets	$	3,495		$	3,321		$	3,235		$	2,601		$	2,607

Total
Loans in nonaccrual status:
Commercial	$	780		$	1,055		$	846		$	850		$	854
Real estate mortgage – 1 to 4 family		18,496			17,977			17,280			16,647			16,861
Installment		168			153			149			166			158
Total non-accrual loans		19,444			19,185			18,275			17,663			17,873
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			3			5
Total nonperforming loans		19,444			19,185			18,275			17,666			17,878
Other real estate owned		2,503			2,334			2,334			194			1,185
Total nonperforming assets	$	21,947		$	21,519		$	20,609		$	17,860		$	19,063


Quarterly Net (Recoveries) Chargeoffs

New York and other states*
Commercial	$	65		$	–		$	–		$	–		$	–
Real estate mortgage – 1 to 4 family		104			(74	)		(78	)		219			(26	)
Installment		11			(2	)		36			23			14
Total net (recoveries) chargeoffs	$	180		$	(76	)	$	(42	)	$	242		$	(12	)

Florida
Commercial	$	–		$	–		$	–		$	–		$	–
Real estate mortgage – 1 to 4 family		–			17			–			–			–
Installment		42			7			–			6			–
Total net (recoveries) chargeoffs	$	42		$	24		$	–		$	6		$	–

Total
Commercial	$	65		$	–		$	–		$	–		$	–
Real estate mortgage – 1 to 4 family		104			(57	)		(78	)		219			(26	)
Installment		53			5			36			29			14
Total net (recoveries) chargeoffs	$	222		$	(52	)	$	(42	)	$	248		$	(12	)


Asset Quality Ratios

Total nonperforming loans (1)	$	19,444		$	19,185		$	18,275		$	17,666		$	17,878
Total nonperforming assets (1)		21,947			21,519			20,609			17,860			19,063
Total net (recoveries) chargeoffs (2)		222			(52	)		(42	)		248			(12	)

Allowance for credit losses on loans (1)		49,950			49,772			49,220			48,578			47,226

Nonperforming loans to total loans		0.38	%		0.38	%		0.37	%		0.35	%		0.36	%
Nonperforming assets to total assets		0.36	%		0.35	%		0.33	%		0.29	%		0.31	%
Allowance for credit losses on loans to total loans		0.99	%		0.99	%		0.98	%		0.97	%		0.95	%
Coverage ratio (1)		256.9	%		259.4	%		269.3	%		275.0	%		264.2	%
Annualized net (recoveries) chargeoffs to average loans (2)		0.02	%		0.00	%		0.00	%		0.02	%		0.00	%
Allowance for credit losses on loans to annualized net chargeoffs (2)	56.3x			N/A			N/A			49.0x			N/A

* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended


DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)
(Unaudited)		Three months ended								Three months ended
		September 30, 2024								September 30, 2023
		Average			Interest		Average			Average			Interest		Average
		Balance					Rate			Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises		$	95,073		$	718	3.02	%		$	119,406		$	672	2.25	%
Mortgage backed securities and collateralized mortgage
obligations – residential			241,792			1,397	2.29				269,535			1,485	2.19
State and political subdivisions			26			–	6.75				34			–	6.74
Corporate bonds			55,041			361	2.63				80,331			473	2.36
Small Business Administration – guaranteed
participation securities			16,663			90	2.15				19,801			107	2.15
Other			701			2	1.14				686			2	1.17

Total securities available for sale			409,296			2,568	2.51				489,793			2,739	2.24

Federal funds sold and other short-term Investments			465,922			6,174	5.27				494,597			6,688	5.37

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential			5,779			62	4.29				6,877			73	4.22

Total held to maturity securities			5,779			62	4.29				6,877			73	4.22

Federal Home Loan Bank stock			6,507			153	9.41				6,203			131	8.45

Commercial loans			279,199			3,807	5.45				261,061			3,398	5.21
Residential mortgage loans			4,375,641			41,811	3.82				4,325,219			39,321	3.64
Home equity lines of credit			380,422			6,245	6.53				320,446			4,946	6.12
Installment loans			14,443			249	6.87				15,959			256	6.37

Loans, net of unearned income			5,049,705			52,112	4.12				4,922,685			47,921	3.89

Total interest earning assets			5,937,209		$	61,069	4.11				5,920,155		$	57,552	3.88

Allowance for credit losses on loans			(49,973	)							(47,077	)
Cash & non-interest earning assets			187,166								172,523


Total assets		$	6,074,402							$	6,045,601


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts		$	1,000,333		$	311	0.12	%		$	1,050,313		$	102	0.04	%
Money market accounts			499,408			2,154	1.72				625,031			2,384	1.51
Savings			1,122,673			770	0.27				1,282,641			639	0.20
Time deposits			1,880,021			18,969	4.01				1,494,402			11,962	3.18

Total interest bearing deposits			4,502,435			22,204	1.96				4,452,387			15,087	1.34
Short-term borrowings			87,677			194	0.88				110,018			244	0.88

Total interest bearing liabilities			4,590,112		$	22,398	1.94				4,562,405		$	15,331	1.33

Demand deposits			742,164								776,885
Other liabilities			80,502								81,411
Shareholders’ equity			661,624								624,900

Total liabilities and shareholders’ equity		$	6,074,402							$	6,045,601

Net interest income, GAAP and non-GAAP tax equivalent (1)					$	38,671							$	42,221

Net interest spread, GAAP and non-GAAP tax equivalent (1)							2.17	%							2.55	%


Net interest margin (net interest income to
total interest earning assets), GAAP and non-GAAP tax equivalent (1)							2.61	%							2.85	%

Tax equivalent adjustment (1)						–								–


Net interest income					$	38,671							$	42,221

(1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.



DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL, Continued

(dollars in thousands)
(Unaudited)		Nine Months Ended								Nine Months Ended
		September 30, 2024								September 30, 2023
		Average			Interest		Average			Average			Interest		Average
		Balance					Rate			Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises	$		111,570			2,533	3.03	%	$		120,243			2,055	2.28	%
Mortgage backed securities and collateralized mortgage
obligations – residential			250,343			4,342	2.31				278,252			4,613	2.21
State and political subdivisions			26			1	6.80				34			1	6.74
Corporate bonds			61,221			1,199	2.61				83,732			1,510	2.41
Small Business Administration – guaranteed
participation securities			17,438			284	2.17				20,876			335	2.14
Other			697			7	1.34				686			7	1.02

Total securities available for sale			441,295			8,366	2.53				503,823			8,521	1.69

Federal funds sold and other short-term Investments			489,934			19,818	5.40				540,570			20,213	5.00

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential			6,053			195	4.29				7,205			226	4.18

Total held to maturity securities			6,053			195	4.29				7,205			226	4.18

Federal Home Loan Bank stock			6,350			452	9.49				5,957			351	5.89

Commercial loans			278,981			11,232	5.37				249,738			9,716	5.19
Residential mortgage loans			4,364,821			123,046	3.76				4,269,494			114,227	3.57
Home equity lines of credit			365,932			17,522	6.40				305,075			13,598	5.96
Installment loans			15,319			776	6.76				15,015			714	6.35

Loans, net of unearned income			5,025,053			152,576	4.05				4,839,322			138,255	3.81

Total interest earning assets			5,968,685			181,407	4.05				5,896,877			167,566	3.79

Allowance for credit losses on loans			(49,419	)							(46,812	)
Cash & non-interest earning assets			187,963								173,521


Total assets	$		6,107,229						$		6,023,586


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts	$		999,839			839	0.11	%	$		1,088,859			217	0.03	%
Money market accounts			522,636			6,724	1.72				613,119			4,954	1.08
Savings			1,142,313			2,157	0.25				1,363,052			1,824	0.18
Time deposits			1,881,027			58,046	4.12				1,343,762			26,525	2.64

Total interest bearing deposits			4,545,815			67,766	1.99				4,408,792			33,520	1.02
Short-term borrowings			91,551			604	0.88				121,911			808	0.89

Total interest bearing liabilities			4,637,366			68,370	1.97				4,530,703			34,328	1.01

Demand deposits			734,604								793,890
Other liabilities			82,233								81,771
Shareholders’ equity			653,026								617,224

Total liabilities and shareholders’ equity	$		6,107,229						$		6,023,588

Net interest income, GAAP and non-GAAP tax equivalent (1)						113,037								133,238

Net interest spread, GAAP and non-GAAP tax equivalent (1)							2.08	%							2.78	%


Net interest margin (net interest income to
total interest earning assets), GAAP and non-GAAP tax equivalent (1)							2.52	%							3.01	%

Tax equivalent adjustment (1)						–								–


Net interest income						113,037								133,238

(1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.

Non-GAAP Financial Measures Reconciliation

Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.


NON-GAAP FINANCIAL MEASURES RECONCILIATION

(dollars in thousands)
(Unaudited)
	9/30/2024			6/30/2024			9/30/2023
Tangible Book Value Per Share

Equity (GAAP)	$	669,021		$	655,168		$	623,926
Less: Intangible assets		553			553			553
Tangible equity (Non-GAAP)	$	668,468		$	654,615		$	623,373

Shares outstanding		19,010			19,010			19,024
Tangible book value per share		35.16			34.44			32.77
Book value per share		35.19			34.46			32.80

Tangible Equity to Tangible Assets
Total Assets (GAAP)	$	6,109,680		$	6,106,644		$	6,054,298
Less: Intangible assets		553			553			553
Tangible assets (Non-GAAP)	$	6,109,127		$	6,106,091		$	6,053,745

Tangible Equity to Tangible Assets (Non-GAAP)		10.94	%		10.72	%		10.30	%
Equity to Assets (GAAP)		10.95	%		10.73	%		10.31	%

	Three months ended									Nine Months Ended
Efficiency Ratio	9/30/2024			6/30/2024			9/30/2023			9/30/2024			9/30/2023

Net interest income (GAAP)	$	38,671		$	37,788		$	42,221		$	113,037		$	133,238
Taxable equivalent adjustment		–			–			–			–			–
Net interest income (fully taxable equivalent) (Non-GAAP)		38,671			37,788			42,221			113,037			133,238
Non-interest income (GAAP)		4,931			5,651			4,574			15,425			13,841
Less: Net gains on equity securities		23			1,360			–			1,383			–
Revenue used for efficiency ratio (Non-GAAP)	$	43,579		$	42,079		$	46,795		$	127,079		$	147,079

Total noninterest expense (GAAP)	$	26,200		$	26,459		$	27,460		$	77,562		$	82,466
Less: Other real estate expense, net		204			16			163			294			536
Expense used for efficiency ratio (Non-GAAP)	$	25,996		$	26,443		$	27,297		$	77,268		$	81,930

Efficiency Ratio		59.65	%		62.84	%		58.33	%		60.80	%		55.70	%


Subsidiary:	Trustco Bank

Contact:	Robert Leonard Executive Vice President (518) 381-3693

The MIL Network –

January 24, 2025

MIL-OSI: Powell Max Limited Announces Change of Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Oct. 21, 2024 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the resignation of Mr. Chun Ho Lam (“Mr. Lam”) as the Chief Financial Officer of the Company due to personal reasons. The Company thanks Mr. Lam for his contributions during his tenure of office.

The Company has appointed Ms. Kam Lai Kwok (“Ms. Kwok”) as the new Chief Financial Officer.

Ms. Kwok is an associate of the Hong Kong Institute of Certified Public Accountants (formerly known as the Hong Kong Society of Accountants) since January 1997 and has over 30 years of experience in public accounting and financial management. She also has extensive managerial experience in financial communications and financial printing industry for over 20 years. Prior to her joining of the Company, Ms. Kwok served as an executive director of a Hong Kong listed company principally engaged in financial communications and financial printing services and as a financial controller of its operating subsidiary for over 8 years.

About Powell Max Limited

Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

For investor and media inquiries, please contact:

Company Info:

Powell Max Limited

Investor Relations

ir@janfp.com

(852) 2158 2888

The MIL Network –

January 24, 2025

MIL-OSI: Tactile Medical to Release Third Quarter of Fiscal Year 2024 Financial Results on November 4, 2024

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that third quarter of fiscal year 2024 financial results will be released after the market closes on Monday, November 4, 2024.

Management will host a conference call with a question and answer session at 5:00 p.m. Eastern Time on November 4, 2024, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13748661. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13748661. The webcast will be archived at investors.tactilemedical.com.

About Tactile Systems Technology, Inc. (DBA Tactile Medical)

Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

Investor Inquiries:
Sam Bentzinger
Gilmartin Group
investorrelations@tactilemedical.com

The MIL Network –

January 24, 2025

MIL-OSI: RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced financial results for the quarter ended September 30, 2024.

Third Quarter 2024 Highlights

Net income totaled $7.0 million, or $ 0.39 diluted earnings per share
Return on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024
Net interest margin of 2.68% compared to 2.67% for the quarter ended June 30, 2024
Repurchased 508,275 shares of common stock for $11.0 million during the quarter ended September 30, 2024, and completed the authorized program
Book value and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024

The Company reported net income of $7.0 million, or $ 0.39 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $7.2 million, or $ 0.39 diluted earnings per share, for the quarter ended June 30, 2024.

“Loans increased at a 6% annualized rate in the third quarter as our work to expand lending and deposit relationships began to deliver results,” said David Morris, Chief Executive Officer of RBB Bancorp. “Net interest margin increased slightly, and we are optimistic that it will continue to expand from here. We continue to work through our non-performing loans and believe we will be able to resolve the majority of them by mid-2025.”

“The team has done an excellent job building on the Bank’s reputation as one of the premier Asian-centric financial institutions,” said Christina Kao, Chair of the Board of Directors. “Returning the Bank to growth has been a priority for the Board of Directors as we believe it will enhance long-term shareholder value.”

(1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Net Interest Income and Net Interest Margin

Net interest income was $24.5 million for the third quarter of 2024, compared to $24.0 million for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5 million offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment (“HFI”) of $2.0 million, partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4 million combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3 million in the third quarter of 2024.

Net interest margin (“NIM”) was 2.68% for the third quarter of 2024, an increase of 1 basis point from 2.67% for the second quarter of 2024. The increase was due to a 5 basis point increase in the yield on average interest-earning assets, partially offset by a 3 basis point increase in the overall cost of funds. The yield on average interest-earning assets increased to 5.94% for the third quarter of 2024 from 5.89% for the second quarter of 2024 due mainly to a 9 basis point increase in the yield on average loans HFI to 6.13% for the third quarter of 2024. The increase in the loan yield was largely attributed to nonaccrual loan activity in the current and prior quarter, including both the recapture of interest income for fully paid off nonaccrual loans and reversals of interest income for loans migrating to nonaccrual status. Such activity increased the third quarter loan yield by 1 basis point and decreased the second quarter loan yield by 7 basis points. Average loans represented 84% of average interest-earning assets in the third quarter of 2024, unchanged from the second quarter of 2024.

The overall cost of funds increased to 3.57% in the third quarter of 2024 from 3.54% in the second quarter of 2024 due to a higher average cost of interest-bearing deposits in the third quarter of 2024 as compared to the second quarter of 2024. The overall funding mix remained relatively unchanged from the second quarter of 2024 as the ratio of average noninterest-bearing deposits to average total funding sources remained relatively unchanged at 16% for the third and second quarters of 2024. The all-in spot rate for total deposits was 3.53% at September 30, 2024.

Provision for Credit Losses

The Company recorded a provision for credit losses of $3.3 million for the third quarter of 2024 compared to $557,000 for the second quarter of 2024. The third quarter provision took into consideration factors including changes in the loan portfolio mix, higher specific reserves, the outlook for economic conditions and market interest rates, and credit quality metrics, including higher nonperforming, special mention and substandard loans at the end of the third quarter of 2024 as compared to the end of the second quarter of 2024.

Noninterest Income

Noninterest income for the third quarter of 2024 was $5.7 million, an increase of $2.3 million from $3.5 million for the second quarter of 2024. This increase was mostly due to a $2.8 million recovery of a fully charged off loan, which had been acquired in a bank acquisition (included in other income), partially offset by lower net gain on other real estate owned (“OREO”) of $292,000.

Noninterest Expense

Noninterest expense for the third quarter of 2024 was $17.4 million, an increase of $297,000 from $17.1 million for the second quarter of 2024. This increase was due to higher salaries and employee benefits expense of $475,000 due in part to higher loan production and higher other expenses of $304,000 due to higher loan related expense. These increases were partially offset by lower insurance and regulatory assessments of $323,000 and lower legal and professional expenses of $302,000, the latter being due to reimbursed legal costs from nonaccrual loan payoffs. The annualized noninterest expenses to average assets ratio was 1.78% for the third quarter of 2024, down from 1.79% for the second quarter of 2024. The efficiency ratio was 57.51% for the third quarter of 2024, down from 62.38% for the second quarter of 2024 due mostly to higher noninterest income.

Income Taxes

The effective tax rate was 26.9% for the third quarter of 2024 and 25.9% for the second quarter of 2024. The effective tax rate for 2024 is estimated to range between 26.0% and 28.0%.

Balance Sheet

At September 30, 2024, total assets were $4.0 billion, a $122.3 million increase compared to June 30, 2024, and a $78.9 million decrease compared to September 30, 2023.

Loan and Securities Portfolio

Loans HFI totaled $3.1 billion as of September 30, 2024, an increase of $44.2 million compared to June 30, 2024 and a $29.1 million decrease compared to September 30, 2023. The increase from June 30, 2024 was primarily due to a $62.5 million increase in commercial real estate (“CRE”) loans, a $5.6 million increase in single-family residential (“SFR”) mortgages and a $2.2 million increase in commercial and industrial (“C&I”) loans, partially offset by a $22.3 million decrease in construction and land development (“C&D”) loans and a $2.2 million decrease in Small Business Administration (“SBA”) loans. The loan to deposit ratio was 98.6% at September 30, 2024, compared to 99.4% at June 30, 2024 and 97.6% at September 30, 2023.

As of September 30, 2024, available-for-sale securities totaled $305.7 million, a decrease of $19.9 million from June 30, 2024. As of September 30, 2024, net unrealized losses totaled $23.2 million, a $6.9 million decrease due to decreases in market interest rates, when compared to net unrealized losses as of June 30, 2024.

Deposits

Total deposits were $3.1 billion as of September 30, 2024, a $68.6 million increase compared to June 30, 2024 and a $61.9 million decrease compared to September 30, 2023. The increase during the third quarter of 2024 was due to an increase in interest-bearing deposits, while noninterest-bearing deposits remained relatively stable at $543.6 million as of September 30, 2024 compared to $543.0 million as of June 30, 2024. The increase in interest-bearing deposits included an increase in time deposits of $49.6 million and an increase in non-maturity deposits of $18.3 million. The increase in time deposits included a $26.6 million increase in wholesale deposits (brokered deposits, collateralized State of California certificates of deposit and deposits acquired through internet listing services). Wholesale deposits totaled $147.3 million at September 30, 2024, and $120.7 million at June 30, 2024. Noninterest-bearing deposits represented 17.6% of total deposits at September 30, 2024 compared to 18.0% at June 30, 2024.

Credit Quality

Nonperforming assets totaled $60.7 million, or 1.52% of total assets, at September 30, 2024, compared to $54.6 million, or 1.41% of total assets, at June 30, 2024. The $6.1 million increase in nonperforming assets was mostly due to two loans that migrated to nonaccrual totaling $13.3 million and consisted of a C&D loan and a CRE loan, offset by $6.1 million in payoffs with no losses and $1.2 million in partial charge-offs of nonaccrual loans.

Special mention loans totaled $77.5 million, or 2.51% of total loans, at September 30, 2024, compared to $19.5 million, or 0.64% of total loans, at June 30, 2024. The $58.0 million increase was primarily due to one $43.6 million C&D loan for a completed hotel construction project, CRE loans totaling $25.2 million and C&I loans totaling $1.2 million. The increase was partially offset by one $11.7 million C&D loan, which migrated from special mention to substandard during the third quarter of 2024. All special mention loans, including the $11.7 million C&D loan which migrated to substandard rating, are all paying current.

Substandard loans totaled $79.8 million, or 2.58% of total loans, at September 30, 2024, compared to $63.1 million, or 2.07% of total loans, at June 30, 2024. The $16.8 million increase was primarily due to downgrades of two C&D loans totaling $21.7 million and one $3.3 million CRE loan, offset by loan payoffs of $6.7 million and charge-offs of $1.2 million. Of the substandard loans at September 30, 2024, there are $19.2 million which are paying current.

30-89 day delinquent loans, excluding nonperforming loans, decreased $645,000 to $10.6 million as of September 30, 2024, compared to $11.3 million as of June 30, 2024. The decrease in past due loans was mostly due to 12 loans totaling $4.7 million that returned to current status and other decreases totaling $784,000, partially offset by new delinquent loans totaling $4.9 million, of which $4.1 million were 30 days past due.

As of September 30, 2024, the allowance for credit losses totaled $44.5 million and was comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $42.4 million comprised of an allowance for loan losses of $41.7 million and a reserve for unfunded commitments of $624,000 at June 30, 2024. The $2.1 million increase in the allowance for credit losses for the third quarter of 2024 was due to a $3.3 million provision for credit losses, including higher specific reserves of $2.5 million, offset by net charge-offs of $1.2 million. The increase in specific reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans, including estimated selling costs. Charge-offs in the third quarter of 2024 were related to one C&D loan and one CRE loan, which were written-down to their estimated fair value. The allowance for loan losses as a percentage of loans HFI was 1.41% at September 30, 2024, compared to 1.37% at June 30, 2024. The allowance for loan losses as a percentage of nonperforming loans was 72% at September 30, 2024, a decrease from 76% at June 30, 2024. The decrease in the allowance for loan losses as a percentage of nonperforming loans was due in part to an increase in individually evaluated loans, which required no allowance for loan losses.

	For the Three Months Ended September 30, 2024								For the Nine Months Ended September 30, 2024
*(dollars in thousands)*	Allowance for loan losses			Reserve for unfunded loan commitments		Allowance for credit losses			Allowance for loan losses			Reserve for unfunded loan commitments		Allowance for credit losses
Beginning balance	$	41,741		$	624	$	42,365		$	41,903		$	640	$	42,543
Provision for credit losses		3,145			155		3,300			3,718			139		3,857
Less loans charged-off		(1,210	)		—		(1,210	)		(1,991	)		—		(1,991	)
Recoveries on loans charged-off		9			—		9			55			—		55
Ending balance	$	43,685		$	779	$	44,464		$	43,685		$	779	$	44,464

Shareholders’ Equity

At September 30, 2024, total shareholders’ equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders’ equity for the third quarter of 2024 was due to common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $528,000. Book value per share and tangible book value per share⁽¹⁾increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024.

On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

Dividend Announcement

The Board of Directors has declared a common stock cash dividend of $0.16 per common share, payable on November 12, 2024 to shareholders of record on October 31, 2024.

	Contact: Lynn Hopkins, Chief Financial Officer
	(213) 716-8066
	lhopkins@rbbusa.com

(1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of September 30, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

Conference Call

Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, October 22, 2024, to discuss the Company’s third quarter 2024 financial results.

To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 392446, conference ID RBBQ324. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51366, approximately one hour after the conclusion of the call and will remain available through November 5, 2024.

The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at http://www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

Disclosure

This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

RBB BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2024			2024			2024			2023			2023
Assets
Cash and due from banks	$	26,388		$	23,313		$	21,887		$	22,671		$	23,809
Interest-earning deposits with financial institutions		323,002			229,456			247,356			408,702			306,982
Cash and Cash Equivalents		349,390			252,769			269,243			431,373			330,791
Interest-earning time deposits with financial institutions		600			600			600			600			600
Investment securities available for sale		305,666			325,582			335,194			318,961			354,378
Investment securities held to maturity		5,195			5,200			5,204			5,209			5,214
Mortgage loans held for sale		812			3,146			3,903			1,911			62
Loans held for investment		3,091,896			3,047,712			3,027,361			3,031,861			3,120,952
Allowance for loan losses		(43,685	)		(41,741	)		(41,688	)		(41,903	)		(42,430	)
Net loans held for investment		3,048,211			3,005,971			2,985,673			2,989,958			3,078,522
Premises and equipment, net		24,839			25,049			25,363			25,684			26,134
Federal Home Loan Bank (FHLB) stock		15,000			15,000			15,000			15,000			15,000
Cash surrender value of bank owned life insurance		59,889			59,486			59,101			58,719			58,346
Goodwill		71,498			71,498			71,498			71,498			71,498
Servicing assets		7,256			7,545			7,794			8,110			8,439
Core deposit intangibles		2,194			2,394			2,594			2,795			3,010
Right-of-use assets		29,283			30,530			31,231			29,803			29,949
Accrued interest and other assets		70,644			63,416			65,608			66,404			87,411
Total assets	$	3,990,477		$	3,868,186		$	3,878,006		$	4,026,025		$	4,069,354
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing demand	$	543,623		$	542,971		$	539,517		$	539,621		$	572,393
Savings, NOW and money market accounts		666,089			647,770			642,840			632,729			608,020
Time deposits, $250,000 and under		1,052,462			1,014,189			1,083,898			1,190,821			1,237,831
Time deposits, greater than $250,000		830,010			818,675			762,074			811,589			735,828
Total deposits		3,092,184			3,023,605			3,028,329			3,174,760			3,154,072
FHLB advances		200,000			150,000			150,000			150,000			150,000
Long-term debt, net of issuance costs		119,433			119,338			119,243			119,147			174,019
Subordinated debentures		15,102			15,047			14,993			14,938			14,884
Lease liabilities – operating leases		30,880			32,087			32,690			31,191			31,265
Accrued interest and other liabilities		23,150			16,818			18,765			24,729			42,603
Total liabilities		3,480,749			3,356,895			3,364,020			3,514,765			3,566,843
Shareholders’ equity:
Common Stock		259,280			266,160			271,645			271,925			277,462
Additional paid-in capital		3,520			3,456			3,348			3,623			3,579
Retained Earnings		262,946			262,518			259,903			255,152			247,159
Non-controlling interest		72			72			72			72			72
Accumulated other comprehensive loss, net		(16,090	)		(20,915	)		(20,982	)		(19,512	)		(25,761	)
Total shareholders’ equity		509,728			511,291			513,986			511,260			502,511
Total liabilities and shareholders’ equity	$	3,990,477		$	3,868,186		$	3,878,006		$	4,026,025		$	4,069,354

RBB BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) *(In thousands, except share and per share data)*
	For the Three Months Ended						For the Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest and dividend income:
Interest and fees on loans	$	47,326	$	45,320	$	47,617	$	138,193	$	148,369
Interest on interest-earning deposits		3,388		3,353		3,193		11,781		6,096
Interest on investment securities		3,127		3,631		4,211		10,369		10,321
Dividend income on FHLB stock		326		327		290		984		814
Interest on federal funds sold and other		258		255		252		779		716
Total interest and dividend income		54,425		52,886		55,563		162,106		166,316
Interest expense:
Interest on savings deposits, NOW and money market accounts		5,193		4,953		3,106		14,624		8,180
Interest on time deposits		22,553		21,850		21,849		67,725		54,424
Interest on long-term debt and subordinated debentures		1,681		1,679		2,579		5,039		7,668
Interest on other borrowed funds		453		439		440		1,331		2,428
Total interest expense		29,880		28,921		27,974		88,719		72,700
Net interest income before provision for credit losses		24,545		23,965		27,589		73,387		93,616
Provision for credit losses		3,300		557		1,399		3,857		3,793
Net interest income after provision for credit losses		21,245		23,408		26,190		69,530		89,823
Noninterest income:
Service charges and fees		1,071		1,064		1,057		3,127		3,200
Gain on sale of loans		447		451		212		1,210		258
Loan servicing fees, net of amortization		605		579		623		1,773		1,959
Increase in cash surrender value of life insurance		402		385		356		1,169		1,036
Gain on OREO		—		292		190		1,016		190
Other income		3,221		717		332		4,311		982
Total noninterest income		5,746		3,488		2,770		12,606		7,625
Noninterest expense:
Salaries and employee benefits		10,008		9,533		9,744		29,468		28,935
Occupancy and equipment expenses		2,518		2,439		2,414		7,400		7,242
Data processing		1,472		1,466		1,315		4,358		3,969
Legal and professional		958		1,260		1,022		3,098		6,907
Office expenses		348		352		437		1,056		1,163
Marketing and business promotion		252		189		340		613		892
Insurance and regulatory assessments		658		981		730		2,621		2,043
Core deposit premium		200		201		236		602		708
Other expenses		1,007		703		638		2,298		2,445
Total noninterest expense		17,421		17,124		16,876		51,514		54,304
Income before income taxes		9,570		9,772		12,084		30,622		43,144
Income tax expense		2,571		2,527		3,611		8,342		12,752
Net income	$	6,999	$	7,245	$	8,473	$	22,280	$	30,392

Net income per share
Basic	$	0.39	$	0.39	$	0.45	$	1.22	$	1.60
Diluted	$	0.39	$	0.39	$	0.45	$	1.22	$	1.60
Cash Dividends declared per common share	$	0.16	$	0.16	$	0.16	$	0.48	$	0.48
Weighted-average common shares outstanding
Basic		17,812,791		18,375,970		18,995,303		18,261,702		18,991,579
Diluted		17,885,359		18,406,897		18,997,304		18,313,086		19,013,838

RBB BANCORP AND SUBSIDIARIES AVERAGE BALANCE SHEET AND NET INTEREST INCOME (Unaudited)
	For the Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
*(tax-equivalent basis, dollars in thousands)*	Average Balance		Interest & Fees		Yield / Rate			Average Balance		Interest & Fees		Yield / Rate			Average Balance		Interest & Fees		Yield / Rate
Interest-earning assets
Cash and cash equivalents⁽¹⁾	$	260,205	$	3,646		5.57	%	$	255,973	$	3,608		5.67	%	$	270,484	$	3,445		5.05	%
FHLB Stock		15,000		326		8.65	%		15,000		327		8.77	%		15,000		290		7.67	%
Securities
Available for sale⁽²⁾		298,948		3,105		4.13	%		318,240		3,608		4.56	%		369,459		4,187		4.50	%
Held to maturity⁽²⁾		5,198		46		3.52	%		5,203		46		3.56	%		5,385		48		3.54	%
Mortgage loans held for sale		1,165		23		7.85	%		3,032		57		7.56	%		739		13		6.98	%
Loans held for investment:⁽³⁾
Real estate		2,888,528		43,495		5.99	%		2,828,339		41,590		5.91	%		2,968,246		43,583		5.83	%
Commercial		179,885		3,808		8.42	%		185,679		3,673		7.96	%		187,140		4,021		8.52	%
Total loans held for investment		3,068,413		47,303		6.13	%		3,014,018		45,263		6.04	%		3,155,386		47,604		5.99	%
Total interest-earning assets		3,648,929	$	54,449		5.94	%		3,611,466	$	52,909		5.89	%		3,816,453	$	55,587		5.78	%
Total noninterest-earning assets		242,059							240,016							250,083
Total average assets	$	3,890,988						$	3,851,482						$	4,066,536

Interest-bearing liabilities
NOW		55,757		277		1.98	%	$	56,081	$	276		1.98	%	$	55,325	$	201		1.44	%
Money Market		439,936		4,093		3.70	%		431,559		3,877		3.61	%		403,300		2,656		2.61	%
Saving deposits		164,515		823		1.99	%		164,913		800		1.95	%		123,709		249		0.80	%
Time deposits, $250,000 and under		1,037,365		12,312		4.72	%		1,049,666		12,360		4.74	%		1,285,320		14,090		4.35	%
Time deposits, greater than $250,000		819,207		10,241		4.97	%		772,255		9,490		4.94	%		717,026		7,759		4.29	%
Total interest-bearing deposits		2,516,780		27,746		4.39	%		2,474,474		26,803		4.36	%		2,584,680		24,955		3.83	%
FHLB advances		150,543		453		1.20	%		150,000		439		1.18	%		150,000		440		1.16	%
Long-term debt		119,370		1,295		4.32	%		119,275		1,296		4.37	%		173,923		2,194		5.00	%
Subordinated debentures		15,066		386		10.19	%		15,011		383		10.26	%		14,848		385		10.29	%
Total interest-bearing liabilities		2,801,759		29,880		4.24	%		2,758,760		28,921		4.22	%		2,923,451		27,974		3.80	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		528,081							529,450							571,371
Other noninterest-bearing liabilities		52,428							51,087							67,282
Total noninterest-bearing liabilities		580,509							580,537							638,653
Shareholders’ equity		508,720							512,185							504,432
Total liabilities and shareholders’ equity	$	3,890,988						$	3,851,482						$	4,066,536
Net interest income / interest rate spreads			$	24,569		1.70	%			$	23,988		1.67	%			$	27,613		1.98	%
Net interest margin						2.68	%						2.67	%						2.87	%

Total cost of deposits	$	3,044,861	$	27,746		3.63	%	$	3,003,924	$	26,803		3.59	%	$	3,156,051	$	24,955		3.14	%
Total cost of funds	$	3,329,840	$	29,880		3.57	%	$	3,288,210	$	28,921		3.54	%	$	3,494,822	$	27,974		3.18	%

_________________
(1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

RBB BANCORP AND SUBSIDIARIES AVERAGE BALANCE SHEET AND NET INTEREST INCOME (Unaudited)
	For the Nine Months Ended
	September 30, 2024							September 30, 2023
*(tax-equivalent basis, dollars in thousands)*	Average Balance		Interest & Fees		Yield / Rate			Average Balance		Interest & Fees		Yield / Rate
Interest-earning assets
Cash and cash equivalents⁽¹⁾	$	293,597	$	12,560		5.71	%	$	177,393	$	6,812		5.13	%
FHLB Stock		15,000		984		8.76	%		15,000		814		7.26	%
Securities
Available for sale⁽²⁾		312,352		10,302		4.41	%		332,007		10,245		4.13	%
Held to maturity⁽²⁾		5,203		140		3.59	%		5,610		151		3.60	%
Mortgage loans held for sale		1,802		105		7.78	%		295		16		7.25	%
Loans held for investment:⁽³⁾
Real estate		2,851,625		126,852		5.94	%		3,041,393		134,791		5.93	%
Commercial		181,716		11,236		8.26	%		214,618		13,562		8.45	%
Total loans held for investment		3,033,341		138,088		6.08	%		3,256,011		148,353		6.09	%
Total interest-earning assets		3,661,295	$	162,179		5.92	%		3,786,316	$	166,391		5.88	%
Total noninterest-earning assets		242,802							244,822
Total average assets	$	3,904,097						$	4,031,138

Interest-bearing liabilities
NOW	$	56,924		851		2.00	%	$	59,476	$	511		1.15	%
Money Market		427,884		11,496		3.59	%		431,299		7,315		2.27	%
Saving deposits		162,207		2,277		1.88	%		118,550		354		0.40	%
Time deposits, $250,000 and under		1,087,501		38,476		4.73	%		1,141,290		33,905		3.97	%
Time deposits, greater than $250,000		792,310		29,249		4.93	%		729,699		20,519		3.76	%
Total interest-bearing deposits		2,526,826		82,349		4.35	%		2,480,314		62,604		3.37	%
FHLB advances		150,182		1,331		1.18	%		179,707		2,428		1.81	%
Long-term debt		119,276		3,886		4.35	%		173,780		6,584		5.07	%
Subordinated debentures		15,012		1,153		10.26	%		14,794		1,084		9.80	%
Total interest-bearing liabilities		2,811,296		88,719		4.22	%		2,848,595		72,700		3.41	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		528,624							624,781
Other noninterest-bearing liabilities		52,955							58,786
Total noninterest-bearing liabilities		581,579							683,567
Shareholders’ equity		511,222							498,976
Total liabilities and shareholders’ equity	$	3,904,097						$	4,031,138
Net interest income / interest rate spreads			$	73,460		1.70	%			$	93,691		2.47	%
Net interest margin						2.68	%						3.31	%

Total cost of deposits	$	3,055,450	$	82,349		3.60	%	$	3,105,095	$	62,604		2.70	%
Total cost of funds	$	3,339,920	$	88,719		3.55	%	$	3,473,376	$	72,700		2.80	%

_______________
(1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
	At or for the Three Months Ended									At or for the Nine Months Ended September 30,
	September 30,			June 30,			September 30,
		2024		2024			2023			2024			2023
Per share data (common stock)
Book value	$	28.81		$	28.12		$	26.45		$	28.81		$	26.45
Tangible book value⁽¹⁾	$	24.64		$	24.06		$	22.53		$	24.64		$	22.53
Performance ratios
Return on average assets, annualized		0.72	%		0.76	%		0.83	%		0.76	%		1.01	%
Return on average shareholders’ equity, annualized		5.47	%		5.69	%		6.66	%		5.82	%		8.14	%
Return on average tangible common equity, annualized⁽¹⁾		6.40	%		6.65	%		7.82	%		6.81	%		9.58	%
Noninterest income to average assets, annualized		0.59	%		0.36	%		0.27	%		0.43	%		0.25	%
Noninterest expense to average assets, annualized		1.78	%		1.79	%		1.65	%		1.76	%		1.80	%
Yield on average earning assets		5.94	%		5.89	%		5.78	%		5.92	%		5.88	%
Yield on average loans		6.13	%		6.04	%		5.99	%		6.08	%		6.09	%
Cost of average total deposits⁽²⁾		3.63	%		3.59	%		3.14	%		3.60	%		2.70	%
Cost of average interest-bearing deposits		4.39	%		4.36	%		3.83	%		4.35	%		3.37	%
Cost of average interest-bearing liabilities		4.24	%		4.22	%		3.80	%		4.22	%		3.41	%
Net interest spread		1.70	%		1.67	%		1.98	%		1.70	%		2.47	%
Net interest margin		2.68	%		2.67	%		2.87	%		2.68	%		3.31	%
Efficiency ratio⁽³⁾		57.51	%		62.38	%		55.59	%		59.90	%		53.64	%
Common stock dividend payout ratio		41.03	%		41.03	%		35.56	%		39.34	%		30.00	%

____________________

(1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
(2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
(3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited) *(Dollars in thousands)*
	At or for the quarter ended
	September 30,			June 30,			September 30,
	2024			2024			2023
Credit Quality Data:
Special mention loans	$	77,501		$	19,520		$	31,212
Special mention loans to total loans		2.51	%		0.64	%		1.00	%
Substandard loans	$	79,831		$	63,076		$	71,401
Substandard loans to total loans		2.58	%		2.07	%		2.29	%
Loans 30-89 days past due, excluding nonperforming loans	$	10,625		$	11,270		$	19,662
Loans 30-89 days past due, excluding nonperforming loans, to total loans		0.34	%		0.37	%		0.63	%
Nonperforming loans	$	60,662		$	54,589		$	40,146
OREO		—			—			284
Nonperforming assets	$	60,662		$	54,589		$	40,430
Nonperforming loans to total loans		1.96	%		1.79	%		1.29	%
Nonperforming assets to total assets		1.52	%		1.41	%		0.99	%

Allowance for loan losses	$	43,685		$	41,741		$	42,430
Allowance for loan losses to total loans		1.41	%		1.37	%		1.36	%
Allowance for loan losses to nonperforming loans		72.01	%		76.46	%		105.69	%
Net charge-offs	$	1,201		$	551		$	2,206
Net charge-offs to average loans		0.16	%		0.07	%		0.28	%

Capital ratios⁽¹⁾
Tangible common equity to tangible assets⁽²⁾		11.13	%		11.53	%		10.71	%
Tier 1 leverage ratio		12.19	%		12.48	%		11.68	%
Tier 1 common capital to risk-weighted assets		18.16	%		18.89	%		17.65	%
Tier 1 capital to risk-weighted assets		18.74	%		19.50	%		18.22	%
Total capital to risk-weighted assets		24.79	%		25.67	%		26.24	%

______________
(1) September 30, 2024 capital ratios are preliminary.
(2) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
Loan Portfolio Detail	As of September 30, 2024					As of June 30, 2024					As of September 30, 2023
*(dollars in thousands)*	$			%		$				%	$				%
Loans:
Commercial and industrial	$	128,861		4.2	%	$	126,649		4.2	%	$	127,655		4.1	%
SBA		48,089		1.6	%		50,323		1.7	%		50,420		1.6	%
Construction and land development		180,196		5.8	%		202,459		6.6	%		259,778		8.3	%
Commercial real estate ⁽¹⁾		1,252,682		40.5	%		1,190,207		39.1	%		1,164,210		37.3	%
Single-family residential mortgages		1,473,396		47.7	%		1,467,802		48.2	%		1,505,307		48.2	%
Other loans		8,672		0.2	%		10,272		0.2	%		13,582		0.5	%
Total loans ⁽²⁾	$	3,091,896		100.0	%	$	3,047,712		100.0	%	$	3,120,952		100.0	%
Allowance for loan losses		(43,685	)				(41,741	)				(42,430	)
Total loans, net	$	3,048,211				$	3,005,971				$	3,078,522

_______________
(1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
(2) Net of discounts and deferred fees and costs of $467, $645, and $383 as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

Deposits	As of September 30, 2024				As of June 30, 2024				As of September 30, 2023
*(dollars in thousands)*	$		%		$			%	$			%
Deposits:
Noninterest-bearing demand	$	543,623	17.6	%	$	542,971	18.0	%	$	572,393	18.1	%
Savings, NOW and money market accounts		666,089	21.5	%		647,770	21.4	%		608,020	19.3	%
Time deposits, $250,000 and under		926,877	30.0	%		921,712	30.5	%		848,868	26.9	%
Time deposits, greater than $250,000		808,304	26.1	%		790,478	26.1	%		687,365	21.8	%
Wholesale deposits⁽¹⁾		147,291	4.8	%		120,674	4.0	%		437,426	13.9	%
Total deposits	$	3,092,184	100.0	%	$	3,023,605	100.0	%	$	3,154,072	100.0	%

___________________
(1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

Non-GAAP Reconciliations

Tangible Book Value Reconciliations

Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of September 30, 2024, June 30, 2024, and September 30, 2023.


*(dollars in thousands, except share and per share data)*	September 30, 2024			June 30, 2024			September 30, 2023
Tangible common equity:
Total shareholders’ equity	$	509,728		$	511,291		$	502,511
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(2,194	)		(2,394	)		(3,010	)
Tangible common equity	$	436,036		$	437,399		$	428,003
Tangible assets:
Total assets-GAAP	$	3,990,477		$	3,868,186		$	4,069,354
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(2,194	)		(2,394	)		(3,010	)
Tangible assets	$	3,916,785		$	3,794,294		$	3,994,846
Common shares outstanding		17,693,416			18,182,154			18,995,303
Common equity to assets ratio		12.77	%		13.22	%		12.35	%
Tangible common equity to tangible assets ratio		11.13	%		11.53	%		10.71	%
Book value per share	$	28.81		$	28.12		$	26.45
Tangible book value per share	$	24.64		$	24.06		$	22.53

Return on Average Tangible Common Equity

Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights), and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

	Three Months Ended									Nine Months Ended September 30,
*(dollars in thousands)*	September 30, 2024			June 30, 2024			September 30, 2023			2024			2023
Net income available to common shareholders	$	6,999		$	7,245		$	8,473		$	22,280		$	30,392
Average shareholders’ equity		508,720			512,185			504,432			511,222			498,976
Adjustments:
Average goodwill		(71,498	)		(71,498	)		(71,498	)		(71,498	)		(71,498	)
Average core deposit intangible		(2,326	)		(2,525	)		(3,165	)		(2,525	)		(3,398	)
Adjusted average tangible common equity	$	434,896		$	438,162		$	429,769		$	437,199		$	424,080
Return on average common equity		5.47	%		5.69	%		6.66	%		5.82	%		8.14	%
Return on average tangible common equity		6.40	%		6.65	%		7.82	%		6.81	%		9.58	%

The MIL Network –

January 24, 2025

MIL-OSI: CNB Financial Corporation Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) — CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2024.

Executive Summary

Net income available to common shareholders (“earnings”) was $12.9 million, or $0.61 per diluted share, for the three months ended September 30, 2024, compared to earnings of $11.9 million, or $0.56 per diluted share, for the three months ended June 30, 2024. The quarterly increase was a result of increases in both net interest income and non-interest income, partially offset by an increase in non-interest expense, as discussed in more detail below. The increase in third quarter 2024 earnings and diluted earnings per share when compared to the quarter ended September 30, 2023 earnings of $12.7 million, or $0.60 per diluted share, was primarily due to the increase in non-interest income, partially offset by an increase in non-interest expense.
Earnings were $36.3 million, or $1.72 per diluted share, for the nine months ended September 30, 2024, compared to earnings of $40.8 million, or $1.94 per diluted share, for the nine months ended September 30, 2023. The decrease in earnings and diluted earnings per share comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023 was primarily due to the rise in deposit costs year over year.
At September 30, 2024, loans totaled $4.5 billion, excluding the balances of syndicated loans. This adjusted total of $4.5 billion in loans represented an increase of $96.7 million, or 2.18% (8.69% annualized), compared to the same adjusted total loans measured as of June 30, 2024, and an increase of $153.4 million, or 3.51%, compared to the same adjusted total loans measured as of September 30, 2023. The increase in loans for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 was primarily driven by qualitative commercial and industrial growth in the Erie and Columbus markets and continued growth in new commercial customer relationships in the Corporation’s recent expansion market of Roanoke, coupled with growth in CNB’s Private Banking division with notable activity in the Roanoke market. The year over year growth in loans as of September 30, 2024 compared to loans as of September 30, 2023 resulted primarily from growth in the Corporation’s continued expansion into the newer markets of Cleveland and Roanoke, combined with growth in the Columbus and Erie markets and CNB Bank’s Private Banking division.
- At September 30, 2024, the Corporation’s balance sheet reflected an increase in syndicated lending balances of $15.5 million compared to June 30, 2024. The increase in syndicated lending balances was the result of the Corporation managing the level of its syndicated portfolio by ensuring its historical discipline of seeking high credit quality loans with favorable yields. Year over year, the Corporation’s balance sheet reported a decrease in syndicated lending balances of $53.6 million compared to September 30, 2023, resulting from scheduled paydowns or early payoffs of certain syndicated loans. The syndicated loan portfolio totaled $69.5 million, or 1.51% of total loans, at September 30, 2024, compared to $53.9 million, or 1.20% of total loans, at June 30, 2024 and $123.1 million, or 2.74% of total loans, at September 30, 2023. As noted above, the Corporation is closely managing the level of its syndicated loan portfolio while it focuses more resources on organic loan growth from its in-market customer relationships.
At September 30, 2024, total deposits were $5.2 billion, reflecting an increase of $106.1 million, or 2.08% (8.26% annualized), from the previous quarter ended June 30, 2024, and an increase of $214.2 million, or 4.28%, compared to total deposits measured as of September 30, 2023. The increase in deposit balances compared to June 30, 2024 was primarily attributable to an increase in noninterest-bearing business deposits and retail saving deposits. Additional deposit and liquidity profile details were as follows:
- During the quarter ended September 30, 2024, the Corporation repositioned $135.0 million of brokered deposits from savings to certificates of deposits. Additionally, $50.0 million of maturing brokered certificates of deposit were replaced with a similar offering. The repositioning and replacement totaling $185.0 million during the quarter and reduced the weighted average annual percentage yield (“APY”) from 5.70% to a locked-in APY of 4.37%, for maturity periods ranging from 12-14 months. This adjustment is expected to result in an estimated annual interest expense savings of $2.5 million for the Corporation. The mix of brokered deposits of 3.55% of total deposits at September 30, 2024, remained stable with the mix of 3.58% of total deposits at June 30, 2024.
- At September 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 28.50% of total CNB Bank deposits. However, when excluding $103.1 million of affiliate company deposits and $462.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $950.6 million, or approximately 17.87% of total CNB Bank deposits as of September 30, 2024.
  - The level of adjusted uninsured deposits at September 30, 2024 was relatively unchanged with the prior quarter end’s level. At June 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 29.00% of total CNB Bank deposits; however, when excluding $101.4 million of affiliate company deposits and $460.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $949.8 million, or approximately 18.22% of total CNB Bank deposits as of June 30, 2024.
- At September 30, 2024, the average deposit balance per account for CNB Bank was approximately $33 thousand, which generally remained consistent with the average deposit balance per account from recent quarters. CNB Bank had increases in the volume of business deposits, as well as retail customer household deposits, including those added after the 2023 launches of (i) CNB Bank’s “At Ease” account, a service for U.S. service member and veteran families, and (ii) CNB’s women-focused banking division, Impressia Bank.
- At September 30, 2024, the Corporation had $282.0 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.5 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total on-hand and contingent liquidity sources for the Corporation as of September 30, 2024 to be approximately 5.0 times the estimated amount of adjusted uninsured deposit balances discussed above.
At September 30, 2024, June 30, 2024 and September 30, 2023, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.
At September 30, 2024, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled approximately $62.5 million, or 10.30% of total shareholders’ equity, compared to $84.1 million, or 14.33% of total shareholders’ equity, at June 30, 2024. The change in unrealized losses was primarily due to changes in the yield curve in the third quarter of 2024 compared to the second quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of both September 30, 2024 and June 30, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation maintained $102.0 million of liquid funds at its holding company, which more than covers the $62.5 million in unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.
Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023. The increase in nonperforming assets for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily due to one commercial relationship (consisting of various loan types) totaling $7.9 million with a specific reserve balance of $2.2 million. Management does not believe there is risk of significant additional loss exposures beyond the specific reserves related to this loan relationship. The increase in non-performing assets at September 30, 2024 compared to September 30, 2023 was due to the loan relationship discussed above, as well as certain commercial and industrial relationships as previously disclosed in the fourth quarter of 2023 and second quarter of 2024, and a commercial real estate relationship as previously disclosed in the third quarter of 2023. For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.
Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $19.7 million for the three months ended September 30, 2024, compared to $18.6 million and $18.2 million for the three months ended June 30, 2024 and September 30, 2023, respectively.¹ The third quarter 2024 PPNR, when compared to the second quarter of 2024, reflected improvements in net interest income and non-interest income, partially offset by higher non-interest expense. The increase in PPNR for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was primarily attributable to the increase in non-interest income. PPNR was $55.0 million for the nine months ended September 30, 2024 compared to $59.4 million for the nine months ended September 30, 2023.¹ The decrease in PPNR for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily attributable to the significant year-over-year increase in deposit costs, coupled with increases in certain personnel costs (primarily from new offices and personnel added in expansion markets), as well as additional technology expenses for recently completed full implementation of business development and customer relationship management applications.

¹ This release contains references to certain financial measures that are not defined under U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, commented on the Corporation’s positive quarterly results, stating, “CNB’s performance for the third quarter of 2024 was much in alignment with themes in a time of year when so many sports are active. We continue to have a strong defense with our traditionally sound loan and investment underwriting, disciplined loan and deposit pricing, and solid risk management practices. This was complemented by a solid offensive push as we translated pipeline activity and qualified business leads into sound loan growth, and an expansion of the number of relationships and accounts in our deposit base, all leading to notable increases in revenues. Further, thanks to effective “special team” efforts by our Finance team, we closely monitored market conditions and took advantage of an opportunity to realize substantial interest expense savings by repositioning a large portion of wholesale funding sources.

The Corporation’s team across our entire footprint continues to be focused on controlling staffing levels and overhead cost management, while expanding the use of the Corporation’s previous investments in key sales and customer experience technologies. Our playbook for implementing our overall strategy remains the same – to maintain a team of motivated and engaged employees delivering products and services to achieve mutually beneficial and sustainable success for our clients and investors.”

Other Balance Sheet Highlights

Book value per common share was $26.13 at September 30, 2024, reflecting an increase from $25.19 at June 30, 2024 and $23.52 at September 30, 2023. Tangible book value per common share, a non-GAAP measure, was $24.03 as of September 30, 2024, reflecting an increase of $0.94, or 16.20% (annualized) from $23.09 as of June 30, 2024 and a year-over-year increase of $2.63, or 12.29%, from $21.40 as of September 30, 2023.¹ The increases in book value per common share and tangible book value per common share compared to June 30, 2024 were primarily due to a $9.1 million increase in retained earnings and a $10.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past three months. The increases in book value per common share and tangible book value per common share compared to September 30, 2023 were primarily due to (i) a $34.4 million increase in retained earnings over the twelve months ended September 30, 2024, (ii) the Corporation’s repurchase of 23,988 common shares at a weighted average price of $18.38 in the second quarter of 2024, and (iii) a $21.2 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

Loan Portfolio Profile

As part of our lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and if any concentration risk issues could lead to additional credit loss exposure. In the current post-pandemic and relatively inflationary economic environment, the Corporation has continued to evaluate its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality ratings for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At September 30, 2024, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:

Commercial office loans:
- There were 114 outstanding loans, totaling $117.0 million, or 2.55%, of the Corporation loans outstanding;
- There were no nonaccrual commercial office loans at September 30, 2024;
- There was one past due commercial office loan that totaled $214 thousand, or 0.18% of total commercial office loans outstanding at September 30, 2024; and
- The average outstanding balance per commercial office loan was $1.0 million.

Commercial hospitality loans:
- There were 173 outstanding loans, totaling $320.6 million, or 6.98%, of total Corporation loans outstanding;
- There were no nonaccrual commercial hospitality loans at September 30, 2024;
- There were no past due commercial hospitality loans at September 30, 2024; and
- The average outstanding balance per commercial hospitality loan was $1.9 million.

Commercial multifamily loans:
- There were 225 outstanding loans, totaling $349.1 million, or 7.60%, of total Corporation loans outstanding;
- There was one nonaccrual commercial multifamily loan that totaled $268 thousand, or 0.08% of total multifamily loans outstanding. The one customer relationship did not have a related specific loss reserve at September 30, 2024
- There were two past due commercial office loans that totaled $760 thousand, or 0.22% of total commercial multifamily loans outstanding at September 30, 2024; and
- The average outstanding balance per commercial multifamily loan was $1.6 million.

The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be a high volatility commercial real estate credit (“HVCRE”).

Performance Ratios

Annualized return on average equity was 9.28% for the three months ended September 30, 2024, compared to 8.94% and 9.80% for the three months ended June 30, 2024 and September 30, 2023, respectively. Annualized return on average equity was 9.01% for the nine months ended September 30, 2024 compared to 10.74% for the nine months ended September 30, 2023.

Annualized return on average tangible common equity, a non-GAAP measure, was 10.33% for the three months ended September 30, 2024, compared to 9.93% and 11.07% for the three months ended June 30, 2024 and September 30, 2023, respectively.¹ Annualized return on average tangible common equity, a non-GAAP measure, was 10.01% for the nine months ended September 30, 2024 compared to 12.23% for the nine months ended September 30, 2023.¹

The Corporation’s efficiency ratio was 66.34% for the three months ended September 30, 2024, compared to 65.94% and 67.00% for the three months ended June 30, 2024 and September 30, 2023, respectively. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 65.58% for the three months ended September 30, 2024, compared to 65.20% and 66.26% for the three months ended June 30, 2024 and September 30, 2023, respectively.¹ The increase for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily the result of an increase in incentive compensation related accruals which are based on various components of the Corporation’s financial performance for the year.

The Corporation’s efficiency ratio was 67.10% for the nine months ended September 30, 2024, compared to 64.26% for the nine months ended September 30, 2023. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP ratio, was 66.34% for the nine months ended September 30, 2024, compared to 63.60% the nine months ended September 30, 2023.¹

Revenue

Total revenue (net interest income plus non-interest income) was $58.5 million for the three months ended September 30, 2024, compared to $54.6 million and $55.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively.
- Net interest income was $47.5 million for the three months ended September 30, 2024, compared to $45.7 million and $47.2 million, for the three months ended June 30, 2024 and September 30, 2023, respectively. When comparing the third quarter of 2024 to the second quarter of 2024, the difference in net interest income of $1.8 million, or 3.87% (15.39% annualized), reflected the increase in total loans outstanding quarter over quarter, partially offset by targeted interest-bearing deposit rate increases to ensure both deposit relationship retention and new deposit growth in the Corporation’s markets.
- Net interest margin was 3.43%, 3.36% and 3.55% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.42%, 3.34% and 3.53% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.¹
  - The yield on earning assets of 5.98% for the three months ended September 30, 2024 increased 9 basis points from June 30, 2024 and increased 35 basis points from September 30, 2023. The increases in yield compared to June 30, 2024 and September 30, 2023 were attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
  - The cost of interest-bearing liabilities of 3.21% for the three months ended September 30, 2024 increased 4 basis points from June 30, 2024 and 55 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022.

Total revenue was $167.2 million for the nine months ended September 30, 2024 compared to $166.3 million for the nine months ended September 30, 2023.
- Net interest income was $138.4 million for the nine months ended September 30, 2024 compared to $142.1 million for the nine months ended September 30, 2023. When comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, the decrease in net interest income of $3.7 million, or 2.61% (3.49% annualized), was due to loan growth and the benefits of the impact of higher interest rates resulting in greater income on variable-rate loans, coupled with a higher average balance of interest-bearing deposits with the Federal Reserve, being more than offset by an increase in the Corporation’s interest expense as a result of targeted interest-bearing deposit rate increases to ensure both deposit growth and retention.
- Net interest margin was 3.40% and 3.66% for the nine months ended September 30, 2024 and 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.38% and 3.64% for the nine months ended September 30, 2024 and 2023, respectively.¹
  - The yield on earning assets of 5.89% for the nine months ended September 30, 2024 increased 41 basis points from September 30, 2023. The increase in yield compared to September 30, 2023 was attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
  - The cost of interest-bearing liabilities of 3.14% for the nine months ended September 30, 2024 increased 80 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022. The Federal Reserve rate decrease announced in mid-September 2024, being only effective for a short period of time in the quarter, had no significant impact on the Corporation’s third quarter results.

Total non-interest income was $11.0 million for the three months ended September 30, 2024 compared to $8.9 million and $7.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. During the three months ended September 30, 2024, notable changes compared to the three months ended June 30, 2024 included increases in net realized and unrealized gains on equity securities and higher pass-through income from small business investment companies (“SBICs”). The increase in third quarter 2024 noninterest income compared to the three months ended September 30, 2023 was primarily due to higher pass-through income from SBICs and net realized and unrealized gains on equity securities.

Total non-interest income was $28.8 million for the nine months ended September 30, 2024 compared to $24.2 million for the nine months ended September 30, 2023. This increase was primarily due to higher pass-through income from SBICs coupled with an increase in net realized and unrealized gains on equity securities.

Non-Interest Expense

For the three months ended September 30, 2024 total non-interest expense was $38.8 million, compared to $36.0 million and $36.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The increase of $2.8 million, or 7.77%, from the three months ended June 30, 2024 was primarily a result of an increase in salaries and benefits, card processing and interchange expenses, and other non-interest expenses. The increase in salaries and benefits resulted primarily from an increase in incentive compensation accruals, which are based on various components of the Corporation’s financial performance for the year, coupled with the timing of profit-sharing accruals. The increase in card processing and interchange expenses related primarily to corporate cardholder rewards program accrual, while the increase in other non-interest expenses was primarily driven by the timing of expenditures and business generation related expenses. The increase in non-interest expense compared to the three months ended September 30, 2023 was primarily attributable to higher salaries and benefits driven by costs for personnel added for new offices in expansion markets, an increase in personnel costs related to annual merit increases, increases in health insurance costs, and contractual renewal increases in the Corporation’s investments in technology applications.

For the nine months ended September 30, 2024 total non-interest expense was $112.2 million, compared to $106.9 million for the nine months ended September 30, 2023. The increase of $5.3 million, or 4.96%, from the nine months ended September 30, 2023 was primarily a result of an increase in salaries and benefits and technology expenses, partially offset by a decrease in card processing and interchange expenses. The increase in salaries and benefits was driven by an increase in personnel costs related to annual merit increases and growth in the Corporation’s staff and new offices in its expansion markets, while the increase in technology was primarily due to year-over-year investments in technology applications aimed at enhancing both customer online banking capabilities, customer call center communications, and in-branch technology delivery channels. The decrease in card processing and interchange expenses related to the changes made by the Corporation to its cardholder rewards program.

Income Taxes

Income tax expense for the three months ended September 30, 2024 was $3.3 million, representing a 19.31% effective tax rate, compared to $3.0 million, representing an 19.03% effective tax rate, for the three months ended June 30, 2024 and $3.4 million, representing a 19.86% effective tax rate, for the three months ended September 30, 2023. Income tax expense for the nine months ended September 30, 2024 was $9.2 million, representing an 18.92% effective tax rate compared to $10.6 million, representing a 19.47% effective tax rate, for the nine months ended September 30, 2023.

Asset Quality

Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023, as discussed above.

The allowance for credit losses measured as a percentage of total loans was 1.02% as of September 30, 2024 compared to 1.02% as of both June 30, 2024 and September 30, 2023. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 117.03% as of September 30, 2024, compared to 130.88% and 169.34% as of June 30, 2024 and September 30, 2023, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed above.

The provision for credit losses was $2.4 million for the three months ended September 30, 2024, compared to $2.6 million and $1.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The $1.3 million increase in the provision expense for the third quarter of 2024 compared to the third quarter of 2023 was primarily a result of higher loan portfolio growth and increased net loan charge-offs in the third quarter of 2024 compared to the third quarter of 2023.

For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.

For the nine months ended September 30, 2024, net loan charge-offs were $5.4 million, or 0.16% (annualized) of average total loans and loans held for sale, compared to $2.2 million, or 0.07% (annualized) of average total loans and loans held for sale, during the nine months ended September 30, 2023, with most of the larger year-to-date charge-offs being as previously disclosed occurring in the first and second quarter of 2024.

Capital

As of September 30, 2024, the Corporation’s total shareholders’ equity was $606.4 million, representing an increase of $19.7 million, or 3.35% (13.33% annualized), from June 30, 2024 and an increase of $57.2 million, or 10.41%, from September 30, 2023 primarily due to an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months. The additions to shareholders equity from retained earnings were partially offset by the Corporation’s repurchase of its common stock, as discussed above.

Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of September 30, 2024, consistent with prior periods.

As of September 30, 2024, the Corporation’s ratio of common shareholders’ equity to total assets was 9.12% compared to 8.99% at June 30, 2024 and 8.57% at September 30, 2023. As of September 30, 2024, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.45% compared to 8.30% at June 30, 2024 and 7.86% at September 30, 2023. The increases compared to June 30, 2024 and September 30, 2023 were primarily the result of an increase in retained earnings coupled with a decrease in accumulated other comprehensive loss, as discussed above.¹

About CNB Financial Corporation

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 http://www.CNBBank.bank.

Forward-Looking Statements

This press release includes 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, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (viii) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (ix) changes in the quality or composition of our loan and investment portfolios; (x) adequacy of loan loss reserves; (xi) increased competition; (xii) loss of certain key officers; (xiii) deposit attrition; (xiv) rapidly changing technology; (xv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvi) changes in the cost of funds, demand for loan products or demand for financial services; and (xvii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Income Statement
Interest and fees on loans	$	75,725		$	72,142		$	70,980		$	219,380		$	200,206
Interest and dividends on securities and cash and cash equivalents		7,510			8,510			4,536			22,412			14,279
Interest expense		(35,749	)		(34,935	)		(28,280	)		(103,367	)		(72,353	)
Net interest income		47,486			45,717			47,236			138,425			142,135
Provision for credit losses		2,381			2,591			1,056			6,292			4,751
Net interest income after provision for credit losses		45,105			43,126			46,180			132,133			137,384
Non-interest income
Wealth and asset management fees		2,060			2,007			1,833			5,869			5,567
Service charges on deposit accounts		1,790			1,794			1,861			5,278			5,569
Other service charges and fees		796			712			567			2,203			2,283
Net realized gains (losses) on available-for-sale securities		(9	)		—			—			(9	)		52
Net realized and unrealized gains (losses) on equity securities		656			(80	)		(400	)		767			(930	)
Mortgage banking		197			187			172			580			516
Bank owned life insurance		775			784			754			2,326			2,211
Card processing and interchange income		2,241			2,187			2,098			6,444			6,219
Other non-interest income		2,467			1,274			978			5,335			2,711
Total non-interest income		10,973			8,865			7,863			28,793			24,198
Non-interest expenses
Salaries and benefits		19,572			17,676			17,758			56,035			51,862
Net occupancy expense of premises		3,701			3,580			3,596			10,921			10,790
Technology expense		5,417			5,573			5,232			16,062			14,677
Advertising expense		623			553			840			1,861			2,085
State and local taxes		1,256			1,237			1,028			3,636			3,108
Legal, professional, and examination fees		940			1,119			1,320			3,231			3,167
FDIC insurance premiums		846			1,018			1,027			2,854			2,901
Card processing and interchange expenses		1,193			878			1,207			3,250			4,269
Other non-interest expense		5,236			4,355			4,906			14,347			14,033
Total non-interest expenses		38,784			35,989			36,914			112,197			106,892
Income before income taxes		17,294			16,002			17,129			48,729			54,690
Income tax expense		3,340			3,045			3,402			9,218			10,647
Net income		13,954			12,957			13,727			39,511			44,043
Preferred stock dividends		1,076			1,075			1,076			3,226			3,226
Net income available to common shareholders	$	12,878		$	11,882		$	12,651		$	36,285		$	40,817

Ending shares outstanding		20,994,730			20,998,117			20,895,634			20,994,730			20,895,634
Average diluted common shares outstanding		20,911,862			20,893,396			20,899,744			20,895,538			20,979,032
Diluted earnings per common share	$	0.61		$	0.56		$	0.60		$	1.72		$	1.94
Cash dividends per common share	$	0.180		$	0.175		$	0.175		$	0.530		$	0.525
Dividend payout ratio		30	%		31	%		29	%		31	%		27	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Average Balances
Total loans and loans held for sale	$	4,536,702		$	4,441,633		$	4,485,017		$	4,469,321		$	4,373,648
Investment securities		722,577			734,087			749,352			729,273			771,457
Total earning assets		5,503,832			5,465,645			5,273,758			5,440,145			5,194,485
Total assets		5,907,115			5,854,978			5,647,491			5,831,002			5,561,649
Noninterest-bearing deposits		795,771			761,270			792,193			764,770			805,513
Interest-bearing deposits		4,319,606			4,321,678			4,109,360			4,290,247			3,976,820
Shareholders’ equity		597,984			583,221			555,464			586,017			548,034
Tangible common shareholders’ equity (non-GAAP) ⁽¹⁾		496,091			481,309			453,493			484,105			446,048

Average Yields (annualized)
Total loans and loans held for sale		6.66	%		6.55	%		6.30	%		6.57	%		6.14	%
Investment securities		2.19	%		2.14	%		1.96	%		2.11	%		1.96	%
Total earning assets		5.98	%		5.89	%		5.63	%		5.89	%		5.48	%
Interest-bearing deposits		3.19	%		3.15	%		2.62	%		3.11	%		2.27	%
Interest-bearing liabilities		3.21	%		3.17	%		2.66	%		3.14	%		2.34	%

Performance Ratios (annualized)
Return on average assets		0.94	%		0.89	%		0.96	%		0.91	%		1.06	%
Return on average equity		9.28	%		8.94	%		9.80	%		9.01	%		10.74	%
Return on average tangible common equity (non-GAAP) ⁽¹⁾		10.33	%		9.93	%		11.07	%		10.01	%		12.23	%
Net interest margin, fully tax equivalent basis (non-GAAP) ⁽¹⁾		3.42	%		3.34	%		3.53	%		3.38	%		3.64	%
Efficiency Ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		65.58	%		65.20	%		66.26	%		66.34	%		63.60	%

Net Loan Charge-Offs
CNB Bank net loan charge-offs	$	837		$	2,348		$	381		$	4,063		$	955
Holiday Financial net loan charge-offs		383			456			351			1,305			1,252
Total Corporation net loan charge-offs	$	1,220		$	2,804		$	732		$	5,368		$	2,207
Annualized net loan charge-offs / average total loans and loans held for sale		0.11	%		0.25	%		0.06	%		0.16	%		0.07	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	September 30, 2024			June 30, 2024			September 30, 2023
Ending Balance Sheet
Cash and due from banks	$	75,214		$	56,031		$	61,529
Interest-bearing deposits with Federal Reserve		281,972			271,943			117,632
Interest-bearing deposits with other financial institutions		3,723			3,171			3,424
Total cash and cash equivalents		360,909			331,145			182,585
Debt securities available-for-sale, at fair value		378,965			359,900			335,122
Debt securities held-to-maturity, at amortized cost		328,152			354,569			391,301
Equity securities		10,389			9,654			8,948
Loans held for sale		768			642			464
Loans receivable
Syndicated loans		69,470			53,938			123,090
Loans		4,522,438			4,425,754			4,369,084
Total loans receivable		4,591,908			4,479,692			4,492,174
Less: allowance for credit losses		(46,644	)		(45,532	)		(45,832	)
Net loans receivable		4,545,264			4,434,160			4,446,342
Goodwill and other intangibles		43,874			43,874			43,874
Core deposit intangible		223			241			299
Other assets		346,300			352,386			322,973
Total Assets	$	6,014,844		$	5,886,571		$	5,731,908

Noninterest-bearing demand deposits	$	841,292		$	762,918		$	782,996
Interest-bearing demand deposits		681,056			693,074			781,309
Savings		3,040,769			3,140,505			2,883,736
Certificates of deposit		653,832			514,348			554,740
Total deposits		5,216,949			5,110,845			5,002,781
Subordinated debentures		20,620			20,620			20,620
Subordinated notes, net of issuance costs		84,495			84,419			84,191
Other liabilities		86,417			83,987			75,104
Total liabilities		5,408,481			5,299,871			5,182,696
Common stock		—			—			—
Preferred stock		57,785			57,785			57,785
Additional paid in capital		219,304			218,756			220,100
Retained earnings		371,086			361,987			336,690
Treasury stock		(4,516	)		(4,438	)		(6,862	)
Accumulated other comprehensive loss		(37,296	)		(47,390	)		(58,501	)
Total shareholders’ equity		606,363			586,700			549,212
Total liabilities and shareholders’ equity	$	6,014,844		$	5,886,571		$	5,731,908

Book value per common share	$	26.13		$	25.19		$	23.52
Tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.03		$	23.09		$	21.40

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	September 30, 2024			June 30, 2024			September 30, 2023
Capital Ratios
Tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.45	%		8.30	%		7.86	%
Tier 1 leverage ratio ⁽²⁾		10.59	%		10.56	%		10.50	%
Common equity tier 1 ratio ⁽²⁾		11.64	%		11.71	%		11.21	%
Tier 1 risk-based ratio ⁽²⁾		13.30	%		13.41	%		12.92	%
Total risk-based ratio ⁽²⁾		16.06	%		16.20	%		15.68	%

Asset Quality Detail
Nonaccrual loans	$	39,855		$	34,788		$	27,065
Loans 90+ days past due and accruing		666			112			231
Total nonperforming loans		40,521			34,900			27,296
Other real estate owned		1,514			1,641			2,039
Total nonperforming assets	$	42,035		$	36,541		$	29,335

Asset Quality Ratios
Nonperforming assets / Total loans + OREO		0.92	%		0.82	%		0.65	%
Nonperforming assets / Total assets		0.70	%		0.62	%		0.51	%
Ratio of allowance for credit losses on loans to nonaccrual loans		117.03	%		130.88	%		169.34	%
Allowance for credit losses / Total loans		1.02	%		1.02	%		1.02	%


Consolidated Financial Data Notes:
⁽¹⁾ Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
⁽²⁾ Capital ratios as of September 30, 2024 are estimated pending final regulatory filings.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	Three Months Ended,
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance			Annual Rate		Interest Inc./Exp.		Average Balance			Annual Rate		Interest Inc./Exp.		Average Balance			Annual Rate		Interest Inc./Exp.
ASSETS:
Securities:
Taxable ^{(1) (4)}	$	690,098		2.14	%	$	3,980	$	702,036		2.09	%	$	3,941	$	711,299		1.89	%	$	3,674
Tax-exempt ^{(1) (2) (4)}		25,368		2.57			178		25,088		2.59			178		29,455		2.55			204
Equity securities ^{(1) (2)}		7,111		5.71			102		6,963		5.72			99		8,598		5.58			121
Total securities ⁽⁴⁾		722,577		2.19			4,260		734,087		2.14			4,218		749,352		1.96			3,999
Loans receivable:
Commercial ^{(2) (3)}		1,457,192		7.02			25,708		1,416,476		6.85			24,133		1,516,942		6.72			25,693
Mortgage and loans held for sale ^{(2) (3)}		2,947,787		6.25			46,278		2,897,473		6.15			44,331		2,834,576		5.83			41,618
Consumer ⁽³⁾		131,723		11.93			3,950		127,684		12.17			3,863		133,499		11.51			3,874
Total loans receivable ⁽³⁾		4,536,702		6.66			75,936		4,441,633		6.55			72,327		4,485,017		6.30			71,185
Interest-bearing deposits with the Federal Reserve and other financial institutions		244,553		5.33			3,279		289,925		5.99			4,321		39,389		5.78			574
Total earning assets		5,503,832		5.98		$	83,475		5,465,645		5.89		$	80,866		5,273,758		5.63		$	75,758
Noninterest-bearing assets:
Cash and due from banks		58,472							53,710							55,502
Premises and equipment		118,404							112,386							109,854
Other assets		272,377							268,930							254,106
Allowance for credit losses		(45,970	)						(45,693	)						(45,729	)
Total non interest-bearing assets		403,283							389,333							373,733
TOTAL ASSETS	$	5,907,115						$	5,854,978						$	5,647,491
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing	$	682,690		0.86	%	$	1,477	$	713,431		0.76	%	$	1,342	$	813,264		0.52	%	$	1,061
Savings		3,076,351		3.55			27,461		3,097,598		3.57			27,464		2,788,499		3.13			22,004
Time		560,565		4.03			5,684		510,649		3.93			4,988		507,597		3.16			4,048
Total interest-bearing deposits		4,319,606		3.19			34,622		4,321,678		3.15			33,794		4,109,360		2.62			27,113
Short-term borrowings		—		0.00			—		—		0.00			—		6,101		5.66			87
Finance lease liabilities		236		5.06			3		259		4.66			3		328		4.84			4
Subordinated notes and debentures		105,077		4.26			1,124		105,001		4.36			1,138		104,773		4.07			1,076
Total interest-bearing liabilities		4,424,919		3.21		$	35,749		4,426,938		3.17		$	34,935		4,220,562		2.66		$	28,280
Demand—noninterest-bearing		795,771							761,270							792,193
Other liabilities		88,441							83,549							79,272
Total Liabilities		5,309,131							5,271,757							5,092,027
Shareholders’ equity		597,984							583,221							555,464
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,907,115						$	5,854,978						$	5,647,491
Interest income/Earning assets				5.98	%	$	83,475				5.89	%	$	80,866				5.63	%	$	75,758
Interest expense/Interest-bearing liabilities				3.21			35,749				3.17			34,935				2.66			28,280
Net interest spread				2.77	%	$	47,726				2.72	%	$	45,931				2.97	%	$	47,478
Interest income/Earning assets				5.98	%		83,475				5.89	%		80,866				5.63	%		75,758
Interest expense/Earning assets				2.56			35,749				2.55			34,935				2.10			28,280
Net interest margin (fully tax-equivalent)				3.42	%	$	47,726				3.34	%	$	45,931				3.53	%	$	47,478

^{_____________________________________________ (1)} Includes unamortized discounts and premiums. ⁽²⁾ Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $240 thousand, $214 thousand and $242 thousand, respectively. ⁽³⁾ Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees. ⁽⁴⁾ Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $(51.1) million, $(59.2) million and $(61.1) million, respectively.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	Nine Months Ended,
	September 30, 2024							September 30, 2023
	Average Balance			Annual Rate		Interest Inc./Exp.		Average Balance			Annual Rate		Interest Inc./Exp.
ASSETS:
Securities:
Taxable ^{(1) (4)}	$	696,259		2.06	%	$	11,572	$	729,787		1.89	%	$	11,140
Tax-exempt ^{(1) (2) (4)}		26,063		2.58			547		31,025		2.60			646
Equity securities ^{(1) (2)}		6,951		5.69			296		10,645		4.97			396
Total securities ⁽⁴⁾		729,273		2.11			12,415		771,457		1.96			12,182
Loans receivable:
Commercial ^{(2) (3)}		1,434,545		6.92			74,360		1,512,575		6.49			73,423
Mortgage and loans held for sale ^{(2) (3)}		2,905,301		6.16			134,012		2,733,423		5.70			116,439
Consumer ⁽³⁾		129,475		11.96			11,591		127,650		11.50			10,978
Total loans receivable ⁽³⁾		4,469,321		6.57			219,963		4,373,648		6.14			200,840
Interest-bearing deposits with the Federal Reserve and other financial institutions		241,551		5.58			10,085		49,380		6.01			2,221
Total earning assets		5,440,145		5.89		$	242,463		5,194,485		5.48		$	215,243
Noninterest-bearing assets:
Cash and due from banks		55,243							54,494
Premises and equipment		113,629							107,016
Other assets		267,797							250,210
Allowance for credit losses		(45,812	)						(44,556	)
Total non interest-bearing assets		390,857							367,164
TOTAL ASSETS	$	5,831,002						$	5,561,649
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing	$	711,911		0.75	%	$	4,014	$	878,955		0.54	%	$	3,545
Savings		3,046,518		3.53			80,536		2,581,604		2.75			53,070
Time		531,818		3.87			15,414		516,261		2.79			10,775
Total interest-bearing deposits		4,290,247		3.11			99,964		3,976,820		2.27			67,390
Short-term borrowings		—		0.00			—		47,094		5.07			1,787
Finance lease liabilities		259		4.64			9		350		4.58			12
Subordinated notes and debentures		105,001		4.32			3,394		104,698		4.04			3,164
Total interest-bearing liabilities		4,395,507		3.14		$	103,367		4,128,962		2.34		$	72,353
Demand—noninterest-bearing		764,770							805,513
Other liabilities		84,708							79,140
Total Liabilities		5,244,985							5,013,615
Shareholders’ equity		586,017							548,034
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,831,002						$	5,561,649
Interest income/Earning assets				5.89	%	$	242,463				5.48	%	$	215,243
Interest expense/Interest-bearing liabilities				3.14			103,367				2.34			72,353
Net interest spread				2.75	%	$	139,096				3.14	%	$	142,890
Interest income/Earning assets				5.89	%		242,463				5.48	%		215,243
Interest expense/Earning assets				2.51			103,367				1.84			72,353
Net interest margin (fully tax-equivalent)				3.38	%	$	139,096				3.64	%	$	142,890

^{_____________________________________________ (1)} Includes unamortized discounts and premiums. ⁽²⁾ Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the nine months ended September 30, 2024 and 2023, was $671 thousand and $755 thousand, respectively. ⁽³⁾ Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees. ⁽⁴⁾ Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the nine months ended September 30, 2024 and 2023 was $(55.1) million and $(58.6) million, respectively.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	September 30, 2024			June 30, 2024			September 30, 2023
Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP):
Shareholders’ equity	$	606,363		$	586,700		$	549,212
Less: preferred equity		57,785			57,785			57,785
Common shareholders’ equity		548,578			528,915			491,427
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		223			241			299
Tangible common equity (non-GAAP)	$	504,481		$	484,800		$	447,254

Total assets	$	6,014,844		$	5,886,571		$	5,731,908
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		223			241			299
Tangible assets (non-GAAP)	$	5,970,747		$	5,842,456		$	5,687,735

Ending shares outstanding		20,994,730			20,998,117			20,895,634

Book value per common share (GAAP)	$	26.13		$	25.19		$	23.52
Tangible book value per common share (non-GAAP)	$	24.03		$	23.09		$	21.40

Common shareholders’ equity / Total assets (GAAP)		9.12	%		8.99	%		8.57	%
Tangible common equity / Tangible assets (non-GAAP)		8.45	%		8.30	%		7.86	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of net interest margin:
Interest income	$	83,235		$	80,652		$	75,516		$	241,792		$	214,488
Interest expense		35,749			34,935			28,280			103,367			72,353
Net interest income	$	47,486		$	45,717		$	47,236		$	138,425		$	142,135

Average total earning assets	$	5,503,832		$	5,465,645		$	5,273,758		$	5,440,145		$	5,194,485

Net interest margin (GAAP) (annualized)		3.43	%		3.36	%		3.55	%		3.40	%		3.66	%

Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):
Interest income	$	83,235		$	80,652		$	75,516		$	241,792		$	214,488
Tax equivalent adjustment (non-GAAP)		240			214			242			671			755
Adjusted interest income (fully tax equivalent basis) (non-GAAP)		83,475			80,866			75,758			242,463			215,243
Interest expense		35,749			34,935			28,280			103,367			72,353
Net interest income (fully tax equivalent basis) (non-GAAP)	$	47,726		$	45,931		$	47,478		$	139,096		$	142,890

Average total earning assets	$	5,503,832		$	5,465,645		$	5,273,758		$	5,440,145		$	5,194,485
Less: average mark to market adjustment on investments (non-GAAP)		(51,075	)		(59,225	)		(61,103	)		(55,134	)		(58,577	)
Adjusted average total earning assets, net of mark to market (non-GAAP)	$	5,554,907		$	5,524,870		$	5,334,861		$	5,495,279		$	5,253,062

Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)		3.42	%		3.34	%		3.53	%		3.38	%		3.64	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	47,486	$	45,717	$	47,236	$	138,425	$	142,135
Add: Non-interest income		10,973		8,865		7,863		28,793		24,198
Less: Non-interest expense		38,784		35,989		36,914		112,197		106,892
PPNR (non-GAAP)	$	19,675	$	18,593	$	18,185	$	55,021	$	59,441

⁽¹⁾ Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of efficiency ratio:
Non-interest expense	$	38,784		$	35,989		$	36,914		$	112,197		$	106,892

Non-interest income	$	10,973		$	8,865		$	7,863		$	28,793		$	24,198
Net interest income		47,486			45,717			47,236			138,425			142,135
Total revenue	$	58,459		$	54,582		$	55,099		$	167,218		$	166,333
Efficiency ratio		66.34	%		65.94	%		67.00	%		67.10	%		64.26	%

Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Non-interest expense	$	38,784		$	35,989		$	36,914		$	112,197		$	106,892
Less: core deposit intangible amortization		18			19			20			57			65
Adjusted non-interest expense (non-GAAP)	$	38,766		$	35,970		$	36,894		$	112,140		$	106,827

Non-interest income	$	10,973		$	8,865		$	7,863		$	28,793		$	24,198

Net interest income	$	47,486		$	45,717		$	47,236		$	138,425		$	142,135
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)		1,473			1,318			1,376			4,127			4,043
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)		2,123			1,902			1,955			5,957			5,668
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)		48,136			46,301			47,815			140,255			143,760
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	59,109		$	55,166		$	55,678		$	169,048		$	167,958

Efficiency ratio (fully tax equivalent basis) (non-GAAP)		65.58	%		65.20	%		66.26	%		66.34	%		63.60	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of return on average tangible common equity (non-GAAP):
Net income	$	13,954		$	12,957		$	13,727		$	39,511		$	44,043
Less: preferred stock dividends		1,076			1,075			1,076			3,226			3,226
Net income available to common shareholders	$	12,878		$	11,882		$	12,651		$	36,285		$	40,817

Average shareholders’ equity	$	597,984		$	583,221		$	555,464		$	586,017		$	548,034
Less: average goodwill & intangibles		44,108			44,127			44,186			44,127			44,201
Less: average preferred equity		57,785			57,785			57,785			57,785			57,785
Tangible common shareholders’ equity (non-GAAP)	$	496,091		$	481,309		$	453,493		$	484,105		$	446,048

Return on average equity (GAAP) (annualized)		9.28	%		8.94	%		9.80	%		9.01	%		10.74	%
Return on average common equity (GAAP) (annualized)		9.48	%		9.10	%		10.09	%		9.18	%		11.13	%
Return on average tangible common equity (non-GAAP) (annualized)		10.33	%		9.93	%		11.07	%		10.01	%		12.23	%

The MIL Network –

January 24, 2025

MIL-OSI: Jamf to Report Third Quarter 2024 Financial Results on November 7, 2024

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, announced today it will report third quarter 2024 financial results for the period ended September 30, 2024, following the close of the market on Thursday, November 7, 2024. On that day, management will host a conference call and webcast at 3:30 p.m. CT (4:30 p.m. ET) to discuss the company’s business and financial results.

Jamf Third Quarter 2024 Earnings Conference Call

When: Thursday, November 7, 2024

Time: 3:30 p.m. CT (4:30 p.m. ET)

Live Webcast: The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com.

Those parties interested in participating via telephone may register on Jamf’s Investor Relations website or by clicking here.

Replay: A replay of the call will be available on the Investor Relations website beginning on November 7, 2024, at approximately 6:00 p.m. CT (7:00 p.m. ET).

About Jamf

Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit: http://www.jamf.com.

Investor Contact:
Jennifer Gaumond
ir@jamf.com

Media Contact:
media@jamf.com

The MIL Network –

January 24, 2025

MIL-OSI: Rich Steinmeier Named Chief Executive Officer of LPL Financial; Elected to Board of Directors

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) today announced that the Board of Directors has confirmed Rich Steinmeier as Chief Executive Officer. Steinmeier, who had been interim CEO since October 1, was also elected a member of the Board.

In addition, the Board named Matt Audette as President and Chief Financial Officer, expanding his previous role as Chief Financial Officer and Head of Business Operations. The appointments are effective immediately.

“LPL is fortunate to benefit from an exceptionally strong team with leaders who have a clear vision for the continued success of the business,” said Jim Putnam, chair of the LPL Financial Board of Directors.

“Rich’s appointment to CEO, which reflects the Board’s succession plan, is a testament to the valuable contributions he has made during his tenure with LPL and the trusted relationships he has established with clients and employees,” added Putnam, noting that LPL’s organic growth rate has more than doubled since Rich joined the company in 2018 to lead its growth initiatives. “With Rich as CEO and Matt in his expanded role as President, the Board is confident that LPL’s trajectory of high performance and its steadfast commitment to serving clients will continue to build stakeholder value.”

“The success of LPL is shaped by the clear-eyed view from our talented team that all Americans deserve access to sound financial advice. It is an incredible honor to lead the company that delivers on this purpose,” said Steinmeier. “I’m fortunate to collaborate with Matt and our leadership team to elevate our service to clients, provide rewarding careers for our people, and to build on our momentum as one of the fastest growing companies in wealth management.”

“We’re operating from a position of strength with a leadership team that is sharply focused on supporting our clients’ success through innovative solutions,” said Audette. “I look forward to continuing my partnership with Rich as we expand on our leading position in the advisor-centered marketplace and enhance value for all the stakeholders we serve.”

About Rich Steinmeier

Steinmeier, 50, was appointed LPL Financial’s interim CEO on October 1, 2024. He previously served as Managing Director, Chief Growth Officer and, prior to that, as Divisional President, Business Strategy and Growth. As Chief Growth Officer, he led teams responsible for shaping corporate and business line strategy, recruiting new financial advisors and institutions, leading the field management of LPL employee advisors, creating and deploying capital solutions to LPL clients, and leading the marketing and communications functions.

Before joining LPL in 2018, Steinmeier held senior leadership roles at UBS Financial and Merrill Lynch as well as working as a consultant for McKinsey & Company. Steinmeier earned a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University.

About Matt Audette

Audette, 50, joined LPL Financial as Chief Financial Officer in 2015 and assumed responsibility for the firm’s business operations in 2023. Audette is responsible for the firm’s financial, risk, compliance and client operations functions. In addition, he oversees the teams responsible for delivering increased operational speed and transparency, along with continued strong risk management, to advisors and institutions. Over Audette’s tenure, he has contributed to the firm’s continued growth and profitability by leading corporate acquisitions, debt transactions, the client deposit portfolio, expense management, and capital allocation.

Prior to joining LPL, Audette served as Executive Vice President and Chief Financial Officer of E*TRADE Financial Corporation. Audette earned a Bachelor of Science in accounting from Virginia Tech.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Media Contact
Jen Roche
jen.roche@lplfinancial.com

The MIL Network –

January 24, 2025

MIL-OSI: Climate Tech VC Cerulean Ventures to Hold Biodiversity Roundtable during UN Biodiversity COP 16, Cali, Colombia

Source: GlobeNewswire (MIL-OSI)

SANTA BARBARA, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) — Cerulean Ventures, a climate tech venture capital firm operating in the trillion dollar annual climate finance sector, will hold a roundtable at Bloom 24 on Friday, October 25th titled: “Investing in Technology for a Nature Positive Economy.”

Cerulean Ventures is a leading investor in market-based solutions to value nature, define and document environmental assets and center biodiversity as a measure of ecosystem health and nature-positive business practices. Cerulean Ventures co-founders Matthew Stotts and Jahed Momand will be participating in the United Nations Biodiversity Conference, COP 16 as blue zone delegates. Cerulean was also a participant at the Biodiversity COP 15 in Montréal in 2022.

“We are proud to lead this discussion during the United Nations Biodiversity Conference, COP 16,” said Jahed Momand, general partner of Cerulean Ventures. “Cerulean’s climate tech thesis is to invest venture capital in software businesses that connect the global economy for nature-positive outcomes.”

Matthew and Jahed’s work with the Cerulean Ventures portfolio of climate tech entrepreneurs deepens the general partners’ years of work on biodiversity, nature-based solutions, decarbonization, circular economy, decentralized energy and global networks for coordinating climate finance and accounting. Cerulean’s portfolio of investments include highly-scalable software and data for sustainable supply chains, financial technology for carbon and energy markets, and several innovations in climate finance.

About Cerulean Ventures
https://cerulean.vc/

Cerulean Ventures invests in pre-seed and seed stage Climate FinTech, SaaS and blockchain businesses tapping into the network effects of nature, renewable energy and climate-positive economies. Cerulean finds earth-scale (global) technology opportunities in areas like renewable energy, blue carbon, reforestation, biodiversity and regenerative agriculture, as well as decarbonization, circularity and sustainability across industry, manufacturing, transportation, construction, and supply chains.

The MIL Network –

January 24, 2025

MIL-OSI: Marex Group plc Announces Launch of a Public Offering

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Marex Group plc (Nasdaq: MRX) (“Marex”), the diversified global financial services platform, today announces the launch of a public offering of its ordinary shares (the “Offering”) by certain selling shareholders (the “Selling Shareholders”). The Selling Shareholders are offering a total of 7,000,000 ordinary shares. In connection with the Offering, the Selling Shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,050,000 ordinary shares.

Marex is not selling any ordinary shares in the Offering and will not receive any proceeds from the sale of shares by the Selling Shareholders.

Barclays, Goldman Sachs & Co. LLC, Jefferies, and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint lead book-running managers and as representatives of the underwriters for the proposed Offering.

The proposed Offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed Offering may be obtained from:

Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com;
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com;
Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by phone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or
Keefe, Bruyette & Woods Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling toll free at (800) 966-1559 or emailing USCapitalMarkets@kbw.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

The MIL Network –

January 24, 2025

MIL-OSI: Gouverneur Bancorp, Inc. Announces Semi-Annual Cash Dividend

Source: GlobeNewswire (MIL-OSI)

GOUVERNEUR, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), announced today that its Board of Directors has declared a semi-annual cash dividend of $0.08 per common share. The dividend will be paid on or about November 18, 2024 to shareholders of record as of the close of business on November 4, 2024.

This is the first cash dividend for the Company since the completion of the Bank’s conversion from the mutual holding company form of organization to the stock holding company form of organization.

About Gouverneur Bancorp, Inc.

Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2024, the Company had total assets of $195.1 million, total deposits of $153.4 million and total stockholders’ equity of $31.7 million.

Forward-Looking Statements

This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: the Bank’s ability to complete its previously announced proposed conversion to a national banking association charter; the ability to successfully integrate acquired entities and realize expected cost savings associated with completed mergers and acquisitions; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; and our ability to attract and retain key employees. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

CONTACT:		Robert W. Barlow President and Chief Executive Officer (315) 287-2600

The MIL Network –

January 24, 2025

MIL-OSI: Texas Capital Bancshares, Inc. Announces Quarterly Dividend for Preferred Stock

Source: GlobeNewswire (MIL-OSI)

DALLAS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, and its board of directors declared a cash dividend of $14.375 per share of the 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), equivalent to $0.359375 per depositary share, each representing a 1/40th interest in a share of the Series B Preferred Stock. The depositary shares are traded on the NASDAQ under the symbol “TCBIO.” The Series B Preferred Stock dividend is payable on December 16, 2024, to holders of record at the close of business on December 2, 2024.

ABOUT TEXAS CAPITAL BANCSHARES, INC.

Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit http://www.texascapital.com.

The MIL Network –

January 24, 2025

MIL-OSI: Monroe Capital Corporation Schedules Third Quarter 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that it will report its third quarter ended September 30, 2024 financial results on Tuesday, November 12, 2024, after the close of the financial markets.

The Company will host a webcast and conference call to discuss these operating and financial results on Wednesday, November 13, 2024 at 11:00 a.m. Eastern Time. The webcast will be hosted on a webcast link located in the Investor Relations section of our website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (800) 715-9871 approximately 10 minutes prior to the call. Please reference conference ID # 5769748. For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.

About Monroe Capital Corporation

Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit http://www.monroebdc.com.

About Monroe Capital LLC

Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 10 offices throughout the United States and Asia.

Monroe has been recognized by both its peers and investors with various awards including Private Debt Investor as the 2023 Lower Mid-Market Lender of the Decade, 2023 Lower Mid-Market Lender of the Year, 2023 CLO Manager of the Year, Americas; Inc.’s 2023 Founder-Friendly Investors List; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit http://www.monroecap.com.

Forward-Looking Statements

This press release may contain certain forward-looking statements. 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, and that the Company may or may not have considered; 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. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

SOURCE:  Monroe Capital Corporation

The MIL Network –

January 24, 2025

MIL-OSI: Element Welcomes New Chief Data and Analytics Officer, Evelyne Roy

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, is excited to announce the appointment of Evelyne Roy as its new Chief Data and Analytics Officer. In this role, Ms. Roy will be accountable for designing and building scalable data and analytics systems that enable insights and responsible AI to optimize business operations, drive growth, improve safety, and ensure an exceptional client experience.

“We are delighted to welcome Evelyne to the Element team,” said Laura Dottori-Attanasio, CEO, Element. “She is an adept data technology leader, whose extensive experience and passion for leveraging data to drive business success make her the ideal candidate for this role and delivering our Purpose to Move the world through intelligent mobility.”

Ms. Roy, whose appointment is effective immediately, brings with her over 25 years of experience leading the data strategy, architecture, and distribution for data and analytics platforms, having previously held leadership roles at Thompson Reuters Corporation, as well as increasingly senior roles in the financial industry in both Australia and Canada. With a proven track record of utilizing data to drive business strategies and improve client experiences, Ms. Roy is a valuable addition to the Element team. This appointment reflects Element’s continued commitment to investing in the modernization of its digital capabilities to deliver increased value to its clients.

“As a leader in fleet management, we recognize the importance of data and analytics in delivering efficient and effective solutions for our clients,” said Kobi Eisenberg, President Element Mobility and Autofleet. “We are confident that Evelyne will play a pivotal role in our ongoing commitment to providing best-in-class mobility solutions and ensuring we stay ahead of the evolving needs of our industry.”

“I’m thrilled to join the Element team, and be a part of this Purpose-driven, client-centric organization,” said Ms. Roy. “Together, we are going to deliver data and digital-first solutions that meet and exceed our clients’ expectations.”

About Element Fleet Management

Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of loyal, world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. Element’s services address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit elementfleet.com/investor-relations.

The MIL Network –

January 24, 2025

MIL-OSI: North American Construction Group Ltd. Third Quarter Results Conference Call and Webcast Notification

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, Oct. 21, 2024 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) announced today that it will release its financial results for the third quarter ended September 30, 2024 on Wednesday, October 30, 2024 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, October 31, 2024, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

The call can be accessed by dialing:
Toll free: 1-800-717-1738
Conference ID: 86919

A replay will be available through November 29, 2024, by dialing:
Toll Free: 1-888-660-6264
Conference ID: 86919
Playback Passcode: 86919

A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at http://www.nacg.ca/presentations/

The live presentation and webcast can be accessed at: North American Construction Group Ltd. Third Quarter Results Conference Call Registration (onlinexperiences.com)

A replay will be available until November 29, 2024, using the link provided.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Canada, the U.S. and Australia. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information, please contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
Phone: (780) 960-7171
Email: ir@nacg.ca

The MIL Network –

January 24, 2025

MIL-OSI USA: Remarks by Vice President Harris and Liz Cheney at a Campaign Event | Malvern, PA

US Senate News:

Source: The White House
People’s LightMalvern, Pennsylvania
11:54 A.M. EDT
     THE VICE PRESIDENT: Let’s get to it.
     MS. LONGWELL: Let’s do it. Let’s do it.
     THE VICE PRESIDENT: Good morning, everyone.
     AUDIENCE: Good morning.
     AUDIENCE MEMBER: Happy birthday!
     MS. LONGWELL: Oh, happy belated birthday. (Applause.) Oh, yeah.
THE VICE PRESIDENT: Thank you. Thank you. I appreciate that. Thank you.
     MS. LONGWELL: Audience members showing me up — that’s tough. (Laughter.)
Okay. So, I’ve got to start with the thing that brings us here today, because I’ve got to say it is unusual for somebody who was as high up in the Republican leadership as Liz Cheney was to be out here campaigning with the Democratic nominee for president.
And so, maybe — why don’t both of you tell us, but you start: You’ve actually marshaled unprecedented support from Republicans in this election. Why do you think that is?
THE VICE PRESIDENT: Thank you, Sarah. Thank you for being here and for your work. And the congresswoman, thank you.
I — I have said before and it must be repeated each time: There are moments in the history of our country which challenge us, each of us, to really decide do we stand for those things that we talk about, including, in particular, country over party. And you have been extraordinarily courageous in the way that you have done that. And I thank you for that. (Applause.)
So, you know, I have in my career now — whether it was as the elected district attorney, elected attorney general, and then elected United States senator, and, of course, now vice president — I’ve counted that I have taken the oath of office six times. And for the elected leaders here, we know it is an oath that one must take sincerely and unequivocally, which is an oath, among other things, to support and defend the Constitution of the United States and to understand what those principles represent and what they require of the individual who holds the office and the public trust.
And let’s not undervalue that point as well. It is not about the individual. It is not about what is in their personal interests. It is about what is for and in the spirit of the public good.
And this is a moment in this election that presents a real contrast among how I, as one of the two nominees, and my opponent, the former president, think of that duty. And it is a duty, by the way. There are certain things in our lives that we have the choice if we feel like it — (laughter) — and then there are certain things that are just fundamentally a duty, like to raise our children. Things of that nature. It is a duty to take seriously that oath and do it for the sake of the public good and in the public trust.
And I think that at this moment, with the choice that the American people have in this election in — in two weeks and one day, this election is presenting — for the first time, probably, in certainly recent history — a very clear choice and difference between the two nominees. And I think that is what, as much as anything, is bringing us, as Americans, together, who are understanding that we cannot, with such fundamental stakes being presented, afford to be mired in ideological differences without really staking our claim to the most fundamental ideals upon which our country stands.
MS. LONGWELL: Thank you. And, you know, Congresswoman Cheney, it’s a — sort of the same question to you. But I got to ask: You know, it’s one thing for Republicans to sign a letter. You know, we’ve seen that she has — Vice President Harris has been endorsed by 200 Republicans in the national security space, all kinds of people from George W. Bush’s administration. There’s been a lot of people — they’ll sign letters and maybe they’ll go on T.V., they’ll release a statement. I was just with Republican Congressman Charlie Dent — former Republican congressman here from the state. He voted for you in his early voting.
But you are out here campaigning. You are out here holding events. So, talk about why it’s been so important to you to be as involved as you are in getting Vice President Harris elected.
MS. CHENEY: Well, thank you so much, Sarah, for the question. And — and it’s an honor to be here today with you, Madam Vice President.
     You know — (applause) —
THE VICE PRESIDENT: Thank you.
MS. CHENEY: — for me, every — every single thing in — in my experience and in my background has — has played a part in my decision to endorse Vice President Harris.
And, you know, that — that begins with the fact that I’m a conservative, and I know that the most conservative of all conservative principles is being faithful to the Constitution. And you have to choose, in this race, between someone who has been faithful to the Constitution, who will be faithful, and Donald Trump, who it’s not just us predicting how he will act. We watched what he did after the last election. We watched what he did on January 6th.
And so, coming to this as someone who’s been a lifelong Republican, a lifelong conservative, also as someone who spent — I spent time working overseas before I was elected to Congress, and I’ve — I’ve spent time working in countries where people aren’t free and where people are struggling for their freedom, and I know how — how quickly democracies can unravel.
And I know that, as Americans, we can become accustomed to thinking, “Well, we don’t have to worry about that here.” But I tell you, again, as someone who has seen firsthand how quickly it can happen, that that is what’s on the ballot. That’s absolutely what’s on the ballot.
I also — I come to this decision as a mother. I have five children. And there was a moment right after January 6th when my husband and I were having dinner with our two youngest, our two sons, and I looked across the table at my — my young sons, and I thought to myself, “You know, in the aftermath of the attack on the Capitol, are they going to grow up in a country where we don’t have to worry about the peaceful transfer of power? Are they going to grow up in a country where that is guaranteed?”
And — and I believe that every one of us in this election has a duty and an obligation to do what we know is right for the country, and that’s to support Vice President Harris. So, I’m very honored to be here and to do that. (Applause.)
     THE VICE PRESIDENT: Thank you.
You know, if I can just echo the congresswoman’s point. So, I’ve now, as vice president, met over 150 world leaders — presidents, prime ministers, chancellors, and kings — many of them multiple times, to the point we’re on a first-name basis. And the last few times that I’ve seen them in the relative eve of this election, they are very concerned, our allies. Because, as you know, when we walk in those rooms around the world representing the United States of America, we have traditionally been able to walk in those rooms chin up, shoulders back, with the self-appointed and earned authority to talk about the importance of democracies and rule of law.
But as all the role models here know, as a role model, people watch what you do to see if it lines up with what you say. People around the world are watching this.
And I — I tell you, sometimes I do fret a bit about whether we, as Americans, truly understand how important we are to the world. I hope everyone does really understand that we represent something — imperfect though we certainly are; flawed though we may be — we represent, in terms of our ideals, the — the basis of our Constitution, we represent a gold standard.
And when we have someone who has been president, who wants to be president again, who is saying he would be dictator on day one, would weaponize our Department of Justice — one of the principles of our democracy is that we say we have a justice system that is blind, that is not punitive against one’s enemies, they are watching.
So, this is about direct impact on the American people, and it most certainly will impact people around the world.
MS. LONGWELL: You know, I’m so glad you brought that up. And I — I — as a follow-up, I would just ask Congressman Cheney too. We live in a dangerous time. I mean, I think Americans are watching what’s happening overseas in Ukraine, in Israel. Republicans — we used to be the party that would be on the side of our democratic allies like Ukraine.
Talk to me a little bit and all of us about why, from a foreign policy standpoint, you find yourself able to endorse Democrats, who w- — wouldn’t — it didn’t used to be that way.
MS. CHENEY: Well, it — it’s not just able to endorse them. But — but if you look at the numbers of the most senior officials who served Donald Trump — his own vice president; national security advisors; his chief of staff; you know, the — the leading generals who served him — who’ve all said he’s unfit, and people really need to stop and think about how completely unprecedented that is.
And the — the idea — when people sort of say, “Well, we might, you know, be tempted, for some reason or another, to vote for Donald Trump” — if the issue is foreign policy, I would just ask everyone: Think about how dangerous and damaging it is to have someone who’s totally erratic — totally erratic, completely unstable — someone who has aligned himself with, who idolizes tyrants. He idolizes tyrants.
You know, the — the — again, the choice here, with respect to national security policy, is a man who has proven — he has absolutely proven that he will not stand up, he won’t defend this nation with respect to our own Constitution and rule of law, and Vice President Harris, who has been clear in terms of support for Ukraine, in terms of recognizing and understanding across the board that America cannot maintain our own freedom and security if we walk away from our allies around the world.
And our adversaries know that they can play Donald Trump. They absolutely know that they can play him. And we simply can’t afford to take that risk.
So, as someone who has spent a career on national security issues — again, this was not at all a difficult choice for me — the — the choice here is absolutely clear in terms of the necessity of supporting Vice President Harris.
THE VICE PRESIDENT: And — and if I may emphasize, part of the backbone of our national security is our military. And let’s please not overlook how someone who wants to be commander in chief and was has talked about our servicemen and women; has talked about an American hero like John McCain, who was a prisoner of war — said he didn’t respect him, didn’t like him because he got caught; has talked about our service members as — as though they are less than the most courageous of us.
Those who put on the uniform, who represent the United States of America, who are willing to die for the sake of everything we stand for, and he calls them “suckers” and “losers.” These things cannot be overlooked.
And — and I have said many times publicly, and I’ll say it again: In many, many ways, Donald Trump is an unserious man, but the consequences of him being president of the United States are brutally serious. There are things that he says that will be the subject of skits and laughter and jokes, but words have meaning coming from someone who aspires to stand behind the seal of the president of the United States. These are the things that are at stake.
     MS. LONGWELL: Couldn’t agree more.
So, I do want to ask you another question, though, before we go to the audience. You know, you talk a lot about a new way forward. You talk about turning the page. What’s on the next page? Talk to us about a —
THE VICE PRESIDENT: You want a preview.
MS. LONGWELL: Yeah. Give me — a spoiler alert. You know? (Laughter.) Just —
THE VICE PRESIDENT: Right.
MS. LONGWELL: — tell us — tell us what’s — what’s in the rest of the chapter.
THE VICE PRESIDENT: Well, first of all, I will say that it — it is a metaphor that is meant to also describe my intention to embark on a new generation of leadership. And needless to say, mine will not be a continuation of the Biden administration. I bring to it my own ideas, my own experiences.
But it is also about moving past what, frankly, I think has been the last decade of — of the American discourse being influenced by Donald Trump in a way that has had the effect of suggesting we, as Americans, should point the finger at one another, in a way that has been using the power of the presidency to demean and to divide us.
I think people are exhausted with that, rightly. And it, frankly, does not lead to the strength of our nation to tell the American people that we must be suspicious of one another, distrust one another.
You know, yesterday, I — I did a couple of church services, and there’s a — we — many people here know the — the parable of the Good Samaritan. And there is an essence — a piece of that, in my own words, that really requires us, I think, to see in the face of a — of a stranger, to see a neighbor. Right? That spirit. And I think we need to get back to that.
The spirit of the American people is such that, you know, we are an ambitious people. We are aspirational. We have dreams. And that is productive.
It is not productive of us to be a nation of people who are pointing fingers at one another, who don’t understand that the vast majority of us have so much more in common than what separates us.
So, that’s what I mean about turning the page. And then a new generation of leadership about being ambitious, about all we have yet to do.
Part of my economic policy — I refer to it as an opportunity economy — is about investing in American industries while leaving none of our traditional, wonderful industries behind; repurposing and retooling the factories that have led to America’s success in industry, while at the same time redefining how we are thinking about which worker has the experience and skill to do the — the job and is qualified and understanding we shouldn’t be falling into a trap that suggests only those with a college degree have the skill or the experience to do the job. So, let’s look at how we redefine and perhaps even reorder.
And, in fact, I’m going to start with federal jobs, and then I’m going to challenge the private sector to do the same. Let’s look at which of those jobs would benefit from a skilled, experienced worker who perhaps went through an apprenticeship program — not a four-year college, but still had a four-year degree, in essence.
     So, these are the kinds of things that are about seeing the opportunity of this moment and investing in it.
     I’ll tell you — and I know this is a controversial topic for many of us — I love Gen Z. (Laughter.) Because we have Gen Zs in our lives. We have kids who are Gen Zs. It can be complicated, I know. I love Gen Z.
     These young leaders are so — they’re clear-eyed. You know, they’ve only known the climate crisis. They’ve only known active shooter drills. I mean, we had fire drills. Not — not our kids, right?
     But they also — they’re — they’re so wonderfully impatient — (laughter) — ri- — no, really, that’s good. That’s good. They are ready to get in there. Let’s invest in them. Let —
     So, for example, one of my — one piece of my opportunity economy is we got to deal with the reality of where we are right now. The American dream, for previous generations, was something that people could kind of count on. Not so much anymore, in terms of homeownership. We have a housing shortage in America. We have a supply shortage.
     So, part of my plan is, hey, let’s be clear-eyed about this moment. Let’s invest in the future. And as a — a devout public servant, I also know the limitations of government. I want to work with the private sector. I have, in my career. The skills, the breadth, the depth of — of value in those active partnerships benefit us all.
     So, part of my plan for housing is to actively partner with building developers, with homebuilders to create tax credits to increase the supply of housing in America. My estimate is — I think we can actually do it — by 3 million by the end of my first term.
     Part of my approach that is about a new generation, potentially, of leadership and certainly a different approach: Most of my career was not spent in Washington, D.C. I say that with pride. (Laughter.)
     In that, you know, most of my career was spent as a prosecutor, but I — making decisions that had a direct impact on people’s lives. You know, I learned at a very young age, as a prosecutor, that the things that I would do with the swipe of my pen could result in someone having their liberty or not.
     When I was attorney general of California — which is, you know, by estimates, the fifth-largest economy in the world — I was acutely aware the words I spoke could move markets.
     I like getting things done. And part of my approach, which is, I think, about a new generation of leadership, is: Let’s cut through the red tape. Let’s cut through the bureaucracy while still knowing the virtues of the work that we can do in the public sector, be it public education, public health, public safety.
     MS. LONGWELL: This is a perfect segue into our first audience question, which is going to come from Alexandra Miller from Delaware County. Main section, right — right there.
     Hi, Alexandra.
     Q    Hello. Hello, Madam Vice President and Representative Cheney.
     MS. CHENEY: Hi there.
     THE VICE PRESIDENT: Hi.
     Q    Thank you for taking my question today. My name is Alex. I have a 7-year-old son and a wonderful 72-year-old mother who is suffering from dementia and requires full-time care.
     My son is in second grade, my mother is in a nursing home, and I work full time. The costs of childcare and of eldercare are staggering. But simultaneously, professionals that help care for both our children and our elders are generally underpaid, which makes it difficult for them to support their own families and do the jobs that they need to do.
     How do you propose to help bridge this gap, making both child- and eldercare more affordable for hardworking families and also retaining and attracting quality talent for this — these essential jobs?
     THE VICE PRESIDENT: So, first of all, you’re dealing with a lot. You’re dealing with a lot, and I just wish you strength and support. You are a part of what we call the “sandwich generation,” which are those parents and children who are right in the middle. They are taking care of their young children and taking care of their parents as they age. And it’s a lot.
     And so, I actually plan to address this in a substantial way because I actually bring a personal experience to it as well. I took care of my mother when she was sick, and that work is the work of trying to cook something that they feel like eating — right? — trying to figure out which clothes will not irritate their skin and help them put on a sweater. It’s about trying to figure out how you can say something that brings a smile to their face or makes them laugh. It’s about dignity.
     Meanwhile, you have a second-grader. You’re trying to teach that kid how to read — (laughter) — spending time with them, reminding them they are special and can be anything.
     And in the middle of all of that, if you are working or just to have a minute to breathe, it’s a lot. It’s a lot.
     So, what — the way that this plays out for many people is — is one of just a couple of ways. One, if you have the good fortune of having enough extra money, you can hire somebody to come in. And then, exactly as you said, you — knowing what you just shared with us about yourself — would pay them the value of their work. Or someone in this position would have to basically spend down all their savings so they could qualify for Medicaid, which means they pretty much have to get rid of everything. Or they have to quit their job, which means one less income in their household.
     And this is a matter — this issue, for me, is a matter of dignity — yours, your parents, and the well-being of your child and you being able to do what you naturally want to do, and which — and the thing that we should value in our society, which is someone like you who is taking on the duty and the responsibility of all of that.
     So, my plan is that instead of those scenarios I just mapped out, we will restructure it so that Medicare covers the cost of in-home health care for your parent so that they can be at home — (applause) — and you can then have the assistance with someone who can help prepare that meal, help them get dressed, and you can still give that baby of yours all the love that they deserve. And you can have sanity in the process. And everyone can have dignity.
     And so, this is — this is my approach, which is let’s just look at this as an — let’s just come at it from common sense, by the way. It’s just common sense. And what makes — what is a — a commonsense, practical approach to doing this, because when you are able to be productive, we all benefit, by the way. When that child is able to have a parent who is able to help them with their reading and remind that child that they are special, we are all going to benefit from that.
     So, thank you for raising the subject. (Applause.) And you take care of yourself.
     MS. LONGWELL: Okay. Next we’re going to call on Ashley Scott, speaking of Gen Z — although I guess I shouldn’t assume I know what generation she’s from, but she is a student from Bucks County. Hi.
     Q    Hi, Vice President Harris and Congresswoman Cheney. My name is Ashley Scott. I’m from Bucks County, Pennsylvania, and I am Gen Z. I’m 22 years old. (Laughter.)
     MS. LONGWELL: Nailed it.
     THE VICE PRESIDENT: Good for you. (Laughs.)
     Q    So, thank you for that compliment. But yeah, my question is about maternal health. Specifically, in the United States, maternal mortality is devastating. The rates are terrible. And I was wondering if you have a plan to combat the crisis.
     THE VICE PRESIDENT: Thank you, Ashley, and thank you for being here and your voice. It’s a big issue. So, we have the very, I think, shameful distinction of — of any wealthy nation having one of, if not the highest, rate of maternal mortality.
     And I’ve studied this issue. I worked on it was on — when I was in the United States Senate and as vice president. And the fact is that 90 percent of them are preventable, which tells us we can do something about it, right?
     And it is an issue — so, Black women are three to four times more likely to die in connection with childbirth; Native women are, like, twice as likely; rural women, one and a half times as likely.
     One of the common threads that you will see in those demographic populations is a lack of appropriate prenatal care and then care during the term of their pregnancy and then postpartum care. And we know that when that care is available, they are having a healthier and, by the way, happier experience. And the long-term impact to all of us as a society, much less to that family, is immense.
     And so, the work that we have been doing and the work I intend to do going forward is to address that, right? So, for example, in rural America, the — the way that the system has been structured — the health care system has been structured is a lot of those hospitals and clinics have had to close because of the way we — we reimburse based on population size. And as people are leaving rural America, then the hospitals and the clinics can’t afford the overhead.
     I’m oversimplifying but just to make the point. So, we need to address that in terms of how we’re structuring, how we create incentives and — and give the resources to those health care facilities, be they clinics or hospitals.
     The other piece that we have to do is really just talk more about the issue around also how, in the health care system, we are treating women and are we taking women seriously when they talk about their health care concerns.
     So, again, personal experience, my mother had two goals in her life: to raise her two daughters, my sister and I, and to end breast cancer. My mother was a breast cancer researcher. And she was so passionate about women’s health care, and I remember it as a young girl and throughout my life.
     And we still have a lot of work to do to make sure that when she walks into that clinic, that doctor’s office, that hospital, that when — that she’s taken seriously. And — and that’s also about what we do in terms of training within the profession. It’s also about what we do in terms of public education to get information to women so that they know that they are not just complaining and they should not suppress or subordinate what their concerns might be about themselves because they’re taking care of everybody else.
     So, there’s a lot of work to do. And, of course, there’s a connection between this and what we need to do since the Dobbs decision came down, when we are looking at — I’ve met with a lot of, in particular, OB-GYNs who are concerned that there are kids going through — excuse me, young people going through their medical school who are now feeling deterred from engaging in reproductive health work.
     And reproductive health work is vast. It is not only about abortion; it is about a whole array of care. And we want to make sure that we’re not creating disincentives for people to go into that very, very important profession.
     And then we also want to make sure that we are, in the whole issue of reproductive care, not suggesting to women or the people who love them that they should be judged, because there is that also when you’re talking about reproductive care, where women sometimes are made to feel or do feel embarrassed to talk about their needs as it relates to their reproductive health.
     And then, of course, I feel very strongly the government should not be telling any woman what to do with her body. (Applause.) (Laughs.) And when Congress passes a law reinstating the reproductive freedoms of women, I will gladly and proudly sign it into law, because I strongly believe one does not have to give up or abandon their own faith or beliefs to agree that — not the government telling her what to do. If she chooses, she will consult with her priest, her pastor, her rabbi, her imam, but not the government.
     We’ve seen too much harm — real harm — happen to women and the people who love them around our country since that decision came down, including women who have died. And I don’t think that most people who — before the Dobbs decision came down — who had strong opinions about this — I don’t think most people intended that the harm that we’ve seen would have actually happened.
     MS. CHENEY: Can I add to this just to — because I — I think it’s such an important point. And I think there are many of us around the country who have been pro-life but who have watched what’s going on in our states since the Dobbs decision and have watched state legislatures put in place laws that are resulting in women not getting the care they need.
     And so, I think this — this is not an issue that we’re seeing break down across party lines —
     THE VICE PRESIDENT: Right.
     MS. CHENEY: — but I think we’re seeing people come together to say what has happened to women, when women are facing situations where they can’t get the care they need — where in places like Texas, for example, the attorney general is talking about suing — is suing to get access to women’s medical records — that’s not sustainable for us as — as a country, and — and it has to change. (Applause.)
     THE VICE PRESIDENT: Yeah. Yeah.
     MS. LONGWELL: So, as we come close to time here, I want to ask you both kind of a final question. You know, I — I watch the — the conversation in the country and the way that the media covers this election, and it’s often about the race: Who’s up in a poll? Who’s down in a poll? And I — I don’t always feel like we’re talking about the stakes enough.
     And Liz Cheney would not be here if she didn’t think that the stakes were very high. And frankly, the Republicans wouldn’t be so angry at you if they didn’t think you were an effective surrogate as somebody speaking about the stakes. (Applause.)
     THE VICE PRESIDENT: Some Republicans. Some Republicans.
     MS. LONGWELL: Some Republicans. Some Republicans. #NotAllRepublicans. (Laughter.)
     THE VICE PRESIDENT: Because I’ve seen a lot of Republicans — just I’ve seen it and I know it happens — who thank her constantly.
     MS. LONGWELL: I — I know it.
     THE VICE PRESIDENT: Yeah. Yeah.
     MS. LONGWELL: I know it.
     MS. CHENEY: They’re going to vote the right way on November 5th.
     MS. LONGWELL: That’s right.
     MS. CHENEY: They might not think public about it, but — but they’ll do what — what they know is right. (Applause.)
     THE VICE PRESIDENT: Yeah. I agree. I agree. I agree.
     MS. LONGWELL: But just to close and — and maybe starting with you, Congresswoman, so you can have the last word. Talk to me and all of us about the stakes. Many people in the room here are undecided voters. What’s — what’s kind of the last pitch that you would make about why this election is so important and why you believe they should vote for the vice president here?
     MS. CHENEY: Well, I think that in this election, and especially here in Pennsylvania, we have the opportunity to tell the whole world who we are. And we have the chance to say, you know, we’re — we’re going to reject cruelty. We’re going to reject the kind of vile vitriol that we’ve seen from Donald Trump. We’re going to reject the misogyny that we’ve seen from Donald Trump and J.D. Vance. (Applause.)
     THE VICE PRESIDENT: Right.
     MS. CHENEY: And we have the chance in this race to elect somebody who you know is going to defend the rule of law. You know Vice President Harris is going to defend our Constitution.
     We have the chance to remind people that we are a good country. We are a good and honorable people. We are a great nation.
     And — and in this race, we have the opportunity to vote for and support somebody you can count on.
     We’re not always going to agree, but I know Vice President Harris will always do what she believes is right for this country. She has a sincere heart, and that’s why I’m honored to be here and supporting her in this race. (Applause.)
     THE VICE PRESIDENT: I mean, I — exactly. The — listen, so, in my career as a prosecutor — you’ve heard me say this — I — I never, ever asked a victim or a witness, “Are you a Republican or a Democrat?” Never. It wouldn’t have even occurred to me to ask them. I did, every time, ask, “Are you okay?”
     And I — you know, and I feel very strongly that — for example, in — on the issue of partisanship, yes, we’re going to have disagreements, but I actively invite good ideas from wherever they come. That’s why I’m going to have a Republican in my Cabinet, by the way — (applause) — because I want good ideas.
     And, by the way, I know it is in our best interest as a nation, in our — the interest of our strength and our future as a nation. We need a healthy two-party system. We need a healthy two-party system. (Applause.)
     We need to be able to have these good, intense debates about issues that are grounded in fact. (Laughter.) How about that?
     MS. CHENEY: Imagine.
.
     THE VICE PRESIDENT: Let’s start there. (Laughs.) (Applause.)
     Wow. Can you believe that’s an applause line? (Laughter.)
     Oy. But, you know, it’s — (laughter) — it’s —
     We have in our grasp in these next 13 days — 13 days, we are — or 15 days, excuse me. I — I’m just jumping ahead. (Laughter.) In these next 15 days, we have in our grasp the ability to determine the course of our country.
     You know, every election, we’ve said, “This is the one.” This is the one. This truly is the one.
     I mean, to the congresswoman’s point, the former chairman of the Joint Chiefs of Staff referred to Donald Trump as being “fascist to the core.” And no one would ever accuse the former chairman of being partisan in any way. The people who know him best — from the former chief of staff; Defense secretaries, two of them; national security advisor to the former vice president.
     And so, we have in — in our grasp — because we still have a democracy. As the saying goes, as long as we hold on to it, we still have a democracy, which means in a democracy — and here’s the beauty of it — we each have the power to make a decision about the future of our country through our vote.
     And my request, then, of each of you who have spent time out of your busy lives to be here — and I thank you for that — is please just help us get the word out to your neighbors and friends and family members to just remind them of what is at stake and this conversation.
     I ask for your vote. I ask for their votes. And I promise to be a president for all Americans. I promise and pledge that. (Applause.)
     MS. LONGWELL: All right, everyone. Congresswoman Cheney and Vice President Kamala Harris. Thank you so much.
     Yes, let’s give them another round of applause. That was wonderful. (Applause.)
     Thank you so much.
     THE VICE PRESIDENT: Thank you. Thank you.
     MS. LONGWELL: Thank you. (Applause.)

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: FEMA, SBA and USDA create Recovery Resource Guide for Local Business Owners

Source: US Federal Emergency Management Agency

Headline: FEMA, SBA and USDA create Recovery Resource Guide for Local Business Owners

FEMA, SBA and USDA create Recovery Resource Guide for Local Business Owners

WASHINGTON – FEMA, the U.S. Small Business Administration and the U.S. Department of Agriculture have collaborated to create a guide to help local businesses affected by hurricanes Helene and Milton access recovery resources.

The agencies created a one-stop-shop resource with information about federal support that is available to assist local businesses with their recovery. The guide—tailored for each affected state—is available on FEMA’s website at the links below:

Many local business owners are also disaster survivors. This means they’re dealing with two separate recoveries, one for their household and another for their business.

Recovery for local businesses after events like Helene and Milton may seem daunting. FEMA encourages chambers of commerce and other civic organizations to share this guide to help local businesses recover.
Below are examples of the resources available to local businesses and their owners:

FEMA grants to make home repairs.
Low interest disaster loans from the SBA to repair homes and businesses. Business owners may also qualify for loans for economic injury.
Disaster Recovery Centers where business owners and survivors can meet representatives from various federal agencies who may be able to help. Centers are open in every state affected by Helene and Milton.
SBA Business Physical Disaster Loans. The SBA provides long-term low interest loans up to $2 million to cover disaster losses not fully covered by insurance.
SBA Economic Injury Disaster Loans. The SBA provides long-term low interest loans up to $2 million for working capital to help small businesses, small agricultural cooperatives, and most private nonprofit organizations impacted by a disaster meet their ordinary and necessary financial obligations until normal operations resume.
Livestock indemnity. The USDA provides benefits to livestock owners and contract growers for livestock deaths.
Emergency loans. The USDA provides loans to help producers recover from production and physical losses.

A full list of more than 70 resources from 17 federal agencies is available on disasterassistance.gov.

President Biden has declared a major disaster for six states affected by Helene—Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia—and Florida for Milton.

FEMA reminds survivors affected by hurricanes Helene or Milton that they can apply for FEMA assistance in four ways: online at disasterassistance.gov, on the FEMA App, calling 800-621-3362, or in person at a local Disaster Recovery Center.

erika.suzuki
Mon, 10/21/2024 – 20:20

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: Governor Kelly Announces Evergy to Invest More than $2B in Two New High-efficiency Natural Gas Plants – Governor of the State of Kansas

Source: US State of Kansas

HUTCHINSON – Governor Laura Kelly joined Evergy executives and legislative leaders today to announce that the company will invest more than $2 billion in building two new 705 megawatt (MW) combined-cycle natural gas plants in Kansas. Together, the new projects will provide more than 1,400 MW of dispatchable power.

“Kansas is experiencing record economic growth, and Evergy is prepared to deliver the reliable, affordable, and sustainable energy needed.” Governor Laura Kelly said. “Evergy’s multi-billion-dollar investment brings direct value to the Hutchinson and Sumner County areas in jobs and tax dollars. It also ensures Kansas can continue to invite business growth that benefits the entire state.”

The plant in Sumner County is expected to begin providing electricity in 2029, and the plant in Reno County is expected to be in service in 2030.

“High-efficiency, modern natural gas plants will meet the electricity needs for our region’s growing economy. These plants also will bring good paying jobs and tax dollars to Kansas,” said David Campbell, Evergy chairman, president and chief executive officer. “Dispatchable natural gas is an important resource within Evergy’s growing and diverse energy portfolio, complementing our planned investment in wind and solar resources and supporting our commitment to affordable, reliable, and sustainable electricity.”

During construction, more than 500 jobs are anticipated for each plant. After a 10-year exemption, each plant will provide more than $500 million in property tax revenues over its service life and will bring to the communities 20 to 40 skilled craft jobs that pay more than $90,000 annually.

Since 2019, the Kelly administration has created 1,284 committed economic development projects worth more than $19.9 billion in capital investment and nearly 69,000 jobs.

This spring, Governor Kelly signed House Bill 2527, a bipartisan bill that enhances Kansas policies to incentivize electric infrastructure investment, which is critical to ensuring Kansas has the infrastructure needed to meet the energy needs of Kansas citizens and businesses. This legislation makes Kansas more competitive for investment, increases opportunities for economic development, and ultimately saves Kansas ratepayers money on their electric bills.

“We are pleased that a legislative policy we championed is helping ensure a strong energy future for the state of Kansas,” Speaker of the House Dan Hawkins said. “I look forward to seeing the benefits this brings in terms of jobs, economic growth, and energy security for our state for years to come.”

“Kansans depend on reliable electricity each and every day to power their lives and their businesses,” Senate President Ty Masterson said. “These investments by a long-time Kansas energy company will make our state even more attractive to those wanting to live, work, and grow a business in our great state.”

Photos from today’s announcement for media use are available below.

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MIL OSI USA News –

January 24, 2025

MIL-OSI Asia-Pac: Candy leaf has Potential beyond its Natural Sweetening properties

Source: Government of India (2)

Posted On: 21 OCT 2024 4:07PM by PIB Delhi

Candy Leaf (Stevia rebaudiana (Bertoni) Bertoni) a plant recognized for its natural non-caloric sweetening characteristics, also has therapeutic properties for diseases like endocrine, metabolic, immune, and cardiovascular diseases, because of its effect on cellular signalling systems according to a new study.

Assam exports Stevia worldwide. The North Eastern Council (Government of India) also highlighted stevia cultivation’s potential to help the northeast Indian economy due to high demand and use.

At the Institute of Advanced Study in Science and Technology (IASST) in Guwahati, an autonomous institute of Department of Science and Technology, a team of researchers Dr. Asis Bala, Associate. Professor, Prof. Ashis K. Mukherjee, Director, and Ms. Piyali Devroy, Research Scholar did pioneering research on Stevia’s medicinal properties, effects on cellular signalling mechanisms to prove the Assam’s Stevia’s therapeutic qualities.

Their multimodal strategy integrated network pharmacology with in vitro and in vivo techniques, showing that the plant used phosphorylation of Protein Kinase C (PKC) to inhibit a crucial cellular signalling route.

PKC is connected to inflammatory, autoimmune, endocrine, and cardiovascular illnesses. Stevia suppresses PKC phosphorylation, which alters downstream pathways that cause inflammation, a significant cause of endocrine metabolic and cardiovascular issues.

The study shows Stevia’s promise in this field for the first time. The study also found that active stevia molecules strongly interact with AMPK, highlighting the need for additional research.

This work published in the journal “Food Bioscience” revealed Stevia’s potential and identified new targets for immunological endocrine and cardiovascular problems. It could have therapeutic effect on diabetes, type 1, type 2, autoimmune diabetes, pre-diabetes, chronic inflammation related auto immune disease – rheumatoid arthritis; chronic kidney diseases and cardiovascular diseases like hypertension; vasculopathy and so on.

The study illuminates an undiscovered facet of Stevia, underlining the necessity of creative tactics and scientific data to support traditional therapeutic practices.

Figure: The scientific method used by the research team: The network pharmacology to identify the target and then performed molecular docking for target validation. After that, conducted in vitro and in vivo studies of HPTLC validated Stevia that suggested the effectiveness of Stevia rebaudiana in inhibiting Protein Kinase C phosphorylation.

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MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI: LMCU Introduces $10,000 HomeAssist Down Payment Assistance Program

Source: GlobeNewswire (MIL-OSI)

GRAND RAPIDS, Mich., Oct. 21, 2024 (GLOBE NEWSWIRE) — Lake Michigan Credit Union (LMCU) is excited to introduce their new down payment assistance program, HomeAssist, to provide economically under-resourced borrowers access to funds that can be used toward a downpayment on their first home. The program has been initially funded with $1 million for its 2024 launch.

HomeAssist offers eligible first-time homebuyers the opportunity to receive $10,000 to use toward their down payment and closing costs, helping more people open the door to homeownership.

To qualify for HomeAssist, applicants must meet the following criteria:

Must be first-time homebuyers applying through LMCU.
Must intend to purchase a primary residence in Michigan or Florida.
Household income must be at or below 120% of the local Area Median Income.
At least one applicant must identify as Black, African American, Hispanic, and/or Latino.

LMCU’s HomeAssist program aims to help close the homeownership gap for minority households. This program is consistent with LMCU’s efforts to positively impact the communities served by its team and branches, while also setting up future generations for continued success.

“As a community-focused credit union, we at LMCU believe everyone deserves a chance to be a homeowner,” said LMCU President & CEO, Julie Leonard. “That’s why HomeAssist is such a powerful resource: not only are we giving first-time homebuyers a little extra help, but when our members who are parents own their homes, their children are more likely to own houses of their own one day. We really want to be a factor in starting a chain reaction of positive impact.”

The origins of the HomeAssist program sprung from two different sources at LMCU – LMCU’s Community Advisory Board (CAB), formed in 2019, and its Mortgage Community Lending Council, formed back in 2021. Created to help LMCU innovate and benefit more communities through big-picture projects, the CAB brings together local thought leaders who are also LMCU members. In addition to HomeAssist, the CAB’s efforts also led to LMCU hosting first-time homebuyer seminars that have assisted over 1,000 participants in their efforts to prepare for purchasing their first homes.

The credit union’s Mortgage Community Lending Council is a cross-functional group that implements strategies to increase lending opportunities in moderate-to-low-income areas and majority minority census tracts. Other council initiatives include homeownership workshops hosted at local nonprofits, a HomePlus mortgage loan offering 0% down payment options for qualified borrowers, and utilizing tools like LoanSense and Credit Xpert to help applicants lower their student loan repayments and improve their credit scores.

“Our loan officers have had access to the program for the last several weeks, and already 45 families have qualified for $10,000 each in assistance. This is another great tool for LMCU to help serve minority borrowers and those in moderate and low-income areas reach homeownership. Prospective Applicants should reach out to any of our loan officers, visit an LMCU branch, or connect at LMCU.org/HomeAssist to learn more,” said John Harpst, Vice President of Community Lending and the leader of the Mortgage Community Lending Council.

About Lake Michigan Credit Union
Lake Michigan Credit Union, established in 1933, is the largest credit union in Michigan and 14^th largest in the country. Employing a staff of over 1,650 and serving more than 600,000 members, LMCU’s assets exceed $13 billion, with over $16 billion in portfolio and serviced mortgages. LMCU has 71 convenient branch locations, including 21 across the Tampa Bay area and Southwest Florida. LMCU members have access to over 55,000 Allpoint ATMs worldwide. LMCU provides a full range of financial services, from high interest-bearing checking accounts to personal loans, mortgages, business banking, investments, and insurance.

To find out more, visit LMCU.org. Federally insured by NCUA. Equal Housing Lender. NMLS #442967.

Media Contact:
Christi Cowdin
Chief Marketing Officer | Senior VP of Marketing
(616) 242-9755
Christi.Cowdin@LMCU.org

The MIL Network –

January 24, 2025

MIL-OSI United Nations: UN Secretary-General’s remarks at the inauguration of the renovated Africa Hall

Source: United Nations

Dear Prime Minister Abiy, dear Chairperson Moussa Faki, dear friends and colleagues,

It is an enormous pleasure to join all of you for this moment of history – in this house of history.

I thank all our partners – particularly the Government of Ethiopia, along with our own United Nations Economic Commission for Africa for the tremendous work.

This hall is where Africa came together to give life to the Organization of African Unity, now the African Union.

Times were very different.

In 1961, when this Hall was inaugurated by Emperor Haile Selassie, only 26 African nations had achieved independence – many of them just months before.

Today, Africa is a transformed continent.

And to my mind, this renewed building symbolizes renewed hope and unity for Africa.

This Hall is a bridge between Africa’s past and future – honouring shared struggles and achievements, while embracing common aspirations. It is ubuntu.

A state of the art 21st century facility that preserves the grandeur and history of this great continent.

I also see it as an invitation for everyone to cooperate in pursuit of a better future, for Africa and for the world.

Dear friends,

As we celebrate this new beginning, we must also acknowledge the challenges ahead of us.

Africa is a continent of hope.

But it faces challenges that are deeply rooted in history and are exacerbated by climate change, conflict and persistent poverty.

And African women often bear the brunt of these hardships.

Addressing these issues requires resolute action and renewed solidarity.

Our global institutions were built at a time when most of Africa was under colonial rule.

But unlike this Hall with its 21st century innovations, many of these global institutions are stuck in those times, unable to respond to the aspirations and rights of the African people.

Africa still has no permanent seat at the Security Council. And let’s hope it will be corrected soon.

And international financial institutions often cannot provide African countries with the response they need – whether it is protection from strangling debt or from climate catastrophe they did not cause.

We can only move forward if we also renew and update global institutions – by making them more effective, fair and inclusive.

Last month, world leaders adopted the Pact for the Future, the Global Digital Compact and the Declaration on Future Generations.

The Pact recognizes the need to reform the Security Council to make it representative, transparent, efficient, democratic and accountable.

It also calls for groundbreaking reforms of the international financial architecture – including to massively scale-up affordable development and climate finance.

And the Global Digital Compact includes the first truly universal agreement on the governance of Artificial Intelligence – giving every country a seat at the table, while supporting partnerships to bridge the digital divide and build AI capacity in developing countries and namely in Africa.

We must now move forward together in implementing these historic agreements without delay.

And we must include young people at every step of the way.

Dear friends,

For more than sixty years, the Africa Hall has been a symbol of the continent’s collective aspirations, a testament to its resilience, and a beacon of hope for entire generations.

Today, as we step into this renewed space, let us also renew our pledge to work for the people of Africa and the world we need.

May the debates and discussions here continue to lead towards greater peace, unity and prosperity for all on the African continent.

And I thank you.

MIL OSI United Nations News –

January 24, 2025

MIL-OSI USA: NEWS RELEASE: DBEDT ENCOURAGES HAWAI’I SMALL BUSINESSES TO COMPLETE ANNUAL FED CREDIT SURVEY

Source: US State of Hawaii

NEWS RELEASE: DBEDT ENCOURAGES HAWAI’I SMALL BUSINESSES TO COMPLETE ANNUAL FED CREDIT SURVEY

Posted on Oct 21, 2024 in Latest Department News, Newsroom

DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

BUSINESS DEVELOPMENT AND SUPPORT DIVISION

JOSH GREEN, M.D.
GOVERNOR

JAMES KUNANE TOKIOKA

DIRECTOR

DENNIS T. LING
ADMINISTRATOR

FOR IMMEDIATE RELEASE

October 21, 2024

DBEDT ENCOURAGES HAWAIʻI SMALL BUSINESSES TO COMPLETE ANNUAL FED CREDIT SURVEY

HONOLULU – Small businesses are vital to the U.S. economy, yet comprehensive data on their financing needs and challenges remain scarce. The Federal Reserve Banks address this gap through the annual Small Business Credit Survey (SBCS), gathering unique insights into how and why small businesses seek financing. As an independent and decentralized entity, the Fed is uniquely positioned to collect, analyze, and distribute this essential data to inform decision-makers and stakeholders nationwide.

The survey takes 10-12 minutes to complete and is open to for-profit businesses with fewer than 500 employees. Responses are confidential and small business owners do not need to provide any personal information. The survey closes on Friday, November 1, at 3:00 p.m. Hawaiʻi time.

“We want small business leaders and owners to share their recent experiences and insights, including how they rate the financial condition of their business and whether they sought loans or other lines of credit over the last year,” said Dennis Ling, administrator of the Business Development and Support Division of the Department of Business, Economic Development, and Tourism. “By taking the survey, business owners contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers and others—ultimately benefitting their business and similar businesses across the country.”

The survey is open to businesses currently in operation, those recently closed and those about to launch. All responses are confidential. Complete the survey at the following link: https://fedsmallbiz.org/4g4oSSv

About the Department of Business, Economic Development and Tourism (DBEDT)

DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information, as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation-sector job growth.

About the Business Development and Support Division (BDSD)
The Business Development and Support Division of DBEDT promotes industry development and economic diversification by supporting existing and emerging industries in Hawai‘i and by attracting new investment and businesses to the state. Learn more at: https://invest.hawaii.gov/.

# # #

Media Contacts:

Laci Goshi

Department of Business, Economic Development and Tourism
808-518-5480
l[email protected]

Dennis Ling

Business Development and Support Division Administrator
Department of Business, Economic Development and Tourism
[email protected]

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: California deploys largest service corps in the nation, connecting and supporting communities across the state

Source: US State of California 2

Oct 21, 2024

What you need to know: California is deploying 10,000 service members in the upcoming service year, offering paid positions and higher education financial support for young Californians looking to give back to their communities.

SACRAMENTO – Governor Gavin Newsom today announced the start of an ambitious new service year for the California Service Corps, with 10,000 service members expected to provide over five million service hours in 2025.

“As we launch this new service year with the nation’s largest service corps, we reaffirm that service to others is the highest form of civic duty. These paid opportunities embody the best of California’s values — a commitment to each other, mutual understanding, and the belief that when we lift others, we all rise together.”

Governor Gavin Newsom

California leads the way in national service

In 2025, California Service Corps programs will be over 10,000 members strong and will help communities by:

Tutoring and mentoring K-12 students
Supporting communities experiencing and recovering from disasters
Combating food insecurity and connecting vulnerable people to resources and services
Taking climate action — planting trees, preventing wildfires, and installing solar panels

California Service Corps programs include:

#CaliforniansForAll College Corps
Youth Service Corps
California Climate Action Corps
AmeriCorps California

“Service members have stepped up to bridge divides and help their communities by serving in the California Service Corps,” said California Chief Service Officer Josh Fryday. “These members are the state’s future leaders, and we need their energy and enthusiasm to address our greatest challenges.”

California Service Corps members gain skills and experience while effecting positive change in their communities. Members receive living stipends, and many can receive up to $10,000 toward higher education after completing their service to be used for college, trade school or to pay back student loans.

To learn more about applying to the California Climate Action Corps, Youth Service Corps, and AmeriCorps California, visit http://www.CAServiceCorps.com.

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MIL OSI USA News –

January 24, 2025

MIL-OSI Security: Teva Pharmaceuticals Agrees to Pay $425 Million to Resolve Kickback Allegations

Source: Federal Bureau of Investigation (FBI) State Crime News

Settlement resolves allegations that the company funneled kickbacks through co-pay assistance foundations

BOSTON – Teva Pharmaceuticals USA, Inc. and Teva Neuroscience, Inc. (collectively Teva) have agreed to pay $425 million to resolve allegations that Teva paid kickbacks via two co-pay assistance foundations in violation of the Anti-Kickback Statute (AKS) and False Claims Act.

The government’s complaint, filed in 2020, alleged that from 2006 to 2017, Teva manipulated the co-pay foundation assistance system by conspiring with multiple third parties, including a specialty pharmacy and two allegedly independent co-pay assistance foundations, to direct its supposed charitable payments specifically to patients taking its own multiple sclerosis drug, Copaxone. At the same time, Teva steadily raised Copaxone’s price by thousands of dollars. The United States alleges that this conduct violated the AKS and caused the submission of false claims to Medicare. The settlement was reached after the government’s review of Teva’s financial disclosures concerning its financial condition.

This settlement is the latest in a string of enforcement actions against pharmaceutical companies that allegedly used third-party foundations as conduits to pay kickbacks. Since 2017, the United States Attorney’s Office in Massachusetts has collected over $1.4 billion from this enforcement initiative. The U.S. Attorney’s Office has also settled with four of the third-party foundations that participated in this conduct and a specialty pharmacy. Today’s resolution with Teva is the largest co-pay assistance settlement to date.

When a Medicare beneficiary obtains a prescription drug covered by Medicare Part B or Part D, the beneficiary is often required to make a partial payment, which may take the form of a co-payment, co-insurance, or deductible (collectively “co-pays”). These co-pay obligations may be substantial for expensive medications. Congress included co-pay requirements in these programs, in part, to encourage market forces to serve as a check on health care costs, including the prices that pharmaceutical manufacturers can demand for their drugs. The AKS prohibits pharmaceutical companies from offering or paying, directly or indirectly, any remuneration – which includes money or any other thing of value – to induce Medicare patients to purchase the companies’ drugs.

“For far too long, Teva gamed the charitable foundation process by paying kickbacks through two foundations, and with the aid of a specialty pharmacy. Those kickbacks undermined the purpose of the Medicare co-pay system and violated the Anti-Kickback Statute,” said Acting United States Attorney Joshua S. Levy. “This Office has taken the leading role in cracking down on these highly lucrative schemes that drive up the cost of essential drugs by bringing multiple enforcement actions that have returned more than $1 billion to the Medicare system. We will continue to pursue these actions to ensure that all pharmaceutical companies play by the rules and to protect the American taxpayers.

“Kickbacks designed to induce referrals or purchases of healthcare goods or services distort physician and patient decision-making, thwart competition and bypass controls put in place to protect federal health care programs,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “The Justice Department is committed to pursuing those who engage in kickback violations, including drug manufacturers, to ensure that federal health care programs continue to serve the interests of taxpayers and program beneficiaries.”

“Pharmaceutical companies that disguise kickbacks as charitable donations to subsidize co-pays for their own drugs undermine a critical safeguard against the excessive inflation of drug prices. The costs of these schemes are ultimately passed on to consumers and taxpayers,” said Roberto Coviello, Special Agent in Charge of the U.S. Department of Health and Human Services, Office of Inspector General. “Such conduct cannot be tolerated within our health care system, and we will continue to vigorously pursue such allegations.”

“Today’s record-breaking settlement with Teva Pharmaceuticals is a victory for the public and highlights the FBI’s commitment to safeguarding the financial integrity of the Medicare program,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Pharmaceutical companies that look to bolster their drug prices by paying illegal kickbacks – whether directly or indirectly – undermine taxpayer funded healthcare programs and compromise patient care. The FBI will continue to pursue these investigations until pharmaceutical companies stop engaging in this conduct.”

Acting U.S. Attorney Levy, Principal Deputy AAG Boynton, HHS-OIG SAC Coviello and FBI SAC Cohen made the announcement today. The matter was handled by Assistant U.S. Attorney Abraham R. George, Chief of the Civil Division; Assistant U.S. Attorneys Diane Seol and Evan Panich of the U.S. Attorney’s Office for the District of Massachusetts; and Trial Attorneys Douglas Rosenthal and Nelson Wagner of the Justice Department’s Civil Division.

The civil action in Massachusetts is captioned United States v. Teva Pharmaceuticals USA, Inc., et al., No. 20-cv-11548 (D. Mass.).

MIL Security OSI –

January 24, 2025

MIL-OSI USA: Graham Celebrates SCDOT Receiving $195 Million in Federal Funding to Improve Operations at the Port of Charleston

US Senate News:

Source: United States Senator for South Carolina Lindsey Graham
WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today celebrated the South Carolina Department of Transportation (SCDOT) receiving $195 million in federal funding for the Long Point Road Interchange Project.
According to SCDOT, the project will improve operations of the I-526/Long Point Road interchange and I-526 mainline and reduce operational conflicts between port-related and local traffic with new collector-distributor ramps off the mainline directly to the port, improvements to existing ramps, the addition of a 10-foot multiuse path, and construction of noise barriers.
“I am very pleased with the U.S. Department of Transportation’s decision to award South Carolina $195 million to complete the Long Point Road interchange project. This project is a game-changer for Charleston County and the Port, and it is critical to ensuring safe travel and continued growth in the region. I am proud to have worked with Governor McMaster, the SCDOT, Representative Nancy Mace, and Congressman Clyburn, a true champion of this project, to make it a reality. This is excellent news for our state,” said Senator Graham.
“The Long Point Road Interchange Project is an investment in both our economy and the quality of life of our people that will reduce congestion, improve safety, and enhance access to the Port. Thanks to the support of our congressional delegation, South Carolina continues to secure transformative investments in our infrastructure, ensuring our economy remains strong and competitive for years to come,” said Governor Henry McMaster.
“SC Ports thanks the SC Department of Transportation and our Congressional delegation for working together to secure this grant for the Long Point Road Interchange Project, which will establish a direct connection between Interstate 526 and Wando Welch Terminal. The new port access road will support the more efficient movement of freight to and from one of the busiest container terminals on the U.S. East Coast, allowing cargo to move more safely and efficiently. Last-mile connectors such as this are critical to serving our customers and supporting our growth as the No. 8 U.S. container port. This new roadway will also separate cargo-carrying truck traffic from residential traffic, further benefiting surrounding communities. We greatly appreciate all the support from our partners on this crucial infrastructure project,” said South Carolina Ports President and CEO Barbara Melvin.
“I am a proud member of Team South Carolina and there is no doubt in my mind that when we work together, we get big things done for the people we serve. South Carolina is now the fastest growing state in the nation and the Port is on track for further expansion that will bring huge rewards for our economy. SCDOT is working hard to make sure our road and bridge network is ready, now and for years to come,” said Secretary of Transportation Justin Powell.
“I applaud the Biden-Harris Administration for providing $195 million in federal funding for the Long Point Road Interchange Project. This latest investment will allow for significant improvements along the interchange and support commerce from the Port, helping us to create a safer, more prosperous South Carolina. Our years of hard work have finally materialized,” said Congressman James E. Clyburn.

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: Team Maryland Announces $13.9 Million in Federal Funds to Support Workforce Development and Postsecondary Education for Individuals with Disabilities

Source: United States House of Representatives – Congressman John Sarbanes (3rd District of Maryland)

WASHINGTON, D.C. – Today, Congressman John Sarbanes (MD-03), with U.S. Senators Ben Cardin and Chris Van Hollen, Governor Wes Moore and Congressmen Steny Hoyer, Dutch Ruppersberger, Kweisi Mfume, Jamie Raskin, David Trone and Glenn Ivey, announced $13.9 million in federal funding to support workforce development and postsecondary education for individuals with disabilities. Administered through the Maryland Department of Disabilities, the funding will help increase access to resources, promote data sharing and improve employment outcomes.

“Team Maryland continues to drive federal investment in Marylanders’ futures. These new funds will bolster the use of evidence-based strategies to engage individuals with disabilities in careers of their choice, enhancing inclusion, economic mobility and career growth,” said members of the Maryland Congressional Delegation Senators Cardin and Van Hollen and Congressmen Sarbanes, Hoyer, Ruppersberger, Mfume, Raskin, Trone and Ivey.

“Leave no one behind’ is not just a talking point for us, it’s a governing philosophy. Today’s action reaffirms Maryland’s commitment to building a state where every person is seen and supported,” said Gov. Moore. “I want to thank the Biden-Harris Administration for their partnership. Together, we will open paths to work, wages and wealth for Marylanders; grow our economy; and create an equitable future for all.”

The U.S. Department of Education allocated $9.4 million from the Disability Innovation Fund Program to develop a tool that connects students with accessible services, including vocational rehabilitation and long-term support. The tool represents a pioneering data-sharing system that will enable school and state agency personnel – including the Maryland State Department of Education Division of Rehabilitative Services and the Developmental Disabilities Administration at the Maryland Department of Health – to share information about student applications, eligibility and services.

The Maryland Department of Disabilities also received $4.5 million from the Social Security Administration’s Interventional Cooperative Agreement Program. The funding will be used to assess the impact of outreach and assistance for children with disabilities who qualify for both Medicaid and Supplemental Security Income, in an effort to enhance access to transition services and improve employment outcomes through competitive, integrated employment.

The two grants begin this month and will continue over five years.

“Both grants underscore our unwavering commitment to advancing opportunity, access and choice for individuals with disabilities,” said Maryland Department of Disabilities Secretary Carol A. Beatty. “Allowing them to live a life of their own choosing in their communities. Everyone can work with the right support and services and jobs are a critical element of independence.”

Governor Moore issued a proclamation in support of October as National Disability Employment Awareness Month, highlighting that people with disabilities are more than twice as likely to be unemployed than their non-disabled peers. By removing barriers to employment, Maryland is putting young people with disabilities on the road to financial independence.

For more information on the Disability Innovation Fund grant, visit ed.gov.

For more information on the Interventional Cooperative Agreement Program grant, visit ssa.gov.

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MIL OSI USA News –

January 24, 2025

MIL-OSI USA: Congressman Raja Krishnamoorthi Hosts Two Roundtables in Southern Illinois on the Future of Career and Technical Education

Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

BELLEVILLE, IL – Today, Congressman Raja Krishnamoorthi (D-IL) held two roundtable discussions on workforce development with students, workers, employers, and Southern Illinois education and labor leaders. The two discussions, which took place at John A. Logan College’s construction management educational facility in Cartersville and Southwestern Illinois College’s Advanced Manufacturing Academy in Belleville, focused on federal career and technical education (CTE) funding and how to best utilize it to keep growing Illinois’s economy and provide Illinoisans with tools necessary to succeed.

“The journey to a successful career and the Middle Class shouldn’t hinge on a four-year degree,” Congressman Krishnamoorthi said. “High-quality career and technical education (CTE) programs at schools like John A. Logan College and Southwestern Illinois College are the key to the Middle Class for so many Illinoisans. By convening students, employers, and local labor and education leaders for discussions like these, we will ensure federal CTE funding continues to expand critical programs, strengthen our workforce, and bolster our state’s economy.”

Congressman Krishnamoorthi has been a congressional leader in the field of CTE during his time in Congress, authoring and passing the bipartisan Strengthening Career and Technical Education for the 21^st Century Act that increased funding for CTE programs by $1.3 billion per year. Congressman Krishnamoorthi also introduced the Opportunity to Compete Act to ensure that computer hiring systems do not automatically dismiss candidates who lack a four-year degree but have relevant job experience.

MIL OSI USA News –

January 24, 2025

MIL-OSI Australia: Finalists for the 62nd Australian Export Awards announced

Source: Minister for Trade

Congratulations to the 88 national finalists who have been recognised as winners at state and territory Export Award ceremonies for their outstanding export achievements.

These finalists represent a diverse range of sectors and industries and have made a significant contribution to our national economy, creating jobs and opportunities in our cities, regions, and rural areas.

Every product and service that we export to the world represents thousands of stable, well-paying Australian jobs. Collectively this year’s finalists employed more than 24,300 people and generated close to $8 billion in export earnings last financial year.

Over half of this year’s finalists are small businesses with an annual turnover of less than $10 million.

Small businesses who export create opportunity in every corner of the country. Whether they are based in capital cities or in regional towns, they share a common goal – to grow their business by tapping into new markets and expanding the reach of Australian goods and services.

Since 1963, the Australian Export Awards have recognised the contribution of more than 2,000 Australian businesses to have achieved international success in a broad range of sectors.

I look forward to celebrating the 13 award category winners and announcing the Australian Exporter of the Year at the 62nd Australian Export Awards National Ceremony on 20 November 2024.

The Awards program is presented by the Australian Trade and Investment Commission (Austrade), in collaboration with state and territory partners and sponsors.

For the full list of national finalists, visit: 62nd Australian Export Awards.

MIL OSI News –

January 24, 2025

MIL-OSI USA: Disaster Declaration Secured for August 18-19 Flood Damage

Source: US State of New York

Governor Kathy Hochul today announced that President Biden approved her request for a Major Disaster Declaration to provide federal assistance to communities impacted by severe weather on August 18 and 19. This declaration allows for federal financial assistance to support public infrastructure reconstruction efforts in Suffolk, Oswego, and Lewis counties. As the State awaits the President’s decision on direct support for homeowners, we will continue to do all we can to help those impacted by extreme weather this summer.

“Severe weather on August 18 and 19 left extreme damage across parts of our state, and I’m thankful President Biden has approved my request for a Major Disaster Declaration,” Governor Hochul said. “My administration will continue to work with FEMA to ensure those affected receive the critical funding they need to begin the recovery and rebuilding process.”

“Following the devastating August storms, I worked with local and state emergency management to strongly support the state’s disaster request, and I would like to thank FEMA and President Biden for approving this Major Disaster Declaration,” said U.S. Senate Majority Leader Chuck Schumer. “This Major Disaster Declaration will unlock the resources necessary to recover and rebuild stronger, and this welcome approval is the next step in getting New Yorkers the help they need to do exactly that.”

A Major Disaster Declaration secures financial assistance from the federal government, primarily through FEMA’s Public Assistance Program, and provides funding to local governments and eligible non-profits for debris removal, protective measures and repairs to buildings and infrastructure, including roads, bridges, water and wastewater treatment facilities, critical infrastructure sites, schools, parks and other facilities.

As part of the declaration, New York was also granted access to FEMA’s Hazard Mitigation Grant Programs. Following a Presidential disaster declaration, FEMA provides funding for states to administer grant programs supporting local hazard mitigation planning and long-term hazard mitigation measures to reduce the loss of life and to improve property damaged by natural disasters. Local governments and certain non-profits that perform government-like functions are eligible to apply for these grants. All counties in the State will have the ability to apply for this funding. More information will become available in the coming months.

This Declaration builds on a number of the Governor’s efforts to help impacted communities recover. On August 23, Governor Hochul Declared a State of Emergency and announced emergency assistance to support homeowners impacted by flash flooding caused by the record rainfall. At Governor Hochul’s direction, New York Homes and Community Renewal launched an emergency repair program that would provide grants of $50,000 to eligible homeowners in Nassau and Suffolk counties. Lewis County was granted access to this program, as well as low-interest loans from the U.S. Small Business Administration following extreme weather earlier this summer.

MIL OSI USA News –

January 24, 2025

MIL-OSI: Purpose Investments Inc. Announces October 2024 Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of October 2024 for its open-end exchange traded funds and closed-end funds (“the Funds”).

The ex-distribution date for all Open-End Funds is October 29, 2024. The ex-distribution date for all closed-end funds is October 31, 2024.

Open-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Apple (AAPL) Yield Shares Purpose ETF – ETF Units	APLY	$0.1667	10/29/2024	11/04/2024	Monthly
Purpose Canadian Financial Income Fund – ETF Series	BNC	$0.1225¹	10/29/2024	11/04/2024	Monthly
Purpose Global Bond Fund – ETF Units	BND	$0.0840	10/29/2024	11/04/2024	Monthly
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units	BRKY	$0.1000	10/29/2024	11/04/2024	Monthly
Purpose Bitcoin Yield ETF – ETF Units	BTCY	$0.05250	10/29/2024	11/04/2024	Monthly
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units	BTCY.B	$0.0605	10/29/2024	11/04/2024	Monthly
Purpose Bitcoin Yield ETF – ETF USD Units	BTCY.U	US $0.0510	10/29/2024	11/04/2024	Monthly
Purpose Credit Opportunities Fund – ETF Units	CROP	$0.0875	10/29/2024	11/04/2024	Monthly
Purpose Credit Opportunities Fund – ETF USD Units	CROP.U	US $0.0975	10/29/2024	11/04/2024	Monthly
Purpose Ether Yield ETF – ETF Units	ETHY	$0.0380	10/29/2024	11/04/2024	Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units	ETHY.B	$0.0470	10/29/2024	11/04/2024	Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged USD Units	ETHY.U	US $0.0370	10/29/2024	11/04/2024	Monthly
Purpose Global Flexible Credit Fund – ETF Units	FLX	$0.0461	10/29/2024	11/04/2024	Monthly
Purpose Global Flexible Credit Fund – ETF Non-Currency Hedged Units	FLX.B	$0.0551	10/29/2024	11/04/2024	Monthly
Purpose Global Flexible Credit Fund – ETF Non-Currency Hedged USD Units	FLX.U	US $0.0385	10/29/2024	11/04/2024	Monthly
Purpose Global Bond Class – ETF Units	IGB	$0.0860¹	10/29/2024	11/04/2024	Monthly
Microsoft (MSFT) Yield Shares Purpose ETF – ETF Units	MSFY	$0.1000	10/29/2024	11/04/2024	Monthly
Purpose Enhanced Premium Yield Fund – ETF Series	PAYF	$0.1375¹	10/29/2024	11/04/2024	Monthly
Purpose Total Return Bond Fund – ETF Series	PBD	$0.0590¹	10/29/2024	11/04/2024	Monthly
Purpose Core Dividend Fund – ETF Series	PDF	$0.1050¹	10/29/2024	11/04/2024	Monthly
Purpose Enhanced Dividend Fund – ETF Series	PDIV	$0.0950¹	10/29/2024	11/04/2024	Monthly
Purpose Real Estate Income Fund – ETF Series	PHR	$0.0720¹	10/29/2024	11/04/2024	Monthly
Purpose International Dividend Fund – ETF Series	PID	$0.0780	10/29/2024	11/04/2024	Monthly
Purpose Monthly Income Fund – ETF Series	PIN	$0.0830¹	10/29/2024	11/04/2024	Monthly
Purpose Multi-Asset Income Fund – ETF Units	PINC	$0.0840	10/29/2024	11/04/2024	Monthly
Purpose Conservative Income Fund – ETF Series	PRP	$0.0600¹	10/29/2024	11/04/2024	Monthly
Purpose Premium Yield Fund – ETF Series	PYF	$0.1100¹	10/29/2024	11/04/2024	Monthly
Purpose Premium Yield Fund – ETF Non-Currency Hedged Series	PYF.B	$0.1230¹	10/29/2024	11/04/2024	Monthly
Purpose Premium Yield Fund – ETF Non-Currency Hedged USD Series	PYF.U	US $0.1200¹	10/29/2024	11/04/2024	Monthly
Purpose Core Equity Income Fund – ETF Series	RDE	$0.0875¹	10/29/2024	11/04/2024	Monthly
Purpose Emerging Markets Dividend Fund – ETF Units	REM	$0.0950	10/29/2024	11/04/2024	Monthly
Purpose Canadian Preferred Share Fund – ETF Units	RPS	$0.0950	10/29/2024	11/04/2024	Monthly
Purpose US Preferred Share Fund – ETF Series	RPU	$0.0940	10/29/2024	11/04/2024	Monthly
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units²	RPU.B / RPU.U	$0.0940	10/29/2024	11/04/2024	Monthly
Purpose Strategic Yield Fund – ETF Units	SYLD	$0.0970	10/29/2024	11/04/2024	Monthly
Amazon (AMZN) Yield Shares Purpose ETF- ETF Units	YAMZ	$0.3500	10/29/2024	11/04/2024	Monthly
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units	YGOG	$0.2000	10/29/2024	11/04/2024	Monthly
NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units	YNVD	$0.7500	10/29/2024	11/04/2024	Monthly
Tesla (TSLA) Yield Shares Purpose ETF – ETF Units	YTSL	$0.3000	10/29/2024	11/04/2024	Monthly

Closed-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Big Banc Split Corp – Class A	BNK	$ 0.1200¹	10/31/2024	11/15/2024	Monthly
Big Banc Split Corp – Preferred Shares	BNK.PR.A	$ 0.0700¹	10/31/2024	11/15/2024	Monthly

Estimated October 2024 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

The October 2024 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

Fund Name	Ticker Symbol	Estimated Distribution per unit	Record Date	Payable Date	Distribution Frequency
Purpose USD Cash Management Fund – ETF Units	MNU.U	US $0.4479	10/29/2024	11/04/2024	Monthly
Purpose Cash Management Fund – ETF Units	MNY	$0.3910	10/29/2024	11/04/2024	Monthly
Purpose High Interest Savings Fund – ETF Units	PSA	$0.1852	10/29/2024	11/04/2024	Monthly
Purpose US Cash Fund – ETF Units	PSU.U	US $0.4275	10/29/2024	11/04/2024	Monthly

Purpose expects to issue a press release on or about October 28, 2024, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be October 29, 2024.

(1)	Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
(2)	Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

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

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

The MIL Network –

January 24, 2025

MIL-OSI USA: Golden statement on successful effort to delay lobster gauge increase

Source: United States House of Representatives – Congressman Jared Golden (ME-02)

WASHINGTON — Congressman Jared Golden (ME-02) released the following statement today after the Atlantic States Marine Fisheries Commission (ASFMC) voted to delay for at least six months an increase to the minimum catchable size of lobster in the Gulf of Maine:

“This new regulation was based on outdated data and would have benefitted Canadian lobstermen at Mainers’ expense,” Golden wrote. “I’ve worked hard with lobstermen to block it, and today’s decision to delay implementation is an important step forward. I’ll always stand with Maine lobstermen against unfair, unnecessary regulations that threaten their livelihoods and industry.”

Lobstermen gauge the size of a lobster by measuring its carapace from eye socket to tail. Lobsters that are smaller than the minimum gauge size must be put back in the water so they can grow, protecting the lobster population for the future. The ASMFC claims lobster stock decline in Lobster Management Area 1 has surpassed 35 percent — the trigger point for an automatic increase in allowable catch size from 3 1/4 inches to 3 5/16 inches.

However, Maine fishermen have questioned the data used to justify these changes, including concerns that ASMFC stock data is out of date. Since the proposal was introduced, Golden has written to the commission in April, August, and earlier this month.

Golden’s most recent letter noted that moving forward with the gauge increase is estimated to cause theloss of more than 680 jobs and $59.6 million to Maine’s economy. Any such change in the Gulf of Maine would not apply to Canadian lobstermen.

In July, Golden introduced a bipartisan amendment to the federal budget that would block any proposed gauge increase for one year.

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MIL OSI USA News –

January 24, 2025

Category: Economy

NEWS RELEASE: DBEDT ENCOURAGES HAWAI’I SMALL BUSINESSES TO COMPLETE ANNUAL FED CREDIT SURVEY

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