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  • MIL-OSI: Disclosure of choice of the home Member State and the competent authority for the needs for the Transparency Directive

    Source: GlobeNewswire (MIL-OSI)

    Paris, January 28, 2025

    Disclosure of choice of the home Member State and the competent authority for the needs for the Transparency Directive

    In accordance with article 222-1 of the General Regulation of the Autorité des Marchés Financiers (AMF), Sfil specifies that its home Member State, according to the Directive 2004/109/EC of the European Parliament and of the Council of December 15th, 2004 (the Transparency Directive) modified, is France and that as a consequence, the competent authority for the control of the compliance with its obligations regarding regulated information is the Autorité des Marchés Financiers.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Microsoft is celebrating its 50-year anniversary. Check out our press pack, history timeline and more

    Source: Microsoft

    Headline: Microsoft is celebrating its 50-year anniversary. Check out our press pack, history timeline and more

    Frequently asked questions

    How is the company celebrating its 50th anniversary? 

    Microsoft is commemorating our 50-year anniversary by celebrating the achievements of our employees, customers, and partners that have dreamt, built, and used Microsoft technology as a force for good, while also looking ahead to the future. 

    Microsoft recognizes that our success and growth globally would not have been possible without the support of the place we call home, the Puget Sound. We are honoring and awarding 50 local changemakers with $50,000 grants each to support the important work they do to address the needs of the region. Read more about the One Future, One Sound initiative. 

    What were Microsoft’s biggest accomplishments over the last 50 years? 

    Over the past five decades, Microsoft has driven innovation that has transformed the way that society uses technology both at work and at home, from revolutionizing personal computing with MS-DOS and Windows, and bringing the joy and community of gaming to everyone on the planet with Xbox, to driving the future of cloud computing with Azure, and AI transformation with Copilot and our AI platform. We are proud of our employees, past and present, who have seized the opportunity to reinvent our company as tech paradigms shift, to stay relevant and earn the trust of our customers and partners. 

    For more information on the company’s key milestones, explore this timeline of Microsoft’s journey. 

    How has the company’s mission evolved? 

    The heart of Microsoft’s mission has always been about empowering people through technology, and this will continue as we look to the future.  

    In its beginnings, Bill Gates and Paul Allen articulated an ambitious vision for Microsoft and the industry, “a computer on every desk and in every home.” In 2002, the mission changed “to enable people and businesses throughout the world to realize their full potential,” which was later expanded to include creating technology that transforms the way people learn, work, play, and communicate. In 2015, CEO Satya Nadella evolved Microsoft’s mission “to empower every person and every organization on the planet to achieve more.” 

    What has Microsoft learned over the past 50 years that drives the company today? 

    As a platform company, we’ve learned that we do well when the world does well. That is embodied in our mission, our business model, our practices and our culture. Our cultural journey is ongoing and adaptive, and over the last decade, we’ve grounded ourselves in a Growth Mindset culture. Internally, this has helped our employees embrace challenges, be curious, learn from failures, and continuously seek improvement. Externally, this cultural transformation has enabled Microsoft to better understand and meet our customers’ needs and work to earn their trust every day. 

    We also believe deeply in the power of partnership and that no one person, company, or government can solve the world’s problems alone. This insight drives Microsoft’s approach to partnerships, collaboration, openness, and transparency, rooted in bringing people and organizations together to tackle challenges.  

    What is Microsoft focused on for the next 50 years? 

    As we look to the future, our mission remains to empower every person and organization, and our success hinges on how we harness AI and other technologies to amplify human achievement and create positive change for society.  

    The innovations we’re developing today will define the next five decades. And we remain focused on translating innovation into enduring value for our customers.   

    We are also recommitting ourselves to the framework that has made us successful – investing in our people, living up to our mission, earning the trust of our customers and the countries we operate in, innovating responsibly, prioritizing fundamentals with security above all else, and building products where the world can benefit.

    MIL OSI Economics –

  • MIL-OSI Economics: The value of AI: How Microsoft’s customers and partners are reinventing how they do business today

    Source: Microsoft

    Headline: The value of AI: How Microsoft’s customers and partners are reinventing how they do business today

    Organizational leaders in every industry around the world are evaluating ways AI can unlock opportunities, drive pragmatic innovation and yield value across their business. At Microsoft, we are dedicated to helping our customers accelerate AI Transformation by empowering human ambition with Copilots and agents, developing differentiated AI solutions and building scalable cybersecurity foundations. At Microsoft Ignite we made over 100 announcements that bring the latest innovation directly to our customers and partners, and shared how Microsoft is the only technology leader to offer three distinct AI platforms for them to build AI solutions:

    1. Copilot is your UI for AI, with Copilot Studio enabling low-code creation of agents and extensibility to your data.
    2. Azure AI Foundry is the only AI app server for building real-world, world-class, AI-native applications.
    3. Microsoft Fabric is the AI data platform that provides one common way to reason over your data —no matter where it lives.

    All three of these platforms are open and work synchronously to enable the development of modern AI solutions; and each is surrounded by our world-class security offerings so leaders can move their AI-first strategies forward with confidence.

    As we look ahead to what we can achieve together, I remain inspired by the work we are doing today. Below are a handful of the many stories from the past quarter highlighting the differentiated AI solutions our customers and partners are driving to move business forward across industries and realize pragmatic value. Their success clearly illustrates that real results can be harnessed from AI today, and it is changing the way organizations do business.

    To power its industrial IoT and AI platform, ABB Group leveraged Microsoft Azure OpenAI Service to create Genix Copilot: a generative AI-powered analytics suite aimed at solving some of the most complex industrial problems. The solution helps customers analyze key functions in their operations —such as asset and process performance, energy optimization and emission monitoring — with real-time operational insights. As a result, customers are seeing up to 35% savings in operations and maintenance, and up to 20% improvement in energy and emission optimization. ABB also saw an 80% decrease in service calls with the self-service capabilities of Genix Copilot.

    Serving government healthcare agencies across the US, Acentra Health turned to Microsoft to help introduce the latest AI capabilities that maximize talent and cut costs in a secure, HIPAA-compliant manner. Using Azure OpenAI Service, the company developed MedScribe — an AI-powered tool reducing the time specially trained nursing staff spend on appeal determination letters. This innovation saved 11,000 nursing hours and nearly $800,000, reducing time spent on each appeal determination letter by about 50%. MedScribe also significantly enhanced operational efficiency, enabling nurses to process 20 to 30 letters daily with a 99% approval rate.

    To ease challenges for small farmers, Romanian agribusiness group Agricover revolutionized access to credit by developing MyAgricover. Built with help from partner Avaelgo, the scalable digital platform utilizes Microsoft Azure, Azure API Management and Microsoft Fabric to automate the loan process and enable faster approvals and disbursements. This has empowered small farmers to grow their businesses and receive faster access to financing by reducing loan approval time by 90 percent — from 10 working days to a maximum of 24 hours.

    Building on its status as a world-class airline with a strong Indian identity, Air India sought ways to enhance customer support while managing costs. By developing AI.g, one of the industry’s first generative AI virtual assistants built on Azure OpenAI Service, the airline upgraded the customer experience. Today, 97% of customer queries are handled with full automation, resulting in millions of dollars of support costs saved and improved customer satisfaction — further positioning the airline for continued growth.

    BMW Group aimed to enhance data delivery efficiency and improve vehicle development and prototyping cycles by implementing a Mobile Data Recorder (MDR) solution with Azure App Service, Azure AI and Azure Kubernetes Service (AKS). The solution achieved 10 times more efficient data delivery, significantly improved data accessibility and elevated overall development quality. The MDR monitors and records more than 10,000 signals twice per second in every vehicle of BMW’s fleet of 3,500 development cars and transmits data within seconds to a centralized cloud back end. Using Azure AI Foundry and Azure OpenAI Service, BMW Group created an MDR copilot fueled by GPT-4o. Engineers can now chat with the interface using natural language, and the MDR copilot converts the conversations into KQL queries, simplifying access to technical insights. Moving from on-premises tools to a cloud-based system with faster data management also helps engineers troubleshoot in real time. The vehicle data covered by the system has doubled, and data delivery and analysis happen 10 times faster.

    Coles Group modernized its logistics and administrative applications using Microsoft Azure Stack HCI to scale its edge AI capabilities and improve efficiency and customer experience across its 1,800 stores. By expanding its Azure Stack HCI footprint from two stores to over 500, Coles achieved a six-fold increase in the pace of application deployment, significantly enhancing operational efficiency and enabling rapid innovation without disrupting workloads. The retailer is also using Azure Machine Learning to train and develop edge AI models, speeding up data annotation time for training models by 50%.

    Multinational advertising and media company Dentsu wanted to speed time to insights for its team of data scientists and media analysts to support its media planning and budget optimization. Using Microsoft Azure AI Foundry and Azure OpenAI Service, Dentsu developers built a predictive analytics copilot that uses conversational chat and draws on deep expertise in media forecasting, budgeting and optimization. This AI-driven tool has reduced time to media insights for employees and clients by 90% and cut analysis costs.

    To overcome the limitations of its current systems, scale operations and automate processes across millions of workflows, Docusign created the Intelligent Agreement Management (IAM) platform on Azure. Using Azure AI, Azure Cosmos DB, Azure Logic Apps and AKS, the platform transforms agreement data into actionable insights to enhance productivity and accelerate contract review cycles. IAM also ensures better collaboration and unification across business systems to provide secure solutions tailored to diverse customer needs. For example, its customer KPC Private funds reported a 70% reduction in time and resources dedicated to agreement processes.

    Emirates Global Aluminium (EGA) transformed its manufacturing operations by leveraging a hybrid environment with Azure Arc, Azure Stack HCI and Azure Kubernetes Service. This digital manufacturing platform resulted in 86% cost savings for AI image and video analytics and a 13-fold improvement in AI response times. The seamless hybrid cloud architecture has enhanced EGA’s operational efficiency and agility, supporting its Industry 4.0 transformation strategy.

    EY collaborated with Microsoft to enhance the inclusivity of AI development using Azure AI Studio. By involving neurodivergent technologists from EY’s Neuro-Diverse Centers of Excellence, they improved the accessibility and productivity of AI tools, resulting in more inclusive AI solutions, fostering innovation and ensuring that AI tools unlock the potential of all users. With an estimated 20% of the global workforce identifying as neurodivergent, inclusive AI solutions are crucial for maximizing creativity and productivity. Neurodivergent EY technologists also collaborated with Microsoft developers to make Azure AI Foundry more inclusive and help all users work productively to create innovative AI solutions.

    Colombian household appliance manufacturer Haceb integrated AI to optimize processes, reduce costs and improve service quality. Using Microsoft Copilot Studio and Azure OpenAI Service, the company created a virtual technical support assistant, saving its 245 technicians 5 minutes per visit — a total of 5,000 minutes saved daily. This AI solution has enhanced efficiency and boosted customer satisfaction by allowing for faster issue resolution. Haceb’s AI adoption has also empowered employees, boosted productivity and positioned the company as a leader in AI innovation in Colombia.

    To better serve its global patients, Operation Smile — in collaboration with partner Squadra — leveraged Azure AI, Machine Learning and Microsoft Fabric to develop an AI-powered solution to predict surgical outcomes and optimize resource allocation. This innovation resulted in a 30% increase in surgical efficiency, a 90% reduction in translation errors and improved patient outcomes. Additionally, report generation is now up to 95% quicker, and repeated medical events have decreased by 15%, enabling Operation Smile to provide better care to more children worldwide.

    Ontada — a McKesson business dedicated to oncology data and evidence, clinical education and point-of-care technologies — needed a way to generate key insights across 150 million unstructured oncology documents. Using Microsoft Azure AI and Azure OpenAI Service, Ontada developed a data platform solution called ON.Genuity to provide AI-driven insights into the patient journey, enhance patient trial matching and identify care gaps. The company also implemented large language models to target nearly 100 critical oncology data elements across 39 cancer types, enabling the company to analyze an estimated 70% of previously inaccessible data, reduce processing time by 75% and accelerate product time-to-market from months to just one week.

    As the UK’s largest pet care company, Pets at Home sought a way to combat fraud across its retail operations — particularly as its online business continued to grow. Working closely with its fraud team, it adopted Copilot Studio to develop an AI agent that quickly identifies suspicious transactions. The agent autonomously gathers relevant information, performs analysis and shares it with a fraud agent to enable a manual, data-intensive investigative process while ensuring a human remains in the loop. With this low-code agent extending and seamlessly integrating into existing systems, the company’s fraud department can act more quickly; what used to take 20 to 30 minutes is now handled by the AI agent within seconds. The company is identifying fraud 10 times faster and is processing 20 times more cases a day. Now, the company can operate at scale with speed, efficiency and accuracy — with savings expected to be in the seven figures as it continues to build more agents.

    Revenue Grid, a technology company specializing in sales engagement and revenue optimization solutions, partnered with Cloud Services to modernize its data infrastructure and develop a unified data warehouse capable of handling unstructured, semi-structured and structured data. By migrating to Microsoft Fabric, Revenue Grid can now deliver data-powered revenue intelligence, driven by a unified platform, elastic scalability, enhanced analytics capabilities and streamlined operations. Revenue Grid has reduced infrastructure costs by 60% while enhancing its analytical capabilities to improve real-time data processing, empowering sales teams with accurate and diverse data. 

    To better manage and integrate employee data across diverse regions and systems, UST built a comprehensive Employee Data platform on Microsoft Fabric. In under a year, UST migrated 20 years of employee data with all security measures to enhance data accessibility and employee productivity. The Meta Data Driven Integration (MDDI) framework in Fabric also helped the company cut data ingestion time by 50% so employees can focus more on analysis than preparation. As a result of this implementation, the company has seen an increase in collaboration and innovation from employees, helping put its values into action.

    The Microsoft Commercial Marketplace offers millions of customers worldwide a convenient place to find, try and buy software and services across 140 countries. As a Marketplace partner, WeTransact is helping independent software vendors (ISVs) list and transact their software solutions — and find opportunities for co-selling and extending their reach to enterprise customers through development of the WeTransact platform. Powered by Azure OpenAI Service, the platform is changing the way partnerships are being built by using AI pairing to facilitate a “plug and play” reseller network. More than 300 ISVs worldwide have joined the Microsoft Commercial Marketplace using the WeTransact platform, cutting their time to publish by 75%.

    The opportunity for AI to create value is no longer an ambition for the future — it is happening now, and organizational leaders across industries are investing in AI-first strategies to change the way they do business. We believe AI should empower human achievement and enrich the lives of employees; and we are uniquely differentiated to help you accelerate your AI Transformation responsibly and securely. Choosing the right technology provider comes down to trust, and I look forward to what we will achieve together as we partner with you on your AI journey.

    Tags: AI, Azure, Azure AI, Azure AI Foundry, Azure AI Studio, Azure Arc, Azure OpenAI Service, Azure Stack HCI, Copilot, Copilot Studio, Microsoft Fabric, Microsoft Ignite 2024

    MIL OSI Economics –

  • MIL-OSI Global: Why not all plans for a four-day working week would be a win for health

    Source: The Conversation – UK – By Anne Skeldon, Professor of Mathematics, Head of School, School of Mathematics & Physics, University of Surrey

    Dusan Petkovic/Shutterstock

    The right to request a short working week, with four longer “shifts” and three days off is being proposed as part of new flexible working legislation in the UK. Also known as working “compressed hours”, this schedule can sound attractive, with reports claiming improved efficiency and productivity. And, of course, no pay cut for workers.

    It could result in fewer commutes, which saves time for workers and can be more environmentally friendly. And it could provide more flexibility for workers with childcare or care for other dependants, for example.

    But there could be negative consequences to squeezing typical workloads into fewer days. Under these plans, there is no suggestion that by compressing the working week, people will work fewer hours.

    Compressed hours mean that, instead of working 7.5 hours a day for five days, you would work 9.4 hours per day for four days – putting in almost two hours more work every working day. There is strong evidence that longer work hours result in more errors and accidents. Long work hours are also linked to poorer decision-making and make it more likely people will have an accident on their drive home.

    For example, it has long been understood that working longer shifts increases the risk of workplace accident and injuries. The risk of a workplace accident is on average 13% higher for a ten-hour shift than an eight-hour shift.

    Accident risk remains more or less constant for the first eight or so hours of work but then rises rapidly, so that the risk of an accident in the tenth hour of work is 90% higher than in the first eight hours.

    To function effectively and safely at work relies on sufficient sleep, ideally at the right time of day and in a regular pattern. This is based on fundamental physiological factors that cannot be changed by training, motivation or professionalism.

    Getting into sleep debt

    These factors that determine our ability to function are driven by time of day, how long we have been awake and accumulated sleep debt. For example, humans are sleepier during the night than the day, and it can take between two and four hours after waking to achieve full alertness.

    What’s more, our ability to function decreases rapidly after we have been awake for 16 hours, and especially so at night.

    But what are the health consequences of a compressed hours schedule? It is already commonplace for people to have shorter periods of sleep during the working week and then try to catch up with sleep at the weekend, with mixed results.

    If people work compressed hours, then on working days they have to fit in two extra hours of work but still carry out all the other activities in their daily lives. They still need to wash, eat, communicate, provide care for children and others.

    So there’s a real chance that compressed hours then also lead to “compressed sleep” and accentuate irregular patterns of rest or chronic sleep debt. Irregular or insufficient sleep is increasingly associated with a higher risk of diabetes, cardiovascular disease, obesity, certain cancers and dementia – the leading causes of mortality in wealthy nations. In 2017, the economic cost of insufficient sleep in the UK alone was estimated as US$50 billion (£40 billion), up to 1.86% of GDP.



    Read more:
    The science behind why you love a weekend lie-in

    The negative effect of chronic sleep loss accumulates more rapidly than experts previously realised. This knock-on effect is most severe during night shifts, especially when those shifts are long. There are good reasons why the UK regulator, the Health and Safety Executive, supports the EU working time directive, which imposes constraints on the length, timing and number of shifts.

    If the concept of fewer but longer work shifts is accepted, what happens next? Why not propose three 12.5-hour workdays a week, or two 18.75-hour workdays? Why not work 24 hours a day and then work only eight days a month?

    And at the end of a long day, many workers have to get behind the wheel.
    Andrey_Popov/Shutterstock

    This sounds fanciful, and yet it is happening. Several UK fire services have moved to 24-hour shifts, following the trend in North America where 24, 48 or even longer duty hours are common for firefighters. Also in North America, many physicians work 24-hour shifts or longer, with well-documented negative consequences including higher rates of serious medical errors and surgical complications, and increased accident risk on the drive home when compared to shorter shifts.

    It’s certainly true that some workers prefer to work longer days, for example to have longer blocks of time off for childcare. But at what point do concerns over the safety of employees and the people they interact with – as well as the negative effects (and financial costs) on long-term health – outweigh employee preference?

    Compressed hours of work may be effective in some scenarios for some people and businesses. But if compressed hours of work lead to compressed sleep, then we need to recognise the negative consequences.

    New legislation should build in sufficient guidance and protections for both employers and employees, plus it should be evidence-based. With wearable tech like smartwatches to track behaviour, it should be feasible to collect information on sleep, health, near misses and accidents. Then mathematical models and AI could be used to design individualised work schedules that are healthy and productive for everyone.

    Anne Skeldon has received funding from Transport for London and from Scotia Gas Network.

    Derk-Jan Dijk received funding from AFOSR USA.

    Steven W Lockley is a consultant to Timeshifter Inc, KBR Wyle Services, Apex 2100 Ltd and Illumalife Inc.

    – ref. Why not all plans for a four-day working week would be a win for health – https://theconversation.com/why-not-all-plans-for-a-four-day-working-week-would-be-a-win-for-health-247839

    MIL OSI – Global Reports –

  • MIL-OSI Global: Armenia and Azerbaijan are at loggerheads again – here’s why tensions are rising

    Source: The Conversation – UK – By Svante Lundgren, Researcher, Lund University

    Azerbaijan’s president, Ilham Aliyev, has launched a fierce verbal attack on Armenia, which he has called a fascist state. “Fascism must be destroyed,” he said in an interview on local TV networks on January 7. “Either the Armenian leadership will destroy it, or we will.”

    This rhetoric is strongly reminiscent of baseless claims used by Vladimir Putin about Ukraine to justify Russia’s invasion. He has claimed that Ukraine must be “denazified”.

    There are also reports that Azerbaijan’s acquisition of advanced Israeli weapons have increased recently, according to Israeli journalist Avi Sharf, national security, cyber and open source intelligence editor at Israeli news outlet Haaretz.

    Armenia and Azerbaijan have a long history of conflict over Nagorno-Karabakh, a region within Azerbaijan until recently mainly populated by Armenians. The first war between them in the 1990s led to the establishment of a self-proclaimed Armenian republic, which no country recognised.

    Then, after a 44-day war in 2020, Azerbaijan took control over most of the enclave. The rest was conquered in September 2023, prompting Armenians living there (more than 100,000 people) to flee to Armenia.

    In the last few months Aliyev accused Armenia of preparing a “war of revenge”. Since its devastating defeat in the second Karabakh war in 2020, Armenia has taken steps to strengthen its defences. Among other things, it has made significant arms purchases from France. This has also provoked Aliyev to criticise France and its president, Emmanuel Macron.

    But, although Armenia has been trying to reduce Azerbaijan’s military advantage through reforms in the army and arms purchases, the country is still militarily inferior to its neighbour. Any military confrontation is likely to result in an early defeat for Armenia.



    Read more:
    Future of Russian gas looking bleak as Ukraine turns off taps and Europe eyes ending all imports

    The argument from Azerbaijan is clearly that if there is conflict in the region, it will be part of an Armenian “preparation for a war”. Baku suggests that therefore the responsibility for any conflict would lie with Armenia and those who arm the country (in particular, France). It’s possible that this rhetoric is intended to legitimise some kind of military action.

    Because of escalating tension in the past few years, Armenia invited the European Union to monitor the border between the countries. This was to help address Azerbaijani accusations that Armenia was preparing for war, and to monitor, and prevent, shootings along the border.


    Peter Hermes Furian/Shutterstock

    Over the past two years Azerbaijan has denied these unarmed EU observers permission to operate on its territory, so they were only able to work from the Armenian side. It has also strongly condemned the EU for this mission.

    The EU monitors have been in place since February 2023, and should be due to withdraw next month. Armenia has suggested the EU monitors continue but Baku has made clear it wants them removed.

    So, why might Azerbaijan want to reignite tensions with Armenia? One point of contention between them is access to the “Zangezur corridor”, a land connection between Azerbaijan and its autonomous republic, Nakhichevan,.

    Long-running regional conflict

    Azerbaijan has long demanded access to, and control of, this route. The natural corridor runs through Armenia’s Syunik region (in Azerbaijani “Zangezur”, hence the Zangezur corridor). Armenia has declared its willingness to open up transport connections throughout the region – including between Azerbaijan and Nakhichevan – but opposes a corridor through its territory that it does not control.

    The south Caucasus (the region including Georgia, Armenia and Azerbaijan) has long been an area that Putin sees as part of his sphere of influence. After the break-up of the Soviet Union, Russia tried to keep the region relatively calm, but in 2020 Putin allowed the war to continue until Armenia was defeated, before putting pressure on Aliyev to stop. Three years later, Azerbaijan took what was left of Nagorno-Karabakh while Russian peacekeepers looked on.

    Armenian concern over what it sees as Russian bias towards Azerbaijan has led Yerevan to increasingly turn towards the west. On January 14 2025, a “strategic partnership charter” was signed between Armenia and the US, which includes an economic and defence partnership, but whether the new Trump administration will want to build on, or even ignore, that relationship is not yet clear.

    In what is considered an important symbolic move Armenia is also currently negotiating with Russia over the removal of its Federal Security Service (FSB security service) guards along the Armenian border in an attempt to reduce reliance on Moscow for its security. Armenian prime minister Nikol Pashinyan said in 2024 that the nation would pull out of the Russian-led Collective Security Treaty Organization in another move that signals Armenia’s increasingly fragile relationship with Moscow.

    Will there be a war?

    The EU has meanwhile strengthened relations with Armenia.

    While Azerbaijan may have escaped international fallout over the attack on Nagorno-Karabakh in the autumn of 2020, and over the ethnic cleansing of the enclave’s Armenian population in 2023. But if a new war led to a large-scale attack on Armenia it would unlikely to be ignored by the west.

    Despite the west’s minimal reactions to Azerbaijani incursions across the Armenian border in May 2021 and September 2022, in 2025 there is more international focus on the region and on the potential consequences of ignoring what’s going on around Russia’s borders.

    Although military intervention from the west is unlikely, the possibility of sanctions against Azerbaijan could be enough of an incentive for Aliyev to try to maintain the peace.

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

    – ref. Armenia and Azerbaijan are at loggerheads again – here’s why tensions are rising – https://theconversation.com/armenia-and-azerbaijan-are-at-loggerheads-again-heres-why-tensions-are-rising-247533

    MIL OSI – Global Reports –

  • MIL-OSI Global: Omagh bombing: why a public inquiry is being held more than 25 years after the atrocity

    Source: The Conversation – UK – By Peter John McLoughlin, Lecturer in Politics, Queen’s University Belfast

    The 1998 Good Friday agreement is commonly seen to have ended what were euphemistically termed “the Troubles” in Northern Ireland. However, just four months after the peace accord was signed, an attack on the town of Omagh resulted in the greatest loss of life in any single incident of the conflict.

    The bombing, on August 15 1998, killed 29 people and injured an estimated 220 more. Among those who lost their lives were nine children and a woman who was pregnant with twins.

    A group called “the Real IRA” claimed responsibility for the atrocity. It was one of the so-called “dissident” republican factions which broke away from the mainstream IRA after its political wing, Sinn Féin, turned toward peaceful politics. The Real IRA’s assault on Omagh was clearly intended to derail the Northern Ireland peace process and destroy the Good Friday agreement.

    It could be argued, however, that the bombing had the opposite effect. The atrocity encouraged Northern Ireland’s politicians to come together and redouble their commitment to the peace process.

    Public outcry over the attack also forced the Real IRA to announce a ceasefire. It later returned to violence, but widespread revulsion against the Omagh atrocity would undermine the support base that any dissident republican faction might draw upon.

    Political representatives of the Real IRA and other such groups have never been able to mobilise electoral support in the way that Sinn Féin was able to, in spite of its association with the IRA.

    The Omagh bombing also aided the ability of Sinn Féin leader Gerry Adams and others to steer mainstream republicans towards purely peaceful politics. The atrocity had shown the utter futility of violence.

    Adams’ condemnation of the attack provoked accusations of hypocrisy as he had previously defended IRA violence. Nonetheless, Adams continued to lead republicanism in ways that would cement its commitment to peaceful methods.

    The indiscriminate nature of the Omagh attack also helps explain the galvanising effect that it had on the peace process. People from both sides of the communal divide in Northern Ireland were killed, and from both sides of the Irish border. Two Spanish tourists also died visiting a region which the Good Friday agreement seemed to have made safe.

    The visit of Bill Clinton a month after the attack also brought global attention to Omagh. The US president had first visited Northern Ireland following the paramilitary ceasefires of 1994, receiving a rapturous reception when he turned on the Christmas lights in Belfast.

    But his return was as sombre as his first visit had been joyous. Despite this, the obvious sincerity of Clinton’s words and actions in Omagh would encourage the people and politicians of Northern Ireland to continue their efforts to build a peaceful society.

    Bill and Hillary Clinton visit the site of the Omagh bombing with Tony and Cheri Blair.
    Clinton Digital Library

    Unanswered questions

    More than 25 years on from the attack, they have largely succeeded in this endeavour. However, serious questions remain about the Omagh atrocity. Authorities in both parts of Ireland have been criticised for their response.

    In Northern Ireland, a former policing watchdog has argued that the security services failed to properly act on intelligence that might have prevented the attack.

    In the Irish Republic, where the bomb was constructed, the only person that was ever jailed over the attack would later see his conviction overturned. The latter ruling was also seen to result from the mishandling of evidence, this time by the Irish police.

    This explains why survivors and families of those killed and injured in the Omagh bombing have fought long and hard for an independent investigation into the attack. Neither the British nor the Irish government seemed eager to allow this, but legal action by members of the Omagh families led to a ruling by Belfast’s High Court in July 2021 which found it plausible that the attack might have been prevented by security services. This bolstered support for a public inquiry.

    Finally, in February 2023, the British government acceded and Lord Turnbull, a senior Scottish judge, was appointed to chair the investigation. The Irish government has not followed suit, but has committed to supporting the British inquiry.

    The inquiry officially opened in July of last year, but is only now beginning in earnest with a period of commemorative and personal statement hearings.

    Over four weeks, it will receive testimony from people who were injured, those who responded to the attack, or who were simply witnesses to the atrocity and its aftermath. Each submission will be read by Turnbull, and he has said that they will “inform the direction and approach of the Inquiry”.

    The inquiry begins

    There has, however, been some controversy regarding contributions to the investigation, and specifically that of a former British Army agent who infiltrated republican paramilitaries. This operative took legal action after being refused key status at the inquiry, a role which would have entitled him to make opening and closing statements, and to propose lines of questioning.

    He was instead granted witness status, and the inquiry will naturally be expected to examine evidence relating to information passed on to the police in the time leading up to the bombing.

    As a result, Turnbull has sought to assure those who might doubt the value of the investigation: “My inquiry may be the final opportunity to get to the truth of whether the bombing could have been prevented by the UK state.”

    Survivors and victims’ families will surely hope that this is the last time that that they will have to relive their trauma, and that the end result will indeed establish the truth as to what exactly the authorities knew about the Omagh attack. Then, the families may finally experience some closure, and be able to move on from what remains the deadliest attack in Northern Ireland’s history

    Peter John McLoughlin has received funding in the past from the AHRC, Leverhulme Trust, the Irish Research Council, and the Fulbright Commission. He is a member of Greenpeace.

    – ref. Omagh bombing: why a public inquiry is being held more than 25 years after the atrocity – https://theconversation.com/omagh-bombing-why-a-public-inquiry-is-being-held-more-than-25-years-after-the-atrocity-248192

    MIL OSI – Global Reports –

  • MIL-OSI Global: Five reasons why vertical farming is still the future, despite all the recent business failures

    Source: The Conversation – UK – By Gail Taylor, Dean of Life Sciences, UCL

    Don’t believe the tripe. Amorn Suriyan

    Plant factories are failing, with multiple companies closing or going bankrupt in recent months. This includes the largest vertical farm on the planet, in Compton, Los Angeles.

    Owned by San Francisco-based startup Plenty, the farm opened in 2023 to grow salads in partnership with Walmart. It was mothballed at the end of 2024, with the company citing the rising cost of energy in California as a major problem.

    Despite raising over US$1 billion (£802 million) from investors, the company’s value has reportedly plummeted from US$1.9 billion to below US$15 million. It now aims to focus solely on strawberry production in Virginia.

    New York-based Bowery Farming also halted all operations in late 2024, having previously being valued at US$2.3 billion. Fellow American vertical farmers AeroFarms, Kalera and AppHarvest have similarly filed for bankruptcy in the past two years, as has the UK’s Growing Underground, among various others.

    Clearly these are major setbacks. Year-round illuminated greenhouses and stacked, controlled-environment warehouses for producing food have been hailed as a sustainable alternative to traditional farming, promising fresh food close to populations.

    This reduces the need for transportation, which together with other issues in traditional farming such as soil degradation and forest clearing see it contributing around 20% of the greenhouse gases that lead to planetary warming and climate change.

    Multiple new indoor-farming companies sprang into life in the past decade, driven by significant venture capital. They harnessed the latest in LED lighting and hydroponic and aeroponic growing systems, using land and water ten to 100 times more efficiently than in a field and with far fewer pesticides.

    Initially developed to grow leafy greens and microgreens, these farms have more recently turned to higher value produce including herbs, strawberries, tomatoes and grapes.

    Grow, baby, grow.
    Gorodenkoff

    Among the reasons for the business failures are rising energy costs; the fact that traditional farming is cheaper, making it hard to compete on price; and the fact that rising interest rates have made financing more expensive.

    Together with other challenges such as high energy consumption and finding enough skilled labour, many opponents are writing this sector off as a fad that is unlikely to ever make a big impact on food security.

    This ignores success stories, such as JFC and Grow-up Farms, which are regular suppliers to the UK supermarkets. But more broadly, there are various reasons why the critics are likely to be wrong:

    1. We’re still early

    Vertical farming has been proving itself by “learning by doing” for the past decade. Kicked off by Nasa space scientists seeking to grow food in hostile environments with zero gravity and heavy radiation, this field is still highly experimental.

    New technologies like this one often conform to the Gartner hype cycle, where big initial expectations are rarely met, leading to a trough of disillusionment. Following this, the benefits start to crystallise as new players enter the market and mainstream adoption begins.

    Vertical farming is only a very small proportion of total farming, but it looks very likely to flourish given the need to reduce greenhouse-gas emissions, and the threats to food security from climate change and population growth. In addition, the costs are likely to be reduced by the arrival of much more renewable energy at cheaper prices in years to come.

    2. Heavy plant demand is coming

    Society stands on the edge of an unprecedented transformation as it shifts away from fossil fuels. We’re going to move to a circular bioeconomy, in which green plants will be central as feedstocks for everything from aviation fuels to alternative proteins to vaccine production to plant-based plastics.

    All this means greater pressure on land resources for food production, and an enhanced need for vertically stacked agriculture that recycles water and nutrients and requires fewer chemicals.

    3. Science is on its side

    Unexpected scientific discoveries continue to drive vertical farming. For example, tunable wavelength LEDs have shown that certain spectral bands can affect crops profoundly.

    Far-red light, which is just beyond visible red light, promotes growth and flowering, raising lettuce yields by 30%, for example. Blue light can improve shelf-life and nutritional quality, even enhancing certain plant chemicals known to help prevent cancers.

    The significance of these discoveries has yet to be fully realised, but by the complete control of the farming environment that indoor farming makes possible, we will be able to more easily tailor food quality for the betterment of people and the planet.

    4. It’s horses for courses

    Growing leafy greens indoors in California, as Plenty did, was always going to be challenging. This is the state where they invented the iceberg lettuce, where wall-to-wall sunshine and even temperatures enable farmers to grow enough salad greens to supply the whole of the US.

    Contrast Singapore, where only 6% of fresh produce is locally grown. This has prompted the government to develop the “30 x 30” goal to supply 30% of nutritional needs by 2030, with vertical farming a key part of the strategy.

    Similarly the United Arab Emirates imports over 90% of its food, and is looking towards a future that includes vertical farming. The UK and much of northern Europe, where the outdoor growing season is short and land is limited, can also benefit from these technologies (and indeed, do already).

    It’s a different story in Singapore.
    PrasitRodphan

    5. Baby and bathwater

    Unlike the cutting-edge LED-illuminated, stacked warehouses, intensive hydroponic greenhouses have been operating commercially for decades. The Netherlands leads the way in supplying year-round fresh produce from these structures, and is now the second biggest food exporter in the world.

    Even in the UK, its common for such greenhouses to supply potted herbs, tomatoes and strawberries all year round.

    These are a half-way house to vertical farming, and are also likely to be in greater demand in the coming decades. They could well extend their reach to supply fresh nutritious food to places where food security may be particularly challenged, such as Africa, south Asia and the Middle East.

    Gail Taylor has received funding for research on vertical farming from the John B. Orr Endowment from the University of California, Davis and gift funding from the company, Plenty. Between 2021 and 2024 she was a member of the Scientific Advisory Board for the company Plantible Foods.

    – ref. Five reasons why vertical farming is still the future, despite all the recent business failures – https://theconversation.com/five-reasons-why-vertical-farming-is-still-the-future-despite-all-the-recent-business-failures-248270

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Charges to be introduced at on-street parking bays in St Albans and Harpenden, and a brand new Access Pass for older residents using the Council’s car parks

    Source: St Albans City and District

    Publication date:

    Charges are to be introduced at some limited waiting on-street parking bays in St Albans and Harpenden following an extensive public consultation.

    St Albans City and District Council’s original proposals have been modified in response to feedback from residents, Councillors, businesses and community groups.

    One aim of the proposals is to encourage active travel, such as cycling and walking, where possible, rather than car use, to improve the local environment.

    Another aim is to ensure a greater turnover of premium parking places and improve enforcement by enabling new methods such as Automatic Number Plate Recognition.

    Four new disabled bays are also being created to provide improved parking facilities for motorists with Blue Badges in Harpenden’s town centre. 

    The charges will affect an additional 243 bays in Harpenden and an additional 70 in St Albans, and are due to come into effect on Monday 17 February.

    Motorists will have several payment options, including contactless via pay and display machines with new equipment to be installed at key locations, the mobile phone app PayByPhone and, soon after implementation, by cash or chip and pin at PayPoint outlets.

    The decision to introduce charges required a Traffic Regulation Order authorised by the Council’s Strategic Director for Community and Place Delivery in consultation with Councillor Helen Campbell, Lead for Parking.

    Cllr Campbell said:

    I fully understand that some people will be disappointed at being charged for a service that they have been getting for free.

    In making the decision, we analysed the responses to the consultations and engaged with stakeholders such as ward Councillors and Harpenden Town Council.

    We listened to the feedback and we made some significant changes as a result, such as changing the start of the controlled hours to 9am in Harpenden to help parents dropping off for school, and meeting requests for a longer free period of 30 mins. In addition, we will also be improving access to Harpenden town centre for Blue Badge holders.

    Cllr Campbell added:

    The charges are benchmarked against other local authorities, with many towns of a similar size to Harpenden having long had charges for on-street bays. As with other parking charges, we will monitor the impact of the changes and review if necessary.

    The charges will:

    • Apply from 9am to 6pm in Harpenden and, reflecting local conditions, 8.30am to 6.30pm in St Albans, both Monday to Saturday, with no charge outside these hours.

    • Allow for a 30-minutes free period once a day.

    • Be £1.25 for 30 minutes, so the charge for a one-hour stay will be £1.25 while the two-hour cost will be £3.75, both including the free period.

    • Cover a maximum stay of two hours with no return for two hours.

    Charges will not be considered at bays in York Road, St Albans, as originally proposed, until a wider review of parking in the area takes place.

    Five limited waiting bays in Leyton Green, Harpenden, will be converted into resident parking bays for the benefit of local households.

    Revenue from charges will go towards the Council’s on-street car parking services budget, which is currently running at a deficit, and towards greater levels of parking enforcement.

    Cllr Campbell added:

    The Secretary of State is clear that parking services should be self-sufficient, funded by fees and charges, instead of subsidised by other Council services as is the case at the moment. The revenue generated will help reduce the on-street parking service deficit, which is in the interest of all Council taxpayers as it will ensure we can better protect some of our other services. 

    Should any surplus income arise from on-street car parking, it would have to be kept in a ring-fenced budget and only be invested in parking, highways and environmental improvements.

    ACCESS PASS 

    Alongside these changes to the way on street parking operates, the Council has also approved a brand new Access Pass to help older people who may have difficulties with digital applications. This pass will be made available for purchase from Thursday 13 February and will cover all the District Council car parks. 

    The pass will cost £190 a year and be valid for one visit a day for up to three hours.

    To be eligible for the pass, a person would need to be a resident of the District and aged 70 or over.

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

     

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Wednesday weather update28 January 2025 Jersey Met is forecasting persistent rain from around 9am tomorrow, Wednesday 29 January 2025, until around 7am on Thursday 30 January 2025, which could cause localised flooding around the Island. As… Read more

    Source: Channel Islands – Jersey

    28 January 2025

    Jersey Met is forecasting persistent rain from around 9am tomorrow, Wednesday 29 January 2025, until around 7am on Thursday 30 January 2025, which could cause localised flooding around the Island. 

    As a precaution the Infrastructure and Environment department has been clearing drains and raising the level of preparedness. 

    Advice to Islanders on how to prepare can be found via: Flooding: how to prepare, cope and clean up (gov.je).

    Stay up to date with weather forecasts at: gov.je/weather.​

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Work poised to start on affordable extra care housing scheme in Leeds

    Source: City of Leeds

    Construction work is set to begin on an extra care housing scheme that will make a hugely-positive difference to life in a Leeds community.

    Leeds City Council’s Middlecross development in Armley will be home to 65 high-quality, energy efficient and affordable apartments providing independent living opportunities for older people.

    The three-storey complex – to be built on brownfield land between Armley Grove Place and Simpson Grove – will also have care facilities and communal spaces, including a 50-seat dining area.

    It is anticipated that construction will get under way in March this year, with completion scheduled for early 2027.

    The scheme – which is being delivered via Leeds’s Council Housing Growth Programme (CHGP) – will regenerate a two-acre site that has been unused following the demolition of Middlecross Day Centre in 2018.

    Its transformation will also support Leeds’s net zero ambitions, with the apartments being built to energy efficient specifications and benefiting from high levels of insulation and the use of ground source heat pump technology. 

    And, by making the new homes available for affordable rent, the council has underlined its commitment to improving the health and wellbeing of all local residents while tackling issues such as fuel poverty.

    The bulk of the funding for the development is being provided by the council’s housing service via Right to Buy receipts and borrowing, with £1.3m of grant support due to come from the West Yorkshire Combined Authority’s Brownfield Housing Fund.

    The scheme is due to be delivered for the council by Morgan Sindall Construction and will benefit the wider community by creating employment, skills and apprenticeship opportunities.  

    Councillor Jess Lennox, Leeds City Council’s executive member for housing, said:

    “We are committed to ensuring that Leeds is a city synonymous with safe, warm and good-quality homes, with the increased provision of affordable housing having a key role to play in that.

    “It’s really encouraging news, therefore, that construction work on the Middlecross scheme is due to begin shortly.

    “At a time when there is a well-documented shortage of affordable extra care housing in Leeds, this development will make a real difference to the lives of its residents.

    “The start of construction will also be another notable milestone for our Council Housing Growth Programme, which is working – with the support of partners – to bring positive and lasting change to communities across Leeds.”

    Tracy Brabin, Mayor of West Yorkshire, said:

    “Our investment in this new site in Leeds will help build more much-needed, high-quality homes.

    “I believe that having a safe and secure place to live is a fundamental right, so it’s only right that we invest vital funds to deliver thousands of homes across West Yorkshire.

    “Together with our partners like Leeds City Council, we’re dedicated to building a greener, more secure region for future generations.”

    More than 350 new homes have been built via the council’s CHGP since 2018. More than 340 homes have also been acquired as part of the programme, with these properties and the new-builds both playing a crucial role in efforts to ease local affordable housing pressures.

    Furthermore, they have – by increasing the number of appropriate properties available to tenants looking to downsize – helped free up some homes that are best suited to larger families.

    The provision of additional social housing stock is seen as a vital way of driving inclusive growth and improving the population’s general health and wellbeing.

    Locations where new housing has recently been delivered by the CHGP include Barncroft Close in Seacroft and Scott Hall Drive in Chapel Allerton as well as a site in Middleton formerly occupied by Throstle Recreation Ground and Middleton Skills Centre.

    The Middleton development includes Gascoigne House, an extra care scheme that won the best purpose-built accommodation prize at last week’s LABC Building Excellence Awards.

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government opens discussions with Community Pharmacy England over 2025 to 2026 funding contract

    Source: United Kingdom – Executive Government & Departments 2

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

    The Department of Health and Social Care (DHSC) has entered into consultation with Community Pharmacy England (CPE) regarding the 2024 to 2025 and 2025 to 2026 funding contractual framework.

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

    A letter signalling the start of the consultation was sent to CPE on Monday, 27 January 2025.

    Moving the focus of care from hospitals into the community is one of the 3 core shifts outlined in the 10 Year Health Plan, which will be published later this year. The government has previously outlined its ambition to make better use of pharmacists’ skills and training to deliver more services for patients within their local communities.

    Minister of State for Care, Stephen Kinnock said:

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

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

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

    Janet Morrison, Chief Executive of Community Pharmacy England said:

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

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

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

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

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

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

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Deputy Secretary-General Tells Africa Energy Summit Policy Coherence, Finance, Transparent Cooperation Key to ‘Illuminate the Lives of Millions’

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks to the panel on “Policies and Reforms for Transforming African Energy” at the Mission 300 Africa Energy Summit, in Dar es Salaam today:

    I want to start by thanking the Government of Tanzania and the African Union for its leadership, and the World Bank, the African Development Bank and the Mission 300 partners for convening this summit. 

    Mission 300 has undertaken an enormous task: to help close the energy access gap and unlock sustainable development across the continent by delivering electricity to 300 million Africans by 2030.  As we have heard, we face a stark reality:  685 million people across the continent still lack access to electricity, with the gap widening as population growth outpaces new electricity connections.

    And yet, Africa is richly endowed with natural resources vital for renewable energy technologies:  it is home to 60 per cent of the world’s best solar resources and possesses vast wind, hydro and geothermal potential.  And critical minerals mined in Africa are powering the renewables revolution around the world.

    Despite this abundance, and record global investments in renewable energies worldwide, Africa continues to be left behind and many Africans continue to lack access to clean, affordable energy.  This injustice must be urgently resolved.  Access to electricity is an essential development requirement, one that can also be the multiplier for acceleration in building a sustainable future for all.

    Providing clean energy to local communities represents a unique opportunity to improve health, widen access to education and social protection, make food systems resilient and create green jobs, e-commerce and financial services, while at the same time protecting the environment and biodiversity. 

    We have heard our distinguished speakers discuss why companies and Governments should get involved.  The business case is clear:  the falling costs of renewables and storage offer a great opportunity to deliver access to energy, energy security and sovereignty and climate resilience. 

    With the new African Continental Free Trade Area, aiming at a trade zone without barriers to the transfer of goods and services, the business opportunities will further multiply if the right policy environments — coherent and predictable — are put in place.

    As we move into discussing what policies and reforms for transforming African energy can enable millions to access energy, I would like to focus on three areas of urgent attention for policymakers.

    First, fostering policy coherence.  We are five years away from the target of our SDGs [Sustainable Development Goals], and we are not on track.  Policymakers and the international institutions need to strive to ensure sector-wide plans are coherent and aligned with the achievement of the SDGs due in 2030, while investors need robust regulatory laws in place to ensure business can operate aligned with them.

    At this Summit, Mission 300 target countries are presenting their first national energy strategies for achieving universal energy access.  These strategies need to be part of a broader plan, one that — while achieving universal energy access — needs to be aligned with the new economy-wide national climate action plans, or NDCs, consistent with 1.5°C, well before COP 30 [the 2025 United Nations Climate Change Conference] in November.

    NDCs represent a unique opportunity for all countries to align their new climate plans and energy strategies, together with addressing adaptation needs.  NDCs must coordinate the transition from fossil fuels with scaling of renewables and grid modernization and expansion, ensuring energy security and affordability.  And they must be anchored in justice — providing support for affected workers and communities.

    If done right, climate plans align with national development priorities and double as investment plans — becoming blueprints for a more sustainable and prosperous future.  The Secretary-General’s panel on critical energy transition minerals offers important principles and actionable recommendations to ensure this new era does not repeat historical patterns of exploitation.  SEforALL [Sustainable Energy for All], UN Resident Coordinators and country teams will continue to support country-level policy reforms, integrate stakeholder innovations, build institutional capacities and boost infrastructure investments across the entire clean-energy supply chain. 

    Second, mobilizing finance and support.  While private-sector investments and innovation are important, public financing remains vital — especially in modernizing grid infrastructure to expand access and integrate renewables.  Blending concessional public funds with commercial funds can help multiply renewable-energy investments in developing countries.  We must work to strengthen the health of Africa’s public finances and tackle unsustainable debt burdens that are crowding out essential public investments.

    The fourth International Conference on Financing for Development, that will take place in July to underpin the needs for long-term concessional finance, and the 1.3 trillion roadmap, agreed in Baku, that needs to be delivered by COP 30 in Brazil, must provide investments to scale up, among others, the energy transition.

    Third, enhancing transparent international cooperation.  International investments and cross-border partnerships hold the key to delivering electricity projects at a massive scale.  Institutions must be strengthened to operate in complex regulatory environments, with multiple actors across jurisdictions.

    Public-private partnerships need to be subject to stable and transparent public procurement rules throughout the whole project cycle — rules that prioritize long-term sustainability and allow for mutually beneficial contractual relationships.  Transparency and accountability should be a hallmark of Mission 300 and set a new standard for cooperation across the continent. 

    As we start the five-year countdown to delivering on the Sustainable Development Goals, and mark the ten-year anniversary of the Paris Agreement, let us work together to illuminate the lives of millions, power the industries of tomorrow and ensure that no one is left behind in the race to deliver universal clean energy, climate resilience and economic prosperity.

    MIL OSI United Nations News –

  • MIL-OSI USA: Cramer to Chair Senate EPW Transportation and Infrastructure Subcommittee

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    Click here for audio. Click here for video.
    WASHINGTON, D.C. – The Senate Environment and Public Works (EPW) Committee announced U.S. Senator Kevin Cramer (R-ND) will serve as Chairman of the Transportation and Infrastructure  (T&I) Subcommittee for the 119th Congress. Cramer previously served as Ranking Member of the subcommittee from 2021 to 2024.
    The T&I Subcommittee has jurisdiction over the Federal Highway Administration, U.S. Army Corps of Engineers water projects and management, public buildings, and regional economic development. During Cramer’s tenure on EPW, the committee has debated and unanimously passed the most substantive highway bill in history and three consecutive Water Resource Development Acts, all of which were signed into law.  
    “The T&I Subcommittee is one of the few places left in Congress where bipartisanship and regular order are the norm, and why not? Americans expect and they understand their roads, bridges, waterways, and efficient interstate commerce is both a federal responsibility and a priority,” said Cramer. “My goal on the committee is to improve the nation’s infrastructure by getting the next highway bill and the Water Resources Development Act done on time and, at the same time, right-sizing this bloated federal real estate portfolio that we have. We have a lot to do and I’m look forward to working with Chairman Capito, and Ranking Member Whitehouse, and my colleagues on the committee, and of course the Trump administration to get the job done.”
    Cramer will serve on the Senate Environment and Public Works Clean Air, Climate, and Nuclear Innovation and Safety Subcommittee as well as the Fisheries, Water, and Wildlife Subcommittee.
    More information can be found here and on the EPW website.

    MIL OSI USA News –

  • MIL-OSI USA: NEWS: Sanders Statement on Trump Moving Closer Towards Authoritarianism

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders

    WASHINGTON, Jan. 28 – Sen. Bernie Sanders (I-Vt.) today released the following statement after the Trump Administration ordered a pause in all federal grants and loans, a sweeping decision that could disrupt education and health care programs, housing assistance, disaster relief and a host of other initiatives that depend on billions of federal dollars: 

    Let’s be clear. The Trump Administration’s action last night to suspend all federal grants and loans will have a devastating impact on the health and well-being of millions of children, seniors on fixed incomes, and the most vulnerable people in our country. It is a dangerous move towards authoritarianism and it is blatantly unconstitutional. Our Founding Fathers explicitly gave Congress the power of the purse. Under our system of checks and balances, no president has the right to choose which laws to follow and which laws to ignore.

    Further, this illegal action raises more questions than it answers:

    Will our nation’s community health centers receive the federal grants they need to continue to provide primary health care to more than 30 million Americans who desperately need it? Or is that on pause?

    Will Head Start programs throughout the country receive the federal grants they need to provide high-quality early education to nearly 1 million children? Or will their parents find that they are no longer enrolled in Head Start?

    Will pregnant mothers and their babies receive the vital nutrition assistance they need to stay healthy through the WIC program? Or will they be denied the food they need?

    Will states be denied the federal grants Congress passed to keep millions of seniors on fixed incomes and families with children warm in the winter through the LIHEAP program? Or will these vulnerable Americans freeze because they are no longer able to pay their heating bills?

    These are just a few of the questions that Trump’s dangerous and illegal action has raised.

    Bottom line: This unconstitutional memo must be rescinded. The American people — Democrats, Republicans and Independents — must come together to defeat this move towards authoritarianism. If President Trump wants to change our nation’s laws he has the right to ask Congress to change them. He does not have the right to violate the United States Constitution. He is not a king.

    MIL OSI USA News –

  • MIL-OSI USA: ICE Boston arrests Honduran illegal alien charged with sex crimes, assault and battery, armed robbery

    Source: US Immigration and Customs Enforcement

    BOSTON — U.S. Immigration and Customs Enforcement Boston apprehended an illegally present, previously removed Honduran when officers with ICE Enforcement and Removal Operations Boston apprehended Juan Alberto Rodezno-Marin in Boston Jan. 22. Rodezno, 39, was charged in Massachusetts with indecent assault and battery on person over 14, assault and battery with a dangerous weapon, masked armed robbery and assault to rape.

    “Mr. Rodezno will have his day in court, but he stands accused of some horrific crimes,” said acting Field Office Director Patricia H. Hyde of ICE ERO Boston. “Not only did he repeatedly break U.S. immigration laws, but he apparently presents a substantial threat to the residents of Massachusetts. ICE ERO Boston cannot tolerate illegal criminal threats to our neighborhoods. We will continue our mission to prioritize public safety by arresting and removing the illegal criminal elements from our New England communities.”

    U.S. Border Patrol arrested Rodezno Oct. 10, 2007, after he illegally entered the United States without inspection or admission by an immigration officer. The Border Patrol issued Rodezno an order of expedited removal and

    ERO Harlingen removed Rodezno to Honduras Nov. 22, 2007.

    Immigration officials twice arrested Rodezno for illegally re-entering the U.S. between Aug. 10, 2008, and Dec. 8, 2009, and removed him after each occasion.

    Officers from ICE ERO Boston encountered Rodezno Dec. 20, 2022, at the Middlesex House of Correction and issued an immigration detainer against Rodezno later that day.

    The Middlesex Superior Court in Woburn, Massachusetts, arraigned Rodezno March 9, 2023, for the offenses of indecent assault and battery on a person over 14, assault and battery with a dangerous weapon, masked armed robbery, and assault to rape.

    Middlesex Superior Court ignored the ICE detainer and released Rodezno back into the community Dec. 4, 2024.

    Officers from ERO Boston arrested Rodezno Jan. 22 in Boston and he remains in ERO custody.

    ERO conducts removals of individuals without a lawful basis to remain in the United States, including at the order of immigration judges with the Justice Department’s Executive Office for Immigration Review. EOIR is a separate entity from DHS and ICE. Immigration judges in these courts make decisions based on the merits of each individual case, determining if a noncitizen is subject to a final order of removal or eligible for certain forms of relief from removal.

    ERO is one of ICE’s three operational directorates and is the principal federal law enforcement authority in charge of domestic immigration enforcement. ERO’s mission is to protect the homeland through the arrest and removal of those who undermine the safety of U.S. communities and the integrity of U.S. immigration laws, and its primary areas of focus are interior enforcement operations, management of the agency’s detained and non-detained populations, and repatriation of noncitizens who have received final orders of removal. ERO’s workforce consists of more than 7,700 law enforcement and non-law enforcement support personnel across 25 domestic field offices and 208 locations nationwide, 30 overseas postings, and multiple temporary duty travel assignments along the border.

    Members of the public with information regarding child sex offenders can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ERO Boston’s mission to increase public safety in our New England communities on X, formerly known as Twitter, at @EROBoston.

    MIL OSI USA News –

  • MIL-OSI USA: ICE Washington, D.C. arrests Bolivian illegal national convicted of DWI in Virginia

    Source: US Immigration and Customs Enforcement

    WASHINGTON — U.S. Immigration and Customs Enforcement apprehended an illegally present Bolivian national convicted of driving while intoxicated in Fairfax County, Virginia. Officers from ICE Enforcement and Removal Operations Washington, D.C., arrested Daniel Bustamante-Cespedez Jan. 15 in Fairfax County.

    “Not only is Mr. Bustamante in our country illegally, he decided to risk the safety of Virginia residents by driving while he was intoxicated,” said ICE Washington, D.C. Field Office Director Liana Castano. “We will not tolerate criminal alien offenders to threaten the safety of our Washington, D.C. and Virginia communities. ICE ERO Washington, D.C. will continue to prioritize public safety by arresting and removing illegally present offenders.

    Bustamante lawfully entered the United States on May 23, 2022, but violated the terms of his lawful admission.

    Bustamante was convicted in Fairfax County, Virginia, of driving while intoxicated Dec. 18, 2024.

    Officers with ERO Washington, D.C. issued Bustamante a notice to appear before a Department of Justice immigration judge after his arrest and he remains in ERO custody.

    ERO conducts removals of individuals without a lawful basis to remain in the United States, including at the order of immigration judges with the Justice Department’s Executive Office for Immigration Review. EOIR is a separate entity from DHS and ICE. Immigration judges in these courts make decisions based on the merits of each individual case, determining if a noncitizen is subject to a final order of removal or eligible for certain forms of relief from removal.

    As one of ICE’s three operational directorates, ERO is the principal federal law enforcement authority in charge of domestic immigration enforcement. ERO’s mission is to protect the homeland through the arrest and removal of those who undermine the safety of U.S. communities and the integrity of U.S. immigration laws, and its primary areas of focus are interior enforcement operations, management of the agency’s detained and non-detained populations, and repatriation of noncitizens who have received final orders of removal. ERO’s workforce consists of more than 7,700 law enforcement and non-law enforcement support personnel across 25 domestic field offices and 208 locations nationwide, 30 overseas postings, and multiple temporary duty travel assignments along the border.

    Members of the public with information regarding child sex offenders can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ERO Washington, D.C. by following us on X, formerly known as Twitter, at @EROWashington.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Charges Second Los Angeles Realtor for Price Gouging Victims of Eaton Fire

    Source: US State of California

    DOJ has additionally sent more than 650 price gouging warning letters to hotels and landlords

    Price gouging restrictions remain in effect through March 8, 2025

    LOS ANGELES — California Attorney General Rob Bonta today announced the filing of charges against a real estate agent, alleging that she attempted to price gouge a family who was evacuated due to the Los Angeles Eaton Fire. This investigation was the result of review of complaints received by the California Department of Justice (DOJ). The investigation revealed that after being evacuated in the Eaton fire, the family began searching for rentals through their real estate agent and inquired about renting a Glendale home. The defendant, another Southern California real estate agent, offered the family a new price that exceeded the listing price by more than 50%, which is in excess of the 10% limit laid out in Penal Code section 396 while the Governor’s Emergency Orders are in effect.

    As part of Attorney General Bonta’s work to protect Californians following the Southern California wildfires, DOJ continues to actively investigate and prosecute price gouging, and has sent more than 650 warning letters – and counting – to hotels and landlords who have been accused of price gouging. 

    “In the face of natural disaster, we should be coming together to help our neighbors, not attempting to profit off of their pain,” said Attorney General Bonta. “Today’s charges are another example of DOJ’s commitment to put an end to price gouging. I urge the public to report any such incidents to local authorities, or to my office at oag.ca.gov/report or by reaching out to our hotline at (800) 952-5225. To date we have sent more than 650 warning letters, and continue to actively investigate and hold accountable those who disregard the law. May this announcement serve as a stern warning to those who would seek to further victimize people who have lost everything in the face of Southern California’s wildfires: We won’t stop until the price gouging does.”
     
    DOJ has opened several active investigations into price gouging as it continues to ramp up deployment of resources to Los Angeles County to investigate and prosecute price gouging, fraud, scams, and unsolicited low-ball offers on property during the state of emergency. Working alongside our District Attorneys, City Attorneys, and other law enforcement partners, DOJ has been working diligently to tackle this unlawful conduct since a state of emergency was declared on January 7, 2025, and to further those efforts, the launch of a website dedicated to its response: oag.ca.gov/LAFires.
     
    California law – specifically, Penal Code section 396 – generally prohibits charging a price that exceeds, by more than 10%, the price a seller charged for an item before a state or local declaration of emergency. For items a seller only began selling after an emergency declaration, the law generally prohibits charging a price that exceeds the seller’s cost of the item by more than 50%. This law applies to those who sell food, emergency supplies, medical supplies, building materials, and gasoline. The law also applies to repair or reconstruction services, emergency cleanup services, transportation, freight and storage services, hotel accommodations, and long- and short-term rental housing. Exceptions to this prohibition exist if, for example, the price of labor, goods, or materials has increased for the business. 

    Violators of the price gouging statute are subject to criminal prosecution that can result in a maximum penalty of one-year imprisonment in county jail and/or a fine of up to $10,000. Violators are also subject to civil enforcement actions including civil penalties of up to $2,500 per violation, injunctive relief, and mandatory restitution. The Attorney General and local prosecutors can enforce the statute.

    TIPS FOR REPORTING PRICE GOUGING, SCAMS, FRAUD AND OTHER CRIMES:

    • Visit oag.ca.gov/LAfires or call our hotline at: (800) 952-5225.
    • Include screenshots of all correspondence including conversations, text messages, direct messages (DMs), and voicemails
    • Provide anything that shows what prices you were offered, when, and by whom.
    • If you’re on a site like Zillow, you can also send screenshots of the price history and a link to the listing. 
    • Include first and last names of the realtors, listing agents, or business owners you spoke to. Be sure to include phone numbers, email addresses, home and business addresses, websites, social media accounts.
    • Don’t leave out any information that can help us find and contact the business or landlord.

    Californians who believe they have been the victim of price gouging should report it to their local authorities or to the Attorney General at oag.ca.gov/LAfires. To view a list of all price gouging restrictions currently in effect as a result of proclamations by the Governor, please see here.

    It is important to note that criminal charges must be proven in a court of law. Every defendant is presumed innocent until proven guilty.

    A copy of the complaint can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Secures $450,000 from Companies Selling Home Security Cameras that Failed to Secure Private Videos

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James secured $450,000 from three companies that distribute eufy home security video cameras for failing to secure consumers’ private home security videos. The companies, Fantasia Trading LLC, Power Mobile Life LLC, and Smart Innovation, LLC distribute a line of video cameras, video doorbells, and video smart locks under the eufy brand. An investigation by the Office of the Attorney General (OAG) found that video streams from the cameras were not always securely encrypted and could be accessible to anyone with the relevant link without authentication. The settlement requires these companies to take steps to ensure stronger protections for customers’ data and pay $450,000 in penalties and costs.

    “New Yorkers buy home security cameras to protect themselves and their homes,” said Attorney General James. “The eufy cameras’ poor data security allowed anyone to access people’s security camera footage, defeating the purpose of having a home security system. Today my office is taking steps to ensure eufy cameras’ developers improve their data security so that New Yorkers home security footage is private and protected.”

    In November 2022, a security researcher publicly disclosed tests indicating that marketing claims about the eufy products’ security and “end-to-end encryption” of data might not be accurate. The OAG opened an investigation focused on a line of eufy-branded internet-enabled video cameras, video doorbells, and video locks distributed by Fantasia Trading, Power Mobile Life, and Smart Innovation. The marketing for these home security products assured consumers that their data would be kept private and secure.

    The OAG’s investigation revealed that, in certain situations, video sent over the internet from eufy home security products was not protected by end-to-end encryption, and that at least a portion of the connection did not use any type of encryption at all. The investigation also uncovered that an active video stream could be accessed by anyone with the relevant URL, without authentication, and that it may have been possible to deduce the URL without obtaining it from a user. The companies had not previously identified these security vulnerabilities because they did not have the necessary processes in place to test their safeguards or to identify risks to the security and privacy of consumers’ video.

    As a result of this settlement, Fantasia Trading, Power Mobile Life LLC, and Smart Innovation will pay $450,000 in penalties and costs and take steps to ensure the eufy home security products they sell better protect consumers’ private videos. The agreement requires that the companies regularly substantiate that the developer of the eufy home security products:

    • Maintains a comprehensive information security program designed to protect the security, confidentiality, and integrity of consumer information;
    • Uses secure software development processes, including the use of third-party tools for testing software for security vulnerabilities;
    • Maintains a vulnerability management program that includes regular penetration testing and vulnerability testing; and
    • Implements appropriate encryption processes, including the encryption of video in storage and in transit.

    Today’s announcement continues Attorney General James’ efforts to protect New Yorkers’ personal information and hold companies accountable for their poor data security practices. Last month, Attorney General James secured $500,000 from an auto insurance company for failing to protect New Yorkers’ data.  In November 2024, Attorney General James and DFS Superintendent Adrienne Harris secured $11.3 million from GEICO and Travelers for having poor data security. In October 2024, Attorney General James secured $2.25 million from a Capital Region health care provider for failing to protect the private information and medical data of New Yorkers. In August 2024, Attorney General James and a multistate coalition secured $4.5 from a biotech company for failing to protect patient data. In July, Attorney General James launched two privacy guides, a Business Guide to Website Privacy Controls and a Consumer Guide to Tracking on the Web, to help businesses and consumers protect themselves. In April 2023, Attorney General James released a comprehensive data security guide to help companies strengthen their data security practices. In January 2022, Attorney General James released a business guide for credential stuffing attacks that detailed how businesses could protect themselves and consumers.

    This matter was handled by Assistant Attorney General Nathaniel Kosslyn, Senior Enforcement Counsel Jordan Adler, and Deputy Bureau Chief Clark Russell of the Bureau of Internet and Technology, under the supervision of Bureau Chief Kim Berger. The Bureau of Internet and Technology is a part of the Division for Economic Justice, which is led by Chief Deputy Attorney General Chris D’Angelo and overseen by First Deputy Attorney General Jennifer Levy. 

     

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Key Features and Benefits of the Bybit Telegram Mini Wallet:

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

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

    Exploring New Possibilities: Bybit Telegram Mini Wallet and FarmX Campaign

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

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

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

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

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

    #Bybit / #TheCryptoArk / #BybitWeb3

    About Bybit Web3

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

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

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

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

    About Bybit

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

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

    Contact

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

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

    The MIL Network –

  • MIL-OSI Canada: New Affordable Housing Units in Prince Albert Provide Homes for Families in Need

    Source: Government of Canada regional news

    Released on January 28, 2025

    Construction is completed on 12 new affordable housing units for low-income families in Prince Albert at the newly reconstructed Meadow Green housing development. The Government of Saskatchewan has invested $3.3 million in the project to develop additional two- and three-bedroom social housing to meet the need for larger family units in the community.

    “Safe and affordable housing is the foundation for families to thrive and build a better future,” Social Services Minister and Minister Responsible for Saskatchewan Housing Corporation Terry Jenson said. “This project reflects our ongoing efforts to provide housing that meets the needs of our communities, ensuring families have the stability and opportunity they need to succeed.”

    The project reconstructed a portion of the Meadow Green housing development, which was destroyed in a fire in 2021. The newly constructed building includes four three-bedroom units and eight two-bedroom units in a modern, low-rise apartment complex. The Saskatchewan Housing Corporation owns the development, and families will rent through the Prince Albert Housing Authority, ensuring affordable and accessible housing for those in need. 

    This milestone aligns with the Government of Saskatchewan’s ongoing commitment to social housing. In 2024-25, Saskatchewan Housing Corporation is investing $83.4 million in the repair and maintenance of provincially owned housing units, including an additional $9.6 million to reduce vacancies and meet demand for social housing across the province.

    -30-

    For more information, contact:

    MIL OSI Canada News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

    Operating Results

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

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

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

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

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

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

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

    Balance Sheet Review

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

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

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

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

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

    Credit Quality

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

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

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

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

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

    About Summit State Bank

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

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

    Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

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

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

    1Non-GAAP Financial Measures

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

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

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

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

    The MIL Network –

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

    Source: United Kingdom – Executive Government & Departments

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

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

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

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

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

    This attack is far from isolated.

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

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

    The Government condemns these attacks in the strongest possible terms.

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

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

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

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

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

    This was the first ever Foreign Secretary to visit Chad.

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

    To bear witness.

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

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

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

    I met a woman who showed me her scars.

    She had been burned.

    She had been beaten.

    She had been raped.

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

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

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

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

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

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

    But the reports speak for themselves.

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

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

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

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

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

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

    But where is the outrage?

    Again and again in Adré, I was asked:

    What is the world doing to help us?

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

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

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

    Every human life is of equal worth.

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

    You only have to be willing to look.

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

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

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

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

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

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

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

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

    This is something we cannot tolerate.

    This Government therefore refuses to let these conflicts be forgotten.

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

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

    But Russian cynicism will not deter us.

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

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

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

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

    We have been redoubling our diplomatic efforts as well.

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

    We need to see three things.

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

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

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

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

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

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

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

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

    Ultimately however, we need a political solution.

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

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

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

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

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

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

    Power seems gripped by those waging war around them.

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

    But this is not a licence for inaction.

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

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

    And, somehow, to bring them to an end.

    I comment this statement to the House.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Duchess of Edinburgh opens Sandhurst facility for army musicians

    Source: United Kingdom – Government Statements

    A new band facility on the Sandhurst Estate, Surrey has been formally opened by Her Royal Highness The Duchess of Edinburgh.

    HRH The Duchess of Edinburgh talks to some of the musicians during her visit. (MOD Crown Copyright)

    Her Royal Highness opened the facility in her role as Colonel-in-Chief of the Royal Corps of Army Music (RCAM).

    The new purpose-built band facility – named The Duchess of Edinburgh Hall – houses two distinguished bands from RCAM: the Band of the Coldstream Guards and the Army Engagement Ensemble. The building provides a modern, sustainable acoustic space for rehearsals and performances.

    The RCAM, which performs at State Ceremonial events, has received significant MOD investment under the £5.1 billion Defence Estate Optimisation (DEO) Portfolio.

    The facility was delivered by the Defence Infrastructure Organisation (DIO) contracting to Willmott Dixon, Pick Everard and HLM Architects. It was funded under the DEO Army Programme, which makes up the largest share of the DEO Portfolio, and is delivering a better structured and more sustainable defence estate. This supports military capability and enhances the lived experience of service personnel.

    Major General Richard Clements CBE, Director of Basing and Infrastructure, said:

    The new band facility at Sandhurst will enable army musicians to carry out their supporting state and ceremonial duties and national and international engagement for defence, both today and into the future. It is a fantastic example of the significant investment we are making to deliver benefits for our people, support military training and capability, and build a more sustainable estate.

    Combining modern buildings with the refurbishment of existing infrastructure, the Duchess of Edinburgh Hall comprises a glass-roofed atrium for ensemble performance practice, rehearsal rooms, an instrument store, music library, offices, storage space and a crew room. The design also includes solar panels and air source heat pumps.

    Sherin Aminossehe, MOD Director of Infrastructure and the Senior Responsible Owner for the DEO Portfolio, said:

    DEO is committed to delivering the highest quality buildings that improve the lived experience of our military personnel. This is evidenced in these impressive new facilities being opened today, which not only provide bespoke and very modern spaces for these prestigious bands to train in, but do so in a way that carefully integrates itself within the existing infrastructure to preserve the important history of the site.

    Historic stables dating back to the 1800s have been transformed into modern changing facilities, including the refurbished ‘Sullivan Block’, which is named after Thomas Sullivan who served as Bandmaster at The Royal Military Academy, Sandhurst from 1845 to 1857. He was the father of Sir Arthur Seymour Sullivan of ‘Gilbert and Sullivan’ fame. 

    Warren Webster, DIO MPP Army Programme Director, said:

    It’s fantastic to see this excellent new facility being opened by HRH The Duchess of Edinburgh. The different elements of the facility were carefully designed to meet the needs of army musicians and it was a pleasure to see Her Royal Highness’s reaction to them. The musicians have been making great use of the Duchess of Edinburgh Hall since its completion and we look forward to hearing their music fill these spaces for decades to come.

    The Band of the Coldstream Guards is a 54-piece symphonic wind band that supports a variety of high-profile events, including state ceremonies, public duties, commemorative and celebratory events, and repatriations. Additionally, it contributes to the UK’s defence efforts both domestically and internationally through community engagement and events. The Army Engagement Ensemble focuses on recruitment, supporting Recruiting Group and the army’s main effort to attract future soldiers.

    Major Justin Teggarty, Director of Music and Officer Commanding, Band of the Coldstream Guards said:

    This new facility is perfect for the Band’s needs. The quality of the design and finish is highly impressive, and we now have a comfortable, purpose-built, modern building in which to rehearse, collaborate and function to the highest standard. I am particularly impressed with the acoustics in the atrium: it is fantastic to be able to play together in a space that does justice to the talent and professionalism of army musicians.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Mapping groundwater in southern Alberta

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI: Behavioral Innovations Transforms Applied Behavior Analysis Scheduling Operations with CentralReach’s AI-Powered Scheduling Solution, CR ScheduleAI

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, FL, Jan. 28, 2025 (GLOBE NEWSWIRE) — CentralReach, the leading provider of Autism and IDD Care software for ABA, multidisciplinary, and special education, shared that its CR ScheduleAI™ solution is helping customers such as Behavioral Innovations transform ABA scheduling with just a few clicks. Powered by the company’s proprietary AI agent, cari™, CR ScheduleAI maximizes ABA and multidisciplinary schedules analyzing hundreds of data points to match the right provider with the right client to enable CentralReach customers including Behavioral Innovations maximize authorization hours, Registered Behavior Technician (RBT) requested hours, and reduce burden on scheduling staff.

    Amid the ongoing shortage of qualified clinicians and RBTs in autism and IDD care, where waitlists often span 6 to 18+ months, CR ScheduleAI helps schedulers maximize RBT-to-client availability to enable providers to meet the growing demand more efficiently. CR ScheduleAI automatically accounts for language preferences, preferred providers, location of services, drive time, authorized service hours, client and technician availability and cancellations, and more, allowing users to see a minimum of 20% increase in appointments and helping reduce extensive wait times that often lead to delayed interventions or inconsistent treatment.

    “Before CR ScheduleAI, it took upwards of eight to ten hours to create a schedule personalized to match client preferences and meet clinical requirements and RBT requested hours, often resulting in inefficiencies and unfilled time slots for providers,” explained Jennifer Stanley, Senior Director of Business Optimization for Behavioral Innovation. “With CR ScheduleAI, we now experience a 75% time savings, allowing us to create schedules for 3,000 employees across 86 clinics more efficiently, improving clinic utilization rates and drastically reducing time spent on manual scheduling tasks.”

    The solution is also adding new enhancements that will further optimize the scheduling process, including:

    ●  Embedded Cancellations: Schedulers can now quickly reoptimize the schedule to account for one or multiple cancellations that could be due to employee turnover, client churn, and other unexpected factors.

    ●  Interactive Drafts: Schedulers can now also interact, bulk edit, and partially publish an optimized schedule in real-time, making scenario planning even easier.

    “The complexities and layers involved in ABA scheduling are immense and increase exponentially as you scale to serve more clients. There are overt losses to inadequate scheduling, like revenue and turnover, but also many hidden costs that practices are often unaware of until it’s too late,” said Chris Sullens, CEO of CentralReach. “And, while third party point solutions can offer some benefit, I know from my 10+ years building software for a scheduling-intensive logistics and field service company that maximum benefit can only be achieved with a deeply integrated agent-based scheduling solution that is integrated into a practice’s core workflow and has full access to data and constraints in real time. We have made significant investments over many years to create the automation layer necessary to power an enterprise-grade solution and the coming user experience enhancements in the first half of 2025 will make CR ScheduleAI even easier and more powerful than it is today. We’re proud to see the impact that CR ScheduleAI is having on customers’ ability to meet rising demand more efficiently and excited to see the impact it will have in helping to close the autism and IDD care gap as adoption continues to ramp.”

    For more information on CR ScheduleAI visit: https://centralreach.com/products/scheduleai/

    About CentralReach
    CentralReach is the leading provider of autism and IDD care software, providing the only complete, end-to-end software and services platform that helps children and adults diagnosed with autism spectrum disorder (ASD) and related intellectual and developmental disabilities (IDD) – and those who serve them – unlock potential, achieve better outcomes, and live more independent lives. With its roots in Applied Behavior Analysis, the company is revolutionizing how the lifelong journey of autism and IDD care is enabled at home, school, and work with powerful and intuitive solutions purpose-built for each care setting.

    Trusted by more than 185,000 professionals globally, CentralReach is committed to ongoing product advancement, market-leading industry expertise, world-class client satisfaction, and support of the autism and IDD community to propel autism and IDD care into a new era of excellence. For more information, please visit CentralReach.com or follow us on LinkedIn and Facebook.

    The MIL Network –

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI: JLT Mobile Computers AB changes management following discontinuation of subsidiary JLT Software Solutions AB

    Source: GlobeNewswire (MIL-OSI)

    Växjö, Sweden, January 28, 2025 * * * JLT Mobile Computers, a leading supplier of reliable computers for demanding environments, announces a change in management following the discontinuation of JLT Software Solutions, which was announced on January 17, 2025 (press release 1/17/2025).

    The software development is now being integrated with the Group’s other product development for better cost-efficiency, management, and customer-driven development. This means that the operations of JLT Software Solutions AB will be discontinued, and Andreas Nivard, former CEO and CPO, is leaving the company.

    Visit jltmobile.com for more information about products and services. Financial information can be found on the company’s investor pages.

    About JLT Mobile Computers

    JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. 30 years of development and manufacturing experience have enabled JLT to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    Nothing is wasted, everything is transformed

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

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

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

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

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

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

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

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

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

    An economically neutral operation

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

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

    Good for Europe’s technological sovereignty

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

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

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

    A new generation of data centers that is open source

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

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

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

    Two new similar data centers already planned

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

    Key figures

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

    Resources

    The MIL Network –

  • MIL-OSI United Nations: WFP reaches hundreds of thousands of people in Gaza in first week of the ceasefire

    Source: World Food Programme

    Photo: WFP/Photolibrary. WFP distribution point operated at the Nusierat camp by WFP’s partner, Global Communities.

    GAZA/CAIRO – The United Nations World Food Programme (WFP) reached more than 330,000 people in Gaza with food assistance in the first week of the ceasefire, providing food parcels, hot meals and cash assistance to war-weary families.

    “The first week has brought hope, but it is still early days. We must keep up this momentum,” said Antoine Renard, WFP Country Director in Palestine. “And with so many people on the move now, keen to reach their homes and reunite with their families in the north, we need to make sure they have food wherever they are. WFP’s priority is to ensure assistance follows the people.”

    Here are the latest updates on WFP operations in Gaza:

    • WFP has brought 10,130 metric tons of food into Gaza since the ceasefire. Food entered Gaza through all available corridors from Jordan, Israel and Egypt.

    • For the first time in months, families in Gaza are now receiving significantly more rations – two food parcels and a 25-kg bag of wheat flour.
    • In total, WFP reached more 330,000 people in the first week of the ceasefire with food parcels and hot meals.
    • WFP has also distributed nutrition products to 46,000 people, including children under 5 and pregnant and breastfeeding women.
    • If the ceasefire holds, WFP aims to reach one million people each month for the next three months. WFP has enough food pre-positioned along the borders and on its way to Gaza to feed over a million people with full rations for three months.
    • A cash assistance programme started on Monday, with 7,000 people reached on day one, and more than 32,000 as of today. This money will enable families to meet their basic needs – not only food – as they seek to relocate and rebuild. The aim is to reach 30,000 families (150,000 people) in one month.
    • Thanks to the influx of fresh supplies entering the Strip, WFP has also been able to get bakeries up and running in the south – eight old and 5 new ones – and prepare hot meals and deliver ready-to-eat meals to families in shelters.
    • The humanitarian situation in the West Bank is also critical. WFP is ready to provide voucher assistance to approximately 3,750 people in Jenin camp, allowing them to obtain food at a local retailer or receive food parcels. Additionally, cash assistance will be provided to 12,750 displaced households affected by military operations.

    Download photos here

    Download video footage here

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media 

    MIL OSI United Nations News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –