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MIL-OSI: NBT Bancorp Inc. Announces Full Year Net Income and Declares Cash Dividend

Source: GlobeNewswire (MIL-OSI)

NORWICH, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and twelve months ended December 31, 2024.

Net income for the three months ended December 31, 2024 was $36.0 million, or $0.76 per diluted common share, compared to $30.4 million, or $0.64 per diluted common share, for the three months ended December 31, 2023, and $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024. Operating diluted earnings per share⁽¹⁾, a non-GAAP measure was $0.77 for the fourth quarter of 2024, compared to $0.72 for the fourth quarter of 2023 and $0.80 for the third quarter of 2024.

Net income for the year ended December 31, 2024 was $140.6 million, or $2.97 per diluted common share, compared to $118.8 million, or $2.65 per diluted common share, in the prior year.

The Company completed the acquisition of Salisbury Bancorp, Inc. (“Salisbury”) on August 11, 2023, adding 13 banking offices, $1.18 billion in loans and $1.31 billion in deposits. The comparisons to the full year of 2023 are significantly impacted by the Salisbury acquisition.

CEO Comments

“Three consecutive quarters of growth in net interest income and margin along with continued strong results from our diverse mix of fee businesses drove NBT’s operating performance in the fourth quarter of 2024,” said NBT President and Chief Executive Officer Scott A. Kingsley. “In addition, we were pleased to receive regulatory approval during the fourth quarter to complete our planned merger with Evans Bancorp, Inc. Evans shareholders also demonstrated strong support for the partnership with the vote to approve the transaction in December. We continue to expect the merger to close in the second quarter of 2025 in conjunction with the core system conversion, and team members from NBT and Evans are working closely to plan a smooth transition for the customers and communities we will serve together in the Buffalo and Rochester markets.”

Fourth Quarter 2024 Financial Highlights

Net Income	Net income was $36.0 million and diluted earnings per share was $0.76
Net Interest Income / NIM	Net interest income on a fully taxable equivalent (“FTE”) basis was $106.7 million, up $4.4 million from the prior quarter⁽¹⁾ Net interest margin (“NIM”) on an FTE basis was 3.34%⁽¹⁾, up 7 basis points (“bps”) from the prior quarter Included in FTE net interest income was $2.6 million of acquisition-related net accretion, which was consistent with the third quarter of 2024 Earning asset yields of 4.96% were down 5 bps from the prior quarter Total cost of funds of 1.71% was down 14 bps from the prior quarter
Noninterest Income	Noninterest income was $42.2 million, an increase of 11.1% from the fourth quarter of 2023, excluding net securities gains (losses)
Loans and Credit Quality	Period end total loans of $9.97 billion as of December 31, 2024, up $319.2 million, or 3.3%, from December 31, 2023 Net charge-offs to average loans was 0.23% annualized Nonperforming loans to total loans was 0.52% Allowance for loan losses to total loans was 1.16%
Deposits	Deposits were $11.55 billion as of December 31, 2024, up $577.8 million, or 5.3%, from December 31, 2023 Total cost of deposits was 1.60% for the fourth quarter of 2024, down 12 bps from the third quarter of 2024
Capital	Stockholders’ equity was $1.53 billion as of December 31, 2024 Tangible book value per share⁽²⁾ was $23.88 at December 31, 2024 Tangible equity to assets of 8.42%⁽¹⁾ CET1 ratio of 11.93%; Leverage ratio of 10.24%

Loans

Period end total loans were $9.97 billion at December 31, 2024, $9.91 billion at September 30, 2024 and $9.65 billion at December 31, 2023.
Period end total loans increased $319.2 million from December 31, 2023. Total commercial loans increased $322.0 million to $5.30 billion while total consumer loans decreased $2.8 million to $4.67 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $478.6 million, or 5.6%.
Commercial line of credit utilization rate was 21% at December 31, 2024, compared to 22% at September 30, 2024 and 20% at December 31, 2023.

Deposits

Total deposits at December 31, 2024 were $11.55 billion, compared to $11.59 billion at September 30, 2024 and $10.97 billion at December 31, 2023. The $577.8 million increase in deposits from December 31, 2023 was primarily due to higher consumer and commercial deposit balances.
The loan to deposit ratio was 86.3% at December 31, 2024, compared to 88.0% at December 31, 2023.

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2024 was $106.1 million, an increase of $4.4 million, or 4.4%, from the third quarter of 2024 and an increase of $6.9 million, or 7.0%, from the fourth quarter of 2023. The increase in net interest income from the third quarter of 2024 resulted primarily from a decrease in the cost of deposits, an increase in average short-term interest-bearing accounts and the interest earned on those balances combined with a more favorable funding mix.
The NIM on an FTE basis for the fourth quarter of 2024 was 3.34%, an increase of 7 bps from the third quarter of 2024. This increase was driven by an improved funding mix with lower average balances of short-term borrowings, an increase in the average balance of noninterest-bearing demand deposit accounts and a decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 19 bps from the fourth quarter of 2023 due to higher earning asset yields and lower average balances of short-term borrowings, partially offset by the increase in the cost of interest-bearing deposits.
Earning asset yields for the three months ended December 31, 2024 decreased 5 bps from the prior quarter to 4.96% and increased 17 bps from the same quarter in the prior year. Loan yields for the three months ended December 31, 2024 decreased 9 bps from the prior quarter to 5.65% primarily due to the repricing of $2.1 billion in variable rate loans partly offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 17 bps from the same quarter in the prior year. Average earning assets increased $257.5 million, or 2.1%, from the third quarter of 2024 due to organic loan growth and an increase in short-term interest-bearing accounts. Average earning assets grew $140.6 million, or 1.1%, from the fourth quarter of 2023 due to organic loan growth partially offset by lower average balances of short-term interest-bearing accounts and securities.
Total cost of deposits, including noninterest bearing deposits, was 1.60% for the fourth quarter of 2024, a decrease of 12 bps from the prior quarter and an increase of 9 bps from the same period in the prior year.
Total cost of funds for the three months ended December 31, 2024 was 1.71%, a decrease of 14 bps from the prior quarter and a decrease of 1 bp from the fourth quarter of 2023.

Asset Quality and Allowance for Loan Losses

Net charge-offs to total average loans for the fourth quarter of 2024 was 23 bps compared to 16 bps in the prior quarter. The increase in net charge-offs from the prior quarter was driven by two commercial real estate relationships, of which $1.7 million was previously specifically reserved for in the second quarter of 2024. Net charge-offs for the portfolios in a planned run-off status represented the majority of total net charge-offs for the full year.
Nonperforming assets to total assets was 0.38% at December 31, 2024, compared to 0.27% at September 30, 2024 and 0.28% at December 31, 2023. The increase in nonperforming assets was attributable to a commercial real estate relationship that was placed into a nonaccrual status in the fourth quarter of 2024. The relationship is being actively managed and was written-down to estimated fair value in the fourth quarter of 2024, and as such, no specific reserve has been established.
Provision expense for the three months ended December 31, 2024 was $2.2 million, compared to $2.9 million for the third quarter of 2024. The decrease in provision expense from the prior quarter was primarily due to the run-off of the other consumer and residential solar portfolios partially offset by a higher level of net charge-offs.
The allowance for loan losses was $116.0 million, or 1.16% of total loans, at December 31, 2024, compared to $119.5 million, or 1.21% of total loans, at September 30, 2024 and $114.4 million, or 1.19% of total loans, at December 31, 2023.
The reserve for unfunded loan commitments was $4.4 million at December 31, 2024, compared to $4.6 million at September 30, 2024 and $5.1 million at December 31, 2023.

Noninterest Income

Total noninterest income, excluding securities gains (losses), was $42.2 million for the three months ended December 31, 2024, down $3.1 million, or 6.8%, from the seasonally high third quarter of 2024, and up $4.2 million, or 11.1%, from the fourth quarter of 2023.
Retirement plan administration fees were down $1.7 million from the prior quarter and increased $1.7 million from the fourth quarter of 2023. The decrease from the prior quarter, as expected, was due to higher seasonal activity-based fees in the third quarter. The increase from the fourth quarter of 2023 was driven by organic growth and higher market levels.
Wealth management fees were consistent with the prior quarter and increased $1.7 million from the fourth quarter of 2023. The increase from the fourth quarter of 2023 was driven by market performance and growth in new customer accounts.
Insurance revenues decreased $1.0 million from the third quarter, which typically has comparatively higher levels of policy renewals than the fourth quarter.

Noninterest Expense

Total noninterest expense was $100.8 million for the fourth quarter of 2024, compared to $95.7 million for the third quarter of 2024 and $92.8 million for the fourth quarter of 2023. Total noninterest expense increased 4.8% compared to the previous quarter and increased 13.7% from the fourth quarter of 2023, excluding $1.0 million of acquisition expenses in the fourth quarter of 2024, $0.5 million in the third quarter of 2024 and $0.3 million in the fourth quarter of 2023, respectively, and the $4.8 million impairment of a minority interest equity investment in the fourth quarter of 2023.
Salaries and benefits increased 3.5% from the prior quarter driven by higher medical costs and an increase in other benefits including higher levels of incentive compensation. The increase from the fourth quarter of 2023 was driven by merit pay increases, higher levels of incentive compensation and higher medical and other benefit costs.
Occupancy costs were consistent with the prior quarter and increased from the fourth quarter of 2023 driven by additional expenses including seasonal maintenance, rent and equipment expense.
Other expense increased $2.5 million from the prior quarter and $0.4 million from the fourth quarter of 2023. The increase from the previous quarter was driven by increases in office supplies and postage, advertising and other expenses.

Income Taxes

The full year effective tax rate was 21.6% for 2024 down from 22.6% for the full year of 2023.

Capital

Tangible common equity to tangible assets⁽¹⁾ was 8.42% at December 31, 2024. Tangible book value per share⁽²⁾ was $23.88 at December 31, 2024, $23.83 at September 30, 2024 and $21.72 at December 31, 2023.
Stockholders’ equity increased $100.5 million from December 31, 2023 driven by net income generation of $140.6 million and an $18.8 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $62.3 million.
As of December 31, 2024, CET1 capital ratio of 11.93%, leverage ratio of 10.24% and total risk-based capital ratio of 15.03%.

Dividend

The Board of Directors approved a first-quarter cash dividend of $0.34 per share at a meeting held earlier today. The dividend represents a $0.02 per share, or 6.3%, increase over the dividend paid in the first quarter of 2024. The dividend will be paid on March 17, 2025 to stockholders of record as of March 3, 2025.

Stock Repurchase

The Company purchased 7,600 shares of its common stock during 2024 at an average price of $33.02 per share under its previously announced share repurchase program. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of December 31, 2024, there were 1,992,400 shares available for repurchase under this plan.

Evans Bancorp, Inc. Merger

In December 2024, NBT announced that it had received the regulatory approval and waiver from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York necessary to complete its acquisition of Evans Bancorp, Inc. (“Evans”). Also in December 2024, the shareholders of Evans voted to approve the merger. Evans reported over 75% of the issued and outstanding shares of Evans were represented at a special shareholder meeting and over 96% of the votes cast were voted to approve the merger. NBT and Evans anticipate closing the transaction in second quarter of 2025 in conjunction with the core system conversion, pending customary closing conditions. Evans had assets of $2.28 billion, deposits of $1.90 billion and net loans of $1.76 billion as of September 30, 2024.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, January 28, 2025, to review the fourth quarter 2024 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.79 billion at December 31, 2024. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 155 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the possibility that NBT and Evans may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) changes in the Company’s organization, compensation and benefit plans; (19) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)

		2024												2023
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Profitability (reported)
Diluted earnings per share	$	0.76		$	0.80		$	0.69		$	0.71		$	0.64
Weighted average diluted common shares outstanding		47,505,760			47,473,417			47,382,814			47,370,145			47,356,899
Return on average assets⁽³⁾		1.04	%		1.12	%		0.98	%		1.02	%		0.89	%
Return on average equity⁽³⁾		9.44	%		10.21	%		9.12	%		9.52	%		8.79	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.36	%		14.54	%		13.23	%		13.87	%		13.08	%
Net interest margin⁽¹⁾⁽³⁾		3.34	%		3.27	%		3.18	%		3.14	%		3.15	%

	12 Months Ended December 31,
		2024			2023
Profitability (reported)
Diluted earnings per share	$	2.97		$	2.65
Weighted average diluted common shares outstanding		47,433,174			44,770,171
Return on average assets		1.04	%		0.95	%
Return on average equity		9.57	%		9.34	%
Return on average tangible common equity⁽¹⁾		13.75	%		13.02	%
Net interest margin⁽¹⁾		3.23	%		3.29	%

		2024												2023
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Profitability (operating)
Diluted earnings per share⁽¹⁾	$	0.77		$	0.80		$	0.69		$	0.68		$	0.72
Return on average assets⁽¹⁾⁽³⁾		1.06	%		1.12	%		0.98	%		0.97	%		0.99	%
Return on average equity⁽¹⁾⁽³⁾		9.60	%		10.23	%		9.14	%		9.04	%		9.79	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.57	%		14.56	%		13.26	%		13.20	%		14.49	%

		2024												2023
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Balance sheet data
Short-term interest-bearing accounts	$	78,973		$	231,671		$	35,207		$	156,632		$	31,378
Securities available for sale		1,574,664			1,509,338			1,439,445			1,418,471			1,430,858
Securities held to maturity		842,921			854,941			878,909			890,863			905,267
Net loans		9,853,910			9,787,541			9,733,847			9,572,777			9,536,313
Total assets		13,786,666			13,839,552			13,501,909			13,439,199			13,309,040
Total deposits		11,546,761			11,588,278			11,271,459			11,195,289			10,968,994
Total borrowings		414,983			456,666			476,082			518,190			637,387
Total liabilities		12,260,525			12,317,572			12,039,954			11,997,784			11,883,349
Stockholders’ equity		1,526,141			1,521,980			1,461,955			1,441,415			1,425,691

Capital
Equity to assets		11.07	%		11.00	%		10.83	%		10.73	%		10.71	%
Tangible equity ratio⁽¹⁾		8.42	%		8.36	%		8.11	%		7.98	%		7.93	%
Book value per share	$	32.34		$	32.26		$	31.00		$	30.57		$	30.26
Tangible book value per share⁽²⁾	$	23.88		$	23.83		$	22.54		$	22.07		$	21.72
Leverage ratio		10.24	%		10.29	%		10.16	%		10.09	%		9.71	%
Common equity tier 1 capital ratio		11.93	%		11.86	%		11.70	%		11.68	%		11.57	%
Tier 1 capital ratio		12.83	%		12.77	%		12.61	%		12.61	%		12.50	%
Total risk-based capital ratio		15.03	%		15.02	%		14.88	%		14.87	%		14.75	%
Common stock price (end of period)	$	47.76		$	44.23		$	38.60		$	36.68		$	41.91

NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)

		2024												2023
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Asset quality
Nonaccrual loans	$	45,819		$	33,338		$	34,755		$	35,189		$	34,213
90 days past due and still accruing		5,798			3,981			3,333			2,600			3,661
Total nonperforming loans		51,617			37,319			38,088			37,789			37,874
Other real estate owned		182			127			74			–			–
Total nonperforming assets		51,799			37,446			38,162			37,789			37,874
Allowance for loan losses		116,000			119,500			120,500			115,300			114,400

Asset quality ratios
Allowance for loan losses to total loans		1.16	%		1.21	%		1.22	%		1.19	%		1.19	%
Total nonperforming loans to total loans		0.52	%		0.38	%		0.39	%		0.39	%		0.39	%
Total nonperforming assets to total assets		0.38	%		0.27	%		0.28	%		0.28	%		0.28	%
Allowance for loan losses to total nonperforming loans		224.73	%		320.21	%		316.37	%		305.12	%		302.05	%
Past due loans to total loans⁽⁴⁾		0.34	%		0.36	%		0.30	%		0.33	%		0.32	%
Net charge-offs to average loans⁽³⁾		0.23	%		0.16	%		0.15	%		0.19	%		0.22	%

		2024												2023
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Loan net charge-offs by line of business
Commercial	$	2,542		$	807		$	(8	)	$	772		$	1,107
Residential real estate and home equity		(25	)		(64	)		(76	)		(32	)		11
Indirect auto		675			725			747			665			399
Residential solar		1,589			1,599			1,610			1,211			1,081
Other consumer		928			853			1,426			2,063			2,729
Total loan net charge-offs	$	5,709		$	3,920		$	3,699		$	4,679		$	5,327

		2024												2023
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Allowance for loan losses as a percentage of loans by segment
Commercial & industrial		0.73	%		0.73	%		0.76	%		0.79	%		0.84	%
Commercial real estate		0.95	%		1.01	%		1.00	%		0.97	%		0.99	%
Residential real estate		1.00	%		1.00	%		0.98	%		0.89	%		0.84	%
Auto		0.81	%		0.83	%		0.85	%		0.81	%		0.83	%
Residential solar		3.70	%		3.70	%		3.76	%		3.58	%		3.28	%
Other consumer		2.65	%		3.51	%		4.09	%		4.24	%		4.70	%
Total		1.16	%		1.21	%		1.22	%		1.19	%		1.19	%

		2024												2023
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Loans by line of business
Commercial & industrial	$	1,426,482		$	1,458,926		$	1,397,935		$	1,353,446		$	1,354,248
Commercial real estate		3,876,698			3,792,498			3,784,214			3,646,739			3,626,910
Residential real estate		2,142,249			2,143,766			2,134,875			2,133,289			2,125,804
Home equity		334,268			328,687			326,556			328,673			337,214
Indirect auto		1,273,253			1,235,175			1,225,786			1,190,734			1,130,132
Residential solar		820,079			839,659			861,883			896,147			917,755
Other consumer		96,881			108,330			123,098			139,049			158,650
Total loans	$	9,969,910		$	9,907,041		$	9,854,347		$	9,688,077		$	9,650,713

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands)

	December 31,		December 31,
	2024		2023
Assets
Cash and due from banks	$	205,083	$	173,811
Short-term interest-bearing accounts		78,973		31,378
Equity securities, at fair value		42,372		37,591
Securities available for sale, at fair value		1,574,664		1,430,858
Securities held to maturity (fair value $749,945 and $814,524, respectively)		842,921		905,267
Federal Reserve and Federal Home Loan Bank stock		33,957		45,861
Loans held for sale		9,744		3,371
Loans		9,969,910		9,650,713
Less allowance for loan losses		116,000		114,400
Net loans	$	9,853,910	$	9,536,313
Premises and equipment, net		80,840		80,675
Goodwill		362,663		361,851
Intangible assets, net		36,360		40,443
Bank owned life insurance		272,657		265,732
Other assets		392,522		395,889
Total assets	$	13,786,666	$	13,309,040

Liabilities and stockholders’ equity
Demand (noninterest bearing)	$	3,446,068	$	3,413,829
Savings, NOW and money market		6,658,188		6,230,456
Time		1,442,505		1,324,709
Total deposits	$	11,546,761	$	10,968,994
Short-term borrowings		162,942		386,651
Long-term debt		29,644		29,796
Subordinated debt, net		121,201		119,744
Junior subordinated debt		101,196		101,196
Other liabilities		298,781		276,968
Total liabilities	$	12,260,525	$	11,883,349

Total stockholders’ equity	$	1,526,141	$	1,425,691

Total liabilities and stockholders’ equity	$	13,786,666	$	13,309,040

NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited, in thousands except per share data)

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2024			2023		2024			2023
Interest, fee and dividend income
Interest and fees on loans	$	141,103		$	132,738	$	552,846		$	462,669
Securities available for sale		8,773			7,208		31,274			29,812
Securities held to maturity		4,931			5,374		20,466			20,681
Other		2,930			5,594		7,084			9,627
Total interest, fee and dividend income	$	157,737		$	150,914	$	611,670		$	522,789
Interest expense
Deposits	$	46,815		$	42,753	$	186,948		$	104,641
Short-term borrowings		918			4,951		8,669			25,608
Long-term debt		293			294		1,166			925
Subordinated debt		1,816			1,795		7,232			6,076
Junior subordinated debt		1,790			1,948		7,533			7,320
Total interest expense	$	51,632		$	51,741	$	211,548		$	144,570
Net interest income	$	106,105		$	99,173	$	400,122		$	378,219
Provision for loan losses	$	2,209		$	5,126	$	19,607		$	16,524
Provision for loan losses – acquisition day 1 non-PCD		–			–		–			8,750
Total provision for loan losses	$	2,209		$	5,126	$	19,607		$	25,274
Net interest income after provision for loan losses	$	103,896		$	94,047	$	380,515		$	352,945
Noninterest income
Service charges on deposit accounts	$	4,411		$	4,165	$	17,087		$	15,425
Card services income		5,652			5,360		22,331			20,829
Retirement plan administration fees		12,924			11,226		56,587			47,221
Wealth management		10,842			9,152		41,641			34,763
Insurance services		3,883			3,659		17,032			15,667
Bank owned life insurance income		2,271			1,776		8,325			6,750
Net securities gains (losses)		222			507		2,789			(9,315	)
Other		2,221			2,643		11,032			10,838
Total noninterest income	$	42,426		$	38,488	$	176,824		$	142,178
Noninterest expense
Salaries and employee benefits	$	61,749		$	50,013	$	232,487		$	194,250
Technology and data services		10,220			10,174		39,139			38,163
Occupancy		7,786			7,175		31,309			28,408
Professional fees and outside services		4,843			5,115		19,132			17,601
Amortization of intangible assets		2,080			2,131		8,443			4,734
Reserve for unfunded loan commitments		(125	)		300		(705	)		30
Impairment of a minority interest equity investment		–			4,750		–			4,750
Acquisition expenses		988			254		1,531			9,978
Other		13,234			12,839		46,545			43,750
Total noninterest expense	$	100,775		$	92,751	$	377,881		$	341,664
Income before income tax expense	$	45,547		$	39,784	$	179,458		$	153,459
Income tax expense		9,542			9,338		38,817			34,677
Net income	$	36,005		$	30,446	$	140,641		$	118,782
Earnings Per Share
Basic	$	0.76		$	0.65	$	2.98		$	2.67
Diluted	$	0.76		$	0.64	$	2.97		$	2.65

NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)

		2024										2023
	4th Q			3rd Q		2nd Q			1st Q			4th Q
Interest, fee and dividend income
Interest and fees on loans	$	141,103		$	141,991	$	136,606		$	133,146		$	132,738
Securities available for sale		8,773			7,815		7,562			7,124			7,208
Securities held to maturity		4,931			5,042		5,190			5,303			5,374
Other		2,930			1,382		1,408			1,364			5,594
Total interest, fee and dividend income	$	157,737		$	156,230	$	150,766		$	146,937		$	150,914
Interest expense
Deposits	$	46,815		$	49,106	$	46,688		$	44,339		$	42,753
Short-term borrowings		918			1,431		2,899			3,421			4,951
Long-term debt		293			292		291			290			294
Subordinated debt		1,816			1,810		1,806			1,800			1,795
Junior subordinated debt		1,790			1,922		1,908			1,913			1,948
Total interest expense	$	51,632		$	54,561	$	53,592		$	51,763		$	51,741
Net interest income	$	106,105		$	101,669	$	97,174		$	95,174		$	99,173
Provision for loan losses	$	2,209		$	2,920	$	8,899		$	5,579		$	5,126
Provision for loan losses – acquisition day 1 non-PCD		–			–		–			–			–
Total provision for loan losses	$	2,209		$	2,920	$	8,899		$	5,579		$	5,126
Net interest income after provision for loan losses	$	103,896		$	98,749	$	88,275		$	89,595		$	94,047
Noninterest income
Service charges on deposit accounts	$	4,411		$	4,340	$	4,219		$	4,117		$	4,165
Card services income		5,652			5,897		5,587			5,195			5,360
Retirement plan administration fees		12,924			14,578		14,798			14,287			11,226
Wealth management		10,842			10,929		10,173			9,697			9,152
Insurance services		3,883			4,913		3,848			4,388			3,659
Bank owned life insurance income		2,271			1,868		1,834			2,352			1,776
Net securities gains (losses)		222			476		(92	)		2,183			507
Other		2,221			2,773		2,865			3,173			2,643
Total noninterest income	$	42,426		$	45,774	$	43,232		$	45,392		$	38,488
Noninterest expense
Salaries and employee benefits	$	61,749		$	59,641	$	55,393		$	55,704		$	50,013
Technology and data services		10,220			9,920		9,249			9,750			10,174
Occupancy		7,786			7,754		7,671			8,098			7,175
Professional fees and outside services		4,843			4,871		4,565			4,853			5,115
Amortization of intangible assets		2,080			2,062		2,133			2,168			2,131
Reserve for unfunded loan commitments		(125	)		250		(380	)		(450	)		300
Impairment of a minority interest equity investment		–			–		–			–			4,750
Acquisition expenses		988			543		–			–			254
Other		13,234			10,704		10,957			11,650			12,839
Total noninterest expense	$	100,775		$	95,745	$	89,588		$	91,773		$	92,751
Income before income tax expense	$	45,547		$	48,778	$	41,919		$	43,214		$	39,784
Income tax expense		9,542			10,681		9,203			9,391			9,338
Net income	$	36,005		$	38,097	$	32,716		$	33,823		$	30,446
Earnings Per Share
Basic	$	0.76		$	0.81	$	0.69		$	0.72		$	0.65
Diluted	$	0.76		$	0.80	$	0.69		$	0.71		$	0.64

NBT Bancorp Inc. and Subsidiaries
Average Quarterly Balance Sheets
(unaudited, dollars in thousands)

	Average Balance		Yield / Rates	Average Balance		Yield / Rates	Average Balance		Yield / Rates	Average Balance		Yield / Rates	Average Balance		Yield / Rates
	Q4 – 2024			Q3 – 2024			Q2 – 2024			Q1 – 2024			Q4 – 2023
Assets
Short-term interest-bearing accounts	$	184,988	5.27%	$	62,210	4.87%	$	48,861	5.48%	$	47,972	4.48%	$	319,907	5.59%
Securities taxable⁽¹⁾		2,317,034	2.10%		2,266,930	1.99%		2,280,767	1.97%		2,278,029	1.91%		2,310,409	1.88%
Securities tax-exempt⁽¹⁾⁽⁵⁾		211,493	3.46%		217,251	3.47%		226,032	3.56%		230,468	3.58%		232,575	3.51%
FRB and FHLB stock		33,261	5.75%		35,395	6.97%		40,283	7.41%		42,296	7.89%		47,994	8.98%
Loans⁽¹⁾⁽⁶⁾		9,957,879	5.65%		9,865,412	5.74%		9,772,014	5.63%		9,674,892	5.54%		9,653,191	5.47%
Total interest-earning assets	$	12,704,655	4.96%	$	12,447,198	5.01%	$	12,367,957	4.92%	$	12,273,657	4.84%	$	12,564,076	4.79%
Other assets		1,093,419			1,072,277			1,064,487			1,055,386			1,052,024
Total assets	$	13,798,074		$	13,519,475		$	13,432,444		$	13,329,043		$	13,616,100
Liabilities and stockholders’ equity
Money market deposit accounts	$	3,504,937	3.27%	$	3,342,845	3.68%	$	3,254,252	3.65%	$	3,129,160	3.56%	$	3,045,531	3.43%
NOW deposit accounts		1,664,960	0.91%		1,600,547	0.87%		1,603,695	0.78%		1,600,288	0.75%		1,645,401	0.80%
Savings deposits		1,561,703	0.05%		1,566,316	0.05%		1,586,753	0.05%		1,607,659	0.04%		1,666,915	0.04%
Time deposits		1,446,798	3.85%		1,442,424	4.00%		1,391,062	4.00%		1,352,559	4.00%		1,343,548	3.81%
Total interest-bearing deposits	$	8,178,398	2.28%	$	7,952,132	2.46%	$	7,835,762	2.40%	$	7,689,666	2.32%	$	7,701,395	2.20%
Federal funds purchased		–	–		2,609	5.34%		29,945	5.56%		19,769	5.53%		217	5.48%
Repurchase agreements		116,408	3.13%		98,035	2.80%		86,405	1.55%		82,419	1.55%		82,387	1.59%
Short-term borrowings		174	4.57%		48,875	5.74%		155,159	5.58%		213,390	5.34%		345,250	5.31%
Long-term debt		29,657	3.93%		29,696	3.91%		29,734	3.94%		29,772	3.92%		29,809	3.91%
Subordinated debt, net		120,967	5.97%		120,594	5.97%		120,239	6.04%		119,873	6.04%		119,531	5.96%
Junior subordinated debt		101,196	7.04%		101,196	7.56%		101,196	7.58%		101,196	7.60%		101,196	7.64%
Total interest-bearing liabilities	$	8,546,800	2.40%	$	8,353,137	2.60%	$	8,358,440	2.58%	$	8,256,085	2.52%	$	8,379,785	2.45%
Demand deposits		3,438,194			3,389,894			3,323,906			3,356,607			3,535,815
Other liabilities		295,292			292,446			306,747			286,749			326,857
Stockholders’ equity		1,517,788			1,483,998			1,443,351			1,429,602			1,373,643
Total liabilities and stockholders’ equity	$	13,798,074		$	13,519,475		$	13,432,444		$	13,329,043		$	13,616,100
Interest rate spread			2.56%			2.41%			2.34%			2.32%			2.34%
Net interest margin (FTE)⁽¹⁾			3.34%			3.27%			3.18%			3.14%			3.15%

NBT Bancorp Inc. and Subsidiaries
Average Year-to-Date Balance Sheets
(unaudited, dollars in thousands)

	Average				Yield/	Average				Yield/
	Balance		Interest		Rates	Balance		Interest		Rates
Twelve Months Ended December 31,		2024					2023
Assets
Short-term interest-bearing accounts	$	86,213	$	4,412	5.12%	$	126,765	$	6,259	4.94%
Securities taxable⁽¹⁾		2,285,725		45,588	1.99%		2,377,596		45,176	1.90%
Securities tax-exempt⁽¹⁾⁽⁵⁾		221,273		7,788	3.52%		214,053		6,730	3.14%
FRB and FHLB stock		37,789		2,672	7.07%		48,641		3,368	6.92%
Loans⁽¹⁾⁽⁶⁾		9,818,064		553,784	5.64%		8,803,228		463,290	5.26%
Total interest-earning assets	$	12,449,064	$	614,244	4.93%	$	11,570,283	$	524,823	4.54%
Other assets		1,071,455					923,850
Total assets	$	13,520,519				$	12,494,133
Liabilities and stockholders’ equity
Money market deposit accounts	$	3,308,433	$	116,982	3.54%	$	2,418,450	$	62,475	2.58%
NOW deposit accounts		1,617,456		13,442	0.83%		1,555,414		8,298	0.53%
Savings deposits		1,580,517		734	0.05%		1,715,749		650	0.04%
Time deposits		1,408,410		55,790	3.96%		1,006,867		33,218	3.30%
Total interest-bearing deposits	$	7,914,816	$	186,948	2.36%	$	6,696,480	$	104,641	1.56%
Federal funds purchased		13,016		721	5.54%		24,575		1,269	5.16%
Repurchase agreements		95,879		2,255	2.35%		70,251		747	1.06%
Short-term borrowings		103,963		5,693	5.48%		450,377		23,592	5.24%
Long-term debt		29,715		1,166	3.92%		24,247		925	3.81%
Subordinated debt, net		120,420		7,232	6.01%		105,756		6,076	5.75%
Junior subordinated debt		101,196		7,533	7.44%		101,196		7,320	7.23%
Total interest-bearing liabilities	$	8,379,005	$	211,548	2.52%	$	7,472,882	$	144,570	1.93%
Demand deposits		3,377,352					3,463,608
Other liabilities		295,301					285,310
Stockholders’ equity		1,468,861					1,272,333
Total liabilities and stockholders’ equity	$	13,520,519				$	12,494,133
Net interest income (FTE)⁽¹⁾			$	402,696				$	380,253
Interest rate spread					2.41%					2.61%
Net interest margin (FTE)⁽¹⁾					3.23%					3.29%
Taxable equivalent adjustment			$	2,574				$	2,034
Net interest income			$	400,122				$	378,219

⁽¹⁾	The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

	Non-GAAP measures
	(unaudited, dollars in thousands except per share data)

			2024												2023
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	Operating net income
	Net income	$	36,005		$	38,097		$	32,716		$	33,823		$	30,446
	Acquisition expenses		988			543			–			–			254
	Impairment of a minority interest equity investment		–			–			–			–			4,750
	Securities (gains) losses		(222	)		(476	)		92			(2,183	)		(507	)
	Adjustments to net income	$	766		$	67		$	92		$	(2,183	)	$	4,497
	Adjustments to net income (net of tax)	$	604		$	52		$	72		$	(1,703	)	$	3,435
	Operating net income	$	36,609		$	38,149		$	32,788		$	32,120		$	33,881
	Operating diluted earnings per share	$	0.77		$	0.80		$	0.69		$	0.68		$	0.72

			2024												2023
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	FTE adjustment
	Net interest income	$	106,105		$	101,669		$	97,174		$	95,174		$	99,173
	Add: FTE adjustment		619			639			658			658			669
	Net interest income (FTE)	$	106,724		$	102,308		$	97,832		$	95,832		$	99,842
	Average earning assets	$	12,704,655		$	12,447,198		$	12,367,957		$	12,273,657		$	12,564,076
	Net interest margin (FTE)⁽³⁾		3.34	%		3.27	%		3.18	%		3.14	%		3.15	%

		12 Months Ended December 31,
			2024			2023
	FTE adjustment
	Net interest income	$	400,122		$	378,219
	Add: FTE adjustment		2,574			2,034
	Net interest income (FTE)	$	402,696		$	380,253
	Average earning assets	$	12,449,064		$	11,570,283
	Net interest margin (FTE)		3.23	%		3.29	%

	Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.

⁽¹⁾	The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

	Non-GAAP measures (continued)
	(unaudited, dollars in thousands)

			2024												2023
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	Tangible equity to tangible assets
	Total equity	$	1,526,141		$	1,521,980		$	1,461,955		$	1,441,415		$	1,425,691
	Intangible assets		399,023			397,853			398,686			400,819			402,294
	Total assets	$	13,786,666		$	13,839,552		$	13,501,909		$	13,439,199		$	13,309,040
	Tangible equity to tangible assets		8.42	%		8.36	%		8.11	%		7.98	%		7.93	%

			2024												2023
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	Return on average tangible common equity
	Net income	$	36,005		$	38,097		$	32,716		$	33,823		$	30,446
	Amortization of intangible assets (net of tax)		1,560			1,547			1,600			1,626			1,599
	Net income, excluding intangibles amortization	$	37,565		$	39,644		$	34,316		$	35,449		$	32,045

	Average stockholders’ equity	$	1,517,788		$	1,483,998		$	1,443,351		$	1,429,602		$	1,373,643
	Less: average goodwill and other intangibles		399,139			399,113			399,968			401,756			401,978
	Average tangible common equity	$	1,118,649		$	1,084,885		$	1,043,383		$	1,027,846		$	971,665
	Return on average tangible common equity⁽³⁾		13.36	%		14.54	%		13.23	%		13.87	%		13.08	%

		12 Months Ended December 31,
			2024			2023
	Return on average tangible common equity
	Net income	$	140,641		$	118,782
	Amortization of intangible assets (net of tax)		6,332			3,551
	Net income, excluding intangibles amortization	$	146,973		$	122,333

	Average stockholders’ equity	$	1,468,861		$	1,272,333
	Less: average goodwill and other intangibles		399,989			332,667
	Average tangible common equity	$	1,068,872		$	939,666
	Return on average tangible common equity		13.75	%		13.02	%

⁽²⁾	Non-GAAP measure – Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding.
⁽³⁾	Annualized.
⁽⁴⁾	Total past due loans, defined as loans 30 days or more past due and in an accrual status.
⁽⁵⁾	Securities are shown at average amortized cost.
⁽⁶⁾	For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.

Contact:	Scott A. Kingsley, President and CEO
	Annette L. Burns, Executive Vice President and CFO
	NBT Bancorp Inc.
	52 South Broad Street
	Norwich, NY 13815
	607-337-6589

This press release was published by a CLEAR® Verified individual.

The MIL Network –

January 28, 2025

MIL-OSI: Preferred Bank Reports Fourth Quarter and Annual Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank (“the Bank”) reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calculation error goes back to the adoption of ASC 842 in 2019 and the $8.1 million item represents the cumulative erroneous calculation through the years from 2019 to present.

Net interest income was $69.2 million, up by $325,000 compared to last quarter’s $68.8 million and down slightly from the $69.4 million recorded one year ago. Noninterest expense was $28.2 million, an increase of $6.2 million from the previous quarter and an increase of $10.4 million over the same quarter last year. These increases were due to the aforementioned non-recurring occupancy expense item. The provision for credit losses was $2.0 million this quarter compared to $3.2 million last quarter and compared to $3.5 million this quarter last year. Despite the non-recurring expense item, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

Highlights for the Quarter:

Return on average assets was 1.74%
Return on beginning equity of 16.03%
Net interest margin (NIM) held strong at 4.06%
Total loans increased by $71 million or 1.3%
Efficiency ratio was 38.8%

Highlights for the Year:

Return on average assets was 1.91%
Return on beginning equity of 18.80%
The NIM was 4.08%
Total loans increased by $369 million or 7.0%
Efficiency ratio was 31.47%

Li Yu, Chairman and CEO, commented, “We completed the year 2024 with net income of $130.7 million or $9.64 per diluted share. Return on assets was 1.91% for the year and return on beginning equity was 18.8%, which should be well above peer group and the industry average.

”Fourth quarter net income of $30.2 million or $2.25 per diluted share was negatively impacted by a correction to our lease expense of $8.1 million. This correction was previously announced and is non-recurring in nature. The after-tax effect of this item was approximately $0.42.

“Under a high interest rate and high inflation environment, Preferred Bank’s loan growth and deposit growth were less than our historical performance. 2024 loan growth of 7.0% and deposit growth of 3.6% were still in- line with industry averages.

“At December 31, 2024, our credit metrics improved from September 30, 2024. Non-performing loans decreased by $10.0 million or 52% and criticized loans decreased by $76.7 million or 32.6%. The Bank’s allowance for credit losses to total loans was 1.27% as of December 31, 2024.

“The recent wildfires in the Los Angeles area have wrought unprecedented damage to our community. We at Preferred Bank will be dedicated to making the utmost effort to help rebuild the homes and businesses lost in this tragedy. At this time, the Bank has confirmed the existence of one property that secures a commercial loan which was affected by the fires but we can confirm the property had the appropriate insurance. We are most grateful that none of our residential home mortgage borrowers have been affected and that none of our employees have been directly impacted.

“In December, our Board of Directors announced an increase in the quarterly dividend from $0.70 per quarter to $0.75 per quarter, the first of which is payable in January of 2025. For the year, we also repurchased 464,314 shares of our common stock for total consideration of $34.3 million. At December 31, 2024, the Bank’s tier 1 leverage ratio improved to 11.33% from 10.85% as of December 31, 2023. Tangible book value per common share increased from $50.54 at the end of 2023 to $57.86 as of December 31, 2024, a 13.1% increase.

“We look forward to continue our consistently strong financial performance into 2025.”

Results of Operations – Quarter

Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $69.2 million for the fourth quarter of 2024. This was a $325,000 increase from the $68.8 million recorded in the prior quarter and a $223,000 decrease from the same quarter last year. Compared to the prior quarter, interest income was down by $3.6 million but interest expense also decreased by $3.9 million. In comparison to the same quarter last year, interest income increased by $894,000 but interest expense increased by $1.1 million. The Bank’s net interest margin came in at 4.06% for the quarter, this is down slightly from the 4.10% recorded last quarter and was down by 18 basis points from the 4.24% margin achieved in the fourth quarter of the prior year. Management believes that efforts to reduce the Bank’s asset sensitivity have been largely effective as the margin has held up much better than originally anticipated when the first rate cut occurred in September of 2024.

Noninterest Income. For the fourth quarter of 2024, noninterest income was $3.6 million compared with $2.1 million for the same quarter last year and compared to $3.5 million for the third quarter of 2024. The increase over the prior quarter was primarily due to other income and fees which increased by $131,000. In comparing to the same quarter last year, letter of credit (LC) fee income was up by $491,000 and last year the Bank recorded a loss on sale of investment securities of $929,000. Finally, other income was up by $303,000 over last year.

Noninterest Expense. Total noninterest expense was $28.2 million for the fourth quarter of 2024 compared to $22.1 million for the third quarter of 2024 and compared to the $17.9 million recorded in the same period last year. The primary reason for the increase over the prior year and over the prior quarter was the $8.1 million occupancy expense adjustment related to accounting pronouncement ASC 842 mentioned earlier. In comparing to the prior quarter; personnel expense was down by $246,000, business development expense was up by $99,000 and OREO expense was lower by $1.8 million due to a $1.6 million valuation allowance recorded last quarter. In comparing to same quarter last year; personnel expense was up by $1.2 million due to additional personnel, professional services was up by $251,000 and other expense was up by $360,000. For the quarter ended December 31, 2024, the Bank’s efficiency ratio was 38.8%, higher than the 30.6% posted last quarter and higher than the 25.0% posted this quarter last year.

Income Taxes. The Bank recorded a provision for income taxes of $12.3 million for the fourth quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

Balance Sheet Summary

Total gross loans at December 31, 2024 were $5.64 billion, an increase of $369 million from the total of $5.27 billion as of December 31, 2023. Total deposits were $5.92 billion, an increase of $207.5 million from the $5.71 billion as of December 31, 2023. Total assets were $6.92 billion, an increase of $264.2 million over the total of $6.66 billion as of December 31, 2023.

Results of Operations – Year

The Bank’s net income for the year ended December 31, 2024 was $130.7 million or $9.64 per diluted share. This is down from $150.0 million or $10.52 per diluted share for 2023. The decrease was due to net interest income which was down by $16.7 million as well as noninterest expense which increased by $13.4 million. This was partially offset by noninterest income which increased in 2024 by $6.5 million over 2023. Despite this decline, the Bank’s earnings metrics still remain top-of-class as ROA was 1.91%, ROBE was 18.8% and the Bank’s efficiency ratio was 31.5%. Also, during 2024 the Bank repurchased 464,314 shares at an average price of $73.76 which contributed approximately $0.17 per diluted share for 2024.

Asset Quality

Non-accrual loans and loans 90 days past due and still accruing totaled $9.4 million as of December 31, 2024, a decrease of $10.0 million from $19.4 million on September 30, 2024 and a decrease of $19.3 million from the $28.7 million in nonperforming loans as of December 31, 2023. Total net charge-offs for the quarter were $6.6 million and all were previously fully reserved.

Total criticized loans decreased to $158.1 million from $234.8 million last quarter. The Bank expects to upgrade a number of the remaining credits in this cohort once more collateral is in place.

Allowance for Credit Losses

The provision for credit losses for the fourth quarter of 2024 was $2.0 million compared to $3.2 million last quarter and compared to $3.5 million in the same quarter last year. The Bank’s allowance coverage ratio declined to 1.27% of loans as compared to 1.36% in the prior quarter.

Capitalization

As of December 31, 2024, the Bank’s leverage ratio was 11.33%, the common equity tier 1 capital ratio was 11.80% and the total capital ratio stood at 15.11%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank’s fourth quarter 2024 financial results will be held tomorrow, January 28, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through February 11, 2025; the passcode is 6335378.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

Financial Tables to Follow


PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)

	For the Quarter Ended
	December 31,		September 30,		December 31,
	2024		2024		2023
Interest income:
Loans, including fees	$	111,596	$	114,112	$	107,709
Investment securities		14,013		15,032		16,973
Fed funds sold		249		280		282
Total interest income		125,858		129,424		124,964

Interest expense:
Interest-bearing demand		18,245		23,211		21,716
Savings		85		84		72
Time certificates		37,030		35,956		32,455
Subordinated debt		1,325		1,325		1,325
Total interest expense		56,685		60,576		55,568
Net interest income		69,173		68,848		69,396
Provision for credit losses		2,000		3,200		3,500
Net interest income after provision for credit losses		67,173		65,648		65,896

Noninterest income:
Fees & service charges on deposit accounts		761		747		857
Letters of credit fee income		1,977		1,959		1,486
BOLI income		102		108		105
Net loss on called and sale of investment securities		–		–		(929	)
Net gain on sale of loans		112		91		205
Other income		685		554		382
Total noninterest income		3,637		3,459		2,106

Noninterest expense:
Salary and employee benefits		13,279		13,525		12,058
Net occupancy expense		10,110		1,883		1,536
Business development and promotion expense		340		241		239
Professional services		1,606		1,816		1,355
Office supplies and equipment expense		396		435		391
OREO valuation allowance and related expense		155		1,915		294
Other		2,360		2,274		2,000
Total noninterest expense		28,246		22,089		17,873
Income before provision for income taxes		42,564		47,018		50,129
Income tax expense		12,343		13,635		14,290
Net income	$	30,221	$	33,383	$	35,839

Income per share available to common shareholders
Basic	$	2.29	$	2.50	$	2.63
Diluted	$	2.25	$	2.46	$	2.60

Weighted-average common shares outstanding
Basic		13,190,696		13,327,848		13,617,225
Diluted		13,442,294		13,544,273		13,804,315

Cash dividends per common share	$	0.75	$	0.70	$	0.70

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)

	For the Twelve Months Ended
	December 31,		December 31,			Change
	2024		2023			%
Interest income:
Loans, including fees	$	445,139	$	412,505			7.9	%
Investment securities		62,854		64,427			-2.4	%
Fed funds sold		1,103		1,056			4.5	%
Total interest income		509,096		477,988			6.5	%

Interest expense:
Interest-bearing demand		87,951		75,417			16.6	%
Savings		323		225			43.5	%
Time certificates		142,894		103,853			37.6	%
FHLB borrowings		0		3,819			-100.0	%
Subordinated debt		5,300		5,300			0.0	%
Total interest expense		236,468		188,614			25.4	%
Net interest income		272,628		289,374			-5.8	%
Provision for credit losses		12,100		10,000			21.0	%
Net interest income after provision for credit losses		260,528		279,374			-6.7	%

Noninterest income:
Fees & service charges on deposit accounts		3,172		3,333			-4.8	%
Letters of credit fee income		7,188		5,798			24.0	%
BOLI income		420		412			2.1	%
Net loss on called and sale of investment securities		–		(5,046	)		-100.0	%
Net gain on sale of loans		659		752			-12.4	%
Other income		2,126		1,864			14.0	%
Total noninterest income		13,565		7,113			90.7	%

Noninterest expense:
Salary and employee benefits		53,648		51,314			4.5	%
Net occupancy expense		15,420		6,049			154.9	%
Business development and promotion expense		1,250		737			69.6	%
Professional services		6,711		5,270			27.3	%
Office supplies and equipment expense		1,781		1,588			12.2	%
OREO valuation allowance and related expense		2,234		3,344			-33.2	%
Other		9,016		8,332			8.2	%
Total noninterest expense		90,060		76,634			17.5	%
Income before provision for income taxes		184,033		209,853			-12.3	%
Income tax expense		53,371		59,813			-10.8	%
Net income	$	130,662	$	150,040			-12.9	%

Income per share available to common shareholders
Basic	$	9.79	$	10.64			-8.0	%
Diluted	$	9.64	$	10.52			-8.4	%

Weighted-average common shares outstanding
Basic		13,347,004		14,095,745			-5.3	%
Diluted		13,554,266		14,261,644			-5.0	%

Dividends per share	$	2.85	$	2.35			21.3	%

PREFERRED BANK
Condensed Consolidated Statements of Financial Condition
(unaudited)
(in thousands)

	December 31,			December 31,
	2024			2023
	(Unaudited)			(Audited)
Assets
Cash and due from banks	$	765,515		$	890,852
Fed funds sold		20,000			20,000
Cash and cash equivalents		785,515			910,852

Securities held-to-maturity, at amortized cost		20,021			21,171
Securities available-for-sale, at fair value		348,706			313,842

Loans held for sale, at lower of cost or fair value		2,214			360

Loans		5,640,615			5,273,498
Less allowance for credit losses		(71,477	)		(78,355	)
Less amortized deferred loan fees, net		(9,234	)		(11,079	)
Loans, net		5,559,904			5,184,064

Other real estate owned and repossessed assets		14,991			16,716
Customers’ liability on acceptances		–			315
Bank furniture and fixtures, net		8,462			9,694
Bank-owned life insurance		10,433			10,632
Accrued interest receivable		33,561			33,892
Investment in affordable housing partnerships		58,346			65,276
Federal Home Loan Bank stock, at cost		15,000			15,000
Deferred tax assets		47,316			48,991
Income tax receivable		2,281			2,391
Operating lease right-of-use assets		13,182			22,050
Other assets		3,497			4,030
Total assets	$	6,923,429		$	6,659,276

Liabilities and Shareholders’ Equity
Deposits:
Noninterest bearing demand deposits	$	704,859		$	786,995
Interest bearing deposits:		2,026,965			2,075,156
Savings		30,150			29,167
Time certificates of $250,000 or more		1,477,931			1,317,862
Other time certificates		1,676,943			1,500,162
Total deposits		5,916,848			5,709,342

Acceptances outstanding		–			315
Subordinated debt issuance, net		148,469			148,232
Commitments to fund investment in affordable housing partnerships		21,623			30,824
Operating lease liabilities		16,990			19,766
Accrued interest payable		16,517			16,124
Other liabilities		39,830			39,568
Total liabilities		6,160,277			5,964,171

Shareholders’ equity		763,152			695,105
Total liabilities and shareholders’ equity		6,923,429			6,659,276

Book value per common share	$	57.86		$	50.54
Number of common shares outstanding		13,188,776			13,753,246

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)

	For the Quarter Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
Unaudited historical quarterly operations data:
Interest income	$	125,858		$	129,424		$	127,294		$	126,520		$	124,964
Interest expense		56,685			60,576			61,187			58,020			55,568
Interest income before provision for credit losses		69,173			68,848			66,107			68,500			69,396
Provision for credit losses		2,000			3,200			2,500			4,400			3,500
Noninterest income		3,637			3,459			3,404			3,065			2,106
Noninterest expense		28,246			22,089			19,697			20,028			17,873
Income tax expense		12,343			13,635			13,722			13,671			14,290
Net income	$	30,221		$	33,383		$	33,592		$	33,466		$	35,839

Earnings per share
Basic	$	2.29		$	2.50		$	2.51		$	2.48		$	2.63
Diluted	$	2.25		$	2.46		$	2.48		$	2.44		$	2.60

Ratios for the period:
Return on average assets		1.74	%		1.95	%		1.97	%		2.00	%		2.15	%
Return on beginning equity		16.03	%		18.37	%		19.44	%		19.36	%		21.21	%
Net interest margin (Fully-taxable equivalent)		4.06	%		4.10	%		3.96	%		4.19	%		4.24	%
Noninterest expense to average assets		1.62	%		1.29	%		1.15	%		1.20	%		1.07	%
Efficiency ratio		38.79	%		30.55	%		28.34	%		27.99	%		25.00	%
Net charge-offs to average loans (annualized)		0.47	%		-0.00	%		0.68	%		0.26	%		-0.00	%

Ratios as of period end:
Tangible common equity ratio		11.02	%		10.92	%		10.55	%		10.35	%		10.43	%
Tier 1 leverage capital ratio		11.33	%		11.28	%		10.89	%		10.80	%		10.85	%
Common equity tier 1 risk-based capital ratio		11.80	%		11.66	%		11.52	%		11.50	%		11.57	%
Tier 1 risk-based capital ratio		11.80	%		11.66	%		11.52	%		11.50	%		11.57	%
Total risk-based capital ratio		15.11	%		15.06	%		14.93	%		15.08	%		15.18	%
Allowances for credit losses to loans at end of period		1.27	%		1.36	%		1.34	%		1.49	%		1.49	%
Allowance for credit losses to non-performing loans		7.64	x		3.92	x		1.79	x		4.33	x		2.73	x

Average balances:
Total securities	$	350,732		$	356,590		$	353,357		$	348,961		$	349,863
Total loans		5,542,558			5,458,613			5,320,360			5,263,562			5,126,918
Total earning assets		6,788,487			6,684,766			6,728,498			6,585,853			6,499,469
Total assets		6,920,325			6,817,979			6,863,829			6,718,018			6,627,349
Total time certificate of deposits		3,144,523			2,874,985			2,884,259			2,852,860			2,767,385
Total interest bearing deposits		5,220,655			5,124,245			5,203,034			5,004,834			4,906,947
Total deposits		5,905,127			5,828,227			5,901,976			5,761,488			5,689,713
Total interest bearing liabilities		5,369,092			5,272,617			5,351,347			5,153,089			5,055,143
Total equity		760,345			747,222			715,190			704,996			683,141

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)

	For the Twelve Months Ended
	December 31,			December 31,
	2024			2023

Interest income	$	509,096		$	477,988
Interest expense		236,468			188,614
Interest income before provision for credit losses		272,628			289,374
Provision for credit losses		12,100			10,000
Noninterest income		13,565			7,113
Noninterest expense		90,060			76,634
Income tax expense		53,371			59,813
Net income	$	130,662		$	150,040

Earnings per share
Basic	$	9.79		$	10.64
Diluted	$	9.64		$	10.52

Ratios for the period:
Return on average assets		1.91	%		2.28	%
Return on beginning equity		18.80	%		23.80	%
Net interest margin (Fully-taxable equivalent)		4.08	%		4.49	%
Noninterest expense to average assets		1.32	%		1.17	%
Efficiency ratio		31.47	%		25.85	%
Net charge-off to average loans		0.35	%		0.00	%

Average balances:
Total securities	$	352,416		$	389,584
Total loans		5,396,844			5,068,486
Total earning assets		6,697,118			5,067,870
Total assets		6,830,252			6,452,661
Total time certificate of deposits		2,939,543			6,577,690
Total interest bearing deposits		5,849,300			2,570,706
Total deposits		5,849,300			4,678,893
Total interest bearing liabilities		5,849,300			5,577,155
Total equity		732,058			4,902,616

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)

				As of
				December 31,			September 30,			June 30,			March 31,			December 31,
				2024			2024			2024			2024			2023
Unaudited quarterly statement of financial position data:
Assets:
	Cash and cash equivalents			$	785,515		$	804,994		$	917,677		$	936,600		$	910,852
	Securities held-to-maturity, at amortized cost				20,021			20,311			20,605			20,904			21,171
	Securities available-for-sale, at fair value				348,706			337,363			331,909			333,411			313,842
	Loans:
		Real estate – Mortgage:
			Real estate—Residential	$	790,069		$	753,453		$	732,251		$	724,101		$	688,058
			Real estate—Commercial		2,840,771			2,882,506			2,833,430			2,777,608			2,760,761
			Total Real Estate – Mortgage		3,630,840			3,635,959			3,565,681			3,501,709			3,448,819
		Real estate – Construction:
			R/E Construction — Residential		296,580			274,214			238,062			236,596			246,201
			R/E Construction — Commercial		287,185			290,308			247,582			213,727			179,775
			Total real estate construction loans		583,765			564,522			485,644			450,323			425,976
		Commercial and industrial			1,418,930			1,365,550			1,371,694			1,369,529			1,394,871
		SBA			6,833			5,424			5,463			3,914			3,469
		Consumer and others			247			124			118			379			363
			Gross loans		5,640,615			5,571,579			5,428,600			5,325,854			5,273,498
	Allowance for credit losses on loans				(71,477	)		(76,051	)		(72,848	)		(79,311	)		(78,355	)
	Net deferred loan fees				(9,234	)		(10,414	)		(10,502	)		(10,460	)		(11,079	)
		Net loans, excluding loans held for sale		$	5,559,904		$	5,485,114		$	5,345,250		$	5,236,083		$	5,184,064
	Loans held for sale			$	2,214		$	225		$	955		$	605		$	360
		Net loans		$	5,562,118		$	5,485,339		$	5,346,205		$	5,236,688		$	5,184,424

	Other real estate owned and repossessed assets			$	14,991		$	15,082		$	16,716		$	16,716		$	16,716
	Investment in affordable housing partnerships				58,346			58,009			60,432			62,854			65,276
	Federal Home Loan Bank stock, at cost				15,000			15,000			15,000			15,000			15,000
	Other assets				118,732			136,246			138,036			134,040			131,995
		Total assets		$	6,923,429		$	6,872,344		$	6,846,580		$	6,756,213		$	6,659,276

Liabilities:
	Deposits:
		Demand		$	704,859		$	682,859		$	675,767		$	709,767		$	786,995
		Interest bearing demand			2,026,965			1,994,288			2,326,214			2,159,948			2,075,156
		Savings			30,150			29,793			28,251			29,261			29,167
		Time certificates of $250,000 or more			1,477,931			1,478,500			1,406,149			1,349,927			1,317,862
		Other time certificates			1,676,943			1,682,324			1,442,381			1,552,805			1,500,162
		Total deposits		$	5,916,848		$	5,867,764		$	5,878,762		$	5,801,708		$	5,709,342

	Acceptances outstanding			$	–		$	–		$	–		$	–		$	315
	Subordinated debt issuance, net				148,469			148,410			148,351			148,292			148,232
	Commitments to fund investment in affordable housing partnerships				21,623			23,617			27,946			29,647			30,824
	Other liabilities				73,337			82,436			68,394			77,008			75,458
		Total liabilities		$	6,160,277		$	6,122,227		$	6,123,453		$	6,056,655		$	5,964,171

Equity:
	Net common stock, no par value			$	105,501		$	109,928		$	113,509		$	115,915		$	134,534
	Retained earnings				685,108			664,808			640,675			616,417			592,325
	Accumulated other comprehensive income				(27,457	)		(24,619	)		(31,057	)		(32,774	)		(31,754	)
		Total shareholders’ equity		$	763,152		$	750,117		$	723,127		$	699,558		$	695,105
		Total liabilities and shareholders’ equity		$	6,923,429		$	6,872,344		$	6,846,580		$	6,756,213		$	6,659,276

PREFERRED BANK
Quarter-to-Date Average Balances, Yield and Rates
(unaudited)


	Three months ended December 31,								Three months ended September 30,								Three months ended December 31,
	2024								2024								2023
				Interest		Average						Interest		Average						Interest		Average
	Average			Income or		Yield/			Average			Income or		Yield/			Average			Income or		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate			Balance			Expense		Rate
ASSETS	(Dollars in thousands)
Interest earning assets:
Loans ^(1,2)	$	5,543,215		$	111,596		8.01	%	$	5,459,842		$	114,112		8.31	%	$	5,127,935		$	107,709		8.33	%
Investment securities ⁽³⁾		350,732			3,566		4.04	%		356,590			3,610		4.03	%		349,863			3,335		3.78	%
Federal funds sold		20,172			249		4.91	%		20,164			280		5.52	%		20,028			282		5.58	%
Other earning assets		874,368			10,546		4.80	%		848,170			11,521		5.40	%		1,001,643			13,739		5.44	%
Total interest earning assets		6,788,487			125,957		7.38	%		6,684,766			129,523		7.71	%		6,499,469			125,065		7.63	%
Deferred loan fees, net		(9,808	)							(10,248	)							(10,421	)
Allowance for credit losses on loans		(75,474	)							(72,899	)							(74,965	)
Noninterest earning assets:
Cash and due from banks		10,626								10,826								12,376
Bank furniture and fixtures		8,866								9,419								9,243
Right of use assets		28,570								22,496								20,338
Other assets		169,058								173,619								171,309
Total assets	$	6,920,325							$	6,817,979							$	6,627,349

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Interest bearing demand and savings	$	2,076,132		$	18,330		3.51	%	$	2,249,260		$	23,295		4.12	%	$	2,139,562		$	21,788		4.04	%
TCD $250K or more		1,481,219			17,514		4.70	%		1,412,073			17,866		5.03	%		1,294,531			15,600		4.78	%
Other time certificates		1,663,304			19,516		4.67	%		1,462,912			18,090		4.92	%		1,472,854			16,855		4.54	%
Total interest bearing deposits		5,220,655			55,360		4.22	%		5,124,245			59,251		4.60	%		4,906,947			54,243		4.39	%
Short-term borrowings		3			0		3.31	%		–			–		0.00	%		2			0		6.08	%
Subordinated debt, net		148,434			1,325		3.55	%		148,372			1,325		3.55	%		148,194			1,325		3.55	%
Total interest bearing liabilities		5,369,092			56,685		4.20	%		5,272,617			60,576		4.57	%		5,055,143			55,568		4.36	%
Noninterest bearing liabilities:
Demand deposits		684,472								703,982								782,766
Lease liability		25,486								18,882								18,179
Other liabilities		80,930								75,276								88,120
Total liabilities		6,159,980								6,070,757								5,944,208
Shareholders’ equity		760,345								747,222								683,141
Total liabilities and shareholders’ equity	$	6,920,325							$	6,817,979							$	6,627,349
Net interest income				$	69,272							$	68,947							$	69,497
Net interest spread							3.18	%							3.14	%							3.27	%
Net interest margin							4.06	%							4.10	%							4.24	%

Cost of Deposits:
Noninterest bearing demand deposits	$	684,472							$	703,982							$	782,766
Interest bearing deposits		5,220,655			55,360		4.22	%		5,124,245			59,251		4.60	%		4,906,947			54,243		4.39	%
Total Deposits	$	5,905,127		$	55,360		3.73	%	$	5,828,227		$	59,251		4.04	%	$	5,689,713		$	54,243		3.78	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $1.2 million, $991,000, and $1.0 million for the quarter ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

PREFERRED BANK
Year-to-Date Average Balances, Yield and Rates
(unaudited)

	Twleve Months ended December 31,
	2024								2023
				Interest		Average						Interest		Average
	Average			Income or		Yield/			Average			Income or		Yield/
	Balance			Expense		Rate			Balance			Expense		Rate
ASSETS	(Dollars in thousands)
Interest earning assets:
Loans ^(1,2)	$	5,398,916		$	445,139		8.24	%	$	5,068,486		$	412,505		8.14	%
Investment securities ⁽³⁾		352,416			14,257		4.05	%		389,584			14,461		3.71	%
Federal funds sold		20,397			1,103		5.41	%		20,090			1,056		5.26	%
Other earning assets		925,389			48,994		5.29	%		974,501			50,372		5.17	%
Total interest earning assets		6,697,118			509,493		7.61	%		6,452,661			478,394		7.41	%
Deferred loan fees, net		(10,301	)							(10,212	)
Allowance for credit losses on loans		(76,448	)							(70,992	)
Noninterest earning assets:
Cash and due from banks		10,624								11,978
Bank furniture and fixtures		9,537								9,010
Right of use assets		23,997								21,417
Other assets		175,725								163,828
Total assets	$	6,830,252							$	6,577,690

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Deposits:
Interest bearing demand/ savings	$	2,198,837		$	88,274		4.01	%	$	2,108,187		$	75,642		3.59	%
TCD $250K or more		1,403,663			69,176		4.93	%		1,267,859			53,200		4.20	%
Other time certificates		1,535,880			73,718		4.80	%		1,302,847			50,653		3.89	%
Total interest bearing deposits		5,138,380			231,168		4.50	%		4,678,893			179,495		3.84	%
Short-term borrowings		1			0		2.50	%		1			0		3.06	%
Advance from Federal Home Loan Bank		–			0		0.00	%		75,616			3,819		5.05	%
Subordinated debt, net		148,344			5,300		3.57	%		148,106			5,300		3.58	%
Total interest bearing liabilities		5,286,725			236,468		4.47	%		4,902,616			188,614		3.85	%
Noninterest bearing liabilities:
Demand deposits		710,920								898,262
Lease liability		20,931								19,902
Other liabilities		79,618								84,449
Total liabilities		6,098,194								5,905,229
Shareholders’ equity		732,058								672,461
Total liabilities and shareholders’ equity	$	6,830,252							$	6,577,690
Net interest income				$	273,025							$	289,780
Net interest spread							3.13	%							3.57	%
Net interest margin							4.08	%							4.49	%

Cost of Deposits:
Noninterest bearing demand deposits	$	710,920							$	898,262
Interest bearing deposits		5,138,380			231,168		4.50	%		4,678,893			179,495		3.84	%
Total Deposits	$	5,849,300		$	231,168		3.95	%	$	5,577,155		$	179,495		3.22	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $4.6 million and $4.2 million for the year ended December 31, 2024 and 2023, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

Preferred Bank
Loan and Credit Quality Information

Allowance For Credit Losses History
	Year ended
	December 31, 2024			December 31, 2023
	(Dollars in 000’s)
Allowance For Credit Losses
Balance at Beginning of Period	$	78,355		$	68,472
Charge-Offs
Commercial & Industrial		19,028			124
Total Charge-Offs		19,028			124

Recoveries
Commercial & Industrial		50			7
Total Recoveries		50			7

Net Charge-Offs		18,978			117
Provision for Credit Losses:		12,100			10,000
Balance at End of Period	$	71,477		$	78,355

Average Loans Held for Investment	$	5,396,844		$	5,067,870
Loans Held for Investment at End of Period	$	5,640,615		$	5,273,498
Net Charge-Offs to Average Loans		0.35	%		0.00	%
Allowances for Credit Losses to Loans at End of Period		1.27	%		1.49	%

AT THE COMPANY:	AT FINANCIAL PROFILES:
Edward J. Czajka	Jeffrey Haas
Executive Vice President	General Information
Chief Financial Officer	(310) 622-8240
(213) 891-1188	PFBC@finprofiles.com

The MIL Network –

January 28, 2025

MIL-OSI USA: Durbin Requests Materials Related To FBI Nominee Kash Patel’s Involvement In Hostage Recovery Mission After Allegations Of Endangering American Citizens

US Senate News:

Source: United States Senator for Illinois Dick Durbin
January 27, 2025
This is the second known instance of Mr. Patel breaking hostage recovery protocol to inappropriately insert himself in a sensitive or high-profile recovery mission
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, sent a letter to the Federal Bureau of Investigation (FBI), the Department of Defense (DOD), the State Department, and the Department of Treasury requesting they produce all relevant materials related to alleged misconduct by Kash Patel, President Trump’s nominee to be Director of the FBI, related to the rescue of two Americans held captive by Iranian-backed militants in Yemen. Allegedly, Mr. Patel publicly commented without authorization and prior to the confirmed safe retrieval of the two hostages. If true, Mr. Patel appears to have inappropriately involved himself in a sensitive operation with no regard to the safety of the hostages or the success of the mission.
Durbin wrote, “I have recently received highly credible information revealing that while serving in the first Trump Administration’s National Security Council, Kash Patel broke protocol regarding hostage rescues by publicly commenting without authorization on the then in-progress retrieval of two Americans held captive by Iranian-backed militants in Yemen in October 2020.”
On October 14, 2020, the Wall Street Journal first published comments from Mr. Patel regarding the hostage swap at 10:55 a.m., several hours before the hostages were confirmed to be in the custody of the United States. In the wake of multiple failed hostage recovery missions, the Hostage Recovery Fusion Cell was created in 2015 as a multi-agency group housed in the FBI tasked with coordinating the recovery of Americans held hostage abroad and improving communications with impacted families and the public. The Fusion Cell’s specific protocols are in place to help protect the privacy of impacted families and ensure the timing for public acknowledgement of a hostage rescue effort does not endanger these sensitive life-or-death missions.
The letter continued, “The information my office received alleges that Mr. Patel inserted himself inappropriately in a hostage recovery mission and violated these protocols. Mr. Patel, prior to his interview with the Wall Street Journal and contrary to his public assertions, allegedly had no role in the planning, negotiations, or execution of this hostage recovery. The source also alleges the interagency communications were clear that there would be no public comment until after the recovery was complete, and the families were notified.”
“Mr. Patel’s nomination to be Director of the Federal Bureau of Investigation (FBI) is currently pending before the Senate Judiciary Committee. Among the many qualities and qualifications the Senate must consider when reviewing presidential appointments is whether the nominee has the requisite character and fitness to be entrusted with the authority of their position. This is the second known instance of Mr. Patel breaking hostage recovery protocol to inappropriately insert himself in a sensitive or high-profile recovery mission. An official who puts missions and the lives of Americans in jeopardy for public notoriety and personal gain is unfit to lead the country’s primary federal law enforcement and investigation agency. This Committee has a constitutional obligation to perform oversight over the FBI and to provide advice and consent on the nominations of officers to lead the Bureau,” the letter wrote.
In the letter, Durbin requests the Hostage Recovery Fusion Cell protocols for public acknowledgement of successful hostage rescue missions, communications between the Hostage Recovery Fusion Cell and Mr. Patel, and all of the cables regarding the rescue mission during the relevant four days in order to validate this new allegation. Durbin requests all relevant information no later than January 30, the date of Mr. Patel’s confirmation hearing.
In October 2020, Mr. Patel was accused of breaking protocol and incorrectly providing foreign airspace approval during the rescue of Philip Walton in northern Nigeria.
Full text of the letter is available here and below.
January 27, 2025
Dear Acting Director Driscoll, Secretary Hegseth, Secretary Rubio, and Acting Secretary Lebryk:
I have recently received highly credible information revealing that while serving in the first Trump Administration’s National Security Council, Kash Patel broke protocol regarding hostage rescues by publicly commenting without authorization on the then in-progress retrieval of two Americans held captive by Iranian-backed militants in Yemen in October 2020.
On October 14, 2020, the Wall Street Journal first published comments from Mr. Patel regarding the hostage swap at 10:55 a.m., several hours before the hostages were in confirmed custody of the United States. In the wake of multiple failed hostage recovery missions, the Hostage Recovery Fusion Cell was created in 2015 as a multi-agency group housed in the FBI tasked with coordinating the recovery of Americans held hostage abroad and improving communications with impacted families and the public. The specific protocols are in place to help protect the privacy of the impacted families and ensure the timing for public acknowledgement of a hostage rescue effort does not endanger these sensitive life-or-death missions. The information my office received alleges that Mr. Patel inserted himself inappropriately in a hostage recovery mission and violated these protocols. Mr. Patel, prior to his interview with the Wall Street Journal and contrary to his public assertions, allegedly had no role in the planning, negotiations, or execution of this hostage recovery. The source also alleges the interagency communications were clear that there would be no public comment until after the recovery was complete, and the families were notified.
Mr. Patel’s nomination to be Director of the Federal Bureau of Investigation (FBI) is currently pending before the Senate Judiciary Committee. Among the many qualities and qualifications the Senate must consider when reviewing presidential appointments is whether the nominee has the requisite character and fitness to be entrusted with the authority of their position. This is the second known instance of Mr. Patel breaking hostage recovery protocol to inappropriately insert himself in a sensitive or high-profile recovery mission. An official who puts missions and the lives of Americans in jeopardy for public notoriety and personal gain is unfit to lead the country’s primary federal law enforcement and investigation agency. This Committee has a constitutional obligation to perform oversight over the FBI and to provide advice and consent on the nominations of officers to lead the Bureau. To those ends, please provide the following information:
The Hostage Recovery Fusion Cell protocols for the public acknowledgement of hostage rescue missions, including any ad hoc protocols established specifically for the rescue of Ms. Sandra Loli and Mr. Mikael Gidada;
All records between February 1, 2020 through October 15, 2020 reflecting or relating to communications between and among Mr. Patel and the Hostage Recovery Fusion Cell concerning the rescue of Ms. Sandra Loli and Mr. Mikael Gidada;
All interagency cables and memos from October 11, 2020 through October 15, 2020 concerning the rescue of Ms. Sandra Loli and Mr. Mikael Gidada; and
All records reflecting or relating to authorization permitting Mr. Patel to disclose any details concerning the rescue of Ms. Sandra Loli and Mr. Mikael Gidada prior to receiving confirmation of their retrieval and/or notification to the families.
Please provide these materials as soon as possible, and no later than January 30, 2025. I appreciate your prompt attention to this important request.
Sincerely,
-30-

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Fayetteville Teen Serves as Senate Page

US Senate News:

Source: United States Senator for Arkansas – John Boozman
WASHINGTON––Haas Hall Academy student Mia Al Ansari traded in the halls of her school’s Northwest Arkansas campus for the opportunity to navigate our nation’s capital and the corridors of Congress as a U.S. Senate Page for the last several months.
Al Ansari, appointed by U.S. Senator John Boozman (R-AR), served as one of 28 Senate Pages from September 2024 through January 24, 2025. As a Page, she helped prepared the U.S. Senate chamber for daily business by distributing documents to senators’ desks, assisting in the cloakrooms, supporting chamber staff, and – when the body was in session – sitting near the dais waiting to aid members delivering remarks or casting votes.
She also performed administrative duties and worked on projects in Boozman’s office during the month of October while Congress was in recess ahead of the fall elections. The Fayetteville teen and her fellow Pages went on to participate alongside Members of Congress in the Electoral College vote count and certification of the 2024 presidential election results in January.
“It has been an incredible honor and privilege to be able to serve as a United States Senate Page. Having the opportunity to work on the Senate floor and interact with senators on a daily basis has been the greatest and most educational experience of my life. Being able to also work directly in Senator Boozman’s office during October with his amazing staff was a phenomenal experience that gave me new insight on the inner workings of United States Senate offices. Both working on the Senate floor and in the office gave me invaluable experiences I will never forget. I am so grateful for this experience and I will always look back on my time as a United States Senate Page fondly and with gratitude,” Al Ansari said.
The high school junior earned her appointment to the position from Boozman, who has longed promoted the program for Arkansas youth interested in civics and public service.
“Mia did an excellent job supporting the day-to-day activity of the Senate while observing legislative processes and procedures firsthand. I am confident that serving as a Page will inspire her to continue exploring her interests in civics and public service. Our entire state can be proud of how she represented us in this prestigious program,” Boozman said.
Al Ansari was also selected as the yearbook editor for the fall 2024 Senate Page class. Back home, she was appointed Environmental and Sustainability Chair of The City of Fayetteville’s Youth Advisory Council. She is also a member of Haas Hall Academy’s mock trial team, where she was one of five participants to win an award at the state competition from the Arkansas Bar Association, and serves as Social Media Manager for her local Project Prevent Youth Coalition chapter promoting anti-drug and alcohol efforts among Natural State teens.
Al Ansari is the daughter of Teresa Farah.
The Senate Page program started in 1829 when Senator Daniel Webster appointed the first Senate Page. Today, the program is a unique, highly selective opportunity for high school juniors with a strong academic standing to learn firsthand about the institution often referred to as “the world’s greatest deliberative body.”

Senate Page Mia Al Ansari and Senator John Boozman.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Wyden Joins Bipartisan Legislation to Support Firefighters with Service-Related Cancers

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)
January 27, 2025
Washington, D.C. – U.S. Senator Ron Wyden said today that he joined the reintroduction of legislation that would expand access to federal support for the families of firefighters and other first responders who died or became permanently disabled from service-related cancers.
The Honoring Our Fallen Heroes Act would also extend disability benefits in cases where these first responders become permanently and totally disabled due to cancer.
“In the wake of record wildfires last year in Oregon and California’s current wildfires, we have seen firefighters and first responders work tirelessly around the clock to save lives,” Wyden said. “They put their health, safety, and lives on the line without receiving an ounce of support that comes with the long-term risks of fighting fires. Let’s give these everyday heroes and their families the help they deserve so they don’t have to shoulder these challenges alone.”
Currently, firefighters are only eligible for support under the Public Safety Officer Benefits (PSOB) program for physical injuries sustained in the line-of-duty, or for deaths from duty-related heart attacks, strokes, mental health conditions such as post-traumatic stress disorder, and 9/11 related illnesses.
The PSOB program provides benefits to the survivors of fire fighters; law enforcement officers; and other first responders killed as the result of injuries sustained in the line of duty. The program also provides disability benefits where first responders become permanently or totally disabled. The Public Safety Officers’ Educational Assistance (PSOEA) program, a component of the PSOB program, provides higher-education assistance to the children and spouses of public safety officers killed or permanently disabled in the line of duty. The Department of Justice’s Bureau of Justice Assistance administers the PSOB and PSOEA programs.
In addition to Wyden, the legislation is led by U.S. Senators Amy Klobuchar, D-Minn., and Kevin Cramer, R-N.D., and cosponsored by Senators Jim Banks, R-Ind., John Barrasso, R-Wyo., Marsha Blackburn, R-Tenn., Richard Blumenthal, D-Conn., Chris Coons, D-Del., John Cornyn, R-Texas, Ted Cruz, R-Texas, Tammy Duckworth, D-Ill., Dick Durbin, D-Ill., John Fetterman, D-Pa., Deb Fischer, R-Neb., Lindsey Graham, R-S.C., Mazie Hirono, D-Hawai’i, John Hoeven, R-N.D., Jim Justice, R-W. Va., Mark Kelly, D-Ariz., Edward J. Markey, D-Mass., Alex Padilla, D-Calif., Mike Rounds, R-S.D., Adam Schiff, D-Calif., Jeanne Shaheen, D-N.H., Tim Sheehy, R-Mont., Tina Smith, D-Minn., Mark Warner, D-Va., Elizabeth Warren, D-Mass., Peter Welch, D-Vt., and Sheldon Whitehouse, D-R.I.
The legislation is endorsed by the International Association of Fire Fighters, as well as the Association of State Criminal Investigative Agencies; Congressional Fire Services Institute; Federal Law Enforcement Officers Association; Fraternal Order of Police; International Association of Fire Chiefs; Major County Sheriffs of America; Metropolitan Fire Chiefs Association; National Association of Police Organizations; National Fallen Firefighters Foundation; National Fire Protection Association; National Narcotics Officers’ Associations’ Coalition; National Volunteer Fire Council; and Sergeants Benevolent Association of the New York Police Department.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Murphy Statement On Trump Gutting Federal School Safety Advisory Board

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

January 27, 2025

WASHINGTON – U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions Committee, on Friday released a statement on the Trump administration terminating the Federal School Safety Clearinghouse Advisory Board, a 26-person committee created by the Bipartisan Safer Communities Act:
“President Trump doesn’t care about keeping our kids safe from gun violence. First, he shuttered the White House Office of Gun Violence Prevention. Now, he has terminated all 26 members – from the parents of school shooting victims to directors of widely trusted school safety organizations– currently serving on a nonpartisan board created by the Bipartisan Safer Communities Act to make classrooms safer. This board is enshrined in law and to remove these members without any reason shows how little he cares about our kids and the challenge school leaders face in keeping them safe. President Trump should reinstate these members immediately and stop playing politics with our children’s safety.”

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Murphy, Schumer, Murray, Kim Lead 47 Senators In Introducing Resolution Condemning Trump’s Pardons Of Jan. 6 Rioters

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

January 27, 2025

WASHINGTON—U.S. Senators Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Chuck Schumer (D-N.Y.), and Andy Kim (D-N.J.) on Monday led a group of 47 senators, including U.S. Senator Richard Blumenthal (D-Conn.), in introducing a new resolution condemning the pardons of individuals who were found guilty of assaulting Capitol Police Officers. The resolution follows the move by President Trump, on the first day of his second term, to grant full, complete, and unconditional pardons to over 1,500 people charged with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers— far-right militias. Among those pardoned by Trump were 169 people who pled guilty to assaulting police officers on January 6th. During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.
The senators’ resolution, Condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” Murphy and Blumenthal will seek unanimous consent on the Senate floor to pass the resolution.
“Trump’s pardons of January 6th rioters who viciously assaulted law enforcement officers send a dangerous message: if you’re willing to commit violence in his name, there are no consequences,” said Murphy. “This endorsement of political violence not only undermines our justice system, but it also makes our nation less safe and emboldens those who would attack our democracy.”
“President Trump’s blanket pardons of armed insurrectionists, who were convicted by juries of everyday Americans, is the ultimate disrespect for police officers who were brutally assaulted on January 6,” said Blumenthal. “These sickening pardons are a clear endorsement of political violence and discredit justice and the rule of law. I urge my Republican colleagues who were protected that terrible day—and who now stay silent—to join in condemning the violence that occurred and standing with the officers who put their lives on the line for their safety.”
U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.) also cosponsored the resolution. In total, 46 senators signed onto the resolution.
Full text of the resolution is available HERE.
According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.
Among others, the individuals who assaulted law enforcement officers and were granted full, unconditional pardons by President Trump this week include:
Taylor James Johnatakis, of Kingston, Washington, was convicted of three felonies in November 2023, including assaulting officers. Prosecutors said that he “coordinated a violent assault on a line of police officers defending” the Capitol and that video shows he “used a metal barricade to attack officers head on and grabbed one officer to prevent him from defending himself against other attacking rioters.”
Julian Khater, who assaulted a U.S. police office—Brian Sicknick—and later pled guilty to assaulting a police officer with a dangerous weapon.
Robert Palmer, who attacked police with a fire extinguisher, a wooden plank, and a pole.
Tyler Bradley Dykes of Bluffton, South Carolina, who was sentenced to 57 months in federal prison for stealing a police riot shield and twice using it against officers. He pleaded guilty to two felony counts of assaulting, resisting or impeding officers.
Devlyn Thompson, who hit a police officer with a metal baton.
Andrew Taake, of Houston, Texas, who was sentenced to a little more than six years for assaulting law enforcement officers with bear spray and a metal whip.
Christopher Quaglin, who federal prosecutors said “viciously assaulted numerous officers” and was one of the most violent rioters, was sentenced to 12 years in federal prison.
David Dempsey, who, according to prosecutors, “was one of the most violent rioters,” and received 20 years in prison. Prosecutors also said Dempsey had a “very significant history of arrests and convictions” prior to the January 6th attack.
Daniel Rodriguez, of Fontana, California, who plunged a stun gun into the neck of Washington Police Officer Michael Fanone multiple times.
Ryan Nichols, of Longview, Texas, who assaulted officers with pepper spray, and later on Jan. 6, at his hotel room, he called for additional violence.
Howard Richardson, of King of Prussia, Pennsylvania, who struck a police officer three times with a flagpole, hard enough to break the flagpole.
Robert Sanford, from Chester, Pennsylvania, who hit two police officers in the head with a fire extinguisher and threw a traffic cone at another officer.
Jonathan Munafo, of Albany, New York, who punched a police officer, stole the officer’s riot shield, and struck a Capitol office window with two poles.

MIL OSI USA News –

January 28, 2025

MIL-OSI Europe: Written question – NRRP and other EU instruments supporting the construction of student halls of residence – E-000161/2025

Source: European Parliament

Question for written answer E-000161/2025
to the Commission
Rule 144
João Oliveira (The Left)

In its answer to question E-002214/2024[1] on speculation-driven rent hikes and the need to increase the number of student halls of residence, the Commission writes that it ‘supports investment in student housing as a priority under the InvestEU Fund and provides substantial support through the NextGeneration EU’s Recovery and Resilience Facility, which allocates EUR 447 million in loans for the construction or rehabilitation of buildings and the modernisation and expansion of existing residences for higher education students, notably in areas where housing pressure is most acute’. It goes on to add: ‘This is complementary to the Portuguese national plan for housing in higher education adopted in 2019. From 2021 to 2026, a 78 % increase in capacity of housing for higher education students is expected in Portugal.’

In light of this:

1.Can the Commission name the specific projects which have been financed using the above-mentioned instruments to date, and state the amounts involved and the scheduled completion date in each case?
2.What proportion of the planned 78 % capacity increase has been achieved? How much is still expected to be achieved in the stated period?
3.Aside from the loans, are there any NRRP grants earmarked for this purpose which are at risk of going to waste due to a failure to use them in time?

Submitted: 15.1.2025

[1] https://www.europarl.europa.eu/doceo/document/E-10-2024-002214-ASW_EN.html

Last updated: 27 January 2025

MIL OSI Europe News –

January 28, 2025

MIL-OSI Europe: Written question – Exploiting Mr Öcalan’s position in order to make headway on the Kurdish issue – E-000153/2025

Source: European Parliament

Question for written answer E-000153/2025
to the Commission
Rule 144
Loucas Fourlas (PPE)

It is widely known that Mr Öcalan has been repeatedly tortured by the Turkish authorities and Ankara’s secret services. He has been held in inhumane conditions for nearly three decades, kept apart from his family, friends and lawyers.

At the moment, Mr Erdogan and Mr Bahçeli are attempting to ‘exploit’ him as, according to reports, they negotiate the conversion of his life imprisonment into house arrest. The condition for this is the announcement of the dissolution of the PKK and a request to the Kurds of Türkiye and Syria to obey Ankara. The issue is not whether the Kurdish organisation is a terrorist one or not. This move very clearly constitutes political intimidation and interference in justice.

In view of this:

1.How does the Commission view the intervention of Türkiye’s state officials in the realm of justice? To what extent does the intervention comply with European principles and the rule of law?
2.What is the Commission’s reaction to the crude intimidation by the Turkish state, which is negotiating the freedom of a detainee by intimidating him and placing him in dilemmas that have nothing to do with legal process?

Submitted: 15.1.2025

Last updated: 27 January 2025

MIL OSI Europe News –

January 28, 2025

MIL-OSI Europe: Written question – The Constitutional Court of Romania’s decision from the perspective of rules on the rule of law – E-000133/2025

Source: European Parliament

Question for written answer E-000133/2025
to the Commission
Rule 144
Erik Kaliňák (NI)

The results of the presidential elections in Romania have been annulled by the Constitutional Court of Romania, but constitutional lawyers have raised a number of concerns with this decision. They point, for example, to the absence of a constitutional or statutory provision allowing the Constitutional Court to initiate ex officio proceedings to review the legality of presidential elections. According to the Law on Presidential Elections, candidates, political parties, political or electoral associations and members of national minority organisations represented in the Council are entitled to lodge a complaint. Furthermore, there is no provision in Romanian law allowing for the annulment of the entire electoral process. The law only provides for the possibility of cancelling and repeating one of the two rounds of elections for very specific reasons (fraudulent acts affecting the ranking of candidates eligible to participate in the second round or the granting of the presidential mandate). Thirdly, the law provides for a three-day period for lodging a complaint against the results of the elections, starting from the close of voting. There is no legal provision to allow proceedings to be initiated later (the decision of 6 December was issued 12 days after the close of voting).

One can sympathise with the concerns raised by Romanian lawyers. In the light of the foregoing:

1.Does the Commission not view the actions taken by the Constitutional Court without an adequate legal basis as being ultra vires and therefore a violation of the rule of law?
2.What measures does it intend to take to protect the rule of law in order to prevent the abuse of judicial power for political purposes?

Submitted: 15.1.2025

Last updated: 27 January 2025

MIL OSI Europe News –

January 28, 2025

MIL-OSI USA: Get My Good Side

Source: NASA

A NASA photographer took this portrait of a curious sandhill crane on March 24, 2021, near the Vehicle Assembly Building at NASA’s Kennedy Space Center in Florida. Sandhill cranes are just one of the hundreds of types of birds that call the Merritt Island National Wildlife Refuge, which shares space with NASA Kennedy, their home.
See more photos of birds at NASA Kennedy.
Image credit: NASA/Ben Smegelsky

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Get Repair, Rebuilding Advice Jan. 27-Feb. 1 in Carter, Hawkins, Hamblen Counties

Source: US Federal Emergency Management Agency

Headline: Get Repair, Rebuilding Advice Jan. 27-Feb. 1 in Carter, Hawkins, Hamblen Counties

Get Repair, Rebuilding Advice Jan. 27-Feb. 1 in Carter, Hawkins, Hamblen Counties

Mitigation specialists from FEMA have partnered with Lowe’s Home Improvement to offer free advice and tips on how to rebuild homes stronger and safer as Tennessee residents begin repairing, rebuilding and making improvements to their homes after Tropical Storm Helene.FEMA specialists will be available from Monday, Jan. 27, to Saturday, Feb. 1, at these locations:Carter CountyLowe’s Home Improvement 925 Patriot Dr.Elizabethton, TN 37643Hours: 7 a.m. to 6 p.m. ET Monday to Friday; 8 a.m. to 5 p.m. ET Saturday Hamblen CountyLowe’s Home Improvement 2744 West Andrew Johnson Hwy.Morristown, TN 37814Hours: 7 a.m. to 6 p.m. ET Monday to Friday; 8 a.m. to 5 p.m. ET SaturdayHawkins County2324 West Stone Dr. Kingsport, TN 37660Hours: 7 a.m. to 6 p.m. ET Monday – Friday; 8 a.m. to 5 p.m. ET Saturday The specialists are available to answer questions and offer home-improvement tips and proven methods to help reduce damage from disasters. Most information is aimed at general contractors or those who do the work on their own.
kwei.nwaogu
Mon, 01/27/2025 – 20:12

MIL OSI USA News –

January 28, 2025

MIL-OSI Security: Coast Guard medevacs diver near Panama City, Florida

Source: United States Coast Guard

News Release

U.S. Coast Guard 8th District Heartland
Contact: 8th District Public Affairs
Office: 504-671-2020
After Hours: 618-225-9008
Eighth District online newsroom

Port conditions change based on weather forecasts, and current port conditions can be viewed on the following Coast Guard homeport webpages:

For more information follow us on Facebook and Twitter.

MIL Security OSI –

January 28, 2025

MIL-OSI Australia: PD Edge catches suspect in Colonel Light Gardens

Source: South Australia Police

PD Edge arrested a man in Colonel Light Gardens after he was caught allegedly stealing CCTV cameras this morning.

About 2am Tuesday 28 January police were called to a home under construction on Goodwood Road after a man was seen on the owners CCTV cameras in the rear yard.

The owner, who was not at the property at the time, was able to provide police with a good description of the suspect including the clothing he was wearing.

PD Edge was called in and tracked through the property then out into an alley way and back on to Goodwood Road. Clever PD Edge quickly chased down the suspect detaining him in the front yard of a nearby home.

Southern Patrols searched the area locating gloves, a drill, a head lamp and stolen CCTV cameras dumped in a wheelie bin.

The 50-year-old Firle man was charged with being unlawfully on premises, theft and going equipped to commit an offence. He was bailed to appear in the Adelaide Magistrates Court on 11 March.

MIL OSI News –

January 28, 2025

MIL-OSI Asia-Pac: New nano-formulation may help bring safer treatment for Parkinson’s Patients

Source: Government of India

Posted On: 27 JAN 2025 4:20PM by PIB Delhi

Researchers have developed a targeted nano formulation that can help sustained release of a hormone called 17β-Estradiol which is crucial for managing Parkinson’s Disease (PD).

Many neurodegenerative and psychiatric malignancies like Parkinson’ disease (PD) originate from an imbalance of 17β-Estradiol (E2) in the human brain. However, the peripheral side effects of the usage of E2 for PD therapy and less understanding of the molecular mechanism hinder establishing its neurotherapeutic potential.

Scientists from Institute of Nano Science and Technology (INST) Mohali, an autonomous institute of Department of Science and Technology, used Dopamine Receptor D3 (DRD3) conjugated to 17β-Estradiol-loaded chitosan nanoparticles that led to sustained release of 17β-Estradiol (E2) to the brain.

The targeted nano-formulation inhibited the mitochondrial translocation of calpain, thereby protecting neurons from rotenone-induced mitochondrial damage. Furthermore, the targeted nano delivery system alleviated behavioural impairments in a rodent model. Additionally, the study reveals for the first time that BMI1, a member of the PRC1 complex that regulates mitochondrial homeostasis, is a substrate of calpain. The targeted nano-formulation restored BMI1 expression by inhibiting its degradation through calpain.

The study Carbohydrate Polymers has helped in understanding the role of hormone (E2) in regulating oxidative stress in PD patients. With the continued exploration of long-term safety profiles and better-targeted delivery, this can establish itself as a safer drug to improve the lives of Parkinson’s patients.

The graphical abstract describing the work

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MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI Asia-Pac: Padma Shri for Hariman Sharma: The Apple Man of India

Source: Government of India (2)

Posted On: 27 JAN 2025 4:16PM by PIB Delhi

Shri Hariman Sharma, a visionary farmer from Himachal Pradesh, has been honored with Padma Shri, the highest Civilian Award for his transformative contribution to Indian agriculture. He developed an innovative, self- pollinating, low chilling apple variety called HRMN – 99, that has revolutionized the apple cultivation landscape in the country and brought a juicy nutritive variety more within reach in terms of geography and affordability.

Unlike commercial apple varieties that require temperate climates and extended chilling hours, HRMN-99 thrives in tropical, sub-tropical, and plain regions with summer temperatures reaching 40-45°C, enabling apple farming in areas where it was previously considered unviable.

Orphaned during childhood, Hariman Sharma’s journey from the mountainous lanes of his tiny hamlet Paniala, located in Bilaspur (HP) to the great halls of Rashtrapati Bhavan is truly inspirational not only for the farming community, but also for the students, researchers and horticulturists of the country. Despite all odds, Shri Sharma completed his education till matric and pursued his passion for farming and pomology.

The story of the HRMN-99 apple variety began in 1998 when Hariman Sharma planted a few seeds from discarded apples used for household consumption in his backyard. Remarkably, one of these seeds sprouted the following year, and by 2001, the plant bore fruit despite the warm climate of Paniala, situated at an elevation of 1,800 feet. Realizing its potential, he carefully tended to the mother plant and propagated it through grafting, eventually establishing a flourishing apple orchard. Over the following decade, he focused on expanding his orchards by experimenting with various scions, grafting techniques and refining his innovative apple variety. Despite his efforts to share this breakthrough with regions having similar climatic conditions, his work initially garnered limited attention from both the farming and scientific communities.

In 2012, the National Innovation Foundation (NIF) – India, an autonomous institute of the Department of Science and Technology (DST), Government of India, scouted this innovation. NIF verified the distinctness of the variety and supported its validation by facilitating molecular studies, fruit quality testing, and multi-location trials in collaboration with ICAR institutions, Krishi Vigyan Kendras (KVKs), agricultural universities, state agriculture departments, farmers and volunteers spread across the country. Through these collaborative efforts, the variety has expanded to 29 states and UTs, including Bihar, Jharkhand, Manipur, Madhya Pradesh, Chhattisgarh, Uttar Pradesh, Maharashtra, Gujarat, Dadra, and Nagar Haveli, Karnataka, Haryana, Rajasthan, Jammu & Kashmir, Punjab, Kerala, Uttarakhand, Telangana, Andhra Pradesh, West Bengal, Orissa, Pondicherry, Himachal Pradesh as well as planted at Rashtrapati Bhavan, New Delhi. NIF also facilitated the registration of the variety at the Protection of Plant Varieties and Farmers’ Rights Authority, New Delhi.

For his innovation, Shri Hariman Sharma was conferred the National Award in 2017 during the 9th National Biennial Grassroots Innovation and Outstanding Traditional Knowledge Awards by then Hon’ble President of India Shri Pranab Mukherjee. He also has several accolades to his credit including the National Innovative Farmer Award by Agriculture and Farmers Welfare Ministry, GoI (2016), IARI Fellow Award (2017), Kisan Vaigyanik Upadhi by DDG, ICAR (2017), National Best Farmer Award (2018), Rashtriya Krishak Samrat Samman (2018) Jagjivan Ram Krishi Abhinav Award (2019) and several state and central government awards. He also represented India in the 4th ASEAN India Grassroots Innovation Forum (AIGIF) held during November 2023 in Malaysia.

The HRMN-99 variety, characterized by its striped red-over-yellow skin, soft and juicy pulp, and ability to produce up to 75 kg of fruit per plant annually, has empowered thousands of farmers across India. NIF also supported its commercial adoption, establishing apple orchards and providing training to in collaboration with the State Agriculture Departments and the North Eastern Region Community Resource Management Project (NERCORMP) under North Eastern Council (NEC), Ministry of DoNER, Govt of India to transplant the variety through the North-eastern states at large scale, resulting over one lakhs of saplings of the variety have been planted in all NE states for providing an additional source of income to the farmers.

Shri Hariman Sharma’s exceptional innovation has not only transformed apple cultivation in India but has also inspired innumerable farmers with additional income and better nutritional access. Through his efforts, the apple once considered rich man’s diet is in the reach of common man. Recognition of his efforts through the Padma Shri Award, stands as a testament to the transformative power of grassroots innovations in addressing national challenges and creating sustainable livelihoods, aligning with the sustainable development goals (SDGs).

*****

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MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI USA: Kaine Introduces Resolution to Express Support for Paris Climate Agreement

US Senate News:

Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA) joined his colleagues in introducing a resolution to express support for the Paris Climate Accords, an international agreement on climate change. The resolution also highlights significant climate and clean energy actions taken by local and state governments, critical investments made through the Bipartisan Infrastructure Law and Inflation Reduction Act, and widespread support for the Paris Agreement. President Donald Trump signed an executive order to withdraw the United States from the agreement – meaning that the U.S. joins Iran, Yemen, and Libya as the only countries in the world not party to the Paris Accords.
“From sea level rise in Hampton Roads and on the Eastern Shore to hurricanes in Southwest Virginia, climate change is affecting us all and threatening the safety of our communities,” said Kaine. “I’m disappointed, but not surprised, by President Trump’s short-sighted withdrawal from the Paris Accords, and that’s why I’m joining my colleagues in introducing this resolution to express support for the goals of the climate agreement. I remain committed to building on our progress in recent years to reduce greenhouse gas emissions, improve resiliency, accelerate clean energy production, and keep Americans safe.”
On November 4, 2020, the first Trump Administration withdrew the U.S. from the Paris Agreement. The Biden Administration re-entered the U.S. into the agreement in January 2021. In December 2024, the Biden Administration released an updated Nationally Determined Contribution under the Paris Agreement, establishing an emission-reduction target of 61 to 66 percent below 2005 levels by 2035.
The resolution is led by U.S. Senator Edward J. Markey (D-MA) and is cosponsored by U.S. Senators Chuck Schumer (D-NY), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ron Wyden (D-OR), Tina Smith (D-MN), Bernie Sanders (I-VT), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Peter Welch (D-VT), Jack Reed (D-RI), Sheldon Whitehouse (D-RI), Brian Schatz (D-HI), Cory Booker (D-NJ), Amy Klobuchar (D-MN), Alex Padilla (D-CA), Adam Schiff (D-CA), Chris Coons (D-DE), Jeanne Shaheen (D-NH), Jacky Rosen (D-NV), and Tammy Duckworth (D-IL).
The resolution is endorsed by Union of Concerned Scientists and the Natural Resources Defense Council (NRDC).
Full text of the resolution is available here.

MIL OSI USA News –

January 28, 2025

MIL-OSI Asia-Pac: India’s Petroleum Industry

Source: Government of India

India’s Petroleum Industry

Fueling Growth and Innovation

Posted On: 27 JAN 2025 8:22PM by PIB Delhi

Introduction

India’s petroleum industry is a comprehensive sector encompassing exploration, production, refining, distribution, and marketing of petroleum and its by-products. This includes upstream activities like extraction of crude oil and natural gas, midstream activities such as transportation and storage, and downstream processes including refining and distribution of fuels like petrol, diesel, LPG, and kerosene. A critical contributor to India’s energy basket, the petroleum industry ensures energy security and underpins various economic activities.

At present, India has nineteen Public-Sector Undertaking (PSU) refineries, three Private-Sector refineries, and one Joint Venture refinery. The country’s refining capacity increased from 215.066 Million Metric Tons per annum (MMTPA) in April 2014 to 256.816 MMTPA in April 2024.

Origin and Brief History

The roots of India’s petroleum industry trace back to 1867 when the first oil well was drilled in Digboi, Assam. This discovery marked the inception of the country’s exploration and production activities. The establishment of the Indian Oil Corporation in 1959 heralded a structured approach to refining and distribution. Over the decades, the sector witnessed significant expansion, from small-scale refineries to a robust network capable of meeting domestic and export demands. Today, India’s petroleum industry stands as a symbol of resilience and innovation, evolving in response to global and domestic energy challenges.

Industry Development and Evolution

The Indian petroleum industry has evolved significantly, driven by technological advancements and policy reforms. The 1990s marked a pivotal era with economic liberalization, leading to increased private and foreign investment. Public sector undertakings (PSUs) like ONGC and Indian Oil Corporation have played a crucial role in exploration and refining. Establishing state-of-the-art refineries, such as Jamnagar Refinery in Gujarat, has bolstered refining capacities, making India a refining hub in Asia. Furthermore, government initiatives like the National Exploration Licensing Policy (NELP) have incentivized exploration activities.

India’s energy landscape is rapidly evolving. The country boasts 651.8 million metric tons of recoverable crude oil reserves and 1,138.6 billion cubic meters of recoverable natural gas reserves within its sedimentary basins.

Here are some recent updates in India’s petroleum industry:

India is on track to increase its exploration acreage to 1million square kilometers by 2030, with a 16% increase expected in 2025.
The price of a domestic LPG cylinder in India is among the lowest worldwide, with costs as low as Rs. 803 per 14.2 Kg cylinder. For PMUY households, after a targeted subsidy of Rs 300 per cylinder, the effective price is Rs 503/ cylinder.
The approval process for exploration and production activities in the petroleum industry has now been simplified, reducing 37 approval processes to just 18, of which nine are now available for self-certification.
Introducing the Oilfields (Regulation and Development) Amendment Bill in 2024 ensures policy stability for oil and gas producers, and enables single license for all hydrocarbons. This bill was recently passed by the Rajya Sabha on December 3, 2024.

Foreign trade of Petroleum

India has witnessed a remarkable surge in petroleum product exports over the last decade. The country’s refining capacity, now exceeding 250 million metric tonnes per annum (MMTPA), has enabled it to cater to global markets.

Key export destinations include South Asian, African, and European countries. The government’s emphasis on export-oriented growth and establishing Special Economic Zones (SEZs) for refineries have further boosted this trend. Exports not only contribute to foreign exchange reserves but also enhance India’s stature as a global energy supplier.

Source: https://ppac.gov.in/

Share in GDP

As per the information provided by the Ministry of Statistics and Programme Implementation, Gross Value Addition (GVA) of manufacture of Coke and Refined Petroleum Products has increased from Rs.1.56 lakh Crore in 2012-13 to Rs. 2.12 lakh Crore in 2022-23 (as per first revised estimates) which has also contributed in increase of All India GDP from Rs.99.44 lakh Crore to Rs. 269.49 lakh Crore in the corresponding period, at current prices. This industry also provides direct and indirect employment to millions, spanning exploration, refining, distribution, and retail sectors. The industry’s value chain supports ancillary industries such as petrochemicals, logistics, and manufacturing. The sector enhances socio-economic stability by fostering skill development and offering diverse career opportunities.

Global Ranking in Refining and Supply

India ranks among the top five refining nations globally, thanks to its robust infrastructure and strategic geographic location. The country is the seventh-largest exporter of refined petroleum products. Facilities like the Jamnagar refinery, one of the world’s largest, underscore India’s dominance in the refining sector. This global standing enhances India’s energy security and positions it as a key player in international energy markets. International Energy Agency (IEA) in February 2024 assessed that India will become the largest source of global oil demand growth between now and 2030. India is the second-largest economy in biofuel blending, following Brazil.

Metric	India’s Global Rank
Exporter of Refined Products	7th
Ethanol Blending in Petrol	2nd
BioFuel Producer	3rd
LNG Terminal Capacity	4th
Refining Capacity (MMTPA)	4th

Technological Advancements in Petroleum Industry

Adopting cutting-edge technologies has been pivotal to the petroleum industry’s growth. Enhanced Oil Recovery (EOR) techniques, digitalization, and the use of artificial intelligence (AI) have optimized exploration and production processes. Refineries are increasingly adopting green technologies to minimize environmental impact. Projects such as bio-refineries and the development of alternative fuels like compressed bio-gas (CBG) showcase the industry’s commitment to sustainability and innovation.

Government Initiatives

The Indian government has launched several initiatives to bolster the petroleum sector. Here are some key schemes:

Pradhan Mantri JI-VAN Yojana: Supporting bio-ethanol projects such as second generation and third generation plants for sustainable fuel production.
Strategic Petroleum Reserves: Enhancing energy security through storage facilities. In India, the SPR is primarily located at three underground storage facilities in Visakhapatnam, Mangalore, and Padur (Karnataka), with a total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil managed by the Indian Strategic Petroleum Reserve Limited (ISPRL).
Ethanol Blending Program: Promoting biofuels to reduce dependence on fossil fuels and curb emissions. The government has a target of achieving 20% ethanol blending in petrol by 2025-26. Since the inception of the EBP Programme, ethanol blending has increased from 38 crore litres in the Ethanol Supply Year (ESY) 2013-14 to over 707.4 crore litres in ESY 2023-24.
City Gas Distribution Network Expansion: Expanding piped natural gas (PNG) and compressed natural gas (CNG) infrastructure by covering 733 districts in 34 states/UTs covering almost 100% of the mainland area and almost 100% of total geographical area of the country.
Energy Security Initiatives: Investing in overseas exploration and acquisition of oil blocks.

Moving towards Greener Fuels

SATAT Initiative (Sustainable Alternative Towards Affordable Transportation): The SATAT initiative invites potential investors to set up Compressed Biogas (CBG) production plants. The aim is to make better use of agricultural residue, cattle dung, and municipal solid waste, and provide farmers with an additional source of revenue.
Mission Green Hydrogen: Promoting green hydrogen production to reduce carbon footprint. According to the Ministry of New and Renewable Energy, a global demand of over 100 MMT of Green Hydrogen and its derivatives like Green Ammonia is expected to emerge by 2030. Aiming at about 10% of the global market, India can potentially export about 10 MMT Green Hydrogen/Green Ammonia per annum. The production capacity targeted by 2030 is likely to leverage over ₹8 lakh crore in total investments and create over 6 lakh jobs. Nearly 50 MMT per annum of CO2 emissions are expected to be averted as a result of the various Green Hydrogen initiatives under the Mission. Achievement of Mission targets is expected to contribute to India’s energy security and reduce a cumulative ₹1 lakh crore worth of fossil fuel imports by 2030 .
National Bio-Energy Programme: Focused on bio-energy production and reducing waste.
Hydrocarbon Exploration and Licensing Policy (HELP): Encouraging private investment in exploration and production.

Implications for India’s Growth and Development

The petroleum industry’s expansion has multifaceted implications. Economically, it boosts GDP, foreign exchange earnings, and industrial growth. Politically, energy independence strengthens India’s global standing and reduces strategic vulnerabilities. Socially, the industry’s growth promotes rural development through improved energy access and employment.

Future Prospects

India’s petroleum industry faces a dynamic future, shaped by global energy transitions and domestic demand. Increasing investments in exploration, expanding refining capacities, and embracing renewable energy sources will define its trajectory. Initiatives like green hydrogen production and carbon capture technologies highlight the sector’s adaptability. With a focus on sustainability and energy efficiency, India is poised to maintain its leadership in the global energy landscape while aligning with its climate commitments.

Key Area	Future Target
Refining Capacity	309.5 MMTPA by 2030
Ethanol Blending	20% by 2025-26
Green Hydrogen Production	5 MMTPA by 2030
Exploration Acreage	1 million sq. kms. by 2030

References

https://www.isprlindia.com/aboutus.asp

https://mopng.gov.in/

https://nghm.mnre.gov.in/overviews.php

https://ongcindia.com/web/eng/about-ongc/ongc-at-a-glance/oil-and-gas-industry

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043042

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2038435

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1940265

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1946408

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2003519

https://pib.gov.in/PressNoteDetails.aspx?NoteId=152007&ModuleId=3&reg=3&lang=1

https://pib.gov.in/newsite/pmreleases.aspx?mincode=20

https://ppac.gov.in/import-export

https://ppac.gov.in/infrastructure/installed-refinery-capacity

https://pmuy.gov.in/

https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/jan/doc202413295811.pdf

Click here to see PDF.

******

Santosh Kumar/ Ritu Kataria/ Rishita Aggarwal

Annexure 1

Refineries in India:

Refinery Location	Name of the Company	Name Plate Capacity (MMTPA)
	PSU Refineries
Digboi – 1901	Indian Oil Corporation Ltd.	0.650
Guwahati – 1962	Indian Oil Corporation Ltd.	1.200
Barauni – 1964	Indian Oil Corporation Ltd.	6.000
Koyali – 1965	Indian Oil Corporation Ltd.	13.700
Bongaigaon – 1974	Indian Oil Corporation Ltd.	2.700
Haldia – 1975	Indian Oil Corporation Ltd.	8.000
Mathura – 1982	Indian Oil Corporation Ltd.	8.000
Panipat – 1998	Indian Oil Corporation Ltd.	15.000
Paradip – 2016	Indian Oil Corporation Ltd.	15.000
Manali – 1965	Chennai Petroleum Corporation Ltd.	10.500
Cauvery Basin* – 1993	Chennai Petroleum Corporation Ltd.	0.000
Mumbai – 1954	Hindustan Petroleum Corporation Ltd.	9.500
Vizag – 1957	Hindustan Petroleum Corporation Ltd.	13.700
Mumbai – 1955	Bharat Petroleum Corporation Ltd.	12.000
Bina^ – 2011	Bharat Petroleum Corporation Ltd.	7.800
Kochi – 1963	Bharat Petroleum Corporation Ltd.	15.500
Numaligarh – 2000	Numaligarh Refinery Ltd.	3.000
Mangalore – 1996	Mangalore Refinery and Petrochemicals Ltd.	15.000
Tatipaka, AP – 2001	Oil and Natural Gas Corporation Ltd.	0.066
Total PSU Refineries		157.316

	JV Refineries
Bathinda – 2012	HPCL Mittal Energy Ltd.	11.300
Total JV Refineries		11.300

	Private Sector Refineries
DTA-Jamnagar – 1999	Reliance Industries Ltd.	33.000
SEZ-Jamnagar – 2008	Reliance Industries Ltd.	35.200
Vadinar – 2006	Nayara Energy (Formerly Essar Oil Ltd.)	20.000
Total Private Sector		88.200
Grand Total		256.816

* The Cauvery Basin refinery is under capacity augmentation.

^The Bina oil refinery, in the year 2021, become wholly owned subsidiary of Bharat Petroleum Corporation Limited – a ‘Maharatna’ PSU of Government of India.

(Release ID: 2096817) Visitor Counter : 95

MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI Asia-Pac: RDCL, a Residential Mortgage-Backed Securitisation (RMBS) Company set up by NHB receives Certificate of Registration to commence Operations from RBI

Source: Government of India (2)

RDCL, a Residential Mortgage-Backed Securitisation (RMBS) Company set up by NHB receives Certificate of Registration to commence Operations from RBI

RDCL will facilitate growth of residential mortgage financing by providing investment avenues to long term institutional investors

Posted On: 27 JAN 2025 8:18PM by PIB Delhi

National Housing Bank (NHB), a statutory body under the Government of India has set up, RMBS Development Company Limited, as the single largest shareholder and supported by a strong mix of investor classes across Banks, HFC/ NBFC and Insurance company.

RDCL has now received Certificate of Registration (CoR) to commence operations from the Reserve Bank of India (RBI) on January 23, 2025.

The Company is envisioned to play the role of a commercially sustainable market intermediary to facilitate the growth and development of Residential Mortgage-Backed Securitisation (RMBS) market in the country. The operationalization of Company will provide investment avenues to long term institutional investors viz., Insurance Companies, Pension and Provident Funds in the RMBS market. The diverse set of investors shall instil confidence in the ecosystem and bring valuable experience in RMBS market development.

As part of its key business activities, the Company will invest in RMBS issuances, extend second loss credit enhancements, support liquidity, promote standard process and documentation and other related activities for market development.

A well-developed RMBS market can emerge as a reliable complement to existing sources of funding and liquidity for Primary Lending Institutions. During the last 5 years, individual housing loans outstanding have grown from ₹ 17.95 Lakh Crore as on March 31, 2019 to ₹ 33.19 Lakh Crore as on 31^st March 2024 with a CAGR of 13.1% and this growth is expected to continue.

The paid-up Capital of the Company is ₹500 crore with its Registered Office at Mumbai. The Company is expected to commence operations in March, 2025.

*******

NB/AD

(Release ID: 2096815) Visitor Counter : 23

MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI Asia-Pac: DDWS Honours members of Village Water and Sanitation Committees ((VWSC) in a Special Event in Delhi.

Source: Government of India (2)

DDWS Honours members of Village Water and Sanitation Committees ((VWSC) in a Special Event in Delhi.

172 esteemed members of (VWSC) from 27 States and Union Territories recognised for their outstanding contributions to the success of Jal Jeevan Mission.

Hon’ble Union Minister and Hon’ble Ministers of State Grace the Event.

Three Inspiring Books on Jal Jeevan Mission Unveiled.

Members of Village Water and Sanitation Committees Witnessed Republic Day Parade at Kartavya Path.

Posted On: 27 JAN 2025 8:04PM by PIB Delhi

Special Invitees with the Union Minister of Jal Shakti and Minister of State

On 27th January 2025, the Ministry of Jal Shakti organized a special programme at Palika Services Officer’s Institute (PSOI) Club, Chanakyapuri, New Delhi, to honour 172 esteemed members of Village Water and Sanitation Committees (VWSC) along with spouse from 27 States and Union Territories, along with approximately 140 guest form National Mission for Clean Ganga (NMCG). These dedicated individuals were recognized for their outstanding contributions to the success of Jal Jeevan Mission (JJM), which has been a cornerstone of India’s efforts to provide safe and clean drinking water to every rural household.

The event was graced by Hon’ble Union Minister of Jal Shakti, Shri C.R. Patil, and Hon’ble Ministers of State, Shri V. Somanna & Shri Raj Bhushan Choudhary. The VWSC members were seated in their respective State enclosures, creating a vibrant mosaic of grassroots representation. The Hon’ble Union Minister Shri C.R. Patil, along with Hon’ble Minister of State Shri V. Somanna and Shri Raj Bhushan Choudhary, interacted with them individually, appreciating their contributions and inspiring them to further strengthen rural water governance.

The event also saw the launch of three significant publications by the Hon’ble Union Minister of Jal Shakti and Ministers of State along with other distinguished officials:

Stories of Change – Highlighting success stories from Particularly Vulnerable Tribal Groups (PVTGs).
Transformational Stories: Redefining Lives Through Water – Featuring inspiring narratives from rural communities.
Peyjal: Jan Shakti ki Abhivyakti – Celebrating the role of VWSC members – the special invitees for their remarkable contributions in driving meaningful change at the grassroots level.

Release of Three Inspiring Books on Jal Jeevan Mission

The VWSC members were presented with mementos and certificates in recognition of their tireless efforts to improve rural water supply systems, promote community ownership, and advance the vision of Har Ghar Jal.

These VWSC members, accompanied by their spouses or guardians, arrived in New Delhi between 24th and 25th January as part of the approximately 10,000 special guests invited to the 76th Republic Day celebrations by the Ministry of Defence.

Arrival of Special Guests

Hon’ble Raksha Rajya Mantri Shri Sanjay Seth facilitated the VWSC members and Jal Sahiyas from Jharkhand, at a programme organized at his residence. He individually honoured each guest, acknowledging their contributions to nation-building and community empowerment.

Raksha Rajya Mantri Shri Sanjay Seth with Special Invitee from Jharkhand

The Special Guests were nominated by their respective States and Union Territories based on criteria set by DDWS, which included:

The number of certified villages and schemes successfully handed over to the community under the Jal Jeevan Mission.
Recognition of exemplary contributions by VWSC members or Pani Samitis from Har Ghar Jal-certified villages where the schemes have been successfully handed over to the community.

To ensure a smooth and coordinated experience, nodal officers from respective States/ UTs accompanied the VWSC members throughout their visit.

On 25th January, they visited the Pradhanmantri Sangrahalaya, gaining insights into India’s leadership journey and the nation’s remarkable progress.

Special Guests at the Pradhanmantri Sangrahalaya

On 26th January, they had the privilege of witnessing the Republic Day Parade at Kartavya Path, which showcased India’s unity, cultural diversity, and strength under the theme “Swarnim Bharat: Virasat aur Vikas.” This experience was a source of immense pride and inspiration for the attendees.

Special Guests Seated for the 76^th Republic Day Celebrations

On 27th January, the day began with a tour of the Gandhi Smriti and Rashtriya Swachhata Kendra (RSK), where the invitees learned about India’s cleanliness movement and the life and values of Mahatma Gandhi. These visits provided both knowledge and motivation, further strengthening their commitment to improving rural water governance.

Special Guests at the Gandhi Smriti

Special Invitees at the Rashtriya Swachhata Kendra

Their visit concluded with a solemn and reflective tour of the National War Memorial in the afternoon, where they paid tribute to the sacrifices of India’s bravehearts.

Special Invitees at the National War Memorial and the iconic India Gate

This initiative by DDWS reaffirmed the government’s commitment to empowering communities and recognizing VWSC members as the backbone of Jal Jeevan Mission.

The Republic Day celebrations, combined with their recognition, served as both a tribute and an encouragement for VWSC members to continue their vital work in ensuring water security and sustainability in rural India.

Senior officials from DDWS, including Shri Ashok Kumar Meena, Secretary – DDWS, and Shri Kamal Kishore Soan, Additional Secretary and Mission Director – National Jal Jeevan Mission, and Joint Secretary and Mission Director – Swachh Bharat Mission Grameen were also present.

*****

Dhanya Sanal K

Director

(Release ID: 2096805) Visitor Counter : 33

MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI Asia-Pac: Ministry of I&B announces top awards for content creators like influencers, podcasters, animation makers & game developers etc. ahead of 1st World Audio Visual Entertainment Summit

Source: Government of India

Ministry of I&B announces top awards for content creators like influencers, podcasters, animation makers & game developers etc. ahead of 1st World Audio Visual Entertainment Summit

Union Ministers Ashwini Vaishnaw and Gajendra Singh Shekhawat launch WAVES Bazaar, an eMarketplace to bring together creators & firms dealing in creative content

Classical & Semi classical Music challenge ‘Wah Ustad’ & Promotion of Khadi among three more Create in India challenges launched for WAVES; Tourism & Cultural heritage promotion content challenge also announced

WAVES to position India as a global capital of content creation; India’s Cultural Heritage being elevated to global prominence, echoing Vivekananda’s legacy: Sh. Ashwini Vaishnaw

WAVES is an important platform for art lovers and will inspire Indian creators to narrate before the world our rich cultural heritage: Sh. Gajendra Shekhawat

Posted On: 27 JAN 2025 7:22PM by PIB Delhi

The Ministry of Information and Broadcasting today marked a significant milestone in the lead-up to the World Audio Visual & Entertainment Summit (WAVES) with the launch of major initiatives at the National Media Centre, New Delhi by Sh. Ashwini Vaishnaw, Union Minister of Information & Broadcasting, Railways and Electronics & Information Technology and Sh. Gajendra Singh Shekhawat, Union Minister of Culture & Tourism.

Sh. Sanjay Jaju, Secretary, Ministry of Information and Broadcasting, Shri Arunish Chawla, Secretary, Ministry of Culture. Indian Filmmaker Sh. Shekhar Kapur and Sh. Gaurav Dwivedi, CEO Prasar Bharati were also present at the launch.

Transforming India into a global capital of the creator economy

Echoing the Prime Minister’s vision, of establishing the World Audio Visual & Entertainment Summit (WAVES) as a summit of global repute, akin to the Davos Economic Forum, the Union Minister of Information and Broadcasting, mentioned that this effort is part of a broader strategy to highlight India’s creative economy, which is rich with tradition, storytelling, and cultural significance—elements of what is globally recognized as the ‘Orange Economy.‘

“Our rich culture, which once resonated in the halls of the Chicago World’s Fair through Swami Vivekananda, is today being carried forward by our Prime Minister on the global stage, through initiatives like yoga, culture, creativity, and Ayurveda,” stated Sh. Ashwini Vaishnaw. “WAVES is an extension of this effort, aiming to make India the global capital of the creator economy.”, he added.

The Union Ministers launched WAVES Bazaar, 3 Create in India Challenges, WAVES Awards and also announced one more Challenge.

WAVES Bazaar: Harnessing the potential of creative economy

The event witnessed the unveiling of the WAVES Bazaar – Global e-Marketplace, a groundbreaking platform designed to connect India’s vast creative talent pool with international markets. The platform enables users to showcase their content, pitch projects, and build meaningful connections that transcend geographical boundaries. It simplifies global business interactions by offering tailored tools and resources, ensuring creators and businesses can expand their reach while discovering new opportunities for growth and success.

On this occasion, Secretary I&B mentioned that WAVES Bazaar is a transformative platform that will unite creators, buyers, and collaborators from across various entertainment sectors such as film, TV, music, esports, animation, visual effects, gaming, and comics. It will bridge geographical gaps, allowing creators to display their work and engage in meaningful B2B interactions.

WAVES Bazaar will also support brand collaborations, funding, and distribution, helping creators secure the backing they need to realise their ideas. This comprehensive e-marketplace will be an important tool to harness the potential of the budding creative economy in India. This platform will enable content creators to market their products, ideas and skills.

WAVES Awards

WAVES Awards are set to commence with nominations opening on February 15, 2025. Celebrating excellence across various creative disciplines, the WAVES Awards feature categories such as Game of the Year, Film of the Year, and Advertising Campaign of the Year. The awards also include Special Selection Awards, honouring lifetime achievements and significant impacts in fields like technology and social influence.

Three new challenges under Create in India Challenges

Another highlight was the launch of three new challenges under the Create in India Challenges, viz. “Resonate: The EDM Challenge”, “Make The World Wear Khadi” and “Wah Ustad”.

Wah Ustad

Envisioned by the Ministry of Information and Broadcasting, driven by the esteemed “Dilli Gharana” in collaboration with the Ministry of Culture and Doordarshan, “Wah Ustad” provides a platform for young, classically trained vocalists to showcase their exceptional skills. It is open to participants aged 18 years and above, including international participation. It is a two-phased competition culminating in a Grand National finale at WAVES 2025 whose registrations have been opened today on the website of Prasar Bharati (https://prasarbharati.gov.in/wah-ustad/).

‘Make The World Wear Khadi’

This challenge invites advertising professionals and freelancers to develop innovative campaigns that position Khadi as a global brand. Open for international participation, this challenge aims to promote Khadi within India and internationally. The participants have to explore innovative design concepts across various formats (e.g., digital, print, video, experiential). “Make The World Wear Khadi” encourages creative thinking and strategic approaches to elevate Khadi’s brand image and drive consumer engagement.

Resonate: The EDM Challenge: Hosted by the Indian Music Association (IMA), “Resonate” invites artists, composers, musicians, and performers from around the world to showcase their exceptional talent in Electronic Dance Music (EDM) production. This challenge is open to all nationalities.

New challenge for promoting India’s cultural heritage and tourism

The Union Minister of Information and Broadcasting also announced a new challenge aimed at promoting films that explore India’s rich tourism and cultural heritage. This initiative challenges filmmakers to delve deep into the nation’s vibrant cultural tapestry, showcasing it to both national and international audiences. These challenges aim to foster creativity, innovation, and global participation.

WAVES: Showcasing India’s Cultural Prowess Globally

Speaking on the occasion, Union Minister of Culture and Tourism, Shri Gajendra Singh Shekhawat, described India as a vibrant crucible of storytellers, musicians, content creators, and religious diversity. “Our cultural heritage is not just a testament to our past but the backbone of our future on the global stage,” Shri Shekhawat stated. To leverage this rich cultural tapestry, the Ministry of Information and Broadcasting has launched WAVES, a dynamic platform that aligns with Prime Minister Narendra Modi’s vision of showcasing and economically empowering India’s creative talents.

As India progresses in various sectors—economic, social, and technological—our cultural prowess remains our greatest asset. While expressing gratitude to the Ministry of I&B, he said that through WAVES India’s cultural diversity will gain the global recognition it deserves, positioning the cultural creative economy as an integral part of the world’s formal economy. This initiative underscores the pivotal role that WAVES will play in showcasing and enhancing India’s cultural strength, providing a foundation for our creators to earn respect and recognition worldwide.

Create in India Challenges

Create in India Challenges, the cornerstone of the World Audio Visual Entertainment Summit (WAVES), a flagship initiative by the Ministry of Information and Broadcasting, Government of India, has witnessed an overwhelming response from aspiring and professional creators from India and across the globe. With over 70,000 registrations and counting, the challenge has captured the imagination of individuals and communities from diverse backgrounds, fostering a holistic ecosystem for vibrant creativity and innovation. So far, 31 Create in India Challenges have been launched out of which 25 are still open for registration with 22 attracting global participation.

India: Land of storytelling

Acclaimed filmmaker Shekhar Kapur also highlighted India’s status as the largest content creation and consumption nation during his address. “India is not just a hub but a powerhouse of cultural and digital content, ranging from films to gaming. This is what we refer to as our ‘soft power’,” Kapur noted. Continuing on this theme, Sh. Kapur expressed enthusiasm for the upcoming WAVES summit, where this expansive creative energy will be showcased, underscoring the event as a critical platform for demonstrating India’s leadership in the global creative economy.

An opportunity, not to be missed

The summit is designed to be the first of its kind, converging audio, video, and entertainment into a single platform, thus providing a unique opportunity for creators from around the globe to network, collaborate, and display their creative prowess. Sh. Vaishnaw exhorted all the content creators to participate actively in WAVES, emphasizing that it is an opportunity that should not be missed.

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Dharmendra Tewari/Kshitij Singha

(Release ID: 2096792) Visitor Counter : 128

MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI Security: Sapulpa Couple Sentenced for Their Role in Abusing Three-Week-Old Baby

Source: Office of United States Attorneys

TULSA, Okla. – Today, U.S. District Judge Sara E. Hill sentenced Jeannie Rene Romero, 25, for Child Abuse and Child Neglect in Indian Country. Judge Hill ordered Jeannie to serve 60 months, followed by five years of supervised release.

In October 2022, Jeannie was taking care of her three-week-old baby. While changing the baby’s diaper, Jeannie admittedly used unreasonable force, breaking the baby’s femur in half. She failed to seek medical attention for more than 48 hours. Doctors noted that the baby had additional injuries consistent with abuse.

In June, Judge Hill sentenced Jeannie’s husband, Jacob Alejandro Romero, 24, for Child Neglect in Indian County. Jacob was at work when the abuse occurred. However, the infant’s injury was noticeable, and he failed to seek help. Judge Hill ordered Jacob to serve 24 months imprisonment, followed by five years of supervised release.

The baby and its sibling were removed from the home and placed in the care of the family members. Jeannie and the baby are citizens of the Muscogee (Creek) Nation.

Jeannie will remain in custody pending transfer to the U.S. Bureau of Prisons. Jacob was previously released on bond and taken into custody following his sentencing in June.

The FBI and Sapulpa Police Department investigated the case. Assistant U.S. Attorney Stephanie N. Ihler prosecuted the case.

MIL Security OSI –

January 28, 2025

MIL-OSI USA: Klobuchar, Sullivan Introduce Bipartisan Legislation to Lower Costs and Increase Access to Affordable Child Care

US Senate News:

Source: United States Senator Amy Klobuchar (D-Minn)
The Child Care Workforce and Facilities Act would provide competitive grants for states to train child care workers and build or renovate child care facilities
WASHINGTON – U.S. Senators Amy Klobuchar (D-Minn.) and Dan Sullivan (R-Alaska) reintroduced their bipartisan legislation to lower child care costs and address the nationwide shortage of affordable child care. The Child Care Workforce and Facilities Act would provide competitive grants for states to train child care workers and build or renovate child care facilities. Families across the country are struggling to access available child care, with rural communities increasingly becoming “child care deserts” due to the noticeable decline in the number of child care providers. Companion legislation in the House of Representatives is led by Representatives Josh Harder (D-Calif.) and Brian Fitzpatrick (R-Pa).
“For far too many families, the struggle to find high-quality, affordable child care serves as a barrier to children’s early development and to parents entering the workforce,” said Klobuchar. “Our bipartisan legislation will train more child care workers and build and expand facilities in child care deserts, so families in all parts of the country can afford and access the child care they need.”
“Access to quality, affordable child care is key to healthy families and a thriving economy,” said Sullivan. “I hear repeatedly from working Alaska parents that the lack of affordable child care is among their top concerns, and those concerns are overwhelmingly confirmed by the data. Unfortunately, this problem disproportionately impacts parents striving to re-enter the workforce. Our bipartisan legislation will help by offering grants focused on states hardest hit, like Alaska, to enhance workforce development among child care professionals, and improve facilities that serve families in child care deserts, particularly in our rural communities.”
“As a dad to two young daughters, my wife and I know firsthand how expensive child care has gotten. Parents are left in a very tough spot trying to find safe, quality child care centers,” said Harder. “Parents should be able to pay a reasonable price to drop their little ones off at daycare and know they will be safe. This bill is a must-pass for every working parent – we need to get this done.”
“American families should never have to choose between affordable childcare and the quality their children deserve,” said Fitzpatrick. “Our bipartisan and bicameral Child Care Workforce Facilities Act directly confronts the untenable challenges facing childcare in our nation by establishing competitive grant programs that strengthen caregiver education, expand childcare facilities, and bolster the dedicated workforce at the heart of our children’s development. This targeted investment will address shortages in our PA-1 community and nationwide, building a stronger foundation for America’s children, families, and future.”
The Child Care Workforce and Facilities Act would:
Address the shortage of affordable child care and qualified child care professionals, particularly in rural areas;
Provide competitive grants to states to support the education, training, or retention of the child care workforce;
Provide competitive grants to states to build, renovate, and expand child care facilities in areas experiencing shortages;
Require grant applicants to demonstrate how their projects would increase the availability and affordability of quality child care, and help child care workers continue advance their careers; and
Enhance retention and compensation of quality child care professionals.
The legislation is cosponsored by Senators Gillibrand (D-NY), King (I-Maine), Merkley (D-Ore), Shaheen (D-NH), and Whitehouse (D-RI).

MIL OSI USA News –

January 28, 2025

MIL-OSI Global: Staffing shortages risk Ontario’s $10-a-day child care

Source: The Conversation – Canada – By Emis Akbari, Adjunct Professor, Department of Applied Psychology and Human Development at Ontario Institute for the Study of Education (OISE) and Senior Policy Fellow at the Atkinson Centre, University of Toronto

Ontario’s agreement under the Canada-Wide Early Learning and Child Care (CWELCC) program is set to expire in March 2026, and troubling signs suggest the province is far from meeting its commitments.

Despite receiving $13.2 billion — almost half of the total $27.2 billion federal investment — Ontario has fallen short on critical benchmarks.

Unlike most families across Canada, Ontario parents have yet to see significant growth in available spaces or $10-a-day child care.

This provincial inaction is particularly troubling in a federal election year. While federal maintenance funding is to continue post-2026, without the benefits of the child care plan widely realized and apparent to voters, future governments could easily scale back any gains.

Our recent study, conducted in collaboration with regional governments tasked with implementing Ontario’s early learning and child-care agreement, shows how staffing shortages have created long wait-lists for care. Children are ageing out of child care before a space becomes available. The unmet demand, regional officials told us, is eroding public confidence in the program as parents become frustrated in their search for affordable care.

While other provinces have enacted comprehensive compensation reforms — including pensions, benefits and wage increases of up to 50 per cent — to attract and retain qualified educators, Ontario’s support for trained early childhood educators tops out at $24.86 per hour, well below the federal poverty line for a family of four.

Low wages, staffing shortfalls

Low wages deter new graduates from entering the child-care field and drive away those already employed. Of the 4,200 early childhood educators that Ontario colleges graduate annually, fewer than 60 per cent enter licensed child care, and only 40 per cent remain after five years.

Small wonder for the exodus. One in five child-care staff responding to our survey told us they hold a second job to make ends meet. Over 55 per cent of couple families, and 83 per cent of lone parent families, are concerned about their housing.

The province acknowledges a shortfall of 8,500 educators needed to meet its expansion goal of 86,000 new spaces. Yet the issue runs deeper. Staff shortages mean existing child-care rooms are empty. A single absence can force centre directors to abruptly close rooms, leaving parents scrambling for alternatives.

The human costs

The consequences extend beyond empty classrooms. Staff shortages compromise the quality and inclusivity of early childhood programs. Our report found that children with disabilities are often sent home or denied admission altogether due to insufficient staffing.

This is despite Jordan’s Principle, which the federal government says ensures all First Nations children access the products, services and supports they need, when they need them.

Ontario’s requirement for qualified staff is among the lowest in Canada, mandating that only half of a centre’s staff hold a college diploma in early education. The use of ministry “approvals,” a stop-gap measure allowing untrained staff to fill roles until qualified educators are found, has become standard practice.

Our research found entire programs, particularly those in northern regions and those serving francophone and Indigenous families, operating without a single qualified early childhood educator.

Educator shortages not only exclude children from child care, but degrade the quality of care. While less than one per cent of the province’s almost 28,000 early childhood educators working in licensed child care are reported to authorities, incidents involving the improper handling of children have seen an uptick.

This may partly reflect the COVID-19 pandemic’s aftermath, but it also may signal staff burnout and the prevalence of untrained workers.

Equally alarming, 14 per cent of respondents in our study indicated they would be reluctant to recommend their own centre to a family member or friend seeking child care.

Quality and staffing challenges vary significantly across Ontario’s child-care network of over 5,700 centres. Publicly operated centres and established community providers, where wages and benefits are higher, report fewer staffing shortages or quality problems.

In contrast, for-profit centres, where wages are significantly lower, experience the highest staff turnover and lowest levels of job dissatisfaction.

These disparities are particularly concerning given Ontario’s pressure on regional governments to divest their public centres, and its push to lift the cap on the percentage of new for-profit spaces allowed under its agreement with Ottawa.

A blueprint for change

Ontario’s challenges are not insurmountable. Other provinces and territories are showing that fair compensation tied to qualifications and responsibilities can help to stabilize the child-care workforce.

Publicly funded pensions, benefits, and additional incentives for educators in remote, Indigenous and francophone communities have proven effective in attracting and retaining staff.

Ontario must urgently follow suit. The CWELCC program isn’t just about child care; it’s a highly effective economic strategy. The province’s Financial Accountability Office estimates that the national plan could enable 98,000 more Ontario mothers to join the workforce.

However, this potential can only be realized if sufficient child-care spaces are created. Without early childhood educators new spaces are wasted infrastructure. This represents squandered economic development, children denied quality early education and families left to struggle financially.

The time to act is now. Ontario must seize the promise of CWELCC before it becomes another missed opportunity.

Emis Akbari receives funding from the Atkinson Foundation, the Lawson Foundation, and the Margaret and Wallace McCain Family Foundation.

Kerry McCuaig receives funding from the Atkinson Foundation, the Lawson Foundation and the Margaret and Wallace McCain Family Foundation.

– ref. Staffing shortages risk Ontario’s $10-a-day child care – https://theconversation.com/staffing-shortages-risk-ontarios-10-a-day-child-care-247273

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI United Kingdom: New bus service for shoppers to start

Source: Scotland – Highland Council

The Highland Council’s In-house bus team are introducing a new service to make it more convenient for people living in and around the city to visit two retail parks.

To be known at the “108 Shopper Bus”, the new service will run every Tuesday and Thursday starting at Torvean Park and Ride. The route will be going through all the housing areas along Sir Walter Scott Drive (Distributor Road) to include Holm Dell, Culduthel Mains, Slackbuie, Miller Street, Boswell Road. It will then pass through the back of Inshes Retail Park and then go through the UHI Campus to the Inverness Shopping Park.

The request for the service came from local residents who have been physically unable to catch the service bus as they live too far away from the active bus stops.

Chair of the Economy and Infrastructure Committee, Councillor Ken Gowans said: “This is another example of us listening to the community and taking action to provide a service specifically tailored to make it more convenient for people to get to two popular shopping areas of the city.

“I am sure this new direct service aimed at shoppers will attract passengers who currently find it difficult to get to the two retail parks without having to first go into the city centre.

The 108 Shopper Bus service starts on Tuesday 4 February. Details of the timetable will shortly be available on the Highland Council Buses dedicated webpage and Facebook page.

27 Jan 2025

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI Security: Man Accused of Murder in Teenager’s Overdose Death Captured by U.S. Marshals

Source: US Marshals Service

Memphis, TN – The U.S. Marshals Service (USMS) captured a Memphis murder fugitive, Samuel Sipes, 22, in Olive Branch, Mississippi.

In January of 2023, a 17-year-old male was found dead of an overdose in a home on Wrenwood Street in Memphis. It is alleged that he died of a fatal dose of fentanyl. In April of the same year, Samuel Sipes was charged with second degree murder in connection to this crime and released on a $100,000 bond; however, he failed to return for his court date.

A failure to appear warrant was issued on November 12, 2024. The case was adopted for a fugitive investigation by the USMS Two Rivers Violent Fugitive Task (TRVFTF) in Memphis.

On January 27, 2025, the TRVFTF and Desoto County (Mississippi) Sheriff’s Deputies went to an apartment complex in Olive Branch. Deputy marshals and task force officers found Sipes inside an apartment. He was taken into custody without incident and transported to the Desoto County Jail where he awaits extradition to Tennessee.

The U.S. Marshals Service Two Rivers Violent Fugitive Task Force is a multi-agency task force within Western Tennessee. The TRVFTF has offices in Memphis and Jackson, and its membership is primarily composed of Deputy U.S. Marshals, Shelby, Fayette, Tipton, and Gibson County Sheriff’s Deputies, Memphis and Jackson Police Officers, Tennessee Department of Correction Special Agents and the Tennessee Highway Patrol. Since 2021, the TRVFTF has captured approximately 3,000 violent offenders and sexual predators.

MIL Security OSI –

January 28, 2025

MIL-OSI USA: Kennedy calls for FCC to review partisan decision to approve Soros-backed takeover of 200 radio stations

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

Watch Kennedy’s comments here.
WASHINGTON – Sen. John Kennedy (R-La.) urged the Federal Communications Commission (FCC) to review its decision to allow a company backed in part by foreign money and billionaire Democratic donor George Soros to obtain licenses for more than 200 American radio stations. The requested review by the FCC would include making certain that all required steps were followed according to FCC procedures and taking a closer look at the national security ramifications of the sale.
Key excerpts of the speech are below:
“Mr. George Soros is buying WWL AM radio in New Orleans. WWL AM radio is practically an institution in my state.”
. . .
“Any time a broadcast license—as is the case with Audacy—is transferred, the FCC has to approve it. So, Mr. Soros’s purchase of WWL Radio and the 219 other radio stations had to go before the FCC, and it did. And it went—the approval for Mr. Soros—went through the FCC like green grass through a goose. It was a party-line vote. It was last September. All three Democrats—there are five people on the FCC—all three Democrats said let it go, and [it has been alleged that] they short-circuited the normal process. . . . What happened was what some members of the media have called the ‘Soros shortcut.’ They just got together and rammed it through.”
. . .
“Mr. Soros—both George and [his son] Alex—believe that America would be better off if we had open borders. They believe that America would be better off, in my opinion—this is how I read their writings—if we ended jails and if we ran our government like the Communist Party of China. I don’t agree with that, but Mr. Soros—both of them—are entitled to their opinion. But my people in Louisiana are entitled to know whose opinion they are hearing on the radio.”
. . .
“I hope the new FCC revisits this issue. These licenses and these airwaves do not belong to me or to the FCC or to Audacy or to WWL. They belong to you and you and you—the American people. We are supposed to make sure through our FCC—that is why God created the FCC—that these licenses are not just given to anybody.”
Background:
Audacy is the second-largest owner of radio stations in the U.S. In total, Audacy owns roughly 220 stations in more than 45 media markets throughout the country.
In Jan. 2024, Audacy filed for Chapter 11 bankruptcy and offered to trade shares of the company to lenders who would take on debt. George Soros took on $400 million in Audacy’s debt for 50 cents on the dollar and became the largest shareholder in the restructured company. Several foreign entities also took on some of Audacy’s debt, leaving the company with more than 20% foreign ownership.
The FCC restricts the ability of companies with significant foreign ownership to obtain radio licenses. The agency is supposed to investigate foreign-backed companies to make sure they would operate in the American people’s interests before approving the transfer of any radio licenses.
According to FCC Commissioner Brendan Carr, the Democrat-led FCC rushed the approval process to allow the transfer of licenses to the Soros-backed Audacy without conducting the standard investigations. Carr said the FCC had never previously used the “Soros-shortcut” procedure to approve licenses to a firm with significant foreign ownership.
Carr—who is now chairman of the FCC—has said he would take “a very hard look” at a petition to reconsider the license transfer to the Soros-backed company.
Soros has donated billions of dollars to leftist causes in recent years. Soros has called the U.S. “the main obstacle to a stable and just world,” and claimed that China has a “better functioning government than the United States.”
Shortly before leaving office, President Biden gave Soros the Presidential Medal of Freedom, the nation’s highest civilian honor.
Watch Kennedy’s full speech here.

MIL OSI USA News –

January 28, 2025

MIL-OSI Global: Atonement by Ian McEwan is a meditation on creativity in later life

Source: The Conversation – UK – By David Amigoni, Professor of Victorian Literature, Editorial Board Chair, Keele University

In Ian McEwan’s Atonement (2001), aspiring writer 13-year-old Briony Tallis glimpses a world of opaque “adult emotion”. Holding a pen and blank paper before her, she feels a powerful impulse to write in order to impose order and meaning on adulthood’s slippery uncertainties.

Earlier on that hot summer’s day in 1935, she had witnessed a perplexing scene of seeming “ugly threat”. Her older sister, Cecilia, undressed in front of their cleaning lady’s son (and fellow Cambridge graduate) Robbie Turner. She then plunged, in her underwear, into an ornamental fountain.

Briony’s urge to write is triggered when she reads the private note she had been tasked with delivering from Robbie to Cecilia. Within, she is shocked to discover Robbie’s desire for Cecilia, expressed through use of the unutterable “c” word. Later, looking through the door of their darkened library, Briony mistakenly believes she sees Robbie committing a violent assault on her sister.

This article is part of Rethinking the Classics. The stories in this series offer insightful new ways to think about and interpret classic books, films and artworks. This is the canon – with a twist.

McEwan’s novel presents a privileged English country house setting that descends into a chaos of mistakes, class resentment, educational ambition and sex, expressed both as desire and power. The latter is evident in the rape of Briony’s cousin Lola.

Convinced that she has seen, and now read, the truth about “evil” Robbie’s “disgusting” obsession with her sister, Briony believes he is the culprit. She is confident that her writing will expose a “maniac’s” guilt. However, her urge to write upon the blank page is stronger than her sense of what precisely to say.

In fact, what she writes at this crucial moment – “There was an old lady who swallowed a fly” – feels entirely strange. But just as the old lady of the nursery rhyme fatally bites off ever more that she can chew in swallowing a fly, a spider, a bird, a cat, so Briony’s tragically mistaken ideas about Robbie ends in his incrimination and incarceration.

Robbie is free only when released to fight for the British Expeditionary Force in France in 1940. He strives to return to Cecilia via the horrors and heroism of that most resonant of British stories, Dunkirk.

Life stages, ageing and creativity are important themes in Atonement. It is as an older lady writer herself that Briony atones for the incriminating stories that her juvenile writer self swallowed and multiplied.

Creativity in later life

Putting age and later life front and centre urges the reader to reassess McEwan’s renowned “twist”. That is, the moment readers discover that key scenes in the novel – meetings between Briony, Cecilia and Robbie following the latter’s evacuation from Dunkirk – never happened.

As we are told on the penultimate page, the truth is that Robbie died of septicaemia in the dunes of Dunkirk and Cecilia was killed in the direct hit of a bomb on the Balham tube station in 1940.

At this moment, we realise that what we have been reading is the final draft of the atoning conclusion to a work by now 77-year-old Briony. Like so many late stylists (a writer who, in later life, returns to earlier preoccupations and themes), Briony, an established author with a reputation for “amorality”, revisits her early work on her 77th birthday party. It’s an event that brings her back to the estate of her childhood, now converted into a hotel.

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Briony’s later life shapes the closure of the story, but McEwan’s imaginative engagement with ageing affects every aspect of the novel. He presents readers with story-shaped anticipations of mid- and later life, even when the character will not live to see that age.

Robbie, working-class protégé of Mr Tallis’s educational philanthropy, with a first in English literature from Cambridge, consciously awakens into his unacknowledged love for Cecilia while thinking about his age and future.

The feelings coincide with his developing aspiration to train in medicine, and his imaginary anticipations of his life course.

He thought of himself in 1962, at 50, when he would be old, but not quite old enough to be useless, and of the weathered, knowing doctor he would be by then, with the secret stories, the tragedies and successes stacked behind him”

These will be embodied in books – more writings – “possessed in the thousands”. Briony and Cecilia’s migraine-suffering mother Emily, meanwhile, sees her ageing self grow “stiffer in the limbs and more irrelevant by the day”.

Through the character of Briony, McEwan contests the ageism and invisibility that can be the fate of older women. McEwan may take her to the brink of a terminal neurological decline in 1999 – she is diagnosed with vascular dementia – but Briony resists the othering that ageism imposes on older people: “we may look truly reptilian, but we’re not a separate tribe”.

The end of the novel presents readers with a view of active, meaningful later life as a creative time of collaborative, curatorial story telling.

The older Briony was played by Vanessa Redgrave in the 2007 adaptation of Atonement.

Readers become aware of the “sources” of the dramatic story of Robbie’s trek across northern France in the company of Corporals Mace and Nettle. Seventy-seven-year-old Briony donates the “dozen long letters from old Mr Nettle” to the archives of the Imperial War Museum, where she has been researching.

This act of memory preservation returns readers to the meaning of the horrors, carnage and heroism of the Dunkirk evacuation which McEwan presents through that powerful central episode in the novel. The evacuation of more than 300,000 troops from Dunkirk, including a small proportion of volunteer boats, makes Dunkirk a nationally resonant story.

Briony’s collaborative, later-life storytelling captures the heroism and sacrifice inherent in the perspectives of the wounded evacuee combatants. But so, too, their more sceptical, critical accents.

They “were bitter about the newspaper celebrations of the miracle evacuation and the heroism of the little boats. ‘A fucking shambles,’ she heard one of them mutter.” Or more precisely, the older lady recalled hearing, and then wrote.

Beyond the canon

As part of the Rethinking the Classics series, we’re asking our experts to recommend a book or artwork that tackles similar themes to the canonical work in question, but isn’t (yet) considered a classic itself. Here is David Amigoni’s suggestion:

Paul Bailey, who died in October 2024, was an excellent but under-acknowledged writer who deserves to be more widely read.

His writing went against the grain is subtle ways. He was experimenting with ways of writing about later life at the beginning of his career in 1967, with the publication of At the Jerusalem, set in a home for older women. He was then in his early 30s.

The Prince’s Boy (2014) was written when he was 77 – the same age as McEwan’s fictional Briony Tallis when she completes Atonement. It revisits key themes in Bailey’s earlier work: sexuality (he was a gay man), love, Proust, Romania and Europe.

David Amigoni received funding from RCUK (now UKRI) for his work on ageing and late-life creativity. He is affiliated with The Conversation UK as Chair of its Editorial Board.

– ref. Atonement by Ian McEwan is a meditation on creativity in later life – https://theconversation.com/atonement-by-ian-mcewan-is-a-meditation-on-creativity-in-later-life-244801

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: Donald Trump’s suggestion of ‘clearing out’ Gaza adds another risk to an already fragile ceasefire

Source: The Conversation – UK – By Karin Aggestam, Professor of Political Science, CMES Director, Lund University

Donald Trump’s recent statement describing Gaza as a “demolition site” – and his suggestion to “evacuate” Palestinians in Gaza to Egypt and Jordan to “clean out that whole thing” – has sent shockwaves across the region.

Trump reportedly told journalists travelling with him on Air Force One at the weekend that he had spoken with King Abdullah of Jordan and planned to talk with Egypt’s president, Abdel Fattah el-Sisi. “You’re talking about probably a million and a half people, and we just clean out that whole thing,” he said.

He added that relocating Palestinian civilians to “some of the Arab nations, and build[ing] housing in a different location, where they can maybe live in peace for a change” could be “done temporarily or could be long term”.

Israel’s extreme ultra-nationalist parties, both in and outside of the Israeli government, are thrilled by the idea. It’s one they have long advocated.

But it has been widely criticised across the region as a potential “second Nakba” – referring to the violence and displacement of Palestinians after Israel’s unilateral declaration of statehood in 1948. The proposal has also been outright rejected by Egypt and Jordan. It has also been strongly condemned by the Palestinians.

It remains unclear to what extent this aligns with US policy and diplomacy, but such rhetoric risks undermining the pivotal regional diplomatic efforts. These efforts, led by Qatar and Egypt in close coordination with Washington, are focused on continuing the negotiations on the ceasefire, monitoring progress, and verifying compliance.

So it’s far from certain if this is an official US policy position or another example of the US president simply airing his thoughts. But what is clear is that his latest pronouncement will further complicate the ceasefire deal agreed on January 17.

The deal already faces significant challenges and uncertainties, not least the mutual distrust between the Israeli and Palestinian leaderships. History tells us that this lack of trust has developed, in part, because of the numerous times ceasefires have been used for purposes other than pursuing long-term settlement, such as opportunities to regroup, rearm or reposition strategically.

So the staged nature of the current deal carries considerable risks, as it creates opportunities for “spoilers” on both sides to derail the process. The recent violence of Jewish settlers on the West Bank and Hamas’s active encouragement of confrontation there are other examples of things that could derail the ceasefire.

The negotiation process is further complicated by dynamics tied to the political survival of Israel’s prime minister, Benjamin Netanyahu. One party (Jewish Power) has already left his coalition government in protest against the ceasefire. Meanwhile the leader of the Religious Zionist party, Bezalel Smotrich, has threatened to do the same if the military operation against Hamas is not resumed.

Hamas, in turn, has attempted to reassert its control in Gaza. We’ve seen examples of that during the hostage exchange process when Hamas fighters conspicuously present at the handovers. Hamas may have been severely weakened, but it still controls significant parts of Gaza’s bureaucracy and policing and wants the world to know it.

Challenges ahead

If any part of the agreement falters there is a substantial risk that each side will blame the other of breaching the terms of the ceasefire. Two of the most contentious issues in the second phase are determining who will govern Gaza and how to implement a full Israeli withdrawal.

While Israel continues its security cooperation with the Palestinian Authority (PA) in the West Bank, it vehemently opposes any PA role in Gaza. There is also considerable doubt as to whether Israel will agree to any long-term solution which involves complete withdrawal of the Israel Defense Forces (IDF) from Gaza.

The recent resignation of the IDF’s chief of staff Herzl Halevi, as he took responsibility for the IDF’s failures on October 7, has further destabilised the political and military dynamics in Israel. A lot will depend on his successor.

Transactional diplomacy

Recent geopolitical shifts have reshaped regional dynamics. This presents challenges and opportunities for any diplomatic initiatives surrounding Israel and Palestine. The weakening of Iran’s so-called “axis of resistance”, including Hamas in Gaza and Hezbollah in neighbouring Lebanon – and the now-collapsed Assad regime in Syria – may provide an opportunity for the normalisation of relations between Israel and Saudi Arabia.

This in turn will offer an opportunity to reshape the Middle East’s geopolitical landscape. This potential breakthrough builds on the Abraham accords, which was one of Trump’s foreign policy initiatives. It’s a transactional approach to diplomacy, which prioritises pragmatic and results-oriented negotiations.

The new US Middle East envoy, former real estate developer Steve Witkoff, has emphasised “courageous diplomacy”, as well as strong leadership and what he called “reciprocal actions” from the parties to the peace deal. Whether the new US administration will revive the 2020 Trump plan for a Palestinian state remains uncertain.

That plan proposed granting 70% of the West Bank and Gaza to Palestinians while allowing Israel to retain sovereignty over Jerusalem. It also included US approval for Israeli annexation of territories with Jewish settlements in the West Bank.

For Israel, normalisation with Saudi Arabia would be a major diplomatic victory. Washington is playing a crucial role here, offering incentives such as sale of advanced American weapons systems to Riyadh. But Saudi Arabia has reportedly demanded concrete steps toward establishing a Palestinian state as part of the deal. Trump’s latest gambit, if it becomes official US policy, would make that a non-starter.

Karin Aggestam has received research funding from Riksbankens Jubileumsfond, Australian Reseach Council, Wallenberg Foundation and others.

– ref. Donald Trump’s suggestion of ‘clearing out’ Gaza adds another risk to an already fragile ceasefire – https://theconversation.com/donald-trumps-suggestion-of-clearing-out-gaza-adds-another-risk-to-an-already-fragile-ceasefire-248334

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI USA: Oregon strike teams heading home from Southern California

Source: US State of Oregon

ollowing a two-week mobilization to Southern California to assist with the wildfire response, 17 of Oregon’s 21 strike teams will soon be heading home. The teams began the demobilization process Thursday morning. Two of the strike teams will start their drive back to Oregon on Thursday, while the remaining 15 will begin their journey to their home agencies on Friday.

These strike teams were assigned to the Palisades and Eaton fires near Los Angeles and have spent the last two weeks working the fire lines and supporting the communities impacted by these disasters. In total, the Oregon State Fire Marshal mobilized 21 strike teams, 370 firefighters, and 105 fire engines and water tenders, marking the largest out-of-state deployment in the agency’s history.

“I am immensely proud of the work firefighters from the Oregon fire service and the Oregon Department of Forestry have done over the last two weeks in California,” Oregon State Fire Marshal Mariana Ruiz-Temple said. “Their dedication and professionalism have made a meaningful difference for the communities affected by these devastating fires. The willingness of our firefighters to step up and provide critical aid, often in challenging and dangerous conditions, is a testament to the strength and resilience of Oregon’s fire service.”

The Oregon State Fire Marshal has four remaining strike teams in California, two assigned to the Eaton Fire and two assigned to support initial attack efforts if any new fires start. There is no timeline yet for when the remaining strike teams will return to Oregon.

The strike teams sent to California by the State Fire Marshal were requested through the Emergency Management Assistance Compact. This compact provides help during governor-declared emergencies or disasters by allowing states to send personnel, equipment, and supplies to support response and recovery efforts in other states. The strike teams’ expenses will be reimbursed directly by California.

MIL OSI USA News –

January 28, 2025

Category: housing

India’s Petroleum IndustryFueling Growth and Innovation

RDCL, a Residential Mortgage-Backed Securitisation (RMBS) Company set up by NHB receives Certificate of Registration to commence Operations from RBIRDCL will facilitate growth of residential mortgage financing by providing investment avenues to long term institutional investors

DDWS Honours members of Village Water and Sanitation Committees ((VWSC) in a Special Event in Delhi.172 esteemed members of (VWSC) from 27 States and Union Territories recognised for their outstanding contributions to the success of Jal Jeevan Mission.

Low wages, staffing shortfalls

The human costs

A blueprint for change

Share this story

Creativity in later life

Beyond the canon

Challenges ahead

Transactional diplomacy

India’s Petroleum Industry

Fueling Growth and Innovation

RDCL, a Residential Mortgage-Backed Securitisation (RMBS) Company set up by NHB receives Certificate of Registration to commence Operations from RBI

RDCL will facilitate growth of residential mortgage financing by providing investment avenues to long term institutional investors

DDWS Honours members of Village Water and Sanitation Committees ((VWSC) in a Special Event in Delhi.

172 esteemed members of (VWSC) from 27 States and Union Territories recognised for their outstanding contributions to the success of Jal Jeevan Mission.