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  • MIL-OSI Economics: Euro area economic and financial developments by institutional sector: second quarter of 2024

    Source: European Central Bank

    29 October 2024

    • As of October 2024, ECB quarterly financial accounts provide more details on loans by counterpart sector granted by other financial institutions (OFIs) and information on debt securities issuance of non-financial corporations (NFCs) via financing conduits. OFIs are creditors of 23% of loans granted to NFCs by financial sector
    • Euro area net saving increased to €795 billion in four quarters to second quarter of 2024, compared with €787 billion one quarter earlier
    • Household debt-to-income ratio decreased to 83.4% in second quarter of 2024 from 87.8% one year earlier
    • NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in second quarter of 2024 from 71.8% one year earlier

    New details on other financial institutions and the financing of other sectors

    As of October 2024, the quarterly sector accounts published by the ECB provide more detailed financial accounts data on OFIs, which constitute the second largest financial sector in the euro area after monetary financial institutions (MFIs).[1] OFIs mainly provide financing to NFCs and to a lesser extent to households and other sectors. They also channel funds to and from the rest of the world.

    This new release provides counterpart sector data, such as loans granted by the OFI subsectors to NFCs (Chart 1). The release also includes new data on euro area NFC financing conduits which are captive financial institutions that raise funds by issuing debt securities to be used by their parent corporation.[2]

    Chart 1

    Loans to NFCs by financial subsector

    (outstanding amounts at the of end of the second quarter of 2024, as percentages of financial sector loans to NFCs)

    Source: ECB.

    * Loans from NFC financing conduits to NFCs are estimated based on the financing conduits’ issuance of debt securities.

    Total euro area economy

    Euro area net saving increased to €795 billion (6.7% of euro area net disposable income) in the four quarters to the second quarter of 2024, compared with €787 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €440 billion (3.7% of net disposable income), mainly due to decreased investment by NFCs (Chart 2 and Table 1 in the Annex).

    Euro area net lending to the rest of the world increased to €388 billion (from €336 billion previously) reflecting the increased net saving and decreased net non-financial investment. Household net lending increased to €549 billion (4.6% of net disposable income) from €501 billion. Net lending of NFCs (€233 billion, 2.0% of net disposable income) and that of financial corporations (€124 billion, 1.0% of net disposable income) were broadly unchanged. Government net borrowing stood broadly unchanged at €517 billion, contributing negatively (-4.3% of net disposable income) to euro area net lending.

    Chart 2

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.

    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 2)

    Households

    Household financial investment increased at a higher annual rate of 2.3% in the second quarter of 2024 (after 2.0% in the previous quarter). Among its components, investment in currency and deposits (2.3%, after 1.6%) and investment in shares and other equity (0.8%, after 0.4%) grew at higher rates due to investment fund shares, while investment in debt securities increased at a lower rate (27.9%, after 38.5%).

    Households continued to directly buy, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents) and MFIs (Table 1 below and Table 2.2 in the Annex).

    The household debt-to-income ratio[3] decreased to 83.4% in the second quarter of 2024 from 87.8% in the second quarter of 2023. The household debt-to-GDP ratio declined, to 52.2% in the second quarter of 2024 from 54.4% in the second quarter of 2023 (Chart 3).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2023 Q2

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    Financial investment*

    2.0

    1.8

    1.9

    2.0

    2.3

    Currency and deposits

    1.3

    0.3

    0.8

    1.6

    2.3

    Debt securities

    48.6

    56.9

    54.3

    38.5

    27.9

    Shares and other equity**

    1.3

    1.1

    0.4

    0.4

    0.8

    Life insurance

    -0.2

    -0.7

    -0.6

    -0.2

    0.0

    Pension schemes

    2.4

    2.4

    2.2

    2.3

    2.3

    Financing***

    2.4

    1.6

    0.9

    1.1

    1.4

    Loans

    1.8

    1.0

    0.5

    0.6

    0.6

    Source: ECB.

    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

    ** Includes investment fund shares.

    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 3

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.

    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and NFCs (Chart 3)

    Non-financial corporations

    Financial transactions

    2023 Q2

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    Financing*

    1.7

    1.2

    0.8

    0.8

    1.0

    Debt securities

    0.7

    1.5

    1.3

    1.9

    2.9

    Loans

    3.8

    1.9

    1.7

    1.4

    1.3

    Shares and other equity

    -0.0

    0.4

    0.3

    0.4

    0.8

    Trade credits and advances

    5.2

    2.2

    1.2

    0.6

    1.8

    Financial investment**

    2.9

    2.4

    1.8

    1.9

    2.1

    Currency and deposits

    -0.6

    -1.2

    -1.2

    0.5

    2.9

    Debt securities

    23.3

    27.9

    23.0

    10.6

    7.8

    Loans

    5.9

    5.2

    5.1

    4.4

    4.5

    Shares and other equity

    1.2

    1.2

    1.0

    1.4

    1.3

    MIL OSI Economics –

  • MIL-OSI Economics: Luis de Guindos: Interview with ANSA

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

    29 October 2024

    At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

    In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

    On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

    On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

    Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

    Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

    Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

    Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

    In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

    The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

    Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

    In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

    The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

    We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

    What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

    Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

    Are you referring to fiscal side effects?

    No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

    Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

    Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

    What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

    That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

    In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

    In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

    In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

    In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

    Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

    Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

    If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

    In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

    The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

    In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

    MIL OSI Economics –

  • MIL-OSI Europe: SEK 110 million in humanitarian assistance to Ukraine

    Source: Government of Sweden

    SEK 110 million in humanitarian assistance to Ukraine – Government.se

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    Press release from Ministry for Foreign Affairs

    Published

    Russia’s full-scale invasion of Ukraine continues to have devastating consequences – both military and humanitarian. The Swedish Government is therefore supporting Ukraine in a number of ways and has now decided on a new humanitarian support package of SEK 110 million. This support will primarily be used to meet the increased needs ahead of the winter.

    “Russia is targeting civilian infrastructure and has disrupted major parts of the heating and electricity supply in Ukraine. Naturally, the consequences of this are more serious the colder the weather gets. For this reason, a large part of the population are struggling to heat their homes and prepare food. The Swedish Government has therefore decided to provide SEK 110 million to a number of humanitarian actors in Ukraine,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.

    The fact that Russia has mined large areas of Ukraine is a major problem and threat to people’s safety and lives. Russia’s full-scale invasion has forced millions of people to flee their homes and live as internally displaced people. Sexual violence against women has increased in these already vulnerable groups.

    “Sweden’s assistance will also go to mine clearance, which unfortunately will be an impending problem for a long time to come. The assistance will also go to addressing sexual and reproductive health needs and efforts to combat gender-based violence,” says Mr Dousa.

    “Sweden’s assistance to Ukraine is making a difference. We’re now helping to heat homes and clear the black soil from mines so that it can be used, feed people who are hungry and secure access to food,” says Aron Emilsson, foreign policy spokesperson for the Sweden Democrats.

    “A harsh winter is around the corner, in a situation in which Russia’s bombings have destroyed a large portion of critical infrastructure. We’re now assisting the Ukrainian civilian population with things that we take for granted here in Sweden – heating, water, sanitation and medicines – so that they can survive the winter,” says Gudrun Brunegård, development assistance policy spokesperson for the Christian Democrats. 

    “In order for Russia to lose the war and Ukraine to win, increased assistance is needed both for Ukraine’s infrastructure and to support the Ukrainian people. I’m proud that we’re now doing even more to help women in particular, as they have been especially severely affected by the war,” says Joar Forssell, foreign policy spokesperson for the Liberal Party. 

    Press contact

    About the humanitarian support package

    The humanitarian support package is divided between four organisations:

    • SEK 50 million is being allocated to the Ukrainian Red Cross Society (URCS). The Swedish Government will support URCS’s initiatives to meet humanitarian needs ahead of the winter, focusing on secure access to heating and electricity, and distribution of food, hygiene products, medicines and water.

    • SEK 20 million is being allocated to the UN Refugee Agency (UNHCR). Sweden is supporting Ukrainian refugees in a number of ways and will now also contribute to UNHCR’s efforts to assist internally displaced persons with preparedness and protection initiatives before and during the coming winter.

    • SEK 30 million is being allocated to the UN Development Programme (UNDP). The situation regarding landmines and unexploded ammunition remains difficult in major areas of Ukraine. UNDP is leading UN support to mine clearance in Ukraine. The organisation’s work, which focuses on surveying, prioritising and securing agricultural land, will need to be carried out for many years to come.

    • SEK 10 million is being allocated to the UN Population Fund (UNFPA). UNFPA’s humanitarian activities in Ukraine are helping address women’s sexual and reproductive health needs, prevent sexual and gender-based violence and provide support to people who have been subjected to violence. UNFPA is also helping rebuild and strengthen the health care system.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: OPDC pioneers innovative, money-saving technology as one of England’s first Heat Network zones

    Source: Mayor of London

    Old Oak & Park Royal paves the way for England’s future sustainable energy solutions as one the government’s first heat network zones.

    Announced as one of six designated heat network zones, Old Oak and Park Royal will be home to a new district heat network. The project, spearheaded by the Mayor of London’s development corporation, OPDC, will use pioneering innovative technology that draws waste heat from data centres to provide low-cost, low carbon energy to over 10,000 new homes, businesses, and a major hospital.

    The six selected towns and cities, including Leeds, Plymouth, Bristol, Stockport and
    London are part of the government’s plan to accelerate the delivery of heat networks across England in areas where zones are likely to be designated in the future. The
    learnings from these pilots will inform the work to reduce bills, enhance energy
    security, and achieve net zero by 2050.

    OPDC’s new heat network is expected to deliver 95GWh of heat across five phases between 2026 and 2040. The project was awarded £36m from the government’s
    Green Energy Heat Network Fund in November 2023 with procurement for a partner to help develop the network now in the final stages, an announcement on the successful delivery partner is expected in early 2025. In September, the corporation announced the acquisition of the site for the heat network’s energy centre in Park Royal. Before the site is transformed into the nerve centre for the new district heat network, OPDC is using the former warehouse building as a new circular economy hub, where small businesses recycle waste into new and useful products, including film and TV sets, furniture and other household items.

    OPDC’s district heat network will be in London’s largest Opportunity Area, benefitting new and existing communities living and working in the corporation’s planned new urban district. OPDC’s regeneration plans will see tens of thousands of new and affordable homes and 250,000m2 of commercial, retail and leisure development, high-quality public realm and community services and facilities, all surrounding HS2 and the Elizabeth Line at the new Old Oak Common Station.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: York welcomes national children’s leaders to celebrate success

    Source: City of York

    UK government minister for Children and Families, Minister Janet Daby, with Matty, a young person from the Staying Close Programme

    Published Tuesday, 29 October 2024

    Young people and social workers in York met national children’s leaders last week as part of a visit to find out more about City of York Council’s work to transform services for children and young peo

    The government minister for Children and Families, Minister Janet Daby; Frances Oram, Children’s Social Care Reform, DfE; and Isabelle Trowler CBE, Chief Social Worker, met young people and children’s social care teams in York earlier this month [Wednesday 2 October].

    The Minister met young people from York’s I Still Matter, a group for young care leavers; as well as young people on the Staying Close programme, who are provided with wrap around support in their transition to live independently.

    The Minister also visited Clifton Family Hub, which will be home to York’s new dedicated SEND hub. Plans for the new hub gained approval last month and will bring together professionals from education, health and social care in the same place, supporting children and young people with Special Educational Needs and Disabilities and their families.

    The visit follows a period of significant change in the service, which has seen an end to the use of agency social workers, creating more consistency for children and families; the adoption of a new model of working, which puts children and young people at the heart of everything the teams do; and a significant reduction in the number of children in care, thanks to better early support for families.

    Martin Kelly, OBE, City of York Council’s Corporate Director of Children, Young People and Education, said:

    “I’m pleased that local young people have been able to share their own experience of our services with national leaders.

    “I hope their feedback about how our new-look services have helped them will help shape national policy around children and young people in the future.

    “I’d like to thank everyone who met the Minister and her colleagues over the course of the day. It was fantastic to hear the personal stories and see the positive impact our services make first hand. I’m incredibly proud of the team here in York and the work they’ve done to put children and families at the very heart of everything we do.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Virgin Media O2 and Jangala help Coventry people connect

    Source: City of Coventry

    Virgin Media O2 has helped thousands of people affected by data poverty get online with free WiFi through its partnership with technology charity, Jangala.

    Virgin Media O2 and Jangala have reached a milestone of providing more than 1,000 internet-enabling ‘Get Boxes’ to charities and local authorities across the UK. The organisations are committed to rolling out 5,000 Get Boxes by April 2025.

    A Get Box is a book size device which can be plugged in to provide an instant and secure WiFi network, powered by free O2 mobile data, ensuring that those in need can stay connected.

    The O2 mobile data is provided by the National Databank, founded by Virgin Media O2 and charity, Good Things Foundation, which is like a foodbank but provides free O2 data, texts and calls to those who need it.

    It forms part of Virgin Media O2’s sustainability strategy, the Better Connections Plan, and the company’s goal to connect one million digitally excluded people through free and affordable connectivity and services.

    Free, fast and secure WiFi

    Get Boxes are helping low-income families and people who would otherwise be disconnected get online via free fast and reliable WiFi.  Those already benefiting include people who are unemployed, the elderly, those who are living in temporary accommodation and refuges.

    It means they can access essential services, such as applying for work, booking medical appointments, or building their skills via online training courses, and is helping them stay connected to loved ones.

    The devices, which can connect up to 20 people at time, have been distributed by local authorities, including Coventry City Council, and the Royal Borough of Kensington and Chelsea, as well as charities such as digital inclusion charity, AbilityNet, and Roundabout, a youth housing charity providing shelter, support and life skills to young people aged 16-25 who are homeless or at risk of homelessness.

    Coventry City Council has received hundreds of Get Boxes to help vulnerable residents living in temporary accommodation get online.

    The council has partnered with organisations such as Valley House and the Salvation Army, and distributed the devices to places such as hostels and houses across the city.

    Cllr Richard Brown, Cabinet Member for Strategic Finance and Resources at Coventry City Council, said:

    “All aspects of our lives are increasingly heading online. Employment opportunities, public services and everyday tasks rely on the Internet more than ever.  That’s why we are working so hard to reduce the digital divide in our city.

    “Having such supportive, committed partners like Virgin Media O2 and Jangala has been essential to the continued success of that work.

    “These Get Boxes are really fantastic pieces of kit and the feedback we’re getting from residents is excellent.”

    Grace*, who has been using a Get Box to get online, said:

    “I was very happy. Like this, I can speak more with my family. I have not seen them for one year. I cried with happiness when I got the box.”

    Nicola Green, Chief Communications and Corporate Affairs Officer at Virgin Media O2, said:

    “Virgin Media O2 is proud to be leading the way in helping those in need to get online.

    “Our partnership with Jangala is providing a lifeline to thousands of people who otherwise would be disconnected, giving them access to the online world so they can do everything from booking medical appointments to accessing digital skills training, or simply staying in touch with loved ones.

    “It builds on the measures Virgin Media O2 is taking to tackle data poverty. Whether it’s free O2 data from the National Databank, rehoming devices and data with people who need them via Community Calling, or offering reduced broadband and mobile plans for people receiving benefits, we’re committed to helping people in need stay connected.”

    Rich Thanki, Managing Director at Jangala, said:

    “Jangala is very proud to be partnering with Virgin Media O2 to help connect thousands of people across the UK who have faced digital exclusion, helping people access important services, communication with family and friends and all that Internet access brings.

    “Our low-cost and open source Get Box, designed at the outset of the Covid lockdown, and our work with Virgin Media O2, the National Databank, local councils and groups across the UK, is a great demonstration of the power of collaborative tech for good”

    Organisations can apply for Get Boxes by visiting Jangala’s website.

    Virgin Media O2 also supports Jangala’s global Emergency Response programme, where the company provides funding and O2 data for Jangala’s award-winning Big Boxes. Big Boxes are deployed during global humanitarian crises, enabling disaster response teams and communities to access WiFi.

    On top of this, Virgin Media O2 has also rehomed 20,000 smartphones with people who need them as part of its Community Calling initiative with environmental charity, Hubbub.

    *Name has been changed.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Local entrepreneur sets up shop in city centre Pop Up

    Source: City of Portsmouth

    Local entrepreneur and e-tailer JAQUARD&Co are the second business to open in the city centre Portsmouth Pop Up shop. This business started online last year and has already achieved a six figure turnover selling quality home furnishings and décor. They will open for business on Saturday 2 November in the Portsmouth Pop Up shop located in Cascades.

    Paula Haq, entrepreneur and owner of JAQUARD&Co said:

    “I am thrilled to take on the Portsmouth Pop Up shop as a new experience for one of my brands. Not only will it give me exposure and new insights, but it is also a development for my business that I am grateful to explore.

    With the success of JAQUARD&CO online, I would love to see my small business expanding here in Portsmouth alongside the other upcoming brands I’m working on.

    The Portsmouth Pop Up scheme is a great opportunity for me to test run a physical store alongside my online business and grow my business”

    The Portsmouth Pop-Up shop, a joint venture between Portsmouth City Council, Cascades, and Flude, opened in February to address the increasing demand for business space in the city. The first tenant, Goly Natural, a local natural skincare business, has been so successful that they plan to establish a permanent shop next year.

    The Portsmouth Pop Up enables local entrepreneurs and small businesses to trade in a high street location without the commitment or cost of a longer-term lease.

    Councillor Steve Pitt, Leader of the council with responsibility for Economic Development said:

    “Despite changing behaviour on the high street, the retail property market remains promising. Pop Up shop schemes can help to bring life back into towns and city centres, whilst giving independent businesses a great opportunity to have a shop front in a prime retail location.

    It is fantastic to see the Portsmouth Pop Up initiative thriving and supporting local businesses like JAQUARD&Co to grow. This is a fantastic example of how we’re working together to regenerate the city centre. “

    Paula added:

    “I’ve been buying and selling products and services since I was 21 alongside my everyday job. When I bought my first house , decorating was my favourite thing to do. The homeware market was short on the things I wanted and instantly that became a business idea.

    I’m very excited to be opening my first ever store and I’m ready for the challenge”

    JAQUARD&Co move into Cascades ready for Christmas offering a range of simple, quality and affordable home furnishings and décor including, cushions, throws, candles, ornaments, dinnerware and kitchenware.

    Businesses can apply to rent the pop-up shop in Cascades, in Portsmouth’s city centre for a minimum of 13 weeks giving them a chance to engage with customers and launch products and services.

    For more information about Portsmouth Pop Up 

    MIL OSI United Kingdom –

  • MIL-OSI Russia: DIT of Moscow: in the first nine months of this year, city residents used the “Removal of Unnecessary Things” service more than 28.6 thousand times

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Muscovites used the service in the first nine months of 2024 “Removal of unnecessary things” over 28.6 thousand times. During this time, they sent more than 719 tons of recyclable materials for recycling or environmentally friendly disposal, which is approximately equal to the weight of 10 medium-haul aircraft.

    In the capital Department of Information Technology (DIT) reported that the demand for the service is constantly growing: compared to the first three quarters of last year, the number of completed applications has increased by more than four thousand.

    “The “Removal of Unnecessary Things” service allows you to include an unlimited number of items in your application. At the same time, at the request of city residents, the list of items available for removal is constantly expanding. Thus, pianos, waste paper, wooden doors, window frames, small household appliances and electronics have been added to the service catalog. Residents of all districts of Moscow, including Zelenograd Administrative Okrug and TiNAO, can use the service,” said Boris Frolov, Deputy Head of the Department of Information Technology of the City of Moscow.

    Most often, city residents get rid of large household appliances using the “Removal of Unnecessary Things” service. For example, over the first nine months of this year, residents sent 7.6 thousand washing machines and 7.5 thousand refrigerators for disposal. These are the most frequently removed items.

    The record number of items since the beginning of this year was set by two user requests, each of which included 13 types of items. Among them were such items as a kitchen set, gas and electric stoves, a refrigerator, a washing machine, a wall unit, a wooden door, small electronics, a mattress and other items.

    To use the service, you need a standard or full account on the mos.ru portal. The application must specify name of items and their quantity, address, desired date and time of removal. The operator of the partner organization will call back within 10 minutes to clarify details and confirm the order.

    Specialists work daily and arrive even on the day of the request, if the application is sent before 18:00. Employees of the organization – the service partner will take out unnecessary things on average in just half an hour, even if there is no elevator in the building.

    Service “Removal of unnecessary things” started operating in October 2021. According to Sergei Sobyanin, over the entire period, city residents have sent for recycling or environmentally friendly disposal more than 84 thousand unnecessary things.

    The operation and development of the service is supervised by the capital’s departments information technology, housing and communal services and the State Institution “New Management Technologies”. Removal services are provided by a specialized partner organization.

    The use of digital technologies to improve the quality of life of city residents corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project of the city of Moscow “Digital Public Administration”. More information about the national projects implemented in Moscow can be found on this page.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.mos.ru/nevs/item/145882073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow’s electrical equipment manufacturers increased production by 11 percent

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Moscow manufacturers of electrical equipment continue to demonstrate high rates of growth in production volumes. From January to August 2024, enterprises in the industry increased production by 11 percent. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “Today, Moscow’s electrical engineering industry is represented by more than 130 enterprises – these are both large players with a long history and young companies. The industry employs 17 thousand people. On behalf of Sergei Sobyanin, the city offers manufacturers more than 20 support tools that allow them to expand their production base, create high-tech products and increase production volumes. In the first eight months of 2024, Moscow saw an 11 percent increase in electrical equipment production compared to the same period in 2023. Companies shipped goods worth almost 124 billion rubles to customers,” said Maxim Liksutov.

    From January to August 2024, the production of electric motors, generators, transformers and distribution devices, as well as control and measuring equipment, increased by 14 percent, and household appliances by 10 percent. In particular, Moscow industrialists manufactured over 513 thousand chandeliers, about 103 thousand signaling devices and equipment for ensuring the safety of transport infrastructure, and over 67 thousand DC electric motors.

    “The positive growth trend indicates that Moscow manufacturers are actively developing new markets and confidently meeting the needs of citizens and businesses for quality products. From January to August 2024, industrialists shipped cable products worth 28.7 billion rubles, generators, transformers, switchgear and control and measuring equipment – almost 67 billion rubles,” said the Minister of the Moscow Government, Head of the Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    Today, industrialists have all the tools to find a site for production with the support of the city, open it in a short time, attract additional investment, purchase the necessary equipment and enter export markets.

    For example, the company “SAGA Technologies” is actively developing the electric vehicle industry. Today, the plant produces 11 models of charging stations, which are supplied to 11 regions of the country. In the first eight months of this year, the company has produced more than 300 pieces of such high-tech products, which are used for both personal and commercial use.

    This year, the company received the status of a resident of the special economic zone (SEZ) “Technopolis Moscow”, which will allow it to enjoy tax preferences. Thus, companies with a special status are exempt from paying property, land and transport taxes for 10 years, and the profit tax rate for them is only two percent instead of 20.

    The capital manufacturer of lighting equipment “Varton” daily produces up to 10 thousand products of any type of lighting: indoor, outdoor, landscape, architectural, street and highway. Products are developed in the company’s own design bureau, including for individual customer needs.

    Moscow is the largest industrial and scientific-engineering center of Russia. There are more than 4.5 thousand industrial enterprises in the capital, employing over 750 thousand people. Every year, 150 new technology companies open in the city and dozens of investment projects are implemented, which provide it with additional jobs.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/145853073/

    MIL OSI Russia News –

  • MIL-OSI USA: EPA Announces $500,000 Air Monitoring Grant Project for El Paso-Based Group La Mujer Obrera

    Source: US Environment Protection Agency

    Contact Information

    Joe Robledo and Jennah Durant (R6press@epa.gov)

    214-665-2200

    DALLAS, TEXAS (October 25, 2024) – The U.S. Environmental Protection Agency awarded a $500,000 air monitoring grant to La Mujer Obrera, a community group based in El Paso, Texas, to analyze transportation emissions and other local pollution sources. This funding comes from the Biden-Harris Administration’s American Rescue Plan (ARP), which granted select cooperative agreements to conduct ambient air monitoring in communities with environmental and health outcome disparities stemming from pollution and the COVID-19 pandemic.

    “For over 40 years, La Mujer Obrera has fought for the health and well-being of their neighbors in the Chamizal community of El Paso,” said Regional Administrator Dr. Earthea Nance. “With this funding, La Mujer Obrera can address air quality concerns head-on and provide real-time data to residents. I would like to thank La Mujer Obrera for their decades of environmental stewardship and advocacy for their community.”

    “Historic amounts of federal funding have given El Paso the opportunity to innovate, improve, and invest in infrastructure that prioritizes public health and reduces pollution,” said Congresswoman Veronica Escobar (TX-16). “I am grateful to the EPA for another important investment that moves us closer to our goal of true environmental justice, and to La Mujer Obrera for their critical work to advocate for the health of vulnerable communities.”

    “This is a step forward in addressing the environmental justice problems that have created a public health crisis in the Chamizal. We have the right to a safe community for our children, elders, and future generations. Working in collaboration with residents, we are planning what that looks like,” said Executive Director of La Mujer Obrera Lorena Andrade.

    La Mujer Obrera was founded in 1981 and has campaigned for the protection of basic human rights such as employment, housing, education, nutrition, health, and political liberty. With this funding, La Mujer Obrera plans to deploy air monitors in the Chamizal community to create a mitigation plan armed with data to protect the health of the residents in the neighborhood. Air quality data will provide a baseline analysis across transportation emissions, environmental justice concerns, known pollution sources, and localized environmental justice screening. Working collectively with Chamizal residents, La Mujer Obrera will prepare and design the Chamizal Action Plan. The plan includes a block-by-block localized air quality assessment and data report(s) that will map sources of contamination contributing to ozone emissions, particulate matter, and fugitive dust. Additionally, this plan will educate residents on hazardous air pollutants that are specific to certain communities.

    This funding is designed to be a multi-year plan with the project ending in 2027. By 2027, La Mujer Obrera will incorporate mitigation plans and green infrastructure principles into the planning for future neighborhood improvements and developments for the neighborhood. Lastly, La Mujer Obrera expects residents to experience an improvement in public health and air quality with the support of local, state, and federal government to  reduce emission sources as recommended by the Chamizal Action Plan.

    For more information on the American Rescue Plan, please visit our webpage.
     

    Connect with the Environmental Protection Agency Region 6 on Facebook, X (formerly known as Twitter), or visit our homepage.

    MIL OSI USA News –

  • MIL-OSI USA: EPA Announces Over $132M for Water Infrastructure in Pennsylvania

    Source: US Environment Protection Agency

    PHILADELPHIA – Today, the U.S. Environmental Protection Agency (EPA) announced $3.6 billion in new funding under the Biden-Harris Administration’s Bipartisan Infrastructure Law (BIL) to upgrade water infrastructure and keep communities safe. Combined with $2.6 billion announced earlier this month, this $6.2 billion in investments for Fiscal Year 2025 will help communities across the country upgrade water infrastructure that is essential to safely managing wastewater, protecting local freshwater resources, and delivering safe drinking water to homes, schools, and businesses.

    The BIL funds will flow through the Clean Water and Drinking Water State Revolving Funds (SRF), a long-standing federal-state water investment partnership. This multibillion-dollar investment will fund state-run, low-interest loan programs that address key challenges in financing water infrastructure.

    Today’s announcement includes allotments to Pennsylvania of more than $98.5 million for Clean Water General Supplemental funds, over $8.5 million for Clean Water Emerging Contaminant funds, and over $25.2 million under the Drinking Water Emerging Contaminant Fund.

    This funding is part of a five-year, $50 billion investment in water infrastructure through the BIL – the largest investment in water infrastructure in American history. To ensure investments reach communities that need them the most, the BIL mandates that a majority of the funding announced today must be provided to disadvantaged communities in the form of grants or loans that do not have to be repaid.  

    “Water keeps us healthy, sustains vibrant communities and dynamic ecosystems, and supports economic opportunity. When our water infrastructure fails, it threatens people’s health, peace of mind, and the environment,” said EPA Administrator Michael S. Regan. “With the Bipartisan Infrastructure Law’s historic investment in water, EPA is working with states and local partners to upgrade infrastructure and address local challenges—from lead in drinking water, to PFAS, to water main breaks, to sewer overflows and climate resilience. Together, we are creating good-paying jobs while ensuring that all people can rely on clean and safe water.” 

    “The Mid-Atlantic Region is home to some of the oldest water infrastructure in the country, which is why these once-in-a-generation investments are especially significant here,” said EPA Mid-Atlantic Regional Administrator Adam Ortiz. “The Biden-Harris Administration continues to put public health and the environment at the center of its agenda and the American people continue to benefit from leaders making safe water a priority.” 

    “Every Pennsylvanian has a constitutional right to clean air and pure water, and my Administration is driving out hundreds of millions of state and federal dollars to our local communities to support that goal and ensure families have safe, clean water when they turn on the faucet,” said Governor Josh Shapiro (PA). “Thanks to key investments from the Biden-Harris Administration, we’ve already helped replace over 30,000 lead service lines and created hundreds of good-paying union jobs across the Commonwealth – and this new investment will supercharge that work. Working together, across party lines and all levels of government, we’re continuing to get stuff done and deliver results for the good people of Pennsylvania.” 

    “I’m pleased to see another $132 million in federal funding coming to Pennsylvania through the Biden-Harris administration’s Infrastructure Investment and Jobs Act that I was proud to vote for!” said U.S. Rep. Dwight Evans (PA-03). 

    “Access to clean, safe drinking water is fundamental to the health and well-being of our community. Thanks to the Infrastructure Investment and Jobs Act, Pennsylvania is receiving over $132 million, ensuring that our homes, businesses, and schools will have access to reliable, safe water for many years to come,” said U.S. Rep. Chrissy Houlahan (PA-06). “Specifically, this investment will help modernize wastewater treatment facilities, improve stormwater management, and improve access to clean drinking water for the people of PA-06 and our Commonwealth.” 

    “All Americans deserve access to safe and clean drinking water. I was proud to help pass the Bipartisan Infrastructure Law last Congress, and I am grateful for the impact this landmark legislation has already made in our community,” said U.S. Rep. Susan Wild (PA-07). “I’ll continue working to secure federal investments to keep the Greater Lehigh Valley healthy and improve our aging infrastructure.” 

    “This $132 million in federal funding coming to PA to upgrade our water infrastructure is a huge win for the people of PA-12, ensuring that families, schools, and businesses have access to safe, clean drinking water,” said U.S. Rep. Summer Lee (PA-12). “It’s about protecting our communities and our local environment by addressing the aging systems that so many of our neighbors rely on every single day. Safe and clean water is a fundamental right, and it’s our responsibility to ensure that every family—no matter their zip code or income level—has access to it.” 

    Background  

    The EPA is changing the odds for communities that have faced barriers to planning and accessing federal funding through its Water Technical Assistance program, which helps disadvantaged communities identify water challenges, develop infrastructure upgrade plans, and apply for funding. Communities seeking Water Technical Assistance can request support by completing the WaterTA request form. These efforts also advance the Biden-Harris Administration’s Justice40 Initiative, which sets the goal that 40% of the overall benefits of certain Federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. 

    The SRF programs have been the foundation of water infrastructure investments for more than thirty years, providing low-cost financing for local projects across America. The programs are critically important programs for investing in the nation’s water infrastructure. They are designed to generate significant and sustainable water quality and public health benefits across the country. Their impact is amplified by the growth inherent in a revolving loan structure, in which payments of principal and interest on loans become available to address future needs. 

    To read stories about how unprecedented investments in water from the BIL are transforming communities across the country, visit the EPA’s Investing in America’s Water Infrastructure Storymap. To read more about additional projects, see the EPA’s recently released Quarterly Report on Bipartisan Infrastructure Law Funded Clean Water and Drinking Water SRF projects. 

    For more information, including the state-by-state allocation of 2025 funding and a breakdown of the EPA SRF funding available under the BIL, please visit the Clean Water SRF website and Drinking Water SRF website. Additionally, the SRF Public Portal allows users to access data from both the Drinking Water and Clean Water SRF programs through interactive reports, dashboards, and maps. 

    MIL OSI USA News –

  • MIL-OSI USA: Biden-Harris Administration Announces $21 Million for Water Infrastructure in Nevada Through Investing in America Agenda

    Source: US Environment Protection Agency

    SAN FRANCISCO – Today, the U.S. Environmental Protection Agency (EPA) announced $3.6 billion in new funding under the Biden-Harris Administration’s Bipartisan Infrastructure Law to upgrade water infrastructure and keep communities safe. Combined with $2.6 billion announced earlier this month, this $6.2 billion in investments for Fiscal Year 2025 will help communities across the country upgrade water infrastructure that is essential to safely managing wastewater, protecting local freshwater resources, and delivering safe drinking water to homes, schools, and businesses.     

    These Bipartisan Infrastructure Law funds will flow through the Clean Water and Drinking Water State Revolving Funds (CWSRF and DWSRF), a long-standing federal-state water investment partnership. This multibillion-dollar investment will fund state-run, low-interest loan programs to address key challenges in financing water infrastructure.  Today’s announcement includes allotments for the Bipartisan Infrastructure Law Clean Water General Supplemental funds for Nevada ($12,216,000), Clean Water Emerging Contaminants funds ($1,054,000), and $7,921,000 under the Drinking Water Emerging Contaminants Fund.

    This funding is part of a five-year, $50 billion investment in water infrastructure through the Bipartisan Infrastructure Law – the largest investment in water infrastructure in American history. To ensure investments reach communities that need them the most, the Bipartisan Infrastructure Law mandates that most of the funding announced today must be provided to disadvantaged communities through grants or loans that do not have to be repaid.

    “Access to clean drinking water and dependable wastewater infrastructure is fundamental to the quality of life for all people in Nevada and for all Americans,” said EPA Pacific Southwest Regional Administrator Martha Guzman. “This investment, through unprecedented funding from the Biden-Harris Administration, will be instrumental in upgrading water infrastructure and supporting local jobs, economic resiliency, and long-term sustainability for communities throughout the Pacific Southwest.”

    EPA is changing the odds for communities that have faced barriers to planning and accessing federal funding through its Water Technical Assistance program, which helps disadvantaged communities identify water challenges, develop infrastructure upgrade plans, and apply for funding. Communities seeking Water Technical Assistance can request support by completing the WaterTA request form. These efforts also advance the Biden-Harris Administration’s Justice40 Initiative, which sets the goal that 40% of the overall benefits of certain Federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
    To read stories about how unprecedented investments in water from the Bipartisan Infrastructure Law are transforming communities across the country, visit EPA’s Investing in America’s Water Infrastructure Storymap. To read more about additional projects, see EPA’s recently released Quarterly Report on Bipartisan Infrastructure Law Funded Clean Water and Drinking Water SRF projects.

    For more information, including the state-by-state allocation of 2025 funding and a breakdown of EPA SRF funding available under the Bipartisan Infrastructure Law, please visit the Clean Water State Revolving Fund website and Drinking Water State Revolving Fund website. Additionally, the SRF Public Portal allows users to access data from the Drinking Water and Clean Water SRF programs through interactive reports, dashboards, and maps.

    The State Revolving Fund (SRF) programs have been the foundation of water infrastructure investments for over 30 years, providing low-cost financing for local projects across America. SRF programs are critically important for investing in the nation’s water infrastructure. They are designed to generate significant, sustainable water quality and public health benefits nationwide. Their impact is amplified by the growth inherent in a revolving loan structure, in which principal and interest payments on loans become available to address future needs.

    Learn more about EPA’s Pacific Southwest Region on our Instagram, Facebook, X, and website.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom proposes historic expansion of film & TV tax credit program

    Source: US State of California 2

    Oct 27, 2024

    What you need to know: California’s Film & Television Tax Credit Program has generated tens of billions of dollars in investments while creating nearly 200,000 jobs, and Governor Newsom is proposing to expand it to outpace other states and bring more business back to California.

    Hollywood, California – Governor Gavin Newsom today announced a proposal to expand California’s Film & Television Tax Credit Program to $750 million annually, a massive increase from the current $330 million annual allocation. This ambitious expansion would position California as the top state for capped film incentive programs, surpassing other states like New York.

    California is the entertainment capital of the world, rooted in decades of creativity, innovation, and unparalleled talent. Expanding this program will help keep production here at home, generate thousands of good-paying jobs, and strengthen the vital link between our communities and the state’s iconic film and TV industry.

    Governor Gavin Newsom

    Generating investments & creating jobs

    A study of the program found that, for every tax credit dollar approved, it generated at least $24.40 in output, $16.14 in GDP, $8.60 in wages, and $1.07 in initial state and local tax revenue from production in the state.

    Since its inception in 2009, California’s Film & Television Tax Credit Program has generated over $26 billion in economic activity and supported more than 197,000 cast and crew jobs across the state. 

    California previously updated the program to include new workforce diversity provisions, more funding for the Career Pathways Training Program, and the nation’s first Safety on Production Pilot Program.

    Tax credits will become refundable for the first time since the program’s inception in 2009, beginning with Program 4.0 set to commence on July 1, 2025.

    Why expansion is needed

    This program has been oversubscribed year after year, with more productions applying than can be accommodated under the current cap.

    Between 2020 and 2024, data shows California lost production spending due to limited tax credit funding and increased competition in other states and countries, directly impacting state jobs and local economies​​.

    In recent years, projects that were unable to secure California’s tax credits and moved to other locations as a result contributed to significant economic losses, with an estimated 71% of rejected projects subsequently filming out-of-state.

    “Hollywood is the cornerstone of this city and our economy and our message to the industry today is clear – we have your back,” said Mayor Karen Bass. “When I was Speaker of the California State Assembly, I worked to support leaders like now-Councilman Paul Krekorian to create the film tax credit. Despite the economy being in a difficult spot, we knew that the industry needed support, and if we could at least start the program, then we could grow it. Today I’m proud to stand with Governor Newsom and industry leaders to continue this important work supporting this legacy industry.”

    Film & TV tax credit recipients in California

    • September 2024: Indie films and “Suits LA.” $51.6 million to support 19 projects, including 15 independent films. Expected to generate $284.4 million in spending, with $112.1 million allocated to wages, and over 3,800 jobs.
    • July 2024: Five new TV projects, including HBO’s “Latitude” and 20th Television’s “All’s Fair.”​ $58 million in tax credits went to five television projects, which was expected to generate $386 million across 438 filming days. Estimated to support 15,869 background performers, 1,196 crew members, and 685 cast members.
    • March 2024: Amazon’s Fallout relocated to California. $152 million in tax credits went to 12 projects, including Fallout’s second season relocating from New York. Projected to bring in over $1.1 billion in spending across the state and support 4,500 cast and crew members, plus 50,000 background performer days.
    • December 2023: The Mandalorian & Grogu to film in California. With a total of $400 million allocated to 15 projects, including Lucasfilm’s The Mandalorian & Grogu alone that was set to inject $166 million into California’s economy. Nearly 20,000 jobs created, including 2,252 crew and 598 cast. Other productions included “The Accountant 2” by Amazon Studios, “Untitled 20th Film,” Disney’s untitled live-action feature​.

    Press Releases, Recent News

    Recent news

    Oct 26, 2024

    News Welcome to The California Weekly, your Saturday morning recap of top stories and announcements you might have missed. News you might have missed 1. KEEPING CALIFORNIANS SAFE Since Governor Newsom launched the CHP operation in partnership with the City of Oakland,…

    Oct 25, 2024

    News SACRAMENTO – Governor Gavin Newsom and First Partner Jennifer Siebel Newsom issued the following statement regarding the loss of Lt. Cmdr. Lyndsay P. Evans and Lt. Serena N. Wileman, naval aviators from California who perished in an aircraft crash near Mount…

    Oct 25, 2024

    News The bet: When the Dodgers win, Governor Hochul will display Dodgers memorabilia in her office for one day; if the Yankees should win, Governor Newsom will display Yankees memorabilia in his office for one day. SACRAMENTO — Today, Governor Newsom accepted a…

    MIL OSI USA News –

  • MIL-OSI: Anchor Peabody Signals Growth, Expansion with Slate of New Hires

    Source: GlobeNewswire (MIL-OSI)

    DELRAY BEACH, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) — Anchor Peabody, a leading investment banking firm for the building products and services industry, has expanded its team of senior executives and banking professionals as part of its ongoing strategy to build the leading M&A advisory team in the building, construction and home services industries.

    Chobun Hieblinger has joined Anchor Peabody as Managing Director. Mr. Hieblinger has over 17 years of financial advisory and investment banking experience, the bulk of which is in building products, including roles with the Lehman Brothers (now Barclays Investment Bank) and RBC Capital Markets. Most recently, Mr. Hieblinger was Managing Director and Head of Building Products at B. Riley Securities in Los Angeles.

    “After two years of slower demand due to higher interest rate and post-COVID dynamics, the building industry is poised for strong growth, driven by favorable demographic trends, aging housing stock, and years of under-building,” said Hieblinger. “With deep relationships, particularly in the tile and stone space, I look forward to helping owners and operators capitalize on this very positive M&A dynamic.”

    Greg Hicks has joined Anchor Peabody as Business Development Director. Mr. Hicks has nearly 20 years of investment banking, principal investing, and corporate development experience, having focused primarily on building products and general industrials. He began his professional career with Lincoln International in Chicago, with stints in Frankfurt and London.  Following Lincoln, he helped found Desco Capital, a private equity / family office. Mr. Hicks then ran Alesco Holdings, an outsourced business development firm, and most recently led M&A for W.W. Williams, one of the nation’s largest industrial distribution, repair and service companies.

    “I’m excited to align myself with Anchor Peabody, where secular tailwinds are expected to produce a robust M&A environment in the home services space for the foreseeable future. I look forward to providing thought-leadership and advice tailored to the HVAC, plumbing and electrical market and its participants,” said Hicks. “The HVAC, plumbing, and electrical M&A market is normalizing after a surge in 2021-2022, with deal volumes returning to more sustainable levels.  Private equity and strategic buyers remain active, with a focus on service-based businesses with recurring revenue streams.”

    About Anchor Peabody
    Anchor Peabody is an investment banking firm comprised of former owners, operators and investors in the building products and services industry. The firm combines over 100 years of capital and mergers & acquisition experience with a modern approach to banking to align with client objectives and eliminate banker burnout from the industry model. For more information, visit www.anchorpeabody.com.

    The MIL Network –

  • MIL-OSI: Solar Alliance signs contract for $3.7 million solar project in Kentucky

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and KNOXVILLE, Tenn., Oct. 28, 2024 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce it has signed a contract for the design, engineering and installation of a $3.7 million solar project for a customer in Kentucky. The project consists of two sites, both scheduled to begin construction in November 2024: a 553-kilowatt (“kW”) project targeted for completion by the end of 2024 and a 943-kilowatt (“kW”) project targeted for completion by the end of March 2025.

    “This project is a pertinent illustration of the growth we are encountering as a company, and the trust and reputation we are building with regional customers,” said U.S. General Manager Jon Hamilton. “Our in-depth, local expertise combined with practical, efficient execution results in an attractive solar solution for our customer. We are enabling our clients to reduce their energy costs; to secure their long-term energy requirements and to meet their sustainability and energy efficiency objectives – and this is resulting in increased sales for the Company.”

    Solar Alliance assesses the daily demands and energy use profiles of manufacturers, warehousers, retailers and data centers and provides cost-effective solar solutions that include design, engineering, installation and project management services. The Company offers a turnkey approach and simplifies the transition to solar energy.

    “Our strategy of targeting larger revenue projects is generating positive results for Solar Alliance, while lowering operating costs and delivering substantial environmental benefits to our customers,” said CEO Brian Timmons. “We have passed an inflection point and are now delivering larger commercial solar projects on a consistent basis. This project is an outstanding example of the type of project we are now targeting in the U.S. Southeast and reflects the consistent progress we continue to make.”

    Brian Timmons, CEO


    About Solar Alliance Energy Inc. (    www.solaralliance.com)

    Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

    Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information in this press release include, but is not limited to the targeted completion dates of both sites of the Kentucky solar project and the types of solar projects that the Company is now targeting. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory, legislative and political competitive developments, technological or operational difficulties, the ability to maintain revenue growth, the ability to execute on the Company’s strategies, the ability to complete the Company’s current and backlog of solar projects, the ability to grow the Company’s market share, the high growth US solar industry, the ability to convert the backlog of projects into revenue, the expected timing of the construction and completion of the Company’s solar projects, the targeting of larger customers, potential corporate growth opportunities and the ability to execute on the key objectives in 2024. Consequently, actual results may vary materially from those described in the forward-looking statements.

    “Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

    The MIL Network –

  • MIL-OSI: Bitfarms Appoints Rachel Silverstein as U.S. General Counsel

    Source: GlobeNewswire (MIL-OSI)

    This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, Oct. 28, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, today announced that it has appointed Rachel Silverstein as U.S. General Counsel, a newly created role, effective November 1, 2024.

    Ms. Silverstein has been a practicing attorney for over 16 years and is one of the most experienced Bitcoin mining-focused attorneys in the U.S., having served as lead counsel on well over a gigawatt worth of Bitcoin mining transactions across multiple states and countries. She is the co-founder of Firm 21m, a law firm dedicated to representing primarily Bitcoin miners, energy companies, investors and data center builders in all manner of commercial transactions, mergers and acquisitions, strategic financings, energy supply agreements and hosting agreements. Prior to founding the firm, Ms. Silverstein held the positions of General Counsel at CleanSpark, Inc. from 2020 to 2023, and Corporate Counsel at Zappos, among others. She earned a bachelor’s degree from The George Washington University and a juris doctorate degree from William S. Boyd School of Law, University of Nevada-Las Vegas.

    “We continue to strengthen the Bitfarms team and are thrilled to have a thought leader like Rachel join our team,” stated Ben Gagnon, Chief Executive Officer. “Internalizing this function will drive improved operating efficiencies, further enhance our corporate governance and reduce legal expenses. Rachel’s extensive expertise and proven track record with Bitcoin miners and data center builders will be invaluable as we continue to scale in the U.S. We look forward to her contributions as we continue to execute on our strategic initiatives and create further shareholder value.”

    Ms. Silverstein stated, “Ben and the management team at Bitfarms are passionate, thoughtful and innovative leaders, and I am honored and excited to join the Company during such a pivotal time of growth. The Company has a compelling strategic vision, and I intend to leverage my industry acumen, deal-closing experience and operations-centric focus to execute on that vision with clarity, diligence and efficiency.”

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth and expansion, and other statements regarding future plans and objectives of Bitfarms, improved operating efficiencies, financial performance and cost savings in general, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contact:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contact:

    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by CE at MTR 45th Anniversary Cocktail Reception (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Chief Executive, Mr John Lee, at the MTR 45th Anniversary Cocktail Reception today (October 28):

    Deputy Commissioner Fang Jianming (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), Dr Rex Auyeung (Chairman of MTR Corporation), Dr Jacob Kam (Chief Executive Officer of MTR Corporation), distinguished guests, ladies and gentlemen, 

         Good evening. It gives me great pleasure to join you today, in celebration of the 45th anniversary of the MTR Corporation. 

         Just look around our beautiful city, and you would know how this is a true milestone. Building a mass transit railway system in a city packed with people and skyscrapers, surrounding a deep harbour. And with towns scattered amid hilly countryside and mountainous terrain, alongside vast pieces of land dedicated as country parks and natural conservation areas. It is a remarkable feat. 

         And yet, here we are, 45 years later, proud to call the MTR one of the world’s top transit systems. One that delivers reliable, efficient and safe journeys for the people of Hong Kong, and beyond.

         According to last year’s Urban Mobility Readiness Index, Hong Kong’s public transport system tops the world, number one. That’s thanks to our extensive transport infrastructure, as well as a wide range of high-quality and affordable transport modes – with the MTR playing a major part.

         Earlier this year, two different international media outlets included Hong Kong among their rankings of the world’s best “metro” and “public transport” systems, respectively. One of them reported that “transit planners flock to Hong Kong from across the globe to discover how its Mass Transit Railway delivers world-class service and reliability to the territory’s 7.4 million citizens”. And another added that “92 per cent of Hongkongers praised their city’s transit system”. 

         That’s as reaffirming as it is encouraging, ladies and gentlemen – as I’m sure it is to everybody in the MTR Corporation, too. 

         Today, the MTR railway network handles the daily commutes and travelling of more than 5 million passenger trips in our city. It also connects us to our country, via the Hong Kong Section of the high-speed rail. That strengthens the people-to-people bonds, and business ties, between Hong Kong and a great many cities across the Mainland. 

         More than that, the MTR Corporation is now an international entity, with its service spanning across the Mainland, Australia, the United Kingdom and Sweden. Its network carries over 10 million passengers worldwide every weekday.

         And while we’re certainly not just getting going, not after 45 years, we’ve got a lot more in the works – plans built around “infrastructure-led” and “capacity-creating” principles, with railway forming the backbone of our public transport system.  

         Last year, the Government published the Hong Kong Major Transport Infrastructure Development Blueprint, which presents a planning framework for Hong Kong’s transport infrastructure future, designed to meet transport and logistics demand up to 2046 and beyond.

         That includes two railway projects to help drive the full potential of the Northern Metropolis, our new engine of economic development. The Hung Shui Kiu Station and the Northern Link Main Line will begin construction this year and next year for tentative completion in 2030 and 2034, respectively.  

         And, as I noted in my Policy Address two weeks ago, the MTR Corporation will begin detailed planning and design for the Northern Link Spur Line early next year. This vital, cross-boundary railway will connect San Tin Technopole and the Hong Kong-Shenzhen Innovation and Technology (I&T) Park in the Loop, the area set to become an international I&T powerhouse – all the way to the new Huanggang Port in Shenzhen. That will certainly fast-track Hong Kong’s integration with the Guangdong-Hong Kong-Macao Greater Bay Area.

         The Government has been working closely with the MTR Corporation to take forward the planning and design of these projects. And we will continue to co-ordinate their construction and project commissioning.

         The Government is also committed to realising three smart and green mass transit systems – in East Kowloon, Kai Tak and the Hung Shui Kiu/Ha Tsuen New Development Area. We’re working to compress the implementation programmes, enabling the public to enjoy their social and economic benefits as quickly as possible.  

         And we’re pressing ahead, too, with the planning of the Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai).  

         Add it up, and it’s a hugely ambitious undertaking. On completion of our railway construction projects, our railway network is expected to increase from about 270 kilometres today, to nearly 390km. 

         The long-term profits and the long-term benefits are equally huge. They include the capacity to drive territory-wide developments, deepen cross-boundary integration, expand commuting options, improve traffic conditions, reduce journey time and realise long-term, far-reaching, socio-economic benefits for Hong Kong. For us all. 

         My congratulations, once again, to the MTR Corporation on your milestone 45th anniversary. My presence here is to reiterate once again how I personally feel proud of our MTR. I am sure each one of you shares this pride. I look forward to your continued success in the next 45 years, and more.   

         Thank you.         

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: GUU took part in a seminar on the implementation of the Presidential Program for the Training of Management Personnel

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On October 25, 2024, the head of the Presidential Program for the Training of Management Personnel for Organizations of the National Economy of the Russian Federation of the State University of Management, Vice-Rector Dmitry Bryukhanov took part in an interregional seminar on improving the implementation of the Presidential Program, organized by the Government of the Moscow Region and the Federal Resource Center of the Ministry of Economic Development of the Russian Federation.

    The participants of the seminar – employees of regional commissions and regional resource centers, representatives of educational organizations participating in the implementation of the Presidential Program, representatives of the Presidential Program graduate associations – discussed the main directions and possibilities for improving the implementation of the Presidential Program.

    Dmitry Bryukhanov gave a report in which he presented the experience of modernizing the Russian internship within the framework of the Presidential Program. The Russian internship is a mandatory element of the curriculum of the Presidential Program and is aimed at developing the management skills of students, exchanging experience, studying best practices in the field of organizational management, marketing, production organization, and project management.

    In 2024, the State University of Management modernized the Russian internship program, focusing on visits to enterprises and organizations, during which students master best practices and adopt management experience. Such a program promotes more effective application of acquired management skills and technologies in the implementation of individual project assignments of participants.

    The developed format of the program is in many ways similar to the foreign internships of graduates of the Presidential Program, which are aimed at establishing business contacts and partnerships, developing export-import relations between the business community of Russia and foreign countries.

    Let us recall that the State University of Management implements two Presidential programs of professional training: “Practice of Business Project Management” (type A) and “Organizational and Economic Foundations of Effective Functioning of the Production Complex” (type B). In addition, the State University of Management has been organizing foreign internships for the third year in a row, commissioned by the Federal Resource Center.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/28/2024

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: BrainHQ Awarded New Army Contract

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Posit Science, the maker of the brain health and fitness app BrainHQ, announced that it has been awarded a new contract by the U.S. Army’s Training and Doctrine Command (TRADOC).

    “We are proud to be expanding our work with the military,” said Dr. Henry Mahncke, the CEO of Posit Science. “The science has shown that our plasticity-based brain training exercises can improve cognitive performance in both top performers and in those recovering from concussions and blast exposures or even more severe brain injuries. BrainHQ brain health assessments can contribute to rapid, precise evaluations of cognitive readiness.”

    “BrainHQ is already in use by the military in a variety of settings, including military hospitals, such as the Walter Reed National Intrepid Center of Excellence, and special forces units. There’s an opportunity for the military to gain true cognitive dominance over adversaries by employing BrainHQ assessments to evaluate cognitive readiness at the individual and unit level, and to use BrainHQ’s proven cognitive training exercises to enable service members to achieve peak cognitive performance, and to recover performance after combat-related injuries,” Dr. Mahncke continued. “Over time, we expect our work with the military to contribute to readiness, resilience, and recovery.”

    For the past two decades, Posit Science has transformed applied neuroscience by designing, testing, and validating dozens of breakthrough brain exercises, which have been shown to improve neuropsychological and physical measures of cognitive performance and health across the brain, and which have been used by millions of people.

    In recent years, Posit Science has also developed and normed dozens of cognitive assessments, each of which takes about three minutes to complete. The assessments can be self-administered remotely and can be arranged to be taken one at a time or in batteries designed for different purposes. Greater use of these quick and validated assessments allows individuals and organizations to easily take a baseline of health and performance (across the brain) and to monitor changes over time.

    Because the BrainHQ assessments were developed under the same umbrella as the BrainHQ cognitive exercises, they also can provide a roadmap for which BrainHQ cognitive exercises can improve performance and, when appropriate, help drive faster and more complete recovery.

    “In the near future, we expect most of us will be able to take this type of assessment on our own, just as easily as people already measure their weight, temperature, blood pressure, or blood sugar at home,” Dr. Mahncke said. “That helps move us toward the promise of 21st Century Medicine — to be predictive, preventative, personalized, and participatory — and should improve brain health, performance, and resilience.”

    BrainHQ exercises have shown benefits in hundreds of studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by military, law enforcement, sports, and other organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

    The MIL Network –

  • MIL-OSI: Primech AI, a Subsidiary of Primech Holdings, Launches AI-Powered Automated Toilet Cleaning Robot, Hytron

    Source: GlobeNewswire (MIL-OSI)

                                                                                       

    Hytron Enhances Hygiene Standards at Temasek Polytechnic, Marks a Monumental Leap in Cleaning Technology

    SINGAPORE, Oct. 28, 2024 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd., a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), announces the launch of Hytron, a cutting-edge AI-powered automated toilet cleaning robot, now operational and enhancing hygiene standards at Temasek Polytechnic. This innovative technology introduces unprecedented levels of cleaning efficiency, setting new benchmarks in the industry.

    (Primech AI’s COO, Charles Ng, and CTO, Richard Zhang, proudly commemorate the successful deployment of the Hytron robot at Temasek Polytechnic. Image: Primech AI)

    Hytron is engineered to address the high demands for cleanliness in high-traffic areas such as offices, malls, and hospitals. Equipped with advanced AI, Hytron autonomously navigates and cleans toilet fixtures with a precision down to less than one millimeter, surpassing conventional cleaning methods. Its ability to navigate in three-dimensional spaces and perform touch-based cleaning allows it to remove stubborn stains effectively, ensuring a thorough and consistent clean every time.

    The technical superiority of Hytron lies in its integration of force-sensitive sensors and 3D recognition technologies, enabling it to adapt and respond to the nuances of different cleaning environments. This level of precision and adaptability sets Hytron apart from competitors, highlighting its unique position in the market.

    “The launch of Hytron at Temasek Polytechnic has already shown fantastic results, with significant improvements in restroom cleanliness and overall hygiene,” said Charles Ng, Vice President of Innovation and Technology at Primech Holdings and Co-Founder COO of Primech AI. “Hytron not only elevates the standard of cleanliness but also enhances the operational efficiency for facilities managers, offering a scalable solution that meets the growing global demands for hygiene.”

    The market potential for restroom-cleaning robots like Hytron is vast. With the global commercial cleaning products market projected to reach USD 121.29 billion by 2023, according to data from market research and consulting firm Grand View Research, growing at a CAGR of 7.91% from 2024 to 2030, the introduction of automated solutions like Hytron is timely. This growth is driven by increasing hygiene awareness and the need for more efficient cleaning solutions in public and private spaces worldwide.

    Primech AI, in collaboration with Temasek Polytechnic, plans to expand this cleaning initiative by introducing more robots to clean more toilets on campus, modernizing, streamlining, and humanizing toilet cleaning processes. Hytron’s successful deployment marks the beginning of its potential expansion into other cleaning applications, reinforcing Primech AI’s position as a leader in the field of robotic cleaning solutions. This technology not only promises to revolutionize the way cleaning tasks are approached but also offers substantial cost savings and health benefits, making it a game-changer in the cleaning industry.

    Additional images of Hytron in operation can be found at https://primech.ai/

    See Hytron in action at https://www.youtube.com/watch?v=HBFBTs5vRjs

    (Hytron being deployed at Temasek Polytechnic, autonomously executing a restroom cleaning cycle, leveraging advanced AI algorithms for precise positioning and optimal task completion.Image:Primech AI)

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore, with expanding operations in Malaysia. With a legacy of excellence and innovation in the facility services industry, Primech’s operating subsidiary, Primech A & P, offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Additionally, CSG Industries Pte Ltd, a subsidiary of Primech Holdings, manufactures and supplies various high-quality cleaning products under its brand, extending its reach and capabilities within the industry. Known for its commitment to sustainability and cutting-edge technology, Primech integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.   

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

  • MIL-OSI: Franklin Electric Declares Quarterly Dividend of $0.25 Per Share

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable November 21, 2024, to shareholders of record on November 7, 2024.

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    The MIL Network –

  • MIL-OSI Video: Department of State Daily Press Briefing – October 28, 2024 – 2:00 PM

    Source: United States of America – Department of State (video statements)

    Spokesperson Matthew Miller leads the Department Press Briefing, at the Department of State, on October 28, 2024

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
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    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=fzr1hZL12Pk

    MIL OSI Video –

  • MIL-OSI Africa: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

    Somaliland is due to hold a presidential election on 13 November 2024.

    The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

    Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

    Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

    Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

    I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

    Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

    Political landscape

    Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

    Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

    The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

    Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

    Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.

    Read more: Somaliland has been pursuing independence for 33 years. Expert explains the impact of the latest deal with Ethiopia

    Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

    However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

    This potential shift reflects an understanding that both regional and global dynamics are changing.

    Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

    KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

    KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

    Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

    Regional implications

    A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

    Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

    Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.

    Read more: Somaliland crisis: delayed elections and armed conflict threaten dream of statehood

    There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

    Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

    Risks that lie ahead

    There are some risks of instability regardless of who wins the election.

    The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

    There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

    After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

    Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

    – Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa
    – https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

    MIL OSI Africa –

  • MIL-OSI United Kingdom: More Scottish energy projects unlocked to deliver clean power

    Source: United Kingdom – Executive Government & Departments

    Consultation on proposed changes to improve the planning system for large energy projects in Scotland

    • UK and Scottish governments set out proposals to streamline the system for determining energy infrastructure consents in Scotland
    • consultation to reform outdated processes with the aim to cut delays and create a fairer system, in which communities can have their say from the outset
    • the move could help to unlock Scotland’s pipeline of energy projects, driving forward the UK’s clean power mission and energy independence

    The planning process for new clean energy infrastructure in Scotland will be improved under UK and Scottish government proposals to reform outdated legislation that can delay new projects being built. 

    In collaboration with the Scottish Government, the UK government has today (28 October) launched a consultation on proposed changes that will make the system for considering large energy projects in Scotland more efficient, while also ensuring that affected communities can have their say on proposals at the right time in the process. 

    Currently it can take up to four years to approve large electricity infrastructure projects in Scotland, such as power lines and onshore wind farms, under UK legislation that has been in place since 1989.

    This system can create uncertainty for investors and communities, which in turn can lead to higher costs being passed onto bill payers. In England and Wales, new large-scale electricity projects can take around half as long on average to be determined compared to Scotland, thanks to previous legislative reforms to streamline the process. 

    By making vital updates to the energy consents system in Scotland, the UK and Scottish governments aim to support the rollout of new clean energy projects while giving communities early and meaningful opportunities to be heard. The consultation proposes making it a requirement that communities and wider stakeholders are consulted at pre-application stage. 

    Energy Minister Michael Shanks said:  

    Scotland has huge potential to propel the UK towards our clean power by 2030 goal, with its natural resources, energy expertise and highly skilled workforce.  

    Together with the Scottish Government, we are modernising outdated bureaucratic processes to make sure Scotland is firmly open for business as we build the UK’s clean energy future.  

    This will help to accelerate new clean, homegrown energy – taking us a step closer to energy independence and protecting billpayers from the rollercoaster of volatile fossil fuel markets for good.

    Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said:

    These long-awaited UK legislative reforms will help support Scotland realise our clean power ambitions, while providing investors with confidence that a more robust and efficient process is being applied.

    This will in turn support our net zero ambitions, enable economic growth and ensure our communities have an enhanced opportunity to be heard.

    Today’s announcement forms the next step in joint work from the two governments to cement Scotland’s role in making the UK a clean energy superpower.  

    It comes after the UK government confirmed Aberdeen as the headquarters for the publicly-owned company Great British Energy, that will own and invest in clean power projects across the UK. This month, Scottish and UK governments also signed an agreement to support clean energy supply chains and infrastructure, via new partnerships between Great British Energy and Scottish public bodies. 

    The proposed reforms aim to provide developers and communities with an updated system when submitting plans for large clean energy projects. The changes cover the entire process from pre-application to challenging decisions, tackling issues that have already been addressed in England and Wales under previous reforms. They include: 

    • Pre-application requirements: New standardised processes for both onshore and offshore developers to engage with local communities and stakeholders before submitting an application to the Scottish Government for new energy infrastructure. This will involve communities at an earlier stage and improve the quality and speed of applications, with new powers for the Scottish Government to reject any that do not meet requirements. The Scottish Government will also be able to charge fees for pre-application services, helping to deliver the new system effectively. 

    • Appealing decisions: Standardising the appeals process, with set criteria for challenging decisions on new energy infrastructure and a 6-week time limit in which objections can be raised. Currently challenges to large onshore projects must be brought by judicial review within three months, which can lead to lengthy delays.  

    • Public Inquiries: Reforming the public inquiry process which is automatically triggered when Planning Authorities raise objections to new energy infrastructure. These inquiries can take an average of 18 months and have cost the Scottish Government £1.9 million since 2021. Under the proposals, inquiry sessions will still be held where necessary, but other forms of decision making will also be deployed on a case-by-case basis guided by a specialist reporter.

    • Changes to planning consent: New powers to allow the Scottish Government to revoke, suspend or vary consents for energy infrastructure projects under specific circumstances. This will allow for necessary amends to be made, without the applicant having to restart the process. 

    • Necessary wayleaves: A new power for the Scottish Government to charge developers a fee for submitting wayleave applications to place overhead lines on private land. Similar fees are charged in England and Wales, and will help the Scottish Government to meet an expected increase in applications in the rollout of new clean energy projects.   

    Notes to editors:  

    The consultation, launched today, will run for 4 weeks until 26 November. Read more about the consultation.

    All decisions on new energy infrastructure projects in Scotland are devolved and applications over 50MW are made to the Scottish Government. The UK government is responsible for energy policy and the legislative framework (i.e. Electricity Act 1989) is reserved for the UK Parliament.  

    Changes to the Planning Act 2008 (such as Nationally Significant Infrastructure Projects) helped to speed up decision making on energy infrastructure projects in England and Wales. The proposed reforms in this consultation will update the approvals process for energy infrastructure in Scotland.  

    Following the consultation process, the UK government will bring forward the necessary legislation as soon as Parliamentary time allows.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Coastguard station is ‘great news for both the team and the island’

    Source: United Kingdom – Executive Government & Departments

    After around 40 years in the same station, a coastguard rescue team on the Isle of Wight has a new home.

    Needles Coastguard Rescue Team standing outside their new station

    Needles Coastguard Rescue Team is now operating from its new station at Golden Hill Fort in the Freshwater area, offering a spacious, modern and well-equipped space to prepare for search and rescue missions.

    With a dedicated training room and washing and drying facilities, and located in the heart of the community, the team of 11 volunteers will be even more ready to respond to those in need.

    Senior Coastal Operations Officer Andrew Woodford said:

    This is great news for both the team and the island, as we are now in a much better place to respond to call outs and undertake training activities.

    The station is future-proof so it will be there for officers for years to come, it looks the part, and has all the facilities we need in a much more suitable space.

    A fit-for-purpose station is such an important part of coastguard training and response, so this is a brilliant addition to the service which will have clear benefits.

    After 12 months of planning and costing more than £200,000, the building and fit-out took around three months to complete, with the final touches added in October, marking its operational status.

    An official opening ceremony for the new station will take place later this year.

    Press office

    Email public.relations@mcga.gov.uk

    Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

    Outside these hours or on bank holidays and weekends, for media enquiries ONLY, please send an email outlining your query and putting #Urgent in the subject title.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Global: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

    Somaliland is due to hold a presidential election on 13 November 2024.

    The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

    Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

    Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

    Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

    I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

    Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

    Political landscape

    Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

    Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

    The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

    Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

    Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.



    Read more:
    Somaliland has been pursuing independence for 33 years. Expert explains the impact of the latest deal with Ethiopia

    Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

    However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

    This potential shift reflects an understanding that both regional and global dynamics are changing.

    Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

    KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

    KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

    Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

    Regional implications

    A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

    Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

    Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.



    Read more:
    Somaliland crisis: delayed elections and armed conflict threaten dream of statehood

    There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

    Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

    Risks that lie ahead

    There are some risks of instability regardless of who wins the election.

    The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

    There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

    After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

    Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

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

    – ref. Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa – https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Help create a fairer private rented sector in Westminster | Westminster City Council

    Source: City of Westminster

    Westminster City Council is inviting tenants, landlords, property agents and anyone with experience or an interest in the private rented housing sector to have their say on the council’s proposals to introduce a new property licensing scheme in parts of the city.

    The scheme, if approved, would apply to private rented homes that are occupied by a family or a maximum of two sharers. It is known as selective licensing.

    The private rented sector (PRS) continues to grow across the country and Westminster has the largest PRS in England. With the ongoing national housing crisis, an increased shortage of social housing and home ownership unobtainable for many, private rented housing is often the only viable option.

    In 2021, the council introduced a boroughwide additional houses in multiple occupation (HMO) licensing scheme to improve safety standards for tenants living in small HMOs. The council want to ensure the safety of more residents and are now proposing that privately rented homes of all types (not just HMOs) should be licensed in 15 wards across the borough. This will help the council to tackle poor housing conditions and antisocial behaviour in the PRS.

    Councillor Matt Noble, Cabinet Member for Regeneration and Renters, said:

    We know that most landlords and agents operating in Westminster provide homes that are safe, of a high standard and managed well. When properties are not safe and well managed, the impact upon the lives of tenants and the wider community can be detrimental. Sometimes this is because landlords are not aware of their responsibilities and sometimes this is because criminal landlords knowingly flout housing laws.

    “We want to ensure that all private rented properties are operating legally and, above all else, safe.

    “Before any decisions are made, we need the views of everyone in the borough, especially those that live in a private rented home.”

    Westminster City Council is consulting about a licensing scheme which, if it is introduced, could come into effect from spring 2026.

    The consultation runs until Sunday 19 January 2025, and everyone can share their views by visiting www.westminster.gov.uk/prs

    Paper copies will be available at libraries throughout the city and can be requested by emailing [email protected] or calling 020 7641 6161.

    MIL OSI United Kingdom –

  • MIL-OSI: VERB Regains Nasdaq Listing Compliance

    Source: GlobeNewswire (MIL-OSI)

    LOS ALAMITOS, Calif. and LAS VEGAS, Oct. 28, 2024 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the company behind MARKET.live, a leading livestream social shopping platform, and GO FUND YOURSELF!, a TV show and innovative new platform disrupting the crowd funding industry, today announced that on October 23, 2024, the Company received a letter from the Nasdaq Stock Market stating that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Stock Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

    Separately, the Company today announces that it has begun an investigation of apparent price manipulation in the trading of its shares following the Company’s announcement of a stockholder approved reverse stock split.

    On October 4, 2024, the Company announced that its stockholders had voted to authorize its Board to implement a 1-for-200 reverse stock split in order to retain the Company’s Nasdaq listing and that the shares would begin trading on a split-adjusted basis on October 9, 2024.

    Prior to the foregoing announcement, the Company estimates that there were approximately 40,000 beneficial owners of the Company’s stock. Assuming every single shareholder was entitled to a round-up share, which is highly unlikely, that would mean the Company would issue 40,000 shares to address any stockholders left with a fractional share following the reverse split. However, post-split, certain recently identified brokerage firms and clearing houses have requested roundup shares totaling more than 260,000 shares of the Company’s common stock – notwithstanding the fact that the Company’s total public float immediately post-split was less than 800,000.

    Not coincidentally, the Company became aware of a significant increase in short positions in its stock at or around the same time – and around the same number of round-up shares as those requested by these brokerages and clearing houses.

    And VERB is not the only company who has been subject to this same apparent manipulation. The Company knows of at least two other companies who are experiencing the same thing. The Company’s management is in communication with leadership at other affected companies and is seeking to coordinate efforts while actively pursuing the engagement of securities fraud counsel to investigate the facts, determine if there has been illicit activity affecting the Company, and if so, moving aggressively to hold those responsible accountable through swift private legal action as well as through the intervention of securities regulators.

    “Do not underestimate our resolve to protect our company and our stockholders,” stated Rory J. Cutaia, VERB Chairman & CEO. “For those of you waiting to receive your 260,000 round-up shares, here’s some advice, don’t hold your breath.”

    About VERB Technology Company 
    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of ecommerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California and Philadelphia, PA. 

    FORWARD-LOOKING STATEMENTS  
    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations:
    investors@verb.tech

    The MIL Network –

  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.

    The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.

    Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)1 was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.

    “We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    September 30, 2024, Highlights:

    • Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.
    • Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.
    • The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.
    • In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.
    • Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.
    • Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.
    • Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.
    • Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.
    • The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
    • Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.
    • Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.
    • The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.

    Balance Sheet and Asset Quality

    Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.

    Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.

    Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 30, 2024, due to principal repayments.

    The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.

    Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.

    The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.

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

    (in thousands, except ratios)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Loans, end of period $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  
    Allowance for credit losses – Loans $ 21,000     $ 21,178     $ 22,908     $ 22,973  
    ACL – Loans as a percentage of loans, end of period   1.47 %     1.48 %     1.57 %     1.59 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

      September 30, 2024
    and Three Months
    Ended    		   September 30, 2023
    and Three Months
    Ended    		   September 30, 2024
    and Nine Months
    Ended    		   September 30, 2023
    and Nine Months
    Ended
    ACL – Unfunded commitments – beginning of period $ 712     $ 1,544   $ 1,250     $ —
    Cumulative effect of ASU 2016-13 adoption   —       —     —       1,537
    (Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations   (252 )     27     (790 )     34
    ACL – Unfunded commitments – end of period $ 460     $ 1,571   $ 460     $ 1,571

    Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.

    Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.

    Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.

      (in thousands)
      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Special mention loan balances $ 11,047   $ 8,848   $ 13,737   $ 18,392   $ 20,043
    Substandard loan balances   21,202     14,420     14,733     19,596     16,171
    Criticized loans, end of period $ 32,249   $ 23,268   $ 28,470   $ 37,988   $ 36,214

    Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

    Deposit Portfolio Composition
    (in thousands)

      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Consumer deposits $ 844,808   $ 822,665   $ 827,290   $ 814,899   $ 794,970
    Commercial deposits   432,361     412,385     414,088     423,762     429,358
    Public deposits   176,844     187,698     202,175     182,172     163,734
    Brokered deposits   66,654     96,796     83,936     98,259     85,173
    Total deposits $ 1,520,667   $ 1,519,544   $ 1,527,489   $ 1,519,092   $ 1,473,235


    Deposit Composition
    (in thousands)

      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Non-interest-bearing demand deposits $ 256,840   $ 255,703   $ 248,537   $ 265,704   $ 275,790
    Interest-bearing demand deposits   346,971     353,477     361,278     343,276     336,962
    Savings accounts   169,096     170,946     177,595     176,548     183,702
    Money market accounts   366,067     370,164     387,879     374,055     312,689
    Certificate accounts   381,693     369,254     352,200     359,509     364,092
    Total deposits $ 1,520,667   $ 1,519,544     1,527,489   $ 1,519,092   $ 1,473,235

    At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.

    Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.

    Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.

    Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

    Review of Operations

    Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

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

      Three months ended
      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
      Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin
    As reported $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %   $ 11,747     2.69 %   $ 12,121     2.79 %
    Less accretion for PCD loans   (45 )   (0.01 )%     (62 )   (0.01 )%     (75 )   (0.02 )%     (37 )   (0.01 )%     (39 )   (0.01 )%
    Less scheduled accretion interest   (33 )   (0.01 )%     (32 )   (0.01 )%     (33 )   (0.01 )%     (33 )   (0.01 )%     (77 )   (0.02 )%
    Without loan purchase accretion $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %   $ 11,677     2.67 %   $ 12,005     2.76 %

    Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.

    Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.

    Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

    These financial results are preliminary until Form 10-Q is filed in November 2024.

    About the Company

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

    Cautionary Statement Regarding Forward-Looking Statements

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

    1Non-GAAP Financial Measures

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

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

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

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

    (CZWI-ER)

     
    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Balance Sheets
    (in thousands, except shares and per share data)
     
      September 30, 2024
    (unaudited)    		   June 30, 2024
    (unaudited)    		   December 31, 2023
    (audited)    		   September 30, 2023
    (unaudited)
    Assets              
    Cash and cash equivalents $ 36,632     $ 36,886     $ 37,138     $ 32,532  
    Securities available for sale “AFS”   149,432       146,438       155,743       153,414  
    Securities held to maturity “HTM”   87,033       88,605       91,229       92,336  
    Equity investments   5,096       5,023       3,284       2,433  
    Other investments   12,311       13,878       15,725       15,109  
    Loans receivable   1,424,828       1,428,588       1,460,792       1,447,529  
    Allowance for credit losses   (21,000 )     (21,178 )     (22,908 )     (22,973 )
    Loans receivable, net   1,403,828       1,407,410       1,437,884       1,424,556  
    Loans held for sale   697       275       5,773       2,737  
    Mortgage servicing rights, net   3,696       3,731       3,865       3,944  
    Office properties and equipment, net   17,365       17,774       18,373       19,465  
    Accrued interest receivable   6,235       6,289       5,409       5,936  
    Intangible assets   1,158       1,336       1,694       1,873  
    Goodwill   31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net   1,572       1,662       1,795       1,046  
    Bank owned life insurance (“BOLI”)   25,901       25,708       25,647       25,467  
    Other assets   16,683       15,794       16,334       18,741  
    TOTAL ASSETS $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Liabilities and Stockholders’ Equity              
    Liabilities:              
    Deposits $ 1,520,667     $ 1,519,544     $ 1,519,092     $ 1,473,235  
    Federal Home Loan Bank (“FHLB”) advances   21,000       31,500       79,530       114,530  
    Other borrowings   61,548       61,498       67,465       67,407  
    Other liabilities   15,773       13,720       11,970       10,513  
    Total liabilities   1,618,988       1,626,262       1,678,057       1,665,685  
    Stockholders’ equity:              
    Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively   101       103       104       105  
    Additional paid-in capital   115,455       117,838       119,441       119,612  
    Retained earnings   78,438       75,501       71,117       67,424  
    Accumulated other comprehensive loss   (13,845 )     (17,397 )     (17,328 )     (21,739 )
    Total stockholders’ equity   180,149       176,045       173,334       165,402  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  

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

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Statements of Operations
    (in thousands, except per share data)
     
      Three Months Ended   Nine Months Ended
      September 30, 2024 (unaudited)   June 30, 2024 (unaudited)   September 30, 2023 (unaudited)   September 30, 2024 (unaudited)   September 30, 2023 (unaudited)
    Interest and dividend income:                  
    Interest and fees on loans $ 20,115     $ 19,921     $ 19,083     $ 60,204     $ 54,169
    Interest on investments   2,397       2,542       2,689       7,450       8,053
    Total interest and dividend income   22,512       22,463       21,772       67,654       62,222
    Interest expense:                  
    Interest on deposits   10,165       9,338       7,388       28,712       17,898
    Interest on FHLB borrowed funds   128       576       1,210       1,216       4,595
    Interest on other borrowed funds   934       973       1,053       2,960       3,127
    Total interest expense   11,227       10,887       9,651       32,888       25,620
    Net interest income before provision for credit losses   11,285       11,576       12,121       34,766       36,602
    (Negative) provision for credit losses   (400 )     (1,525 )     (325 )     (2,725 )     175
    Net interest income after provision for credit losses   11,685       13,101       12,446       37,491       36,427
    Non-interest income:                  
    Service charges on deposit accounts   513       490       491       1,474       1,464
    Interchange income   577       579       601       1,697       1,743
    Loan servicing income   643       526       611       1,751       1,679
    Gain on sale of loans   752       226       299       1,998       1,501
    Loan fees and service charges   165       309       140       704       308
    Net realized gains on debt securities   —       —       —       —       12
    Net (losses) gains on equity securities   (78 )     (658 )     116       (569 )     170
    Bank Owned Life Insurance (BOLI) death benefit   —       184       —       184       —
    Other   349       257       307       859       893
    Total non-interest income   2,921       1,913       2,565       8,098       7,770
    Non-interest expense:                  
    Compensation and related benefits   5,743       5,675       5,293       16,901       15,967
    Occupancy   1,242       1,333       1,335       3,942       4,117
    Data processing   1,665       1,525       1,536       4,787       4,440
    Amortization of intangible assets   178       179       179       536       576
    Mortgage servicing rights expense, net   163       116       150       427       456
    Advertising, marketing and public relations   225       186       185       575       472
    FDIC premium assessment   201       200       204       606       608
    Professional services   336       347       342       1,249       1,153
    Losses (gains) on repossessed assets, net   65       (18 )     100       47       62
    Other   603       756       645       2,427       2,085
    Total non-interest expense   10,421       10,299       9,969       31,497       29,936
    Income before provision for income taxes   4,185       4,715       5,042       14,092       14,261
    Provision for income taxes   899       1,040       2,544       3,043       4,895
    Net income attributable to common stockholders $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366
    Per share information:                  
    Basic earnings $ 0.32     $ 0.35     $ 0.24     $ 1.07     $ 0.89
    Diluted earnings $ 0.32     $ 0.35     $ 0.24     $ 1.07     $ 0.89
    Cash dividends paid $ —     $ —     $ —     $ 0.32     $ 0.29
    Book value per share at end of period $ 17.88     $ 17.10     $ 15.80     $ 17.88     $ 15.80
    Tangible book value per share at end of period (non-GAAP) $ 14.64     $ 13.91     $ 12.61     $ 14.64     $ 12.61

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

    (in thousands, except per share data)

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
                       
    GAAP pretax income $ 4,185   $ 4,715   $ 5,042   $ 14,092   $ 14,261
    Branch closure costs (1)   —     168     —     168     —
    Pretax income as adjusted (2) $ 4,185   $ 4,883   $ 5,042   $ 14,260   $ 14,261
    Provision for income tax on net income as adjusted (3)   899     1,077     2,544     3,079     4,895
    Net income as adjusted (non-GAAP) (2) $ 3,286   $ 3,806   $ 2,498   $ 11,181   $ 9,366
    GAAP diluted earnings per share, net of tax $ 0.32   $ 0.35   $ 0.24   $ 1.07   $ 0.89
    Branch closure costs, net of tax   —     0.01     —     0.01     —
    Diluted earnings per share, as adjusted, net of tax (non-GAAP) $ 0.32   $ 0.36   $ 0.24   $ 1.08   $ 0.89
                       
    Average diluted shares outstanding   10,204,195     10,373,089     10,470,098     10,339,802     10,474,685

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


    Loan Composition

    (in thousands)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total Loans:              
    Commercial/Agricultural real estate:              
    Commercial real estate $ 730,459     $ 729,236     $ 750,531     $ 750,282  
    Agricultural real estate   76,043       78,248       83,350       84,558  
    Multi-family real estate   239,191       234,758       228,095       219,193  
    Construction and land development   87,875       87,898       110,941       109,799  
    C&I/Agricultural operating:              
    Commercial and industrial   119,619       127,386       121,666       121,033  
    Agricultural operating   27,550       27,409       25,691       24,552  
    Residential mortgage:              
    Residential mortgage   134,944       133,503       129,021       125,939  
    Purchased HELOC loans   2,932       2,915       2,880       2,881  
    Consumer installment:              
    Originated indirect paper   4,405       5,110       6,535       7,175  
    Other consumer   5,438       5,860       6,187       6,440  
    Gross loans $ 1,428,456     $ 1,432,323     $ 1,464,897     $ 1,451,852  
    Unearned net deferred fees and costs and loans in process   (2,703 )     (2,733 )     (2,900 )     (3,048 )
    Unamortized discount on acquired loans   (925 )     (1,002 )     (1,205 )     (1,275 )
    Total loans receivable $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Nonperforming assets:              
    Nonaccrual loans              
    Commercial real estate $ 4,778     $ 5,350     $ 10,359     $ 10,570  
    Agricultural real estate   6,193       382       391       469  
    Construction and land development   106       —       54       94  
    Commercial and industrial (“C&I”)   1,956       422       —       —  
    Agricultural operating   901       1,017       1,180       1,373  
    Residential mortgage   1,088       1,145       1,167       923  
    Consumer installment   20       36       33       27  
    Total nonaccrual loans $ 15,042     $ 8,352     $ 13,184     $ 13,456  
    Accruing loans past due 90 days or more   530       256       389       971  
    Total nonperforming loans (“NPLs”) at amortized cost   15,572       8,608       13,573       14,427  
    Foreclosed and repossessed assets, net   1,572       1,662       1,795       1,046  
    Total nonperforming assets (“NPAs”) $ 17,144     $ 10,270     $ 15,368     $ 15,473  
    Loans, end of period $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  
    Total assets, end of period $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Ratios:              
    NPLs to total loans   1.09 %     0.60 %     0.93 %     1.00 %
    NPAs to total assets   0.95 %     0.57 %     0.83 %     0.85 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

      Three Months Ended
    September 30, 2024    		   Three Months Ended
    June 30, 2024    		   Three Months Ended
    September 30, 2023
      Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                                  
    Cash and cash equivalents $ 25,187   $ 360   5.69 %   $ 18,894   $ 272   5.79 %   $ 21,298   $ 302   5.63 %
    Loans receivable   1,429,928     20,115   5.60 %     1,439,535     19,921   5.57 %     1,435,284     19,083   5.27 %
    Investment securities   236,960     1,966   3.30 %     238,147     2,012   3.40 %     252,226     2,119   3.33 %
    Other investments   12,553     71   2.25 %     13,051     258   7.95 %     15,511     268   6.85 %
    Total interest earning assets $ 1,704,628   $ 22,512   5.25 %   $ 1,709,627   $ 22,463   5.28 %   $ 1,724,319   $ 21,772   5.01 %
    Average interest-bearing liabilities:                                  
    Savings accounts $ 170,777   $ 450   1.05 %     174,259   $ 429   0.99 %   $ 199,279   $ 328   0.65 %
    Demand deposits   357,201     2,152   2.40 %     354,850   $ 2,023   2.29 %     354,073     1,863   2.09 %
    Money market accounts   381,369     3,126   3.26 %     377,346   $ 2,958   3.15 %     298,098     1,889   2.51 %
    CD’s   379,722     4,437   4.65 %     352,323   $ 3,928   4.48 %     358,238     3,308   3.66 %
    Total deposits $ 1,289,069   $ 10,165   3.14 %   $ 1,258,778   $ 9,338   2.98 %   $ 1,209,688   $ 7,388   2.42 %
    FHLB advances and other borrowings   80,338     1,062   5.26 %     121,967   $ 1,549   5.11 %     182,967     2,263   4.91 %
    Total interest-bearing liabilities $ 1,369,407   $ 11,227   3.26 %   $ 1,380,745   $ 10,887   3.17 %   $ 1,392,655   $ 9,651   2.75 %
    Net interest income     $ 11,285           $ 11,576           $ 12,121    
    Interest rate spread         1.99 %           2.11 %           2.26 %
    Net interest margin         2.63 %           2.72 %           2.79 %
    Average interest earning assets to average interest-bearing liabilities         1.24             1.24             1.24  
      Nine Months Ended
    September 30, 2024    		   Nine Months Ended
    September 30, 2023
      Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                      
    Cash and cash equivalents $ 19,073   $ 823   5.76 %   $ 19,066   $ 768   5.39 %
    Loans receivable   1,441,972     60,204   5.58 %     1,420,423     54,169   5.10 %
    Interest bearing deposits   —     —   — %     84     1   1.59 %
    Investment securities   240,054     6,038   3.36 %     261,507     6,505   3.33 %
    Other investments   12,983     589   6.06 %     16,447     779   6.33 %
    Total interest earning assets $ 1,714,082   $ 67,654   5.27 %   $ 1,717,527   $ 62,222   4.84 %
    Average interest-bearing liabilities:                      
    Savings accounts $ 173,946   $ 1,300   1.00 %   $ 208,446   $ 1,103   0.71 %
    Demand deposits   355,356     6,192   2.33 %     370,235     5,047   1.82 %
    Money market accounts   378,740     9,005   3.18 %     298,957     4,759   2.13 %
    CD’s   364,131     12,215   4.48 %     300,279     6,989   3.11 %
    Total deposits $ 1,272,173   $ 28,712   3.01 %   $ 1,177,917   $ 17,898   2.03 %
    FHLB advances and other borrowings   108,897     4,176   5.12 %     214,034     7,722   4.82 %
    Total interest-bearing liabilities $ 1,381,070   $ 32,888   3.18 %   $ 1,391,951   $ 25,620   2.46 %
    Net interest income     $ 34,766           $ 36,602    
    Interest rate spread         2.09 %           2.38 %
    Net interest margin         2.71 %           2.85 %
    Average interest earning assets to average interest bearing liabilities         1.24             1.23  


    Key Financial Metric Ratios:

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Ratios based on net income:                  
    Return on average assets (annualized) 0.72 %   0.81 %   0.54 %   0.81 %   0.68 %
    Return on average equity (annualized) 7.34 %   8.52 %   5.97 %   8.46 %   7.59 %
    Return on average tangible common equity4 (annualized) 9.38 %   10.92 %   7.74 %   10.78 %   9.91 %
    Efficiency ratio 72 %   72 %   67 %   71 %   66 %
    Net interest margin with loan purchase accretion 2.63 %   2.72 %   2.79 %   2.71 %   2.85 %
    Net interest margin without loan purchase accretion 2.61 %   2.70 %   2.76 %   2.69 %   2.82 %
    Ratios based on net income as adjusted (non-GAAP)                  
    Return on average assets as adjusted2 (annualized) 0.72 %   0.84 %   0.54 %   0.82 %   0.68 %
    Return on average equity as adjusted3 (annualized) 7.34 %   8.82 %   5.97 %   8.56 %   7.59 %


    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
           
    GAAP earnings after income taxes $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,286     $ 3,806     $ 2,498     $ 11,181     $ 9,366  
    Average assets $ 1,810,826     $ 1,815,693     $ 1,836,775     $ 1,822,106     $ 1,832,832  
    Return on average assets (annualized)   0.72 %     0.81 %     0.54 %     0.81 %     0.68 %
    Return on average assets as adjusted (non-GAAP) (annualized)   0.72 %     0.84 %     0.54 %     0.82 %     0.68 %

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


    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    GAAP earnings after income taxes $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,286     $ 3,806     $ 2,498     $ 11,181     $ 9,366  
    Average equity $ 178,050     $ 173,462     $ 166,131     $ 174,436     $ 165,075  
    Return on average equity (annualized)   7.34 %     8.52 %     5.97 %     8.46 %     7.59 %
    Return on average equity as adjusted (non-GAAP) (annualized)   7.34 %     8.82 %     5.97 %     8.56 %     7.59 %

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


    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Non-interest expense (GAAP) $ 10,421     $ 10,299     $ 9,969     $ 31,497     $ 29,936  
    Less amortization of intangibles   (178 )     (179 )     (179 )     (536 )     (576 )
    Efficiency ratio numerator (GAAP) $ 10,243     $ 10,120     $ 9,790     $ 30,961     $ 29,360  
                       
    Non-interest income $ 2,921     $ 1,913     $ 2,565     $ 8,098     $ 7,770  
    Add back net losses on debt and equity securities   (78 )     (658 )     —       (569 )     —  
    Subtract net gains on debt and equity securities   —       —       116       —       182  
    Net interest income   11,285       11,576       12,121       34,766       36,602  
    Efficiency ratio denominator (GAAP) $ 14,284     $ 14,147     $ 14,570     $ 43,433     $ 44,190  
    Efficiency ratio (GAAP)   72 %     72 %     67 %     71 %     66 %


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

    (in thousands, except per share data)

    Tangible book value per share at end of period September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 173,334     $ 165,402  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,694 )     (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 140,142     $ 132,031  
    Ending common shares outstanding   10,074,136       10,297,341       10,440,591       10,468,091  
    Book value per share $ 17.88     $ 17.10     $ 16.60     $ 15.80  
    Tangible book value per share (non-GAAP) $ 14.64     $ 13.91     $ 13.42     $ 12.61  


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

    (in thousands, except ratios)

    Tangible common equity as a percent of tangible assets at end of period September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 173,334     $ 165,402  
    Less: Goodwill   (31,498 )   $ (31,498 )     (31,498 )   $ (31,498 )
    Less: Intangible assets   (1,158 )   $ (1,336 )     (1,694 )   $ (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 140,142     $ 132,031  
    Total Assets $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )   $ (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,694 )   $ (1,873 )
    Tangible Assets (non-GAAP) $ 1,766,481     $ 1,769,473     $ 1,818,199     $ 1,797,716  
    Total stockholders’ equity to total assets ratio   10.01 %     9.77 %     9.36 %     9.03 %
    Tangible common equity as a percent of tangible assets (non-GAAP)   8.35 %     8.09 %     7.71 %     7.34 %


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

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 165,402     $ 180,149     $ 165,402  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,873 )     (1,158 )     (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 132,031     $ 147,493     $ 132,031  
    Average tangible common equity (non-GAAP) $ 145,305     $ 140,539     $ 132,671     $ 141,512     $ 131,425  
    GAAP earnings after income taxes   3,286       3,675       2,498       11,049       9,366  
    Amortization of intangible assets, net of tax   140       140       89       374       378  
    Tangible net income $ 3,426     $ 3,815     $ 2,587     $ 11,423     $ 9,744  
    Return on average tangible common equity (annualized)   9.38 %     10.92 %     7.74 %     10.78 %     9.91 %


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

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

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

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

    The MIL Network –

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.69 per Share for Q3 2024; Net Interest Margin and Tangible Book Value Increase; Asset Quality Improves

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported third quarter earnings ending September 30, 2024 of $0.69 per common share on net income of $2.9 million, compared to $0.56 per common share on net income of $2.3 million during the second quarter ending June 30, 2024, and $0.29 per common share on net income of $1.2 million during the third quarter ending September 30, 2023.

    PSB’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest margin increased 6 basis points; (2) slightly lower non-interest income; (3) lower non-interest expense due to the second quarter reflecting elevated severance expenses; and (4) the return of a $2.5 million non-performing loan to performing status and a corresponding release in specific reserves.

    “Over the past year, we have increased shareholders’ tangible book value per share 18.7% and paid $0.62 in dividends to our shareholders, up 12.7% from the 12 month period ended September 30, 2023. With the rapid rise in short term interest rates over the past couple of years coming to an apparent end, we expect our net interest margin to be stable and operating expenses to continue to be well managed and efficient. Additionally, as funds become available from investment and loan repayments and maturities, we expect the funds to be reinvested into higher yielding assets which should lessen the volatility in fair market value adjustments reflected in our tangible book value,” stated Scott Cattanach, President and CEO.

    September 30, 2024, Highlights:

    • Net interest income increased to $9.9 million for the quarter ended September 30, 2024, from $9.4 million for the quarter ended June 30, 2024, as increases in asset and loan yields outpaced the increases in funding costs.
    • Noninterest income decreased slightly to $1.8 million for the quarter ended September 30, 2024, compared to $1.9 million the prior quarter.
    • Noninterest expenses decreased during the quarter ended September 30, 2024, reflecting lower salary and benefit expenses. Included in salary and benefit expenses for the prior quarter were non-recurring expenses totaling approximately $404,000.
    • Tangible book value per common share increased $1.86 per share to $26.41 at September 30, 2024, compared to $24.55 one quarter earlier, and increased $4.16 per share, or 18.7%, compared to $22.25 at September 30, 2023. Additionally, PSB paid dividends totaling $0.62 per share over the past year. During the third quarter ended September 30, 2024, tangible book value per share was positively influenced by higher net income, intangible asset amortization, an increase in fair market value of investment securities and consistent stock repurchase activity.
    • Loans decreased $16.9 million in the third quarter ended September 30, 2024, to $1.06 billion largely due to not replacing certain out of market maturing loans. Allowance for credit losses increased to 1.18% of gross loans.
    • Non-performing assets declined to 0.71% of total assets at September 30, 2024 from 0.84% at June 30, 2024 as a $2.5 million loan returned to performing status.
    • Total deposits decreased $13.2 million during the quarter ended September 30, 2024 to $1.14 billion, with a large portion of the decrease attributable to a large overnight deposit held at June 30, 2024 which was withdrawn in early July.
    • Return on average tangible common equity was 10.96% for the quarter ended September 30, 2024, compared to 9.34% the prior quarter and 5.17% in the year ago quarter.

    Balance Sheet and Asset Quality Review

    Total assets decreased $9.7 million to $1.48 billion at September 30, 2024. Investment securities available for sale increased $9.7 million to $174.9 million at September 30, 2024, from $165.2 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $321 million at September 30, 2024, with an additional $343 million that could be raised in a short time frame from the brokered CDs market.

    Total loans receivable decreased $16.9 million to $1.06 billion at September 30, 2024, due primarily to lower commercial and construction lending. Commercial non-real estate loans decreased $9.1 million to $139.0 million at September 30, 2024, from $148.2 million one quarter earlier. Gross construction lending decreased $9.6 million to $61.0 million at September 30, 2024, from $70.5 million at June 30, 2024, while loans in process declined $3.6 million during the quarter ended September 30, 2024. Commercial real estate loans decreased $2.6 million to $541.6 million at September 30, 2024, from $544.2 million the prior quarter. Meanwhile, residential real estate loans increased slightly from the prior quarter to $341.3 million from $340.9 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 55.4% of gross loans followed by residential real estate loans at 31.4% of gross loans, commercial non-real estate loans at 12.8% and consumer loans at 0.4%.

    The allowance for credit losses increased slightly to 1.18% of gross loans at September 30, 2024, from 1.16% the prior quarter. Annualized net charge-offs to average loans were zero for the last five quarters. Non-performing assets totaled 0.71% of total assets at September 30, 2024, compared to 0.84% at June 30, 2024. During the quarter ended September 30, 2024, a loan totaling $2.5 million was returned to performing status, while a loan on a recreation facility totaling $3.3 million was added to nonaccrual status. Additionally, one loan relationship to an equipment dealership on nonaccrual status totaling $5.1 million at June 30, 2024 was paid down to $2.8 million at September 30, 2024 on sale of the equipment inventory. For the seventh consecutive quarter, the Bank did not own any foreclosed real estate.

    Total deposits decreased $13.2 million to $1.14 billion at September 30, 2024, from $1.15 billion at June 30, 2024. The decrease in deposits reflects a $13.1 million decrease in interest-bearing demand and savings deposits, a $19.7 million decrease in money market deposits partially offset by a $14.6 million increase in non-interest bearing deposits and a $5.4 million increase in retail and local time deposits. The decrease in money market deposits reflected a large deposit of $49 million on June 30, 2024 that was drawn down in early July 2024.

    At September 30, 2024, non-interest bearing demand deposits increased to 23.3% of total deposits from 21.6% the prior quarter, while interest-bearing demand and savings deposits decreased to 28.4% of deposits, compared to 29.3% at June 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at September 30, 2024, from 24.0% of total deposits at June 30, 2024.

    FHLB advances decreased to $181.3 million at September 30, 2024, compared to $184.9 million at June 30, 2024.

    Tangible stockholder equity as a percent of total tangible assets increased to 7.85% at September 30, 2024, compared to 7.32% at June 30, 2024, and 6.98% at September 30, 2023.

    Tangible net book value per common share increased $4.16, to $26.41, at September 30, 2024, compared to $22.25 one year earlier, an increase of 18.7% after dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased due to continued earnings, a fair market value increase in the investment portfolio which reduced unrealized losses reflected in accumulated other comprehensive income and amortization of intangible assets. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at September 30, 2024, compared to $20.5 million one quarter earlier.

    Operations Review

    Net interest income increased to $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the third quarter of 2023. Earning asset yields increased by 8 basis points to 5.29% during the third quarter of 2024 from 5.21% during the second quarter of 2024, while interest bearing deposit and borrowing costs increased 7 basis points to 3.13% compared to 3.06% during the second quarter of 2024.

    The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the third quarter of 2024 to 5.78% from 5.67% for the second quarter of 2024, up 11 basis points. Taxable security yields were 3.01% for the quarter ended September 30, 2024, compared to 3.02% for the quarter ended June 30, 2024, while tax-exempt security yields were 3.31% for the quarter ended September 30, 2024 compared to 3.33% the prior quarter.

    The cost of all deposits was 2.11% for the quarter ended September 30, 2024, compared to 2.11% the prior quarter, while the overall cost of funds increased 7 basis points from 3.06% to 3.13% during the same time period. Deposit costs for money market deposits decreased during the quarter ended September 30, 2024, to 2.69% from 2.72% the prior quarter. The cost of time deposits and FHLB advances continued to increase and were primarily responsible for the rise in the Bank’s cost of funds in the current quarter. The cost of time deposits increased to 4.04% for the third quarter ended September 30, 2024, from 3.97% the prior quarter. FHLB advance costs rose to 4.44% during the third quarter ended September 30, 2024, from 4.28% the prior quarter.

    Total noninterest income decreased slightly for the third quarter of 2024 to $1.84 million, from $1.91 million for the second quarter of 2024. Mortgage banking income remained at $433,000 in the September 30, 2024 quarter while various decreases in nominal revenue sources accounted for the slight decline in non-interest income during the third quarter ended September 30, 2024. At September 30, 2024, the Bank serviced $371 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses decreased to $8.2 million for the third quarter of 2024, compared to $8.4 million for the second quarter of 2024. The second quarter ended June 30, 2024, reflected higher salary and benefit expenses related to non-recurring costs. Relative to one year earlier, salary and benefit cost increased 5.7% to $4.8 million for the quarter ended September 30, 2024, compared to $4.5 million for the third quarter ended September 30, 2023.

    Taxes increased $183,000 during the third quarter to $593,000, from $410,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended September 30, 2024, was 16.6% compared to 14.4% for the second quarter ended June 30, 2024, and 63.8% for the third quarter ended September 30, 2023, when higher tax expenses were incurred to recognize the loss of certain deferred tax assets following a change in Wisconsin tax law that eliminated state taxes on certain qualified assets.

    About PSB Holdings, Inc.

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

    Forward-Looking Statements

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

                

    PSB Holdings, Inc.          
    Consolidated Balance Sheets          
    September 30, June 30, and March 31, 2024, September 30, 2023, unaudited, December 31, 2023 derived from audited financial statements
               
      Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
    (dollars in thousands, except per share data)   2024     2024     2024     2023     2023  
               
    Assets          
               
    Cash and due from banks $ 23,554   $ 16,475   $ 13,340   $ 20,887   $ 12,881  
    Interest-bearing deposits   5,126     251     105     1,431     668  
    Federal funds sold   58,434     69,249     2,439     5,462     7,764  
               
    Cash and cash equivalents   87,114     85,975     15,884     27,780     21,313  
    Securities available for sale (at fair value)   174,911     165,177     165,566     164,024     160,883  
    Securities held to maturity (fair values of $82,389, $79,993, $81,234, $82,514 and        
      $75,236 respectively)   86,847     86,825     87,104     87,081     86,908  
    Equity securities   1,752     1,661     1,474     1,474     2,273  
    Loans held for sale   –     2,268     865     230     971  
    Loans receivable, net (allowance for credit losses of $12,598, $12,597, $12,494,        
     $12,302 and $12,267 respectively)   1,057,974     1,074,844     1,081,394     1,078,475     1,098,019  
    Accrued interest receivable   4,837     5,046     5,467     5,136     4,716  
    Foreclosed assets   –     –     –     –     –  
    Premises and equipment, net   14,065     14,048     13,427     13,098     13,242  
    Mortgage servicing rights, net   1,727     1,688     1,657     1,664     1,684  
    Federal Home Loan Bank stock (at cost)   8,825     8,825     7,006     6,373     6,373  
    Cash surrender value of bank-owned life insurance   24,565     24,401     24,242     24,085     23,931  
    Core deposit intangible   212     229     249     273     297  
    Goodwill   2,541     2,541     2,541     2,541     2,541  
    Other assets   10,598     12,111     11,682     11,866     14,094  
               
    TOTAL ASSETS $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100   $ 1,437,245  
               
    Liabilities          
               
    Non-interest-bearing deposits $ 265,078   $ 250,435   $ 247,608   $ 266,829   $ 288,765  
    Interest-bearing deposits   874,035     901,886     865,744     874,973     883,474  
               
       Total deposits   1,139,113     1,152,321     1,113,352     1,141,802     1,172,239  
               
    Federal Home Loan Bank advances   181,250     184,900     158,250     134,000     128,000  
    Other borrowings   6,128     5,775     8,096     8,058     5,660  
    Senior subordinated notes   4,779     4,778     4,776     4,774     4,772  
    Junior subordinated debentures   12,998     12,972     12,947     12,921     12,896  
    Allowance for credit losses on unfunded commitments   477     477     477     577     512  
    Accrued expenses and other liabilities   12,850     13,069     10,247     12,681     10,258  
               
       Total liabilities   1,357,595     1,374,292     1,308,145     1,314,813     1,334,337  
               
    Stockholders’ equity          
               
    Preferred stock – no par value:          
       Authorized – 30,000 shares; no shares issued or outstanding          
       Outstanding – 7,200 shares, respectively   7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:          
       Authorized – 18,000,000 shares; Issued – 5,490,798 shares          
       Outstanding – 4,105,594, 4,128,382, 4,147,649, 4,164,735 and          
         4,174,197 shares, respectively   1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital   8,567     8,527     8,466     8,460     8,421  
    Retained earnings   138,142     135,276     134,271     132,666     131,624  
    Accumulated other comprehensive income (loss), net of tax   (15,814 )   (20,503 )   (20,775 )   (20,689 )   (26,190 )
    Treasury stock, at cost – 1,385,204, 1,362,416, 1,343,149, 1,326,063 and          
      1,316,601 shares, respectively   (21,552 )   (20,983 )   (20,579 )   (20,180 )   (19,977 )
               
       Total stockholders’ equity   118,373     111,347     110,413     109,287     102,908  
               
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100   $ 1,437,245  
               
    PSB Holdings, Inc.                
    Consolidated Statements of Income                
                          Quarter Ended     Nine Months Ended
    (dollars in thousands, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,   September
    except per share data – unaudited) 2024 2024 2024   2023   2023   2024 2023
                     
    Interest and dividend income:                
       Loans, including fees $ 15,634 $ 15,433 $ 15,109   $ 14,888   $ 14,263   $ 46,176   $ 38,745  
       Securities:                
          Taxable   1,345   1,295   1,197     1,147     1,114     3,837     3,772  
          Tax-exempt   522   521   526     532     533     1,569     1,605  
       Other interest and dividends   699   265   343     320     238     1,307     531  
                     
             Total interest and dividend income   18,200   17,514   17,175     16,887     16,148     52,889     44,653  
                     
    Interest expense:                
       Deposits   5,905   5,838   6,082     5,526     4,817     17,825     11,467  
       FHLB advances   2,038   1,860   1,450     1,349     1,321     5,348     3,068  
       Other borrowings   57   58   60     54     51     175     161  
       Senior subordinated notes   59   58   59     59     59     176     179  
       Junior subordinated debentures   252   255   251     254     255     758     731  
                     
             Total interest expense   8,311   8,069   7,902     7,242     6,503     24,282     15,606  
                     
    Net interest income   9,889   9,445   9,273     9,645     9,645     28,607     29,047  
    Provision for credit losses   –   100   95     100     150     195     350  
                     
    Net interest income after provision for credit losses   9,889   9,345   9,178     9,545     9,495     28,412     28,697  
                     
    Noninterest income:                
       Service fees   367   350   336     360     349     1,053     1,088  
       Mortgage banking income   433   433   308     247     345     1,174     981  
       Investment and insurance sales commissions   230   222   121     100     158     573     810  
       Net loss on sale of securities   –   –   (495 )   (297 )   –     (495 )   (279 )
       Increase in cash surrender value of life insurance   165   159   157     154     155     481     461  
       Life insurance death benefit   –   –   –     –     –     –     533  
       Other noninterest income   648   742   617     540     675     2,007     2,022  
                     
             Total noninterest income   1,843   1,906   1,044     1,104     1,682     4,793     5,616  
                     
    Noninterest expense:                
       Salaries and employee benefits   4,771   5,167   5,123     4,244     4,514     15,061     14,404  
       Occupancy and facilities   757   733   721     675     689     2,211     2,086  
       Loss (gain) on foreclosed assets   1   –   –     1     –     1     (46 )
       Data processing and other office operations   1,104   1,047   1,022     1,001     953     3,173     2,784  
       Advertising and promotion   164   171   129     244     161     464     489  
       Core deposit intangible amortization   17   20   24     24     24     61     85  
       Other noninterest expenses   1,337   1,257   1,306     1,169     1,113     3,900     3,388  
                     
            Total noninterest expense   8,151   8,395   8,325     7,358     7,454     24,871     23,190  
                     
    Income before provision for income taxes   3,581   2,856   1,897     3,291     3,723     8,334     11,123  
    Provision for income taxes   593   410   169     878     2,374     1,172     3,967  
                     
    Net income $ 2,988 $ 2,446 $ 1,728   $ 2,413   $ 1,349   $ 7,162   $ 7,156  
    Preferred stock dividends declared $ 122 $ 122 $ 122   $ 122   $ 122   $ 366   $ 366  
                     
    Net income available to common shareholders $ 2,866 $ 2,324 $ 1,606   $ 2,291   $ 1,227   $ 6,796   $ 6,790  
    Basic earnings per common share $ 0.69 $ 0.56 $ 0.39   $ 0.55   $ 0.29   $ 1.64   $ 1.61  
    Diluted earnings per common share $ 0.69 $ 0.56 $ 0.39   $ 0.55   $ 0.29   $ 1.64   $ 1.61  
                     
    PSB Holdings, Inc.          
    Quarterly Financial Summary          
    (dollars in thousands, except per share data) Quarter ended
        Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
    Earnings and dividends:   2024     2024     2024     2023     2023  
                 
      Interest income $ 18,200   $ 17,514   $ 17,175   $ 16,887   $ 16,148  
      Interest expense $ 8,311   $ 8,069   $ 7,902   $ 7,242   $ 6,503  
      Net interest income $ 9,889   $ 9,445   $ 9,273   $ 9,645   $ 9,645  
      Provision for credit losses $ –   $ 100   $ 95   $ 100   $ 150  
      Other noninterest income $ 1,843   $ 1,906   $ 1,044   $ 1,104   $ 1,682  
      Other noninterest expense $ 8,151   $ 8,395   $ 8,325   $ 7,358   $ 7,454  
      Net income available to common shareholders $ 2,866   $ 2,324   $ 1,606   $ 2,291   $ 1,227  
                 
      Basic earnings per common share (3) $ 0.69   $ 0.56   $ 0.39   $ 0.55   $ 0.29  
      Diluted earnings per common share (3) $ 0.69   $ 0.56   $ 0.39   $ 0.55   $ 0.29  
      Dividends declared per common share (3) $ –   $ 0.32   $ –   $ 0.30   $ –  
      Tangible net book value per common share (4) $ 26.41   $ 24.55   $ 24.21   $ 23.84   $ 22.25  
                 
      Semi-annual dividend payout ratio n/a   33.60 % n/a   38.14 % n/a
      Average common shares outstanding   4,132,218     4,139,456     4,154,702     4,168,924     4,186,940  
                 
                 
    Balance sheet – average balances:          
      Loans receivable, net of allowances for credit loss $ 1,066,795   $ 1,088,013   $ 1,081,936   $ 1,081,851   $ 1,076,158  
      Assets $ 1,445,613   $ 1,433,749   $ 1,429,437   $ 1,424,240   $ 1,425,522  
      Deposits $ 1,110,854   $ 1,111,240   $ 1,138,010   $ 1,148,399   $ 1,149,624  
      Stockholders’ equity $ 114,458   $ 110,726   $ 109,473   $ 105,060   $ 105,745  
                 
                 
    Performance ratios:          
      Return on average assets (1)   0.82 %   0.69 %   0.49 %   0.67 %   0.38 %
      Return on average common stockholders’ equity (1)   10.63 %   9.03 %   6.32 %   9.29 %   4.94 %
      Return on average tangible common          
        stockholders’ equity (1)(4)   10.96 %   9.34 %   6.57 %   9.64 %   5.17 %
      Net loan charge-offs to average loans (1)   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
      Nonperforming loans to gross loans   0.97 %   1.15 %   1.08 %   0.54 %   0.55 %
      Nonperforming assets to total assets   0.71 %   0.84 %   0.83 %   0.42 %   0.42 %
      Allowance for credit losses to gross loans   1.18 %   1.16 %   1.14 %   1.13 %   1.10 %
      Nonperforming assets to tangible equity          
        plus the allowance for credit losses (4)   8.71 %   11.09 %   10.59 %   5.38 %   5.87 %
      Net interest rate margin (1)(2)   2.90 %   2.84 %   2.80 %   2.88 %   2.88 %
      Net interest rate spread (1)(2)   2.16 %   2.15 %   2.12 %   2.20 %   2.27 %
      Service fee revenue as a percent of          
        average demand deposits (1)   0.56 %   0.56 %   0.54 %   0.52 %   0.50 %
      Noninterest income as a percent          
        of gross revenue   9.20 %   9.81 %   5.73 %   6.14 %   9.43 %
      Efficiency ratio (2)   68.43 %   72.52 %   78.93 %   67.04 %   64.58 %
      Noninterest expenses to average assets (1)   2.24 %   2.35 %   2.34 %   2.05 %   2.07 %
      Average stockholders’ equity less accumulated          
        other comprehensive income (loss) to          
        average assets   9.06 %   9.03 %   8.98 %   8.88 %   9.00 %
      Tangible equity to tangible assets (4)   7.85 %   7.32 %   7.60 %   7.49 %   6.98 %
                 
    Stock price information:          
                 
      High $ 25.00   $ 21.40   $ 22.50   $ 22.30   $ 22.50  
      Low $ 20.30   $ 19.75   $ 20.05   $ 20.10   $ 20.35  
      Last trade value at quarter-end $ 25.00   $ 20.40   $ 21.25   $ 22.11   $ 21.15  
                 
    (1) Annualized          
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.  
    (4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.      
           
    PSB Holdings, Inc.          
    Consolidated Statements of Comprehensive Income        
                     
            Quarter Ended
            Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
    (dollars in thousands – unaudited)   2024     2024     2024     2023     2023  
                     
    Net income $ 2,988   $ 2,446   $ 1,728   $ 2,413   $ 1,349  
                     
    Other comprehensive income, net of tax:          
                     
      Unrealized gain (loss) on securities available        
        for sale   4,738     184     (615 )   5,278     (3,085 )
                     
      Reclassification adjustment for security          
        loss included in net income   –     –     391     280     –  
                     
      Accretion of unrealized loss included in net          
        income on securities available for sale          
        deferred tax adjustment for Wisconsin          
        Act 19   –     –     (35 )   –     –  
                     
      Amortization of unrealized loss included in net        
        income on securities available for sale          
        transferred to securities held to maturity   90     89     91     91     91  
                     
      Unrealized gain (loss) on interest rate swap   (101 )   39     123     (109 )   79  
                     
      Reclassification adjustment of interest rate          
        swap settlements included in earnings   (38 )   (40 )   (41 )   (39 )   (35 )
                     
                     
    Other comprehensive income (loss)   4,689     272     (86 )   5,501     (2,950 )
                     
    Comprehensive income (loss) $ 7,677   $ 2,718   $ 1,642   $ 7,914   $ (1,601 )
                     

       

    PSB Holdings, Inc.          
    Nonperforming Assets as of:          
      Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
               
    Nonaccrual loans (excluding restructured loans) $ 10,116   $ 12,184   $ 11,498   $ 5,596   $ 5,807  
    Nonaccrual restructured loans   25     28     30     34     42  
    Restructured loans not on nonaccrual   292     299     304     310     256  
    Accruing loans past due 90 days or more   –     –     –     –     –  
               
    Total nonperforming loans   10,433     12,511     11,832     5,940     6,105  
    Other real estate owned   –     –     –     –     –  
               
    Total nonperforming assets $ 10,433   $ 12,511   $ 11,832   $ 5,940   $ 6,105  
               
    Nonperforming loans as a % of gross loans receivable   0.97 %   1.15 %   1.08 %   0.54 %   0.55 %
    Total nonperforming assets as a % of total assets   0.71 %   0.84 %   0.83 %   0.42 %   0.42 %
    Allowance for credit losses as a % of nonperforming loans   120.75 %   100.69 %   105.59 %   207.10 %   200.93 %
               
    PSB Holdings, Inc.      
    Nonperforming Assets >= $500,000 net book value before specific reserves    
    At September 30, 2024      
    (dollars in thousands)      
        Gross Specific
    Collateral Description Asset Type Principal Reserves
           
    Real estate – Recreation Facility Nonaccrual $ 3,291   $ –  
    Real estate – Independent Auto Repair Nonaccrual   562     –  
    Real estate – Equipment Dealership Nonaccrual   2,808     660  
           
           
    Total listed nonperforming assets   $ 6,661   $ 660  
    Total bank wide nonperforming assets   $ 10,433   $ 1,220  
    Listed assets as a % of total nonperforming assets     64 %   54 %
           
    PSB Holding, Inc.          
    Loan Composition by Collateral Type          
    Quarter-ended (dollars in thousands) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
               
    Commercial:          
    Commercial and industrial $ 115,234   $ 125,508   $ 118,821   $ 117,207   $ 138,299  
    Agriculture   11,203     11,480     12,081     12,304     12,464  
    Municipal   12,596     11,190     28,842     31,530     27,186  
               
    Total Commercial   139,033     148,178     159,744     161,041     177,949  
               
    Commercial Real Estate:          
    Commercial real estate   541,577     544,171     546,257     536,209     539,488  
    Construction and development   60,952     70,540     63,375     81,701     86,456  
               
    Total Commercial Real Estate   602,529     614,711     609,632     617,910     625,944  
               
    Residential real estate:          
    Residential   269,954     270,944     274,300     274,453     274,632  
    Construction and development   34,655     36,129     34,158     33,960     33,141  
    HELOC   36,734     33,838     31,357     29,766     29,044  
               
    Total Residential Real Estate   341,343     340,911     339,815     338,179     336,817  
               
    Consumer installment   4,770     4,423     4,867     4,357     4,350  
               
    Subtotals – Gross loans   1,087,675     1,108,223     1,114,058     1,121,487     1,145,060  
    Loans in process of disbursement   (17,836 )   (21,484 )   (20,839 )   (31,359 )   (35,404 )
               
    Subtotals – Disbursed loans   1,069,839     1,086,739     1,093,219     1,090,128     1,109,656  
    Net deferred loan costs   733     702     669     649     630  
    Allowance for credit losses   (12,598 )   (12,597 )   (12,494 )   (12,302 )   (12,267 )
               
    Total loans receivable $ 1,057,974   $ 1,074,844   $ 1,081,394   $ 1,078,475   $ 1,098,019  
               
    PSB Holding, Inc.                            
    Selected Commercial Real Estate Loans by Purpose                    
      Sept 30,   June 30,   Mar 31,   Dec 31,   Sept 30,
     (dollars in thousands)   2024       2024       2024       2023       2023  
                                 
      Total Exposure % of Portfolio (1)   Total Exposure % of Portfolio (1)   Total Exposure % of Portfolio (1)   Total Exposure % of Portfolio (1)   Total Exposure % of Portfolio (1)
    Multi Family $ 140,307 14.7 %   $ 146,873 15.2 %   $ 142,001 14.4 %   $ 132,386 13.2 %   $ 133,466 13.3 %
    Industrial and Warehousing   86,818 9.1       86,025 8.9       85,409 8.6       83,817 8.3       88,906 8.9  
    Retail   33,020 3.5       34,846 3.6       33,177 3.4       35,419 3.5       35,281 3.5  
    Hotels   31,611 3.3       34,613 3.6       35,105 3.6       36,100 3.6       31,819 3.2  
    Office   6,378 0.7       6,518 0.7       6,655 0.7       6,701 0.7       6,746 0.7  
                                 
    (1) Percentage of commercial and commercial real estate portfolio and commitments.              
                   
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Insured and Collateralized Deposits September 30, June 30, March 31, December 31, September 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 210,534 18.6 % $ 202,343 17.5 % $ 199,076 17.8 % $ 197,571 17.3 % $ 209,133 17.9 %
    Interest-bearing demand and savings   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %   317,984 27.8 %   307,620 26.3 %
    Money market deposits   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %   142,887 12.5 %   135,910 11.4 %
    Retail and local time deposits <= $250   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %   144,738 12.4 %
                         
    Total core deposits   810,529 71.3 %   793,670 69.0 %   809,320 72.7 %   807,587 70.7 %   797,401 68.0 %
    Retail and local time deposits > $250   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %   23,000 2.0 %   22,750 1.9 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %   3,222 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %   88,614 7.6 %
                         
    Totals $ 891,434 78.4 % $ 873,988 76.0 % $ 897,809 80.7 % $ 904,077 79.1 % $ 911,987 77.8 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits September 30, June 30, March 31, December 31, September 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 54,544 4.7 % $ 48,092 4.1 % $ 48,532 4.4 % $ 69,258 6.1 % $ 79,632 6.8 %
    Interest-bearing demand and savings   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %   20,316 1.8 %   22,847 1.9 %
    Money market deposits   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %   124,518 10.9 %   133,653 11.4 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   230,350 20.1 %   258,720 22.3 %   193,833 17.4 %   214,092 18.8 %   236,132 20.1 %
    Retail and local time deposits > $250   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %   23,633 2.1 %   24,120 2.1 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 247,679 21.6 % $ 278,333 24.0 % $ 215,543 19.3 % $ 237,725 20.9 % $ 260,252 22.2 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits September 30, June 30, March 31, December 31, September 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 % $ 266,829 23.4 % $ 288,765 24.7 %
    Interest-bearing demand and savings   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %   338,300 29.6 %   330,467 28.2 %
    Money market deposits   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %   267,405 23.4 %   269,563 22.8 %
    Retail and local time deposits <= $250   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %   144,738 12.4 %
                         
    Total core deposits   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %   1,021,679 89.5 %   1,033,533 88.1 %
    Retail and local time deposits > $250   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %   46,633 4.1 %   46,870 4.0 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %   3,222 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %   88,614 7.6 %
                         
    Totals $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 % $ 1,141,802 100.0 % $ 1,172,239 100.0 %
                         
    PSB Holdings, Inc.                      
    Average Balances ($000) and Interest Rates                  
    (dollars in thousands)                      
                           
      Quarter ended September 30, 2024   Quarter ended June 30, 2024   Quarter ended September 30, 2023
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
       Loans (1)(2) $ 1,079,393   $ 15,674 5.78 %   $ 1,100,518   $ 15,520 5.67 %   $ 1,088,137   $ 14,337 5.23 %
       Taxable securities   177,520     1,345 3.01 %     172,563     1,295 3.02 %     173,287     1,114 2.55 %
       Tax-exempt securities (2)   79,472     661 3.31 %     79,564     659 3.33 %     81,327     675 3.29 %
       FHLB stock   8,825     176 7.93 %     7,931     182 9.23 %     6,368     127 7.91 %
       Other   36,680     523 5.67 %     8,241     83 4.05 %     8,195     111 5.37 %
                           
       Total (2)   1,381,890     18,379 5.29 %     1,368,817     17,739 5.21 %     1,357,314     16,364 4.78 %
                           
    Non-interest-earning assets:                    
       Cash and due from banks   17,162           17,345           19,299      
       Premises and equipment,                    
          net   14,216           13,930           13,266      
       Cash surrender value ins   24,458           24,297           23,840      
       Other assets   20,485           21,865           23,782      
       Allowance for credit                      
          losses   (12,598 )         (12,505 )         (11,979 )    
                           
       Total $ 1,445,613     $ 1,433,749     $ 1,425,522  
                           
    Liabilities & stockholders’ equity                    
    Interest-bearing liabilities:                    
       Savings and demand                      
          deposits $ 323,841   $ 1,515 1.86 %   $ 331,740   $ 1,467 1.78 %   $ 335,214   $ 1,198 1.42 %
       Money market deposits   277,884     1,876 2.69 %     271,336     1,835 2.72 %     255,823     1,489 2.31 %
       Time deposits   247,296     2,514 4.04 %     257,006     2,536 3.97 %     279,971     2,130 3.02 %
       FHLB borrowings   182,414     2,038 4.44 %     174,596     1,860 4.28 %     134,386     1,321 3.90 %
       Other borrowings   6,702     57 3.38 %     6,870     58 3.40 %     5,681     51 3.56 %
     Senior sub. notes   4,779     59 4.91 %     4,777     58 4.88 %     4,772     59 4.91 %
       Junior sub. debentures   12,985     252 7.72 %     12,960     255 7.91 %     12,883     255 7.85 %
                           
       Total   1,055,901     8,311 3.13 %     1,059,285     8,069 3.06 %     1,028,730     6,503 2.51 %
                           
    Non-interest-bearing liabilities:                    
       Demand deposits   261,833           251,158           278,616      
       Other liabilities   13,421           12,580           12,431      
       Stockholders’ equity   114,458           110,726           105,745      
                           
       Total $ 1,445,613     $ 1,433,749     $ 1,425,522  
                           
    Net interest income   $ 10,068       $ 9,670       $ 9,861  
    Rate spread     2.16 %       2.15 %       2.27 %
    Net yield on interest-earning assets   2.90 %       2.84 %       2.88 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.          
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.  
                           
    PSB Holdings, Inc.              
    Average Balances ($000) and Interest Rates          
    (dollars in thousands)              
        Nine months ended September 30, 2024   Nine months ended September 30, 2023
        Average   Yield/   Average   Yield/
        Balance Interest Rate   Balance Interest Rate
    Assets              
    Interest-earning assets:              
       Loans (1)(2) $ 1,091,366   $ 46,393 5.68 %   $ 1,025,955   $ 38,851 5.06 %
       Taxable securities   173,971     3,837 2.95 %     189,583     3,772 2.66 %
       Tax-exempt securities (2)   79,822     1,986 3.32 %     81,670     2,032 3.33 %
       FHLB stock   7,755     523 9.01 %     4,943     228 6.17 %
       Other   18,804     784 5.57 %     8,154     303 4.97 %
                     
       Total (2)   1,371,718     53,523 5.21 %     1,310,305     45,186 4.61 %
                     
    Non-interest-earning assets:              
       Cash and due from banks   17,291           17,403      
       Premises and equipment,              
          net   13,778           13,311      
       Cash surrender value ins   24,301           24,446      
       Other assets   21,146           23,364      
       Allowance for credit              
          losses   (12,496 )         (12,004 )    
                     
       Total $ 1,435,738     $ 1,376,825  
                     
    Liabilities & stockholders’ equity            
    Interest-bearing liabilities:              
       Savings and demand              
          deposits $ 335,317   $ 4,654 1.85 %   $ 350,928   $ 3,286 1.25 %
       Money market deposits   274,405     5,608 2.73 %     241,594     3,508 1.94 %
       Time deposits   256,287     7,563 3.94 %     257,639     4,673 2.43 %
       FHLB borrowings   166,703     5,348 4.29 %     110,460     3,068 3.71 %
       Other borrowings   7,373     175 3.17 %     7,082     161 3.04 %
       Senior sub. notes   4,778     176 4.92 %     4,965     179 4.82 %
       Junior sub. debentures   12,972     758 7.81 %     12,857     731 7.60 %
                     
       Total   1,057,835     24,282 3.07 %     985,525     15,606 2.12 %
                     
    Non-interest-bearing liabilities:            
       Demand deposits   254,134           273,699      
       Other liabilities   12,720           12,165      
       Stockholders’ equity   111,049           105,436      
                     
       Total $ 1,435,738     $ 1,376,825  
                     
    Net interest income   $ 29,241       $ 29,580  
    Rate spread     2.14 %       2.49 %
    Net yield on interest-earning assets   2.85 %       3.02 %
                     
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.    
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
                     

    The MIL Network –