Category: housing

MIL-OSI Global: Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer

Source: The Conversation – UK – By Christopher Featherstone, Associate Lecturer, Department of Politics, University of York

With less than two weeks to go until the US presidential election, another surprise twist has emerged. Donald Trump has accused the “far-left” Labour party in the UK of election interference by sending volunteers to help the Kamala Harris campaign. This news must have come as a surprise to prime minister Keir Starmer.

The core of the accusations made by Trump and his team is that Labour was offering financial support to volunteers and helping them arrange accommodation for their trips to the US – and that this amounted to “illegal foreign national contributions” to the Harris campaign.

And at the centre of those accusations appears to be a now-deleted LinkedIn post from a Labour official saying she had “10 spots available” to campaign in North Carolina. Labour insists this did not mean any financial support was being offered. Labour figures have suggested the campaigning was being done by private citizens.

Trump’s lawyers filed a complaint with the Federal Elections Commission (FEC) against both the Labour party and the Harris campaign on October 22 claiming otherwise. And the finance point is key, since – under the rules of the FEC – foreign volunteers can assist a campaign, but only if they are unpaid. 10 Downing Street insists the campaigners associated with Labour were not being paid.

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While there are important questions that need to be answered as to whether the Labour party did break US election rules, the questions about the implications of Trump’s accusations for US-UK relations are likely to be of even greater significance.

Regardless of whether Trump’s accusations are sustained by the FEC, they are likely to frame his perception of the Starmer government should he win the presidency in less than two weeks’ time. Labour has made improving relations with politicians on both sides of the aisle in Washington a priority. These efforts appear to have been undermined overnight with Trump’s accusations.

These accusations will likely be investigated after the election has been held. If Trump wins the presidency, he will have enormous influence over this investigation and the surrounding media coverage, which would be an unwelcome situation for Starmer to find himself in.

Starmer visits Joe Biden at the White House in September 2024.
Flickr/Number 10, CC BY-NC-ND

Potentially even more serious is the fact that if Trump loses, this could be the story that he focuses on to explain why he lost. It may seem trivial but triviality has not stopped Trump before. The suggestion that Labour helped Harris could prove just as useful to Trump as the unfounded claims of widespread “voter fraud” in 2020 that helped him seed an insurrection on January 6.

Whether the FEC finds that the role of Labour activists in the Harris campaign constitutes foreign interference or not, entanglement in this story is unlikely to help relations with either a Trump or a Harris White House.

UK invovlement in US elections

Foreign activists have long been involved in US election campaigning – and they do so on both sides.

The current UK foreign secretary, David Lammy, campaigned for Barack Obama in 2012. In 2017, the Australian Labor party was fined by the FEC for paying for their volunteer’s flights to the US to campaign for Bernie Sanders in Democratic primaries.

Indeed, the Trump campaign has used foreign activists and campaigners in the past. Before he decided to run for the seat of Clacton-on-Sea in July 2024, Nigel Farage claimed that he was going to devote his time to campaigning for Trump. Farage has repeatedly been on stage with Trump at his rallies. Former UK prime minister Liz Truss also attended the Republican National Convention in 2024, supporting Trump and calling Joe Biden, then the Democratic Party’s nominee, “weak”.

What is rare, however, is FEC scrutiny on all this campaigning. While the involvement of foreign volunteers is legal and normal in the US, the rules are rarely debated or tested by a legal probe. These accusations may initiate renewed attention to the issue, and potentially a change in these rules in future elections.

Importantly, while the coverage of Trump’s accusations against Labour and the Harris campaign have received huge coverage in the UK, attention in the US is limited. Much of the US media coverage has focused on allegations from John Kelly against Trump. Kelly, Trump’s former chief of staff, has accused Trump of being a fascist and of having said that he wished he had generals like “Hitler’s generals”. Trump’s claims about the UK have therefore received far less attention in the US than might have been anticipated. This will have diminished the impact of Trump’s claims with US voters, good news for the future. But Starmer should still be concerned about the impact on diplomatic relations.

As with many of Donald Trump’s accusations and more controversial comments, there are a lot of moving parts. Trump showed how important his own personal attitudes were in US diplomacy during his previous administration. He is unlikely to forget about these accusations anytime soon, whether he wins or loses.

Christopher Featherstone 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. Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer – https://theconversation.com/why-donald-trumps-accusations-of-election-interference-are-a-lose-lose-situation-for-keir-starmer-242063

MIL-OSI Global: Why billionaire philanthropy might not be as generous as you think

Source: The Conversation – UK – By Tobias Jung, Professor of Management, University of St Andrews

Walmart heiress Alice Walton is one of the richest people in the world and a celebrated philanthropist, whose lifetime giving total recently hit an estimated US$1.5 billion (£1.2 billion). Her largest gift to date, US$390 million in the year to September 2023, included US$249 million for the Alice L Walton School of Medicine in her family’s hometown in Arkansas, US.

Walton’s other major philanthropic activities include founding the Alice L. Walton Foundation, to increase access to the arts, improve education, enhance health and advance economic opportunities. She also established the Art Bridges Foundation to expand access to American art across the nation. So it seems unsurprising that Forbes magazine ranks Walton as one of the 30 biggest lifetime givers in the US.

Her philanthropic efforts have also been recognised with accolades and awards: from being named one of the world’s most influential people by Time magazine, to receiving the Smithsonian Institution’s Archives of American Art Medal and the Getty Medal for contributions to the arts and humanities.

But before joining the celebrations, it is important to reflect on billionaire philanthropy for a moment.

From almost a decade of research at the Centre for the Study of Philanthropy & Public Good, it is clear that any billionaire philanthropy comes with questions about the societal costs underpinning it. In the case of huge businesses such as Walmart (a retail chain of hypermarkets, discounters and grocery shops), the sort of areas that come in for scrutiny are labour practices and the treatment of workers, the impact on communities and the environment, as well as tax practices and the cost to the taxpayer.

Such concerns are not new, of course. They are continuations of debates that go back to at least the beginning of the 20th century and the potential tensions between the business practices and philanthropic activities of major industrialists – from Andrew Carnegie, JP Morgan and John D. Rockefeller back then to Amazon founder Jeff Bezos, Meta chief executive Mark Zuckerberg or the Sackler family, founders of Purdue Pharma, nowadays.

There are also questions about the extent to which billionaire philanthropy is actually generous. While US$1.5 billion might sound impressive, it seems a bit like small change when examined more closely.

The size of the sacrifice

With an estimated net worth of US$91.3 billion, Walton has given away around 1.64% of her wealth. According to Forbes’ ranking of billionaires’ philanthropy, this puts her in the second lowest category of philanthropists: those who have given away between 1% and 4.99% of their wealth.

It makes her more generous than her older brother Rob Walton, who is classified as having given away less than 1% of his wealth, but her US$1.5 billion is dwarfed by the philanthropic efforts of some of her contemporaries, such as novelist and philanthropist MacKenzie Scott or investor Warren Buffett.

Scott, with an estimated net worth of US$35.3 billion, has already given away more than US$17 billion, or almost half of her wealth. Buffett, who has given around US$60 billion to date, has promised to give away 99% of his wealth, currently sitting at US$146.4 billion, during his lifetime or at death.

But do these philanthropic efforts actually present personal sacrifices?

It is difficult to get access to billionaires’ income data, but we can assume that a balanced portfolio for a wealthy investor can currently provide an annual return of around 5-8%. In the case of the US$91.3 billion fortune that Walton holds, this could mean an annual return of up to US$7.3 billion per year, acknowledging that depending on investment strategies and successes this might be lower or substantially higher. Compared to this, US$1.5 billion appears, once again, to be quite small.

Whether they present major or meaningful contributions for the billionaire themselves is outlined by Warren Buffett.

“I am giving up nothing that has utility to me”.

Buffett is a signatory of the Giving Pledge, a campaign he launched in 2010 with Microsoft co-founder Bill Gates and Gates’ then-wife Melinda French Gates as an invitation to billionaires to commit the majority of their wealth to philanthropy.

In his pledge, Buffett highlights that although he will give away 99% of his wealth, in fulfilling this pledge neither he nor his family will give up anything they will ever need or want. The remaining 1% of their wealth is sufficient – he has highlighted that “this pledge will leave my lifestyle untouched and that of my children as well”.

So it seems that while billionaire philanthropy might be impressive in absolute terms, and offers significant opportunities for addressing urgent social, cultural, economic, political and environmental challenges, in relative terms its actual contribution might be quite negligible.

This is particularly the case when you compare the societal costs associated with amassing billionaire fortunes with the societal contributions their philanthropy makes, and taking into account the wider damage that extraordinary economic inequality brings about.

So while the major sums involved in billionaire philanthropy can offer unrivalled potential for change, it is still necessary and important to ask questions about the actual significance, scale and sacrifices for all of the parties involved.

Tobias Jung 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. Why billionaire philanthropy might not be as generous as you think – https://theconversation.com/why-billionaire-philanthropy-might-not-be-as-generous-as-you-think-241862

MIL-OSI Global: From fish to clean water, the ocean matters and here’s how to quantify the benefits

Source: The Conversation – UK – By Stefanie Broszeit, Senior Scientist, Marine Ecosystem Services, Plymouth Marine Laboratory

Drake’s Island in Plymouth Sound, Devon, is part of the UK’s first national marine park. Artur Niedzwiedz/Shutterstock

Nature protection, conservation and restoration is “not a trivial matter but key to human survival,” according to scientists quoted in a 2005 UN report. To demonstrate this, they developed the concept of “ecosystem services” – the benefits that people derive from nature. Over the next 20 years, this concept has been in constant development to reflect our growing understanding of how ecosystems work and how we benefit from them.

For many people, it feels wrong to take a human-centred view on nature. But for governments and conservation organisations, this concept is a useful tool. It helps us quantify the value of nature and make sure certain aspects are conserved and protected.

My team and I provide other scientists with information about how coastal areas help to regulate the climate and reduce water pollution. In part, we work with marine conservation experts who restore ecosystems that have been depleted, such as seagrass or oyster beds. This can help choose the best approaches to restoring coastal areas to healthy habitats while providing other benefits, such as shelter for young fish or food for seabirds. Another group of scientists use our data to assess the value of these habitats, now and in the future once they have been restored to good health.

In my work as a marine ecologist, I split ecosystem services into three different groups. First, provisioning services include the provision of food or timber along many other material gains we get from nature. For marine ecosystem services ,this includes fish and chemicals used for research and medicines. Second, regulating services support our planet and human wellbeing. Mussels clean water by filtering it and seagrass takes up and stores carbon dioxide from the atmosphere, thereby helping to regulate the climate. Third, cultural services include leisure and recreation such as sea swimming or fishing.

Diving deeper

A baby crab on seagrass growing at Kingsand, Plymouth Sound.
Stefanie Broszeit, CC BY-NC-ND

To better understand these marine ecosystem services and how to use them sustainably, my research delves into some of the more complicated processes that regulate ecosystem services. In terms of the ocean’s role in regulating climate, it’s not just about seagrass.

Seaweeds such as kelp take up carbon too, but cannot bury it in the soil beneath them due to holding onto rocks rather than having roots. They store carbon by getting buried in the deep sea when they are whipped off the rocks during winter storms and transported by currents into deeper waters. There, worms and crabs can feed on this important food source, drawing the carbon deeper into the sediment.

Another step is to measure the benefits of particular ecosystem services. Food provision can be relatively easily measured by data collected by harbours to quantify how much fish is being landed and sold. So we can estimate the volume of harvested fish and calculate their market value. Some cultural services, such as measuring the wellbeing benefits people receive from interacting with coastal environments, can be more difficult to measure.

Plymouth Sound is a great place to assess both benefits to human wellbeing and marine ecology, because not only is this city a hotspot for marine biology research with three internationally recognised marine institutes, it’s also the UK’s first national marine park. Here, I can engage not only with the ecological sciences and datasets but also with environmental psychologists who study how nature affects us and how we affect nature. My team and I have created the marine, social and natural capital laboratory to explore this more.

Plymouth Sound provides a multitude of ecosystem services.
Robert Harding Video/Shutterstock

Because of so many complex variables, it’s important that scientists like me choose the appropriate indicators to estimate the value of contributions from different ecosystem services. Then, we can assess whether interventions such as restoring seagrass or building a port might help or hinder the marine environment.

Often, different ecosystem services might interact or conflict with each other. Fishing in the northeast Atlantic might, for example, negatively affect marine mammals such as seal if the fish they rely on as food are also being eaten by humans. So we need to look at the bigger picture to assess all of the ecosystem services provided by a particular area of ocean. And as our understanding of ecosystem services develops, we can refine efforts to give nature a helping hand.

Swimming, sailing, even just building a sandcastle – the ocean benefits our physical and mental wellbeing. Curious about how a strong coastal connection helps drive marine conservation, scientists are diving in to investigate the power of blue health.

This article is part of a series, Vitamin Sea, exploring how the ocean can be enhanced by our interaction with it.

Stefanie Broszeit receives funding from the United Kingdom Research and Innovation and from Horizon Europe, funding European research through the European Commission.

– ref. From fish to clean water, the ocean matters and here’s how to quantify the benefits – https://theconversation.com/from-fish-to-clean-water-the-ocean-matters-and-heres-how-to-quantify-the-benefits-241625

MIL-OSI Global: The US is now at risk of losing to China in the race to send people back to the Moon’s surface

Source: The Conversation – UK – By Jacco van Loon, Reader in Astrophysics, Keele University

Who will be first to return humans to the lunar surface? Merlin74 / Shutterstock

Will the next human to walk on the Moon speak English or Mandarin? In all, 12 Americans landed on the lunar surface between 1969 and 1972. Now, both the US and China are preparing to send humans back there this decade.

However, the US lunar programme is delayed, in part because the spacesuits and lunar-landing vehicle are not ready. Meanwhile, China has pledged to put astronauts on the Moon by 2030 – and it has a habit of sticking to timelines.

Just a few years ago, such a scenario would have seemed unlikely. But there now appears to be a realistic possibility that China could beat the US in a race that America, arguably, has defined. So who will return there first, and does it really matter?

Nasa’s Moon programme is called Artemis. The US has involved international and commercial partners to spread the cost. Nasa set out a plan to get American boots back on lunar soil over the course of three missions. In November 2022, Nasa launched its Orion spacecraft on a loop around the Moon without humans aboard. This was the Artemis I mission.

Artemis II, scheduled for late 2025, is similar to Artemis I, but this time Orion will carry four astronauts. They will not land; this will be left for Artemis III. For this third mission, Nasa will send a man and the first woman to the lunar surface. Though as yet unnamed, one of them will be the first person of colour on the Moon.

Artemis III astronauts are set to use SpaceX’s Starship vehicle to land on the Moon.
Nasa

Artemis III was scheduled to launch this year, but the timescale has slipped several times. A review in December 2023 gave a one in three chance that Artemis III would not have launched by February 2028. The mission is currently slated to happen no earlier than September 2026.

Meanwhile, China’s space programme seems to be moving at speed, without significant failures or delays. In April 2024, Chinese space officials announced that the country was on track to put its astronauts on the Moon by 2030.

It’s an extraordinary trajectory for a country that launched its first astronaut in 2003. China has been operating space stations since 2011 and has been ticking off important, challenging firsts through its Chang’e lunar exploration programme.

These robotic missions returned samples from the surface, including from the lunar far side. They have tested technology that could be crucial for landing humans. The next mission will touch down at the lunar south pole, a region that attracts intense interest because of the presence of water ice in shadowed craters there.

This water could be used for life support by a lunar base and turned into rocket propellant. Making rocket propellant on the Moon would be cheaper than bringing it from Earth, making lunar exploration more affordable. It is for these reasons that Artemis III will land at the south pole. It’s also the planned location for US and Chinese-led bases.

On September 28 2024, China showed off a spacesuit, to be worn by its Moon walkers, or “selenauts”. The suit is designed to protect the wearer against extreme temperature variations and unfiltered solar radiation. It is lightweight and flexible. Is it a sign of China already overtaking the US in one aspect of the Moon race? The company manufacturing the Artemis Moon suit, Axiom Space, is currently having to modify several aspects of the reference design given to them by Nasa.

The lander that will carry US astronauts from lunar orbit to the surface is also delayed. In 2021, Elon Musk’s SpaceX was given the contract to build this vehicle. It is based on SpaceX’s Starship, which consists of a 50m-long spacecraft that launches on the most powerful rocket ever built.

On October 13 2024, Starship scored a successful fifth test flight. But several challenging steps are required before the Starship Human Landing System can carry astronauts down to the lunar surface. Starship cannot fly directly to the Moon. It must refuel in Earth orbit first (using other Starships that act as propellant “tankers”). SpaceX needs to demonstrate refuelling and conduct a test landing on the Moon without crew before Artemis III can proceed.

In addition, during Artemis I, Orion’s heat shield suffered considerable damage as the spacecraft made the high-temperature return through Earth’s atmosphere. Nasa engineers have been working to find a remedy before the Artemis II mission.

Too complicated?

Some critics argue that Artemis is too complex, referring to the intricate way in which astronauts and Moon lander are brought together in lunar orbit, the large number of independently operating commercial partners and the number of Starship launches required. Depending who you ask, between four and 15 Starship flights are needed to complete the refuelling for Artemis III.

Former Nasa administrator Michael Griffin has advocated a simpler strategy, broadly along the lines of how China expects to accomplish its lunar landing. His vision sees Nasa relying on traditional commercial partners such as Boeing, rather than relative “newbies” such as SpaceX.

However, simple is not necessarily better or cheaper. The Apollo programme was simpler, but at almost three times the cost of Artemis. SpaceX has been more successful, and economical, than Boeing in sending crews to the International Space Station.

The Artemis I mission was broadly successful, but Orion’s heat shield suffered damage.
Nasa

New technology is not developed through simple, tried approaches but in bold endeavours that push boundaries. The James Webb Space Telescope is highly complex, with its folded mirror and distant position in space, but it allows astronomers to peer into the depths of the universe as no other telescope can. Innovation is especially crucial bearing in mind future ambitions such as asteroid mining and a settlement on Mars.

Does it matter whether the first 21st-century selenauts are Chinese or American? This is largely a question about the relationship between governments and their citizens, and between nations.

Democratic governments depend on public support to safeguard funding for expensive, long-term ventures – and prestige is an important selling point. But prestige in a 21st-century Moon race will be earned by doing it well, not sooner. Rushing back to the Moon could be costly, both financially and in the risk to human life.

Governments must set an example of responsible behaviour. Peace, inclusivity and sustainability should be guiding principles. Going back to the Moon must not be about dominion or superiority. It should be a chance to show that we can improve on how we have previously behaved on Earth.

Jacco van Loon 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. The US is now at risk of losing to China in the race to send people back to the Moon’s surface – https://theconversation.com/the-us-is-now-at-risk-of-losing-to-china-in-the-race-to-send-people-back-to-the-moons-surface-241716

MIL-OSI USA: Historic Deployment: First time in 70 years, the Wyoming Army Guard 2-300th Field Artillery Regiment deploys together

Source: US State of Wyoming

The Wyoming National Guard held send-off ceremonies for different batteries of the 2nd Battalion, 300th Field Artillery Regiment in Torrington, Gillette, Lander and Casper on July 30, 2024, supporting the Soldiers and their families as they embark on their eighth deployment in the past 20 years.

The send-off ceremony formally recognizes the Soldiers and their families who are about to deploy. It also demonstrates that they have the full support of their community, leadership and loved ones, according to Lt. Col. Michael Kingman, 2-300th commander. This is the first full battalion deployment in over 70 years to conduct a field artillery mission.

“This deployment marks the eighth time since September 11, 2001, that this formation has answered the nation’s call,” Kingman said. “Most of those deployments involved only portions of the battalion. This mission marks the first time the battalion has deployed as an integrated whole on a field artillery mission since the Korean War.”

More than 360 Soldiers will deploy to several Middle Eastern countries to support Operations Spartan Shield and Inherent Resolve.

The ceremony started with the arrival of the official party.

Wyoming Governor Mark Gordon presided over the ceremonies, joined by Maj. Gen. Greg Porter, Wyoming adjutant general, Chief Master Sgt. Josh Moore, command senior enlisted leader for the Wyoming Guard, Lt. Col. Michael Kingman, 2-300th commander, Command Sgt. Maj. Spencer Jolly, 2-300th command sergeant major, along with other battery and company leadership.

In the next part of the ceremony, Governor Gordon, General Porter, and Lieutenant Colonel Kingman shared their commitment to support and gratitude.

Since taking office in 2019, the governor has made it a point to personally send off each service member and their families during deployments. He shared his thoughts with the Soldiers.

“You are Wyoming proud, Wyoming strong, Wyoming proficient and Wyoming professional,” the governor said. “Thank you. All of us at home, your families, and all of us will know you are protecting us. We thank you from the depths of our hearts, from the bottom of our souls.”

Governor Gordon also expressed his commitment to the families.

“We feel that as much service as our men and women on the front lines give, it is also their families that stand watch,” he said. “We will stand 100 percent with the families as well. Thank you to every family member for your service.”

General Porter spoke about the 2-300th’s rich history of serving the nation.

“For over 136 years, Wyoming citizen Soldiers have raised their right hands and said, ‘I will do the nation’s bidding. I will wear the cloth of my country and go forth to do what needs to be done,’” the general said. “That is an incredible sacrifice, and I deeply appreciate all of you here in the community who are here to congratulate and recognize that sacrifice.”

General Porter also highlighted the role of Soldiers as community members.

“They are also mothers and fathers, sisters and brothers, friends, family members, coaches, ministers and teachers. Our guardsmen and women are an indelible part of the community, and when they leave, they leave a gap,” Porter said. “We will fill this gap for you. We will ensure your community is safe while you deploy, and more importantly, we will ensure your families are taken care of.”

Lieutenant Colonel Kingman also thanked the families for their sacrifices and encouraged families to reach out if they need assistance.

“It’s been said, and I believe it to be true, that they have the tougher task, staying behind,” he said. “For the Soldier who goes forward, time often flies. We will be mission-focused here very soon, and these 60 days will go by quickly because we will be busy. But for all the friends and family at home facing the daily grind, they will be going through that without the needed support from their loved ones at their side. I encourage you all to not suffer in silence. If you need someone to talk to, need encouragement, need a hot water heater fixed, or if a door won’t close properly—whatever it is—reach out. We have someone who is not only willing but eager to assist in solving whatever problem comes up.”

The following segments are long-standing traditions of presenting an “Entering Wyoming” highway sign, the Wyoming flag and casing the 2-300th colors.

An “Entering Wyoming” highway sign was presented to each battery. The sign will be displayed at each headquarters. Similar signs have been given to every Wyoming Army National Guard unit that has deployed since the Korean War.

“For the Wyoming National Guard, this sign serves as a visual reminder to all who enter the area that they are in Cowboy Guard territory,” said 1st Lt. Chad Onthank, 920th Forward Support Command executive officer.

Next, the governor presented the Wyoming flag to the 2-300th to remind each Soldier that those Wyomingites at home are with you every step of the way.

Finally, Kingman and Jolly cased the battalion colors to show the unit has a mission forward and will deploy.

For the deployment, Kingman issued a challenge to his Soldiers.

“I am committed to ensuring that you have the best possible leadership and training every step of the way,” he said. “I am confident that if you work hard, are a good teammate, and keep a positive attitude, we can all come out of this experience as better friends, spouses, parents, Soldiers and human beings.”

MIL-OSI Economics: OEUK news OEUK: Autumn Statement must support a homegrown energy transition 25 October 2024

Source: Offshore Energy UK

Headline: OEUK news

OEUK: Autumn Statement must support a homegrown energy transition

25 October 2024

Leading trade body Offshore Energies UK (OEUK) urges the Chancellor to use next week’s Autumn Statement to back the UK’s homegrown offshore energy sector and make the UK an irresistible place for energy investment.

North Sea oil and gas is a strategic economic asset that has provided a national dividend through energy and economic security for the last 60 years. The North Sea and its expert workforce can continue to power the country for decades to come.

OEUK analysis published last month highlighted that the proposals to extend the windfall tax on the oil and gas sector will deter the very investment needed across our energy landscape. There is a more prosperous path for government and Industry. While we use oil and gas, we must prioritise investment in our homegrown production, value in our economy, and jobs.

A letter from 46 supply chain companies to the Government has set out the scale of the challenge they face. The Chancellor is urged to use the Autumn statement to support and nurture the ecosystem of small, medium, and large companies across the UK’s energy mix.

David Whitehouse, OEUK’s CEO, comments:

“We recognise that the demands on the Exchequer are challenging. Unlocking economic growth is the solution, and building on industrial strengths is key to our path forward.

“The North Sea is a strategic national asset and must be treated as such. Our homegrown offshore energy sector has powered the UK for the past 60 years, and the sector’s firms and skilled people are critical to our energy future as drivers of economic growth.

“We welcome steps to accelerate the deployment of renewable energy, and the recognition that we will use oil and gas for decades to come. Windfall taxes extended on oil and gas producers when no windfall exists deter the very investment that we need across our energy transition. While we use oil and gas, we must surely prioritise investment in our homegrown production, value in our economy, and our jobs.

“In the past 100 days, it has been good to see the engagement of our new Government with the proud and innovative workers and firms in our offshore energy industry. The Government has heard from people across the sector, and now decisions will be made.

“On Wednesday, the Autumn Statement will be a marker. We are in a global race for energy investment. Let us choose the path that encourages and attracts it, to build on our national strengths, so the whole of the UK can win.”

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MIL-OSI: Bank of the James Announces Third Quarter, First Nine Months of 2024 Financial Results and Declaration of Dividend

Source: GlobeNewswire (MIL-OSI)

LYNCHBURG, Va., Oct. 25, 2024 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and nine month periods ended September 30, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

Net income for the three months ended September 30, 2024 was $1.99 million or $0.44 per basic and diluted share compared with $2.08 million or $0.46 per basic and diluted share for the three months ended September 30, 2023. Net income for the nine months ended September 30, 2024 was $6.33 million or $1.39 per share compared with $6.60 million or $1.44 per share for the nine months ended September 30, 2023.

Robert R. Chapman III, CEO of the Bank, commented: “The Company delivered stable, strong earnings that contributed to building value, growing stockholders’ equity, and a significant increase in book value per share. Our performance once again generated positive returns for shareholders, which have for many years included paying a quarterly cash dividend.

“Our performance reflected strong interest expense management, sound investment practices, and a balanced and diversified stream of interest and noninterest income. Disciplined credit management has supported superior asset quality, maximizing the value of the revenue generated. Our team of skilled, dedicated professionals continue to do an outstanding job meeting customers’ financial needs, which has led to consistently positive and steady financial results.

“Even through a period of unusually high interest rates that has moderated lending activity and provided challenges, we have worked with customers to find solutions. A healthy loan portfolio has been a key growth driver as total assets surpassed the $1 billion mark in the third quarter. Assets have increased more than $30 million during 2024, primarily reflecting loan portfolio growth, net of fees, of more than $25 million since the beginning of the year.

“Initiatives to earn new deposits and a focus on retaining customers’ deposits have led to growth of total deposits since the beginning of the year. At September 30, 2024, interest bearing demand accounts have grown by $2.7 million, time deposits have increased, and noninterest-bearing demand deposits have held steady. We continue to focus on building this important source of funding for loans and providing liquidity.

“Strategic locations in Buchanan, Virginia, opened at the end of the second quarter, and Nellysford, Virginia, opened at the beginning of the third quarter, are off to strong starts and further expand the Bank’s footprint and deposit-gathering capabilities.

“The third quarter reflected healthy year-over-year growth of noninterest income. Expanding fee income from wealth management, treasury services for our business customers, and gains on sales of originated mortgage loans to the secondary market have fueled noninterest income.

“During the third quarter of 2024, we saw encouraging signs that stabilizing interest rates, slowing inflation, and continued economic health in our served markets is supporting positive trends. We are continuing to see increased commercial lending demand, positive trends in residential mortgage volume and origination fees, and continued deposit growth.

“Looking ahead, we feel that the interest rate environment and continuing economic stabilization and predictability will be clear positives. We anticipate a gradual lessening of the intense pressure on margins and slowing of interest expense increases that have characterized the past two years.

“Our longstanding commitment to building strong, lasting banking relationships with customers has provided many opportunities to demonstrate the Bank of the James’ value. As a result, use of our commercial cash management services and digital banking capabilities continues to grow, retail customers take advantage of a wide range of digital and in-person banking options, and residential mortgage customers and retail banking customers benefit from our efficient service, digital capabilities and integrated financial offerings.

“We feel the Company is well-positioned to continue on our path of providing superior value to our shareholders, customers, and the communities we serve.”

Third Quarter and First Nine Months of 2024 Highlights

Total interest income of $11.56 million in the third quarter of 2024 increased 14% from a year earlier, and increased from $10.94 million in the second quarter of 2024. In the first nine months of 2024, total interest income of $33.01 million rose 15% compared with a year earlier. The growth in the quarter and first nine months primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages.
Net interest income after provision for (recovery of) credit losses in the third quarter of 2024 was down marginally compared with the third quarter of 2023. For the first nine months of 2024, net interest income after provision for (recovery of) credit losses was relatively stable compared with the first nine months of 2023. The first nine months of 2024 reflected loan loss recoveries driven by strong asset quality. The third quarter of 2024 reflects a small credit loss provision based primarily on loan growth. Results in both 2024 periods reflected the impact of elevated interest expense.
Net interest margin in the third quarter of 2024 was 3.16%, marginally lower than a year earlier but up from second quarter of 2024 net interest margin of 3.02%. Interest spread was 2.81% in the third quarter of 2024. In the first nine months of 2024, net interest margin was 3.07% and interest spread was 2.73%.
Total noninterest income for the third quarter of 2024 rose 19% compared with the third quarter of 2023, and in the first nine months of 2024 increased 17% compared with the first nine months of 2023. Growth primarily reflected gains on sale of loans held for sale, strong wealth management fee income contributions from PWW, and fee income generated by commercial treasury services and residential mortgage originations.
Loans, net of the allowance for credit losses, increased to $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting overall loan stability and growth in CRE and residential mortgage loans.
Measures of asset quality included a ratio of nonperforming loans to total loans of 0.20% at September 30, 2024, minimal levels of nonperforming loans, and zero other real estate owned (OREO).
Total assets increased to $1.01 billion at September 30, 2024 from $969.37 million at December 31, 2023.
Total deposits increased to $907.61 million at September 30, 2024 compared with $878.46 million at December 31, 2023.
Shareholder value measures at September 30, 2024 reflected consistent growth from December 31, 2023 in total stockholders’ equity and retained earnings. Book value per share of $15.15 has increased significantly from $13.58 at June 30, 2024 and $13.21 at December 31, 2023.
On October 15, 2024, the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of November 22, 2024, to be paid on December 6, 2024.

Third Quarter, First Nine Months of 2024 Operational Review

Net interest income after provision for credit losses for the third quarter of 2024 was $7.42 million compared to net interest income after recovery of credit losses of $7.53 million a year earlier. In the first nine months of 2024, net interest income after recovery of credit losses was $22.13 million compared with $22.63 million a year earlier. The Company recorded a small provision for credit losses in the third quarter of 2024, primarily due to higher loan levels. The credit loss recovery in the first nine months of 2024 was $584,000 compared with $278,000 in the first nine months of 2023.

Total interest income increased to $11.56 million in the third quarter of 2024 compared with $10.14 million a year earlier. The first nine months of 2024 total interest income was $33.01 million, up from $28.82 million in the first nine months of 2023. The year-over-year increases primarily reflected upward adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

Investment portfolio management has enabled the Company to capitalize on attractive Fed funds rates. In the third quarter of 2024, the yield on all interest-earning assets was 4.86% compared with 4.43% a year earlier. The yield on interest-bearing loans, including fees, was 5.65% in the third quarter of 2024 compared with 5.13% a year earlier. The interest rates on certain existing commercial loans continue to reprice upward in accordance with their terms.

Total interest expense in the third quarter and first nine months of 2024 increased significantly compared with the prior periods of 2023, primarily reflecting higher deposit rates commensurate with the prevailing interest rate environment, and growth of interest-bearing time deposits. Rates on interest-bearing deposits and total interest-bearing liabilities have placed continuing pressure on margins. The net interest margin in the third quarter of 2024 was 3.16% and the interest spread was 2.81% compared with 3.21% and 2.94%, respectively, in the third quarter of 2023.

J. Todd Scruggs, Executive Vice President and CFO of the Bank commented: “Even before the Federal Reserve announced a 50 basis point reduction in rates, we anticipated that a stabilizing rate environment would gradually lessen the pressure on margins we have experienced. While not directly reflecting the Fed rate cut announced in mid-September, our third quarter net interest margin of 3.16% improved from the 3.02% margin in the second quarter of 2024. We anticipate continuing gradual margin and spread improvement in future quarters.”

Noninterest income in the third quarter of 2024 rose 19% to $3.82 million compared with $3.20 million in the third quarter of 2023. In the first nine months of 2024, noninterest income was up 17% to $11.32 million from $9.70 million a year earlier.

Noninterest income reflected income contributions from debit card activity, a gain on an investment in an SBIC fund, commercial treasury services, and the mortgage division. In the third quarter of 2024, income from wealth management fees increased 19% compared with a year earlier and gains on sale of loans held for sale rose 34% from a year earlier.

Noninterest expense in the third quarter of 2024 was $8.78 million, up 8% compared with $8.14 million in the first nine months of 2023. Noninterest expense in the first nine months of 2024 was $25.60 million, up 6% from $24.09 million a year earlier. Noninterest expense in the first nine months of 2024 reflected additional personnel costs related to staffing new locations, and the decision to begin accruing for anticipated year-end performance-based compensation ahead of the fourth quarter.

Balance Sheet: Strong Cash Position, Asset Quality, Stability

Total assets grew to $1.01 billion at September 30, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

Loans, net of allowance for credit losses, were $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and strong, stable residential mortgage, consumer, and construction lending.

Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $333.77 million compared with $306.86 million at December 31, 2023, reflecting a decreasing rate of loan payoffs and new loans. Of this amount, commercial non-owner occupied was approximately $189.98 million and commercial owner occupied was $143.79 million. The Bank closely monitors concentrations in these segments. We have no commercial real estate loans secured by large office buildings in large metropolitan city centers.

Commercial construction/land loans and residential construction/land loans were $50.00 million at September 30, 2024 compared with $53.64 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects.

Commercial and industrial loans were $60.34 million at September 30, 2024, reflecting a continuing trend of stability in this loan segment. Commercial and industrial loans were $64.92 million at June 30, 2024 and $65.32 million at December 31, 2023.

Residential mortgage loans were $114.99 million at September 30, 2024 compared with $112.73 million at June 30, 2024 and $106.99 million at December 31, 2023. Growth of retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $75.09 million at September 30, 2024, essentially unchanged from totals at December 31, 2023.

Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at September 30, 2024 was 0.20% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.12% at September 30, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.30 million at September 30, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

Total deposits were $907.61 million at September 30, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits were $132.22 million compared with $134.28 million at December 31, 2023. Initiatives to attract deposit business and new locations contributed to the approximately $2.8 million growth in NOW, money market, and savings totals since December 31, 2023. Time deposits were $234.42 million at September 30, 2024 compared with $205.96 million at December 31, 2023. At both September 30, 2024 and December 31, 2023, the Bank had no brokered deposits.

Key measures of shareholder value continued trending positively. Book value per share rose to $15.15 compared with $13.21 at December 31, 2023, reflecting strong financial performance and a smaller unrealized loss in the Company’s available-for-sale investment portfolio. Total stockholders’ equity rose to $68.83 million from $60.04 million at December 31, 2023. Retained earnings at September 30, 2024 were $41.64 million compared with $36.68 million at December 31, 2023.

Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

About the Company

Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

FINANCIAL RESULTS FOLLOW

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)


	(unaudited)
Assets	9/30/2024			12/31/2023
Cash and due from banks	$	22,692		$	25,613
Federal funds sold		86,515			49,225
Total cash and cash equivalents		109,207			74,838

Securities held-to-maturity, at amortized cost (fair value of $3,328 as of September 30, 2024 and $3,231 as of December 31, 2023) net of allowance for credit loss of $0 as of September 30, 2024 and December 31, 2023		3,610			3,622
Securities available-for-sale, at fair value		192,469			216,510
Restricted stock, at cost		1,821			1,541
Loans held for sale		3,239			1,258
Loans, net of allowance for credit losses of $7,078 as of September 30, 2024 and $7,412 as of December 31, 2023		627,112			601,921
Premises and equipment, net		19,378			18,141
Interest receivable		2,697			2,835
Cash value – bank owned life insurance		22,716			21,586
Customer relationship intangible		6,865			7,285
Goodwill		2,054			2,054
Income taxes receivable		–			128
Deferred tax asset		7,576			8,206
Other assets		9,319			9,446
Total assets	$	1,008,063		$	969,371

Liabilities and Stockholders’ Equity
Deposits
Noninterest bearing demand	$	132,223		$	134,275
NOW, money market and savings		540,966			538,229
Time		234,421			205,955
Total deposits		907,610			878,459

Capital notes, net		10,046			10,042
Other borrowings		9,444			9,890
Income taxes payable		212			–
Interest payable		758			480
Other liabilities		11,159			10,461
Total liabilities	$	939,229		$	909,332

Stockholders’ equity

Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of September 30, 2024 and December 31, 2023		9,723			9,723
Additional paid-in-capital		35,253			35,253
Accumulated other comprehensive (loss)		(17,782	)		(21,615	)
Retained earnings		41,640			36,678
Total stockholders’ equity	$	68,834		$	60,039

Total liabilities and stockholders’ equity	$	1,008,063		$	969,371

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operation
(dollar amounts in thousands, except per share amounts)

	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
Interest Income		2024		2023			2024			2023
Loans	$	9,004	$	7,990		$	25,375		$	23,251
Securities
US Government and agency obligations		369		321			1,068			962
Mortgage backed securities		442		435			1,974			1,255
Municipals – taxable		298		286			872			853
Municipals – tax exempt		18		18			55			55
Dividends		12		8			59			49
Corporates		136		139			407			423
Interest bearing deposits		303		134			628			375
Federal Funds sold		981		812			2,569			1,601
Total interest income		11,563		10,143			33,007			28,824

Interest Expense
Deposits
NOW, money market savings		1,487		894			4,145			1,916
Time deposits		2,375		1,683			6,731			3,918
FHLB borrowings		–		–			–			31
Finance leases		18		22			58			66
Other borrowings		92		98			278			297
Capital notes		82		82			245			245
Total interest expense		4,054		2,779			11,457			6,473

Net interest income		7,509		7,364			21,550			22,351

Provision for (recovery of) credit losses		92		(164	)		(584	)		(278	)

Net interest income after recovery of provision for credit losses		7,417		7,528			22,134			22,629

Noninterest income
Gain on sales of loans held for sale		1,326		989			3,526			3,065
Service charges, fees and commissions		991		1,004			2,930			2,942
Wealth management fees		1,244		1,050			3,583			3,098
Life insurance income		189		139			531			405
Gain on sales and calls of securities, net		31		–			669			–
Other		42		19			82			179

Total noninterest income		3,823		3,201			11,321			9,689

Noninterest expenses
Salaries and employee benefits		4,920		4,683			14,256			13,296
Occupancy		514		458			1,493			1,389
Equipment		640		501			1,879			1,813
Supplies		131		118			397			399
Professional		718		682			2,214			2,075
Data processing		764		689			2,263			2,079
Marketing		220		204			481			683
Credit		190		218			612			623
Other real estate		–		3			–			36
FDIC insurance		94		126			329			321
Amortization of intangibles		140		46			420			420
Other		445		412			1,258			957
Total noninterest expenses		8,776		8,140			25,602			24,091

Income before income taxes		2,464		2,589			7,853			8,227

Income tax expense		474		511			1,527			1,631

Net Income	$	1,990	$	2,078		$	6,326		$	6,596

Weighted average shares outstanding – basic and diluted		4,543,338		4,543,338			4,543,338			4,568,789

Earnings per common share – basic and diluted	$	0.44	$	0.46		$	1.39		$	1.44

Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited

Selected Data:	Three months ending Sep 30, 2024		Three months ending Sep 30, 2023			Change			Year to date Sep 30, 2024			Year to date Sep 30, 2023			Change
Interest income	$	11,563	$	10,143			14.00	%	$	33,007		$	28,824			14.51	%
Interest expense		4,054		2,779			45.88	%		11,457			6,473			77.00	%
Net interest income		7,509		7,364			1.97	%		21,550			22,351			-3.58	%
Provision for (recovery of) credit losses		92		(164	)		-156.10	%		(584	)		(278	)		110.07	%
Noninterest income		3,823		3,201			19.43	%		11,321			9,689			16.84	%
Noninterest expense		8,776		8,140			7.81	%		25,602			24,091			6.27	%
Income taxes		474		511			-7.24	%		1,527			1,631			-6.38	%
Net income		1,990		2,078			-4.23	%		6,326			6,596			-4.09	%
Weighted average shares outstanding – basic		4,543,338		4,543,338			–			4,543,338			4,568,789			(25,451	)
Weighted average shares outstanding – diluted		4,543,338		4,543,338			–			4,543,338			4,568,789			(25,451	)
Basic net income per share	$	0.44	$	0.46		$	(0.02	)	$	1.39		$	1.44		$	(0.05	)
Fully diluted net income per share	$	0.44	$	0.46		$	(0.02	)	$	1.39		$	1.44		$	(0.05	)

Balance Sheet at period end:	Sep 30, 2024		Dec 31, 2023		Change			Sep 30, 2023		Dec 31, 2022		Change
Loans, net	$	627,112	$	601,921		4.19	%	$	599,585	$	605,366		-0.95	%
Loans held for sale		3,239		1,258		157.47	%		3,325		2,423		37.23	%
Total securities		196,079		220,132		-10.93	%		185,603		189,426		-2.02	%
Total deposits		907,610		878,459		3.32	%		880,203		848,138		3.78	%
Stockholders’ equity		68,834		60,039		14.65	%		50,129		50,226		-0.19	%
Total assets		1,008,063		969,371		3.99	%		960,887		928,571		3.48	%
Shares outstanding		4,543,338		4,543,338		–			4,543,338		4,628,657		(85,319	)
Book value per share	$	15.15	$	13.21	$	1.94		$	11.03	$	10.85	$	0.18

Daily averages:	Three months ending Sep 30, 2024		Three months ending Sep 30, 2023		Change			Year to date Sep 30, 2024		Year to date Sep 30, 2023		Change
Loans	$	629,860	$	612,021		2.91	%	$	617,582	$	618,152		-0.09	%
Loans held for sale		3,845		4,421		-13.03	%		3,454		3,548		-2.65	%
Total securities (book value)		220,730		222,969		-1.00	%		237,215		223,391		6.19	%
Total deposits		902,615		869,655		3.79	%		895,000		862,212		3.80	%
Stockholders’ equity		61,576		52,564		17.14	%		60,564		51,274		18.12	%
Interest earning assets		946,518		909,774		4.04	%		937,793		897,364		4.51	%
Interest bearing liabilities		785,980		740,516		6.14	%		776,672		733,343		5.91	%
Total assets		995,101		953,546		4.36	%		986,132		945,389		4.31	%

Financial Ratios:	Three months ending Sep 30, 2024			Three months ending Sep 30, 2023			Change			Year to date Sep 30, 2024			Year to date Sep 30, 2023			Change
Return on average assets		0.80	%		0.86	%		(0.06	)		0.86	%		0.93	%		(0.07	)
Return on average equity		12.86	%		15.68	%		(2.82	)		13.95	%		17.20	%		(3.25	)
Net interest margin		3.16	%		3.21	%		(0.05	)		3.07	%		3.33	%		(0.26	)
Efficiency ratio		77.44	%		77.05	%		0.39			77.89	%		75.19	%		2.70
Average equity to average assets		6.19	%		5.51	%		0.68			6.14	%		5.42	%		0.72

Allowance for credit losses:	Three months ending Sep 30, 2024		Three months ending Sep 30, 2023			Change			Year to date Sep 30, 2024			Year to date Sep 30, 2023			Change
Beginning balance	$	6,951	$	7,586			-8.37	%	$	7,412		$	6,259			18.42	%
Retained earnings adjustment related to impact of adoption of ASU 2016-13		–		–			N/A			–			1,245			-100.00	%
Provision for (recovery of) credit losses*		106		(130	)		-181.54	%		(494	)		(188	)		162.77	%
Charge-offs		–		(144	)		-100.00	%		(84	)		(196	)		-57.14	%
Recoveries		21		8			162.50	%		244			200			22.00	%
Ending balance		7,078		7,320			-3.31	%		7,078			7,320			-3.31	%

* does not include provision for or recovery of unfunded loan commitment liability

Nonperforming assets:	Sep 30, 2024		Dec 31, 2023		Change			Sep 30, 2023		Dec 31, 2022		Change
Total nonperforming loans	$	1,295	$	391		231.20	%	$	585	$	633		-7.58	%
Other real estate owned		–		–		N/A			–		566		-100.00	%
Total nonperforming assets		1,295		391		231.20	%		585		1,199		-51.21	%

Asset quality ratios:	Sep 30, 2024			Dec 31, 2023			Change			Sep 30, 2023			Dec 31, 2022			Change
Nonperforming loans to total loans		0.20	%		0.06	%		0.14			0.10	%		0.10	%		(0.01	)
Allowance for credit losses for loans to total loans		1.12	%		1.22	%		(0.10	)		1.21	%		1.02	%		0.18
Allowance for credit losses for loans to nonperforming loans		546.56	%		1894.56	%		1,348.00			1251.28	%		989.42	%		261.86

MIL-OSI: Federal Home Loan Bank of Des Moines Announces Third Quarter 2024 Financial Results, Declares Dividend

Source: GlobeNewswire (MIL-OSI)

DES MOINES, Iowa, Oct. 25, 2024 (GLOBE NEWSWIRE) —

Third Quarter 2024 Highlights

Net income of $204 million
Voluntary community and housing contributions of $40 million
Affordable Housing Program (AHP) assessments of $23 million
Advances totaled $98.9 billion
Mortgage loans held for portfolio, net totaled $11.4 billion
Letters of credit totaled $18.2 billion
Retained earnings totaled $3.4 billion

Dividend

The Board of Directors approved a third quarter 2024 dividend to be paid at an annualized rate of 9.50 percent on average activity-based stock, and 6.00 percent on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $137 million on November 13, 2024.

Affordable Housing and Community Impact

The Bank’s housing and community development programs are central to its mission by providing reliable liquidity and funding to help its members build strong communities and support their affordable housing needs. The Bank contributes 10 percent of its net income each year to its AHP, an annual grant program that supports the creation, preservation, or purchase of affordable housing. This program includes a competitive AHP and two down payment products called Home$tart and the Native American Homeownership Initiative. During the third quarter of 2024, the Bank accrued AHP assessments of $23 million and disbursed $13 million of AHP funds through this program. The Bank recorded an additional $4 million voluntary AHP contribution during the third quarter of 2024.

In addition to its AHP, the Bank offers its members other voluntary programs to further its housing mission and provide more support for affordable housing initiatives. During the third quarter of 2024, the Bank authorized an additional $4 million through Mortgage Rate Relief (MRR), which will provide a total of approximately $29 million in subsidy to those seeking affordable homeownership. MRR is designed to make homeownership attainable for borrowers at or below 80 percent of the area median income, by providing them an interest rate that is approximately two percentage points lower than the current market rate. During the third quarter of 2024, the Bank funded $210 million of loans under this program and recorded $20 million in subsidy expense. During the third quarter of 2024, the Bank launched a new program, the Habitat for Humanity^® Advance Rate Discount. This program provides up to $100 million in zero percent advances to members that originate or purchase mortgage loans from a Habitat for Humanity^® affiliate. During the third quarter of 2024, the Bank originated $70 million of zero percent advances and recorded $16 million in subsidy expense.

Financial Results Discussion

Net Income – For the three and nine months ended September 30, 2024, the Bank recorded net income of $204 million and $708 million compared to $265 million and $706 million for the same periods in 2023.

Net Interest Income – For the three and nine months ended September 30, 2024, the Bank recorded net interest income of $327 million and $995 million, a decrease of $13 million and an increase of $36 million when compared to the same periods in 2023. The decline during the three months ended September 30, 2024 was primarily due to lower average advance balances, which also reduced earnings on invested capital. The decline was offset in part by improved asset-liability spreads on our investments, driven by higher-yielding mortgage-backed security (MBS) purchases.

Net interest income during the nine months ended September 30, 2024 increased primarily due to higher asset-liability spread resulting largely from higher-yielding MBS purchases and increased longer-term advances, as well as higher short-term interest rates, which improved earnings on invested capital. The increase was partially offset by lower average advance balances.

Other Income (Loss) – For the three and nine months ended September 30, 2024, the Bank recorded other losses of $14 million and $19 million, a decline of $17 million and an improvement of $10 million when compared to the same periods in 2023. The decline in other (income) loss during the three months ended September 30, 2024 was primarily due to the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives. During the nine months ended September 30, 2024, the improvement in other (income) loss was driven by net gains recorded on litigation settlements and increased fees on standby letters of credit. The increase was offset in part by the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives.

Other Expense – For the three and nine months ended September 30, 2024, the Bank recorded other expense of $86 million and $191 million, an increase of $38 million and $47 million when compared to the same periods in 2023. The increase during the three and nine months ended September 30, 2024 was primarily driven by an increase in voluntary community and housing contributions of $35 million and $32 million when compared to the same periods in 2023. Additionally, the increase during the nine months ended September 30, 2024 was driven by higher contract labor and consultant costs.

Assets – The Bank’s total assets decreased to $162.0 billion at September 30, 2024, from $184.4 billion at December 31, 2023, driven primarily by a decline in advances. Advances decreased $23.6 billion due mainly to a decline in borrowings by large depository institution members, offset in part by an increase in borrowings by insurance companies.

Capital – Total capital decreased to $9.3 billion at September 30, 2024 from $9.8 billion at December 31, 2023, primarily due to a decrease in activity-based capital stock resulting from a decline in advance balances.

Federal Home Loan Bank of Des Moines Financial Highlights (preliminary and unaudited) *Dollars in millions*
Selected Balance Sheet Items	September 30, 2024			December 31, 2023
Advances	$	98,923		$	122,530
Investments		49,649			49,828
Mortgage loans held for portfolio, net		11,398			9,967
Total assets		161,979			184,406
Consolidated obligations		150,532			171,498
Capital stock – Class B putable		5,892			6,873
Retained earnings		3,422			3,138
Total capital		9,284			9,831
Total regulatory capital¹		9,323			10,023
Regulatory capital ratio		5.76	%		5.44	%

1	Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as regulatory capital as a percentage of period end assets.

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
Operating Results		2024			2023			2024			2023
Net interest income	$	327		$	340		$	995		$	959
Provision (reversal) for credit losses on mortgage loans		—			—			(2	)		1
Other income (loss)		(14	)		3			(19	)		(29	)
Other expense		86			48			191			144
Affordable Housing Program assessments		23			30			79			79
Net income	$	204		$	265		$	708		$	706
Performance Ratios
Net interest spread		0.48	%		0.42	%		0.45	%		0.42	%
Net interest margin		0.77			0.74			0.75			0.71
Return on average equity (annualized)		8.40			11.31			9.77			10.28
Return on average assets (annualized)		0.47			0.56			0.52			0.51

The financial results reported in this earnings release for the third quarter of 2024 are preliminary until the Bank announces unaudited financial results in its Third Quarter 2024 Form 10-Q filed with the Securities and Exchange Commission, expected to be available next month at www.fhlbdm.com and www.sec.gov.

The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by over 1,250 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.

Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the “Risk Factors” section of the Bank’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact: Julie DeVader
515.412.2172
jdevader@fhlbdm.com

MIL-Evening Report: For type 2 diabetes, focusing on when you eat – not what – can help control blood sugar

Source: The Conversation (Au and NZ) – By Evelyn Parr, Research Fellow in Exercise Metabolism and Nutrition, Mary MacKillop Institute for Health Research, Australian Catholic University

Lizardflms/Shutterstock

Type 2 diabetes affects 1.2 million Australians and accounts for 85-90% of all diabetes cases. This chronic condition is characterised by high blood glucose (sugar) levels, which carry serious health risks. Complications include heart disease, kidney failure and vision problems.

Diet is an important way people living with type 2 diabetes manage blood glucose, alongside exercise and medication. But while we know individualised, professional dietary advice improves blood glucose, it can be complex and is not always accessible.

Our new study looked at the impact of time-restricted eating – focusing on when you eat, rather than what or how much – on blood glucose levels.

We found it had similar results to individualised advice from an accredited practising dietitian. But there were added benefits, because it was simple, achievable, easy to stick to – and motivated people to make other positive changes.

What is time-restricted eating?

Time-restricted eating, also known as the 16:8 diet, became popular for weight loss around 2015. Studies have since shown it is also an effective way for people with type 2 diabetes to manage blood glucose.

Time-restricted eating involves limiting when you eat each day, rather than focusing on what you eat. You restrict eating to a window during daylight hours, for example between 11am and 7pm, and then fast for the remaining hours. This can sometimes naturally lead to also eating less.

Participants in our study could still share meals with family, as long as it was within a nine-hour window finishing at 7pm.
Kitreel/Shutterstock

Giving your body a break from constantly digesting food in this way helps align eating with natural circadian rhythms. This can help regulate metabolism and improve overall health.

For people with type 2 diabetes, there may be specific benefits. They often have their highest blood glucose reading in the morning. Delaying breakfast to mid-morning means there is time for physical activity to occur to help reduce glucose levels and prepare the body for the first meal.

How we got here

We ran an initial study in 2018 to see whether following time-restricted eating was achievable for people with type 2 diabetes. We found participants could easily stick to this eating pattern over four weeks, for an average of five days a week.

Importantly, they also had improvements in blood glucose, spending less time with high levels. Our previous research suggests the reduced time between meals may play a role in how the hormone insulin is able to reduce glucose concentrations.

Other studies have confirmed these findings, which have also shown notable improvements in HbA1c. This is a marker in the blood that represents concentrations of blood glucose over an average of three months. It is the primary clinical tool used for diabetes.

However, these studies provided intensive support to participants through weekly or fortnightly meetings with researchers.

While we know this level of support increases how likely people are to stick to the plan and improves outcomes, it is not readily available to everyday Australians living with type 2 diabetes.

What we did

In our new study, we compared time-restricted eating directly with advice from an accredited practising dietitian, to test whether results were similar across six months.

We recruited 52 people with type 2 diabetes who were currently managing their diabetes with up to two oral medications. There were 22 women and 30 men, aged between 35 and 65.

Participants were randomly divided into two groups: diet and time-restricted eating. In both groups, participants received four consultations across the first four months. During the next two months they managed diet alone, without consultation, and we continued to measure the impact on blood glucose.

In the diet group, consultations focused on changing their diet to control blood glucose, including improving diet quality (for example, eating more vegetables and limiting alcohol).

In the time-restricted eating group, advice focused on how to limit eating to a nine-hour window between 10am and 7pm.

Over six months, we measured each participant’s blood glucose levels every two months using the HbA1c test. Each fortnight, we also asked participants about their experience of making dietary changes (to what or when they ate).

Continuous glucose monitoring measures the levels of glucose in the blood.
Halfpoint/Shutterstock

What we found

We found time-restricted eating was as effective as the diet intervention.

Both groups had reduced blood glucose levels, with the greatest improvements occurring after the first two months. Although it wasn’t an objective of the study, some participants in each group also lost weight (5-10kg).

When surveyed, participants in the time-restricted eating group said they had adjusted well and were able to follow the restricted eating window. Many told us they had family support and enjoyed earlier mealtimes together. Some also found they slept better.

After two months, people in the time-restricted group were looking for more dietary advice to further improve their health.

Those in the diet group were less likely to stick to their plan. Despite similar health outcomes, time-restricted eating seems to be a simpler initial approach than making complex dietary changes.

Is time-restricted eating achievable?

The main barriers to following time-restricted eating are social occasions, caring for others and work schedules. These factors may prevent people eating within the window.

However, there are many benefits. The message is simple, focusing on when to eat as the main diet change. This may make time-restricted eating more translatable to people from a wider variety of socio-cultural backgrounds, as the types of foods they eat don’t need to change, just the timing.

Many people don’t have access to more individualised support from a dietitian, and receive nutrition advice from their GP. This makes time-restricted eating an alternative – and equally effective – strategy for people with type 2 diabetes.

People should still try to stick to dietary guidelines and prioritise vegetables, fruit, wholegrains, lean meat and healthy fats.

But our study showed time-restricted eating may also serve as stepping stone for people with type 2 diabetes to take control of their health, as people became more interested in making diet and other positive changes.

Time-restricted eating might not be appropriate for everyone, especially people on medications which don’t recommend fasting. Before trying this dietary change, it’s best speak to the healthcare professional who helps you manage diabetes.

Evelyn Parr receives funding from Diabetes Australia and Australian Catholic University.

Brooke Devlin received funding from Diabetes Australia.

– ref. For type 2 diabetes, focusing on when you eat – not what – can help control blood sugar – https://theconversation.com/for-type-2-diabetes-focusing-on-when-you-eat-not-what-can-help-control-blood-sugar-241472

MIL OSI Analysis – EveningReport.nz –

Nenad Cavoski/Shutterstock

MIL-Evening Report: What is stereotactic radiation therapy for prostate cancer? How does it compare to other treatments?

Source: The Conversation (Au and NZ) – By Sathana Dushyanthen, Academic Specialist & Senior Lecturer in Cancer Sciences & Digital Health| Superstar of STEM| Science Communicator, The University of Melbourne

Prostate cancer is Australia’s most commonly diagnosed cancer. One in six men will be diagnosed by the time they turn 85.

Cancers are abnormal groups of cells that grow uncontrollably and start invading neighbouring sites. They can also spread to other organs in the body. This is known as metastases.

Treatment of early disease, when cancer is confined to the original site, is focused on that single area, most often with surgery or radiation therapy. Treatment of advanced disease, when it has spread, often relies on treatments that can travel all around the body such as chemotherapy or immunotherapy.

A more advanced form of radiation therapy, called stereotactic ablative radiotherapy, may be able to treat both early and advanced cancers. So how does it work? And how does it compare to existing therapies?

It delivers a higher dose to a smaller target

Stereotactic radiotherapy uses high doses of radiation to target and kill cancer cells. It uses newer machines that can deliver very focused radiation beams. Combined with advances in imaging and radiation planning software this allows clinicians to “track” and target cancers.

This results in such high precision – with a targeting accuracy less than 1mm – that cancers can be safely treated with minimal risk of damaging surrounding healthy organs.

Having a higher dose means radiotherapy can be delivered in fewer treatments (one to five sessions over one to two weeks) where it previously would have been divided into many small doses (20 to 40), delivered over weeks or even months.

Stereotactic radiotherapy has increasingly been used to treat cancer in the brain and lungs. But new data has shown it can also effectively treat prostate cancer.

What did the new study find?

A study published this month in the New England Journal of Medicine compared two groups of patients with early prostate cancer with a median age of 69.8 years. Half (433 participants) received five sessions of stereotactic radiation therapy, the other half (431 participants) received standard radiation therapy consisting of at least 20 sessions.

The researchers found no long-term difference in outcomes between the groups, with 95% of patients showing no evidence of disease five years after treatment. These cure rates are equivalent to patients who had their prostates surgically removed.

Early evidence suggests that stereotactic radiation therapy appears to be as effective, less onerous and less invasive than currently available treatment options.

The new therapy appears as effective as standard therapy but with fewer side effects.
PeopleImages.com – Yuri A/Shutterstock

Prostate cancer that has spread beyond its original site is, unfortunately, incurable in most circumstances. Treatments for this stage of disease are aimed at suppressing or controlling the cancer for as long as possible.

However, studies have shown stereotactic radiation therapy can be used to target disease that has spread to distant sites in patients who have advanced prostate cancer.
Researchers found stereotactic radiation therapy could render patients free of clinically evident disease for eight to 13 months, delaying the need for hormone therapy or chemotherapy.

How do the side effects compare to other cancer treatments?

Stereotactic radiation therapy is delivered daily, with painless radiation beams. In the weeks following delivery it is common to notice soreness and/or inflammation at the treated site. This reaches a level requiring medication in one-third of cases.

Erectile function is frequently impacted during prostate cancer treatment, as the nerves and blood vessels responsible for erections are often damaged.

Another recent study comparing stereotactic radiation therapy to surgery found 48% of patients treated with stereotactic radiation therapy had difficulties with their sexual function two years after treatment compared to 75% of patients who had surgery.

Comparison of differences between traditional radiotherapy and stereotactic radiotherapy.
Precision Radiation Oncology

What are the costs? And who can access it?

Newer and more advanced radiation treatment machines can deliver more precise treatments, but these are much more expensive than standard machines. They also have more complex maintenance and operational requirements.

However, traditional radiotherapy machines can also be upgraded to provide stereotactic precision.

While the initial investment costs can be high, cost-benefit analyses show stereotactic radiation therapy for lung cancer costs the health system less than other cancer treatments and conventional radiotherapy. This is in part because treatment is completed far more quickly. Formal cost-benefit analyses have not been completed for prostate cancer but are likely to be similar.

Stereotactic radiation therapy is now widely available at most major Australian public hospitals for many cancer types, including selected lung cancers, kidney cancers, advanced brain cancers and bone cancers. This has no out-of-pocket costs for patients. It is also provided in many private centres.

However, even when a centre can deliver stereotactic radiation therapy, there is still significant variation in the devices used to deliver the therapy.

In addition, the actual planning and delivery of radiation therapy is a complex skill. Studies have shown that patients treated by clinicians with higher caseloads have better outcomes, due to their greater familiarity with these specialised techniques.

Radiotherapy departments throughout the world have rapidly upgraded their capability over the past few years to provide stereotactic radiotherapy. After the recent clinical trial findings, it’s likely prostate cancer will be added to the list of cancers treated this way.

David Kok has a clinical appointment at Peter MacCallum Cancer Centre which provides prostate cancer treatments including stereotactic radiotherapy, conventional radiotherapy and surgery.

Sathana Dushyanthen 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. What is stereotactic radiation therapy for prostate cancer? How does it compare to other treatments? – https://theconversation.com/what-is-stereotactic-radiation-therapy-for-prostate-cancer-how-does-it-compare-to-other-treatments-241467

MIL OSI Analysis – EveningReport.nz –

MIL-Evening Report: Most Republican states have made voting harder since 2020. Our research shows how successful they’ve been

Source: The Conversation (Au and NZ) – By Kathryn Schumaker, Senior Lecturer in American Studies, University of Sydney

In late September, the governor of the state of Oklahoma, Kevin Stitt, boasted that election officials had removed 453,000 people from the state’s voter rolls since 2021. In a state with only 2.3 million registered voters, it appears that roughly one in six registered voters had been purged.

While some of these people were dead or disfranchised owing to felony convictions, nearly 200,000 of them were removed for being “inactive voters”. This means they likely failed to respond to a postcard sent to their mailing address.

Voters can re-register if they were incorrectly removed, but this “voter list maintenance” process still creates a barrier to democratic participation.

Unsurprisingly, Oklahoma historically has one of the lowest voter turnout rates in the United States.

This bucks the national trend. Overall, across the United States, electoral turnout has increased in presidential and midterm elections since 2018. Americans feel, now more than ever, that elections have high stakes.

And some states have made it easier to vote. Minnesota, for example, allows voters to register online or at the polls on Election Day.

In states like Oklahoma, however, voters are discouraged or demoralised by policies and laws meant to make voting difficult and time consuming. Legislatures in these states have been emboldened over the past decade by a series of Supreme Court rulings voiding key parts of the Voting Rights Act.

These states are now the new fronts in the unfinished battle to secure one of the fundamental elements of democracy – the right to vote. We’ve analysed data on voter turnout and voting accessibility across the US and found states restricting access the most are overwhelmingly led by Republican legislatures.

A long history of voter disenfranchisement

US elections have always been the domain of the states. And state legislatures have long wielded this power to discriminate against marginalised groups.

Prior to the Civil War, most states restricted the right to vote to white men. Then, in 1870, the 15th Amendment to the Constitution was ratified, which forbade states from restricting the right to vote on the basis of “race, color or previous condition of servitude”

In practice, however, this didn’t change things in all states. In the South, where Jim Crow laws maintained segregation in many facets of public life, lawmakers found other ways to disenfranchise Black voters.

These methods included poll taxes, literacy tests, and grandfather clauses. In some Southern states, Democrats also held all-white primaries to prohibit Black voters from participating. They claimed that political parties were private organisations and not subject to the 15th Amendment.

When other methods failed, white people used violence and intimidation to discourage Black voters from showing up at the polls.

Women made gains state by state in the decades following the Civil War, though Black women in the South were disenfranchised alongside Black men. This made white women the primary beneficiaries of the 19th Amendment, ratified in 1920. This dictated that states could not withhold voting rights “on account of sex”.

It was not until the ratification of the 24th Amendment in 1964, which prohibited the use of the poll tax, and the 1965 Voting Rights Act, which outlawed the literacy tests, that American democracy could begin to live up to its name.

How states are erecting more barriers

However, even these landmark developments have not ensured that voting is easy or universally accessible to all Americans.

In fact, many states have accelerated efforts to police voting rolls and enact hurdles to civic engagement in the wake of then-President Donald Trump’s false claims of voter fraud in the 2020 election. Republican-dominated states like Oklahoma have been particularly keen to adopt restrictive policies.

According to the Center for Public Integrity, 26 states have made voting less accessible since 2020. These barriers include many tactics:

cumbersome registration processes
restrictive absentee and vote-by-mail rules
reduced Election Day ballot drop box availability
frequent and aggressive voter roll purges
the closures of in-person polling sites.

Partisan redistricting also discourages members of minority parties from turning out on Election Day. By drawing district lines that clearly favour one party over another, such practices can make people feel it is pointless to vote.

What our research found

According to our calculations, out of the states that have made voting less accessible since 2020, most are located in the South (43%) or Midwest (31%). The data reveal the most significant losses in voting access have occurred in southern states with large populations of Black voters.

And the most restrictive lawmaking has been spearheaded by Republican-dominated state legislatures, with 86% of such states passing inequitable voting barriers. In contrast, only 5% of Democratic-led states have made voting harder.

In addition, according to our research, high barriers to voting are directly related to lower voter turnout rates.

When all states are analysed, “high barrier” states had an average turnout rate of 45.8% compared to 49% for “low barrier” states in the 2022 election, a statistically significant difference. The average turnout rate across all US states in 2022 was 46.2%.

In the South, most states (11 of 16) made voting more difficult after the 2020 election – and nearly all had voter turnout rates well below the national average in 2022. (Mississippi was the lowest at 32.5%.)

High-barrier southern states with Republican-led legislatures had an average turnout rate of 40.6%, compared to 46.2% in high-barrier, Republican-led states in other regions.

Three states in low-barrier states, meanwhile, had turnout rates above 60% – Oregon, Maine and Minnesota. All had Democratic-majority legislatures, or in the case of Minnesota, a divided legislature and Democratic governor.

States should motivate voters, not demoralise them

These policies to restrict voting accessibility, draped in the cloak of “election security”, will no doubt affect turnout in certain states in the upcoming November elections, as well.

Research shows Americans choose to vote because they think it is their civic duty or they believe the outcome of an election matters for their community, nation or self.

Yet, staying home on Election Day is also a rational behaviour since the chances of being the pivotal voter that decides an election is estimated at one in one million in a battleground state and much less in a noncompetitive state.

With national voter turnout already low compared to other democracies, state legislatures should be doing what they can to motivate voters and make it easier for them to cast a ballot – not making it more difficult for them to do so.

Kathryn Schumaker has received funding from the National Endowment for the Humanities.

Allyson Shortle is affiliated with the Public Religion Research Institute.

– ref. Most Republican states have made voting harder since 2020. Our research shows how successful they’ve been – https://theconversation.com/most-republican-states-have-made-voting-harder-since-2020-our-research-shows-how-successful-theyve-been-240667

MIL OSI Analysis – EveningReport.nz –

MIL-OSI Canada: Feds gets it wrong… again: Joint Statement

Source: Government of Canada regional news

“Alberta has a long history of welcoming newcomers, and we plan to maintain that reputation.

“However, the federal government’s reckless and irresponsible open-border immigration policies, permitting almost 2 million newcomers to enter Canada last year alone, have led to unsustainable financial pressures on all provinces.

“With the cost of food, energy, housing and everything else in this country increasing, and with tens of thousands of new people moving to Alberta monthly, our hospitals and schools are at or above capacity.

“As a province, we need a reprieve from this explosive population growth so we can catch up with these pressures. So do all provinces.

“The federal government’s plan to cut a mere 105,000 new permanent residents will not solve these pressures when they are bringing in almost 2 million additional people annually.

“We call on the government to cut the number of newcomers to Canada from almost 2 million to well under 500,000 annually until further notice.

“Ottawa’s priority should be on reducing the number of temporary foreign workers, international students and asylum seekers—not on reducing provincially selected economic migrants.”

MIL OSI Canada News –

MIL-OSI USA: THOMPSON INTRODUCES RESOLUTION CELEBRATING 15 YEARS OF OUTDOOR AFRO

Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

Washington – Today, Rep. Mike Thompson (CA-04) announced the introduction of a resolution alongside Reps. Steve Horsford (NV-04), Barbara Lee (CA-12), John Garamendi (CA-08), Steve Cohen (TN-09), Jared Huffman (CA-02), Nanette Barragán (CA-44), Troy A. Carter, Sr. (LA-02), Rep. Marc Veasey (TX-33), and Jim Costa (CA-21) to mark the 15-year anniversary of Outdoor Afro, a national not-for-profit organization connecting Black Americans with nature and outdoor recreation.

“For 15 years, Outdoor Afro has worked to restore Black-American leadership in nature and reconnect Black Americans to our nation’s lands, water, and wildlife.” said Rep. Thompson. “It’s great to join my colleagues to recognize Outdoor Afro’s profound impact and celebrate their ongoing work to conserve public lands and make outdoor recreation activities more accessible.”

“On behalf of Outdoor Afro, I am deeply grateful for this recognition commemorating our 15th anniversary,” said Outdoor Afro Founder and CEO, Rue Mapp. “Over the past decade and a half, our work to reconnect Black communities with the outdoors has been made possible through the steadfast support of many congressional House and Senate Members, and three presidential administrations. This recognition symbolizes not only a milestone in our journey, but also a testament to the collective efforts of all who have believed in our mission that is shaping a better outdoor experience in our public lands for all.”

“As we mark the 15th anniversary of Outdoor Afro, I’m proud to recognize local groups in my district like Black People Hike LV for their commitment to making the outdoors accessible,” said Rep. Horsford. “I’ve had the opportunity to hike with them just outside Las Vegas, and their work to connect our community with nature is important for our communities. These efforts help ensure everyone can enjoy and benefit from the beautiful natural spaces that Nevada has to offer.”

“I am pleased to cosponsor this resolution recognizing the 15th anniversary of Outdoor Afro, a nonprofit organization that has made outdoor spaces more inclusive and accessible for all. Over the past 15 years, Outdoor Afro has worked tirelessly to reconnect Black communities with nature, fostering leadership and environmental stewardship across the country. By breaking down barriers and promoting diversity in outdoor recreation, they’ve ensured that our public lands truly belong to everyone. I’m proud to support this effort to honor their mission and look forward to many more years of their continued success,” said Rep. Garamendi.

“I am inspired by how Outdoor Afro has opened doors to natural spaces and empowered communities of color to lead in environmental stewardship,” said Rep. Barragán. “Outdoor Afro has fostered a deep sense of community, healing, and environmental responsibility in the Black community. Their efforts ensure that future generations—especially those from underserved communities—will have the opportunity to both enjoy and protect our natural world. Nature belongs to everyone, and we should all learn to appreciate, interact with, and help preserve it.”

“The 15th anniversary of Outdoor Afro shows that we have made progress reconnecting Black Americans with nature through thousands of outdoor events across the United States, challenging stereotypes, increasing representation, and fostering community healing and environmental stewardship. Outdoor Afro has broken barriers in outdoor education, empowering Black Americans to develop lifelong skills in land and water-based activities while leading the way for greater inclusion in outdoor recreation and conservation for all,” said Rep. Carter.

“Celebrating 15 years of Outdoor Afro is not just a milestone; it’s a testament to the resilience and unity of our community. Our Fresno Chapter exemplifies this through activities like camping, yoga, hiking, and beyond—that inspire Black leadership and forge lasting connections as seen during my recent visit to Nova Farming in my district. I’m proud to join my colleagues in recognizing this incredible organization and its impact on our communities,” said Rep. Costa.

BACKGROUND

In 2009, Oakland-native Rue Mapp started Outdoor Afro as a blog about nature. It has since grown into a cutting-edge nationwide network guiding hundreds of outdoor events each year designed to celebrate and inspire Black-American connections to nature.

Over the past 15 years, Outdoor Afro has cultivated and trained more than 1,000 outdoor leaders, leading thousands of outdoor events and reaching well over 150,000 participants. Today, Outdoor Afro has volunteer leaders in 33 states and the District of Columbia and promotes Black Americans to participate in recreational activities like camping, hiking, birding, fishing, gardening, skiing, biking, environmental education, conservation stewardship and more.

Outdoor Afro not only promotes a healthy lifestyle, but it also helps communities connect to Black history found in many natural areas and promotes the protection of vulnerable public lands for all to enjoy.

Read the full text of the resolution here.

MIL-OSI USA: North Dakota Development Fund Awards $5 Million to Support Automation Projects in 13 Communities

Source: US State of North Dakota

The North Dakota Development Fund (NDDF) received $5 million in American Rescue Plan Act (ARPA) funding during the 67th Legislative Assembly Special Session to create Automate ND, a grant program addressing workforce shortages by enabling companies to invest in automation equipment. This initiative helps companies increase productivity, improve working conditions, and drive revenue growth, all while contributing to North Dakota’s economic expansion.

“The Automate ND program received overwhelming interest, with 42 projects across 21 communities requesting over $11.8 million. We were able to fund 18 projects, showing a clear demand from businesses looking to leverage automation as a solution to workforce constraints,” said Shayden Akason, Deputy Director of Economic Development and Finance at Commerce. “To keep up with growing demand, it’s vital that we recruit and retain a qualified workforce while also supporting automation investments. North Dakota has a history of innovation, and this program is another step in helping businesses stay at the forefront of innovation.

The awarded projects span various industries, including manufacturing, agriculture, and advanced technology, focusing on automating essential processes. Notable recipients include:

Precision Equipment Manufacturing, LLC (Fargo) – $97,386.79 for robotic welding and tooling equipment. This trailer manufacturer has been fabricating components in North Dakota for 20 years (total project cost: $207,616.87).
Agri-Cover, Inc. (Jamestown) – $282,924.00 for robot arms and autonomous carts. Agri-Cover manufactures roll-up/hard covers for pickups, truck toppers, and pickup racks (total project cost: $709,783.00).
Amber Waves, Inc. (Richardton) – $142,382.16 to automate a wash bay. Amber Waves specializes in hopper bottom grain bins (total project cost: $348,814.32).
Marv Haugen Enterprises, Inc. (Casselton) – $267,862.50 for a robotic welding cell. This company manufactures over 100 types of telehandler, Skid-Steer, and wheel loader attachments (total project cost: $553,095.00).
Northland Truss Systems, Inc. (Abercrombie) – $483,431.73 for an autonomous linear saw, jigging, and laser system. Northland Truss manufactures wood truss systems (total project cost: $1,016,606.46).
ComDel Innovation, LLC (Wahpeton) – $500,000.00 for an autonomous mobile robot, automated cleaning equipment, and vision-guided robotics. ComDel is a contract manufacturer specializing in injection molding, metal stamping, and production machining (total project cost: $1,064,894.95).
The Dairy Dozen (Milner) – $500,000.00 for a milking robot, automated manure collector, and automated feed pusher. This dairy operation is undergoing facility and process improvements (total project cost: $1,119,166.24).
Killdeer Mountain Manufacturing, Inc. (KMM) (Killdeer/Dickinson) – $159,089.50 for automated parts storage and retrieval units. KMM is a third-generation, family-owned business specializing in aerospace and military-grade cable assemblies (total project cost: $318,179.00).
YMI Industries, Inc. (Grand Forks) – $71,519.00 for an automatic bender and bar feeder. YMI provides precision machining services to OEM manufacturers and innovators (total project cost: $155,538.00).
DR Millwork Company (dakBUILT) (Kindred) – $130,655.00 for a high-speed edge bander. This company provides custom woodwork and cabinetry (total project cost: $272,510.00).
FlexTM, Inc. (Wahpeton) – $129,665.24 for a robotic welder. FlexTM supplies OEMs with complex weld assemblies and CNC machining (total project cost: $314,393.12).
Integrity Steel Supply, LLC (Mapleton) – $500,000.00 for a robotic welder. Integrity Steel produces structural steel, joist, and deck systems (total project cost: $1,622,450.00).
Malach USA, LLP (Valley City) – $500,000.00 for a robotic brake press. Malach is a metal and machining shop (total project cost: $1,205,500.00).
Mid-Mac Marketing, Inc. (MidMach) (Jamestown) – $500,000.00 for three robotic welding cells. MidMach focuses on metal fabrication for the energy and agriculture sectors (total project cost: $1,227,600.00).
Champ Industries USA, Inc. (Fargo) – $240,514.00 for an automated tool-loading brake press. Champ partners with OEMs and Tier One Suppliers in metal fabrication and assembly (total project cost: $489,288.00).
Blue Flint Ethanol LLC (Underwood) – $28,500.00 to automate milling, liquefaction, and fermentation stages of ethanol production (total project cost: $175,609.00).
PS Industries Incorporated (PSI) (Grand Forks) – $190,441.06 for an automated robotic press and CNC tube bender. PSI manufactures safety and fall-protection products for multiple industries, including the military and energy sectors (total project cost: $757,381.00).
Wood Products, Inc. (dba American Woods) (Grand Forks) – $186,926.33 for automated material handling carts. American Woods manufactures residential furniture (total project cost: $347,036.00).

Applicants were required to conduct a feasibility study, assessing Smart Manufacturing readiness, with guidance from Impact Dakota. Jodie Mjoen, CEO of Impact Dakota, commended state leadership for their proactive approach to tackling workforce challenges, emphasizing the shift from offshoring to smarter advanced manufacturing solutions that create fulfilling job opportunities.

“Hats off to our state leadership, legislators, governor Burgum and Commerce team for leading the nation in addressing critical workforce challenges. Their efforts have been a driving force, sparking significant joint private industry & public policy investments in advanced manufacturing right here in North Dakota,” said Jodie Mjoen, CEO of Impact Dakota. He added, “For the past 30 years, the focus was on making products cheaper by offshoring. But in the next 30 years, it will be about making products smarter through advanced manufacturing. It’s incredibly rewarding to see the relief and excitement on the faces of our hardworking friends and neighbors in manufacturing, who now have vital solutions for filling and retaining challenging jobs. Workers previously tasked with dangerous, dull, and dirty jobs are being reallocated to higher paying, more fulfilling roles in programming and operating advanced manufacturing equipment in thriving factories across North Dakota. Now that’s what I call a win-win!”

Commerce, alongside Impact Dakota, remains dedicated to fostering automation and innovation in North Dakota businesses, continuing to support applicants in their pursuit of growth and success.

For further information about the Automate ND Grant Program, please visit the following link: ndgov /AutomateND.

MIL-OSI: First Western Reports Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter 2024 Summary

Net income available to common shareholders of $2.1 million in Q3 2024, compared to $1.1 million in Q2 2024
Diluted earnings per share of $0.22 in Q3 2024, compared to $0.11 in Q2 2024
Total deposits increased 3.7% from $2.41 billion in Q2 2024 to $2.50 billion in Q3 2024. Noninterest-bearing deposits increased 19% from $397 million in Q2 2024 to $474 million in Q3 2024
Loan-to-Deposit ratio decreased from 101.9% in Q2 2024 to 95.2% in Q3 2024

DENVER, Oct. 24, 2024 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the third quarter ended September 30, 2024.

Net income available to common shareholders was $2.1 million, or $0.22 per diluted share, for the third quarter of 2024. This compares to net income of $1.1 million, or $0.11 per diluted share, for the second quarter of 2024, and net income of $3.1 million, or $0.32 per diluted share, for the third quarter of 2023.

Scott C. Wylie, CEO of First Western, commented, “We generated a higher level of profitability in the third quarter while continuing to prioritize prudent risk management and a conservative approach to new loan production. We continued to effectively control expense levels while also making investments in the business that will support our profitable growth in the future. We are executing well on our balance sheet management strategies, which resulted in further reduction in our loan-to-deposit ratio, primarily driven by a significant increase in noninterest-bearing deposits, which increased 19% from the end of the prior quarter. We also saw positive trends in asset quality, including a significant reduction in non-performing loans and classified loans, as well as increases in our book value per share and tangible book value per share, which further strengthened our balance sheet.”

“With our successful efforts to reposition our balance sheet including increasing our liquidity with a lower loan-to-deposit ratio, we are well positioned to generate a higher level of loan growth in 2025 as loan demand increases. We also expect to see expansion in our net interest margin and an increase in non-interest income from our mortgage business as interest rates decline, which should further improve our level of profitability. We are seeing positive trends in a number of key areas that we expect to continue, which we believe should result in steady improvement in our financial performance, operating leverage, and further value created for our shareholders,” said Mr. Wylie.

	For the Three Months Ended
	September 30,			June 30,			September 30,
*(Dollars in thousands, except per share data)*		2024			2024			2023
Earnings Summary
Net interest income	$	15,568		$	15,778		$	16,766
Provision for credit losses		501			2,334			329
Total non-interest income		6,972			6,972			6,099
Total non-interest expense		19,368			19,001			18,314
Income before income taxes		2,671			1,415			4,222
Income tax expense		537			339			1,104
Net income available to common shareholders		2,134			1,076			3,118
Basic earnings per common share		0.22			0.11			0.33
Diluted earnings per common share		0.22			0.11			0.32

Return on average assets (annualized)		0.30	%		0.15	%		0.44	%
Return on average shareholders’ equity (annualized)		3.43			1.73			5.08
Return on tangible common equity (annualized)⁽¹⁾		3.93			2.00			5.82
Net interest margin		2.32			2.35			2.46
Efficiency ratio⁽¹⁾		84.89			82.13			78.89

____________________

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Operating Results for the Third Quarter 2024

Revenue

Total income before non-interest expense was $22.0 million for the third quarter of 2024, compared to $20.4 million for the second quarter of 2024. Gross revenue⁽¹⁾ was $22.7 million for the third quarter of 2024, compared to $23.1 million for the second quarter of 2024. The increase in total income before non-interest expense was primarily driven by a decrease in Provision for credit losses. Relative to the third quarter of 2023, total income before non-interest expense decreased 2.2% from $22.5 million. Gross revenue decreased 1.7% from $23.1 million for the third quarter of 2023. The decrease in total income before non-interest expense was driven by an increase in Interest expense due to higher deposit costs, offset partially by higher Interest income and Net mortgage gains.

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Net Interest Income

Net interest income for the third quarter of 2024 was $15.6 million, a decrease of 1.3% from $15.8 million in the second quarter of 2024. The decrease quarter over quarter was driven by an increase in interest expense due to an increase in interest-bearing deposits and partially due to having one additional day in the quarter. Interest income was negatively impacted by $0.4 million in the quarter due to the addition of a non-performing loan. Relative to the third quarter of 2023, net interest income decreased 7.1% from $16.8 million. The decrease compared to the prior year third quarter was due to higher Interest expense driven primarily by higher deposit costs, offset partially by higher Interest income.

Net Interest Margin

Net interest margin for the third quarter of 2024 decreased 3 basis points to 2.32% from 2.35% reported in the second quarter of 2024, primarily due to an unfavorable mix shift in average deposit balances. Net interest margin was negatively impacted by 6 basis points in the quarter due to the addition of a non-performing loan.

The yield on interest-earning assets remained flat at 5.67% in the third quarter of 2024 versus 5.67% in the second quarter of 2024 and the cost of interest-bearing deposits remained flat at 4.19% in the third quarter of 2024 versus 4.19% in the second quarter of 2024.

Relative to the third quarter of 2023, net interest margin decreased from 2.46%, primarily due to pricing pressure on interest-bearing deposits, offset partially by higher loan yields.

Non-interest Income

Non-interest income for the third quarter of 2024 remained flat at $7.0 million compared to $7.0 million in the second quarter of 2024. Activity throughout the quarter included an increase in Risk management and insurance fees, offset by decreased Net gain on mortgage loans.

Relative to the third quarter of 2023, non-interest income increased 14.8% from $6.1 million. Increases were driven primarily by increases in net gain on mortgage loans and risk management and insurance fees.

Non-interest Expense

Non-interest expense for the third quarter of 2024 was $19.4 million compared to $19.0 million for the second quarter of 2024. The increase was primarily driven by increases in Salaries and employee benefits due to increased front office headcount and Marketing expenses, partially offset by a decrease in other operational expenses due to a partial recovery on a fraud loss from the first quarter.

Relative to the third quarter of 2023, non-interest expense increased 6.0% from $18.3 million, driven primarily by an increase in Salaries and employee benefits, occupancy costs, and technology enhancements.

The Company’s efficiency ratio⁽¹⁾ was 84.9% in the third quarter of 2024, compared with 82.1% in the second quarter of 2024 and 78.9% in the third quarter of 2023.

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Income Taxes

The Company recorded Income tax expense of $0.5 million for the third quarter of 2024, compared to Income tax expense of $0.3 million for the second quarter of 2024 and $1.1 million for the third quarter of 2023. The increase in the third quarter of 2024 compared to the second quarter of 2024 was attributable to the increase in Income before income taxes.

Loans

Total loans held for investment were $2.39 billion as of September 30, 2024, a decrease of 2.85% from $2.46 billion as of June 30, 2024. The decline was primarily due to net decreases in the cash, securities and other and commercial and industrial portfolios, offset partially by net growth in the 1 – 4 family residential portfolio. Another contributing factor to the decline was the foreclosure of a property in the quarter, which decreased non-performing loans by $30 million and increased Other real estate owned (“OREO”) by $25.6 million. Relative to the third quarter of 2023, total loans held for investment decreased from $2.54 billion as of September 30, 2023.

Deposits

Total deposits were $2.50 billion as of September 30, 2024, compared to $2.41 billion as of June 30, 2024. The increase was driven primarily by an increase in Noninterest-bearing deposits. Relative to the third quarter of 2023, total deposits increased from $2.42 billion as of September 30, 2023, driven primarily by an increase in time deposits due to new and expanded deposit relationships.

Borrowings

Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $62.4 million as of September 30, 2024, a decrease of $129.1 million from $191.5 million as of June 30, 2024. The change when compared to June 30, 2024 was driven by a decrease in FHLB borrowing due to the deposit growth and loan balance decline that occurred in the quarter. Relative to the third quarter of 2023, borrowings decreased $197.5 million from $259.9 million as of September 30, 2023. The decrease in borrowings from September 30, 2023 is driven by an increase in deposits and decrease in loans.

Subordinated notes were $52.5 million as of September 30, 2024, compared to $52.5 million as of June 30, 2024. Subordinated notes increased $0.2 million from $52.3 million as of September 30, 2023.

Assets Under Management

Assets Under Management (“AUM”) increased to $7.47 billion as of September 30, 2024, compared to $7.01 billion as of June 30, 2024 and $6.40 billion as of September 30, 2023. The increase when compared to June 30, 2024 and September 30, 2023 was primarily attributable to improving market conditions resulting in an increase in the value of AUM.

Credit Quality

Non-performing assets totaled $52.1 million, or 1.79% of total assets, as of September 30, 2024, compared to $49.3 million, or 1.68% of total assets, as of June 30, 2024. The increase in non-performing assets during the quarter was primarily due to the addition of a non-performing loan and foreclosed property, partially offset by non-performing loan pay downs, charge-offs, and the sale of a non-performing loan. As of September 30, 2023, non-performing assets totaled $56.1 million, or 1.87% of total assets. Relative to the third quarter of 2023, the decrease in non-performing assets was primarily driven by pay downs, charge-offs, and the sale of a non-performing loan, partially offset by additions to Other real estate owned (“OREO”) and non-performing loans. OREO totaled $37.0 million as of September 30, 2024 an increase of $25.6 million from $11.4 million as of June 30, 2024. As of September 30, 2023, the Company held no OREO.

Non-performing loans totaled $15.0 million as of September 30, 2024, a decrease of $22.9 million from $37.9 million as of June 30, 2024. As of September 30, 2023, non-performing loans totaled $56.1 million. The decrease when compared to June 30, 2024 and September 30, 2023 was driven by the migration of one loan relationship out of non-performing loans and into OREO, pay downs, charge-offs, and the sale of a non-performing loan, partially offset by additions to non-performing loans.

During the third quarter of 2024 the Company recorded a provision expense of $0.5 million, compared to a provision expense of $2.3 million in the second quarter of 2024 and $0.3 million in the third quarter of 2023. The decrease in provision expense recorded in the third quarter of 2024 compared to second quarter of 2024 was primarily driven by decreased provision on individually analyzed loans in the third quarter.

Capital

As of September 30, 2024, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of September 30, 2024, the Bank was classified as “well capitalized,” as summarized in the following table:

	September 30,
	2024
Consolidated Capital
Tier 1 capital to risk-weighted assets	10.06	%
Common Equity Tier 1 (“CET1”) to risk-weighted assets	10.06
Total capital to risk-weighted assets	13.19
Tier 1 capital to average assets	8.04

Bank Capital
Tier 1 capital to risk-weighted assets	11.39	%
CET1 to risk-weighted assets	11.39
Total capital to risk-weighted assets	12.13
Tier 1 capital to average assets	9.11

Book value per common share increased 0.8% from $25.55 as of June 30, 2024 to $25.75 as of September 30, 2024. Book value per common share decreased 0.04% from $25.76 as of September 30, 2023.

Tangible book value per common share⁽¹⁾ increased 0.9% from $22.27 as of June 30, 2024, to $22.47 as of September 30, 2024. Tangible book value per common share increased 0.2% from $22.42 as of September 30, 2023.

During the third quarter of 2024, the Company repurchased 5,501 shares of its common stock at an average price of $16.27 under its stock repurchase program, which authorized the repurchase of up to 200,000 shares of its common stock. As of September 30, 2024, the Company had up to 194,499 shares remaining under the current stock repurchase authorization.

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, October 25, 2024. Telephone access: https://register.vevent.com/register/BI453d1a8caedc4cd7a7cc436a4d09c5c9.

A slide presentation relating to the third quarter 2024 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.

About First Western

First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” “Gross Revenue,” and “Allowance for Credit Losses to Adjusted Loans”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the lack of soundness of other financial institutions or financial market utilities may adversely affect the Company; the Company’s ability to engage in routine funding and other transactions could be adversely affected by the actions and commercial soundness of other financial institutions; financial institutions are interrelated because of trading, clearing, counterparty or other relationships; defaults by, or even rumors or questions about, one or more financial institutions or financial market utilities, or the financial services industry generally, may lead to market-wide liquidity problems and losses of client, creditor and counterparty confidence and could lead to losses or defaults by other financial institutions, or the Company; integration risks and projected cost savings in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of competition for investment managers and professionals; the risk of fluctuation in the value of our debt securities; the risk of changes in interest rates; and the risk of the adequacy of our allowance for credit losses and the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2024 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts:
Financial Profiles, Inc.
Tony Rossi
310-622-8221
MYFW@finprofiles.com
IR@myfw.com

First Western Financial, Inc. Condensed Consolidated Statements of Income (unaudited)
	Three Months Ended
	September 30,			June 30,			September 30,
*(Dollars in thousands, except per share amounts)*		2024			2024			2023
Interest and dividend income:
Loans, including fees	$	35,353		$	35,275		$	34,141
Loans accounted for under the fair value option		141			168			300
Debt securities		708			651			607
Interest-bearing deposits in other financial institutions		1,754			1,855			1,292
Dividends, restricted stock		134			105			141
Total interest and dividend income		38,090			38,054			36,481

Interest expense:
Deposits		21,150			20,848			17,467
Other borrowed funds		1,372			1,428			2,248
Total interest expense		22,522			22,276			19,715
Net interest income		15,568			15,778			16,766
Less: provision for credit losses		501			2,334			329
Net interest income, after provision for credit losses		15,067			13,444			16,437

Non-interest income:
Trust and investment management fees		4,728			4,875			4,846
Net gain on mortgage loans		1,451			1,820			654
Bank fees		392			327			427
Risk management and insurance fees		367			109			145
Income on company-owned life insurance		108			106			96
Net loss on loans accounted for under the fair value option		(233	)		(315	)		(252	)
Unrealized gain (loss) recognized on equity securities		24			(2	)		(19	)
Other		135			52			202
Total non-interest income		6,972			6,972			6,099
Total income before non-interest expense		22,039			20,416			22,536

Non-interest expense:
Salaries and employee benefits		11,439			11,097			10,968
Occupancy and equipment		2,126			2,080			1,807
Professional services		1,893			1,826			1,867
Technology and information systems		1,045			1,042			906
Data processing		1,101			1,101			1,159
Marketing		374			243			355
Amortization of other intangible assets		57			56			62
Other		1,333			1,556			1,190
Total non-interest expense		19,368			19,001			18,314
Income before income taxes		2,671			1,415			4,222
Income tax expense		537			339			1,104
Net income available to common shareholders	$	2,134		$	1,076		$	3,118
Earnings per common share:
Basic	$	0.22		$	0.11		$	0.33
Diluted		0.22			0.11			0.32

First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited)
	September 30,			June 30,			September 30,
*(Dollars in thousands)*		2024			2024			2023
Assets
Cash and cash equivalents:
Cash and due from banks	$	18,979		$	6,374		$	6,439
Interest-bearing deposits in other financial institutions		257,243			239,425			265,045
Total cash and cash equivalents		276,222			245,799			271,484

Held-to-maturity debt securities (fair value of $70,826, $71,067 and $66,487, respectively), net of allowance for credit losses of $71		76,745			78,927			75,539
Correspondent bank stock, at cost		5,746			10,804			11,305
Mortgage loans held for sale, at fair value		12,324			26,856			12,105
Loans held for sale, at fair value		473			—			—
Loans (includes $8,646, $10,190, and $15,464 measured at fair value, respectively)		2,383,199			2,456,063			2,530,459
Allowance for credit losses		(18,796	)		(27,319	)		(23,175	)
Loans, net		2,364,403			2,428,744			2,507,284
Premises and equipment, net		24,350			24,657			25,410
Accrued interest receivable		10,455			11,339			11,633
Accounts receivable		4,864			5,118			5,292
Other receivables		10,397			4,875			3,052
Other real estate owned, net		37,036			11,421			—
Goodwill and other intangible assets, net		31,684			31,741			31,916
Deferred tax assets, net		4,075			6,123			6,624
Company-owned life insurance		16,849			16,741			16,429
Other assets		36,325			34,410			24,680
Total assets	$	2,911,948		$	2,937,555		$	3,002,753

Liabilities
Deposits:
Noninterest-bearing	$	473,576		$	396,702		$	476,308
Interest-bearing		2,029,478			2,014,190			1,943,688
Total deposits		2,503,054			2,410,892			2,419,996
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		62,373			191,505			259,930
Subordinated notes		52,508			52,451			52,279
Accrued interest payable		3,339			2,243			3,203
Other liabilities		41,843			33,589			21,089
Total liabilities		2,663,117			2,690,680			2,756,497

Shareholders’ Equity
Total shareholders’ equity		248,831			246,875			246,256
Total liabilities and shareholders’ equity	$	2,911,948		$	2,937,555		$	3,002,753

First Western Financial, Inc. Consolidated Financial Summary (unaudited)
	September 30,			June 30,			September 30,
*(Dollars in thousands)*		2024			2024			2023
Loan Portfolio
Cash, Securities, and Other⁽¹⁾	$	116,856		$	143,720		$	148,669
Consumer and Other		14,978			15,645			23,975
Construction and Development		301,542			309,146			349,436
1-4 Family Residential		920,709			904,569			913,085
Non-Owner Occupied CRE		608,494			609,790			527,377
Owner Occupied CRE		176,165			189,353			208,341
Commercial and Industrial		239,660			277,973			349,515
Total		2,378,404			2,450,196			2,520,398
Loans accounted for under the fair value option		8,884			10,494			16,105
Total loans held for investment		2,387,288			2,460,690			2,536,503
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net⁽²⁾		(4,089	)		(4,627	)		(6,044	)
Loans (includes $8,646, $10,190, and $15,464 measured at fair value, respectively)	$	2,383,199		$	2,456,063		$	2,530,459
Mortgage loans held for sale		12,324			26,856			12,105
Loans held for sale		473			—			—

Deposit Portfolio
Money market deposit accounts	$	1,350,619		$	1,342,753		$	1,388,726
Time deposits		533,452			519,597			373,459
Interest checking accounts		130,255			135,759			164,000
Savings accounts		15,152			16,081			17,503
Total interest-bearing deposits		2,029,478			2,014,190			1,943,688
Noninterest-bearing accounts		473,576			396,702			476,308
Total deposits	$	2,503,054		$	2,410,892		$	2,419,996

____________________
⁽¹⁾ Includes PPP loans of $2.6 million as of September 30, 2024, $3.1 million as of June 30, 2024, and $4.9 million as of September 30, 2023.
⁽²⁾ Includes fair value adjustments on loans held for investment accounted for under the fair value option.

First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)
	As of or for the Three Months Ended
	September 30,			June 30,			September 30,
*(Dollars in thousands)*		2024			2024			2023
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	129,629		$	141,600		$	102,510
Debt securities		79,007			75,461			78,057
Correspondent bank stock		6,281			4,801			7,162
Loans		2,429,927			2,443,937			2,485,704
Mortgage loans held for sale		18,423			20,254			12,680
Loans held at fair value		9,691			11,314			16,715
Total interest-earning assets		2,672,958			2,697,367			2,702,828
Allowance for credit losses		(27,236	)		(24,267	)		(22,122	)
Noninterest-earning assets		161,072			143,514			125,774
Total assets	$	2,806,794		$	2,816,614		$	2,806,480

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,007,265		$	2,001,691		$	1,846,318
FHLB and Federal Reserve borrowings		62,589			67,196			125,250
Subordinated notes		52,470			52,414			52,242
Total interest-bearing liabilities		2,122,324			2,121,301			2,023,810
Noninterest-bearing liabilities:
Noninterest-bearing deposits		395,755			412,741			512,956
Other liabilities		40,089			34,051			24,228
Total noninterest-bearing liabilities		435,844			446,792			537,184
Total shareholders’ equity		248,626			248,521			245,486
Total liabilities and shareholders’ equity	$	2,806,794		$	2,816,614		$	2,806,480

Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		5.38	%		5.27	%		5.00	%
Debt securities		3.57			3.47			3.09
Correspondent bank stock		8.49			8.80			7.81
Loans		5.74			5.75			5.42
Loan held at fair value		5.79			5.97			7.12
Mortgage loans held for sale		5.87			6.83			6.70
Total interest-earning assets		5.67			5.67			5.35
Interest-bearing deposits		4.19			4.19			3.75
Total deposits		3.50			3.47			2.94
FHLB and Federal Reserve borrowings		4.03			4.14			4.58
Subordinated notes		5.60			5.66			6.08
Total interest-bearing liabilities		4.22			4.22			3.86
Net interest margin		2.32			2.35			2.46
Net interest rate spread		1.45			1.45			1.49

First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)
	As of or for the Three Months Ended
	September 30,			June 30,			September 30,
*(Dollars in thousands, except share and per share amounts)*		2024			2024			2023
Asset Quality
Non-performing loans	$	15,031		$	37,909		$	56,146
Non-performing assets		52,067			49,330			56,146
Net charge-offs (recoveries)		9,319			(9	)		190
Non-performing loans to total loans		0.63	%		1.54	%		2.21	%
Non-performing assets to total assets		1.79			1.68			1.87
Allowance for credit losses to non-performing loans		125.05			72.06			41.28
Allowance for credit losses to total loans		0.79			1.11			0.92
Allowance for credit losses to adjusted loans⁽¹⁾		0.79			1.12			0.92
Net charge-offs to average loans		0.38		*				0.01

Assets Under Management	$	7,465,757		$	7,011,796		$	6,395,786

Market Data
Book value per share at period end	$	25.75		$	25.55		$	25.76
Tangible book value per common share⁽¹⁾		22.47			22.27			22.42
Weighted average outstanding shares, basic		9,663,131			9,647,345			9,553,331
Weighted average outstanding shares, diluted		9,825,515			9,750,667			9,743,270
Shares outstanding at period end		9,664,101			9,660,548			9,560,209

Consolidated Capital
Tier 1 capital to risk-weighted assets		10.06	%		9.92	%		9.32	%
CET1 to risk-weighted assets		10.06			9.92			9.32
Total capital to risk-weighted assets		13.19			13.44			12.45
Tier 1 capital to average assets		8.04			7.91			7.96

Bank Capital
Tier 1 capital to risk-weighted assets		11.39	%		11.22	%		10.42	%
CET1 to risk-weighted assets		11.39			11.22			10.42
Total capital to risk-weighted assets		12.13			12.35			11.31
Tier 1 capital to average assets		9.11			8.95			8.88

____________________
⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
* Value results in an immaterial amount.

First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)
Reconciliations of Non-GAAP Financial Measures
	As of or for the Three Months Ended
	September 30,			June 30,			September 30,
*(Dollars in thousands, except share and per share amounts)*		2024			2024			2023
Tangible Common
Total shareholders’ equity	$	248,831		$	246,875		$	246,256
Less: goodwill and other intangibles, net		31,684			31,741			31,916
Tangible common equity	$	217,147		$	215,134		$	214,340

Common shares outstanding, end of period		9,664,101			9,660,548			9,560,209
Tangible common book value per share	$	22.47		$	22.27		$	22.42
Net income available to common shareholders		2,134			1,076			3,118
Return on tangible common equity (annualized)		3.93	%		2.00	%		5.82	%

Efficiency
Non-interest expense	$	19,368		$	19,001		$	18,314
Less: amortization		57			56			62
Adjusted non-interest expense	$	19,311		$	18,945		$	18,252

Total income before non-interest expense	$	22,039		$	20,416		$	22,536
Less: unrealized (loss)/gain recognized on equity securities		24			(2	)		(19	)
Less: net loss on loans accounted for under the fair value option		(233	)		(315	)		(252	)
Plus: provision for credit losses		501			2,334			329
Gross revenue	$	22,749		$	23,067		$	23,136
Efficiency ratio		84.89	%		82.13	%		78.89	%

Allowance for Credit Loss to Adjusted Loans
Total loans held for investment	$	2,387,288		$	2,460,690		$	2,536,503
Less: PPP loans		2,603			3,129			4,876
Less: loans accounted for under fair value		8,884			10,494			16,105
Adjusted loans	$	2,375,801		$	2,447,067		$	2,515,522

Allowance for credit losses	$	18,796		$	27,319		$	23,175
Allowance for credit losses to adjusted loans		0.79	%		1.12	%		0.92	%

MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

3rd Quarter 2024 Highlights:

Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share.
Net income was $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent, from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the prior year third quarter net income of $52.4 million.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent.
Net interest income was $180 million for the current quarter, an increase of $13.8 million, or 8 percent, from the prior quarter net interest income of $166 million and an increase of $13.2 million, or 8 percent, from the prior year third quarter net interest income of $167 million.
The loan portfolio of $17.181 billion increased $329 million, or 2 percent, during the current quarter and organically increased $57.6 million, or 1 percent annualized, during the current quarter.
Total core deposits of $20.711 billion, increased $613 million, or 3 percent, during the current quarter and organically increased $216 million, or 4 percent annualized, during the current quarter.
Non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, during the current quarter and organically increased $221 million, or 14 percent annualized, during the current quarter.
The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.
The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.80 percent.
Stockholders’ equity of $3.245 billion increased $108 million, or 3 percent, during the current quarter and increased $370 million, or 13 percent, over the prior year third quarter.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 158 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million, total gross loans of $272 million and total deposits of $397 million.

Year-to-date 2024 Highlights:

Net income for the first nine months of 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the prior year first nine months net income of $169 million.
Interest income for the first nine months of 2024 was $843 million, an increase of $98.7 million, or 13 percent, over the $744 million of interest income for the first nine months of 2023.
The loan portfolio increased $983 million, or 6 percent, during the first nine months of 2024 and organically increased $261 million, or 2 percent, during the first nine months of 2024.
The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
Dividends declared in the first nine months of 2024 were $0.99 per share.
The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

Financial Summary

	At or for the Three Months ended									At or for the Nine months ended
(Dollars in thousands, except per share and market data)	Sep 30, 2024			Jun 30, 2024		Mar 31, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Operating results
Net income	$	51,055		44,708		32,627		52,445		128,390		168,611
Basic earnings per share	$	0.45		0.39		0.29		0.47		1.14		1.52
Diluted earnings per share	$	0.45		0.39		0.29		0.47		1.13		1.52
Dividends declared per share	$	0.33		0.33		0.33		0.33		0.99		0.99
Market value per share
Closing	$	45.70		37.32		40.28		28.50		45.70		28.50
High	$	47.71		40.18		42.75		36.45		47.71		50.03
Low	$	35.57		34.35		34.74		26.84		34.35		26.77
Selected ratios and other data
Number of common stock shares outstanding		113,394,786		113,394,092		113,388,590		110,879,365		113,394,786		110,879,365
Average outstanding shares – basic		113,394,758		113,390,539		112,492,142		110,877,534		113,093,583		110,857,788
Average outstanding shares – diluted		113,473,107		113,405,491		112,554,402		110,886,959		113,137,861		110,882,718
Return on average assets (annualized)		0.73	%	0.66	%	0.47	%	0.75	%	0.62	%	0.83	%
Return on average equity (annualized)		6.34	%	5.77	%	4.25	%	7.12	%	5.47	%	7.72	%
Efficiency ratio		64.92	%	67.97	%	74.41	%	63.31	%	68.98	%	62.10	%
Loan to deposit ratio		83.16	%	84.03	%	82.04	%	79.25	%	83.16	%	79.25	%
Number of full time equivalent employees		3,434		3,399		3,438		3,314		3,434		3,314
Number of locations		232		231		232		221		232		221
Number of ATMs		279		286		285		274		279		274

KALISPELL, Mont., Oct. 24, 2024 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the $52.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share and a decrease of 4 percent from the prior year third quarter diluted earnings per share of $0.47. The decrease in net income compared to the prior year third quarter was due to the increase in funding costs and the increased costs associated with the acquisitions of Wheatland and RMB over the prior year third quarter. “Our positive business trends through the third quarter. We were very pleased to see solid earnings, margin and deposit growth,” said Randy Chesler, President and Chief Executive Officer. “We finalized the acquisition of the Rocky Mountain Bank Montana branches from Heartland and welcome the employees to the Glacier team.”

Net income for the nine months ended September 30, 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the $169 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2024 was $1.13 per share, a decrease of $0.39 per share from the prior year first nine months diluted earnings per share of $1.52. The decrease in net income for the first nine months of the current year compared to the prior year first nine months was primarily due to the significant increase in funding costs. In addition, the current year-to-date results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 23 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

	Wheatland		RMB
(Dollars in thousands)	January 31, 2024		July 19, 2024		Total
Total assets	$	777,659	$	403,052	$	1,180,711
Cash and cash equivalents		12,926		76,781		89,707
Debt securities		187,183		—		187,183
Loans receivable		450,403		271,569		721,972
Non-interest bearing deposits		277,651		93,534		371,185
Interest bearing deposits		339,304		303,156		642,460
Borrowings		58,500		4,305		62,805
Core deposit intangible		16,936		9,794		26,730
Goodwill		38,369		29,794		68,163

Asset Summary

										$ Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Cash and cash equivalents	$	987,833		800,779		1,354,342		1,672,094		187,054		(366,509	)	(684,261	)
Debt securities, available-for-sale		4,436,578		4,499,541		4,785,719		4,741,738		(62,963	)	(349,141	)	(305,160	)
Debt securities, held-to-maturity		3,348,698		3,400,403		3,502,411		3,553,805		(51,705	)	(153,713	)	(205,107	)
Total debt securities		7,785,276		7,899,944		8,288,130		8,295,543		(114,668	)	(502,854	)	(510,267	)
Loans receivable
Residential real estate		1,837,697		1,771,528		1,704,544		1,653,777		66,169		133,153		183,920
Commercial real estate		10,833,841		10,713,964		10,303,306		10,292,446		119,877		530,535		541,395
Other commercial		3,177,051		3,066,028		2,901,863		2,916,785		111,023		275,188		260,266
Home equity		931,440		905,884		888,013		869,963		25,556		43,427		61,477
Other consumer		401,158		394,587		400,356		402,075		6,571		802		(917	)
Loans receivable		17,181,187		16,851,991		16,198,082		16,135,046		329,196		983,105		1,046,141
Allowance for credit losses		(205,170	)	(200,955	)	(192,757	)	(192,271	)	(4,215	)	(12,413	)	(12,899	)
Loans receivable, net		16,976,017		16,651,036		16,005,325		15,942,775		324,981		970,692		1,033,242
Other assets		2,456,643		2,453,581		2,094,832		2,153,149		3,062		361,811		303,494
Total assets	$	28,205,769		27,805,340		27,742,629		28,063,561		400,429		463,140		142,208

Total debt securities of $7.785 billion at September 30, 2024 decreased $115 million, or 1 percent, during the current quarter and decreased $510 million, or 6 percent, from the prior year third quarter. Debt securities represented 28 percent of total assets at September 30, 2024 compared to 30 percent at December 31, 2023 and 30 percent at September 30, 2023.

The loan portfolio of $17.181 billion at September 30, 2024 increased $329 million, or 2 percent, during the current quarter. Excluding the RMB acquisition, the loan portfolio organically increased $57.6 million, or 1 percent annualized, during the current quarter. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $261 million, or 2 percent, during the first nine months of 2024 and increased $324 million, or 2 percent, from the prior year third quarter.

Credit Quality Summary

	At or for the Nine Months ended			At or for the Six Months ended		At or for the Year ended		At or for the Nine Months ended
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Allowance for credit losses
Balance at beginning of period	$	192,757		192,757		182,283		182,283
Acquisitions		3		3		—		—
Provision for credit losses		21,138		14,157		20,790		16,609
Charge-offs		(12,406	)	(8,430	)	(15,095	)	(10,284	)
Recoveries		3,678		2,468		4,779		3,663
Balance at end of period	$	205,170		200,955		192,757		192,271
Provision for credit losses
Loan portfolio	$	21,138		14,157		20,790		16,609
Unfunded loan commitments		(1,366	)	(2,390	)	(5,995	)	(4,827	)
Total provision for credit losses	$	19,772		11,767		14,795		11,782
Other real estate owned	$	432		432		1,032		—
Other foreclosed assets		201		198		471		48
Accruing loans 90 days or more past due		11,551		4,692		3,312		3,855
Non-accrual loans		15,937		12,686		20,816		38,380
Total non-performing assets	$	28,121		18,008		25,631		42,283
Non-performing assets as a percentage of subsidiary assets		0.10	%	0.06	%	0.09	%	0.15	%
Allowance for credit losses as a percentage of non-performing loans		730	%	1,116	%	799	%	455	%
Allowance for credit losses as a percentage of total loans		1.19	%	1.19	%	1.19	%	1.19	%
Net charge-offs as a percentage of total loans		0.05	%	0.04	%	0.06	%	0.04	%
Accruing loans 30-89 days past due	$	56,213		49,678		49,967		15,253
U.S. government guarantees included in non-performing assets	$	1,802		1,228		1,503		1,057

Non-performing assets as a percentage of subsidiary assets at September 30, 2024 was 0.10 percent compared to 0.06 percent in the prior quarter and 0.15 percent in the prior year third quarter. Non-performing assets of $28.1 million at September 30, 2024 increased $10.1 million, or 56 percent, over the prior quarter and decreased $14.2 million, or 33 percent, over the prior year third quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2024 were 0.33 percent compared to 0.29 percent for the prior quarter end and 0.09 percent for the prior year third quarter. Early stage delinquencies of $56.2 million at September 30, 2024 increased $6.5 million from the prior quarter and increased $41.0 million from prior year third quarter.

The current quarter credit loss expense of $8.0 million included $2.8 million of provision for credit losses on loans and $799 thousand of provision for credit losses on unfunded commitments from the acquisition of RMB. Excluding the acquisition of RMB, the current quarter credit loss expense was $4.4 million, including $4.2 million of credit loss expense from loans and $225 thousand of credit loss expense from unfunded loan commitments.

For the first nine months of the current year, the provision for credit losses of $19.8 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)	Provision for Credit Losses Loans		Net Charge-Offs		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
Third quarter 2024	$	6,981	$	2,766	1.19	%	0.33	%	0.10	%
Second quarter 2024		5,066		2,890	1.19	%	0.29	%	0.06	%
First quarter 2024		9,091		3,072	1.19	%	0.37	%	0.09	%
Fourth quarter 2023		4,181		3,695	1.19	%	0.31	%	0.09	%
Third quarter 2023		5,095		2,209	1.19	%	0.09	%	0.15	%
Second quarter 2023		5,254		2,473	1.19	%	0.16	%	0.12	%
First quarter 2023		6,260		1,939	1.20	%	0.16	%	0.12	%
Fourth quarter 2022		6,060		1,968	1.20	%	0.14	%	0.12	%

Net charge-offs for the current quarter were $2.8 million compared to $2.9 million in the prior quarter and $2.2 million for the prior year third quarter. Net charge-offs of $2.8 million included $1.9 million in deposit overdraft net charge-offs and $815 thousand of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

						$ Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Deposits
Non-interest bearing deposits	$	6,407,728	6,093,430	6,022,980	6,465,353	314,298		384,748		(57,625	)
NOW and DDA accounts		5,363,476	5,219,838	5,321,257	5,253,367	143,638		42,219		110,109
Savings accounts		2,801,077	2,862,034	2,833,887	2,872,362	(60,957	)	(32,810	)	(71,285	)
Money market deposit accounts		2,854,540	2,858,850	2,831,624	2,994,631	(4,310	)	22,916		(140,091	)
Certificate accounts		3,284,609	3,064,613	2,915,393	2,742,017	219,996		369,216		542,592
Core deposits, total		20,711,430	20,098,765	19,925,141	20,327,730	612,665		786,289		383,700
Wholesale deposits		3,334	2,994	4,026	67,434	340		(692	)	(64,100	)
Deposits, total		20,714,764	20,101,759	19,929,167	20,395,164	613,005		785,597		319,600
Repurchase agreements		1,831,501	1,629,504	1,486,850	1,499,696	201,997		344,651		331,805
Deposits and repurchase agreements, total		22,546,265	21,731,263	21,416,017	21,894,860	815,002		1,130,248		651,405
Federal Home Loan Bank advances		1,800,000	2,350,000	—	—	(550,000	)	1,800,000		1,800,000
FRB Bank Term Funding		—	—	2,740,000	2,740,000	—		(2,740,000	)	(2,740,000	)
Other borrowed funds		84,168	88,149	81,695	73,752	(3,981	)	2,473		10,416
Subordinated debentures		133,065	133,024	132,943	132,903	41		122		162
Other liabilities		397,221	365,459	351,693	347,452	31,762		45,528		49,769
Total liabilities	$	24,960,719	24,667,895	24,722,348	25,188,967	292,824		238,371		(228,248	)

Total core deposits of $20.711 billion at September 30, 2024 increased $613 million, or 3 percent, from the prior quarter and increased $786 million, or 4 percent, from the prior year end. Total core deposits organically increased $217 million, or 4 percent annualized, during the current quarter and decreased $227 million, or 1 percent, from the prior year end.

Total non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, from the prior quarter and increased $385 million, or 6 percent, from the prior year end. Non-interest bearing deposits organically increased $221 million, or 14 percent annualized, during the current quarter and increased $13.6 million, or 23 basis points, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at June 30, 2024, compared to 30 percent at December 31, 2023 and 32 percent at September 30, 2023.

FHLB borrowings of $1.800 billion decreased $550 million, or 23 percent, during the current quarter. Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

Stockholders’ Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Common equity	$	3,507,356		3,492,096		3,394,394		3,374,961		15,260		112,962		132,395
Accumulated other comprehensive loss		(262,306	)	(354,651	)	(374,113	)	(500,367	)	92,345		111,807		238,061
Total stockholders’ equity		3,245,050		3,137,445		3,020,281		2,874,594		107,605		224,769		370,456
Goodwill and intangibles, net		(1,106,336	)	(1,066,790	)	(1,017,263	)	(1,019,690	)	(39,546	)	(89,073	)	(86,646	)
Tangible stockholders’ equity	$	2,138,714		2,070,655		2,003,018		1,854,904		68,059		135,696		283,810

Stockholders’ equity to total assets		11.50	%	11.28	%	10.89	%	10.24	%
Tangible stockholders’ equity to total tangible assets		7.89	%	7.74	%	7.49	%	6.86	%
Book value per common share	$	28.62		27.67		27.24		25.93		0.95	1.38	2.69
Tangible book value per common share	$	18.86		18.26		18.06		16.73		0.60	0.80	2.13

Tangible stockholders’ equity of $2.139 billion at September 30, 2024 increased $68.1 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities which was partially offset by the increase in goodwill and core deposit intangibles associated with the acquisition of RMB. Tangible stockholders’ equity at September 30, 2024 increased $136 million, or 7 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and the decrease in the unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.86 at the current quarter end increased $0.80 per share, or 4 percent, from the prior year end and increased $2.13 per share, or 13 percent, from the prior year third quarter.

Cash Dividends
On September 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 17, 2024 to shareholders of record on October 8, 2024. The dividend was the Company’s 158th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended September 30, 2024 Compared to June 30, 2024, March 31, 2024 and September 30, 2023

Income Summary
	Three Months ended									$ Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Mar 31, 2024		Sep 30, 2023		Jun 30, 2024	Mar 31, 2024		Sep 30, 2023
Net interest income
Interest income	$	289,578		273,834		279,402		264,906		15,744	10,176		24,672
Interest expense		109,347		107,356		112,922		97,852		1,991	(3,575	)	11,495
Total net interest income		180,231		166,478		166,480		167,054		13,753	13,751		13,177
Non-interest income
Service charges and other fees		20,587		19,422		18,563		19,304		1,165	2,024		1,283
Miscellaneous loan fees and charges		4,970		4,821		4,362		4,322		149	608		648
Gain on sale of loans		4,898		4,669		3,362		4,046		229	1,536		852
Gain (loss) on sale of securities		26		(12	)	16		(65	)	38	10		91
Other income		4,223		3,304		3,686		2,633		919	537		1,590
Total non-interest income		34,704		32,204		29,989		30,240		2,500	4,715		4,464
Total income	$	214,935		198,682		196,469		197,294		16,253	18,466		17,641
Net interest margin (tax-equivalent)		2.83	%	2.68	%	2.59	%	2.58	%

Net Interest Income
The current quarter interest income of $290 million increased $15.7 million, or 6 percent, over the prior quarter and increased $24.7 million, or 9 percent, over the prior year third quarter, with both increases being primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.

The current quarter interest expense of $109 million increased $2.0 million, or 2 percent, over the prior quarter and was primarily attributable to the increase in average deposit balances. The current quarter interest expense increased $11.5 million, or 12 percent, over the prior year third quarter and was primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.37 percent for the current quarter compared to 1.36 percent in the prior quarter and 1.03 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter. The current quarter cost of funds increased 21 basis points from the prior year third quarter which was primarily the result of the increased deposit rates.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent and was primarily driven by an increase in loan yields. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 25 basis points from the prior year third quarter net interest margin of 2.58 percent and was primarily driven by an increase in loan yields which more than offset the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 4 basis points from discount accretion, the core net interest margin was 2.79 percent in the current quarter compared to 2.63 percent in the prior quarter and 2.55 in the prior year third quarter. “The growth in the loan portfolio at higher yields was funded primarily by the remix of lower yield cash flow from the securities portfolio,” said Ron Copher, Chief Financial Officer. “In addition, the growth in non-interest bearing deposits and the reduction in wholesale funding contributed to the improvement in the current quarter net interest margin.”

Non-interest Income
Non-interest income for the current quarter totaled $34.7 million, which was an increase of $2.5 million, or 8 percent, over the prior quarter and an increase of $4.5 million, or 15 percent, over the prior year third quarter. Service charges and other fees of $20.6 million for the current quarter increased $1.2 million, or 6 percent, compared to the prior quarter and increased $1.3 million, or 7 percent, compared to the prior year third quarter. Gain on the sale of residential loans of $4.9 million for the current quarter increased $229 thousand, or 5 percent, compared to the prior quarter and increased $852 thousand, or 21 percent, from the prior year third quarter. Other income of $4.2 million increased $919 thousand, or 28 percent, over the prior quarter and increased $1.6 million, or 60 percent, over the prior year third quarter, with both increases being driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

Non-interest Expense Summary

	Three Months ended					$ Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Mar 31, 2024	Sep 30, 2023	Jun 30, 2024		Mar 31, 2024		Sep 30, 2023
Compensation and employee benefits	$	85,083	84,434	85,789	77,387	649		(706	)	7,696
Occupancy and equipment		11,989	11,594	11,883	10,553	395		106		1,436
Advertising and promotions		4,062	4,362	3,983	4,052	(300	)	79		10
Data processing		9,196	9,387	9,159	8,730	(191	)	37		466
Other real estate owned and foreclosed assets		13	149	25	15	(136	)	(12	)	(2	)
Regulatory assessments and insurance		5,150	5,393	7,761	6,060	(243	)	(2,611	)	(910	)
Intangibles amortization		3,367	3,017	2,760	2,428	350		607		939
Other expenses		25,848	22,616	30,483	20,351	3,232		(4,635	)	5,497
Total non-interest expense	$	144,708	140,952	151,843	129,576	3,756		(7,135	)	15,132

Total non-interest expense of $145 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $15.1 million, or 12 percent, over the prior year third quarter. Compensation and employee benefits increased $7.7 million, or 10 percent, from the prior year third quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB.

Other expenses of $25.8 million increased $3.2 million, or 14 percent, from the prior quarter, which was attributable to several miscellaneous category increases including an increase of $1.2 million in outside consulting services. In addition, the current quarter other expenses included $586 thousand of gains from the sale of former branch facilities and disposal of fixed assets compared to $1.5 million in the prior quarter. Other expenses increased $5.5 million, or 27 percent, from the prior year third quarter as a result of several miscellaneous category increases including an increase of $2.7 million in outside consulting services and an increase of $1.6 million in acquisition-related expenses. Acquisition-related expense was $1.9 million in the current quarter compared to $1.8 million in the prior quarter and $279 thousand in the prior year third quarter.

Federal and State Income Tax Expense
Tax expense during the third quarter of 2024 was $11.2 million, an increase of $1.7 million, or 18 percent, compared to the prior quarter and a decrease of $567 thousand, or 5 percent, from the prior year third quarter. The effective tax rate in the current quarter was 17.9 percent compared to 17.5 percent in the prior quarter and 18.3 percent in the prior year third quarter.

Efficiency Ratio
The efficiency ratio was 64.92 percent in the current quarter compared to 67.97 percent in the prior quarter and 63.31 percent in the prior year third quarter. The decrease from the prior quarter was principally driven by the increase in net interest income that more than offset the increase in non-interest expense.

Operating Results for Nine Months Ended September 30, 2024 Compared to September 30, 2023

Income Summary
	Nine months ended
(Dollars in thousands)	Sep 30, 2024			Sep 30, 2023			$ Change			% Change
Net interest income
Interest income	$	842,814		$	744,159		$	98,655		13	%
Interest expense		329,625			218,933			110,692		51	%
Total net interest income		513,189			525,226			(12,037	)	(2	)%
Non-interest income
Service charges and other fees		58,572			56,042			2,530		5	%
Miscellaneous loan fees and charges		14,153			12,451			1,702		14	%
Gain on sale of loans		12,929			9,974			2,955		30	%
Gain (loss) on sale of securities		30			(202	)		232		(115	)%
Other income		11,213			8,949			2,264		25	%
Total non-interest income		96,897			87,214			9,683		11	%
Total Income	$	610,086		$	612,440		$	(2,354	)	—	%
Net interest margin (tax-equivalent)		2.70	%		2.79	%

Net Interest Income
Net-interest income of $513 million for the first nine months of 2024 decreased $12.0 million, or 2 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $843 million for 2024 increased $98.7 million, or 13 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.58 percent during the first nine months of 2024, an increase of 44 basis points from the prior year first nine months loan yield of 5.14 percent.

Interest expense of $330 million for the first nine months of 2024 increased $111 million, or 51 percent, over the same period in the prior year and was primarily the result of higher interest rates on deposits. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the first nine months of 2024 compared to 0.62 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2024 was 1.81 percent, which was an increase of 59 basis points over the first nine months of the prior year funding cost of 1.22 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2024 was 2.70 percent, a 9 basis points decrease from the net interest margin of 2.79 percent for the first nine months of the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.65 percent in the first nine months of the current year compared to 2.77 percent in the prior year first nine months.

Non-interest Income
Non-interest income of $96.9 million for the first nine months of 2024 increased $9.7 million, or 11 percent, over the same period last year. Gain on sale of residential loans of $12.9 million for the first nine months of 2024 increased by $3.0 million, or 30 percent, over the first nine months of the prior year. Other income of $11.2 million for the first nine months of 2024 increased $2.3 million, or 25 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

Non-interest Expense Summary

	Nine months ended
(Dollars in thousands)	Sep 30, 2024		Sep 30, 2023		$ Change		% Change
Compensation and employee benefits	$	255,306	$	237,628	$	17,678	7	%
Occupancy and equipment		35,466		33,045		2,421	7	%
Advertising and promotions		12,407		12,020		387	3	%
Data processing		27,742		25,241		2,501	10	%
Other real estate owned and foreclosed assets		187		41		146	356	%
Regulatory assessments and insurance		18,304		16,277		2,027	12	%
Core deposit intangibles amortization		9,144		7,304		1,840	25	%
Other expenses		78,947		63,606		15,341	24	%
Total non-interest expense	$	437,503	$	395,162	$	42,341	11	%

Total non-interest expense of $438 million for the first nine months of 2024 increased $42.3 million, or 11 percent, over the same period in the prior year. Compensation and employee benefits expense of $255 million in the first nine months of 2024 increased $17.7 million, or 7 percent, over the same period in the prior year and was driven by annual salary increases and the acquisitions of Wheatland and RMB. Data processing expenses of $27.7 million for the first nine months of 2024 increased $2.5 million, or 10 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $18.3 million for the first nine months of 2024 increased $2.0 million, or 12 percent, over the same period in the prior year which was principally due to the accrual adjustment for the FDIC special assessment. Other expenses of $78.9 million for the first nine months of 2024 increased $15.3 million, or 24 percent, from the first nine months of the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses, which was partially offset by gains of $3.1 million from the sale of former branch facilities and disposal of fixed assets.

Provision for Credit Losses
The provision for credit loss expense was $19.8 million for the first nine months of 2024, an increase of $8.0 million, or 68 percent, over the same period in the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for the first nine months of 2024 were $8.7 million compared to $6.6 million in the first nine months of 2023.

Federal and State Income Tax Expense
Tax expense of $24.4 million for the first nine months of 2024 decreased $12.5 million, or 34 percent, over the prior year. The effective tax rate for the first nine months of 2024 was 16.0 percent compared to 17.9 percent for the same period in the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the pre-tax income.

Efficiency Ratio
The efficiency ratio was 68.98 percent for the first nine months of 2024 compared to 62.10 percent for the same period of 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
costs or difficulties related to the completion and integration of pending or future acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 25, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI32ee03ea65c34bd794e0027768d383d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/9bh88vfv.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Assets
Cash on hand and in banks	$	342,105		271,107		246,525		264,067
Interest bearing cash deposits		645,728		529,672		1,107,817		1,408,027
Cash and cash equivalents		987,833		800,779		1,354,342		1,672,094
Debt securities, available-for-sale		4,436,578		4,499,541		4,785,719		4,741,738
Debt securities, held-to-maturity		3,348,698		3,400,403		3,502,411		3,553,805
Total debt securities		7,785,276		7,899,944		8,288,130		8,295,543
Loans held for sale, at fair value		46,126		39,745		15,691		29,027
Loans receivable		17,181,187		16,851,991		16,198,082		16,135,046
Allowance for credit losses		(205,170	)	(200,955	)	(192,757	)	(192,271	)
Loans receivable, net		16,976,017		16,651,036		16,005,325		15,942,775
Premises and equipment, net		466,977		451,515		421,791		415,343
Other real estate owned and foreclosed assets		633		630		1,503		48
Accrued interest receivable		114,121		102,279		94,526		104,476
Deferred tax asset		125,432		155,834		159,070		203,745
Intangibles, net		52,780		43,028		31,870		34,297
Goodwill		1,053,556		1,023,762		985,393		985,393
Non-marketable equity securities		98,285		121,810		12,755		11,330
Bank-owned life insurance		188,971		187,793		171,101		170,175
Other assets		309,762		327,185		201,132		199,315
Total assets	$	28,205,769		27,805,340		27,742,629		28,063,561
Liabilities
Non-interest bearing deposits	$	6,407,728		6,093,430		6,022,980		6,465,353
Interest bearing deposits		14,307,036		14,008,329		13,906,187		13,929,811
Securities sold under agreements to repurchase		1,831,501		1,629,504		1,486,850		1,499,696
FHLB advances		1,800,000		2,350,000		—		—
FRB Bank Term Funding		—		—		2,740,000		2,740,000
Other borrowed funds		84,168		88,149		81,695		73,752
Subordinated debentures		133,065		133,024		132,943		132,903
Accrued interest payable		35,382		31,000		125,907		91,874
Other liabilities		361,839		334,459		225,786		255,578
Total liabilities		24,960,719		24,667,895		24,722,348		25,188,967
Commitments and Contingent Liabilities		—		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,134		1,134		1,109		1,109
Paid-in capital		2,447,200		2,445,479		2,350,104		2,348,305
Retained earnings – substantially restricted		1,059,022		1,045,483		1,043,181		1,025,547
Accumulated other comprehensive loss		(262,306	)	(354,651	)	(374,113	)	(500,367	)
Total stockholders’ equity		3,245,050		3,137,445		3,020,281		2,874,594
Total liabilities and stockholders’ equity	$	28,205,769		27,805,340		27,742,629		28,063,561

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended							Nine months ended
(Dollars in thousands, except per share data)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024	Sep 30, 2023		Sep 30, 2024	Sep 30, 2023
Interest Income
Investment securities	$	46,371	42,165		56,218	53,397		144,754	144,697
Residential real estate loans		23,118	21,754		20,764	18,594		65,636	51,508
Commercial loans		196,901	188,326		181,472	173,437		566,699	493,706
Consumer and other loans		23,188	21,589		20,948	19,478		65,725	54,248
Total interest income		289,578	273,834		279,402	264,906		842,814	744,159
Interest Expense
Deposits		70,607	67,852		67,196	54,697		205,655	98,942
Securities sold under agreements to repurchase		14,737	13,566		12,598	10,972		40,901	24,185
Federal Home Loan Bank advances		22,344	24,179		4,249	—		50,772	26,910
FRB Bank Term Funding		—	—		27,097	30,229		27,097	63,160
Other borrowed funds		252	353		344	489		949	1,428
Subordinated debentures		1,407	1,406		1,438	1,465		4,251	4,308
Total interest expense		109,347	107,356		112,922	97,852		329,625	218,933
Net Interest Income		180,231	166,478		166,480	167,054		513,189	525,226
Provision for credit losses		8,005	3,518		8,249	3,539		19,772	11,782
Net interest income after provision for credit losses		172,226	162,960		158,231	163,515		493,417	513,444
Non-Interest Income
Service charges and other fees		20,587	19,422		18,563	19,304		58,572	56,042
Miscellaneous loan fees and charges		4,970	4,821		4,362	4,322		14,153	12,451
Gain on sale of loans		4,898	4,669		3,362	4,046		12,929	9,974
Gain (loss) on sale of securities		26	(12	)	16	(65	)	30	(202	)
Other income		4,223	3,304		3,686	2,633		11,213	8,949
Total non-interest income		34,704	32,204		29,989	30,240		96,897	87,214
Non-Interest Expense
Compensation and employee benefits		85,083	84,434		85,789	77,387		255,306	237,628
Occupancy and equipment		11,989	11,594		11,883	10,553		35,466	33,045
Advertising and promotions		4,062	4,362		3,983	4,052		12,407	12,020
Data processing		9,196	9,387		9,159	8,730		27,742	25,241
Other real estate owned and foreclosed assets		13	149		25	15		187	41
Regulatory assessments and insurance		5,150	5,393		7,761	6,060		18,304	16,277
Intangibles amortization		3,367	3,017		2,760	2,428		9,144	7,304
Other expenses		25,848	22,616		30,483	20,351		78,947	63,606
Total non-interest expense		144,708	140,952		151,843	129,576		437,503	395,162
Income Before Income Taxes		62,222	54,212		36,377	64,179		152,811	205,496
Federal and state income tax expense		11,167	9,504		3,750	11,734		24,421	36,885
Net Income	$	51,055	44,708		32,627	52,445		128,390	168,611

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	September 30, 2024						June 30, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,850,066	$	23,118	5.00	%	$	1,796,787	$	21,754	4.84	%
Commercial loans ¹		13,957,304		198,556	5.66	%		13,740,455		189,939	5.56	%
Consumer and other loans		1,324,142		23,188	6.97	%		1,290,587		21,589	6.73	%
Total loans ²		17,131,512		244,862	5.69	%		16,827,829		233,282	5.58	%
Tax-exempt debt securities ³		1,660,643		14,710	3.54	%		1,707,269		15,111	3.54	%
Taxable debt securities ^{4, 5}		7,073,967		34,001	1.92	%		7,042,885		29,461	1.67	%
Total earning assets		25,866,122		293,573	4.52	%		25,577,983		277,854	4.37	%
Goodwill and intangibles		1,092,632						1,068,250
Non-earning assets		836,878						754,491
Total assets	$	27,795,632					$	27,400,724
Liabilities
Non-interest bearing deposits	$	6,237,166	$	—	—	%	$	6,026,709	$	—	—	%
NOW and DDA accounts		5,314,459		16,221	1.21	%		5,221,883		15,728	1.21	%
Savings accounts		2,829,203		5,699	0.80	%		2,914,538		6,014	0.83	%
Money market deposit accounts		2,887,173		15,048	2.07	%		2,904,438		14,467	2.00	%
Certificate accounts		3,211,842		33,597	4.16	%		3,037,638		31,593	4.18	%
Total core deposits		20,479,843		70,565	1.37	%		20,105,206		67,802	1.36	%
Wholesale deposits ⁶		3,122		42	5.47	%		3,726		50	5.50	%
Repurchase agreements		1,723,553		14,738	3.40	%		1,597,887		13,566	3.41	%
FHLB advances		1,828,533		22,344	4.78	%		2,007,747		24,179	4.76	%
Subordinated debentures and other borrowed funds		219,472		1,658	3.01	%		224,778		1,759	3.15	%
Total funding liabilities		24,254,523		109,347	1.79	%		23,939,344		107,356	1.80	%
Other liabilities		336,906						344,105
Total liabilities		24,591,429						24,283,449
Stockholders’ Equity
Stockholders’ equity		3,204,203						3,117,275
Total liabilities and stockholders’ equity	$	27,795,632					$	27,400,724
Net interest income (tax-equivalent)			$	184,226					$	170,498
Net interest spread (tax-equivalent)					2.73	%					2.57	%
Net interest margin (tax-equivalent)					2.83	%					2.68	%

______________________________

¹	Includes tax effect of $1.7 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and June 30, 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $2.1 million and $2.2 million on tax-exempt debt securities income for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁴	Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $357.0 million and $0.14 billion for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁵	Includes tax effect of $203 thousand and $211 thousand on federal income tax credits for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Three Months ended
	September 30, 2024						September 30, 2023
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,850,066	$	23,118	5.00	%	$	1,649,947	$	18,594	4.51	%
Commercial loans ¹		13,957,304		198,556	5.66	%		13,120,479		174,822	5.29	%
Consumer and other loans		1,324,142		23,188	6.97	%		1,263,775		19,478	6.11	%
Total loans ²		17,131,512		244,862	5.69	%		16,034,201		212,894	5.27	%
Tax-exempt debt securities ³		1,660,643		14,710	3.54	%		1,732,227		14,486	3.34	%
Taxable debt securities ^{4, 5}		7,073,967		34,001	1.92	%		8,485,157		41,052	1.94	%
Total earning assets		25,866,122		293,573	4.52	%		26,251,585		268,432	4.06	%
Goodwill and intangibles		1,092,632						1,020,868
Non-earning assets		836,878						528,145
Total assets	$	27,795,632					$	27,800,598
Liabilities
Non-interest bearing deposits	$	6,237,166	$	—	—	%	$	6,461,350	$	—	—	%
NOW and DDA accounts		5,314,459		16,221	1.21	%		5,231,741		12,906	0.98	%
Savings accounts		2,829,203		5,699	0.80	%		2,840,620		3,492	0.49	%
Money market deposit accounts		2,887,173		15,048	2.07	%		3,039,177		12,646	1.65	%
Certificate accounts		3,211,842		33,597	4.16	%		2,462,266		23,151	3.73	%
Total core deposits		20,479,843		70,565	1.37	%		20,035,154		52,195	1.03	%
Wholesale deposits ⁶		3,122		42	5.47	%		188,523		2,502	5.27	%
Repurchase agreements		1,723,553		14,738	3.40	%		1,401,765		10,972	3.11	%
FHLB advances		1,828,533		22,344	4.78	%		—		—	—	%
FRB Bank Term Funding		—		—	—	%		2,740,000		30,229	4.38	%
Subordinated debentures and other borrowed funds		219,472		1,658	3.01	%		208,336		1,954	3.72	%
Total funding liabilities		24,254,523		109,347	1.79	%		24,573,778		97,852	1.58	%
Other liabilities		336,906						302,564
Total liabilities		24,591,429						24,876,342
Stockholders’ Equity
Stockholders’ equity		3,204,203						2,924,256
Total liabilities and stockholders’ equity	$	27,795,632					$	27,800,598
Net interest income (tax-equivalent)			$	184,226					$	170,580
Net interest spread (tax-equivalent)					2.73	%					2.48	%
Net interest margin (tax-equivalent)					2.83	%					2.58	%

______________________________

¹	Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and 2023, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
⁴	Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
⁵	Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 30, 2024 and 2023, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Nine Months ended
	September 30, 2024						September 30, 2023
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,798,202	$	65,636	4.87	%	$	1,570,911	$	51,508	4.37	%
Commercial loans ¹		13,737,866		571,540	5.56	%		12,910,691		498,152	5.16	%
Consumer and other loans		1,299,463		65,725	6.76	%		1,236,158		54,248	5.87	%
Total loans ²		16,835,531		702,901	5.58	%		15,717,760		603,908	5.14	%
Tax-exempt debt securities ³		1,695,965		44,978	3.54	%		1,745,764		44,978	3.44	%
Taxable debt securities ^{4, 5}		7,429,971		106,939	1.92	%		8,240,041		107,338	1.74	%
Total earning assets		25,961,467		854,818	4.40	%		25,703,565		756,224	3.93	%
Goodwill and intangibles		1,071,024						1,023,274
Non-earning assets		734,681						510,332
Total assets	$	27,767,172					$	27,237,171
Liabilities
Non-interest bearing deposits	$	6,077,392	$	—	—	%	$	6,770,242	$	—	—	%
NOW and DDA accounts		5,270,842		47,866	1.21	%		5,140,668		22,606	0.59	%
Savings accounts		2,881,273		17,368	0.81	%		2,930,420		5,070	0.23	%
Money market deposit accounts		2,913,206		43,907	2.01	%		3,253,138		28,654	1.18	%
Certificate accounts		3,083,866		96,365	4.17	%		1,638,163		34,613	2.82	%
Total core deposits		20,226,579		205,506	1.36	%		19,732,631		90,943	0.62	%
Wholesale deposits ⁶		3,603		149	5.49	%		213,465		7,999	5.01	%
Repurchase agreements		1,612,021		40,901	3.39	%		1,238,139		24,185	2.61	%
FHLB advances		1,397,258		50,772	4.77	%		738,004		26,910	4.81	%
FRB Bank Term Funding		824,672		27,097	4.39	%		1,929,322		63,160	4.38	%
Subordinated debentures and other borrowed funds		220,835		5,200	3.15	%		208,891		5,737	3.67	%
Total funding liabilities		24,284,968		329,625	1.81	%		24,060,452		218,934	1.22	%
Other liabilities		345,822						256,022
Total liabilities		24,630,790						24,316,474
Stockholders’ Equity
Stockholders’ equity		3,136,382						2,920,697
Total liabilities and stockholders’ equity	$	27,767,172					$	27,237,171
Net interest income (tax-equivalent)			$	525,193					$	537,290
Net interest spread (tax-equivalent)					2.59	%					2.71	%
Net interest margin (tax-equivalent)					2.70	%					2.79	%

______________________________

¹	Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2024 and 2023, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
⁴	Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
⁵	Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 30, 2024 and 2023, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type												% Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Custom and owner occupied construction	$	235,915		$	233,978		$	290,572		$	306,106		1	%	(19)	%	(23)	%
Pre-sold and spec construction		203,610			198,219			236,596			287,048		3	%	(14)	%	(29)	%
Total residential construction		439,525			432,197			527,168			593,154		2	%	(17)	%	(26)	%
Land development		205,704			209,794			232,966			234,995		(2)	%	(12)	%	(12)	%
Consumer land or lots		189,705			190,781			187,545			184,685		(1)	%	1	%	3	%
Unimproved land		109,237			108,763			87,739			87,089		—	%	25	%	25	%
Developed lots for operative builders		67,140			57,140			56,142			62,485		18	%	20	%	7	%
Commercial lots		98,644			99,036			87,185			84,194		—	%	13	%	17	%
Other construction		689,638			810,536			900,547			982,384		(15)	%	(23)	%	(30)	%
Total land, lot, and other construction		1,360,068			1,476,050			1,552,124			1,635,832		(8)	%	(12)	%	(17)	%
Owner occupied		3,121,900			3,087,814			3,035,768			2,976,821		1	%	3	%	5	%
Non-owner occupied		4,001,430			3,941,786			3,742,916			3,765,266		2	%	7	%	6	%
Total commercial real estate		7,123,330			7,029,600			6,778,684			6,742,087		1	%	5	%	6	%
Commercial and industrial		1,387,538			1,400,896			1,363,479			1,363,198		(1)	%	2	%	2	%
Agriculture		1,047,320			962,384			772,458			785,208		9	%	36	%	33	%
1st lien		2,462,885			2,353,912			2,127,989			2,054,497		5	%	16	%	20	%
Junior lien		77,029			56,049			47,230			47,490		37	%	63	%	62	%
Total 1-4 family		2,539,914			2,409,961			2,175,219			2,101,987		5	%	17	%	21	%
Multifamily residential		921,138			1,027,962			796,538			714,822		(10)	%	16	%	29	%
Home equity lines of credit		1,004,300			974,000			979,891			950,204		3	%	2	%	6	%
Other consumer		221,517			220,755			229,154			233,980		—	%	(3)	%	(5)	%
Total consumer		1,225,817			1,194,755			1,209,045			1,184,184		3	%	1	%	4	%
States and political subdivisions		993,871			777,426			834,947			833,618		28	%	19	%	19	%
Other		188,792			180,505			204,111			209,983		5	%	(8)	%	(10)	%
Total loans receivable, including loans held for sale		17,227,313			16,891,736			16,213,773			16,164,073		2	%	6	%	7	%
Less loans held for sale ¹		(46,126	)		(39,745	)		(15,691	)		(29,027	)	16	%	194	%	59	%
Total loans receivable	$	17,181,187		$	16,851,991		$	16,198,082		$	16,135,046		2	%	6	%	6	%

______________________________

¹	Loans held for sale are primarily 1st lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Dec 31, 2023	Sep 30, 2023	Sep 30, 2024	Sep 30, 2024	Sep 30, 2024
Custom and owner occupied construction	$	202	206	214	219	202	—	—
Pre-sold and spec construction		3,705	2,908	763	763	2,942	763	—
Total residential construction		3,907	3,114	977	982	3,144	763	—
Land development		583	—	35	80	22	561	—
Consumer land or lots		458	429	96	314	241	217	—
Unimproved land		—	—	—	36	—	—	—
Developed lots for operative builders		531	608	608	608	—	531	—
Commercial lots		47	47	47	188	—	47	—
Other construction		—	25	—	12,884	—	—	—
Total land, lot and other construction		1,619	1,109	786	14,110	263	1,356	—
Owner occupied		1,903	1,992	1,838	1,445	662	809	432
Non-owner occupied		1,335	257	11,016	15,105	1,335	—	—
Total commercial real estate		3,238	2,249	12,854	16,550	1,997	809	432
Commercial and Industrial		2,455	2,044	1,971	1,367	1,408	1,047	—
Agriculture		6,040	2,442	2,558	2,450	2,164	3,876	—
1st lien		6,065	2,923	2,664	2,766	3,724	2,341	—
Junior lien		279	492	180	363	279	—	—
Total 1-4 family		6,344	3,415	2,844	3,129	4,003	2,341	—
Multifamily residential		392	385	395	—	392	—	—
Home equity lines of credit		2,867	2,145	2,043	1,612	1,903	964	—
Other consumer		1,111	1,089	1,187	942	663	247	201
Total consumer		3,978	3,234	3,230	2,554	2,566	1,211	201
Other		148	16	16	1,141	—	148	—
Total	$	28,121	18,008	25,631	42,283	15,937	11,551	633

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Custom and owner occupied construction	$	13	$	1,323	$	2,549	$	—	(99)	%	(99)	%	n/m
Pre-sold and spec construction		1,250		816		1,219		599	53	%	3	%	109	%
Total residential construction		1,263		2,139		3,768		599	(41)	%	(66)	%	111	%
Land development		157		—		163		44	n/m		(4)	%	257	%
Consumer land or lots		747		411		624		528	82	%	20	%	41	%
Unimproved land		39		158		—		87	(75)	%	n/m		(55)	%
Commercial lots		—		—		2,159		1,245	n/m		(100)	%	(100)	%
Other construction		—		21		—		—	(100)	%	n/m		n/m
Total land, lot and other construction		943		590		2,946		1,904	60	%	(68)	%	(50)	%
Owner occupied		5,641		4,326		2,222		652	30	%	154	%	765	%
Non-owner occupied		13,785		8,119		14,471		213	70	%	(5)	%	6,372	%
Total commercial real estate		19,426		12,445		16,693		865	56	%	16	%	2,146	%
Commercial and industrial		3,125		17,591		12,905		2,946	(82)	%	(76)	%	6	%
Agriculture		16,932		5,288		594		604	220	%	2,751	%	2,703	%
1st lien		6,275		2,637		3,768		1,006	138	%	67	%	524	%
Junior lien		13		17		1		355	(24)	%	1,200	%	(96)	%
Total 1-4 family		6,288		2,654		3,769		1,361	137	%	67	%	362	%
Home equity lines of credit		4,567		5,432		4,518		3,638	(16)	%	1	%	26	%
Other consumer		2,227		2,192		3,264		1,821	2	%	(32)	%	22	%
Total consumer		6,794		7,624		7,782		5,459	(11)	%	(13)	%	24	%
Other		1,442		1,347		1,510		1,515	7	%	(5)	%	(5)	%
Total	$	56,213	$	49,678	$	49,967	$	15,253	13	%	13	%	269	%

______________________________

n/m – not measurable

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type									Charge-Offs	Recoveries
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024	Sep 30, 2024
Pre-sold and spec construction	$	(4	)	(4	)	(15	)	(12	)	—	4
Land development		(21	)	(1	)	(135	)	(134	)	—	21
Consumer land or lots		(21	)	(22	)	(19	)	(14	)	—	21
Unimproved land		5		5		—		—		5	—
Commercial lots		319		319		—		—		319	—
Other construction		—		—		889		—		—	—
Total land, lot and other construction		282		301		735		(148	)	324	42
Owner occupied		(73	)	(73	)	(59	)	(104	)	—	73
Non-owner occupied		(3	)	(2	)	799		500		—	3
Total commercial real estate		(76	)	(75	)	740		396		—	76
Commercial and industrial		1,272		644		364		(11	)	1,839	567
Agriculture		65		68		—		—		68	3
1st lien		(34	)	(22	)	66		98		—	34
Junior lien		(60	)	(55	)	24		32		10	70
Total 1-4 family		(94	)	(77	)	90		130		10	104
Multifamily residential		—		—		(136	)	—		—	—
Home equity lines of credit		(31	)	1		(6	)	20		35	66
Other consumer		753		493		1,097		816		1,056	303
Total consumer		722		494		1,091		836		1,091	369
Other		6,561		4,611		7,447		5,430		9,074	2,513
Total	$	8,728		5,962		10,316		6,621		12,406	3,678

Visit our website at www.glacierbancorp.com

CONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706

MIL-OSI USA: 10.23.2024 Sen. Cruz Honored for Major South Texas Victory, Awarded Key to the City of Laredo

US Senate News:

Source: United States Senator for Texas Ted Cruz
Laredo, TEXAS – U.S. Sen. Ted Cruz (R-Texas), Ranking Member of the Senate Commerce, Science, and Transportation Committee, was honored today by the city of Laredo and awarded the Key to the City for his leadership in streamlining the presidential permitting process and securing presidential permits to build and expand four major international bridges in South Texas, including two in Laredo.
Upon receiving the Key to the City, Sen. Cruz said, “I am honored and humbled to receive the Key to the City—an incredible distinction from an amazing place in Texas. I have to say I love South Texas, I love the city of Laredo, it is an incredible hub of commerce and port to the entire world. My passion, my number one priority is jobs, jobs, jobs, and that means fighting for the people of Laredo, fighting for the people of South Texas, to have more jobs, and better jobs, and higher wages.
“I will say, over the past several years, I’ve been proud to work very closely with Mayor Treviño, and very closely with my friend Congressman Henry Cuellar, and County and business leaders, fighting for jobs here in Laredo and throughout South Texas. We worked together on expediting the permitting of four bridges here in South Texas: two in Laredo, one in Eagle Pass, and one in Brownsville. All four of those bridges were delayed by bureaucratic roadblocks coming from the Biden-Harris White House. A delegation from the city of Laredo asked me to help, asked me to lead the effort to get this done. I told them I’d be proud to do so, and we were able to draft legislation, bipartisan legislation, and pass it through the Senate with bipartisan support. I worked hand in hand with Congressman Cuellar, we passed it through the House with bipartisan support. It was signed into law in December of last year, and just a few months ago those permits were granted.”
BACKGROUND
Last year, Sen. Cruz authored and secured into law a provision in the National Defense Authorization Act (NDAA) for Fiscal Year 2024 to streamline the presidential permitting process for new and expanded bridges across the Rio Grande in Webb, Cameron, and Maverick Counties. The language required the State Department to submit for approval and the White House to approve or deny the permits for these projects in 60 days respectively. Sen. Cruz was joined by Sen. John Cornyn (R-Texas), and Reps. Henry Cuellar (D-Texas), Vicente Gonzalez (D-Texas), Monica de la Cruz (R-Texas), Joaquin Castro (D-Texas), and Tony Gonzales (R-Texas) in working to secure this provision.

MIL-OSI: Midland States Bancorp, Inc. Announces 2024 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter 2024 Highlights:

Net income available to common shareholders of $16.2 million, or $0.74 per diluted share
Adjusted pre-tax, pre-provision earnings of $27.5 million
Tangible book value per share increased to $24.90, compared to $23.36 at June 30, 2024
Common equity tier 1 capital ratio improved to 9.00%, compared to 8.64% at June 30, 2024
Net interest margin of 3.10%, compared to 3.12% in prior quarter
Efficiency ratio of 62.8%, compared to 65.2% in prior quarter

EFFINGHAM, Ill., Oct. 24, 2024 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $16.2 million, or $0.74 per diluted share, for the third quarter of 2024, compared to $4.5 million, or $0.20 per diluted share, for the second quarter of 2024. This also compares to net income available to common shareholders of $9.2 million, or $0.41 per diluted share, for the third quarter of 2023.

Provision expense was $5.0 million in the third quarter of 2024 compared to $16.8 million and $5.2 million in the second quarter of 2024 and the third quarter of 2023, respectively. The elevated provision expense in the second quarter of 2024 was primarily due to credit deterioration and servicing issues involving one of our fintech partners, LendingPoint, subsequent to their system conversion in late 2023.

Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We executed well in the third quarter and delivered a higher level of profitability while making continued progress on our balance sheet management strategies, which resulted in further increases in all of our capital ratios, an increase in our tangible book value per share, and an increase in our level of liquidity with a reduction in our loan-to-deposit ratio. We continue to utilize the payoffs resulting from the intentional reduction of our equipment finance and consumer portfolios to fund high quality loans generated in our community bank and the purchase of investment securities. We are also seeing good results from the investments we have made in the business, such as increasing our presence and business development efforts in the St. Louis market, where our loan balances increased at an annualized rate of 12% during the third quarter, and growth in our Wealth Management revenues due to an increase in assets under administration, partially driven by the new wealth advisors we have added in recent quarters.

Improving our credit quality is a priority and we are taking proactive steps to resolve problem loans in order to reduce our level of non-performing and classified loans going forward. We continue to closely monitor the health of our borrowers and be conservative in downgrading loans where we see the potential for weakness. We also recently added a new Chief Credit Officer whose background and experience is consistent with our increased focus on in-market relationship lending in our community bank, which will continue to result in a higher quality, lower risk loan portfolio.

“While we will remain conservative in new loan production while economic conditions remain uncertain, we are well positioned to benefit from lower interest rates and we expect positive trends in our net interest margin and revenue generated from our Wealth Management business. While maintaining disciplined expense control, we are continuing to make investments in talent and technology that will further enhance our ability to increase our market share, add attractive new client relationships in our community bank, and generate profitable growth. With the stronger balance sheet we are building, including a Total Capital Ratio of approximately 14%, we believe we are well positioned to support the continued growth of our franchise as economic conditions improve in the future and create additional value for our shareholders in the process,” said Mr. Ludwig.

Balance Sheet Highlights

Total assets were $7.75 billion at September 30, 2024, compared to $7.76 billion at June 30, 2024, and $7.97 billion at September 30, 2023. At September 30, 2024, portfolio loans were $5.75 billion, compared to $5.85 billion at June 30, 2024, and $6.28 billion at September 30, 2023.

Loans

During the third quarter of 2024, outstanding loans declined by $103.2 million, or 1.8%, from June 30, 2024, as the Company continued to shrink its equipment financing and consumer loan portfolios, and focus on commercial loan opportunities in our community banking regions.

Equipment finance loan and lease balances decreased $30.0 million during the third quarter of 2024 as the Company continued to reduce its concentration of this product within the overall loan portfolio. Consumer loans decreased $82.8 million due to loan payoffs and a cessation in loans originated through GreenSky. Our Greensky-originated loan balances decreased $63.0 million during the third quarter to $475.3 million at September 30, 2024. In addition, as previously disclosed, during the fourth quarter of 2023, the Company ceased originating loans through LendingPoint. As of September 30, 2024, the Company had $96.5 million in loans that were originated through and serviced by LendingPoint. Equipment financing and consumer loans comprised 15.0% and 11.5%, respectively, of the loan portfolio at September 30, 2024, compared to 15.2% and 12.7%, respectively, at June 30, 2024.

Increases in commercial FHA warehouse lines and commercial real estate loans of $50.2 million and $89.0 million, respectively, were offset by decreases in all other loan categories.

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(in thousands)	2024		2024		2024		2023		2023
Loan Portfolio
Commercial loans	$	863,922	$	939,458	$	913,564	$	951,387	$	943,761
Equipment finance loans		442,552		461,409		494,068		531,143		578,931
Equipment finance leases		417,531		428,659		455,879		473,350		485,460
Commercial FHA warehouse lines		50,198		—		8,035		—		48,547
Total commercial loans and leases		1,774,203		1,829,526		1,871,546		1,955,880		2,056,699
Commercial real estate		2,510,472		2,421,505		2,397,113		2,406,845		2,412,164
Construction and land development		422,253		476,528		474,128		452,593		416,801
Residential real estate		378,657		378,393		378,583		380,583		375,211
Consumer		663,234		746,042		837,092		935,178		1,020,008
Total loans	$	5,748,819	$	5,851,994	$	5,958,462	$	6,131,079	$	6,280,883

Loan Quality

Overall, credit quality metrics remained consistent this quarter compared to the second quarter of 2024, albeit, nonperforming loans were still at elevated levels. Non-performing loans increased $2.4 million to $114.6 million at September 30, 2024, compared to $112.1 million as of June 30, 2024. Substandard loans increased $32.0 million to $167.5 million at September 30, 2024, as compared to June 30, 2024, primarily due to two multi-family projects that were downgraded this past quarter.

	As of and for the Three Months Ended
(in thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands)		2024			2024			2024			2023			2023
Asset Quality
Loans 30-89 days past due	$	55,329		$	54,045		$	58,854		$	82,778		$	46,608
Nonperforming loans		114,556			112,124			104,979			56,351			55,981
Nonperforming assets		126,771			123,774			116,721			67,701			58,677
Substandard loans		167,549			135,555			149,049			184,224			143,793
Net charge-offs		11,379			2,874			4,445			5,117			3,449
Loans 30-89 days past due to total loans		0.96	%		0.92	%		0.99	%		1.35	%		0.74	%
Nonperforming loans to total loans		1.99	%		1.92	%		1.76	%		0.92	%		0.89	%
Nonperforming assets to total assets		1.64	%		1.60	%		1.49	%		0.86	%		0.74	%
Allowance for credit losses to total loans		1.49	%		1.58	%		1.31	%		1.12	%		1.06	%
Allowance for credit losses to nonperforming loans		74.90	%		82.22	%		74.35	%		121.56	%		119.09	%
Net charge-offs to average loans		0.78	%		0.20	%		0.30	%		0.33	%		0.22	%

The allowance for credit losses on loans totaled $85.8 million at September 30, 2024, compared to $92.2 million at June 30, 2024, and $66.7 million at September 30, 2023. The allowance as a percentage of total loans was 1.49% at September 30, 2024, compared to 1.58% at June 30, 2024, and 1.06% at September 30, 2023.

Notably, the Company recognized provision expense of $14.0 million in the second quarter of 2024 related to the loans originated and serviced by LendingPoint, increasing the allowance to $14.6 million on this portfolio. Credit deterioration and servicing issues following their system conversion have resulted in increased losses within this portfolio. In the third quarter of 2024, loans totaling $6.2 million were charged off. At September 30, 2024, the Company had an allowance of $8.3 million on the $96.5 million of loans serviced by LendingPoint.

Deposits

Total deposits were $6.26 billion at September 30, 2024, compared with $6.12 billion at June 30, 2024. Noninterest-bearing deposits decreased $57.9 million to $1.05 billion at September 30, 2024, while interest-bearing deposits increased $196.7 million to $5.21 billion at September 30, 2024. Brokered time deposits increased $138.0 million to $269.4 million, and represented 4.31% of total deposits at September 30, 2024.

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(in thousands)	2024		2024		2024		2023		2023
Deposit Portfolio
Noninterest-bearing demand	$	1,050,617	$	1,108,521	$	1,212,382	$	1,145,395	$	1,154,515
Interest-bearing:
Checking		2,389,970		2,343,533		2,394,163		2,511,840		2,572,224
Money market		1,187,139		1,143,668		1,128,463		1,135,629		1,090,962
Savings		510,260		538,462		555,552		559,267		582,359
Time		849,413		852,415		845,190		862,865		885,858
Brokered time		269,437		131,424		188,234		94,533		119,084
Total deposits	$	6,256,836	$	6,118,023	$	6,323,984	$	6,309,529	$	6,405,002

Results of Operations Highlights

Net Interest Income and Margin

During the third quarter of 2024, net interest income and net interest margin, on a tax-equivalent basis, were $55.2 million and 3.10%, respectively, compared to $55.2 million and 3.12%, respectively, in the second quarter of 2024. Net interest income and net interest margin, on a tax-equivalent basis, were $58.8 million and 3.20%, respectively, in the third quarter of 2023.

Average interest-earning assets for the third quarter of 2024 were $7.07 billion, compared to $7.13 billion for the second quarter of 2024. The yield on interest-earning assets increased 7 basis points to 5.91% compared to the second quarter of 2024. Interest-earning assets averaged $7.28 billion for the third quarter of 2023.

Average loans were $5.78 billion for the third quarter of 2024, compared to $5.92 billion for the second quarter of 2024 and $6.30 billion for the third quarter of 2023. The yield on loans was 6.15% for the third quarter of 2024, up from 6.03% for the second quarter of 2024 and 5.93% for the third quarter of 2023.

Investment securities averaged $1.16 billion for the third quarter of 2024, and yielded 4.71%, compared to an average balance and yield of $1.10 billion and 4.69%, respectively, for the second quarter of 2024. The Company purchased additional higher-yielding investments resulting in the increased average balance and yield. Investment securities averaged $863.0 million for the third quarter of 2023.

Average interest-bearing liabilities for the third quarter of 2024 were $5.76 billion, compared to $5.78 billion for the second quarter of 2024. The cost of funds increased 9 basis points to 3.45% compared to the second quarter of 2024. Interest-bearing liabilities averaged $5.92 billion for the third quarter of 2023.

Average interest-bearing deposits were $5.13 billion for the third quarter of 2024, compared to $5.10 billion for the second quarter of 2024, and $5.35 billion for the third quarter of 2023. Cost of interest-bearing deposits was 3.25% in the third quarter of 2024, which represented a 14 basis point increase from the second quarter of 2024, due to increased competition.

	For the Three Months Ended
(dollars in thousands)	September 30, 2024						June 30, 2024						September 30, 2023
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	75,255	$	1,031	5.45	%	$	65,250	$	875	5.40	%	$	78,391	$	1,036	5.24	%
Investment securities⁽¹⁾		1,162,751		13,752	4.71			1,098,452		12,805	4.69			862,998		7,822	3.60
Loans⁽¹⁾⁽²⁾		5,783,408		89,344	6.15			5,915,523		88,738	6.03			6,297,568		94,118	5.93
Loans held for sale		7,505		124	6.57			4,910		84	6.84			6,078		104	6.80
Nonmarketable equity securities		41,137		788	7.62			44,216		963	8.76			39,347		710	7.16
Total interest-earning assets		7,070,056		105,039	5.91			7,128,351		103,465	5.84			7,284,382		103,790	5.65
Noninterest-earning assets		653,279						669,370						622,969
Total assets	$	7,723,335					$	7,797,721					$	7,907,351

Interest-Bearing Liabilities
Interest-bearing deposits	$	5,132,640	$	41,970	3.25	%	$	5,101,365	$	39,476	3.11	%	$	5,354,356	$	37,769	2.80	%
Short-term borrowings		53,577		602	4.47			30,449		308	4.07			20,127		14	0.28
FHLB advances & other borrowings		428,739		4,743	4.40			500,758		5,836	4.69			402,500		4,557	4.49
Subordinated debt		89,120		1,228	5.48			93,090		1,265	5.47			93,441		1,280	5.43
Trust preferred debentures		50,990		1,341	10.46			50,921		1,358	10.73			50,379		1,369	10.78
Total interest-bearing liabilities		5,755,066		49,884	3.45			5,776,583		48,243	3.36			5,920,803		44,989	3.01
Noninterest-bearing deposits		1,075,712						1,132,451						1,116,988
Other noninterest-bearing liabilities		97,235						104,841						97,935
Shareholders’ equity		795,322						783,846						771,625
Total liabilities and shareholder’s equity	$	7,723,335					$	7,797,721					$	7,907,351

Net Interest Margin			$	55,155	3.10	%			$	55,222	3.12	%			$	58,801	3.20	%

Cost of Deposits					2.69	%					2.55	%					2.32	%

(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for each of the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

For the nine months ended September 30, 2024, net interest income, on a tax-equivalent basis, decreased to $166.5 million, with a tax-equivalent net interest margin of 3.13%, compared to net interest income, on a tax-equivalent basis, of $178.6 million, and a tax-equivalent net interest margin of 3.27% for the nine months ended September 30, 2023.

The yield on earning assets increased 34 basis points to 5.84% for the nine months ended September 30, 2024 compared to the prior year. However, the cost of interest-bearing liabilities increased at a faster rate during this period, increasing 57 basis points to 3.34% for the nine months ended September 30, 2024.

	For the Nine Months Ended
(dollars in thousands)	September 30, 2024						September 30, 2023
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	69,960	$	2,857	5.45	%	$	76,939	$	2,868	4.98	%
Investment securities⁽¹⁾		1,083,597		37,265	4.59			844,946		21,103	3.33
Loans⁽¹⁾⁽²⁾		5,903,216		267,570	6.05			6,324,578		274,005	5.79
Loans held for sale		5,281		263	6.65			3,900		179	6.14
Nonmarketable equity securities		40,429		2,438	8.06			44,034		2,104	6.39
Total interest-earning assets		7,102,483		310,393	5.84			7,294,397		300,259	5.50
Noninterest-earning assets		663,967						615,383
Total assets	$	7,766,450					$	7,909,780

Interest-Bearing Liabilities
Interest-bearing deposits	$	5,142,979	$	120,660	3.13	%	$	5,223,852	$	97,791	2.50	%
Short-term borrowings		49,750		1,746	4.69			26,865		53	0.26
FHLB advances & other borrowings		414,259		13,615	4.39			471,084		15,959	4.53
Subordinated debt		91,921		3,773	5.48			96,820		3,985	5.49
Trust preferred debentures		50,873		4,088	10.73			50,216		3,887	10.35
Total interest-bearing liabilities		5,749,782		143,882	3.34			5,868,837		121,675	2.77
Noninterest-bearing deposits		1,119,764						1,184,410
Other noninterest-bearing liabilities		107,192						84,650
Shareholders’ equity		789,712						771,883
Total liabilities and shareholders’ equity	$	7,766,450					$	7,909,780

Net Interest Margin			$	166,511	3.13	%			$	178,584	3.27	%

Cost of Deposits					2.57	%					2.04	%

(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.6 million for each of the nine months ended September 30, 2024 and 2023, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

Noninterest Income

Noninterest income was $19.3 million for the third quarter of 2024, compared to $17.7 million for the second quarter of 2024. Noninterest income for the second quarter of 2024 included a $0.2 million gain on the repurchase of subordinated debt, offset by $0.2 million of net losses on the sale of investment securities. The third quarter of 2023 included $5.0 million of losses on the sale of investment securities. Excluding these transactions, noninterest income for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023 was $19.3 million, $17.6 million, and $16.5 million, respectively.

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(in thousands)		2024			2024			2023			2024			2023
Noninterest income
Wealth management revenue	$	7,104		$	6,801		$	6,288		$	21,037		$	18,968
Service charges on deposit accounts		3,411			3,121			3,149			9,648			8,744
Interchange revenue		3,506			3,563			3,609			10,427			10,717
Residential mortgage banking revenue		697			557			507			1,781			1,452
Income on company-owned life insurance		1,982			1,925			918			5,708			2,685
Loss on sales of investment securities, net		(44	)		(152	)		(4,961	)		(196	)		(6,478	)
Other income		2,683			1,841			2,035			9,777			9,989
Total noninterest income	$	19,339		$	17,656		$	11,545		$	58,182		$	46,077

Wealth management revenue totaled $7.1 million in the third quarter of 2024, an increase of $0.3 million, or 4.5%, as compared to the second quarter of 2024, due to increases in assets under administration and estate fees. Assets under administration increased to $4.27 billion at September 30, 2024 from $4.00 billion at June 30, 2024, primarily due to improved sales activity. Assets under administration totaled $3.50 billion at September 30, 2023.

Income on company-owned life insurance income totaled $2.0 million, $1.9 million and $0.9 million for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023, respectively. The Company surrendered certain low-yielding life insurance policies and purchased additional policies in the third quarter of 2023, resulting in the increase in revenue.

Other income totaled $2.7 million in the third quarter of 2024 compared to $1.8 million in the second quarter of 2024. Income from the sale of SBA loans in the third quarter of 2024 of $0.2 million and losses from the disposition of repossessed leased assets in the second quarter of 2024 of $0.6 million resulted in the quarter over quarter increase in other income.

Noninterest Expense

Noninterest expense was $46.7 million in the third quarter of 2024, compared to $47.5 million in the second quarter of 2024 and $42.0 million in the third quarter of 2023. Noninterest expense for the second quarter of 2024 included $4.1 million of aggregate expenses related to OREO impairment and property taxes, and accruals related to various legal proceedings. Excluding these items, noninterest expense for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023 was $46.7 million, $43.4 million, and $42.0 million, respectively. Costs related to increased staffing levels, upgrades to our ATM fleet, and loan collection and OREO expenses drove the increase in noninterest expense in the third quarter of 2024 compared to the prior quarter.

The efficiency ratio improved to 62.76% for the quarter ended September 30, 2024, compared to 65.16% for the quarter ended June 30, 2024. The efficiency ratio for the third quarter of 2023 was 55.82%.

	For the Three Months Ended						For the Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
(in thousands)	2024		2024		2023		2024		2023
Noninterest expense
Salaries and employee benefits	$	24,382	$	22,872	$	22,307	$	71,356	$	69,407
Occupancy and equipment		4,393		3,964		3,730		12,499		12,052
Data processing		6,955		7,205		6,468		20,882		19,323
Professional services		1,744		2,243		1,554		6,242		4,977
Amortization of intangible assets		951		1,016		1,129		3,056		3,628
FDIC insurance		1,402		1,219		1,107		3,895		3,632
Other expense		6,906		8,960		5,743		21,149		16,395
Total noninterest expense	$	46,733	$	47,479	$	42,038	$	139,079	$	129,414

Income Tax Expense

Income tax expense was $4.1 million for the third quarter of 2024, compared to $1.7 million for the second quarter of 2024 and $11.5 million for the third quarter of 2023. The resulting effective tax rates were 18.1%, 19.9% and 50.3%, respectively. Tax expense for the third quarter of 2023 included a $1.4 million return to provision adjustment and $4.5 million associated with the surrender of company-owned life insurance policies, as previously discussed.

Capital

At September 30, 2024, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

	As of September 30, 2024
	Midland States Bank	Midland States Bancorp, Inc.	Minimum Regulatory Requirements⁽²⁾
Total capital to risk-weighted assets	13.34%	13.98%	10.50%
Tier 1 capital to risk-weighted assets	12.09%	11.65%	8.50%
Common equity Tier 1 capital to risk-weighted assets	12.09%	9.00%	7.00%
Tier 1 leverage ratio	10.47%	10.10%	4.00%
Tangible common equity to tangible assets⁽¹⁾	N/A	7.03%	N/A

(1) A non-GAAP financial measure. Refer to page 16 for a reconciliation to the comparable GAAP financial measure.
(2) Includes the capital conservation buffer of 2.5%, as applicable.

The impact of rising interest rates on the Company’s investment portfolio and cash flow hedges resulted in an accumulated other comprehensive loss of $60.6 million at September 30, 2024, which reduced tangible book value by $2.84 per share.

Stock Repurchase Program

As previously disclosed, on December 5, 2023, the Company’s board of directors authorized a new share repurchase program, pursuant to which the Company is authorized to repurchase up to $25.0 million of common stock through December 31, 2024. During the third quarter of 2024, the Company repurchased 23,113 shares of its common stock at a weighted average price of $22.54 under its stock repurchase program.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of September 30, 2024, the Company had total assets of approximately $7.75 billion, and its Wealth Management Group had assets under administration of approximately $4.27 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

These non-GAAP financial measures include “Adjusted Earnings,” “Adjusted Earnings Available to Common Shareholders,” “Adjusted Diluted Earnings Per Common Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” “Adjusted Return on Average Tangible Common Equity,” “Adjusted Pre-Tax, Pre-Provision Earnings,” “Adjusted Pre-Tax, Pre-Provision Return on Average Assets,” “Efficiency Ratio,” “Tangible Common Equity to Tangible Assets,” “Tangible Book Value Per Share,” “Tangible Book Value Per Share excluding Accumulated Other Comprehensive Income,” and “Return on Average Tangible Common Equity.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, the impact of inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
Douglas J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	As of and for the Three Months Ended									As of and for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands, except per share data)		2024			2024			2023			2024			2023
Earnings Summary
Net interest income	$	54,950		$	55,052		$	58,596		$	165,922		$	177,940
Provision for credit losses		5,000			16,800			5,168			35,800			14,182
Noninterest income		19,339			17,656			11,545			58,182			46,077
Noninterest expense		46,733			47,479			42,038			139,079			129,414
Income before income taxes		22,556			8,429			22,935			49,225			80,421
Income taxes		4,080			1,679			11,533			10,114			25,672
Net income		18,476			6,750			11,402			39,111			54,749
Preferred dividends		2,229			2,228			2,229			6,685			6,685
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Diluted earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14
Weighted average common shares outstanding – diluted		21,678,242			21,734,849			21,977,196			21,732,093			22,223,986
Return on average assets		0.95	%		0.35	%		0.57	%		0.67	%		0.93	%
Return on average shareholders’ equity		9.24	%		3.46	%		5.86	%		6.62	%		9.48	%
Return on average tangible common equity⁽¹⁾		12.69	%		3.66	%		7.56	%		8.62	%		13.37	%
Net interest margin		3.10	%		3.12	%		3.20	%		3.13	%		3.27	%
Efficiency ratio⁽¹⁾		62.76	%		65.16	%		55.82	%		61.91	%		56.15	%

Adjusted Earnings Performance Summary⁽¹⁾
Adjusted earnings available to common shareholders	$	16,223		$	4,511		$	17,278		$	32,391		$	56,783
Adjusted diluted earnings per common share	$	0.74		$	0.20		$	0.78		$	1.47		$	2.53
Adjusted return on average assets		0.95	%		0.35	%		0.98	%		0.67	%		1.07	%
Adjusted return on average shareholders’ equity		9.23	%		3.46	%		10.03	%		6.61	%		10.99	%
Adjusted return on average tangible common equity		12.67	%		3.65	%		14.24	%		8.61	%		15.80	%
Adjusted pre-tax, pre-provision earnings	$	27,523		$	25,214		$	33,064		$	84,977		$	100,405
Adjusted pre-tax, pre-provision return on average assets		1.42	%		1.30	%		1.66	%		1.46	%		1.70	%

Market Data
Book value per share at period end	$	33.08		$	31.59		$	29.96
Tangible book value per share at period end⁽¹⁾	$	24.90		$	23.36		$	21.67
Tangible book value per share excluding accumulated other comprehensive income at period end⁽¹⁾	$	27.74		$	27.22		$	26.35
Market price at period end	$	22.38		$	22.65		$	20.54
Common shares outstanding at period end		21,393,905			21,377,215			21,594,546

Capital
Total capital to risk-weighted assets		13.98	%		13.83	%		12.76	%
Tier 1 capital to risk-weighted assets		11.65	%		11.23	%		10.53	%
Common equity tier 1capital to risk-weighted assets		9.00	%		8.64	%		8.07	%
Tier 1 leverage ratio		10.10	%		9.84	%		9.59	%
Tangible common equity to tangible assets⁽¹⁾		7.03	%		6.59	%		6.01	%

Wealth Management
Trust assets under administration	$	4,268,539		$	3,996,175		$	3,501,225

(1) Non-GAAP financial measures. Refer to pages 14 – 16 for a reconciliation to the comparable GAAP financial measures.

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands)		2024			2024			2024			2023			2023
Assets
Cash and cash equivalents	$	121,873		$	124,646		$	167,316		$	135,061		$	132,132
Investment securities		1,216,795			1,099,654			1,044,900			920,396			839,344
Loans		5,748,819			5,851,994			5,958,462			6,131,079			6,280,883
Allowance for credit losses on loans		(85,804	)		(92,183	)		(78,057	)		(68,502	)		(66,669	)
Total loans, net		5,663,015			5,759,811			5,880,405			6,062,577			6,214,214
Loans held for sale		8,001			5,555			5,043			3,811			6,089
Premises and equipment, net		84,672			83,040			81,831			82,814			82,741
Other real estate owned		8,646			8,304			8,920			9,112			480
Loan servicing rights, at lower of cost or fair value		18,400			18,902			19,577			20,253			20,933
Goodwill		161,904			161,904			161,904			161,904			161,904
Other intangible assets, net		13,052			14,003			15,019			16,108			17,238
Company-owned life insurance		209,193			207,211			205,286			203,485			201,750
Other assets		245,932			274,244			241,608			251,347			292,460
Total assets	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285

Liabilities and Shareholders’ Equity
Noninterest-bearing demand deposits	$	1,050,617		$	1,108,521		$	1,212,382		$	1,145,395		$	1,154,515
Interest-bearing deposits		5,206,219			5,009,502			5,111,602			5,164,134			5,250,487
Total deposits		6,256,836			6,118,023			6,323,984			6,309,529			6,405,002
Short-term borrowings		13,849			7,208			214,446			34,865			17,998
FHLB advances and other borrowings		425,000			600,000			255,000			476,000			538,000
Subordinated debt		82,744			91,656			93,617			93,546			93,475
Trust preferred debentures		51,058			50,921			50,790			50,616			50,457
Other liabilities		103,737			103,694			102,966			110,459			106,743
Total liabilities		6,933,224			6,971,502			7,040,803			7,075,015			7,211,675
Total shareholders’ equity		818,259			785,772			791,006			791,853			757,610
Total liabilities and shareholders’ equity	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(in thousands, except per share data)		2024			2024			2023			2024			2023
Net interest income:
Interest income	$	104,834		$	103,295		$	103,585		$	309,804		$	299,615
Interest expense		49,884			48,243			44,989			143,882			121,675
Net interest income		54,950			55,052			58,596			165,922			177,940
Provision for credit losses on loans		5,000			17,000			5,168			36,000			14,182
Provision for credit losses on unfunded commitments		—			(200	)		—			(200	)		—
Total provision for credit losses		5,000			16,800			5,168			35,800			14,182
Net interest income after provision for credit losses		49,950			38,252			53,428			130,122			163,758
Noninterest income:
Wealth management revenue		7,104			6,801			6,288			21,037			18,968
Service charges on deposit accounts		3,411			3,121			3,149			9,648			8,744
Interchange revenue		3,506			3,563			3,609			10,427			10,717
Residential mortgage banking revenue		697			557			507			1,781			1,452
Income on company-owned life insurance		1,982			1,925			918			5,708			2,685
Loss on sales of investment securities, net		(44	)		(152	)		(4,961	)		(196	)		(6,478	)
Other income		2,683			1,841			2,035			9,777			9,989
Total noninterest income		19,339			17,656			11,545			58,182			46,077
Noninterest expense:
Salaries and employee benefits		24,382			22,872			22,307			71,356			69,407
Occupancy and equipment		4,393			3,964			3,730			12,499			12,052
Data processing		6,955			7,205			6,468			20,882			19,323
Professional services		1,744			2,243			1,554			6,242			4,977
Amortization of intangible assets		951			1,016			1,129			3,056			3,628
FDIC insurance		1,402			1,219			1,107			3,895			3,632
Other expense		6,906			8,960			5,743			21,149			16,395
Total noninterest expense		46,733			47,479			42,038			139,079			129,414
Income before income taxes		22,556			8,429			22,935			49,225			80,421
Income taxes		4,080			1,679			11,533			10,114			25,672
Net income		18,476			6,750			11,402			39,111			54,749
Preferred stock dividends		2,229			2,228			2,229			6,685			6,685
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Basic earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14
Diluted earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Adjusted Earnings Reconciliation

	For the Three Months Ended									For the Nine Months Ended
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Income before income taxes – GAAP	$	22,556		$	8,429		$	22,935		$	49,225		$	80,421
Adjustments to noninterest income:
Loss on sales of investment securities, net		44			152			4,961			196			6,478
(Gain) on repurchase of subordinated debt		(77	)		(167	)		—			(244	)		(676	)
Total adjustments to noninterest income		(33	)		(15	)		4,961			(48	)		5,802
Adjusted earnings pre tax – non-GAAP		22,523			8,414			27,896			49,177			86,223
Adjusted earnings tax		4,071			1,675			8,389			10,101			22,755
Adjusted earnings – non-GAAP		18,452			6,739			19,507			39,076			63,468
Preferred stock dividends		2,229			2,228			2,229			6,685			6,685
Adjusted earnings available to common shareholders	$	16,223		$	4,511		$	17,278		$	32,391		$	56,783
Adjusted diluted earnings per common share	$	0.74		$	0.20		$	0.78		$	1.47		$	2.53
Adjusted return on average assets		0.95	%		0.35	%		0.98	%		0.67	%		1.07	%
Adjusted return on average shareholders’ equity		9.23	%		3.46	%		10.03	%		6.61	%		10.99	%
Adjusted return on average tangible common equity		12.67	%		3.65	%		14.24	%		8.61	%		15.80	%



Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Adjusted earnings pre tax – non-GAAP	$	22,523		$	8,414		$	27,896		$	49,177		$	86,223
Provision for credit losses		5,000			16,800			5,168			35,800			14,182
Adjusted pre-tax, pre-provision earnings – non-GAAP	$	27,523		$	25,214		$	33,064		$	84,977		$	100,405
Adjusted pre-tax, pre-provision return on average assets		1.42	%		1.30	%		1.66	%		1.46	%		1.70	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

Efficiency Ratio Reconciliation

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Noninterest expense – GAAP	$	46,733		$	47,479		$	42,038		$	139,079		$	129,414

Net interest income – GAAP	$	54,950		$	55,052		$	58,596		$	165,922		$	177,940
Effect of tax-exempt income		205			170			205			589			644
Adjusted net interest income		55,155			55,222			58,801			166,511			178,584

Noninterest income – GAAP		19,339			17,656			11,545			58,182			46,077
Loss on sales of investment securities, net		44			152			4,961			196			6,478
(Gain) on repurchase of subordinated debt		(77	)		(167	)		—			(244	)		(676	)
Adjusted noninterest income		19,306			17,641			16,506			58,134			51,879

Adjusted total revenue	$	74,461		$	72,863		$	75,307		$	224,645		$	230,463

Efficiency ratio		62.76	%		65.16	%		55.82	%		61.91	%		56.15	%

Return on Average Tangible Common Equity (ROATCE)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Average total shareholders’ equity—GAAP	$	795,322		$	783,846		$	771,625		$	789,712		$	771,883
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,506	)		(14,483	)		(17,782	)		(14,501	)		(18,959	)
Average tangible common equity	$	509,364		$	496,911		$	481,391		$	502,759		$	480,472
ROATCE		12.69	%		3.66	%		7.56	%		8.62	%		13.37	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

	As of
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Shareholders’ Equity to Tangible Common Equity
Total shareholders’ equity—GAAP	$	818,259		$	785,772		$	791,006		$	791,853		$	757,610
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,052	)		(14,003	)		(15,019	)		(16,108	)		(17,238	)
Tangible common equity		532,755			499,317			503,535			503,293			467,920

Less: Accumulated other comprehensive loss (AOCI)		(60,640	)		(82,581	)		(81,419	)		(76,753	)		(101,181	)
Tangible common equity excluding AOCI	$	593,395		$	581,898		$	584,954		$	580,046		$	569,101

Total Assets to Tangible Assets:
Total assets—GAAP	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285
Adjustments:
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,052	)		(14,003	)		(15,019	)		(16,108	)		(17,238	)
Tangible assets	$	7,576,527		$	7,581,367		$	7,654,886		$	7,688,856		$	7,790,143

Common Shares Outstanding		21,393,905			21,377,215			21,485,231			21,551,402			21,594,546

Tangible Common Equity to Tangible Assets		7.03	%		6.59	%		6.58	%		6.55	%		6.01	%
Tangible Book Value Per Share	$	24.90		$	23.36		$	23.44		$	23.35		$	21.67
Tangible Book Value Per Share, excluding AOCI	$	27.74		$	27.22		$	27.23		$	26.91		$	26.35

MIL-OSI: Seacoast Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Strong Growth in Loans and Deposits

Annualized 20% Increase in Tangible Book Value Per Share

Well-Positioned Balance Sheet with Strong Capital and Liquidity

STUART, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF) today reported net income in the third quarter of 2024 of $30.7 million, or $0.36 per diluted share, compared to $30.2 million, or $0.36 per diluted share in the second quarter of 2024 and $31.4 million, or $0.37 per diluted share in the third quarter of 2023.

Pre-tax pre-provision earnings¹ were $46.1 million in the third quarter of 2024, an increase of 3% compared to the second quarter of 2024 and an increase of 6% compared to the third quarter of 2023. Adjusted pre-tax pre-provision earnings¹ were $46.4 million in the third quarter of 2024, an increase of 4% compared to the second quarter of 2024 and a decrease of 2% compared to the third quarter of 2023.

For the third quarter of 2024, return on average tangible assets was 0.99% and return on average tangible shareholders’ equity was 10.31%, compared to 1.00% and 10.75%, respectively, in the prior quarter, and 1.04% and 11.90%, respectively, in the prior year quarter.

Charles M. Shaffer, Chairman and CEO of Seacoast, stated, “I would like to thank all of the Seacoast associates for their unwavering dedication during the challenging impact of back-to-back significant hurricanes. Your commitment to our customers and the well-being of our communities is commendable. I am very proud to serve alongside such an amazing and dedicated group of bankers. Furthermore, our hearts and sympathy go out to all those in our communities who lost loved ones and experienced catastrophic outcomes as a result of the storms.”

Shaffer added, “Turning to third quarter results, this marks the turn in organic growth we had anticipated, with nearly 7% annualized loan growth and 7% annualized customer deposit growth, clearly showcasing the results of our previous investments in banking teams across the state. Additionally, this quarter demonstrated continued growth in net interest income, noninterest income and, when removing accretion on acquired loans, expansion in the net interest margin. Our competitive transformation is taking shape as we build Seacoast into Florida’s leading regional bank. We expect to continue to see positive results from recent talent acquisitions, which will drive further organic growth in the coming periods.”

Shaffer concluded, “We remain committed to a disciplined approach to credit, and our balance sheet is one of the strongest in the industry, with a Tier 1 capital ratio of 14.8%² as of September 30, 2024. The ratio of tangible common equity to tangible assets has increased to a strong 9.64%. Our liquidity position is also robust, with a loan-to-deposit ratio of 83%, providing us with balance sheet flexibility as we continue to work towards stronger earnings in the coming periods.”

Update on Hurricane Recovery

In late September and early October 2024, communities across our corporate footprint were impacted by Hurricanes Helene and Milton. We maintained uninterrupted digital and telephone access for our customers and, having experienced minimal impacts to our branch properties, we fully reopened to serve our communities shortly after each storm passed. Recovery efforts in many areas continue and the full impacts on people and businesses in the most hard-hit regions are not fully known. We do not expect a significant impact from Hurricane Helene, but an additional provision for credit losses may be warranted in the fourth quarter of 2024 for Hurricane Milton, in a range between approximately $5 million and $10 million.

Financial Results

Income Statement

Net income in the third quarter of 2024 was $30.7 million, or $0.36 per diluted share, compared to $30.2 million, or $0.36 per diluted share in the prior quarter and $31.4 million, or $0.37 per diluted share in the prior year quarter. For the nine months ended September 30, 2024, net income was $86.9 million, or $1.02 per diluted share, compared to $74.5 million, or $0.89 per diluted share, for the nine months ended September 30, 2023. Adjusted net income¹ for the third quarter of 2024 was $30.5 million, or $0.36 per diluted share, compared to $30.3 million, or $0.36 per diluted share, for the prior quarter, and $34.2 million, or $0.40 per diluted share, for the prior year quarter. For the nine months ended September 30, 2024, adjusted net income¹ was $91.9 million, or $1.08 per diluted share, compared to $101.9 million, or $1.21 per diluted share, for the nine months ended September 30, 2023.
Net revenues were $130.3 million in the third quarter of 2024, an increase of $3.7 million, or 3%, compared to the prior quarter, and a decrease of $6.8 million, or 5%, compared to the prior year quarter. For the nine months ended September 30, 2024, net revenues were $382.5 million, a decrease of $56.7 million, or 13%, compared to the nine months ended September 30, 2023. Adjusted net revenues¹ were $130.5 million in the third quarter of 2024, an increase of $3.6 million, or 3%, compared to the prior quarter, and a decrease of $7.2 million, or 5%, compared to the prior year quarter. For the nine months ended September 30, 2024, adjusted net revenues¹ were $382.9 million, a decrease of $55.2 million, or 13%, compared to the nine months ended September 30, 2023.
Pre-tax pre-provision earnings¹ were $46.1 million in the third quarter of 2024, an increase of $1.5 million, or 3%, compared to the second quarter of 2024 and an increase of $2.7 million, or 6%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, pre-tax pre-provision earnings¹ were $126.3 million, a decrease of $5.5 million, or 4%, compared to the nine months ended September 30, 2023. Adjusted pre-tax pre-provision earnings¹ were $46.4 million in the third quarter of 2024, an increase of $1.9 million, or 4%, compared to the second quarter of 2024 and a decrease of $1.0 million, or 2%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, adjusted pre-tax pre-provision earnings¹ were $133.4 million, a decrease of $35.5 million, or 21%, compared to the nine months ended September 30, 2023.
Net interest income totaled $106.7 million in the third quarter of 2024, an increase of $2.2 million, or 2%, compared to the prior quarter, and a decrease of $12.6 million, or 11%, compared to the prior year quarter. For the nine months ended September 30, 2024, net interest income was $316.2 million, a decrease of $61.3 million, or 16%, compared to the nine months ended September 30, 2023. In the loan portfolio, higher interest income from new loan production was partially offset by lower accretion of purchase discount on acquired loans. Included in loan interest income was accretion on acquired loans of $9.2 million in the third quarter of 2024, $10.2 million in the second quarter of 2024, and $14.8 million in the third quarter of 2023. For the nine months ended September 30, 2024, accretion on acquired loans totaled $30.0 million, compared to $45.4 million for the nine months ended September 30, 2023. Recent purchases in the securities portfolio contributed to higher securities yields. Higher interest expense on deposits reflects the impact of higher rates, with cuts to the federal funds rate late in the quarter not yet fully impacting the third quarter 2024 results.
Net interest margin decreased one basis point to 3.17% in the third quarter of 2024 compared to 3.18% in the second quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin increased three basis points to 2.90% in the third quarter of 2024 compared to 2.87% in the second quarter of 2024. Loan yields were 5.94%, an increase of one basis point from the prior quarter. Securities yields increased six basis points to 3.75%, compared to 3.69% in the prior quarter. The cost of deposits increased three basis points from 2.31% in the prior quarter, to 2.34% in the third quarter of 2024. We expect the cost of deposits to decline in the fourth quarter of 2024.
Noninterest income totaled $23.7 million in the third quarter of 2024, an increase of $1.5 million, or 7%, compared to the prior quarter, and an increase of $5.9 million, or 33%, compared to the prior year quarter. For the nine months ended September 30, 2024, noninterest income totaled $66.4 million, an increase of $4.5 million, or 7%, compared to the nine months ended September 30, 2023. Results in the third quarter of 2024 included:
- Service charges on deposits totaled $5.4 million, an increase of $0.1 million, or 1%, from the prior quarter and an increase of $0.8 million, or 16%, from the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
- Wealth management income totaled $3.8 million, an increase of $0.1 million, or 2%, from the prior quarter and an increase of $0.7 million, or 22%, from the prior year quarter. The wealth management division continues to grow and add new relationships, with assets under management increasing 26% year over year to $2.0 billion at September 30, 2024.
- Insurance agency income totaled $1.4 million, an increase of 3% from the prior quarter and an increase of 18% from the prior year quarter, reflecting continued growth and expansion of services.
- SBA gains totaled $0.4 million, a decrease of $0.3 million, or 44%, from the prior quarter and a decrease of $0.2 million, or 36%, from the prior year quarter, due to lower saleable originations.
- Other income totaled $7.5 million, an increase of $1.5 million, or 26%, from the prior quarter and an increase of $3.2 million, or 74% from the prior year quarter. Increases in the third quarter of 2024 include gains on SBIC investments and higher swap-related fees.
The provision for credit losses was $6.3 million in the third quarter of 2024, compared to $4.9 million in the second quarter of 2024 and $2.7 million in the third quarter of 2023.
Noninterest expense was $84.8 million in the third quarter of 2024, an increase of $2.3 million, or 3%, compared to the prior quarter, and a decrease of $9.1 million, or 10%, compared to the prior year quarter. Noninterest expense for the nine months ended September 30, 2024, totaled $257.7 million, a decrease of $51.5 million, or 17%, compared to the nine months ended September 30, 2023. With significant cost-saving initiatives now complete, Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the third quarter of 2024 included:
- Salaries and wages totaled $40.7 million, an increase of $1.8 million, or 5%, compared to the prior quarter and a decrease $5.7 million, or 12%, from the prior year quarter. The third quarter of 2024 reflects continued additions to the banking team as the Company focuses on organic growth.
- Outsourced data processing costs totaled $8.0 million, a decrease of $0.2 million, or 3%, compared to the prior quarter and a decrease of $0.7 million, or 8%, from the prior year quarter, reflecting the benefit of lower negotiated rates with key service providers.
- Marketing expenses totaled $2.7 million, a decrease of $0.5 million, or 16%, compared to the prior quarter and an increase of $0.9 million, or 45%, from the prior year quarter, primarily associated with the timing of various campaigns. We will continue to invest in marketing and branding supporting customer growth.
- Legal and professional fees totaled $2.7 million, an increase of $0.7 million, or 37%, compared to the prior quarter and an increase of $29 thousand, or 1%, from the prior year quarter. Professional services engaged in connection with contract negotiations contributed to the increase in the third quarter of 2024.
Seacoast recorded $8.6 million of income tax expense in the third quarter of 2024, compared to $8.9 million in the second quarter of 2024, and $9.1 million in the third quarter of 2023. Tax benefits related to stock-based compensation totaled $0.1 million in the third quarter of 2024, compared to tax expense of $0.2 million in the second quarter of 2024 and a nominal tax benefit in the third quarter of 2023.
The efficiency ratio was 59.84% in the third quarter of 2024, compared to 60.21% in the second quarter of 2024 and 62.60% in the prior year quarter. The adjusted efficiency ratio¹ was 59.84% in the third quarter of 2024, compared to 60.21% in the second quarter of 2024 and 60.19% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

Balance Sheet

At September 30, 2024, the Company had total assets of $15.2 billion and total shareholders’ equity of $2.2 billion. Book value per share was $25.68 as of September 30, 2024, compared to $24.98 as of June 30, 2024, and $24.06 as of September 30, 2023. Tangible book value per share increased 20% annualized from the prior quarter to $16.20 as of September 30, 2024, compared to $15.41 as of June 30, 2024, and $14.26 as of September 30, 2023.
Debt securities totaled $2.8 billion as of September 30, 2024, an increase of $180.8 million compared to June 30, 2024. Debt securities include approximately $2.2 billion in securities classified as available for sale and recorded at fair value.
- During the third quarter of 2024, net unrealized losses associated with available for sale securities declined by $59.6 million due to changes in the interest rate environment. This contributed $0.53 to the increase in tangible book value per share during the quarter. The unrealized loss on available for sale securities is fully reflected in the value presented on the balance sheet.
- The portfolio also includes $646.1 million in securities classified as held to maturity with a fair value of $538.5 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
- In October, we took advantage of favorable market conditions and repositioned a portion of the available for sale securities portfolio. We sold securities with an average book yield of 2.8%, resulting in a pre-tax loss of approximately $8.0 million impacting fourth quarter results. The proceeds, approximately $113 million, were reinvested in agency mortgage-backed securities with an average book yield of 5.4%, for an estimated earnback of less than three years.
Loans increased $166.8 million, or 6.6% annualized, totaling $10.2 billion as of September 30, 2024. Loan originations increased 22% to $657.9 million in the third quarter of 2024, compared to $538.0 million in the second quarter of 2024. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.
Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $831.1 million as of September 30, 2024, compared to $834.4 million at June 30, 2024 and $353.0 million at September 30, 2023.
- Commercial pipelines were $744.5 million as of September 30, 2024, compared to $743.8 million at June 30, 2024, and $259.4 million at September 30, 2023.
- SBA pipelines were $28.9 million as of September 30, 2024, compared to $29.3 million at June 30, 2024, and $41.4 million at September 30, 2023.
- Residential saleable pipelines were $11.2 million as of September 30, 2024, compared to $12.1 million at June 30, 2024, and $6.8 million at September 30, 2023. Retained residential pipelines were $21.9 million as of September 30, 2024, compared to $24.7 million at June 30, 2024, and $20.9 million at September 30, 2023.
- Consumer pipelines were $24.4 million as of September 30, 2024, compared to $24.5 million at both June 30, 2024 and September 30, 2023.
Total deposits were $12.2 billion as of September 30, 2024, an increase of $127.5 million, or 4.2% annualized, when compared to June 30, 2024. Excluding brokered balances, total deposits increased $195.9 million, or 6.6% annualized, in the third quarter of 2024.
- Commercial deposits increased $133.0 million, or 2%, compared to the prior quarter. Of note, commercial noninterest bearing deposits increased $67.2 million, or 3%, from the prior quarter, the result of onboarding new clients.
- Total noninterest bearing deposits increased $45.5 million, or 5.3% annualized, from the prior quarter.
- At September 30, 2024, customer transaction account balances represented 49% of total deposits.
- The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
- Average deposits per banking center were $159 million at September 30, 2024, compared to $157 million at June 30, 2024.
- Uninsured deposits represented only 36% of overall deposit accounts as of September 30, 2024. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 31% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 145% of uninsured deposits, and 167% of uninsured and uncollateralized deposits.
- Consumer deposits represent 43% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 57% of overall deposit funding with an average business customer balance of $117 thousand.
Federal Home Loan Bank advances totaled $245.0 million at September 30, 2024 with a weighted average interest rate of 4.19%.

Asset Quality

Nonperforming loans were $80.9 million at September 30, 2024, compared to $59.9 million at June 30, 2024, and $41.5 million at September 30, 2023. New nonperforming loans in the third quarter of 2024 have collateral values well in excess of balances outstanding, and therefore, no loss is expected. Nonperforming loans to total loans outstanding were 0.79% at September 30, 2024, 0.60% at June 30, 2024, and 0.41% at September 30, 2023.
Accruing past due loans were $50.7 million, or 0.50% of total loans, at September 30, 2024, compared to $39.6 million, or 0.39% of total loans, at June 30, 2024, and $35.5 million, or 0.33% of total loans, at September 30, 2023. A limited number of larger-balance residential mortgage loans, which returned to current status in October, comprise the majority of the increase from the prior quarter.
Nonperforming assets to total assets were 0.58% at September 30, 2024, compared to 0.45% at June 30, 2024, and 0.33% at September 30, 2023.
The ratio of allowance for credit losses to total loans was 1.38% at September 30, 2024, 1.41% at June 30, 2024, and 1.49% at September 30, 2023.
Net charge-offs were $7.4 million in the third quarter of 2024, compared to $9.9 million in the second quarter of 2024 and $12.7 million in the third quarter of 2023. Charge-offs during the quarter primarily reflect specifically identified reserves previously established in the allowance for credit losses.
Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company’s lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast’s average loan size is $360 thousand, and the average commercial loan size is $789 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
Construction and land development and commercial real estate loans remain well below regulatory guidance at 36% and 241% of total bank-level risk-based capital², respectively, compared to 36% and 235%, respectively, at June 30, 2024. On a consolidated basis, construction and land development and commercial real estate loans represent 34% and 227%, respectively, of total consolidated risk-based capital².

Capital and Liquidity

The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at September 30, 2024 of 14.8%² compared to 14.8% at June 30, 2024, and 14.0% at September 30, 2023. The Total capital ratio was 16.2%², the Common Equity Tier 1 capital ratio was 14.1%², and the Tier 1 leverage ratio was 11.2%² at September 30, 2024. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
Cash and cash equivalents at September 30, 2024 totaled $637.1 million.
The Company’s loan to deposit ratio was 83.4% at September 30, 2024, which should provide liquidity and flexibility moving forward.
Tangible common equity to tangible assets was 9.64% at September 30, 2024, compared to 9.30% at June 30, 2024, and 8.68% at September 30, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.11% at September 30, 2024.
At September 30, 2024, in addition to $637.1 million in cash, the Company had $5.6 billion in available borrowing capacity, including $4.1 billion in available collateralized lines of credit, $1.2 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of September 30, 2024, represented 167% of uninsured and uncollateralized deposits.

¹_{Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and for a reconciliation to GAAP.}²_Estimated.

FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)	(Unaudited)
	Quarterly Trends

	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23
Selected balance sheet data:
Gross loans	$	10,205,281		$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186
Total deposits		12,243,585			12,116,118			12,015,840			11,776,935			12,107,834
Total assets		15,168,371			14,952,613			14,830,015			14,580,249			14,823,007

Performance measures:
Net income	$	30,651		$	30,244		$	26,006		$	29,543		$	31,414
Net interest margin		3.17	%		3.18	%		3.24	%		3.36	%		3.57	%
Pre-tax pre-provision earnings¹	$	46,086		$	44,555		$	35,674		$	42,006		$	43,383
Average diluted shares outstanding		85,069			84,816			85,270			85,336			85,666
Diluted earnings per share (EPS)		0.36			0.36			0.31			0.35			0.37
Return on (annualized):
Average assets (ROA)		0.81	%		0.82	%		0.71	%		0.80	%		0.84	%
Average tangible assets (ROTA)²		0.99			1.00			0.89			0.99			1.04
Average tangible common equity (ROTCE)²		10.31			10.75			9.55			11.22			11.90
Tangible common equity to tangible assets²		9.64			9.30			9.25			9.31			8.68
Tangible book value per share²	$	16.20		$	15.41		$	15.26		$	15.08		$	14.26
Efficiency ratio		59.84	%		60.21	%		66.78	%		60.32	%		62.60	%

Adjusted operating measures¹:
Adjusted net income⁴	$	30,511		$	30,277		$	31,132		$	31,363		$	34,170
Adjusted pre-tax pre-provision earnings⁴		46,390			44,490			42,513			45,016			47,349
Adjusted diluted EPS⁴		0.36			0.36			0.37			0.37			0.40
Adjusted ROTA²		0.98	%		1.00	%		1.04	%		1.04	%		1.12	%
Adjusted ROTCE²		10.27			10.76			11.15			11.80			12.79
Adjusted efficiency ratio		59.84			60.21			61.13			60.32			60.19
Net adjusted noninterest expense as a percent of average tangible assets²		2.19	%		2.19	%		2.23	%		2.25	%		2.34	%

Other data:
Market capitalization³	$	2,277,003		$	2,016,472		$	2,156,529		$	2,415,158		$	1,869,891
Full-time equivalent employees		1,493			1,449			1,445			1,541			1,570
Number of ATMs		96			95			95			96			97
Full-service banking offices		77			77			77			77			77
¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
²The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets.
³Common shares outstanding multiplied by closing bid price on last day of each period.
⁴As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call October 25, 2024, at 10:00 a.m. (Eastern Time) to discuss the third quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 6787376). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.2 billion in assets and $12.2 billion in deposits as of September 30, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast’s objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described under “Risk Factors” herein and in any of the Company’s subsequent reports filed with the SEC and available on its website at www.sec.gov.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at www.sec.gov.

FINANCIAL HIGHLIGHTS							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
							Quarterly Trends									Nine Months Ended
(Amounts in thousands, except ratios and per share data)	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23			3Q’24			3Q’23
Summary of Earnings
Net income	$	30,651		$	30,244		$	26,006		$	29,543		$	31,414		$	86,901		$	74,490
Adjusted net income^1,6		30,511			30,277			31,132			31,363			34,170			91,920			101,878
Net interest income²		106,975			104,657			105,298			111,035			119,505			316,930			378,009
Net interest margin^2,3		3.17	%		3.18	%		3.24	%		3.36	%		3.57	%		3.19	%		3.91	%
Pre-tax pre-provision earnings¹		46,086			44,555			35,674			42,006			43,383			126,315			131,807
Adjusted pre-tax pre-provision earnings^1,6		46,390			44,490			42,513			45,016			47,349			133,393			168,905

Performance Ratios
Return on average assets-GAAP basis³		0.81	%		0.82	%		0.71	%		0.80	%		0.84	%		0.78	%		0.68	%
Return on average tangible assets-GAAP basis^3,4		0.99			1.00			0.89			0.99			1.04			0.96			0.88
Adjusted return on average tangible assets^1,3,4		0.98			1.00			1.04			1.04			1.12			1.01			1.15
Pre-tax pre-provision return on average tangible assets^1,3,4,6		1.46			1.45			1.22			1.39			1.43			1.38			1.49
Adjusted pre-tax pre-provision return on average tangible assets^1,3,4		1.47			1.45			1.42			1.48			1.55			1.44			1.85
Net adjusted noninterest expense to average tangible assets^1,3,4		2.19			2.19			2.23			2.25			2.34			2.20			2.40
Return on average shareholders’ equity-GAAP basis³		5.62			5.74			4.94			5.69			6.01			5.44			4.94
Return on average tangible common equity-GAAP basis^3,4		10.31			10.75			9.55			11.22			11.90			10.21			10.09
Adjusted return on average tangible common equity^1,3,4		10.27			10.76			11.15			11.80			12.79			10.72			13.14
Efficiency ratio⁵		59.84			60.21			66.78			60.32			62.60			62.24			65.19
Adjusted efficiency ratio¹		59.84			60.21			61.13			60.32			60.19			60.39			56.47
Noninterest income to total revenue (excluding securities gains/losses)		18.05			17.55			16.17			15.14			13.22			17.27			14.16
Tangible common equity to tangible assets⁴		9.64			9.30			9.25			9.31			8.68			9.64			8.68
Average loan-to-deposit ratio		83.79			83.11			84.50			83.38			82.63			83.80			82.86
End of period loan-to-deposit ratio		83.44			82.90			83.12			85.48			82.71			83.44			82.71

Per Share Data
Net income diluted-GAAP basis	$	0.36		$	0.36		$	0.31		$	0.35		$	0.37		$	1.02		$	0.89
Net income basic-GAAP basis		0.36			0.36			0.31			0.35			0.37			1.03			0.89
Adjusted earnings^1,6		0.36			0.36			0.37			0.37			0.40			1.08			1.21

Book value per share common		25.68			24.98			24.93			24.84			24.06			25.68			24.06
Tangible book value per share		16.20			15.41			15.26			15.08			14.26			16.20			14.26
Cash dividends declared		0.18			0.18			0.18			0.18			0.18			0.54			0.53
¹Non-GAAP measure – see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. ²Calculated on a fully taxable equivalent basis using amortized cost. ³These ratios are stated on an annualized basis and are not necessarily indicative of future periods. ⁴The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets. ⁵Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). ⁶As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME						(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends														Nine Months Ended
(Amounts in thousands, except per share data)	3Q’24		2Q’24			1Q’24			4Q’23			3Q’23			3Q’24		3Q’23

Interest on securities:
Taxable	$	25,963	$	24,155		$	22,393		$	21,383		$	21,401		$	72,511	$	61,543
Nontaxable		34		33			34			55			97			101		299
Interest and fees on loans		150,980		147,292			147,095			147,801			149,871			445,367		433,304
Interest on interest bearing deposits and other investments		7,138		8,328			6,184			7,616			8,477			21,650		16,974
Total Interest Income		184,115		179,808			175,706			176,855			179,846			539,629		512,120

Interest on deposits		51,963		51,319			47,534			44,923			38,396			150,816		81,612
Interest on time certificates		19,002		17,928			17,121			15,764			16,461			54,051		36,490
Interest on borrowed money		6,485		6,137			5,973			5,349			5,683			18,595		16,597
Total Interest Expense		77,450		75,384			70,628			66,036			60,540			223,462		134,699

Net Interest Income		106,665		104,424			105,078			110,819			119,306			316,167		377,421
Provision for credit losses		6,273		4,918			1,368			3,990			2,694			12,559		33,528
Net Interest Income After Provision for Credit Losses		100,392		99,506			103,710			106,829			116,612			303,608		343,893

Noninterest income:
Service charges on deposit accounts		5,412		5,342			4,960			4,828			4,648			15,714		13,450
Interchange income		1,911		1,940			1,888			2,433			1,684			5,739		11,444
Wealth management income		3,843		3,766			3,540			3,261			3,138			11,149		9,519
Mortgage banking fees		485		582			381			378			410			1,448		1,412
Insurance agency income		1,399		1,355			1,291			1,066			1,183			4,045		3,444
SBA gains		391		694			739			921			613			1,824		1,184
BOLI income		2,578		2,596			2,264			2,220			2,197			7,438		6,181
Other		7,473		5,953			5,205			4,668			4,307			18,631		15,636
		23,492		22,228			20,268			19,775			18,180			65,988		62,270
Securities gains (losses), net		187		(44	)		229			(2,437	)		(387	)		372		(456	)
Total Noninterest Income		23,679		22,184			20,497			17,338			17,793			66,360		61,814

Noninterest expense:
Salaries and wages		40,697		38,937			40,304			38,435			46,431			119,938		139,202
Employee benefits		6,955		6,861			7,889			6,678			7,206			21,705		23,240
Outsourced data processing costs		8,003		8,210			12,118			8,609			8,714			28,331		43,489
Occupancy		7,096		7,180			8,037			7,512			7,758			22,313		24,360
Furniture and equipment		2,060		1,956			2,011			2,028			2,052			6,027		6,664
Marketing		2,729		3,266			2,655			2,995			1,876			8,650		6,161
Legal and professional fees		2,708		1,982			2,151			3,294			2,679			6,841		14,220
FDIC assessments		1,882		2,131			2,158			2,813			2,258			6,171		5,817
Amortization of intangibles		6,002		6,003			6,292			6,888			7,457			18,297		21,838
Other real estate owned expense and net loss (gain) on sale		491		(109	)		(26	)		573			274			356		412
Provision for credit losses on unfunded commitments		250		251			250			—			—			751		1,239
Other		5,945		5,869			6,532			6,542			7,210			18,346		22,613
Total Noninterest Expense		84,818		82,537			90,371			86,367			93,915			257,726		309,255

Income Before Income Taxes		39,253		39,153			33,836			37,800			40,490			112,242		96,452
Provision for income taxes		8,602		8,909			7,830			8,257			9,076			25,341		21,962
Net Income	$	30,651	$	30,244		$	26,006		$	29,543		$	31,414		$	86,901	$	74,490

Share Data
Net income per share of common stock
Diluted	$	0.36	$	0.36		$	0.31		$	0.35		$	0.37		$	1.02	$	0.89
Basic		0.36		0.36			0.31			0.35			0.37			1.03		0.89
Cash dividends declared		0.18		0.18			0.18			0.18			0.18			0.54		0.53

Average common shares outstanding
Diluted		85,069		84,816			85,270			85,336			85,666			84,915		83,993
Basic		84,434		84,341			84,908			84,817			85,142			84,319		83,457

CONDENSED CONSOLIDATED BALANCE SHEETS							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	September 30,			June 30,			March 31,			December 31,			September 30,
(Amounts in thousands)	2024			2024			2024			2023			2023
Assets
Cash and due from banks	$	182,743		$	168,738		$	137,850		$	167,511		$	182,036
Interest bearing deposits with other banks		454,315			580,787			544,874			279,671			513,946
Total cash and cash equivalents		637,058			749,525			682,724			447,182			695,982

Time deposits with other banks		5,207			7,856			7,856			5,857			4,357

Debt Securities:
Securities available for sale (at fair value)		2,160,055			1,967,204			1,949,463			1,836,020			1,841,845
Securities held to maturity (at amortized cost)		646,050			658,055			669,896			680,313			691,404
Total debt securities		2,806,105			2,625,259			2,619,359			2,516,333			2,533,249

Loans held for sale		11,039			5,975			9,475			4,391			2,979

Loans		10,205,281			10,038,508			9,978,052			10,062,940			10,011,186
Less: Allowance for credit losses		(140,469	)		(141,641	)		(146,669	)		(148,931	)		(149,661	)
Loans, net of allowance for credit losses		10,064,812			9,896,867			9,831,383			9,914,009			9,861,525

Bank premises and equipment, net		108,776			109,945			110,787			113,304			115,749
Other real estate owned		6,421			6,877			7,315			7,560			7,216
Goodwill		732,417			732,417			732,417			732,417			731,970
Other intangible assets, net		77,431			83,445			89,377			95,645			102,397
Bank owned life insurance		306,379			303,816			301,229			298,974			296,763
Net deferred tax assets		94,820			108,852			111,539			113,232			131,602
Other assets		317,906			321,779			326,554			331,345			339,218
Total Assets	$	15,168,371		$	14,952,613		$	14,830,015		$	14,580,249		$	14,823,007

Liabilities
Deposits
Noninterest demand	$	3,443,455		$	3,397,918		$	3,555,401		$	3,544,981		$	3,868,132
Interest-bearing demand		2,487,448			2,821,092			2,711,041			2,790,210			2,800,152
Savings		524,474			566,052			608,088			651,454			721,558
Money market		4,034,371			3,707,761			3,531,029			3,314,288			3,143,897
Time deposits		1,753,837			1,623,295			1,610,281			1,476,002			1,574,095
Total Deposits		12,243,585			12,116,118			12,015,840			11,776,935			12,107,834

Securities sold under agreements to repurchase		210,176			262,103			326,732			374,573			276,450
Federal Home Loan Bank borrowings		245,000			180,000			110,000			50,000			110,000
Long-term debt, net		106,800			106,634			106,468			106,302			106,136
Other liabilities		168,960			157,377			153,225			164,353			174,193
Total Liabilities		12,974,521			12,822,232			12,712,265			12,472,163			12,774,613

Shareholders’ Equity
Common stock		8,614			8,530			8,494			8,486			8,515
Additional paid in capital		1,821,050			1,815,800			1,811,941			1,808,883			1,813,068
Retained earnings		508,036			492,805			478,017			467,305			453,117
Less: Treasury stock		(18,680	)		(18,744	)		(16,746	)		(16,710	)		(14,035	)
		2,319,020			2,298,391			2,281,706			2,267,964			2,260,665
Accumulated other comprehensive loss, net		(125,170	)		(168,010	)		(163,956	)		(159,878	)		(212,271	)
Total Shareholders’ Equity		2,193,850			2,130,381			2,117,750			2,108,086			2,048,394
Total Liabilities & Shareholders’ Equity	$	15,168,371		$	14,952,613		$	14,830,015		$	14,580,249		$	14,823,007

Common shares outstanding		85,441			85,299			84,935			84,861			85,150

CONSOLIDATED QUARTERLY FINANCIAL DATA				(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

(Amounts in thousands)	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23
Credit Analysis
Net charge-offs	$	7,445		$	9,946		$	3,630		$	4,720		$	12,748
Net charge-offs to average loans		0.29	%		0.40	%		0.15	%		0.19	%		0.50	%

Allowance for credit losses	$	140,469		$	141,641		$	146,669		$	148,931		$	149,661

Non-acquired loans at end of period	$	7,178,186		$	6,834,059		$	6,613,763		$	6,571,454		$	6,343,121
Acquired loans at end of period		3,027,095			3,204,449			3,364,289			3,491,486			3,668,065
Total Loans	$	10,205,281		$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186

Total allowance for credit losses to total loans at end of period		1.38	%		1.41	%		1.47	%		1.48	%		1.49	%
Purchase discount on acquired loans at end of period		4.48			4.51			4.63			4.75			4.86

End of Period
Nonperforming loans	$	80,857		$	59,927		$	77,205		$	65,104		$	41,508
Other real estate owned		933			1,173			309			221			221
Properties previously used in bank operations included in other real estate owned		5,488			5,704			7,006			7,339			6,995
Total Nonperforming Assets	$	87,278		$	66,804		$	84,520		$	72,664		$	48,724

Nonperforming Loans to Loans at End of Period		0.79	%		0.60	%		0.77	%		0.65	%		0.41	%

Nonperforming Assets to Total Assets at End of Period		0.58			0.45			0.57			0.50			0.33

	September 30,			June 30,			March 31,			December 31,			September 30,
Loans	2024			2024			2024			2023			2023
Construction and land development	$	595,753		$	593,534		$	623,246		$	767,622		$	793,736
Commercial real estate – owner occupied		1,676,814			1,656,391			1,656,131			1,670,281			1,675,881
Commercial real estate – non-owner occupied		3,573,076			3,423,266			3,368,339			3,319,890			3,285,974
Residential real estate		2,564,903			2,555,320			2,521,399			2,445,692			2,418,903
Commercial and financial		1,575,228			1,582,290			1,566,198			1,607,888			1,588,152
Consumer		219,507			227,707			242,739			251,567			248,540
Total Loans	$	10,205,281		$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES ¹								(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	3Q’24							2Q’24							3Q’23
	Average					Yield/		Average					Yield/		Average					Yield/
(Amounts in thousands)	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	2,756,502		$	25,963	3.75	%	$	2,629,716		$	24,155	3.69	%	$	2,575,002		$	21,401	3.32	%
Nontaxable		5,701			42	2.93			5,423			40	2.97			15,280			119	3.11
Total Securities		2,762,203			26,005	3.75			2,635,139			24,195	3.69			2,590,282			21,520	3.32

Federal funds sold		433,423			5,906	5.42			510,401			6,967	5.49			547,576			7,415	5.37
Interest bearing deposits with other banks and other investments		102,700			1,232	4.77			98,942			1,361	5.53			90,039			1,062	4.68

Total Loans, net²		10,128,822			151,282	5.94			10,005,122			147,518	5.93			10,043,611			150,048	5.93

Total Earning Assets		13,427,148			184,425	5.46			13,249,604			180,041	5.47			13,271,508			180,045	5.38

Allowance for credit losses		(141,974	)						(146,380	)						(158,440	)
Cash and due from banks		167,103							168,439							168,931
Bank premises and equipment, net		109,699							110,709							116,704
Intangible assets		812,761							818,914							839,787
Bank owned life insurance		304,703							302,165							295,272
Other assets including deferred tax assets		317,406							336,256							372,241

Total Assets	$	14,996,846						$	14,839,707						$	14,906,003

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,489,674		$	12,905	2.06	%	$	2,670,569		$	14,946	2.25	%	$	2,804,243		$	15,013	2.12	%
Savings		546,473			601	0.44			584,490			560	0.39			770,503			465	0.24
Money market		3,942,357			38,457	3.88			3,665,858			35,813	3.93			2,972,495			22,918	3.06
Time deposits		1,716,720			19,002	4.40			1,631,290			17,928	4.42			1,619,572			16,461	4.03
Securities sold under agreements to repurchase		241,083			2,044	3.37			293,603			2,683	3.68			327,711			2,876	3.48
Federal Home Loan Bank borrowings		237,935			2,549	4.26			149,234			1,592	4.29			111,087			888	3.17
Long-term debt, net		106,706			1,892	7.05			106,532			1,862	7.03			106,036			1,919	7.18

Total Interest-Bearing Liabilities		9,280,948			77,450	3.32			9,101,576			75,384	3.33			8,711,647			60,540	2.76

Noninterest demand		3,393,110							3,485,603							3,987,761
Other liabilities		154,344							134,900							133,846
Total Liabilities		12,828,402							12,722,079							12,833,254

Shareholders’ equity		2,168,444							2,117,628							2,072,747

Total Liabilities & Equity	$	14,996,846						$	14,839,707						$	14,906,003

Cost of deposits						2.34	%						2.31	%						1.79	%
Interest expense as a % of earning assets						2.29	%						2.29	%						1.81	%
Net interest income as a % of earning assets				$	106,975	3.17	%				$	104,657	3.18	%				$	119,505	3.57	%


¹On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
²Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES ¹								(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	Nine Months Ended September 30, 2024							Nine Months Ended September 30, 2023
	Average					Yield/		Average					Yield/
(Amounts in thousands)	Balance			Interest		Rate		Balance			Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	2,655,422		$	72,511	3.65	%	$	2,649,127		$	61,543	3.10	%
Nontaxable		5,677			123	2.89			15,721			370	3.14
Total Securities		2,661,099			72,634	3.65			2,664,848			61,913	3.10

Federal funds sold		438,089			17,929	5.47			336,022			12,444	4.95
Interest bearing deposits with other banks and other investments		102,415			3,721	4.85			90,511			4,530	6.69

Total Loans, net²		10,056,466			446,108	5.93			9,840,484			433,821	5.89

Total Earning Assets		13,258,069			540,392	5.44			12,931,865			512,708	5.30

Allowance for credit losses		(145,579	)						(151,613	)
Cash and due from banks		167,424							185,426
Bank premises and equipment, net		110,929							116,840
Intangible assets		819,046							811,483
Bank owned life insurance		302,220							287,756
Other assets including deferred tax assets		330,898							402,175

Total Assets	$	14,843,007						$	14,583,932

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,626,026		$	43,117	2.19	%	$	2,642,180		$	25,780	1.30	%
Savings		586,285			1,701	0.39			909,184			1,292	0.19
Money market		3,673,493			105,998	3.85			2,831,747			54,540	2.58
Time deposits		1,646,285			54,051	4.39			1,288,736			36,490	3.79
Securities sold under agreements to repurchase		289,181			7,806	3.61			249,242			5,333	2.86
Federal Home Loan Bank borrowings		163,468			5,101	4.17			214,415			5,936	3.70
Long-term debt, net		106,538			5,688	7.13			103,469			5,328	6.88

Total Interest-Bearing Liabilities		9,091,276			223,462	3.28			8,238,973			134,699	2.19

Noninterest demand		3,468,790							4,204,389
Other liabilities		148,000							126,487
Total Liabilities		12,708,066							12,569,849

Shareholders’ equity		2,134,941							2,014,083

Total Liabilities & Equity	$	14,843,007						$	14,583,932

Cost of deposits						2.28	%						1.33	%
Interest expense as a % of earning assets						2.25	%						1.39	%
Net interest income as a % of earning assets				$	316,930	3.19	%				$	378,009	3.91	%


¹On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
²Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

CONSOLIDATED QUARTERLY FINANCIAL DATA					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Customer Relationship Funding
Noninterest demand
Commercial	$	2,731,564	$	2,664,353	$	2,808,151	$	2,752,644	$	3,089,488
Retail		509,527		532,623		553,697		561,569		570,727
Public funds		139,072		142,846		145,747		173,893		134,649
Other		63,292		58,096		47,806		56,875		73,268
Total Noninterest Demand		3,443,455		3,397,918		3,555,401		3,544,981		3,868,132

Interest-bearing demand
Commercial		1,426,920		1,533,725		1,561,905		1,576,491		1,618,755
Retail		874,043		892,032		930,178		956,900		994,224
Brokered		—		198,337		—		—		—
Public funds		186,485		196,998		218,958		256,819		187,173
Total Interest-Bearing Demand		2,487,448		2,821,092		2,711,041		2,790,210		2,800,152

Total transaction accounts
Commercial		4,158,484		4,198,078		4,370,056		4,329,135		4,708,243
Retail		1,383,570		1,424,655		1,483,875		1,518,469		1,564,951
Brokered		—		198,337		—		—		—
Public funds		325,557		339,844		364,705		430,712		321,822
Other		63,292		58,096		47,806		56,875		73,268
Total Transaction Accounts		5,930,903		6,219,010		6,266,442		6,335,191		6,668,284

Savings
Commercial		44,151		53,523		52,665		58,562		79,731
Retail		480,323		512,529		555,423		592,892		641,827
Total Savings		524,474		566,052		608,088		651,454		721,558

Money market
Commercial		1,953,851		1,771,927		1,709,636		1,655,820		1,625,455
Retail		1,887,975		1,733,505		1,621,618		1,469,142		1,362,390
Public funds		192,545		202,329		199,775		189,326		156,052
Total Money Market		4,034,371		3,707,761		3,531,029		3,314,288		3,143,897

Brokered time certificates		256,536		126,668		142,717		122,347		307,963
Time deposits		1,497,301		1,496,627		1,467,564		1,353,655		1,266,132
		1,753,837		1,623,295		1,610,281		1,476,002		1,574,095
Total Deposits	$	12,243,585	$	12,116,118	$	12,015,840	$	11,776,935	$	12,107,834

Securities sold under agreements to repurchase		210,176		262,103		326,732		374,573		276,450

Total customer funding ¹	$	12,197,225	$	12,053,216	$	12,199,855	$	12,029,161	$	12,076,321

¹Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.

GAAP TO NON-GAAP RECONCILIATION							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
							Quarterly Trends									Nine Months Ended
(Amounts in thousands, except per share data)	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23			3Q’24			3Q’23
Net Income	$	30,651		$	30,244		$	26,006		$	29,543		$	31,414		$	86,901		$	74,490

Total noninterest income		23,679			22,184			20,497			17,338			17,793			66,360			61,814
Securities (gains) losses, net		(187	)		44			(229	)		2,437			387			(372	)		456
BOLI benefits on death (included in other income)		—			—			—			—			—			—			(2,117	)
Total Adjustments to Noninterest Income		(187	)		44			(229	)		2,437			387			(372	)		(1,661	)
Total Adjusted Noninterest Income		23,492			22,228			20,268			19,775			18,180			65,988			60,153

Total noninterest expense		84,818			82,537			90,371			86,367			93,915			257,726			309,255
Merger-related charges		—			—			—			—			—			—			(33,180	)
Branch reductions and other expense initiatives		—			—			(7,094	)		—			(3,305	)		(7,094	)		(5,167	)
Adjustments to Noninterest Expense		—			—			(7,094	)		—			(3,305	)		(7,094	)		(38,347	)
Adjusted Noninterest Expense²		84,818			82,537			83,277			86,367			90,610			250,632			270,908

Income Taxes		8,602			8,909			7,830			8,257			9,076			25,341			21,962
Tax effect of adjustments		(47	)		11			1,739			617			936			1,703			9,298
Adjusted Income Taxes		8,555			8,920			9,569			8,874			10,012			27,044			31,260
Adjusted Net Income²	$	30,511		$	30,277		$	31,132		$	31,363		$	34,170		$	91,920		$	101,878

Earnings per diluted share, as reported	$	0.36		$	0.36		$	0.31		$	0.35		$	0.37		$	1.02		$	0.89
Adjusted Earnings per Diluted Share		0.36			0.36			0.37			0.37			0.40			1.08			1.21
Average diluted shares outstanding		85,069			84,816			85,270			85,336			85,666			84,915			83,993

Adjusted Noninterest Expense	$	84,818		$	82,537		$	83,277		$	86,367		$	90,610		$	250,632		$	270,908
Provision for credit losses on unfunded commitments		(250	)		(251	)		(250	)		—			—			(751	)		(1,239	)
Other real estate owned expense and net gain (loss) on sale		(491	)		109			26			(573	)		(274	)		(356	)		(412	)
Amortization of intangibles		(6,002	)		(6,003	)		(6,292	)		(6,888	)		(7,457	)		(18,297	)		(21,838	)
Net Adjusted Noninterest Expense	$	78,075		$	76,392		$	76,761		$	78,906		$	82,879		$	231,228		$	247,419
Average tangible assets		14,184,085			14,020,793			13,865,245			13,906,005			14,066,216			14,023,961			13,772,449
Net Adjusted Noninterest Expense to Average Tangible Assets		2.19	%		2.19	%		2.23	%		2.25	%		2.34	%		2.20	%		2.40	%

Net Revenue	$	130,344		$	126,608		$	125,575		$	128,157		$	137,099		$	382,527		$	439,235
Total Adjustments to Net Revenue		(187	)		44			(229	)		2,437			387			(372	)		(1,661	)
Impact of FTE adjustment		310			233			220			216			199			763			588
Adjusted Net Revenue on a fully taxable equivalent basis	$	130,467		$	126,885		$	125,566		$	130,810		$	137,685		$	382,918		$	438,162
Adjusted Efficiency Ratio		59.84	%		60.21	%		61.13	%		60.32	%		60.19	%		60.39	%		56.47	%

Net Interest Income	$	106,665		$	104,424		$	105,078		$	110,819		$	119,306		$	316,167		$	377,421
Impact of FTE adjustment		310			233			220			216			199			763			588
Net Interest Income including FTE adjustment	$	106,975		$	104,657		$	105,298		$	111,035		$	119,505		$	316,930		$	378,009
Total noninterest income		23,679			22,184			20,497			17,338			17,793			66,360			61,814
Total noninterest expense less provision for credit losses on unfunded commitments		84,568			82,286			90,121			86,367			93,915			256,975			308,016
Pre-Tax Pre-Provision Earnings	$	46,086		$	44,555		$	35,674		$	42,006		$	43,383		$	126,315		$	131,807
Total Adjustments to Noninterest Income		(187	)		44			(229	)		2,437			387			(372	)		(1,661	)
Total Adjustments to Noninterest Expense including other real estate owned expense and net (gain) loss on sale		491			(109	)		7,068			573			3,579			7,450			38,759
Adjusted Pre-Tax Pre-Provision Earnings²	$	46,390		$	44,490		$	42,513		$	45,016		$	47,349		$	133,393		$	168,905

Average Assets	$	14,996,846		$	14,839,707		$	14,690,776		$	14,738,034		$	14,906,003		$	14,843,007		$	14,583,932
Less average goodwill and intangible assets		(812,761	)		(818,914	)		(825,531	)		(832,029	)		(839,787	)		(819,046	)		(811,483	)
Average Tangible Assets	$	14,184,085		$	14,020,793		$	13,865,245		$	13,906,005		$	14,066,216		$	14,023,961		$	13,772,449
Return on Average Assets (ROA)		0.81	%		0.82	%		0.71	%		0.80	%		0.84	%		0.78	%		0.68	%
Impact of removing average intangible assets and related amortization		0.18			0.18			0.18			0.19			0.20			0.18			0.20
Return on Average Tangible Assets (ROTA)		0.99			1.00			0.89			0.99			1.04			0.96			0.88
Impact of other adjustments for Adjusted Net Income		(0.01	)		—			0.15			0.05			0.08			0.05			0.27
Adjusted Return on Average Tangible Assets		0.98			1.00			1.04			1.04			1.12			1.01			1.15

Pre-Tax Pre-Provision return on Average Tangible Assets		1.46			1.45			1.22			1.39			1.43			1.38			1.49
Impact of adjustments on Pre-Tax Pre-Provision earnings		0.01			—			0.20			0.09			0.12			0.06			0.36
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets²		1.47	%		1.45	%		1.42	%		1.48	%		1.55	%		1.44	%		1.85	%

Average Shareholders’ Equity	$	2,168,444		$	2,117,628		$	2,118,381		$	2,058,912		$	2,072,747		$	2,134,941		$	2,014,083
Less average goodwill and intangible assets		(812,761	)		(818,914	)		(825,531	)		(832,029	)		(839,787	)		(819,046	)		(811,483	)
Average Tangible Equity	$	1,355,683		$	1,298,714		$	1,292,850		$	1,226,883		$	1,232,960		$	1,315,895		$	1,202,600

Return on Average Shareholders’ Equity		5.62	%		5.74	%		4.94	%		5.69	%		6.01	%		5.44	%		4.94	%
Impact of removing average intangible assets and related amortization		4.69			5.01			4.61			5.53			5.89			4.77			5.15
Return on Average Tangible Common Equity (ROTCE)		10.31			10.75			9.55			11.22			11.90			10.21			10.09
Impact of other adjustments for Adjusted Net Income		(0.04	)		0.01			1.60			0.58			0.89			0.51			3.05
Adjusted Return on Average Tangible Common Equity		10.27	%		10.76	%		11.15	%		11.80	%		12.79	%		10.72	%		13.14	%

Loan interest income¹	$	151,282		$	147,518		$	147,308		$	148,004		$	150,048		$	446,108		$	433,821
Accretion on acquired loans		(9,182	)		(10,178	)		(10,595	)		(11,324	)		(14,843	)		(29,955	)		(45,365	)
Loan interest income excluding accretion on acquired loans	$	142,100		$	137,340		$	136,713		$	136,680		$	135,205		$	416,153		$	388,456

Yield on loans¹		5.94			5.93			5.90			5.85			5.93			5.93			5.89
Impact of accretion on acquired loans		(0.36	)		(0.41	)		(0.42	)		(0.45	)		(0.59	)		(0.40	)		(0.61	)
Yield on loans excluding accretion on acquired loans		5.58	%		5.52	%		5.48	%		5.40	%		5.34	%		5.53	%		5.89	%

Net Interest Income¹	$	106,975		$	104,657		$	105,298		$	111,035		$	119,505		$	316,930		$	378,009
Accretion on acquired loans		(9,182	)		(10,178	)		(10,595	)		(11,324	)		(14,843	)		(29,955	)		(45,365	)
Net interest income excluding accretion on acquired loans	$	97,793		$	94,479		$	94,703		$	99,711		$	104,662		$	286,975		$	332,644

Net Interest Margin		3.17			3.18			3.24			3.36			3.57			3.19			3.91
Impact of accretion on acquired loans		(0.27	)		(0.30	)		(0.33	)		(0.34	)		(0.44	)		(0.30	)		(0.47	)
Net interest margin excluding accretion on acquired loans		2.90	%		2.87	%		2.91	%		3.02	%		3.13	%		2.89	%		3.44	%

Security interest income¹	$	26,005		$	24,195		$	22,434		$	21,451		$	21,520		$	72,634		$	61,913
Tax equivalent adjustment on securities		(8	)		(7	)		(7	)		(13	)		(22	)		(22	)		(71	)
Security interest income excluding tax equivalent adjustment	$	25,997		$	24,188		$	22,427		$	21,438		$	21,498		$	72,612		$	61,842

Loan interest income¹	$	151,282		$	147,518		$	147,308		$	148,004		$	150,048		$	446,108		$	433,821
Tax equivalent adjustment on loans		(302	)		(226	)		(213	)		(203	)		(177	)		(741	)		(517	)
Loan interest income excluding tax equivalent adjustment	$	150,980		$	147,292		$	147,095		$	147,801		$	149,871		$	445,367		$	433,304

Net Interest Income¹	$	106,975		$	104,657		$	105,298		$	111,035		$	119,505		$	316,930		$	378,009
Tax equivalent adjustment on securities		(8	)		(7	)		(7	)		(13	)		(22	)		(22	)		(71	)
Tax equivalent adjustment on loans		(302	)		(226	)		(213	)		(203	)		(177	)		(741	)		(517	)
Net interest income excluding tax equivalent adjustment	$	106,665		$	104,424		$	105,078		$	110,819		$	119,306		$	316,167		$	377,421

¹On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
²As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

MIL-OSI USA: ICYMI: Investing in Flood Prevention Infrastructure Works. Here’s What We Are Doing.

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) penned an op-ed in The Advocate highlighting a new report showing flood mitigation investments reduce storm damage and the billions of dollars he’s secured for Louisiana from his Infrastructure Investment and Jobs Act (IIJA) to do so.
“The best way to recover from a storm is never to flood at all. A recent Congressional Budget Office (CBO) report confirmed this, finding that for every dollar spent on federal flood mitigation projects, communities see a return of $2 to $3 in reduced damages. This reality resonates deeply for many families in Louisiana and across the country,” wrote Dr. Cassidy.
“In my time in Congress, I have been a vocal advocate for federal investment in flood mitigation, working to secure billions of dollars for projects that protect communities and reduce the economic burden of disasters. The funding secured through the Infrastructure Investment and Jobs Act is a game-changer,” continued Dr. Cassidy.
This op-ed comes on the heels of a critical report Cassidy released this morning detailing the current state of the National Flood Insurance Program (NFIP) and the issues that led to skyrocketing premiums for millions of homeowners.
“As the new CBO report shows, investment in flood mitigation pays off — again and again. The IIJA provided billions of dollars to reduce the risk of flooding, and much of this money is heading to Louisiana. It’s a good start, but NFIP reform must come next,” concluded Dr. Cassidy.
Read the full op-ed here or below.
Investing in Flood Prevention Infrastructure Works. Here’s What We Are Doing.
By: Senator Bill Cassidy
October 24, 2024
As hurricanes Milton, Helene, and Francine floods homes and communities across the East Coast, Americans are focused on two questions: How do we help those affected to recover and how do we prevent this from happening again?
The best way to recover from a storm is never to flood at all. A recent Congressional Budget Office (CBO) report confirmed this, finding that for every dollar spent on federal flood mitigation projects, communities see a return of $2 to $3 in reduced damages. This reality resonates deeply for many families in Louisiana and across the country.
In my time in Congress, I have been a vocal advocate for federal investment in flood mitigation, working to secure billions of dollars for projects that protect communities and reduce the economic burden of disasters. The funding secured through the Infrastructure Investment and Jobs Act (IIJA) is a game-changer. The findings of this CBO report show us this is the right strategy.
The IIJA allocated over $5.5 billion for disaster mitigation, coastal restoration, and flood risk reduction efforts. In Louisiana alone, it has already delivered hundreds of millions in coastal resiliency grants alone.
Last month, I announced Louisiana will receive a fresh $206 million from the Federal Emergency Management Agency’s (FEMA) Flood Mitigation Assistance program. This funding will go toward projects across Louisiana, from Gretna’s green infrastructure network — set to receive $51.8 million — to elevation projects in St. John the Baptist Parish and Livingston Parish totaling $27.1 and $11.8 million, respectively.
In 2023, Louisiana secured over $207 million from FEMA in Building Resilient Infrastructures and Communities grants. These funds have gone toward a variety of projects, from $19 million for hardening and hurricane-proofing Jefferson Parish’s power grid to $4.5 million for residential mitigation programs in Lafayette Parish. The result: stronger resilience for Louisianans as we confront future storms.
Three years in, we have made historic investments in flood infrastructure, providing resources to communities across Louisiana and the country to build stronger, more resilient systems. These efforts not only safeguard communities to prevent catastrophic flooding, they reduce the need for costly recovery efforts and alleviate the pressure on the National Flood Insurance Program (NFIP), which has struggled to stay solvent.
I have repeatedly highlighted the urgent need to reauthorize — and more importantly, reform — the NFIP in a series of speeches on the Senate floor. Skyrocketing flood insurance premiums due to Risk Rating 2.0 are leaving families in Louisiana and other flood-prone areas behind. Flood insurance costs impose an unsustainable financial strain placed on both homeowners and the program itself.
At my request, the U.S. Senate Banking Committee held a hearing on NFIP reform in January, featuring testimony from locals speaking to the program’s challenges. The principles can be stated simply: Make the program affordable to the homeowner, accountable to the taxpayer and sustainable for the future.
This isn’t just a Louisiana issue, as the devastation of Hurricane Helene has demonstrated. Flooding is a national problem. Forty-four states have had over $50 million in total NFIP claims since 1978. Thirteen states have had more than $1 billion in NFIP claims during that same timeframe. So, I’m confident we can build the big coalition needed to enact this vital legislation.
As the new CBO report shows, investment in flood mitigation pays off — again and again. The IIJA provided billions of dollars to reduce the risk of flooding, and much of this money is heading to Louisiana. It’s a good start, but NFIP reform must come next.
Background
In January, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
Cassidy traveled St. Bernard Parish last year to talk with residents about their flood insurance premiums, resulting in the second episode of his series Bill on the Hill.
Over the last several months, Cassidy has delivered a series of speeches on the Senate floor calling for action on NFIP. Most recently, he demanded that Congress reauthorize and reform the program just before its authorization expired at the end of the fiscal year on September 30th.

MIL-OSI United Kingdom: Secretary of State for Northern Ireland speech at the British-Irish Chamber of Commerce

Source: United Kingdom – Executive Government & Departments

Speech by Rt Hon Hilary Benn MP, Secretary of State for Northern Ireland.

Location:: Dublin, Republic of Ireland
Delivered on:: 24 October 2024 (Speaker’s notes, may differ from delivered version)

Good afternoon. It’s a great pleasure to be with you all today.

Go raibh míle maith agaibh.

I would like to extend my thanks to John McGrane and Paul Lynam for your very kind invitation and sharing my congratulations to Marie Doyle on her recent appointment as President of this wonderful organisation.

Now, many people in Britain might assume that the British-Irish Chamber of Commerce has a long and distinguished history. It is certainly distinguished but it’s not very long, having been founded only in 2011. But it feels to me and I’m sure to you much older, such is the strength of the ties that bind our two countries together.

Two countries that share so much… in terms of history, culture, ideas, politics and friendships.

And it is a story that runs like a thread through these islands and through the lives of so many of our families, including my own: on my side, it was an Ulster Scot from Fermanagh who took that journey that millions made across the Atlantic to Ohio from where my mother came and, on my wife’s side, Irish Catholics from Mayo and Kilkenny and Cork, her grandfather was born in Monkstown.

And talking of families, you may be aware that I come from a family best known for politics. What you may be less aware of is that two of my great grandfathers were Victorian entrepreneurs.

One – Peter Eadie – designed and made ring travellers for the textile industry working out of the upstairs of a terraced house in Galashiels, in Scotland.

The other – John Benn – was very good at drawing and decided to found a furniture trade magazine which, with great prescience – given the posts that his son, grandson and great grandson – that’s me – all went on to hold, he decided to call it “ The Cabinet Maker.“ You couldn’t make it up.

Both of those grandfathers entered politics as elected councillors as they put their business minds, industriousness and civic virtues at the service of the public.

So, if I may say so, it is in that spirit of innovation and constructive endeavour that I address you today.

Now the history of these islands has not always been benign. Over the centuries there have been terrible wrongs, great violence, revolution, bitterness but in recent years – reconciliation and progress in ways that would have seemed impossible in the past.

It was a great pleasure last night to see the play Agreement at the Gate Theatre, which so powerfully depicts the events leading up to that miraculous Good Friday in 1998. That agreement eventually resulted in something – I must be frank – I never thought I would see in my lifetime. I grew up watching reporting of the Troubles on the television, reading about it in the papers, and to witness a unionist and a nationalist sitting side by side in government together – that truly was the impossible made possible. And today Northern Ireland is a very different place.

Why?

Because of the courageous political leadership shown in the play last night and many others showed.

We must never lose sight of how far we have come across these shared islands since then. I want to say very clearly and directly: The Government’s commitment to the Good Friday Agreement – in letter and in spirit – is absolute. And that our support for the European Convention on Human Rights, which underpins the Agreement, and to the rule of law is unwavering.

My priority as Secretary of State for Northern Ireland – above all else – is to support political stability and economic growth.

And critical to that stability and critical to that growth in Northern Ireland is a healthy and constructive relationship between the Irish and UK governments.

And from day one, this new Government has been absolutely determined to seize the opportunity to restore trust, friendship and collaboration between our two countries. And as Paul just set out, the Prime Minister and the Taoiseach have made their joint commitment to this reset, which will be underpinned by annual summits, in addition to the existing Strand 3 institutions.

You’ve heard about the visits the British ministers have made and colleagues from here over to Westminster, and all of those are practical expressions of that commitment to a new and better relationship.

And talking of new relationships, the restoration of the Executive and Assembly in February was a hugely important moment for Northern Ireland – after too many years in which devolved government was not functioning. And it is vital that we now do all we can to ensure that this stability endures.

Stable and devolved government and political representation at Stormont matters above all for the people of Northern Ireland – they need a government and an Assembly that work for them.

But it also matters enormously for businesses right across Ireland, the United Kingdom and beyond. What do businesses and potential investors say they want? Stability. Political stability.

I am really impressed by the partnership that Michelle O’Neill and Emma Little-Pengelly have forged and the Executive now has a Programme for Government and a Fiscal Sustainability Plan.

And Northern Ireland has a great opportunity to make the most of its unique access to both the British and the European markets to help the economy to grow and to create jobs.

And that is what you do as the British Irish Chamber in promoting trade, prosperity and progress across these islands.

Now we are still having to manage the consequences of the UK’s decision to leave the European Union, in a way that does not unnecessarily inhibit trade and commerce across the Irish Sea. That is why this Government is absolutely committed to fully implementing the Windsor Framework, pragmatically and in good faith.

It is not without its challenges – I think that is probably the understatement of the year – but it is necessary. And there is a much bigger prize in sight.

The Government is committed to improving the UK’s trading relationship with the EU, including through the negotiation of a sanitary and phyto-sanitary agreement which would have the potential to dramatically smooth the movement of food, animals and plants across the Irish Sea.

One of the joys of my job is that everywhere I go in Northern Ireland I see talent, ingenuity and enterprise.

I see world class businesses operating in the life sciences, high-tech engineering, making composite aircraft wings and building the buses of the future – electric and hydrogen – services and film and television, education.

I am really struck that all these firms have seen something in Northern Ireland and its people.

And my message to investors is simply this.

Come, look, see, believe, invest in Northern Ireland.

Just look at the opportunities for the UK and Irish Governments to work collaboratively on areas and projects to help improve growth in Northern Ireland, in the Republic of Ireland including in its border regions.

Areas which are summed up by the four pillars which will form the basis of the annual leaders’ summits.

We need this collaboration not only because it is in our mutual economic interest, but because in these very uncertain times, we face shared challenges which our shared values and our shared commitment to democracy and the rule of law, will help us to face up to.

What do we need to do?

We need to ensure stability in an unstable world.

We need to build economic growth.

We need to make sure we have the infrastructure to enable that growth and attract that investment.

We have got to invest in skills.

We’ve got to make the transition to net zero – what a fantastic opportunity for businesses if you just think about changing the way we heat our homes. There are a lot of heat pumps that will have to be built and installed, and we together on these islands should be making them.

Building new energy infrastructure which will be required to power those heat pumps and the electric buses, cooperating on energy resilience – not least given the huge potential across these islands for more wind power – and the investment in Northern Ireland from GB Energy, the UK’s new publicly owned, clean energy company, which in turn will support the Shared Electricity Market.

At the same time, we only have to look around us to see the risks from conflict, climate change and the loss of biodiversity. Biodiversity is not a like-to-have, it is the very stuff on which human existence is based.

If you pause for a moment and look around you, every single thing we see is a gift from what is on the surface of the earth and beneath it. The genius of the human mind is that we have taken those gifts and look at what we have built. Look at what we have created, look at what we have fashioned.

And given the increasingly uncertain geopolitics of the world, it also makes sense for the UK and Ireland to collaborate on confronting the threats we face, whether in relation to cyber security, terrorism, organised crime or the threat from Russia and other states.

And in doing all of this, the sense I get from the vast majority of people is they would like us to move forward and to try and build a better future that we can jointly embrace.

So let us be bold, let us get on with it and let us take inspiration from those who 26 years ago truly made the impossible possible.

Finally, why do the relationships that I have spoken about matter so much?

They are clearly important economically, but they are also about something else – it’s about building alliances so we can deal with the risks and take advantage of the opportunities.

All of these are powerful reasons why we should work together closely.

Ireland and the United Kingdom.

Two proud nations with everything to gain from a close partnership, for as the great W B Yeats reminded us:

“There are no strangers here. Only friends you haven’t yet met.”

Thank you.

Published 24 October 2024

MIL OSI United Kingdom –

MIL-OSI USA News: Remarks by Vice President Harris in Press Gaggle | Philadelphia, PA

Source: The White House

Warwick Hotel Rittenhouse Square Philadelphia
Philadelphia, Pennsylvania

1:27 P.M. EDT

THE VICE PRESIDENT: Oh, hi, guys.

Q Hello.

THE VICE PRESIDENT: Okay. Good morning — or af- —

Q Good afternoon.

THE VICE PRESIDENT: — afternoon. Good afternoon. Good afternoon.

Well, let me start by saying I’m really very proud to announce that we’ve had some endorsements this morning, as we’ve been rolling out endorsements, by two leaders in the Republican Party: the mayor of Waukesha and then, of course, former Representative Fred Upton.

And this continues to be, I think, evidence of the fact that people who have been leaders in our country, regardless of their political party, understand what’s at stake. And they are weighing in — courageously, in many cases — in support of what we need to have, which is a president of the United States who understands the obligation to uphold the Constitution of the United States and our democracy.

As for last night, yet again, Trump not showing up, refused to be a part of a CNN debate. And clearly, his staff has been saying he’s exhausted. And the sad part about that is he’s trying to be president of the United States, probably the toughest job in the world, and he’s exhausted.

I said last night what I mean, which is the American people are being presented with a very serious decision, and it includes what we must understand will happen, starting on January 20th, in this choice.

Either you have the choice of a Donald Trump, who will sit in the Oval Office stewing, plotting revenge, retribution, writing out his enemies list, or what I will be doing, which is responding to folks like the folks last night with a to-do list, understanding the need to work on lifting up the American people, whether it be through the issue of grocery prices and bringing them down or investing in our economy, investing in our small businesses, investing in our families.

Happy to take any questions.

Q Madam Vice President, you will be back in Philadelphia with members of your team on Monday, former President Barack Obama, as well as Bruce Springsteen.

THE VICE PRESIDENT: Yes.

Q Do you — can you tell us where you — that may be?

And secondly, any other, as we would say, heavy hitters in your campaign planning to come to Philadelphia in the lead-up to Election Day?

THE VICE PRESIDENT: Well, I’m very honored to have the support of former President Obama. As you know, he’s been on the campaign trail and has been really wonderful and extraordinary in terms of the time and effort that he’s putting into our campaign. And people like Bruce Springsteen, to have their support — and, of course, he is an American icon — I think it just shows the breadth and depth of the support that we have and also the enthusiasm that a lot of people are bringing to the campaign and feel about our campaign.

Q Any other big names we can share?

THE VICE PRESIDENT: I have nothing to report at this moment. (Laughs.)

Q (Inaudible.)

THE VICE PRESIDENT: Stay tuned, however.

Q Vice President, what do you make of the gender gap in this election? Why do you think you have stronger support among women than the former president?

THE VICE PRESIDENT: Well, I have to be honest with you, it’s not what I see in terms of my rallies, in terms of the interactions I’m having with people in communities and — and on the ground. What I am seeing is e- — in equal measure, men and women talking about their concerns about the future of our democracy; talking about the fact that they want a president who leads with optimism and takes on the challenges that we face, whether it be grocery prices or investing in small businesses or homeownership.

So, I’m not actually seeing that kind of disparity, and I intend to be a president for all Americans. And that includes paying attention, yes, to a fundamental freedom that has been taken away because of Donald Trump — the freedom of a woman to make decisions about her own body — and, in equal measure, to prioritize the economic needs of individuals and families in America and what we also must do in terms of upholding our strength and standing on the global stage.

Q Madam Vice President —

THE VICE PRESIDENT: You all sort that out, okay? (Laughter.)

Q How are you going to vote on Prop 36 in California? You are a California voter. Do California and other states need to punish drug and theft crimes more harshly?

THE VICE PRESIDENT: So, I have not yet voted, and I have not yet had the chance to read through the ballot. I will keep you posted on that.

AIDE: We have time for one more question.

Q Madam Vice President, this topic was brought up last night, but will construction of a southern border wall continue in your administration?

THE VICE PRESIDENT: I will tell you that my highest priority is to put the resources into ensuring that our border is secure, which is why I’ve been very clear: I’m going to bring back up, as president, that bipartisan border security bill and make sure that it is brought to my desk so I can sign it into law.

The biggest issue that we have right now is that Donald Trump has stood in the way of what would have been a proven part of the solution to the bigger problem, which is that we have a broken immigration system in America, and we need to fix it. And we have the tools at hand, but we have on the other side of this election, Donald Trump, who would prefer to run on a problem instead of fixing a problem.

I intend to fix the problem in a way that is just about practical solutions that are within our arms reach if we have the commitment to do it.

Okay? Thank you.

MIL-OSI New Zealand: Awards – New Zealand Muslim Women hit the world stage as finalists in global awards

Source: Islamic Women’s Council New Zealand (ICWNZ)

25 October 2024 – A small New Zealand charity dedicated to uplifting the lives of Muslim women across the nation has been named as a finalist in an international Shorty Awards alongside major global brands and their marketing teams. The Shorty Impact Awards honour the best and most impactful digital and social media campaigns, projects, and initiatives that address pressing global issues.

In June this year, the Islamic Women’s Council New Zealand (ICWNZ) launched the CHILL campaign to empower New Zealand Muslim women, challenge hate and gendered stereotypes, and pass the mic to local women to tell their own stories.

CHILL stands for Challenge Islamophobic Language and Loathing, and the campaign featured eight Muslim women’s personal stories told through their voices as they go about their lives – working, teaching, creating and sharing moments of joy in their communities. All videos end with the participant saying, “Just CHILL, New Zealand, we’ve got this!”– indicating the country, as a whole, can get in front of the challenges facing Muslim women.

The campaign has been selected as a finalist in the Shorty Impact Awards, an international competition celebrating social impact campaigns. Other finalists include major brands like Amazon, Doritos, L’Oreal and Searchlight Pictures, international marketing agencies and large international NGOs.

“The entire campaign was conceived in-house,” says IWCNZ National Coordinator Aliya Danzeisen adding, “We wanted to create awareness about our community and to encourage New Zealanders to challenge Islamophobic language and stereotypes about Muslim women by empowering women themselves to share their joys, triumphs and challenges in their own words. The response was far more positive than we could have ever expected.”

The campaign was produced by local production company Eyes and Ears and had a shoestring advertising budget exclusively targeting a New Zealand audience. CHILL content reached over 300,000 New Zealanders, with videos going viral locally for a small country, as well as reaching global audiences.

All awards finalists are eligible for an Audience Honor award, so IWCNZ is asking their community and all New Zealanders to get behind the CHILL campaign and vote for it as their people’s choice in both categories. Voting is open to anyone internationally.

“Watching the CHILL campaign grow from an idea into something that has touched people’s hearts has been amazing. It started as a dream, and now it’s creating real change, both in our community and internationally. Seeing this impact has been a powerful reminder of what we can achieve when we come together. For me, we’re winners already.” says ICWNZ Project Manager Shabina Shamsudeen.

Further information and campaign background:

In recent years, social media has been an increasingly hostile space for Muslims. This is no different in New Zealand, where in 2019, a terror attack killed 51 Muslims in their places of worship, forcing New Zealanders to grapple with the impacts of Islamophobia and anti-immigrant hate.

Muslim women in New Zealand face a challenging combination of Islamaphobia and gendered abuse, including increasing online hatred, physical assault and harassment, particularly for women who wear hijab.

Through CHILL, the Islamic Women’s Council of New Zealand (IWCNZ) sought to challenge that by leveraging the positive power of social media to connect and amplify their stories.

CHILL also sought to empower non-Muslim New Zealanders with material to challenge stereotypes when they encounter gendered Islamophobia in their wider communities. The team decided that through showcasing the diverse lives of Muslim women throughout New Zealand, CHILL would focus on the joy, strength, community belonging and leadership of New Zealand Muslim women, inspiring more people to counter hate.

Alongside a small local production company Eyes and Ears, director Calvin Sang, and photographer Ankita Singh, the creative team behind CHILL also reflects and celebrates New Zealand’s diversity.

The campaign was not without its challenges, including securing funding. After a highly competitive grant process, IWCNZ was awarded a small amount of funding from the New Zealand Government to make CHILL a reality. However, the campaign budget remained tight, and the IWCNZ team relied on their creativity, connections, and skills to ensure this campaign’s impact and production value punched above its weight.

The team also worked to ensure a high duty of care to their participants. As Aliya outlines:

“Our campaign delivery involved dedicated monitoring of social media, with clear processes in place to support our participants if they encountered any abuse through their involvement with the campaign,”

CHILL launched in June 2024 with a community celebration featuring participants and their families. Over the next ten weeks, content rolled out across Facebook, Instagram, LinkedIn, TikTok, and Twitter.

The campaign highlights the unique journeys, challenges and successes of Muslim women in New Zealand through eight personal stories:

Anjuman – an assistant principal who works at a special needs school.
Heba – a yoga and wellness instructor who provides free classes to her community.
Samadiana – a gymnast, coach and a nursing student.
Naeema – an artist who runs creative workshops and works in cancer prevention.
Hend – A public servant with a PhD in Politics and International Relations, working to make organisations more inclusive.
Nesra – a primary school teacher and former refugee who is now a teacher at the school she once attended, and proudly encourages all to embrace their multiple identities.
Rizwangul – a former asylum seeker, a Fulbright scholar with two Master’s Degrees. and now a community worker who helps refugees and migrants settle and thrive in New Zealand.
Ugeshni – an operations engineer, outdoor enthusiast and YouTuber working on living more holistically.

Given that CHILL confronts and provides a counterbalance to online hostility, the IWCNZ team was prepared to encounter some bad-faith engagements. Instead, they were thrilled to receive an outpouring of enthusiastic support from New Zealand and around the world.

The campaign had a shoestring advertising budget, exclusively targeting a New Zealand audience. CHILL content reached over 300,000 New Zealanders, with videos going viral locally for a small country, as well as reaching global audiences.

Some examples of the reach of the campaign include: on Instagram, the campaign teaser was viewed over 57,000 times. Nesra’s story was especially popular, reaching 55,000 views. On Facebook, Hend’s story gained nearly 14,000 impressions.

Within New Zealand, the campaign has been highlighted by a range of group, the Human Rights Commission, Race Relations Day, nationwide media like Radio New Zealand, government ministries like the Department of Prime Minister and Cabinet and high-profile organisations like Sport New Zealand.

Globally, CHILL has also been picked up and share.

Most importantly, the campaign has been energising and powerful for the participants themselves.

“By taking part in this campaign, I’ve felt a profound sense of purpose—helping inspire others while building awareness of the strength, diversity, and beauty within our community.” – Naeema

MIL-OSI New Zealand: Consumer News – Consumer NZ questions Foodstuffs’ removal of online price-sorting tool

Source: Consumer NZ

If you shop online for groceries, beware: New World and Pak’nSave have quietly removed the ability to sort items by price, sparking concerns among consumers.

Consumer NZ has found that the ability to rank products by price – an essential tool for online shoppers – has vanished from the websites of two major supermarkets owned by Foodstuffs.

“Shoppers are accustomed to having the option to filter by price on most retail websites, so this change is surprising and disappointing,” said Chris Schulz, investigative journalist at Consumer NZ.

Numerous retailers – including Woolworths and The Warehouse, amongst others – still offer this crucial feature. Yet, New World and Pak’nSave have removed it entirely from their websites, opting instead to default to sorting products by their popularity.

A Consumer member alerted the watchdog to the removal of the price-sorting tool, expressing their frustration at the development. “In a time when grocery prices are rising, making it harder to find the cheapest options is simply unacceptable,” the member stated.

Consumer verified the claim and confirmed that while the option to sort by price is no longer available on the websites, it remains accessible through the supermarkets’ shopping apps.

Impact on consumer purses and choices

To understand the implications of the move, Consumer conducted a survey of common grocery items on both supermarkets’ online shopping sites.

The results showed that Pams products, the home brand for both supermarkets, dominated search results.

This raised questions about how the removal of the price sorting feature would affect consumer choice and transparency.

“Such a move may limit options for shoppers and ultimately bolster supermarket profit margins at the expense of local suppliers,” Schulz noted.

Foodstuffs’ response

Consumer reached out to Foodstuffs for clarification on why the sort-by-price tool had been removed.

A spokesperson stated, “We’re upgrading our digital platform to improve our e-commerce offerings, including more transparent unit pricing. A new sorting feature will be added soon to allow price and unit price comparisons.”

However, the spokesperson did not specify when the price-ranking tool would return, leaving consumers in the dark.

In contrast, Woolworths, a key competitor, confirmed that it has no plans to remove its price-sorting feature, emphasising its importance in providing customers with the best value.

Consumer’s stance

Schulz described the removal of the sorting option as “bizarre”, especially amid ongoing concerns over food prices due to the ongoing the cost-of-living crisis. “This change could hinder consumers from making informed decisions about their purchases.”

He also reiterated previous concerns about supermarkets prioritising their own brands in search results, emphasising the need for greater transparency and choice in the grocery market.

Consumer urges shoppers to remain vigilant and advocate for better online shopping tools that empower them to make informed purchasing decisions.

For further updates on this issue, and to add your voice to the conversation, please visit Consumer’s website: https://consumernz.cmail19.com/t/i-l-fjjhuky-iyhupdhli-j/

MIL-OSI New Zealand: Changes to improve building fire safety

Source: New Zealand Government

The Government is progressing changes to better protect Kiwis and their property from fires, Building and Construction Minister Chris Penk says.

“Following the tragic Loafer’s Lodge fire in 2023, 37 boardings houses across the country were assessed and I am pleased to say that all fire safety recommendations from the review have now been completed. This is an important milestone which will reduce the chances of a tragedy like that happening again.

“The Government is now prioritising a full review of the fire safety provisions in the Building Code to improve the fire safety of all buildings. This is the first full review in more than a decade.

“We have now released a discussion document which outlines issues that need addressing to ensure the fire safety provisions in the Building Code keep pace with changes in urban design and modern methods of construction.

“The way we build has changed significantly in the last decade. Newly evolving products and technologies are adding complexities to buildings, which have implications for fire safety and firefighting.

“One of the challenges for the review is to ensure requirements are cost-effective, meet social expectations for safety standards and are well supported by industry.

“In addition to the review, there is a Bill currently before select committee which contains a number of provisions that will improve building fire safety.

“The Building (Earthquake-prone Building Deadlines and Other Matters) Amendment Bill includes:

a new offence and penalty for independently qualified persons who negligently certify that the building owner or their agent has met all of the inspection, maintenance and reporting requirements in the compliance schedule
a clarification that an independent qualified person should only certify a specified system if it meets the requirements in the building’s compliance schedule
amended regulations to increase the fines for building owners who fail to supply or display a Building Warrant of Fitness.

“With several initiatives underway, we are moving quickly to ensure Kiwis and their property are better protected from fires. We are committed to improving our built environment so that Kiwis can live, work and play in safe, high-quality buildings.”

Notes to editor:

The Building Code fire safety review discussion document is now open for public comment: www.mbie.govt.nz/fire-safety-review.

MIL-OSI New Zealand: Wellington – Poll shows 3 in 4 Wellington residents oppose council spending on cycleways

Source: Business Central

As Wellington City Council reviews its Long-Term Plan, a new Wellington Chamber of Commerce-Curia poll shows a significant majority of Wellington City residents believe the council is spending too much on cycleways.

The poll shows three quarters of residents believe Wellington City Council is spending “too much” on its cycleway program.

Voters of the five largest political parties believe the council is overspending on cycleways, including 51% of Green Party voters.

Overall, 76% of Wellington residents believe the council is spending too much on the bicycle network.

17% believe the spending is “about right”; 3% say it’s “too little”; 4% say they’re “unsure”.

The poll of 1099 Wellington city residents was conducted between September 15 and September 25, with a representative sample of the population in terms of gender, age and ward.

Respondents were asked the following question:

Wellington City Council has spent $52 million dollars on cycleways in the past three years, an average of $642 per household. It is planning to spend another $56 million on cycleways over the next three years. Do you believe this level of spending is – too much, too little or about right?

Wellington City Council’s Long-Term Plan (LTP) includes $115m of capital expenditure on the cycle network in the next 10 years, as set out on Page 100 of the 2024-34 Long-term Plan Volume 2.

It comes as Wellington City Council revisits the spending in its LTP. The city’s 10-year budget will now have to be amended after the council reversed its decision to sell its shares in Wellington Airport.

Wellington Chamber of Commerce CEO Simon Arcus says it’s time to review all of council’s spending, including the bike network plan.

“This is the first definitive survey of Wellington residents on cycleways. It is fairer and far more compelling than the conclusions from public consultation for the Long-Term Plan and the cycle network surveys, which never consulted the public on cost,” says Mr Arcus.

“Put simply, the council needs to stop talking how much it will be spending and start thinking about how much it has to spend, with revenue as the starting point. Council must be working on a plan to reduce rates for Wellington resident and businesses,” he said.

“There can be no non-negotiables in the process of re-drafting the LTP. All options need to be on the table, and that includes the transport network.

“Let us be clear that we do support cycleways, as part of an integrated transport network – one where investment is equitable and based on the needs of every resident. Right now that isn’t the case,” said Mr Arcus.

“This poll shows three quarters of Wellington residents believe the council is over-spending on the cycle network.

“The collapse of the LTP process is a profound signal the current ideas have failed and new principles for expenditure need to be considered.

“Let’s think more strategically about alternatives to the cycle spend and look closely at the success of Te Kāinga Te Pu, part of Wellington City Council’s Te Kāinga Affordable Rental Programme. This has been an excellent initiative, converting vacant office space to affordable residential living. People can live in the heart of the city with improved quality of life and sustainable outcomes without the need to build extensive cycleways.

“There is a lot more work to do to make sure the LTP sets Wellington up for a prosperous future. We think the council has to look at this through the right framework and will contribute more on that soon,” said Mr Arcus.

It also follows the decision of Local Government Minister Simeon Brown to appoint a Crown Observer to oversee the council’s management of the LTP.

“We welcome this decision by Minister Brown to bring order and accountability to the council table.

“Wellington faces many tough decisions that are crucial to its future. Rewriting the city’s Long-Term Plan months after its passing is a significant and unusual step. It’s important that everything is on the table when projects have to be cut.

“Wellington’s rate rises are among the highest in the country, and that isn’t sustainable in the short or long term.

“This is a vital opportunity to revisit the council’s budget and ensure it’s focused on the things that matter, not pet projects and nice-to-haves.

“A Crown Observer will assist in that process. We encourage the council to heed the Observer’s advice, listen to ratepayers and the business community for the many decisions that are still to come.”

Note:

Business Central is the home of the Wellington Chamber of Commerce and part of the BusinessNZ network, alongside EMA, Business Canterbury and Business South.

MIL-OSI USA: Governor Katie Hobbs and Local Leaders Applaud ADWR Steps Toward Protecting Arizona’s Water

Source: US State of Arizona

Phoenix, AZ —Today, Governor Katie Hobbs, local vineyard owner Mark Jorve, farmer Ed Curry, and resident Steve Kisiel issued statements in support of the Arizona Department of Water Resources announcing the Notice of Initiation of Designation Procedures for a potential Willcox Groundwater Basin AMA.

“When I traveled to Willcox, I heard stories from farmers, local well owners, and a bipartisan group of elected officials who are concerned about their community’s future because of groundwater depletion,” said Governor Katie Hobbs. “I saw dried up wells, fissures in the earth, and farms struggling to survive because of unchecked pumping of the precious water that Arizonans rely on. As the Department of Water Resources begins this important process, I look forward to hearing more from Arizonans concerned about securing our water future.

“For too long, politicians have stuck their heads in the sand and refused to take action to fix the problems Arizonans face. I won’t. I know protecting our water isn’t a Democratic or a Republican issue, it’s an Arizona issue. I will continue to put politics aside and work across the aisle to deliver the solutions Arizonans are desperate for.”

“We support and welcome this step taken towards protecting our water supplies. As a small business vineyard in the Willcox groundwater basin we’ve experienced firsthand the alarming declines in our local water levels due to decades of unchecked, unlimited groundwater pumping,” said Mark Jorve, owner of Zarpara Vineyard. “An AMA designation would finally put us on a path to stabilizing this precious and shared resource to safeguard local growers and business owners.”

“When a situation becomes a crisis, it demands action,” said fourth-generation Arizona farmer, Ed Curry. “This announcement of a potential AMA is a new beginning for the Willcox Basin, and we must continue to work together to move forward to protect our groundwater supplies. I am thankful for the courage of Governor Hobbs and her administration to tackle these issues head on.”

“Today’s announcement by ADWR to initiate the AMA designation process gives me hope that we will finally have a secure water future here in the Willcox Basin,” said Willcox basin homeowner Steve Kisiel. “For too many years legislative and executive inaction to protect rural groundwater in Arizona has led to severe consequences for myself and my neighbors. While today’s announcement is just the first step on our journey toward a better water future, we can finally see a solution on the horizon. Thank you to ADWR and Governor Hobbs for your historic work to preserve our groundwater supplies.”

The action comes after Governor Hobbs visited the Willcox basin to examine the effects of unlimited groundwater pumping, including dried wells and earth fissures, and met with local officials and everyday Arizonans to hear more about their experiences with groundwater depletion. Groundwater conditions in the Willcox Basin have declined at alarming rates, making it one of the most endangered groundwater basins in the state.

The Notice of Initiation of Designation Procedures is the first step in ADWR considering designating an Active Management Area in the Willcox Groundwater Basin. As a part of that process, ADWR is accepting comments and will hold a public hearing at 1:00 p.m. on November 22, 2024, at the Willcox Community Center.

More information on groundwater conditions in the Willcox Basin can be found HERE.

MIL-OSI USA: Governor Cooper Issues Executive Order to Ease DMV Requirements and Fee Collections for Western North Carolinians in Aftermath of Hurricane Helene

Source: US State of North Carolina

Headline: Governor Cooper Issues Executive Order to Ease DMV Requirements and Fee Collections for Western North Carolinians in Aftermath of Hurricane Helene

Governor Cooper Issues Executive Order to Ease DMV Requirements and Fee Collections for Western North Carolinians in Aftermath of Hurricane Helene
mseets
Thu, 10/24/2024 – 16:23

Yesterday, Governor Roy Cooper issued an Executive Order focused on easing requirements and fee collections for North Carolinians related to the Division of Motor Vehicles (DMV) in counties impacted by Hurricane Helene. As a result of this Order, the DMV will suspend the collection of various application and late fees, suspend certain requirements for both residents and businesses, and extend certain licenses for mechanics and businesses.

“Western North Carolina was deeply impacted by Hurricane Helene and many people have lost vehicles, licenses and other important documents,” said Governor Cooper. “This Executive Order will support the DMV’s critical work and help affected North Carolinians as they recover from this storm.”

Following the devastation of Helene, several DMV facilities remain closed and many vehicles were destroyed by the storm. Additionally, many residents of impacted counties cannot access an open facility to obtain services thereby delaying their ability to obtain the registration and other documents required for their vehicles. Replacing lost documents would also require paying various fees. This action allows DMV to support disaster recovery by expediting the issuance of vital motorist records, identification, and documentation while also providing relief for residents of impacted counties to restore some of their property.

Yesterday, Governor Cooper announced his budget recommendation to help Western North Carolina rebuild stronger. Governor Cooper recommends an initial $3.9 billion package to begin rebuilding critical infrastructure, homes, businesses, schools, and farms damaged during the storm. Initial damage estimates are $53 billion, roughly three times Hurricane Florence estimates in 2018 and the largest in state history.

The North Carolina Council of State unanimously concurred with this Executive Order.

You can see the Concurrence Record here.

Read the Executive Order here.

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Oct 24, 2024

MIL-OSI USA: First Lady Cathy Justice invites students to create Santa ornaments for the 2024 First Lady Student Ornament Competition

Source: US State of West Virginia

First Lady Student Ornament Competition

CHARLESTON, WV —

First Lady Cathy Justice is inviting all West Virginia students to participate in the twentieth annual First Lady Student Ornament Competition.

All kindergarten through 12th grade students who are public, private, or home-schooled are encouraged to create a “Santa” themed ornament for the tree, which will be on display at the Culture Center in Charleston during this year’s holiday season.

Ornaments will be classified in four divisions according to grade: K-2, 3-5, 6-8, and 9-12. Each ornament will be individually judged and four winning classes will be selected, one from each division. In January 2025, the winning ornaments will be donated to the West Virginia State Museum for a permanent collection.

The ornaments and the Christmas tree will be unveiled in conjunction with Joyful Night, the annual holiday celebration at the State Capitol held in early December. The four winning classes will receive a gift card to help purchase supplies for their class.

Ornaments must be received by November 22, 2024, to be eligible for judging.