NewzIntel.com

Category: India

  • MIL-OSI Security: Mexican Citizen Sentenced to 10 Months in Prison

    Source: Office of United States Attorneys

    HAMMOND – Oscar Valdivia-Salas, age 35, a citizen of Mexico and resident of Merrillville, Indiana, was sentenced by United States District Court Judge Philip P. Simon after pleading guilty to a felony charge of Illegal Reentry, announced Acting United States Attorney Tina L. Nommay.

    Valdivia-Salas was sentenced to 10 months in prison, 1 year of supervised release and ordered to pay a $100 special assessment.

    According to documents in the case, Valdivia-Salas has a previous felony conviction for Illegal Reentry out of the Western District of Missouri and was removed from the United States in 2018.

    This case was investigated by Homeland Security Investigations with assistance from U.S. Immigration and Customs Enforcement, Enforcement and Removal Operations.  The case was prosecuted by Assistant United States Attorney Emily Morgan.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: India’s WASH Innovations Lead Global Discourse at World Economic Forum 2025

    Source: Government of India

    India’s WASH Innovations Lead Global Discourse at World Economic Forum 2025

    Union Cabinet minister of Jal Shakti, Shri C.R. Patil delivers keynote address

    Posted On: 24 JAN 2025 3:29PM by PIB Delhi

    The India Pavilion at World Economic Forum 2025 in Davos hosted a global discussion titled “India’s WASH Innovation: Driving Global Impact in Climate and Water Sustainability.” The high-profile session organised at the backdrop of showcasing best practices adopted by the mission, highlighted India’s transformative achievements in water, sanitation, and hygiene (WASH), emphasizing their critical role in global climate resilience and sustainable development.

    Shri C. R. Patil, Hon’ble Union Minister of Jal Shakti, delivered the keynote address, presenting India’s journey in implementing the Swachh Bharat Mission (SBM) and Jal Jeevan Mission (JJM). These initiatives have been pivotal in improving sanitation coverage and providing safe drinking water to millions of rural households.

    Shri C. R. Patil, Hon’ble Union Cabinet Minister of Jal Shakti stated, “This marks a significant milestone, demonstrating to the world that under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi Ji, India is not only deeply committed to water conservation but is also driving a transformative revolution in this critical sector. Through large-scale efforts, the nation has significantly strengthened its water resources, setting a global benchmark for sustainable water management. Addressing water scarcity as a universal challenge, further aggravated by climate change, overpopulation, and overuse, calls for strengthened international cooperation and collective action.”

    The Hon’ble Minister further added, “Over the years, we have made remarkable progress in ensuring access to safe drinking water for rural India. In 2019, when Prime Minister Narendra Modi Ji launched the Jal Jeevan Mission (JJM) only 17% of rural households had functional tap water connections. However, today, a staggering 79.66% of rural households under the Jal Jeevan Mission have access to safe drinking water. This transformation is not just about providing water but also about changing lives—rural India is now saving 55 million hours per day on fetching water, enabling increased workforce participation and productivity, especially from women.”

    The World Economic Forum provides a platform for the ministry to showcase India’s groundbreaking initiatives in WASH innovation and climate resilience, emphasizing efforts to promote equitable and inclusive access to WASH services.

    The Swachh Bharat Mission and JJM demonstrate the effectiveness of large-scale, government-led initiatives in improving sanitation and water access. During the keynote address the Hon’ble Minister highlighted, “Through the focus on sanitation, the scheme has not only empowered women but also ensured their safety. According to WHO, the efforts made in the last decade towards improving sanitation have averted the deaths of 3 lakh children under the age of five.” Moreover, India’s focus on community engagement, behaviour change, and leveraging technology provides a model for other countries facing similar challenges.

    The keynote address was followed by two insightful panel discussions. The Water Panel, on the topic “Bringing Global Impact in Water Sustainability,” featured distinguished global experts, including from the NMCG, UNICEF and WaterAid, and shared innovative approaches and strategies for advancing global water sustainability.

    The Sanitation Panel, centred on the topic “Innovation in Global Health Through Sanitation,” brought together esteemed panelists from the Gates Foundation, Riseberg Ventures, BCHAR, Capgemini and actor and policy advocate Shri Vivek Oberoi who discussed the theme, highlighting groundbreaking innovations in sanitation and their impact on global health.

    The panel discussion at the India Pavilion spotlighted India’s WASH innovations and their significance in addressing global sustainability challenges, aiming to promote dialogue on public-private partnerships, technology-driven solutions, and strategies for scaling successful models globally.

    Discussions focused on India’s scalable models for sustainable water management, climate-resilient practices, and public-private collaborations. Key achievements, such as the elimination of open defecation, construction of over 95 million toilets under SBM, and widespread household tap water connections under JJM, have established India as a global leader in WASH initiatives.

    These efforts have transformed lives by improving health, education access, and economic opportunities through enhanced hygiene, sanitation, and reduced time spent fetching water. These achievements align with the broader goals of the World Economic Forum to foster collaborative solutions for climate action and water sustainability. The WEF emphasized the critical role of public-private partnerships in advancing the United Nations Sustainable Development Goals (UNSDG), particularly those focused on water and sanitation. Tackling the global water crisis, which threatens health, food security, economic growth, and biodiversity, requires collaborative action. India’s experience provides insightful lessons to inform and strengthen global WASH strategies.

    The session concluded with actionable insights and participant commitments, reaffirming India’s key role in advancing the Sustainable Development Goals (SDGs), specifically Clean Water and Sanitation (SDG 6) and Climate Action (SDG 13).

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    Dhanya Sanal K

    (Release ID: 2095791) Visitor Counter : 45

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: IWAI sets up new Regional Office at Varanasi

    Source: Government of India (2)

    IWAI sets up new Regional Office at Varanasi

    Aims to streamline IWT activities in Uttar Pradesh

    Posted On: 24 JAN 2025 1:58PM by PIB Delhi

    For effective implementation of Inland Water Transport (IWT) activities in National Waterway-1 (NW-1), River Ganga, the Inland Waterways Authority of India (IWAI) under the Union Ministry of Ports, Shipping and Waterways has upgraded its existing sub-office at Varanasi to a full-fledged Regional Office on January 23, 2025. The decision is aimed at streamlining IWAI projects and related works in the state of Uttar Pradesh.

    IWAI, presently has five regional offices in Guwahati (Assam), Patna (Bihar), Kochi (Kerala), Bhubaneswar (Odisha) and Kolkata (West Bengal). It will now have its sixth regional office in Varanasi, Uttar Pradesh.

    The Varanasi regional office with its sub-office at Prayagraj will oversee works in 487-kilometre stretch from Majhua to Varanasi MMT (Multi-Modal Terminal) and further up to Prayagraj, apart from other NWs in Uttar Pradesh.

    Implementation of the World-Bank supported Jal Marg Vikas Project (JMVP) will be one of its key priorities. JMVP is aimed at the capacity augmentation of River Ganga, i.e., NW-1 through various river conservancy works like bandalling and maintenance dredging in addition to already constructed MMT at Varanasi to promote cruise tourism and smooth cargo movement along the waterway. Three Multi-Modal Terminals – one each at Varanasi, Sahibganj and Haldia along with an Inter-Modal Terminal at Kalughat and a new navigational lock at Farakka in West Bengal have been built under JMVP to facilitate easy navigation along River Ganga. Besides, 60 community jetties are being built along NW-1 in four states of Uttar Pradesh, Bihar, Jharkhand and West Bengal – to facilitate local commuters, small and marginal farmers, artisans and fishermen communities. With its new Regional Office in place, all these activities will be monitored and executed more efficiently.

    There are about 30 rivers in Uttar Pradesh, of which ten have been declared as National Waterways. The Varanasi Regional Office of IWAI shall look after development works not only on River Ganga but its various tributaries and other national waterways in Uttar Pradesh. These include rivers like Betwa, Chambal, Gomti, Tons, Varuna and parts of Gandak, Ghaghra, Karamnasa and Yamuna rivers.

    IWAI’s Varanasi Regional Office will also be coordinating with the State IWT Authority set up for development of waterways in Uttar Pradesh.  

    Under the dynamic leadership of Prime Minister Shri Narendra Modi and the able guidance of Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, IWAI has been making several infrastructural interventions to develop waterways as a robust engine of growth. With its concerted efforts, IWAI is expanding its footprint throughout the country – from Arunachal Pradesh in the East to Gujarat in the West and Jammu and Kashmir in the North to Kerala in the South. Other than NW-1, the Authority is presently working towards capacity augmentation of NW-2, NW-3 and NW-16, in the country – by means of developing IWT terminals, fairways through end-to-end dredging contracts, navigational aids like night navigation facility, navigational locks among others.

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    G.D.Hallikeri/Henry

    (Release ID: 2095758) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DPIIT signs MoU with a private firm to promote startup ecosystem in manufacturing sector

    Source: Government of India

    Posted On: 24 JAN 2025 12:38PM by PIB Delhi

    Department for Promotion of Industry and Internal Trade (DPIIT) has signed a MoU with the Bhaane Group, a subsidiary of Shahi Exports Pvt Ltd, the largest manufacturer of apparel. This collaboration will launch incubation programs for startups specialising in manufacturing, along with other production areas and foster relationships with international startup ecosystems. This is part of government’s thrust on promoting new manufacturing entrepreneurs in the country.

    Through its extensive experience, the private firm will support upcoming startups by providing access to market insights. The firm will facilitate them to create a holistic understanding of the workings of foreign markets, along with guidance on operational knowledge throughout the startup lifecycle.

    Shri Sanjiv, Joint Secretary, DPIIT said, “This collaboration serves a greater good – to nurture a thriving entrepreneurial spirit and strengthen India’s manufacturing landscape. By facilitating connections between startups and established players like Bhaane Group, we foster a mutually beneficial environment where innovation flourishes and Indian businesses achieve global success.”

    Anand Ahuja, CEO and Co-Founder of Bhaane Group said, “Global brands are eyeing investing in Indian startups, as it is one of the leading players in the South Asian market. DPIIT’s mission with Start Up India aligns with our outlook to foster innovation and global competitiveness among Indian startups.”

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    Abhisekh Dayal/Asmitabha Manna

    (Release ID: 2095722) Visitor Counter : 16

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Karpoori Thakur is the Messiah of Social Justice, says Vice-President

    Source: Government of India

    Karpoori Thakur is the Messiah of Social Justice, says Vice-President

    Karpoori Thakur initiated the era of equality, breaking centuries-old stagnation and opening doors to vast opportunities for a large population, says VP

    Karpoori Thakur was a Statesman who made visionary decisions, says VP

    Karpoori Thakur never promoted dynastic politics, says VP

    Posted On: 24 JAN 2025 1:43PM by PIB Delhi

    The Vice-President Shri Jagdeep Dhankhar today stated that Shri Karpoori Thakur was the Messiah of Social Justice, and he implemented reservations, opening vast opportunities for a large population.

    While addressing the memorial event held on the 101st birth anniversary of Shri Karpoori Thakur in Samastipur, Bihar, the Vice-President said, “The great son of India, Shri Karpoori Thakur is the messiah of social justice. In a short span of time, Shri Karpoori Thakur wrote a new history of social and political transformation. He broke centuries-old stagnation and opened the doors of immense possibilities for a large population. He was the great man who started the new era of equality. He dedicated his life to those on the margins of society, who were ignored by all.”

    While highlighting the exemplary character of Shri Karpoori Thakur, the Vice-President further stated, “To understand what an ideal personality is, we must look at the life of Shri Karpoori Thakur. His sacrifice, his dedication, and how he never promoted dynastic politics. He was a national leader who rose above caste, religion, and class, focusing on equality and promoting development. Bharat Ratna Karpoori Thakur left a distinct mark on the country by advancing social justice. In a difficult and challenging environment, he completed his college education. A man who never accumulated any wealth and dedicated his entire life to the public.”

    Highlighting the farsightedness of Shri Karpoori Thakur, Shri Dhankhar said, “Karpoori Thakur was a ‘Statesman!’ He thought about both present and future. He implemented reservations without caring about opposition. This was a new chapter. As the honorable Agriculture Minister mentioned, he ended the compulsion of English and promoted the use of Hindi in government offices. He faced ridicule for it. Now, we realize how farsighted he was. He was the first Chief Minister in the country to focus on education, and the first to make schooling up to matriculation free in the state.”

    Shri Arif Mohammad Khan, Governor of Bihar, Shri Shivraj Singh Chouhan, Union Minister of Agriculture and Farmers Welfare, Minister of Rural Development, Government of India, Dr. Harivansh, Deputy Chairman, Rajya Sabha, Shri Ram Nath Thakur, Union Minister of State for Agriculture and Farmers Welfare, Government of India, Shri Bhagirath Choudhary, Union Minister of State for Agriculture and Farmers Welfare, Shri Nityanand Rai, Union Minister of State for Home Affairs, Government of India, and other dignitaries were also present on this occasion.

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    JK/RC/SM

    (Release ID: 2095754) Visitor Counter : 52

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raksha Mantri Shri Rajnath Singh flags-off ‘SANJAY – The Battlefield Surveillance System’ from New Delhi

    Source: Government of India (2)

    Posted On: 24 JAN 2025 12:14PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh flagged-off ‘SANJAY – The Battlefield Surveillance System (BSS)’ from South Block, New Delhi on January 24, 2025. SANJAY is an automated system which integrates the inputs from all ground and aerial battlefield sensors, processing them to confirm their veracity, preventing duplication and fusing them to produce a Common Surveillance Picture of the battlefield over secured Army Data Network & Satellite Communication Network. It will enhance battlefield transparency and transform the future battlefield through a Centralised Web Application which will provide inputs to Command & Army Headquarters, and the Indian Army Decision Support System.

     

     

    The BSS is equipped with state-of-the-art sensors and cutting-edge analytics. It will monitor the vast land borders, prevent intrusions, assess situations with unparalleled accuracy and prove to be a force multiplier in Intelligence, Surveillance & Reconnaissance. This would enable commanders to operate in both conventional & sub-conventional operations in a Network Centric Environment. Its induction will be an extraordinary leap towards data and network centricity in the Indian Army.

     

     

    SANJAY has been indigenously & jointly developed by the Indian Army and Bharat Electronics Limited (BEL) creating a conducive ecosystem towards achieving ‘Aatmanirbharta’ as a follow up to the Indian Army’s ‘Year of Technology Absorption’. These systems will be inducted to all operational Brigades, Divisions & Corps of the Indian Army in three phases w.e.f. March to October of 2025, which has been declared as ‘Year of Reforms’ in the Ministry of Defence (MoD). This system has been developed under the Buy (Indian) category at a cost of Rs 2,402 crore.

     

    Raksha Rajya Mantri Shri Sanjay Seth, Chief of Defence Staff General Anil Chauhan, Chief of the Army Staff General Upendra Dwivedi, Defence Secretary Shri Rajesh Kumar Singh, Secretary (Defence Production) Shri Sanjeev Kumar, Chairman & Managing Director, BEL Shri Manoj Jain and other senior officials of MoD & BEL were present on the during the flagging-off ceremony.

     

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    VK/SR/Savvy

    (Release ID: 2095712) Visitor Counter : 48

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Second meeting of the BIMSTEC expert group on Cyber Security Cooperation

    Source: Government of India

    Posted On: 24 JAN 2025 11:48AM by PIB Delhi

    The National Security Council Secretariat, Government of India organized Second Meeting of the BIMSTEC Expert Group on Cyber Security Cooperation on 21 January 2025 in New Delhi. The First BIMSTEC Experts Group Meeting on Cyber Security was also hosted by India in 2022 at New Delhi.

    The main objective of this BIMSTEC Expert Group meeting is to formulate the Action Plan which will bolster coordination and collaboration amongst the BIMSTEC Member States for strengthening the Cyber Security in the use of ICTs. This Action Plan will cover the mechanisms for the exchange of cyber related information, cybercrime, protection of critical information infrastructures, cyber incident response and international developments related to cyber norms. This Action Plan has been proposed to be implemented within the time frame of 5 years.

    Some significant exchanges have taken place during the second meeting, which are building BIMSTEC CERT-TO-CERT cooperation mechanism, Cybercrime Cooperation Framework amongst the Law Enforcement agencies and capacity building programmes on cyber security in the region. Among various presentations, India also presented about its Initiatives of Indian Cybercrime Coordination Centre (I4C) on “Cyber Hygiene for school children”.

    The Meeting agreed that implementation of the Action Plan will be a major step towards strengthening cyber security cooperation in BIMSTEC.  By taking these steps, BIMSTEC countries can work together to create a more secure and resilient cyber space in the region.  

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    MJPS/SR

    (Release ID: 2095700) Visitor Counter : 25

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PM Shri Narendra Modi congratulates H.E. Mr. Micheál Martin on assuming the office of Prime Minister of Ireland

    Source: Government of India

    Posted On: 24 JAN 2025 11:38AM by PIB Delhi

    The Prime Minister Shri Narendra Modi today congratulated H.E. Mr. Micheál Martin on assuming the office of Prime Minister of Ireland.

    In a post on X, Shri Modi said:

    “Congratulations @MichealMartinTD on assuming the office of Prime Minister of Ireland. Committed to work together to further strengthen our bilateral  partnership that is based on strong foundation of shared values and deep people to people connect.”

     

     

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    MJPS/SR

    (Release ID: 2095694) Visitor Counter : 86

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: International solar conference celebrates 125 years of solar physics research in India

    Source: Government of India

    Posted On: 24 JAN 2025 11:34AM by PIB Delhi

    More than 200 solar physicists from India and abroad have come together in Bengaluru this week to discuss research in areas like Solar magnetism, Solar-stellar connection and space weather at an international conference. 

    The conference on ‘Sun, Space Weather, and Solar-Stellar Connections’ has been organised by the Indian Institute of Astrophysics (IIA) to commemorate the 125th anniversary of the Kodaikanal Solar Observatory. The Observatory has been providing invaluable insights into the Sun’s behaviour and its impact on Earth through its repository of photographic images, and was the harbinger of the birth of solar astrophysics in the country.

    DST Secretary, Prof. Abhay Karandikar, spoke about initiatives like the digitization of KSO’s historic records, IIA’s significant contribution to Aditya-L1 mission through the Visible Emission Line Coronagraph, and underlined upcoming ventures like the National Large Solar Telescope proposed to be built at Merak, on the banks of Pangong Tso in Ladakh, through a video message. He said that the efforts promise to open new frontiers of discovery in solar astrophysics.

    Shri A.S. Kiran Kumar, former ISRO Chairman, and the chair of the Governing Council of IIA, while highlighting the efforts of the solar physics group at IIA during his address at the inaugural, pointed out that ISRO has all the capabilities to help the solar physics research from space and challenged the community to come up with ideas for new instruments that ISRO can launch.

    “This conference celebrates the birth and growth of solar astronomy and solar physics in the country. With experts from across the world, it will discuss all aspects of the Sun as well as space weather”, said Prof. Annapurni Subramaniam, Director of IIA, an autonomous institute of the Department of Science and Technology (DST).

    Prof. Siraj Hasan, former Director IIA, Prof. Dipankar Banerjee, Director IIST Trivandrum, and other eminent solar astronomers of IIA spoke about the history of solar research in India and the legacy of the Kodaikanal Solar Observatory. The international perspectives of the Observatory were presented by Prof. John Leibacher from the National Solar Observatory, USA who is also a former member of the Scientific Advisory Committee of IIA. He emphasized that the KSO is a rare and scientifically unique facility in the world that exemplified studying the entire Sun as a system, and mentioned the international solar community’s strong support for the initiation of the National Large Solar Telescope as well, at a session conducted by the chairperson of the Solar Physics group of IIA and of the Scientific Organizing Committee (SOC), Prof. S.P. Rajaguru.

    The Kodaikanal Solar Observatory (KSO) of the Indian Institute of Astrophysics, a cornerstone of Indian astronomy, established in 1899, has been at the forefront of solar research. The observatory’s unique location, coupled with its state-of-the-art equipment, has enabled it to make significant contributions to our understanding of sunspots, solar flares, coronal mass ejections, and other solar phenomena.

    The conference is being organized as a testament to KSO’s enduring legacy, between 20–24 January 2025. With a vibrant scientific program put together by the international Scientific Organizing Committee of 20 eminent solar astronomers, with leads from the Solar Physics group of IIA, leading solar physicists from around the globe are discussing the latest advancements in the field and exploring the connections between solar and stellar phenomena. It has attracted 205 participants, half of them being students and a third from outside India.

    With themes like Solar magnetism over long time scales, Solar magnetism in high resolution, Energetic phenomena, Solar-stellar connection, and Heliosphere and space weather, the conference features a diverse program of presentations, discussions, and poster sessions, allowing participants to share their latest findings, exchange ideas, foster collaborations, and strengthen international cooperation. A number of talks were also on new and upcoming solar astronomy facilities, including the proposed National Large Solar Telescope in Ladakh.

    Apart from the various talks, posters and discussions scheduled for the remainder of the week, a public talk on the sun by Prof. Nat Gopalswamy from NASA Goddard Space Flight Centre, USA, is being hosted at CHRIST University on 23rd January at 5 PM. This talk is aimed primarily at students and is open to the general public.

    Prof. Abhay Karandikar, Secretary, DST, Govt. of India, addressing the inaugural session.

    Shri A.S. Kiran Kumar, former Chairman ISRO, and Chairperson of IIA Governing Council, addressing the inaugural session.

     

     Prof. Annapurni Subramaniam, Director of Indian Institute of Astrophysics, addressing the audience.

     Group photo of the participants of the Conference, with the KSO 125 logo.

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    NKR/PSM

    (Release ID: 2095690) Visitor Counter : 34

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister of Housing & Urban Affairs, Government of India inaugurated projects developed by Karimnagar Smart City

    Source: Government of India

    Union Minister of Housing & Urban Affairs, Government of India inaugurated projects developed by Karimnagar Smart City

    Karimnagar Smart City is implementing 50 projects worth ₹ 1,117 cr, out of which they have already completed 36 projects worth ₹ 233 cr.

    53 Smart Classrooms developed in the govt schools in Karimnagar, social infrastructure for students developed in 23 govt schools.

    Over 1 lakh metric tons of legacy waste processed under the Karimnagar Smart City

    Posted On: 24 JAN 2025 4:28PM by PIB Delhi

    Union Minister of Housing & Urban Affairs visited Karimnagar Smart City on 24th January and inaugurated 4 prominent projects working in the sector of education, solid waste management and social infrastructure.

    Projects Inaugurated by Hon’ble Minister

    • Development of Dr. B.R. Ambedkar Stadium: This ₹22 crore project includes a commercial complex, renovation of the indoor hall, modern toilets, parking area, and landscaping, providing an inclusive space for recreation and sports.
    • Multi-purpose School Park: Spread over 5.96 acres, this ₹12.35 crore park has a walking track, musical fountain, and recreational facilities, providing a vibrant public space for families.
    • 24×7 Water Supply: This ₹18 crore initiative has introduced a new water distribution network in the Housing Board Colony, increasing efficiency and accessibility in water management for residents.
    • Social Infrastructure in Schools and smart classrooms in govt schools: Renovations carried out at a cost of ₹9.20 crore, such as construction of toilet blocks, compound walls, borewells, and sports facilities, ensure a better learning environment for students in 27 govt schools. Also, smart classrooms developed in 53 govt schools in Karimnagar to enhance the learning methodology in the city.

    Karimnagar Smart City has implemented 50 projects worth ₹1,117 crore. Of these, 36 projects worth ₹884 crore have been completed, and 14 projects worth ₹233 crore are under implementation. These initiatives contribute to key areas such as smart mobility, water supply, sanitation, and social infrastructure. These projects from Karimnagar Smart City are multi-sectoral projects working towards enhancing the ease of living for the citizens. Under the mission, various multi-sectoral projects were developed such as projects worth ₹ 480 cr in Smart Mobility, ₹ 402 cr in Water Supply and Sanitation, etc.

    Smart classrooms have been developed in 53 government schools, and improved infrastructure and sports facilities have been provided in 27 schools. These efforts ensure a modern learning environment for students and empower them with e-learning tools. Over 1 lakh metric tons of legacy waste has been processed under the bio-mining project, reflecting the city’s commitment to environmental sustainability. Dr. B.R. Ambedkar Stadium has been transformed into a world-class sports facility, with structures including cycle tracks, skating rinks, basketball courts and parking areas, among others.

    Many officials from the Smart City and the Director, MoHUA was also present during the inauguration.

    Launched in 2015 Smart Cities Mission aims to enhance the ease of living in our 100 cities and strengthen our economy through ease of doing business. These projects will play an important role in the sustainable development of our cities. These 100 smart cities are constantly making efforts to use technology for better urban management.

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    JN/ SK

    (Release ID: 2095823) Visitor Counter : 49

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 26th Webinar of the National Good Governance Webinar Series 2024-25 under the theme ‘Har Ghar Jal Yojana’ held on 24thJanuary 2025 for dissemination and replication of best practices

    Source: Government of India

    26th Webinar of the National Good Governance Webinar Series 2024-25 under the theme ‘Har Ghar Jal Yojana’ held on 24thJanuary 2025 for dissemination and replication of best practices

    Presentations made on initiatives taken by the Bathinda District, Punjab and Serchhip District, Mizoram to a national audience

    Posted On: 24 JAN 2025 4:21PM by PIB Delhi

    The Prime Minister has directed Department of Administrative Reforms & Public Grievances (DARPG) to hold virtual conferences/ webinars with District Collectors and other officers in which past award winners of PM’s Awards for Excellence in Public Administration be invited to present their experiences with the objective of greater dissemination and replication.

    In pursuance of the Prime Minister’s directions, the DARPG has conducted 25 National Good Governance Webinars, one Webinar every month, since April, 2022 to encourage dissemination and replication of the award-winning nominations under the Scheme of Prime Minister’s Award for Excellence in Public Administration. Each webinar is attended by about 1000 officials from Line Departments, State Governments, District Collectors, State Administrative Training Institutes and Central Training Institutes.

    These webinars not only present the current status of institutionalisation/sustainability of the initiative, but also provides insights into the status of its replication/expansion.

    The 26th Webinar was held on the 24th January 2025in which two initiatives, shortlisted by the Expert Committee for the PM’s Award for the year 2022, under the theme ‘Har Ghar Jal Yojana’, namely;

    1. Initiative in Bathinda District was presented by Shri Showkat Ahmad Parray, Deputy Commissioner, Bathinda, Punjab;and
    2. Initiative in Serchhip District was presented by Smt. Nazuk Kumar, ATI, Mizoram.

    The Webinar was chaired by Shri Puneet Yadav, Additional Secretary, DARPG and was attended by senior officers of the Department. The Webinar was attended from more than 450 locations across India with Senior Officials of Administrative Reforms Departments of States/UTs, District Collectors, State and District officers, Officers of Central and State Administrative Training Institutes.

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    NKR/PSM

    (Release ID: 2095815) Visitor Counter : 82

    MIL OSI Asia Pacific News –

  • MIL-OSI: Lakeland Financial Reports Annual Net Income of $93.5 million, Organic Average Loan Growth of 5% and Average Deposit Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $93.5 million for the year ended December 31, 2024, versus $93.8 million for the year ended December 31, 2023. Diluted earnings per share were $3.63 for the twelve months ended December 31, 2024, versus $3.65 for 2023.

    Net income was $24.2 million for the three months ended December 31, 2024, a decrease of $5.4 million, or 18%, compared with net income of $29.6 million for the three months ended December 31, 2023. Diluted earnings per share of $0.94 for the fourth quarter of 2024 decreased by 19% from $1.16 for the fourth quarter of 2023. On a linked quarter basis, net income increased 4%, or $852,000, from third quarter 2024 net income of $23.3 million. Linked quarter diluted earnings per share improved by 3% from $0.91 for the third quarter of 2024.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $128.4 million for the twelve months ended December 31, 2024, an increase of $12.3 million, or 11%, compared to $116.2 million for the twelve months ended December 31, 2023. Pretax pre-provision earnings were $32.9 million for the three months ended December 31, 2024, a decrease of $3.4 million, or 9%, compared to $36.4 million for the three months ended December 31, 2023. Pretax pre-provision earnings increased by $2.1 million, or 7%, compared to $30.8 million on a linked quarter basis.

    “2024 continued a long and consistent trend of organic growth in our balance sheet. We successfully expanded both our loan and deposit franchises during the year,” stated David M. Findlay, Chairman and CEO. “We are particularly pleased with the 9-basis point expansion of our net interest margin on a linked quarter basis as we effectively managed the balance sheet throughout the year.”

    Quarterly Financial Performance

    Fourth Quarter 2024 versus Fourth Quarter 2023 highlights:

    • Tangible book value per share grew by $1.25, or 5%, to $26.47
    • Total risk-based capital ratio improved to 15.90%, compared to 15.47%
    • Tangible capital ratio improved to 10.19%, compared to 9.91%
    • Average loans grew by $206.9 million, or 4%, to $5.09 billion
    • Core deposit growth of $274.3 million, or 5%, to $5.9 billion
    • Average equity increased by $121.1 million, or 21%
    • Return on average equity of 13.87%, compared to 20.52%
    • Return on average assets of 1.42%, compared to 1.80%
    • Net interest margin improved to 3.25% versus 3.23%
    • Net interest income increased by $3.1 million, or 6%
    • Noninterest expense increased by $1.2 million, or 4%
    • Provision expense of $3.7 million, compared to $300,000
    • Net charge offs of $1.4 million versus $433,000
    • Watch list loans as a percentage of total loans increased to 4.13% from 3.72%

    Fourth Quarter 2024 versus Third Quarter 2024 highlights:

    • Total risk-based capital ratio improved to 15.90% from 15.75%
    • Average equity growth of $23.6 million, or 4%
    • Average loans grew by $22.3 million, or less than 1%, to $5.09 billion
    • Core deposits increased by $118.6 million, or 2%, to $5.8 billion
    • Net interest margin improved 9 basis points to 3.25% versus 3.16%
    • Return on average equity of 13.87%, compared to 13.85%
    • Return on average assets of 1.42%, compared to 1.39%
    • Noninterest income decreased by $41,000, or less than 1%
    • Noninterest expense increased by $260,000, or 1%
    • Provision expense of $3.7 million, compared to $3.1 million
    • Individually analyzed and watch list loans declined by $56.4 million, or 21%
    • Watch list loans as a percentage of total loans improved to 4.13% from 5.27%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.90% at December 31, 2024, compared to 15.47% at December 31, 2023 and 15.75% at September 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.19% at December 31, 2024, compared to 9.91% at December 31, 2023. The tangible common equity ratio contracted from 10.47% at September 30, 2024. Unrealized losses from available-for-sale investment securities were $191.1 million at December 31, 2024, compared to $174.6 million at December 31, 2023 and $154.5 million at September 30, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.37% at December 31, 2024, compared to 11.99% at December 31, 2023 and 12.29% at September 30, 2024.

    As announced on January 14, 2025, the board of directors approved a cash dividend for the fourth quarter of $0.50 per share, payable on February 5, 2025, to shareholders of record as of January 25, 2025. The fourth quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the fourth quarter of 2023.

    “The continued growth in our capital base supports the increase in our dividend rate paid to shareholders and contributes to the growth in total return for shareholders. The compounded annual growth rate for our dividend is 15% since 2012,” stated Kristin L. Pruitt, President.

    Loan Portfolio

    Average total loans for the twelve months ended December 31, 2024 were $5.04 billion, an increase of $225.7 million, or 5%, from $4.81 billion for the twelve months ended December 31, 2023. Average total loans of $5.09 billion in the fourth quarter of 2024, increased $206.9 million, or 4%, from $4.88 billion for the fourth quarter of 2023, and increased $22.3 million, or less than 1%, from $5.06 billion for the third quarter of 2024.

    “Loan growth in 2024 benefited from healthy increases in both our commercial and consumer lending activities,” noted Findlay. “We were pleased to report 8% growth in consumer loans, 6% growth in CRE and multi-family loans, and 2% growth in commercial and industrial loans for 2024. Our Indiana markets continue to benefit from expanding economic activity stimulated by the pro-business operating environment. We continue to be focused on active business development efforts in every market and we are looking forward to continued organic growth in 2025.”

    Total loans, net of deferred loan fees, increased by $200.6 million, or 4%, from $4.92 billion as of December 31, 2023 to $5.12 billion as of December 31, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $155.0 million, or 6%, our commercial and industrial loan portfolio growing by $30.1 million, or 2%, and our consumer 1-4 family mortgage loans portfolio growing by $34.0 million, or 7%. These increases were offset by a decrease to other commercial loans of $25.1 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $35.7 million, or 1%, from $5.08 billion at September 30, 2024. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $42.7 million, or 2%, and growth in total agri-business and agricultural loans of $29.0 million, or 8%. Offsetting these increases was a decrease in total commercial and industrial loans of $42.0 million, or 3%.

    Commercial loan originations for the fourth quarter included approximately $390.0 million in loan originations, offset by approximately $359.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of December 31, 2024, compared to 39% at December 31, 2023 and was unchanged from 41% as of September 30, 2024. Total available lines of credit contracted by $238.0 million, or 5%, as compared to a year ago, and line usage decreased by $2.0 million, or less than 1%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $101.7 million for this sector represented 2% of total loans at December 31, 2024, a decrease of $899,000, or 1%, from September 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 213% of total risk-based capital at December 31, 2024.

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

     
    DEPOSIT DETAIL
    (unaudited, in thousands)
               
      December 31, 2024   September 30, 2024   December 31, 2023
    Retail $ 1,780,726     30.2 %   $ 1,709,899     29.3 %   $ 1,794,958     31.4 %
    Commercial   2,269,049     38.4       2,304,041     39.5       2,227,147     38.9  
    Public funds   1,809,631     30.7       1,726,869     29.6       1,563,015     27.3  
    Core deposits   5,859,406     99.3       5,740,809     98.4       5,585,120     97.6  
    Brokered deposits   41,560     0.7       96,504     1.6       135,405     2.4  
    Total $ 5,900,966     100.0 %   $ 5,837,313     100.0 %   $ 5,720,525     100.0 %
                                             

    Total deposits increased $180.4 million, or 3%, from $5.72 billion as of December 31, 2023 to $5.90 billion as of December 31, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $274.3 million, or 5%. Total core deposits at December 31, 2024 were $5.86 billion and represented 99% of total deposits, as compared to $5.59 billion and 98% of total deposits at December 31, 2023. Brokered deposits were $41.6 million, or 1% of total deposits, at December 31, 2024, compared to $135.4 million, or 2% of total deposits, at December 31, 2023.

    The increase in core deposits since December 31, 2023 reflects growth in commercial deposits and public funds deposits. Public funds deposits grew annually by $246.6 million, or 16%, to $1.81 billion. Commercial deposits grew annually by $41.9 million, or 2%, to $2.27 billion. Retail deposits contracted annually by $14.2 million, or 1%, to $1.78 billion. The increase in public funds deposits drove the change in the composition of core deposits as public funds deposits as a percentage of total deposits increased to 31%, from 27%. Commercial and retail deposits as a percentage of total deposits contracted to 38%, from 39%, and to 30%, from 31%, respectively. Growth in public funds was positively impacted by the addition of a new public funds customers in the Lake City Bank footprint which included the addition of their operating accounts.

    On a linked quarter basis, total deposits increased $63.7 million, or 1%, from $5.84 billion at September 30, 2024 to $5.90 billion at December 31, 2024. Core deposits increased by $118.6 million, or 2%, while brokered deposits decreased by $54.9 million, or 57%. Linked quarter growth in core deposits resulted primarily from an increase in public funds deposits of $82.8 million, or 5%, and growth in retail deposits of $70.8 million, or 4%. Offsetting these increases was a decrease in commercial deposits of $35.0 million, or 2%.

    “Core deposit growth was steady throughout 2024 and accounts for 99% of the funding sources for Lake City Bank,” commented Findlay. “We are pleased that our growth in core deposits came from every region of the bank. We continue to successfully fund the loan growth with in-market stable and diversified deposit growth. We continue to gain market share in our more mature Northern Indiana markets and implemented strategies to enhance growth in the Indianapolis market through data-driven marketing and business development efforts.”

    Average total deposits were $6.01 billion for the fourth quarter of 2024, an increase of $208.5 million, or 4%, from $5.80 billion for the fourth quarter of 2023. Average interest-bearing deposits drove the increase in average total deposits and increased by $301.1 million, or 7%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $431.9 million, or 14%. Offsetting this increase was a reduction in average time deposits of $98.9 million, or 9%, and a decrease to average savings deposits of $31.9 million, or 10%. Average noninterest-bearing demand deposits decreased by $92.5 million, or 7%.

    On a linked quarter basis, average total deposits increased by $130.9 million, or 2%, from $5.88 billion for the third quarter of 2024 to $6.01 billion for the fourth quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $93.2 million, or 2%. An increase to interest bearing checking accounts of $209.6 million, or 6%, drove the increase to average interest-bearing deposits on a linked quarter basis. Offsetting this increase was a decrease to total average time deposits of $111.1 million, or 10%. Average noninterest-bearing demand deposits increased by $37.7 million, or 3%.

    Checking account trends as of December 31, 2024 compared to December 31, 2023, include growth of $310.5 million, or 24%, in aggregate public fund checking account balances, growth of $24.5 million, or 1%, in aggregate commercial checking account balances, and expansion of $34.4 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during 2024.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 62% as of December 31, 2024, compared to 61% at September 30, 2024, and 57% at December 31, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of December 31, 2024, compared to 32% at September 30, 2024, and 31% as of December 31, 2023. As of December 31, 2024, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.25% for the fourth quarter of 2024, representing a 2 basis point increase from 3.23% for the fourth quarter of 2023. Earning assets yields decreased by 15 basis points to 5.81% for the fourth quarter of 2024 from 5.96% for the fourth quarter of 2023. The decrease in earning asset yields was offset by a decrease in the company’s funding costs of 17 basis points as interest expense as a percentage of average earning assets decreased to 2.56% for the fourth quarter of 2024, compared to 2.73% for the fourth quarter of 2023.

    Linked quarter net interest margin expanded by 9 basis point to 3.25% for the fourth quarter of 2024, compared to 3.16% for the third quarter of 2024. Average earning asset yields decreased by 23 basis points from 6.04% during the third quarter of 2024 to 5.81% during the fourth quarter of 2024 and were offset by a 32 basis point decrease in interest expense as a percentage of average earning assets from 2.88% to 2.56%. The cumulative 100 basis point decline in the Federal Funds Rate during 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the monetary tightening cycle of March 2022 through September 2024 has stabilized with noninterest bearing deposits representing 22% of total deposits at December 31, 2024, compared to 24% at December 31, 2023 and 22% at September 30, 2024.

    “Our thoughtful and strategic balance sheet management strategies led to healthy net interest margin expansion of 9 basis points during the fourth quarter,” noted Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer. “Net interest margin expansion resulted from reduced deposit costs that outpaced loan repricing due to falling short term rates. Our public fund balances are largely tied to the effective federal funds rate, and we also continue to benefit from fixed rate loan repricing to the higher interest rate environment.”

    The loan beta for the current rate-easing cycle is 25% compared to the deposit beta of 31%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

    Liquidity Overview

    The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, federal funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of December 31, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.4 billion at December 31, 2023 and $3.7 billion at September 30, 2024. Utilization from these sources totaled $41.6 million at December 31, 2024, compared to $185.4 million at December 31, 2023 and $96.5 million at September 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 99% of total deposits and purchased funds.

    Investment Portfolio Overview

    Total investment securities were $1.12 billion at December 31, 2024, reflecting a decrease of $58.7 million, or 5%, as compared to $1.18 billion at December 31, 2023. On a linked quarter basis, investment securities decreased $24.8 million, or 2%, due primarily to a decline in the fair market value of available-for-sale securities of $36.6 million, portfolio cash flows of $15.1 million and partially offset by investment security purchases of $30 million. Investment securities represented 17% of total assets on December 31, 2024, compared to 18% at December 31, 2023 and 17% at September 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.0 years at December 31, 2024, compared to 6.5 years and 6.3 years at December 31, 2023 and September 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the impact of the higher interest rate environment. The company anticipates receiving principal and interest cash flows of approximately $104.2 million during 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and to fund new investment securities purchases.

    Net interest income decreased by $356,000, or less than 1%, for the twelve months ended December 31, 2024, as compared to the twelve months ended December 31, 2023. Deposit interest expense increased by $35.0 million. Offsetting the increase in deposit interest expense was an increase in loan interest income of $29.8 million and a reduction in borrowings interest expense of $4.7 million. Net interest income was $51.7 million for the fourth quarter of 2024, representing an increase of $3.1 million, or 6%, as compared to the fourth quarter of 2023. Net interest income for the fourth quarter of 2024 benefited from an increase in loan interest income of $1.9 million and a reduction in interest expense of $667,000 compared to the prior year quarter. On a linked quarter basis, net interest income increased $2.4 million, or 5%, from $49.3 million for the third quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a $4.1 million reduction in interest expense and a $1.1 million increase in income from short-term investments. Offsetting the reduction in interest expense was a reduction in loan interest income of $2.9 million.

    On a full year basis, revenue increased by $6.6 million, or 3%, to $253.5 million as compared to $246.9 million for 2023. Revenue was $63.6 million for the fourth quarter 2024 representing a decrease of $ 2.2 million or 3%, as compared to the fourth quarter of 2023. On a linked quarter basis, revenue increased by $2.4 million, or 4% from $61.2 million in the third quarter of 2024.

    Asset Quality

    Provision expense was $16.8 million for the year ended December 31, 2024, an increase of $10.9 million, or 186%, as compared to $5.9 million during 2023. The elevated provision recorded during 2024 as compared to the prior year was primarily driven by an increase in specific allocations from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana. The relationship was placed on nonperforming status in conjunction with the downgrade, which occurred during the second quarter of 2024. Additional specific allocations of $5.5 million were reserved for this credit during the fourth quarter of 2024. The company recorded a provision expense of $3.7 million in the fourth quarter of 2024, compared to provision expense of $300,000 in the fourth quarter of 2023. On a linked quarter basis, provision expense increased by $632,000 from $3.1 million for the third quarter of 2024, or 21%.

    The allowance for credit loss reserve to total loans was 1.68% at December 31, 2024, up from 1.46% at December 31, 2023, and 1.65% at September 30, 2024. Net charge offs were $2.8 million for the full year 2024 compared to $6.5 million for 2023. Net charge offs to total loans were 0.05% for 2024 compared to 0.13% for 2023. Net charge offs in the fourth quarter of 2024 were $1.4 million compared to $433,000 in the fourth quarter of 2023 and $143,000 during the linked third quarter of 2024. Annualized net charge offs to average loans were 0.11% for the fourth quarter of 2024, compared to 0.04% for the fourth quarter of 2023, and 0.01% for the linked third quarter of 2024.

    Nonperforming assets increased $40.8 million, or 253%, to $56.9 million as of December 31, 2024, versus $16.1 million as of December 31, 2023. On a linked quarter basis, nonperforming assets decreased $1.2 million, or 2%, compared to $58.1 million as of September 30, 2024. The ratio of nonperforming assets to total assets at December 31, 2024 increased to 0.85% from 0.25% at December 31, 2023 and decreased from 0.87% at September 30, 2024. The full-year increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

    Total individually analyzed and watch list loans increased by $28.1 million, or 15%, to $211.1 million as of December 31, 2024, versus $183.1 million as of December 31, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $56.4 million, or 21%, from $267.6 million at September 30, 2024. Watch list loans as a percentage of total loans increased by 41 basis points to 4.13% at December 31, 2024, compared to 3.72% at December 31, 2023, and decreased by 114 basis points from 5.27% at September 30, 2024. The linked quarter decrease in total individually analyzed and watch list loans was primarily driven by the removal of six relationships from the watch list with an aggregate balance of $63.7 million, offset by the addition of four downgraded credits with an aggregated balance of $8.4 million. Approximately $45.5 million of the watch list removals were attributable to credit upgrades, with the remaining $18.2 million in removals attributable to payoffs.

    “We are encouraged by the $56 million decrease in watch list credits during the quarter and are cautiously optimistic following our fourth quarter, semi-annual portfolio reviews meetings during which we review every commercial banker’s portfolio,” stated Findlay. “Economic conditions in all of our markets remain stable and we continue to actively manage our loan portfolio challenges.”

    Noninterest Income

    Noninterest income increased by $7.0 million, or 14%, to $56.8 million for the twelve months ended December 31, 2024, compared to $49.9 million for the prior year. The increase in noninterest income for the twelve months ended December 31, 2024 was primarily driven by the net gain on sale of Visa shares of $9.0 million. Contributing further to the increase in noninterest income was an increase to wealth and advisory fees of $1.4 million, or 15%, driven by growth in customers and favorable market performance. Bank owned life insurance income increased $1.1 million, or 34%, due to favorable market performance of the company’s variable bank owned life insurance policies. Offsetting these increases was a $4.5 million, or 49%, decrease to other income. Other income was elevated during the twelve months ended December 31, 2023 from insurance and loss recoveries of $6.3 million that were related to the 2023 wire fraud loss. Offsetting the impact of these recoveries was increased investment income from the company’s limited partnership investments and the receipt of an additional $1.0 million in recoveries from the wire fraud loss. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $46.8 million for the twelve months ended December 31, 2024, an increase of $3.3 million, or 8%, compared to $43.6 million for twelve months ended December 31, 2023.

    Findlay added, “It is very gratifying to report strong growth in core noninterest income for 2024. Our fee-based lines of business made significant contributions to revenue growth during the year. Notably, Wealth Advisory fees grew by 15% and treasury management fees grew by 5%. As we move into 2025, our teams continue to be focused on driving continued growth in these business lines.”

    The company’s noninterest income decreased $5.3 million, or 31%, to $11.9 million for the fourth quarter of 2024, compared to $17.2 million for the fourth quarter of 2023. Wealth advisory fees increased $388,000, or 17%, and bank owned life insurance increased $476,000, or 64%. Other income decreased $6.5 million, or 89%. Other income was elevated during the fourth quarter of 2023 primarily due to insurance and loss recoveries of $6.3 million related to the wire fraud loss. Adjusted core noninterest income was $11.9 million for the fourth quarter of 2024, an increase of $968,000, or 9%, compared to $10.9 million for the fourth quarter of 2023.

    On a linked quarter basis, noninterest income for the fourth quarter of 2024 decreased by $41,000, or less than 1%, from $11.9 million during the third quarter of 2024. The linked quarter decrease was driven by a decrease to other income of $261,000, or 25%, and was offset by an increase to bank owned life insurance income $148,000, or 14%.

    Noninterest Expense

    Noninterest expense decreased by $5.6 million, or 4%, from $130.7 million to $125.1 million for the twelve months ended December 31, 2023 and 2024, respectively. Noninterest expense during 2023 was elevated as compared to 2024 due to the wire fraud loss, which added a net $16.7 million to noninterest expense. Offsetting this impact on noninterest expense was a $7.6 million, or 13%, increase in salaries and employees benefits during the full year 2024. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $3.2 million, performance-based incentive compensation of $2.3 million, health insurance expense of $918,000, and variable deferred compensation of $950,000, which relates to the company’s variable bank owned life insurance. Other expense increased $2.6 million, or 24%, primarily due to an accrued legal expense of $4.5 million. Data processing fees and supplies increased by $1.2 million, or 8%, from the continued investment in customer-facing and operational technology solutions. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $120.5 million for the twelve months ended December 31, 2024, an increase of $6.5 million, or 6%, compared to $114.0 million for the twelve months ended December 31, 2023.

    Noninterest expense increased $1.2 million, or 4%, to $30.7 million for the fourth quarter of 2024, compared to $29.4 million during the fourth quarter of 2023. Driving the fourth quarter 2024 increase to noninterest expense was an increase to salaries and benefits expense of $1.5 million, or 10%, which was primarily attributable to increased salary expense of $825,000, deferred compensation of $414,000 and increased health insurance of $222,000. Other expense decreased by $595,000, or 20%, from lower legal accruals. Adjusted core noninterest expense increased by $1.7 million, or 6%, from $29.0 million during the fourth quarter of 2023.

    On a linked quarter basis, noninterest expense increased by $260,000, or 1%, from $30.4 million during the third quarter of 2024. Driving the increase in noninterest expense was an increase in salaries and employee benefits of $785,000, or 5% primarily due to performance-based incentive compensation. Corporate and business development expense decreased by $419,000, or 31%, which was driven by a reduction in advertising expense during the quarter. Other expense decreased by $132,000, or 5%.

    The company’s efficiency ratio for the twelve months ended December 31, 2024 was 49.3% compared to 52.9% for the twelve months ended December 31, 2023. The company’s adjusted core efficiency ratio, a non-GAAP financial measure that excludes the impact of certain non-routine operating events, was 49.5% for the twelve months ended December 31, 2024 as compared to 47.4% for the twelve months ended December 31, 2023.

    The company’s efficiency ratio was 48.2% for the fourth quarter of 2024, compared to 44.7% for the fourth quarter of 2023 and 49.7% for the linked third quarter of 2024. The company’s adjusted core efficiency ratio was 48.7% for the fourth quarter of 2023 and unchanged when compared to the company’s efficiency ratio for the third and fourth quarters of 2024.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.7 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

     
    LAKELAND FINANCIAL CORPORATION
    FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS
           
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    END OF PERIOD BALANCES 2024   2024   2023   2024   2023
    Assets $ 6,678,374     $ 6,645,371     $ 6,524,029     $ 6,678,374     $ 6,524,029  
    Investments   1,122,994       1,147,806       1,181,646       1,122,994       1,181,646  
    Loans   5,117,948       5,081,990       4,916,534       5,117,948       4,916,534  
    Allowance for Credit Losses   85,960       83,627       71,972       85,960       71,972  
    Deposits   5,900,966       5,837,313       5,720,525       5,900,966       5,720,525  
    Brokered Deposits   41,560       96,504       135,405       41,560       135,405  
    Core Deposits (1)   5,859,406       5,740,809       5,585,120       5,859,406       5,585,120  
    Total Equity   683,911       699,181       649,793       683,911       649,793  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   680,108       695,378       645,990       680,108       645,990  
    Adjusted Tangible Common Equity (2)   846,040       832,813       800,450       846,040       800,450  
    AVERAGE BALANCES                  
    Total Assets $ 6,795,596     $ 6,656,464     $ 6,514,430     $ 6,662,718     $ 6,464,980  
    Earning Assets   6,470,920       6,329,287       6,145,937       6,328,498       6,114,225  
    Investments   1,134,011       1,128,705       1,107,862       1,134,979       1,184,659  
    Loans   5,086,614       5,064,348       4,879,695       5,039,406       4,813,678  
    Total Deposits   6,011,122       5,880,177       5,802,592       5,836,025       5,604,228  
    Interest Bearing Deposits   4,729,201       4,635,993       4,428,140       4,578,219       4,128,922  
    Interest Bearing Liabilities   4,729,206       4,649,745       4,441,425       4,644,553       4,295,743  
    Total Equity   693,744       670,160       572,653       662,087       588,667  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 51,694     $ 49,273     $ 48,599     $ 196,679     $ 197,035  
    Net Interest Income-Fully Tax Equivalent   52,804       50,383       49,914       201,363       202,347  
    Provision for Credit Losses   3,691       3,059       300       16,750       5,850  
    Noninterest Income   11,876       11,917       17,208       56,844       49,858  
    Noninterest Expense   30,653       30,393       29,445       125,084       130,710  
    Net Income   24,190       23,338       29,626       93,478       93,767  
    Pretax Pre-Provision Earnings (2)   32,917       30,797       36,362       128,439       116,183  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 0.94     $ 0.91     $ 1.16     $ 3.64     $ 3.67  
    Diluted Net Income Per Common Share   0.94       0.91       1.16       3.63       3.65  
    Cash Dividends Declared Per Common Share   0.48       0.48       0.46       1.92       1.84  
    Dividend Payout   51.06 %     52.75 %     39.66 %     52.89 %     50.41 %
    Book Value Per Common Share (equity per share issued) $ 26.62     $ 27.22     $ 25.37     $ 26.62     $ 25.37  
    Tangible Book Value Per Common Share (2)   26.47       27.07       25.22       26.47       25.22  
    Market Value – High $ 78.61     $ 72.25     $ 67.88     $ 78.61     $ 77.07  
    Market Value – Low   61.10       57.45       45.59       57.45       43.05  
                                           
                                           
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    Basic Weighted Average Common Shares Outstanding   25,686,276       25,684,407       25,614,420       25,676,543       25,604,751  
    Diluted Weighted Average Common Shares Outstanding   25,792,460       25,767,739       25,732,870       25,769,018       25,723,165  
    KEY RATIOS                  
    Return on Average Assets   1.42 %     1.39 %     1.80 %     1.40 %     1.45 %
    Return on Average Total Equity   13.87       13.85       20.52       14.12       15.93  
    Average Equity to Average Assets   10.21       10.07       8.79       9.94       9.11  
    Net Interest Margin   3.25       3.16       3.23       3.18       3.31  
    Efficiency  (Noninterest Expense/Net Interest Income plus Noninterest Income)   48.22       49.67       44.74       49.34       52.94  
    Loans to Deposits   86.73       87.06       85.95       86.73       85.95  
    Investment Securities to Total Assets   16.82       17.27       18.11       16.82       18.11  
    Tier 1 Leverage (3)   12.15       12.18       11.82       12.15       11.82  
    Tier 1 Risk-Based Capital (3)   14.64       14.50       14.21       14.64       14.21  
    Common Equity Tier 1 (CET1) (3)   14.64       14.50       14.21       14.64       14.21  
    Total Capital (3)   15.90       15.75       15.47       15.90       15.47  
    Tangible Capital (2)   10.19       10.47       9.91       10.19       9.91  
    Adjusted Tangible Capital (2)   12.37       12.29       11.99       12.37       11.99  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 4,273     $ 829     $ 3,360     $ 4,273     $ 3,360  
    Loans Past Due 90 Days or More   28       95       27       28       27  
    Nonaccrual Loans   56,431       57,551       15,687       56,431       15,687  
    Nonperforming Loans   56,459       57,646       15,714       56,459       15,714  
    Other Real Estate Owned   284       384       384       284       384  
    Other Nonperforming Assets   143       21       8       143       8  
    Total Nonperforming Assets   56,886       58,051       16,106       56,886       16,106  
    Individually Analyzed Loans   78,647       77,654       16,124       78,647       16,124  
    Non-Individually Analyzed Watch List Loans   132,499       189,918       166,961       132,499       166,961  
    Total Individually Analyzed and Watch List Loans   211,146       267,572       183,085       211,146       183,085  
    Gross Charge Offs   1,657       231       566       3,468       7,332  
    Recoveries   299       88       133       706       848  
    Net Charge Offs/(Recoveries)   1,358       143       433       2,762       6,484  
    Net Charge Offs/(Recoveries) to Average Loans   0.11 %     0.01 %     0.04 %     0.05 %     0.13 %
    Credit Loss Reserve to Loans   1.68       1.65       1.46       1.68       1.46  
    Credit Loss Reserve to Nonperforming Loans   152.25       145.07       458.01       152.25       458.01  
    Nonperforming Loans to Loans   1.10       1.13       0.32       1.10       0.32  
    Nonperforming Assets to Assets   0.85       0.87       0.25       0.85       0.25  
    Total Individually Analyzed and Watch List Loans to Total Loans   4.13 %     5.27 %     3.72 %     4.13 %     3.72 %
                       
                       
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    OTHER DATA                  
    Full Time Equivalent Employees   643       639       619       643       619  
    Offices   54       54       53       54       53  

    ________________________________________________________________
    (1)  Core deposits equals deposits less brokered deposits.
    (2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)  Capital ratios for December 31, 2024 are preliminary until the Call Report is filed.

     
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
     
    ​ December 31,
    2024    		   December 31,
    2023
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 71,733     $ 70,451  
    Short-term investments   96,472       81,373  
    Total cash and cash equivalents   168,205       151,824  
    ​      
    Securities available-for-sale, at fair value   991,426       1,051,728  
    Securities held-to-maturity, at amortized cost (fair value of $113,107 and $119,215, respectively)   131,568       129,918  
    Real estate mortgage loans held-for-sale   1,700       1,158  
    ​      
    Loans, net of allowance for credit losses of $85,960 and $71,972   5,031,988       4,844,562  
    ​      
    Land, premises and equipment, net   60,489       57,899  
    Bank owned life insurance   113,320       109,114  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,446       30,011  
    Goodwill   4,970       4,970  
    Other assets   124,842       121,425  
    Total assets $ 6,678,374     $ 6,524,029  
    ​      
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,297,456     $ 1,353,477  
    Interest bearing deposits   4,603,510       4,367,048  
    Total deposits   5,900,966       5,720,525  
           
    Borrowings – Federal Home Loan Bank advances   0       50,000  
    Accrued interest payable   15,117       20,893  
    Other liabilities   78,380       82,818  
    Total liabilities   5,994,463       5,874,236  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024      
    25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023   129,664       127,692  
    Retained earnings   736,412       692,760  
    Accumulated other comprehensive income (loss)   (166,500 )     (155,195 )
    Treasury stock, at cost (469,239 shares and 473,120 shares as of December 31, 2024 and December 31, 2023, respectively)   (15,754 )     (15,553 )
    Total stockholders’ equity   683,822       649,704  
    Noncontrolling interest   89       89  
    Total equity   683,911       649,793  
    Total liabilities and equity $ 6,678,374     $ 6,524,029  
                   
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
     
    ​ Three Months Ended December 31,   Twelve Months Ended December 31,
    ​ 2024
    		   2023   2024   2023
    NET INTEREST INCOME              
    Interest and fees on loans              
    Taxable $ 83,253     $ 80,631     $ 335,639     $ 304,130  
    Tax exempt   296       1,016       2,126       3,885  
    Interest and dividends on securities              
    Taxable   2,997       3,187       12,048       13,153  
    Tax exempt   3,914       4,009       15,714       16,396  
    Other interest income   2,910       2,099       7,631       5,703  
    Total interest income   93,370       90,942       373,158       343,267  
    ​ ​   ​   ​   ​
    Interest on deposits   41,676       42,154       172,759       137,791  
    Interest on short-term borrowings   0       189       3,720       8,441  
    Total interest expense   41,676       42,343       176,479       146,232  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME   51,694       48,599       196,679       197,035  
    ​ ​   ​   ​   ​
    Provision for credit losses   3,691       300       16,750       5,850  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   48,003       48,299       179,929       191,185  
    ​ ​   ​   ​   ​
    NONINTEREST INCOME              
    Wealth advisory fees   2,699       2,311       10,469       9,080  
    Investment brokerage fees   456       445       1,894       1,815  
    Service charges on deposit accounts   2,825       2,682       11,157       10,773  
    Loan and service fees   2,977       2,968       11,832       11,750  
    Merchant and interchange fee income   889       907       3,542       3,651  
    Bank owned life insurance income   1,216       740       4,210       3,133  
    Interest rate swap fee income   0       0       0       794  
    Mortgage banking income (loss)   48       (70 )     116       (254 )
    Net securities gains (losses)   0       (9 )     (46 )     (25 )
    Net gain on Visa shares   0       0       8,996       0  
    Other income   766       7,234       4,674       9,141  
    Total noninterest income   11,876       17,208       56,844       49,858  
    ​ ​   ​   ​   ​
    NONINTEREST EXPENSE              
    Salaries and employee benefits   17,261       15,733       66,728       59,147  
    Net occupancy expense   1,706       1,486       6,865       6,360  
    Equipment costs   1,405       1,443       5,612       5,632  
    Data processing fees and supplies   3,742       3,698       15,161       14,003  
    Corporate and business development   950       877       4,965       4,807  
    FDIC insurance and other regulatory fees   894       894       3,465       3,363  
    Professional fees   2,275       2,299       8,950       8,583  
    Wire fraud loss   0       0       0       18,058  
    Other expense   2,420       3,015       13,338       10,757  
    Total noninterest expense   30,653       29,445       125,084       130,710  
    ​ ​   ​   ​   ​
    INCOME BEFORE INCOME TAX EXPENSE   29,226       36,062       111,689       110,333  
    Income tax expense   5,036       6,436       18,211       16,566  
    NET INCOME $ 24,190     $ 29,626     $ 93,478     $ 93,767  
    ​ ​   ​   ​   ​
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,686,276       25,614,420       25,676,543       25,604,751  
    ​ ​   ​   ​   ​
    BASIC EARNINGS PER COMMON SHARE $ 0.94     $ 1.16     $ 3.64     $ 3.67  
    ​              
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,792,460       25,732,870       25,769,018       25,723,165  
    ​              
    DILUTED EARNINGS PER COMMON SHARE $ 0.94     $ 1.16     $ 3.63     $ 3.65  
                                   
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 649,609     12.7 %   $ 678,079     13.3 %   $ 604,893     12.3 %
    Non-working capital loans   801,256     15.6       814,804     16.0       815,871     16.6  
    Total commercial and industrial loans   1,450,865     28.3       1,492,883     29.3       1,420,764     28.9  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   567,781     11.1       729,293     14.3       634,435     12.9  
    Owner occupied loans   807,090     15.8       810,453     15.9       825,464     16.8  
    Nonowner occupied loans   872,671     17.0       766,821     15.1       724,101     14.7  
    Multifamily loans   344,978     6.7       243,283     4.8       253,534     5.1  
    Total commercial real estate and multi-family residential loans   2,592,520     50.6       2,549,850     50.1       2,437,534     49.5  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   156,609     3.1       157,413     3.1       162,890     3.3  
    Loans for agricultural production   230,787     4.5       200,971     4.0       225,874     4.6  
    Total agri-business and agricultural loans   387,396     7.6       358,384     7.1       388,764     7.9  
              ​            
    Other commercial loans   95,584     1.9       94,309     1.9       120,726     2.5  
    Total commercial loans   4,526,365     88.4       4,495,426     88.4       4,367,788     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   259,286     5.1       261,462     5.1       258,103     5.2  
    Open end and junior lien loans   214,125     4.2       210,275     4.1       189,663     3.9  
    Residential construction and land development loans   16,818     0.3       14,200     0.3       8,421     0.2  
    Total consumer 1-4 family mortgage loans   490,229     9.6       485,937     9.5       456,187     9.3  
      ​       ​            
    Other consumer loans   104,041     2.0       103,547     2.1       96,022     1.9  
    Total consumer loans   594,270     11.6       589,484     11.6       552,209     11.2  
    Subtotal   5,120,635     100.0 %     5,084,910     100.0 %     4,919,997     100.0 %
    Less:  Allowance for credit losses   (85,960 )         (83,627 )   ​     (71,972 )   ​
    Net deferred loan fees   (2,687 )         (2,920 )   ​     (3,463 )   ​
    Loans, net $ 5,031,988         $ 4,998,363     ​   $ 4,844,562     ​
                                       
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Noninterest bearing demand deposits $ 1,297,456     $ 1,284,527     $ 1,353,477  
    Savings and transaction accounts:          
    Savings deposits   276,179       276,468       301,168  
    Interest bearing demand deposits   3,471,455       3,273,405       3,049,059  
    Time deposits:          
    Deposits of $100,000 or more   642,776       787,095       792,738  
    Other time deposits   213,100       215,818       224,083  
    Total deposits $ 5,900,966     $ 5,837,313     $ 5,720,525  
    FHLB advances and other borrowings   0       30,000       50,000  
    Total funding sources $ 5,900,966     $ 5,867,313     $ 5,770,525  
                           
     
    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
                 
        Three Months Ended December 31, 2024   Three Months Ended September 30, 2024   Three Months Ended December 31, 2023
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,060,397     $ 83,253     6.54 %   $ 5,037,855     $ 86,118     6.80 %   $ 4,820,389     $ 80,631     6.64 %
    Tax exempt (1)     26,217       364     5.52       26,493       366     5.50       59,306       1,265     8.46  
    Investments: (1)                                    
    Securities     1,134,011       7,953     2.79       1,128,705       7,871     2.77       1,107,862       8,262     2.96  
    Short-term investments     2,765       29     4.17       2,841       35     4.90       2,610       32     4.86  
    Interest bearing deposits     247,530       2,881     4.63       133,393       1,738     5.18       155,770       2,067     5.26  
    Total earning assets   $ 6,470,920     $ 94,480     5.81 %   $ 6,329,287     $ 96,128     6.04 %   $ 6,145,937     $ 92,257     5.96 %
    Less:  Allowance for credit losses     (84,687 )             (81,353 )             (72,165 )        
    Nonearning Assets                                    
    Cash and due from banks     67,994               63,744               69,563          
    Premises and equipment     60,325               59,493               58,436          
    Other nonearning assets     281,044               285,293               312,659          
    Total assets   $ 6,795,596             $ 6,656,464             $ 6,514,430          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 274,960     $ 43     0.06 %   $ 280,180     $ 45     0.06 %   $ 306,875     $ 52     0.07 %
    Interest bearing checking accounts     3,505,470       31,562     3.58       3,295,911       33,822     4.08       3,073,570       30,953     4.00  
    Time deposits:                                    
    In denominations under $100,000     214,429       1,921     3.56       215,020       1,914     3.54       220,678       1,810     3.25  
    In denominations over $100,000     734,342       8,150     4.42       844,882       9,775     4.60       827,017       9,339     4.48  
    Miscellaneous short-term borrowings     5       0     5.30       13,752       189     5.48       13,285       189     5.64  
    Total interest bearing liabilities   $ 4,729,206     $ 41,676     3.51 %   $ 4,649,745     $ 45,745     3.91 %   $ 4,441,425     $ 42,343     3.78 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,281,921               1,244,184               1,374,452          
    Other liabilities     90,725               92,375               125,900          
    Stockholders’ Equity     693,744               670,160               572,653          
    Total liabilities and stockholders’ equity   $ 6,795,596             $ 6,656,464             $ 6,514,430          
    Interest Margin Recap                                    
    Interest income/average earning assets         94,480     5.81 %         96,128     6.04 %         92,257     5.96 %
    Interest expense/average earning assets         41,676     2.56           45,745     2.88           42,343     2.73  
    Net interest income and margin       $ 52,804     3.25 %       $ 50,383     3.16 %       $ 49,914     3.23 %
                                                           

    (1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.32 million in the three-month periods ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
    (2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, are included as taxable loan interest income.
    (3)  Nonaccrual loans are included in the average balance of taxable loans.

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Twelve Months Ended
      Dec. 31, 2024   Sep. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    Total Equity $ 683,911     $ 699,181     $ 649,793     $ 683,911     $ 649,793  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   680,108       695,378       645,990       680,108       645,990  
    Market Value Adjustment in AOCI   165,932       137,435       154,460       165,932       154,460  
    Adjusted Tangible Common Equity   846,040       832,813       800,450       846,040       800,450  
                       
    Assets $ 6,678,374     $ 6,645,371     $ 6,524,029     $ 6,678,374     $ 6,524,029  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,674,571       6,641,568       6,520,226       6,674,571       6,520,226  
    Market Value Adjustment in AOCI   165,932       137,435       154,460       165,932       154,460  
    Adjusted Tangible Assets   6,840,503       6,779,003       6,674,686       6,840,503       6,674,686  
                       
    Ending Common Shares Issued   25,689,730       25,684,916       25,614,585       25,689,730       25,614,585  
                       
    Tangible Book Value Per Common Share $ 26.47     $ 27.07     $ 25.22     $ 26.47     $ 25.22  
                       
    Tangible Common Equity/Tangible Assets   10.19 %     10.47 %     9.91 %     10.19 %     9.91 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.37 %     12.29 %     11.99 %     12.37 %     11.99 %
                       
    Net Interest Income $ 51,694     $ 49,273     $ 48,599     $ 196,679     $ 197,035  
    Plus:  Noninterest Income   11,876       11,917       17,208       56,844       49,858  
    Minus:  Noninterest Expense   (30,653 )     (30,393 )     (29,445 )     (125,084 )     (130,710 )
                       
    Pretax Pre-Provision Earnings $ 32,917     $ 30,797     $ 36,362     $ 128,439     $ 116,183  
                                           

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Twelve Months Ended
      Dec. 31, 2024   Sep. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    Noninterest Income $ 11,876     $ 11,917     $ 17,208     $ 56,844     $ 49,858  
    Less: Net (Gain) Loss on Visa Shares   0       15       0       (8,996 )     0  
    Less: Insurance and Loss Recoveries   0       0       (6,300 )     (1,000 )     (6,300 )
    Adjusted Core Noninterest Income $ 11,876     $ 11,932     $ 10,908     $ 46,848     $ 43,558  
                       
    Noninterest Expense $ 30,653     $ 30,393     $ 29,445     $ 125,084     $ 130,710  
    Less: Legal Accrual   0       0       0       (4,537 )     0  
    Less: Wire Fraud Loss   0       0       0       0       (18,058 )
    Plus: Salaries and Employee Benefits (1)   0       0       (453 )     0       1,397  
    Adjusted Core Noninterest Expense $ 30,653     $ 30,393     $ 28,992     $ 120,547     $ 114,049  
                       
    Earnings Before Income Taxes $ 29,226     $ 27,738     $ 36,062     $ 111,689     $ 110,333  
    Adjusted Core Impact:                  
    Noninterest Income   0       15       (6,300 )     (9,996 )     (6,300 )
    Noninterest Expense   0       0       453       4,537       16,661  
    Total Adjusted Core Impact   0       15       (5,847 )     (5,459 )     10,361  
    Adjusted Earnings Before Income Taxes   29,226       27,753       30,215       106,230       120,694  
    Tax Effect   (5,036 )     (4,404 )     (4,996 )     (16,853 )     (19,119 )
    Core Operational Profitability (2) $ 24,190     $ 23,349     $ 25,219     $ 89,377     $ 101,575  
                       
    Diluted Earnings Per Common Share $ 0.94     $ 0.91     $ 1.16     $ 3.63     $ 3.65  
    Impact of Adjusted Core Items   0.00       0.00       (0.18 )     (0.16 )     0.30  
    Core Operational Diluted Earnings Per Common Share $ 0.94     $ 0.91     $ 0.98     $ 3.47     $ 3.95  
                       
    Adjusted Core Efficiency Ratio   48.22 %     49.66 %     48.72 %     49.49 %     47.40 %
                                           

    (1)  In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
    (2)  Core operational profitability was $11,000 higher and $4.4 million lower than reported net income for the three months ended September 30, 2024 and December 31, 2023, respectively. Core operational profitability was $4.1 million lower and $7.8 million higher than reported net income for the twelve months ended December 31, 2024 and 2023, respectively.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on Datson Exports Ltd., West Bengal

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated January 15, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Datson Exports Ltd., West Bengal (the company) for non-compliance with certain directions issued by RBI on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58 G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.

    The statutory inspection of the company was conducted with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

    The company had outsourced one of its decision-making functions, viz., sanction of loans, to its Digital Lending Application (DLA) partner.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1999

    MIL OSI Economics –

  • MIL-OSI Economics: Reserve Bank of India imposes monetary penalty on Jammu and Kashmir Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 14, 2025, imposed a monetary penalty of ₹3,31,80,000 (Rupees Three crore thirty one lakh eighty thousand only) on Jammu and Kashmir Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’, ‘Know Your Customer’ and ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The Statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said RBI directions.

    After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    1. The bank allowed certain BSBDA holders to also open Savings Bank Deposit Accounts;

    2. The bank did not identify beneficial owner for opening accounts of certain Legal Persons, who were not natural persons;

    3. The bank allowed operations in certain small accounts that did not meet the regulatory requirements; and

    4. The bank sanctioned a working capital demand loan to a Corporation against amounts receivable by way of subsidies from Government.

    The action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2000

    MIL OSI Economics –

  • MIL-OSI Economics: Reserve Bank of India imposes monetary penalty on Bank of India

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 07, 2025, imposed a monetary penalty of ₹1.00 crore (Rupees One crore only) on Bank of India (the bank) for non-compliance with provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) read with the ‘Depositor Education and Awareness Fund Scheme, 2014’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.

    The Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with the provisions of BR Act and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions of BR Act.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had not transferred eligible amounts to the Depositor Education and Awareness Fund within the prescribed period.

    The action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2001

    MIL OSI Economics –

  • MIL-OSI Europe: ASIA/INDIA – The Jubilee Year in Tamil Nadu: giving new hope to the Dalits

    Source: Agenzia Fides – MIL OSI

    Bangalore (Agenzia Fides) – “For the Dalits, the Jubilee means hoping for the recognition of their human dignity; it means breaking the spiral of discrimination and exclusion. The Jubilee period is a time of hope for them to escape from the caste mentality and enjoy opportunities in society and in the Church on an equal basis with other citizens,” said Franciscan Father Nithya Sagayam OFM Cap, Secretary of the Commission for Castes and Scheduled Tribes (SCST) of the Council of Catholic Bishops of the State of Tamil Nadu, to Fides, referring to the Jubilee Year in the South Indian state. In an area that includes 18 dioceses and 38 civil districts, the religious works for the development, emancipation and spiritual accompaniment of the Dalits (the so-called “untouchables”), who make up 20% of the state’s population (81 million inhabitants in total) and live mainly in rural areas, with little or no access to education and social services. “Among the Catholics in Tamil Nadu (7.5 million believers in total)”, said the Franciscan Father, “Dalits make up about 60 percent, and they are the poorest of the poor, the excluded, the deprived of dignity. It is therefore important for the Catholic community to stand by them and to set out with them on the path of hope, as the Pope wishes at this time of the Jubilee.” “It is about awakening in them the hope of human dignity, of a life worth living, which they do not just spend resignedly on the fringes of society and history. Here, a caste mentality still prevails, which irreversibly relegates them to the last place,” he notes. The Commission for the Dalits of the Council of Bishops of Tamil Nadu has drawn up a program with various initiatives on the occasion of the Jubilee: “The first,” he reports, “is education and learning the English language to improve their situation and the possibility of employment; then there are emancipation initiatives such as seminars to learn how to do business, to start small economic activities; there is also the desire to deal with the phenomenon of emigration, since Dalits live in rural villages and tend to migrate to the cities”. “In this pilgrimage of hope alongside them – the religious concluded – we are always helped by faith in Jesus Christ, who has given salvation to all, so that each of us, each Dalit, is a beloved child’. (PA) (Agenzia Fides, 24/1/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI Global: Wood burning stoves are a serious problem for your health – and the environment

    Source: The Conversation – UK – By Asit Kumar Mishra, Research Fellow in School of Public of Health, University College Cork

    Monkey Business Images/Shutterstock

    There is something cosy and appealing about settling down next to a roaring fire in winter but, every year, nearly 61,000 premature deaths in Europe are caused by air pollution as a result of people burning wood or coal to heat their homes.

    Wood-burning stoves are often considered safer, cleaner and more attractive than open fires. This may, in part, explain why from 2021 to 2022, sales of wood-burning stoves increased by 40% in the UK.

    However, burning wood is not necessarily a healthier or greener alternative to coal or gas for home heating.

    Wood burning produces a complex chemical mixture of fine particulate matter (PM2.5) and gases, which can be breathed deep into the lungs. The specific contents vary based on the type of stove and the type of fuel, but chemicals can include carbon monoxide, oxides of nitrogen and a range of volatile organic compounds, such as cancer-causing formaldehyde and benzene.

    Exposure to wood smoke affects the heart, blood vessels and the respiratory system – and PM2.5 is considered to be the biggest threat. Wood smoke increases the risk of heart attacks and strokes and can exacerbate chronic obstructive pulmonary disease (COPD) and asthma. Exposure to PM2.5 from wood burning can also cause premature death.

    Exposure to this pollution also leads to loss of work days, reduced productivity, higher expenses on healthcare and increased hospital admissions.

    The risks are higher for people over 65, children, pregnant women and people with existing heart or lung conditions. Chronic wood smoke inhalation has been associated with systemic inflammation, which can make the lungs more vulnerable to infections, such as flu and COVID.

    In the UK and Ireland, solid fuel heating is the main source of outdoor PM2.5 during wintertime. While wood is the dominant solid fuel in the UK, peat burning is regularly found to make the largest contribution to PM2.5 in Ireland.

    Under cold, stagnant weather conditions, air pollution, even in small rural towns, can be as high as that found in very polluted parts of north India.

    Exposure to outdoor air pollution caused by wood burning is an obvious health risk. But the pollution also finds its way into homes, worsening indoor air quality. Also, when lighting or refuelling a wood stove, large quantities of PM2.5 escape into the indoor air. Depending on how effective the home ventilation is, the PM2.5 levels can take hours to reduce.

    Looks aren’t everything

    In surveys carried out in Ireland and the UK, it was found that most people using solid fuel stoves did it for the aesthetics and the “homely feel”. The desire to save money or necessity came next.

    Most people who use indoor wood burning in London are in wealthier neighbourhoods, while those most affected by the consequent air pollution are in poorer areas.

    Educational campaigns regarding the effect of wood-burning stoves on health and the environment can be an important tool to reduce their usage. New initiatives, such as the Clean Air Night held in the UK and Ireland, are valuable in raising awareness and possibly changing long-term heating habits.

    Encouraging users to move to more efficient and renewable heating technologies like heat pumps can reduce emissions and harm to health. This move even works out to be cheaper, except for people who source their own wood.

    Communities can also be provided with information on their local air quality, allowing them to visualise real-time effects of their actions. For example, the PM2.5 sensor network map for Cork is freely accessible to the community and identifies locations and times when PM2.5 pollution is unhealthy.

    If you have a wood burner, you could check that the pollution levels aren’t too high before you fire it up.

    How to reduce emissions

    People who rely on solid fuel stoves as their only source of home heating can adopt the following measures to reduce emissions. Use low-emission labelled stoves that reduce pollution. When burning, have small hot fires, with enough air supply and do not let the fire smoulder.

    Choose carefully what is burnt, in compliance with relevant regulations. Do not burn garbage, plastics, cardboard, treated or painted wood in your stoves. These items increase exposure to toxic pollutants.

    Ensure that stoves are installed and maintained annually by professionals. And, when lighting up or refuelling, make sure that the room the stove is in is well ventilated. This means open windows, no blocked vents, and exhaust fans or kitchen hoods can be used for additional ventilation.

    People who use solid fuel stoves as a secondary source of heating could consider using the stove less or even stopping using it altogether. That really would be a breath of fresh air.

    Asit Kumar Mishra is a DOROTHY co-fund Fellow and Marie Skłodowska-Curie Fellow and receives funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie grant agreement No 101034345.

    John Wenger has previously received funding from several governmental organisations in Ireland for research into solid fuel burning, including the EPA and Irish Research Council.

    – ref. Wood burning stoves are a serious problem for your health – and the environment – https://theconversation.com/wood-burning-stoves-are-a-serious-problem-for-your-health-and-the-environment-245737

    MIL OSI – Global Reports –

  • MIL-OSI Economics: RBI announces rate of interest on GOI FRB 2035

    Source: Reserve Bank of India

    The rate of interest on the Government of India Floating Rate Bonds, 2035 (GOI FRB 2035) applicable for the period January 25, 2025 to January 24, 2030 shall be 6.66 per cent per annum.

    It may be recalled that the GOI FRB 2035 was issued on January 25, 2005 by the Government of India to the Reserve Bank of India on private placement basis against the transfer of subordinated debt of IDFC. The rate of interest of the bonds shall be reset by the Bank every five years at the prevailing 5-year yield on Government of India securities as on the last working day prior to commencement of each period of five years. Accordingly, the coupon of the GOI FRB 2035 has been fixed on the basis of secondary market transactions in Government of India securities as on January 24, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2005

    MIL OSI Economics –

  • MIL-OSI Video: Defying the Odds | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    What does a British Olympic champion diver who was bullied at an early age for his success and a renowned chef and restaurateur who grew up as a “second daughter” in traditional India have in common?

    Join this conversation with two leaders who, while navigating social stigmatization, have forged platforms to advocate women’s empowerment and LGBTQ+ rights.

    Speakers: Tom Daley, Asma Khan, Richard Quest

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=eLbT4TBEFbo

    MIL OSI Video –

  • MIL-OSI: First Federal Savings Bank and ICBA Provide Tips to Safeguard Sensitive Information During Data Privacy Week Jan 24-28

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — In recognition of Data Privacy Week, First Federal Savings Bank and the Independent Community Bankers of America® (ICBA) are reminding customers to take steps to safeguard their sensitive data and shield against financial losses in the event of a compromise or data breach. The global average cost of a data breach in 2024 was $4.88 million, a 10 percent increase over 2023 and the highest ever recorded.

    “While there’s no fool-proof method to safeguard sensitive data, at First Federal Savings Bank, we believe that an important step in the fight against such attacks is arming customers with the proper protocols to reduce their exposure,” said Christy McBride, Chief Operations Officer & Information Security Officer, EVP. “As a community bank, First Federal Savings Bank uses sophisticated technology and monitoring techniques, intricate firewalls, and other methods to secure customer data. Additionally, we maintain stringent privacy policies and educate employees to treat confidential information with the utmost care.”

    Reducing Your Risk
    As a consumer you also can help minimize your risk by:

    • Restricting use of public wi-fi and computers—These networks may be convenient but are not as secure. If you make purchases while away from your home or work network, use a virtual private network or mobile hotspot.
    • Limiting disclosed information—Never respond to requests for personal information such as your banking ID, account number, username, or password, even if they appear to originate from your bank, government agencies or officials, or companies with which you have a relationship.
    • Taking advantage of security features—Update your computer security software and apply software updates to your computer system, mobile devices, web browsers, and operating system regularly to defend against viruses, malware, and other online threats.
    • Monitoring account activity—Carefully review bank statements, card transactions, and check your credit report regularly for unusual or unexplained charges, unknown accounts in your name, or unexpected denials on your card and report any suspicious activity to your bank immediately.
    • Protecting each account with a unique, complex password—Use numbers and symbols at least 12 characters long along with using a password manager. Use multifactor authentication for accounts that allow it.

    Responding to a Data Breach
    In the unfortunate event of a data breach, to minimize your risk:

    • Consider a security freeze on your credit report to restrict credit file access.
    • Set up a fraud alert, which directs banks to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account.
    • Shred documents with personal or sensitive information and change your passwords.
    • Report stolen finances or identities and other cybercrime to the Internet Crime Complaint Center and to your local law enforcement and/or state attorney general.

    Learn more about how to protect your digital life by visiting the Stay Safe Online website and spreading the word on social media with the hashtag #BeCyberSmart.

    About First Federal Savings Bank Member FDIC

    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA

    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-OSI Global: Reproductive health care faces legal and surveillance challenges post-Roe – new research offers guidance

    Source: The Conversation – USA – By Nora McDonald, Assistant Professor of Information Technology, George Mason University

    Providers play a central role in reproductive health privacy. FG Trade/iStock via Getty Images

    Long before Roe v. Wade was overturned, reproductive justice advocates had been sounding the alarm about the increasing number of women subjected to criminal investigation for suspected abortion, stillbirth or miscarriage. These cases were often initiated by health care providers and bolstered by state laws used to prosecute women for having abortions.

    Newer laws, however, incentivize people outside of health care, including friends and family members, to report someone they suspect of having an abortion or helping someone else with an abortion. Coupled with the unprecedented access that authorities now have to digital information, these laws create new avenues for prosecution.

    In the post-Roe era, people capable of pregnancy face growing threats. Health care providers, family, friends, information on personal devices and virtually any activity that can be observed or recorded pose privacy risks that can lead to prosecution. I study online privacy. This vast scope for potential surveillance and privacy intrusion is a key focus of the research my colleagues and I conduct.

    In a recent paper, we surveyed reproductive health care providers about their privacy and security practices. We used the results to map the path of a hypothetical “Jane” to illustrate how people can identify privacy risks in their own situations. This choose-your-adventure approach helps readers navigate the potential legal, digital and personal challenges involved in accessing reproductive health care – and reveals the grim stakes.

    Privacy protections

    Historically, health care providers who opposed abortion have been the primary sources for reporting patients suspected of seeking abortions. While they remain a significant threat, additional risks to patient privacy have emerged. For example, state laws increasingly compel providers to hand over medical records.

    This circumvents new Health Insurance Portability and Accountability Act protections meant to shield protected reproductive health information from use in investigations when people seek abortions in states where the procedure is legal. Authorities might also be able to access records across state lines where abortion is legal – for example, when different electronic health record systems can share data.

    It is also possible that, in the future, electronic health records could be seized across state lines. Last year, in a letter to the U.S. Department of Health and Human Services, 19 state attorneys general protested the new federal data privacy rules. Texas followed up with a lawsuit against the Biden administration over the rule.

    Even so-called shield laws adopted by some states meant to protect people seeking abortions from record seizures have loopholes.

    Under the Biden administration, the U.S. Department of Health and Human Services added a privacy rule to protect reproducitve health data.

    Privacy vulnerabilities

    Despite some protections offered by the Health Insurance Portability and Accountability Act, additional gaps in safeguarding reproductive health information persist. Data captured outside medical portals, such as from apps or pharmacy transactions, often falls outside the federal law’s scope.

    It’s important to note that apps that capture consumer reproductive health data, like period trackers, do not necessarily pose a greater risk than informants. But the dystopian potential of governments reaching into personal intimate data, and the simplicity of the remedy – deleting an app – draw disproportionate attention.

    While it’s not entirely clear whether period trackers are definitively good or bad from a digital privacy perspective, they do offer potential benefits, such as helping people prevent unwanted pregnancies and thus avoid prosecution.

    Once reported to authorities, activities conducted on personal devices – browsing history, purchases, location data, and messages with friends or family – can become evidence in prosecutions. Authorities have shown a willingness to subpoena records from social media platforms, and they frequently access personal devices.

    Additionally, laws that incentivize family, friends and partners to report suspected abortions create a threat of surveillance from intimate associates. These dynamics are exacerbated by new laws that criminalize “trafficking” minors – transporting them across state lines – for abortion services.

    Providers’ role protecting privacy

    In our research, my colleagues and I found that reproductive health care providers can play a critical role in guiding patients on adopting privacy strategies and helping them navigate an increasingly complex landscape of privacy threats. Clinics are trusted spaces for affordable, progressive care that often shield patients from judgment or harm.

    Based on our interviews with reproductive health care providers, the protocols they use to manage communications, billing and other aspects of patient interactions have proved effective at protecting privacy, especially for vulnerable populations like minors or people with abusive partners. However, people seeking abortions face more nuanced threats. Providers tend to overlook digital risks and threats of prosecution tied to patients’ devices and records.

    This gap in awareness leaves patients without critical guidance for protecting their privacy. Our initial research conducted in the aftermath of the Dobbs decision revealed that people capable of pregnancy express profound concerns about reproductive privacy, yet often feel inadequately prepared to navigate its complexities.

    Findings from our forthcoming research suggest that many patients take extensive precautions, yet it’s not clear how effectively they can prioritize their digital strategies. At the same time, these people place significant trust in their reproductive health care providers, especially because they often deem existing guidance on privacy untrustworthy or insufficient.

    Although providers may currently be less attuned to the newer privacy risks, they could play a crucial role in addressing them. By incorporating digital privacy and threat modeling into their care, providers can help patients navigate a complex landscape of threats in an environment of pervasive surveillance.

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

    – ref. Reproductive health care faces legal and surveillance challenges post-Roe – new research offers guidance – https://theconversation.com/reproductive-health-care-faces-legal-and-surveillance-challenges-post-roe-new-research-offers-guidance-246869

    MIL OSI – Global Reports –

  • MIL-OSI Security: Goshen Man Found Guilty After 3-Day Jury Trial

    Source: Office of United States Attorneys

    SOUTH BEND – Late yesterday, Orlando Rodriguez-Roman, 42 years old, of Goshen, Indiana, was convicted of three felony counts after a three-day jury trial before United States District Court Judge Damon R. Leichty, announced Acting United States Attorney Tina L. Nommay.

    Rodriguez-Roman was found guilty of attempted possession with intent to distribute 500 grams or more of cocaine, possession with intent to distribute 500 grams or more of cocaine, and unlawful possession of ammunition by a convicted felon.

    Sentencing is scheduled for April 29, 2025.

    This case was investigated by the United States Postal Inspection Service including the USPS Forensic Laboratory Services, the Drug Enforcement Administration, and the Bureau of Alcohol, Tobacco, Firearms and Explosives with assistance from the Elkhart County Intelligence and Covert Enforcement Unit and the Elkhart County Prosecutor’s Office. The case was prosecuted by Assistant United States Attorneys Lydia T. Lucius and Katelan McKenzie Doyle.

    MIL Security OSI –

  • MIL-OSI Security: Philadelphia Man Sentenced to Three Years in Prison for House Burglary on the Choctaw Indian Reservation

    Source: Office of United States Attorneys

    Jackson, MS – A Philadelphia man was sentenced to three years in federal prison for burglarizing a home in the Tucker community of the Mississippi Band of Choctaw Indians Reservation.

    According to court documents, Sherente Tubby, 23, burglarized the home of a tribal member in December of 2021.  Tubby was indicted by a federal grand jury in March of 2022, and pled guilty in September of 2024.  He was sentenced on January 14, 2025.

    Acting U.S. Attorney Patrick Lemon and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.  

    The Choctaw Police Department and the Federal Bureau of Investigation investigated the case.

    Assistant U.S. Attorneys Kevin J. Payne and Brian K. Burns prosecuted the case.

    This case was brought as part of Project Safe Neighborhood (PSN), a nationwide initiative that was launched in 2001 and works to reduce violent crime and gun violence.  It’s a collaboration between federal, state, local, tribal, and territorial law enforcement, prosecutors, and community leaders.  PSN is coordinated by the U.S. Attorneys’ Offices in the 94 federal judicial districts throughout the 50 states and U.S. territories.  For more information about Project Safe Neighborhood, please visit http://www.psn.gov.

    MIL Security OSI –

  • MIL-OSI Security: Bartlesville Man Sentenced to 35 Years for Killing Dewey Couple

    Source: Office of United States Attorneys

    TULSA, Okla. – U.S. District Judge John D. Russell sentenced Lucas Anthony Walker, 22, for two counts of Second Degree Murder in Indian County. Judge Russell ordered Walked to serve 420 months for each count, followed by five years of supervised release.

    In January 2023, Washington County Sheriff’s deputies began investigating the disappearance of Deborah and Larry Dutton. After searching the Dutton’s home, deputies found Deborah and Larry deceased in a shallow grave in the backyard. Walker confessed to shooting and stabbing Deborah and stabbing Larry to death.

    Walker is a citizen of the Cherokee Nation and will remain in custody pending transfer to the U.S. Bureau of Prisons.

    The FBI, Washington County Sheriff’s Office, the Oklahoma State Bureau of Investigation, and the Oklahoma Highway Patrol investigated the case. Assistant U.S. Attorney Eric O. Johnston prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Anderson Felon Sentenced to Five Years in Federal Prison for Illegally Possessing a Firearm Following Drunk Driving Crash

    Source: Office of United States Attorneys

    INDIANAPOLIS— Jonathon Jerald Ashley Jr., 30, of Anderson, Indiana, has been sentenced to five years in federal prison, followed by three years of supervised release after pleading guilty to possession of a firearm by a convicted felon.

    According to court documents, on October 22, 2023, an Anderson Police Department officer was called to a vehicle crash in the vicinity of 20th and Noble Streets. The officer arrived to find a heavily intoxicated Jonathon Ashley walking away from the accident.

    During a search of Ashley’s person, officers located a loaded Glock handgun in his front right pocket. At the time of arrest, Ashley had been previously convicted of domestic battery, resisting law enforcement, invasion of privacy, dealing in a narcotic drug, and pointing a firearm. His felony convictions prohibit him from ever legally possessing a firearm again.

    “This defendant has repeatedly demonstrated his utter disregard for the law or the safety of others, including those closest to him,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “Many illegally armed perpetrators of gun violence in the home and in the community have a prior history of domestic violence. That’s why our office is working together with the FBI, through the LEATH initiative, to protect the public from these offenders and save lives.”

    “This dangerous combination of impaired driving and illegal possession of a firearm had the potential to lead to devastating consequences and this sentence underscores the seriousness of the defendant’s actions,” said FBI Indianapolis Special Agent in Charge Herbert J. Stapleton. “The FBI remains committed to working with our law enforcement partners to ensure those who show such reckless disregard for the law and the safety of others will be held accountable.”

    The Federal Bureau of Investigation and Anderson Police Department and investigated this case. The sentence was imposed by U.S. District Judge James P. Hanlon.

    Acting U.S. Attorney Childress thanked Assistant U.S. Attorney Jayson W. McGrath, who prosecuted this case.

    This case was brought as part of the LEATH Initiative (Law Enforcement Action to Halt Domestic Violence), named in honor of Indianapolis Metropolitan Police Department (IMPD) Officer Breann Leath, who was killed in the line of duty while responding to a domestic disturbance call.  A partnership among the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), the IMPD, and the U.S. Attorney’s Office for the Southern District of Indiana, the LEATH Initiative focuses federal, state, and local law enforcement resources on domestic violence offenders who illegally possess firearms.

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    MIL Security OSI –

  • MIL-OSI Global: Trump labels drug cartels as terrorist groups – what it means for Mexico and beyond

    Source: The Conversation – UK – By Amalendu Misra, Professor of International Politics, Lancaster University

    Donald Trump returned to the US presidency on January 20 with a flurry of executive orders. This included the designation of criminal gangs and drug cartels operating south of the Mexico border as “foreign terrorist organisations” – a first for a US president. The state department will now decide which groups are added to the list.

    Trump’s disdain for the criminal fraternity in Latin America is not new. When announcing his first run for the presidency in 2015, Trump claimed the Mexican government was deliberately sending drugs, rapists and criminals to the US.

    To keep them out, he floated and later implemented a rigorous border protection programme. This led not only to mass deportations, but also the building of a concrete and metal wall along the US-Mexico border that spans hundreds of miles.

    In his new order, Trump claimed the “cartels have engaged in a campaign of violence and terror throughout the western hemisphere that has not only destabilised countries with significant importance for our national interests but also flooded the US with deadly drugs, violent criminals, and vicious gangs”.

    How will this order, if it eventually becomes law, impact the people towards whom it is directed?

    Fears of military action

    A terrorist designation expands the government’s ability to collect military intelligence on the cartels and prosecute people deemed to be offering any “material support” to these groups. However, some fear the designation will also make it politically easier for the US government to order direct military intervention against the cartels without having to go through Congress.

    During Trump’s first term, for instance, Iran’s Islamic Revolutionary Guard Corps was designated as a foreign terrorist organisation. Its head, General Qasem Soleimani, was killed by a US drone strike less than a year later. The Trump Administration cited its foreign terrorist organisation order as justification for its actions.

    Trump has not yet ruled out similar military action in Mexico. On January 20, while signing executive orders in the Oval Office, Trump was asked whether he would send the special forces to confront Mexico’s cartels. “Could happen. Stranger things have happened”, he replied. In the past, Trump has also apparently suggested a missile attack on Mexican drug labs.

    The idea of unilateral US military action against the cartels has always faced stiff opposition from Mexico. And in December, as plans to designate the cartels as terrorist organisations gathered steam, Trump’s Mexican counterpart Claudia Sheinbaum said: “We collaborate, we coordinate, we work together, but we will never subordinate ourselves … Mexico is a free, sovereign, independent country and we do not accept interference.”

    However, US military operations in Mexico may not be so far-fetched. The US has previously staged armed interventions in Latin America when it has felt its national interests were under threat. The ousting of Panama’s leader, Manuel Noriega, in 1989 is a good example.

    That year, the then US president George H.W. Bush ordered 20,000 American troops to invade Panama in an operation to “protect the lives of American citizens”. Noriega, who was arrested after spending days hiding in Panama City’s Vatican embassy, was wanted by US authorities for racketeering and drug trafficking.

    The invasion resulted in the deaths of 514 Panamanian soldiers and civilians (though the unofficial count is closer to 1,000), and three American servicemen.

    Power of persuasion

    The terrorist designation could, on the other hand, simply be a tactic to pressure governments across Latin America into taking tougher action against the gangs. We have already seen the likes of El Salvador’s iron-fisted president, Nayib Bukele, do the heavy lifting for the US, so far as countering criminal gangs is concerned.

    With US assistance, El Salvador currently operates the infamous Terrorism Confinement Center, a maximum security jail that holds high-ranking members of the country’s main criminal gangs. Its critics consider it a “black hole of human rights” and one of the harshest prisons in the world.

    Over the past few weeks, Trump has rebuked Sheinbaum for not doing enough to curtail the power of cartels operating in her country. He claimed earlier in January that Mexico was “essentially run by the cartels”.

    Trump’s proposed appointment of Colonel Ronald Johnson, a former Green Beret with extensive experience in US military intelligence, as ambassador to Mexico signals a potential shift in US strategy toward direct confrontation with the region’s governments to step in line.

    Trump can also buy compliance from governments in Latin America to do his bidding against the cartels, as was the case with Plan Colombia. Launched in 2000, the US-funded US$1 billion project (equivalent to roughly £1.5 billion today) provided foreign and military aid to Colombia in an attempt to fight the production and trafficking of illegal narcotics in the country.

    Plan Colombia was subject to considerable controversy. Its critics claim it led to gross human rights violations as well as the destruction of the environment and people’s livelihoods. But successive US administrations have maintained that Plan Colombia, which came to an end in 2015, was a success.

    The terrorist designation will usher in seismic changes in Latin America. Should Sheinbaum embrace Trump’s initiative, in part or in its entirety, then it is likely to lead to a civil war-like situation in Mexico, given the firepower and deep pockets the cartels have.

    In 2007, under the so-called Mérida Initative, the US donated at least US$1.5 billion to help the then Mexican president, Felipe Calderón, launch his “war on drugs”. The outcome of that war was disastrous, with tens of thousands of lives lost and its effects still being felt today.

    Amalendu Misra is a recipient of British Academy and Nuffield Foundation Grants.

    – ref. Trump labels drug cartels as terrorist groups – what it means for Mexico and beyond – https://theconversation.com/trump-labels-drug-cartels-as-terrorist-groups-what-it-means-for-mexico-and-beyond-248035

    MIL OSI – Global Reports –

  • MIL-OSI USA: Relief Still Available to Indiana Small Businesses and Nonprofits Hit by May Storms: Don’t Miss the Deadline to Apply for an SBA Disaster Loan!

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Indiana of the Feb. 24 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and tornadoes that occurred May 7, 2024. 

    The disaster declaration covers the counties of Dearborn, Decatur, Fayette, Franklin, Ripley, Rush, and Union in Indiana, as well as Butler and Hamilton counties in Ohio. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  

    “When disasters strike, businesses and nonprofits face significant challenges,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These SBA loans provide the financial support they need to manage costs and continue moving forward.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.  

    SBA’s disaster loan program has been replenished through the American Relief Act of 2025, signed into law by President Biden on December 21, 2024.  

    For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.  

    The deadline to return economic injury applications is Feb. 24, 2025. 

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    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Newberry County

    Source: US Federal Emergency Management Agency 2

    strong>COLUMBIA, S.C. – A Disaster Recovery Center has opened in Newberry County to provide in-person assistance to South Carolinians affected by Hurricane Helene.  
    Newberry County
    Newberry Armory275 General Henderson RoadNewberry, SC 29108
    Open Jan. 24, Jan. 27-29, 9 a.m.- 5 p.m., closed Jan. 25-26.
    FEMA is encouraging South Carolinians affected by Hurricane Helene to apply for federal disaster assistance as soon as possible. The deadline to apply for FEMA assistance is Jan. 28.
    Click here to find centers that are already open in South Carolina. To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. 
    You can visit any open center to meet with representatives of FEMA, the state of South Carolina and the U.S. Small Business Administration. No appointment is needed. 
    Homeowners and renters in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation can apply for federal assistance.
    The quickest way to apply is to go online to DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or by calling toll-free 800-621-3362. The telephone line is open every day and help is available in many languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. For a video with American Sign Language, voiceover and open captions about how to apply for FEMA assistance, select this link.
    FEMA programs are accessible to survivors with disabilities and others with access and functional needs. 

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall on Newsmax: President Trump Will Bring Manufacturing Jobs Back to the United States

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Newsmax: The Record with Greta Van Susteren to discuss President Trump’s Executive Actions in the first days in office and his economic plans, including the Trump tax cuts, returning manufacturing to the United States, and decreasing the United States’ reliance on trade with China. 
    Additionally, Senator Marshall discussed President Trump’s Executive Orders to remove the United States from the World Health Organization (WHO) and requiring NATO countries to pay 5% of their GDP on defense. 

    You may click HERE or on the image above to watch Senator Marshall’s full interview. 
    Highlights from Senator Marshall’s interview include:
    On President Trump’s tax cuts and plan for economic revival in the United States: 
    “Welcome to the world of Donald Trump. He did talk about decreasing the tax cuts to 15%, and I want Americans to remember what happened when we decreased it from 35% to 21%. I think number one is we saw record growth in federal government tax revenues, but we also saw 401k’s jump as well – so I think that this makes perfect sense to me. President Trump, the great negotiator out there – jobs, jobs, jobs. President Trump is trying to bring manufacturing jobs back to the United States.”
    “This is part of President Trump’s America First agenda. If you think about manufacturing, it’s energy cost, and then people – the labor is what determines what we can manufacture, the raw material. So I think he’s kind of thinking about all these pieces of the puzzle…” 
    On manufacturers returning to the Americas from China:
    “A lot of this is dependent upon raw earth materials – so I think you’ve already seen a lot of the manufacturers are bringing that to South America, and then a lot of it’s moving to Vietnam as well. India is doing a lot of it as well. So we need to keep moving those out of the Chinese market. Just like I told my farmers, you cannot depend on China, and I think all these big group purchasing organizations got caught with their pants down during COVID, and have realized that, and are indeed starting to move them back to the Americas.” 
    On President Trump’s executive order removing the United States from the WHO: 
    “We should have gotten out of the WHO years ago. To your point, what you’re describing when the World Health Organization said there was no person-to-person transmission, that COVID was already in three different countries… but yet they were denying it.”
    “I couldn’t agree with you more, the World Health Organization has gotten way outside of what its mission set should be. They should be focusing on clean water, on clean sewage, vaccines as well. But instead, they’re way outside of their mission. And they are bought and paid for by China.”
    On President Trump’s executive order requiring NATO countries to pay 5% of their GDP on defense: 
    “I was over in Belgium recently. NATO has made a huge, huge, incredible office building… and I said to myself, well, how many troops would that have paid for?”
    “[Europe] has over 100,000 of our troops. My son was one of them – just getting back from Poland – in Europe, protecting them. Europe needs to take care of themselves. Italy alone has a GDP the size of Russia. So certainly, Europe should be able to defend themselves against Russia. I don’t understand why we need that much money for NATO either.” 

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office Charges Española Man with Drug Trafficking and Possession

    Source: Office of United States Attorneys

    ALBUQUERQUE – A federal grand jury has indicted an Española man on multiple counts of possession with intent to distribute controlled substances following an incident at the Sandia Resort and Casino in Bernalillo County.

    According to court documents, on September 16, 2024, Pueblo of Sandia Police responded to a 911 hang-up call from a hotel room at the Sandia Resort and Casino. Upon arrival, officers made contact with Zacary Cipriano Lucero, 63, and two women in the hotel room. At that time, Lucero claimed the women had stolen money from him.

    During the investigation, one of the women suggested searching Lucero‘s bags, alleging he was trading fentanyl for sex. Lucero denied consent to search his bags and stated he wanted to drop the charges against the women.

    After being read his Miranda rights, Lucero told officers he had invited the women to his room around 4 a.m. after meeting them in the casino. He claimed he discovered his cell phone and money were missing after dozing off.

    Officers sealed the room and obtained a search warrant. On September 17, 2024, during the execution of the warrant, police discovered:

    • Approximately 238 grams of suspected fentanyl
    • 16 grams of suspected cocaine
    • 50 grams of suspected methamphetamine
    • Approximately $3,190 in cash

    These items were found in bags that Lucero had previously claimed ownership of.

    Lucero will remain on conditions of release pending trial, which has not been scheduled. If convicted, Lucero faces up to 40 years in prison.

    U.S. Attorney Alexander M.M. Uballez made the announcement today.

    The Bureau of Indian Affairs investigated this case with the assistance of the Pueblo of Sandia Police Department. Assistant U.S. Attorney Robert James Booth II is prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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    MIL Security OSI –