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MIL-OSI: Kearny Financial Corp. Announces Second Quarter Fiscal 2025 Results and Declaration of Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FAIRFIELD, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2024 of $6.6 million, compared to $6.1 million for the quarter ended September 30, 2024.

Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024. This compares to earnings per basic and diluted share of $0.10 for the quarter ended September 30, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025, to stockholders of record as of February 12, 2025.

Craig L. Montanaro, President and Chief Executive Officer, commented, “As anticipated, this quarter reflected the early stages of growth in net interest income and expansion of net interest margin. We are pleased to report growth in deposits of 3.7% from September 30, 2024, reflecting robust performance from our branch network, digital channels and commercial lending relationships. This growth allowed us to shrink the balance of outstanding borrowings while reducing our cost of funds by nine basis points quarter-over-quarter.”

Mr. Montanaro continued, “Although market expectations for fed funds rate cuts have moderated, the continuation of positive deposit trends coupled with the reinvestment of low-coupon cash flows from our loan and securities portfolio should serve as earnings tailwinds in the coming quarters.”

Balance Sheet

Total assets were $7.73 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024.
Investment securities totaled $1.15 billion at December 31, 2024, a decrease of $57.5 million, or 4.8%, from September 30, 2024.
Loans receivable totaled $5.79 billion at December 31, 2024, an increase of $7.5 million, or 0.1%, from September 30, 2024.
Deposits were $5.67 billion at December 31, 2024, an increase of $200.5 million, or 3.7%, from September 30, 2024. This increase was primarily driven by increases in interest and non-interest bearing demand deposits of $142.1 million, and an increase of $60.6 million in consumer savings deposits.
Borrowings were $1.26 billion at December 31, 2024, a decrease of $220.9 million, or 14.9%, from September 30, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) and other borrowings.
At December 31, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.32 billion, an increase of $256.0 million from September 30, 2024, representing 30.0% of total assets.

Earnings

Net Interest Income and Net Interest Margin

Net interest margin expanded two basis points from the quarter ended September 30, 2024 to 1.82% for the quarter ended December 31, 2024. The increase for the quarter was driven by the replacement of borrowings with relatively lower cost deposits and broad based decreases in deposit rates, partially offset by higher costs and average balances of brokered certificates of deposit (“CDs”), along with reduced average balances and yields on interest-earning assets.
For the quarter ended December 31, 2024, net interest income increased $166,000 to $32.6 million from $32.4 million for the quarter ended September 30, 2024. Included in net interest income for the quarters ended December 31, 2024 and September 30, 2024, respectively, was purchase accounting accretion of $685,000 and $649,000, and loan prepayment penalty income of $288,000 and $52,000.

Non-Interest Income

Non-interest income increased $247,000 to $4.9 million for the quarter ended December 31, 2024, from $4.6 million for the quarter ended September 30, 2024. This increase was primarily driven by a $104,000 larger gain on the sale of loans held-for-sale compared to the prior comparative period and a $102,000 increase in electronic banking fees and charges.

Non-Interest Expense

For the quarter ended December 31, 2024, non-interest expense decreased $225,000, or 0.8%, to $29.6 million from $29.8 million for the quarter ended September 30, 2024. This decrease was primarily driven by a decrease in other expense, partially offset by an increase in salary and benefits expense.
Salary and benefits expense increased $81,000 primarily driven by the absence of a non-recurring decrease in stock-based compensation recorded in the prior comparative period, partially offset by a decrease in payroll taxes.
Other expense decreased $280,000 primarily driven by a reversal of $116,000 for credit losses related to off balance sheet commitments compared to a provision for credit losses on off balance sheet commitments of $274,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Income Taxes

Income tax expense totaled $1.3 million for the quarter ended December 31, 2024 compared to $1.1 million for the quarter ended September 30, 2024, resulting in an effective tax rate of 16.0% and 15.1%, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter.

Asset Quality

The balance of non-performing assets decreased $2.2 million to $37.7 million, or 0.49% of total assets, at December 31, 2024, from $39.9 million, or 0.51% of total assets, at September 30, 2024, respectively.
Net charge-offs totaled $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024, compared to $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024. The net charge-offs recorded for the quarter ended December 31, 2024 had previously been individually reserved for within the allowance for credit losses (“ACL”).
For the quarter ended December 31, 2024, the Company recorded a provision for credit losses of $107,000, compared to $108,000 for the quarter ended September 30, 2024. The provision for credit loss expense for the quarter ended December 31, 2024 was primarily driven by loan growth.
The ACL was $44.5 million, or 0.77% of total loans, at December 31, 2024, a decrease of $466,000 from $44.9 million, or 0.78% of total loans, at September 30, 2024. The decrease in the ACL from September 30, 2024 was largely attributable to a reduction in reserves for individually evaluated loans, resulting from the charge-offs noted above.

Capital

For the quarter ended December 31, 2024, book value per share decreased $0.11, or 0.9%, to $11.53 while tangible book value per share decreased $0.10, or 1.0%, to $9.75. These decreases were driven by a $7.4 million larger accumulated other comprehensive loss due primarily to a decrease in the fair value of the Company’s available for sale securities, partially offset by an increase in the fair value of the Company’s derivatives portfolio.
At December 31, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $89.8 million, partially offset by after-tax unrealized gains on derivatives of $17.4 million. After-tax net unrecognized losses on securities held to maturity of $11.3 million were not reflected in total stockholders’ equity.
At December 31, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.27% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q2 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Category: Earnings

For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500

Linked-Quarter Comparative Financial Analysis


Kearny Financial Corp. Consolidated Balance Sheets (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents	$	141,554		$	155,574		$	(14,020	)	-9.0	%
Securities available for sale		1,018,279			1,070,811			(52,532	)	-4.9	%
Securities held to maturity		127,266			132,256			(4,990	)	-3.8	%
Loans held-for-sale		5,695			8,866			(3,171	)	-35.8	%
Loans receivable		5,791,758			5,784,246			7,512		0.1	%
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(466	)	-1.0	%
Net loans receivable		5,747,301			5,739,323			7,978		0.1	%
Premises and equipment		45,127			45,189			(62	)	-0.1	%
Federal Home Loan Bank stock		64,443			57,706			6,737		11.7	%
Accrued interest receivable		27,772			29,467			(1,695	)	-5.8	%
Goodwill		113,525			113,525			—		—	%
Core deposit intangible		1,679			1,805			(126	)	-7.0	%
Bank owned life insurance		301,339			300,186			1,153		0.4	%
Deferred income taxes, net		53,325			50,131			3,194		6.4	%
Other assets		84,080			67,540			16,540		24.5	%
Total assets	$	7,731,385		$	7,772,379		$	(40,994	)	-0.5	%

Liabilities
Deposits:
Non-interest-bearing	$	601,510		$	592,099		$	9,411		1.6	%
Interest-bearing		5,069,550			4,878,413			191,137		3.9	%
Total deposits		5,671,060			5,470,512			200,548		3.7	%
Borrowings		1,258,949			1,479,888			(220,939	)	-14.9	%
Advance payments by borrowers for taxes		17,986			17,824			162		0.9	%
Other liabilities		38,537			52,618			(14,081	)	-26.8	%
Total liabilities		6,986,532			7,020,842			(34,310	)	-0.5	%

Stockholders’ Equity
Common stock		646			646			—		—	%
Paid-in capital		494,092			493,523			569		0.1	%
Retained earnings		342,155			342,522			(367	)	-0.1	%
Unearned ESOP shares		(19,943	)		(20,430	)		487		2.4	%
Accumulated other comprehensive loss		(72,097	)		(64,724	)		(7,373	)	-11.4	%
Total stockholders’ equity		744,853			751,537			(6,684	)	-0.9	%
Total liabilities and stockholders’ equity	$	7,731,385		$	7,772,379		$	(40,994	)	-0.5	%

Consolidated capital ratios
Equity to assets		9.63	%		9.67	%		-0.04	%
Tangible equity to tangible assets ⁽¹⁾		8.27	%		8.31	%		-0.04	%

Share data
Outstanding shares		64,580			64,580			—		—	%
Book value per share	$	11.53		$	11.64		$	(0.11	)	-0.9	%
Tangible book value per share ⁽²⁾	$	9.75		$	9.85		$	(0.10	)	-1.0	%

_________________________

(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Consolidated Statements of Income (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Interest income
Loans	$	65,408		$	66,331		$	(923	)	-1.4	%
Taxable investment securities		13,803			14,384			(581	)	-4.0	%
Tax-exempt investment securities		59			71			(12	)	-16.9	%
Other interest-earning assets		2,215			2,466			(251	)	-10.2	%
Total interest income		81,485			83,252			(1,767	)	-2.1	%

Interest expense
Deposits		36,721			35,018			1,703		4.9	%
Borrowings		12,152			15,788			(3,636	)	-23.0	%
Total interest expense		48,873			50,806			(1,933	)	-3.8	%
Net interest income		32,612			32,446			166		0.5	%
Provision for credit losses		107			108			(1	)	-0.9	%
Net interest income after provision for credit losses		32,505			32,338			167		0.5	%

Non-interest income
Fees and service charges		627			635			(8	)	-1.3	%
Gain on sale of loans		304			200			104		52.0	%
Income from bank owned life insurance		2,619			2,567			52		2.0	%
Electronic banking fees and charges		493			391			102		26.1	%
Other income		830			833			(3	)	-0.4	%
Total non-interest income		4,873			4,626			247		5.3	%

Non-interest expense
Salaries and employee benefits		17,579			17,498			81		0.5	%
Net occupancy expense of premises		2,831			2,798			33		1.2	%
Equipment and systems		3,892			3,860			32		0.8	%
Advertising and marketing		311			342			(31	)	-9.1	%
Federal deposit insurance premium		1,503			1,563			(60	)	-3.8	%
Directors’ compensation		361			361			—		—	%
Other expense		3,084			3,364			(280	)	-8.3	%
Total non-interest expense		29,561			29,786			(225	)	-0.8	%
Income before income taxes		7,817			7,178			639		8.9	%
Income taxes		1,251			1,086			165		15.2	%
Net income	$	6,566		$	6,092		$	474		7.8	%

Net income per common share (EPS)
Basic	$	0.11		$	0.10		$	0.01
Diluted	$	0.10		$	0.10		$	—

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,933		$	6,896		$	37
Dividend payout ratio		105.6	%		113.2	%		-7.6	%

Weighted average number of common shares outstanding
Basic		62,443			62,389			54
Diluted		62,576			62,420			156


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars in Thousands)	December 31, 2024			September 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,762,053		$	5,761,593		$	460		—	%
Taxable investment securities		1,285,800			1,314,945			(29,145	)	-2.2	%
Tax-exempt investment securities		9,711			12,244			(2,533	)	-20.7	%
Other interest-earning assets		116,354			131,981			(15,627	)	-11.8	%
Total interest-earning assets		7,173,918			7,220,763			(46,845	)	-0.6	%
Non-interest-earning assets		459,982			467,670			(7,688	)	-1.6	%
Total assets	$	7,633,900		$	7,688,433		$	(54,533	)	-0.7	%

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,314,378		$	2,282,608		$	31,770		1.4	%
Savings		711,801			668,240			43,561		6.5	%
Certificates of deposit (retail)		1,211,985			1,203,770			8,215		0.7	%
Certificates of deposit (brokered and listing service)		735,736			551,819			183,917		33.3	%
Total interest-bearing deposits		4,973,900			4,706,437			267,463		5.7	%
Borrowings:
Federal Home Loan Bank advances		1,085,455			1,325,583			(240,128	)	-18.1	%
Other borrowings		156,522			237,011			(80,489	)	-34.0	%
Total borrowings		1,241,977			1,562,594			(320,617	)	-20.5	%
Total interest-bearing liabilities		6,215,877			6,269,031			(53,154	)	-0.8	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		604,915			599,095			5,820		1.0	%
Other non-interest-bearing liabilities		65,258			69,629			(4,371	)	-6.3	%
Total non-interest-bearing liabilities		670,173			668,724			1,449		0.2	%
Total liabilities		6,886,050			6,937,755			(51,705	)	-0.7	%
Stockholders’ equity		747,850			750,678			(2,828	)	-0.4	%
Total liabilities and stockholders’ equity	$	7,633,900		$	7,688,433		$	(54,533	)	-0.7	%

Average interest-earning assets to average interest-bearing liabilities		115.41	%		115.18	%		0.23	%	0.2	%


Kearny Financial Corp. Performance Ratio Highlights (Unaudited)

	Three Months Ended				Variance or Change
	December 31, 2024		September 30, 2024		Variance or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.54	%	4.61	%	-0.07	%
Taxable investment securities	4.29	%	4.38	%	-0.09	%
Tax-exempt investment securities ⁽¹⁾	2.42	%	2.32	%	0.10	%
Other interest-earning assets	7.62	%	7.47	%	0.15	%
Total interest-earning assets	4.54	%	4.61	%	-0.07	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.96	%	3.13	%	-0.17	%
Savings	1.29	%	1.05	%	0.24	%
Certificates of deposit (retail)	4.06	%	4.12	%	-0.06	%
Certificates of deposit (brokered and listing service)	2.71	%	2.18	%	0.53	%
Total interest-bearing deposits	2.95	%	2.98	%	-0.03	%
Borrowings:
Federal Home Loan Bank advances	3.78	%	3.82	%	-0.04	%
Other borrowings	4.88	%	5.28	%	-0.40	%
Total borrowings	3.91	%	4.04	%	-0.13	%
Total interest-bearing liabilities	3.15	%	3.24	%	-0.09	%

Interest rate spread ⁽²⁾	1.39	%	1.37	%	0.02	%
Net interest margin ⁽³⁾	1.82	%	1.80	%	0.02	%

Non-interest income to average assets (annualized)	0.26	%	0.24	%	0.02	%
Non-interest expense to average assets (annualized)	1.55	%	1.55	%	—	%

Efficiency ratio ⁽⁴⁾	78.86	%	80.35	%	-1.49	%

Return on average assets (annualized)	0.34	%	0.32	%	0.02	%
Return on average equity (annualized)	3.51	%	3.25	%	0.26	%
Return on average tangible equity (annualized) ⁽⁵⁾	4.21	%	3.89	%	0.32	%

_________________________

(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3) Net interest income divided by average interest-earning assets.
(4) Non-interest expense divided by the sum of net interest income and non-interest income.
(5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

Five-Quarter Financial Trend Analysis


Kearny Financial Corp. Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	141,554		$	155,574		$	63,864		$	71,027		$	73,860
Securities available for sale		1,018,279			1,070,811			1,072,833			1,098,655			1,144,175
Securities held to maturity		127,266			132,256			135,742			139,643			141,959
Loans held-for-sale		5,695			8,866			6,036			4,117			14,030
Loans receivable		5,791,758			5,784,246			5,732,787			5,758,336			5,745,629
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(44,939	)		(44,930	)		(44,867	)
Net loans receivable		5,747,301			5,739,323			5,687,848			5,713,406			5,700,762
Premises and equipment		45,127			45,189			44,940			45,053			45,928
Federal Home Loan Bank stock		64,443			57,706			80,300			81,347			83,372
Accrued interest receivable		27,772			29,467			29,521			31,065			30,258
Goodwill		113,525			113,525			113,525			210,895			210,895
Core deposit intangible		1,679			1,805			1,931			2,057			2,189
Bank owned life insurance		301,339			300,186			297,874			296,493			256,064
Deferred income taxes, net		53,325			50,131			50,339			47,225			46,116
Other real estate owned		—			—			—			—			11,982
Other assets		84,080			67,540			98,708			100,989			136,242
Total assets	$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832

Liabilities
Deposits:
Non-interest-bearing	$	601,510		$	592,099		$	598,366		$	586,089		$	584,130
Interest-bearing		5,069,550			4,878,413			4,559,757			4,622,961			4,735,500
Total deposits		5,671,060			5,470,512			5,158,123			5,209,050			5,319,630
Borrowings		1,258,949			1,479,888			1,709,789			1,722,178			1,667,055
Advance payments by borrowers for taxes		17,986			17,824			17,409			17,387			16,742
Other liabilities		38,537			52,618			44,569			44,279			46,427
Total liabilities		6,986,532			7,020,842			6,929,890			6,992,894			7,049,854

Stockholders’ Equity
Common stock		646			646			644			644			645
Paid-in capital		494,092			493,523			493,680			493,187			493,297
Retained earnings		342,155			342,522			343,326			440,308			439,755
Unearned ESOP shares		(19,943	)		(20,430	)		(20,916	)		(21,402	)		(21,889	)
Accumulated other comprehensive loss		(72,097	)		(64,724	)		(63,163	)		(63,659	)		(63,830	)
Total stockholders’ equity		744,853			751,537			753,571			849,078			847,978
Total liabilities and stockholders’ equity	$	7,731,385		$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832

Consolidated capital ratios
Equity to assets		9.63	%		9.67	%		9.81	%		10.83	%		10.74	%
Tangible equity to tangible assets ⁽¹⁾		8.27	%		8.31	%		8.43	%		8.34	%		8.26	%

Share data
Outstanding shares		64,580			64,580			64,434			64,437			64,445
Book value per share	$	11.53		$	11.64		$	11.70		$	13.18		$	13.16
Tangible book value per share ⁽²⁾	$	9.75		$	9.85		$	9.90		$	9.87		$	9.85

_________________________

(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,722,623		$	2,646,187		$	2,645,851		$	2,645,195		$	2,651,274
Nonresidential mortgage		950,194			950,771			948,075			965,539			947,287
Commercial business		135,740			145,984			142,747			147,326			144,134
Construction		176,704			227,327			209,237			229,457			221,933
Total commercial loans		3,985,261			3,970,269			3,945,910			3,987,517			3,964,628
One- to four-family residential mortgage		1,765,160			1,768,230			1,756,051			1,741,644			1,746,065
Consumer loans:
Home equity loans		47,101			44,741			44,104			42,731			43,517
Other consumer		2,778			2,965			2,685			3,198			2,728
Total consumer loans		49,879			47,706			46,789			45,929			46,245
Total loans, excluding yield adjustments		5,800,300			5,786,205			5,748,750			5,775,090			5,756,938
Unaccreted yield adjustments		(8,542	)		(1,959	)		(15,963	)		(16,754	)		(11,309	)
Loans receivable, net of yield adjustments		5,791,758			5,784,246			5,732,787			5,758,336			5,745,629
Less: allowance for credit losses on loans		(44,457	)		(44,923	)		(44,939	)		(44,930	)		(44,867	)
Net loans receivable	$	5,747,301		$	5,739,323		$	5,687,848		$	5,713,406		$	5,700,762

Asset quality:
Nonperforming assets:
Accruing loans – 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans		37,697			39,854			39,882			39,546			28,089
Total nonperforming loans		37,697			39,854			39,882			39,546			28,089
Nonaccrual loans held-for-sale		—			—			—			—			9,700
Other real estate owned		—			—			—			—			11,982
Total nonperforming assets	$	37,697		$	39,854		$	39,882		$	39,546		$	49,771

Nonperforming loans (% total loans)		0.65	%		0.69	%		0.70	%		0.69	%		0.49	%
Nonperforming assets (% total assets)		0.49	%		0.51	%		0.52	%		0.50	%		0.63	%

Classified loans	$	132,216		$	119,534		$	118,700		$	115,772		$	94,676

Allowance for credit losses on loans (ACL):
ACL to total loans		0.77	%		0.78	%		0.78	%		0.78	%		0.78	%
ACL to nonperforming loans		117.93	%		112.72	%		112.68	%		113.61	%		159.73	%
Net charge-offs	$	573		$	124		$	3,518		$	286		$	4,110
Average net charge-off rate (annualized)		0.04	%		0.01	%		0.25	%		0.02	%		0.29	%


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Funding composition:
Deposits:
Non-interest-bearing deposits	$	601,510		$	592,099		$	598,367		$	586,089		$	584,130
Interest-bearing demand		2,380,408			2,247,685			2,308,915			2,349,032			2,347,262
Savings		742,266			681,709			643,481			630,456			646,182
Certificates of deposit (retail)		1,194,865			1,215,746			1,199,127			1,235,261			1,283,676
Certificates of deposit (brokered and listing service)		752,011			733,273			408,234			408,212			458,380
Interest-bearing deposits		5,069,550			4,878,413			4,559,757			4,622,961			4,735,500
Total deposits		5,671,060			5,470,512			5,158,124			5,209,050			5,319,630

Borrowings:
Federal Home Loan Bank advances		1,028,949			1,209,888			1,534,789			1,457,178			1,432,055
Overnight borrowings		230,000			270,000			175,000			265,000			235,000
Total borrowings		1,258,949			1,479,888			1,709,789			1,722,178			1,667,055

Total funding	$	6,930,009		$	6,950,400		$	6,867,913		$	6,931,228		$	6,986,685

Loans as a % of deposits		101.4	%		105.1	%		110.4	%		109.8	%		107.4	%
Deposits as a % of total funding		81.8	%		78.7	%		75.1	%		75.2	%		76.1	%
Borrowings as a % of total funding		18.2	%		21.3	%		24.9	%		24.8	%		23.9	%

Uninsured deposits:
Uninsured deposits (reported) ⁽¹⁾	$	1,935,607		$	1,799,726		$	1,772,623		$	1,760,740		$	1,813,122
Uninsured deposits (adjusted) ⁽²⁾	$	797,721		$	773,375		$	764,447		$	718,026		$	694,510

_________________________

(1) Uninsured deposits of Kearny Bank.
(2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Interest income
Loans	$	65,408		$	66,331		$	65,819		$	64,035		$	63,384
Taxable investment securities		13,803			14,384			14,802			15,490			16,756
Tax-exempt investment securities		59			71			80			85			84
Other interest-earning assets		2,215			2,466			2,289			2,475			2,401
Total interest income		81,485			83,252			82,990			82,085			82,625

Interest expense
Deposits		36,721			35,018			32,187			32,320			30,340
Borrowings		12,152			15,788			17,527			15,446			16,446
Total interest expense		48,873			50,806			49,714			47,766			46,786
Net interest income		32,612			32,446			33,276			34,319			35,839
Provision for credit losses		107			108			3,527			349			2,105
Net interest income after provision for credit losses		32,505			32,338			29,749			33,970			33,734

Non-interest income
Fees and service charges		627			635			580			657			624
Loss on sale and call of securities		—			—			—			—			(18,135	)
Gain (loss) on sale of loans		304			200			111			(712	)		104
Loss on sale of other real estate owned		—			—			—			—			(974	)
Income from bank owned life insurance		2,619			2,567			3,209			3,039			1,162
Electronic banking fees and charges		493			391			1,130			464			396
Other income		830			833			776			755			811
Total non-interest income		4,873			4,626			5,806			4,203			(16,012	)

Non-interest expense
Salaries and employee benefits		17,579			17,498			17,266			16,911			17,282
Net occupancy expense of premises		2,831			2,798			2,738			2,863			2,674
Equipment and systems		3,892			3,860			3,785			3,823			3,814
Advertising and marketing		311			342			480			387			301
Federal deposit insurance premium		1,503			1,563			1,532			1,429			1,495
Directors’ compensation		361			361			360			360			393
Goodwill impairment		—			—			97,370			—			—
Other expense		3,084			3,364			3,020			3,286			3,808
Total non-interest expense		29,561			29,786			126,551			29,059			29,767
Income (loss) before income taxes		7,817			7,178			(90,996	)		9,114			(12,045	)
Income taxes		1,251			1,086			(917	)		1,717			1,782
Net income (loss)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)

Net income (loss) per common share (EPS)
Basic	$	0.11		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)
Diluted	$	0.10		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,933		$	6,896		$	6,903		$	6,844		$	6,882
Dividend payout ratio		105.6	%		113.2	%		-7.7	%		92.5	%		-49.8	%

Weighted average number of common shares outstanding
Basic		62,443			62,389			62,254			62,205			62,299
Diluted		62,576			62,420			62,254			62,211			62,299


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

	Three Months Ended
(Dollars in Thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,762,053		$	5,761,593		$	5,743,008		$	5,752,477		$	5,726,321
Taxable investment securities		1,285,800			1,314,945			1,343,541			1,382,064			1,509,165
Tax-exempt investment securities		9,711			12,244			13,737			14,614			15,025
Other interest-earning assets		116,354			131,981			128,257			125,155			139,740
Total interest-earning assets		7,173,918			7,220,763			7,228,543			7,274,310			7,390,251
Non-interest-earning assets		459,982			467,670			466,537			577,411			554,335
Total assets	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,314,378		$	2,282,608		$	2,310,521		$	2,378,831		$	2,301,169
Savings		711,801			668,240			631,622			635,226			664,926
Certificates of deposit (retail)		1,211,985			1,203,770			1,208,101			1,257,362			1,292,837
Certificates of deposit (brokered and listing service)		735,736			551,819			405,697			448,151			531,479
Total interest-bearing deposits		4,973,900			4,706,437			4,555,941			4,719,570			4,790,411
Borrowings:
Federal Home Loan Bank advances		1,085,455			1,325,583			1,507,192			1,428,801			1,513,497
Other borrowings		156,522			237,011			228,461			210,989			142,283
Total borrowings		1,241,977			1,562,594			1,735,653			1,639,790			1,655,780
Total interest-bearing liabilities		6,215,877			6,269,031			6,291,594			6,359,360			6,446,191
Non-interest-bearing liabilities:
Non-interest-bearing deposits		604,915			599,095			589,438			581,870			597,294
Other non-interest-bearing liabilities		65,258			69,629			62,978			65,709			62,387
Total non-interest-bearing liabilities		670,173			668,724			652,416			647,579			659,681
Total liabilities		6,886,050			6,937,755			6,944,010			7,006,939			7,105,872
Stockholders’ equity		747,850			750,678			751,070			844,782			838,714
Total liabilities and stockholders’ equity	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Average interest-earning assets to average interest-bearing liabilities		115.41	%		115.18	%		114.89	%		114.39	%		114.65	%


Kearny Financial Corp. Performance Ratio Highlights

	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.54	%	4.61	%	4.58	%	4.45	%	4.43	%
Taxable investment securities	4.29	%	4.38	%	4.41	%	4.48	%	4.44	%
Tax-exempt investment securities ⁽¹⁾	2.42	%	2.32	%	2.32	%	2.32	%	2.25	%
Other interest-earning assets	7.62	%	7.47	%	7.14	%	7.91	%	6.87	%
Total interest-earning assets	4.54	%	4.61	%	4.59	%	4.51	%	4.47	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.96	%	3.13	%	3.06	%	3.08	%	2.91	%
Savings	1.29	%	1.05	%	0.63	%	0.46	%	0.44	%
Certificates of deposit (retail)	4.06	%	4.12	%	3.95	%	3.52	%	3.06	%
Certificates of deposit (brokered and listing service)	2.71	%	2.18	%	1.59	%	1.97	%	2.24	%
Total interest-bearing deposits	2.95	%	2.98	%	2.83	%	2.74	%	2.53	%
Borrowings:
Federal Home Loan Bank advances	3.78	%	3.82	%	3.86	%	3.55	%	3.82	%
Other borrowings	4.88	%	5.28	%	5.24	%	5.22	%	5.65	%
Total borrowings	3.91	%	4.04	%	4.04	%	3.77	%	3.97	%
Total interest-bearing liabilities	3.15	%	3.24	%	3.16	%	3.00	%	2.90	%

Interest rate spread ⁽²⁾	1.39	%	1.37	%	1.43	%	1.51	%	1.57	%
Net interest margin ⁽³⁾	1.82	%	1.80	%	1.84	%	1.89	%	1.94	%

Non-interest income to average assets (annualized)	0.26	%	0.24	%	0.30	%	0.21	%	-0.81	%
Non-interest expense to average assets (annualized)	1.55	%	1.55	%	6.58	%	1.48	%	1.50	%

Efficiency ratio ⁽⁴⁾	78.86	%	80.35	%	323.81	%	75.43	%	150.13	%

Return on average assets (annualized)	0.34	%	0.32	%	-4.68	%	0.38	%	-0.70	%
Return on average equity (annualized)	3.51	%	3.25	%	-47.97	%	3.50	%	-6.59	%
Return on average tangible equity (annualized) ⁽⁵⁾	4.21	%	3.89	%	3.33	%	4.68	%	-8.84	%

_________________________

(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3) Net interest income divided by average interest-earning assets.
(4) Non-interest expense divided by the sum of net interest income and non-interest income.
(5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Adjusted net income:
Net income (loss) (GAAP)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)
Non-recurring transactions – net of tax:
Net effect of sale and call of securities		—			—			—			—			12,876
Net effect of bank-owned life insurance restructure		—			—			392			—			6,286
Goodwill impairment		—			—			95,283			—			—
Adjusted net income	$	6,566		$	6,092		$	5,596		$	7,397		$	5,335

Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)	$	6,566		$	6,092		$	(90,079	)	$	7,397		$	(13,827	)
Adjustments to net income (GAAP):
Provision for income taxes		1,251			1,086			(917	)		1,717			1,782
Provision for credit losses		107			108			3,527			349			2,105
Pre-tax, pre-provision net revenue (non-GAAP)	$	7,924		$	7,286		$	(87,469	)	$	9,463		$	(9,940	)

Adjusted earnings per share:
Weighted average common shares – basic		62,443			62,389			62,254			62,205			62,299
Weighted average common shares – diluted		62,576			62,420			62,330			62,211			62,367

Earnings per share – basic (GAAP)	$	0.11		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)
Earnings per share – diluted (GAAP)	$	0.10		$	0.10		$	(1.45	)	$	0.12		$	(0.22	)

Adjusted earnings per share – basic (non-GAAP)	$	0.11		$	0.10		$	0.09		$	0.12		$	0.09
Adjusted earnings per share – diluted (non-GAAP)	$	0.10		$	0.10		$	0.09		$	0.12		$	0.09

Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share – basic (non-GAAP)	$	0.13		$	0.12		$	(1.41	)	$	0.15		$	(0.16	)
Pre-tax, pre-provision net revenue per share – diluted (non-GAAP)	$	0.13		$	0.12		$	(1.41	)	$	0.15		$	(0.16	)

Adjusted return on average assets:
Total average assets	$	7,633,900		$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586

Return on average assets (GAAP)		0.34	%		0.32	%		-4.68	%		0.38	%		-0.70	%
Adjusted return on average assets (non-GAAP)		0.34	%		0.32	%		0.29	%		0.38	%		0.27	%

Adjusted return on average equity:
Total average equity	$	747,850		$	750,678		$	751,070		$	844,782		$	838,714

Return on average equity (GAAP)		3.51	%		3.25	%		-47.97	%		3.50	%		-6.59	%
Adjusted return on average equity (non-GAAP)		3.51	%		3.25	%		2.98	%		3.50	%		2.54	%


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Adjusted return on average tangible equity:
Total average equity	$	747,850		$	750,678		$	751,070		$	844,782		$	838,714
Less: average goodwill		(113,525	)		(113,525	)		(113,525	)		(210,895	)		(210,895	)
Less: average other intangible assets		(1,761	)		(1,886	)		(2,006	)		(2,138	)		(2,277	)
Total average tangible equity	$	632,564		$	635,267		$	635,539		$	631,749		$	625,542

Return on average tangible equity (non-GAAP)		4.21	%		3.89	%		3.33	%		4.68	%		-8.84	%
Adjusted return on average tangible equity (non-GAAP)		4.21	%		3.89	%		3.58	%		4.68	%		3.41	%

Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	29,561		$	29,786		$	126,551		$	29,059		$	29,767
Non-recurring transactions:
Goodwill impairment		—			—			(97,370	)		—			—
Non-interest expense (non-GAAP)	$	29,561		$	29,786		$	29,181		$	29,059		$	29,767

Non-interest expense ratio (GAAP)		1.55	%		1.55	%		6.58	%		1.48	%		1.50	%
Adjusted non-interest expense ratio (non-GAAP)		1.55	%		1.55	%		1.52	%		1.48	%		1.50	%

Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	29,561		$	29,786		$	29,181		$	29,059		$	29,767

Net interest income (GAAP)	$	32,612		$	32,446		$	33,276		$	34,319		$	35,839
Total non-interest income (GAAP)		4,873			4,626			5,806			4,203			(16,012	)
Non-recurring transactions:
Net effect of sale and call of securities		—			—			—			—			18,135
Net effect of bank-owned life insurance restructure		—			—			392			—			573
Total revenue (non-GAAP)	$	37,485		$	37,072		$	39,474		$	38,522		$	38,535

Efficiency ratio (GAAP)		78.86	%		80.35	%		323.81	%		75.43	%		150.13	%
Adjusted efficiency ratio (non-GAAP)		78.86	%		80.35	%		73.92	%		75.43	%		77.25	%

The MIL Network –

January 31, 2025

MIL-OSI: Red River Bancshares, Inc. Reports Fourth Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

ALEXANDRIA, La., Jan. 30, 2025 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the fourth quarter of 2024.

Net income for the fourth quarter of 2024 was $9.3 million, or $1.37 per diluted common share (“EPS”), an increase of $552,000, or 6.3%, compared to $8.8 million, or $1.27 EPS, for the third quarter of 2024, and an increase of $1.0 million, or 12.2%, compared to $8.3 million, or $1.16 EPS, for the fourth quarter of 2023. For the fourth quarter of 2024, the quarterly return on assets was 1.18%, and the quarterly return on equity was 11.46%.

Net income for the year ended December 31, 2024, was $34.2 million, or $4.95 EPS, a decrease of $644,000, or 1.8%, compared to $34.9 million, or $4.86 EPS, for the year ended December 31, 2023. For the year ended December 31, 2024, the return on assets was 1.11%, and the return on equity was 11.02%.

Fourth Quarter 2024 Performance and Operational Highlights

In the fourth quarter of 2024, the Company had an improved net interest margin, which resulted in higher net interest income and earnings, along with slightly higher loans and deposits. A significant stock repurchase transaction was completed, and a stock repurchase program for 2025 was renewed. During the fourth quarter, the target range of the federal funds rate was reduced by 50 basis points (“bps”).

Net income for the fourth quarter of 2024 was $9.3 million compared to $8.8 million for the prior quarter. Net income for the fourth quarter benefited from an improved net interest margin fully tax equivalent (“FTE”) and higher net interest income.
Net interest income and net interest margin FTE increased for the fourth quarter of 2024 compared to the prior quarter. Net interest income for the fourth quarter of 2024 was $23.7 million compared to $22.5 million for the prior quarter. Net interest margin FTE for the fourth quarter of 2024 was 3.09% compared to 2.98% for the prior quarter. These improvements were due to higher loan balances, combined with higher securities yields and lower deposit rates.
As of December 31, 2024, assets were $3.15 billion, which was $47.8 million, or 1.5%, higher than September 30, 2024. The increase was mainly due to a $58.0 million increase in deposits.
Deposits totaled $2.81 billion as of December 31, 2024, an increase of $58.0 million, or 2.1%, compared to $2.75 billion as of September 30, 2024. This increase was mainly due to the seasonal inflow of funds from public entity customers.
As of December 31, 2024, loans held for investment (“HFI”) were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which we expect to fund over time.
As of December 31, 2024, total securities were $684.9 million, which was $12.8 million, or 1.8%, lower than September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities available-for-sale (“AFS”). New securities purchased were offset by securities maturities and principal repayments.
As of December 31, 2024, liquid assets, which are cash and cash equivalents, were $269.0 million, and the liquid assets to assets ratio was 8.54%. We do not have any borrowings, brokered deposits, or internet-sourced deposits.
In the fourth quarter of 2024, the provision for credit losses totaled $300,000. This included $200,000 for loans and $100,000 for unfunded loan commitments.
As of December 31, 2024, nonperforming assets (“NPA(s)”) were $3.3 million, or 0.10% of assets, and the allowance for credit losses (“ACL”) was $21.7 million, or 1.05% of loans HFI.
We paid a quarterly cash dividend of $0.09 per common share in the fourth quarter of 2024.
The 2024 stock repurchase program authorized us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2024 through December 31, 2024. Under this plan, in the fourth quarter of 2024, we repurchased 632 shares on the open market at an aggregate cost of $33,000. The 2024 stock repurchase program expired on December 31, 2024, with $1.1 million of remaining availability. On December 19, 2024, our Board of Directors approved the renewal of our stock repurchase program for 2025. The 2025 stock repurchase program authorizes us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2025 through December 31, 2025.
On November 5, 2024, we entered into a privately negotiated stock repurchase agreement for the repurchase of 50,000 shares of our common stock at a purchase price of $2.5 million. This repurchase was supplemental to our 2024 stock repurchase program.
In 2024, we repurchased 327,085 shares of our common stock. For the year ended December 31, 2024, these repurchases benefited earnings per share by $0.14.
As of December 31, 2024, capital levels were strong, with a stockholders’ equity to assets ratio of 10.15%, a leverage ratio of 11.86%, and a total risk-based capital ratio of 18.28%.
In the fourth quarter of 2024, we continued implementing our organic expansion plan. We purchased property in Lafayette, Louisiana and plan to build a new banking center at that location, which would be our second banking center in the Acadiana market.
The American Banker publication included Red River Bank in its “2024 Best Banks To Work For” ranking.

Blake Chatelain, President and Chief Executive Officer, stated, “We are pleased to finish out 2024 with a strong fourth quarter, which included steady net interest margin improvement, higher net income, solid loan activity, and good liquidity.

“In the fourth quarter, the Federal Reserve lowered short-term interest rates; however, longer term rates remained fairly consistent. Due to diligent balance sheet management, our net interest margin FTE increased by 11 bps and net interest income increased by 5.5% in the fourth quarter. New loan activity was very good in the fourth quarter; however, the loan portfolio was impacted by higher than normal paydowns on loans. For the second quarter in a row, we closed on a significant amount of construction loan commitments, which we expect to fund over time. Our balance sheet is well positioned for the forecasted interest rate environment and a normal shaped yield curve. This should enable us to continue improving the net interest margin slightly in the first half of 2025.

“In the fourth quarter of 2024, we completed a third, significant private stock repurchase transaction. In 2024, we repurchased 4.6% of outstanding shares, which positively impacted earnings per share, while also maintaining strong capital levels and ratios.

“The fourth quarter of 2024 wrapped up a good year for our Company and our communities. Our Company is well positioned for the future, with robust capital and liquidity levels combined with a great team of community bankers. We look forward to 2025 as we continue to grow and build value for our shareholders.”

Net Interest Income and Net Interest Margin FTE

Net interest income and net interest margin FTE increased in the fourth quarter of 2024 compared to the prior quarter. These measures were both impacted by improved yields on securities, as well as lower deposit rates. After keeping the federal funds rate consistent since the third quarter of 2023, the Federal Open Market Committee (“FOMC”) decreased the federal funds rate by 50 bps in September of 2024, and by an additional 50 bps during the fourth quarter of 2024.

Net interest income for the fourth quarter of 2024 was $23.7 million, which was $1.2 million, or 5.5%, higher than the third quarter of 2024, due to a $729,000 increase in interest and dividend income, combined with a $501,000 decrease in interest expense. The increase in interest and dividend income was due to higher interest income on loans and securities. Loan income increased $376,000 primarily due to higher average loan balances during the fourth quarter. Securities income increased $289,000 due to reinvesting lower yielding securities cash flows into higher yielding securities. The decrease in interest expense was primarily due to lower rates on interest-bearing transaction deposits and time deposits.

The net interest margin FTE increased 11 bps to 3.09% for the fourth quarter of 2024, compared to 2.98% for the prior quarter. This increase was due to improved yields on securities, combined with lower deposit costs. The yield on securities increased 13 bps due to reinvesting lower yielding securities cash flows into higher yielding securities. The yield on loans increased 2 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The average rate on new and renewed loans was 7.25% for the fourth quarter of 2024 and 7.89% for the prior quarter. The cost of deposits decreased 10 bps to 1.71% for the fourth quarter of 2024, compared to 1.81% for the previous quarter, due to our lowering of selected deposit rates. As a result of this change, there was a 17 bp decrease in the rate on interest-bearing transaction deposits and a 9 bp decrease on time deposits during the fourth quarter.

The FOMC lowered the federal funds rate by 50 bps in the fourth quarter of 2024, reducing the target federal funds range to 4.25%-4.50%. The market’s expectation is that the FOMC may lower the target range of the federal funds rate by at least 25 bps in 2025. In 2025, we anticipate receiving approximately $101.0 million in securities cash flows with an average yield of 3.01%, and we project approximately $194.0 million of fixed rate loans will mature with an average yield of 6.04%. We expect to redeploy these balances into higher yielding assets. Additionally, in 2025, we expect $541.9 million of time deposits to mature with an average rate of 4.10%, which we anticipate repricing into lower cost deposits. As of December 31, 2024, floating rate loans were 16.0% of loans HFI, and floating rate transaction deposits were 8.1% of interest-bearing transaction deposits. Depending on balance sheet activity and the movement in interest rates, we expect the net interest income and net interest margin FTE to improve slightly during the first half of 2025.

Provision for Credit Losses

The provision for credit losses for the third and fourth quarters of 2024 was $300,000, which included $200,000 for loans and $100,000 for unfunded loan commitments for each quarter. The provision in the third and fourth quarters was due to potential economic challenges resulting from the recent inflationary environment, changing monetary policy, and loan growth. In the second half of 2024, we had an increase in unfunded loan commitments. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

Noninterest Income

Noninterest income totaled $5.0 million for the fourth quarter of 2024, a decrease of $424,000, or 7.8%, compared to $5.4 million for the previous quarter. The decrease was mainly due to a loss on equity securities and lower loan and deposit income.

Equity securities are an investment in a Community Reinvestment Act (“CRA”) mutual fund consisting primarily of bonds. The gain or loss on equity securities is a fair value adjustment primarily driven by changes in the interest rate environment. Due to the fluctuations in market rates between quarters, equity securities had a loss of $91,000 in the fourth quarter of 2024, compared to a gain of $107,000 for the previous quarter.

Loan and deposit income totaled $463,000 for the fourth quarter of 2024, a decrease of $125,000, or 21.3%, compared to $588,000 for the previous quarter. The third quarter of 2024 benefited from the receipt of a $151,000 nonrecurring loan related fee.

Operating Expenses

Operating expenses totaled $16.8 million for the fourth quarter of 2024, which was fairly consistent with the previous quarter. Higher occupancy and equipment expenses were offset by lower other taxes.

Occupancy and equipment expenses totaled $1.7 million for the fourth quarter of 2024, which was $55,000, or 3.3% higher than the previous quarter. In the fourth quarter of 2024, there was $35,000 of nonrecurring expenses related to a new administrative office in the New Orleans market.

Other taxes totaled $547,000 for the fourth quarter of 2024, a decrease of $75,000, or 12.1%, compared to $622,000 for the previous quarter. In the fourth quarter of 2024, the State of Louisiana bank stock tax expense was lower due to a $68,000 adjustment with receipt of the year-end bank stock tax invoices.

Asset Overview

As of December 31, 2024, assets were $3.15 billion, compared to assets of $3.10 billion as of September 30, 2024, an increase of $47.8 million, or 1.5%. In the fourth quarter, assets were mainly impacted by a $58.0 million, or 2.1%, increase in deposits. In the fourth quarter of 2024, liquid assets increased $36.3 million, or 15.6%, to $269.0 million and averaged $256.2 million for the fourth quarter. As of December 31, 2024, we had sufficient liquid assets available and $1.62 billion accessible from other liquidity sources. The liquid assets to assets ratio was 8.54% as of December 31, 2024. Total securities decreased $12.8 million, or 1.8%, to $684.9 million in the fourth quarter and were 21.7% of assets as of December 31, 2024. During the fourth quarter, loans HFI increased $19.0 million, or 0.9%, to $2.08 billion. The loans HFI to deposits ratio was 73.97% as of December 31, 2024, compared to 74.84% as of September 30, 2024.

Securities

Total securities as of December 31, 2024, were $684.9 million, a decrease of $12.8 million, or 1.8%, from September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities AFS. New securities purchased were offset by securities maturities and principal repayments.

The estimated fair value of securities AFS totaled $550.1 million, net of $63.2 million of unrealized loss, as of December 31, 2024, compared to $560.6 million, net of $49.5 million of unrealized loss, as of September 30, 2024. As of December 31, 2024, the amortized cost of securities held-to-maturity (“HTM”) totaled $131.8 million compared to $134.1 million as of September 30, 2024. As of December 31, 2024, securities HTM had an unrealized loss of $22.8 million compared to $17.3 million as of September 30, 2024.

As of December 31, 2024, equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled $2.9 million compared to $3.0 million as of September 30, 2024.

Loans

Loans HFI as of December 31, 2024, were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which, depending on customer activity, we expect to fund over time. Unfunded loan commitments that originated in the fourth quarter of 2024 totaled $106.2 million.

Loans HFI by Category
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Amount		Percent		Amount		Percent		$ Change			% Change
Real estate:
Commercial real estate	$	884,641	42.6	%	$	875,590	42.6	%	$	9,051		1.0	%
One-to-four family residential		614,551	29.6	%		616,467	30.0	%		(1,916	)	(0.3	%)
Construction and development		155,229	7.5	%		141,525	6.9	%		13,704		9.7	%
Commercial and industrial		327,086	15.8	%		327,069	15.9	%		17		—	%
Tax-exempt		64,930	3.1	%		66,436	3.2	%		(1,506	)	(2.3	%)
Consumer		28,576	1.4	%		28,961	1.4	%		(385	)	(1.3	%)
Total loans HFI	$	2,075,013	100.0	%	$	2,056,048	100.0	%	$	18,965		0.9	%

Commercial real estate (“CRE”) loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $56.4 million, or 2.7% of loans HFI, as of December 31, 2024, and are primarily centered in low-rise suburban areas. The average CRE loan size was $953,000 as of December 31, 2024.

Health care loans are our largest industry concentration and are made up of a diversified portfolio of health care providers. As of December 31, 2024, total health care loans were 8.1% of loans HFI. Within the health care sector, loans to nursing and residential care facilities were 4.4% of loans HFI, and loans to physician and dental practices were 3.4% of loans HFI. The average health care loan size was $372,000 as of December 31, 2024.

Asset Quality and Allowance for Credit Losses

NPAs totaled $3.3 million as of December 31, 2024, an increase of $166,000, or 5.3%, from September 30, 2024, primarily due to an increase in past due loans, partially offset by payoffs and charge-offs of nonaccrual loans. The ratio of NPAs to assets was 0.10% as of December 31, 2024 and September 30, 2024.

As of December 31, 2024, the ACL was $21.7 million. The ratio of ACL to loans HFI was 1.05% as of December 31, 2024 and 1.06% as of September 30, 2024. The net charge-offs to average loans ratio was 0.01% for the fourth quarter of 2024 and 0.00% for the third quarter of 2024.

Deposits

As of December 31, 2024, deposits were $2.81 billion, an increase of $58.0 million, or 2.1%, compared to September 30, 2024. Average deposits for the fourth quarter of 2024 were $2.78 billion, an increase of $53.5 million, or 2.0%, from the prior quarter. The following tables provide details on our deposit portfolio:

Deposits by Account Type
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Balance		% of Total		Balance		% of Total		$ Change			% Change
Noninterest-bearing demand deposits	$	866,496	30.9	%	$	882,394	32.1	%	$	(15,898	)	(1.8	%)
Interest-bearing deposits:
Interest-bearing demand deposits		154,720	5.5	%		163,787	6.0	%		(9,067	)	(5.5	%)
NOW accounts		467,118	16.7	%		379,566	13.8	%		87,552		23.1	%
Money market accounts		556,769	19.8	%		551,229	20.0	%		5,540		1.0	%
Savings accounts		169,894	6.1	%		166,723	6.1	%		3,171		1.9	%
Time deposits less than or equal to $250,000		403,096	14.3	%		411,361	15.0	%		(8,265	)	(2.0	%)
Time deposits greater than $250,000		187,013	6.7	%		192,065	7.0	%		(5,052	)	(2.6	%)
Total interest-bearing deposits		1,938,610	69.1	%		1,864,731	67.9	%		73,879		4.0	%
Total deposits	$	2,805,106	100.0	%	$	2,747,125	100.0	%	$	57,981		2.1	%

Deposits by Customer Type
	December 31, 2024				September 30, 2024				Change from September 30, 2024 to December 31, 2024
(dollars in thousands)	Balance		% of Total		Balance		% of Total		$ Change			% Change
Consumer	$	1,362,740	48.6	%	$	1,348,281	49.1	%	$	14,459		1.1	%
Commercial		1,178,488	42.0	%		1,191,625	43.4	%		(13,137	)	(1.1	%)
Public		263,878	9.4	%		207,219	7.5	%		56,659		27.3	%
Total deposits	$	2,805,106	100.0	%	$	2,747,125	100.0	%	$	57,981		2.1	%

The increase in deposits in the fourth quarter of 2024 was mainly due to the seasonal inflow of funds from public entity customers, partially offset by a decrease in commercial customer deposit balances related to normal business activity.

The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of December 31, 2024, the average deposit account size was approximately $28,000.

As of December 31, 2024, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $879.8 million, or 31.4% of total deposits. This amount was estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of December 31, 2024, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $667.6 million, or 23.8% of total deposits. Our cash and cash equivalents of $269.0 million, combined with our available borrowing capacity of $1.62 billion, equaled 214.6% of our estimated uninsured deposits and 282.8% of our estimated uninsured deposits, excluding collateralized public entity deposits.

Stockholders’ Equity

Total stockholders’ equity as of December 31, 2024, was $319.7 million compared to $324.3 million as of September 30, 2024. The $4.6 million, or 1.4%, decrease in stockholders’ equity during the fourth quarter of 2024 was attributable to a $10.6 million, net of tax, market adjustment to accumulated other comprehensive loss related to securities, the repurchase of 50,632 shares of common stock for $2.7 million, and $610,000 in cash dividends related to a $0.09 per share cash dividend that we paid on December 19, 2024. The common stock repurchase of $2.7 million includes $213,000 of stock repurchase excise tax related to our 2023 and 2024 stock repurchases, which tax regulations require to be recorded as a reduction to shareholders’ equity. These decreases in stockholders’ equity were partially offset by $9.3 million of net income and $95,000 of stock compensation.

Non-GAAP Disclosure

Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables.

About Red River Bancshares, Inc.

Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business, interest rates, and markets, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.

Contact:
Isabel V. Carriere, CPA, CGMA
Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
318-561-4023
icarriere@redriverbank.net

FINANCIAL HIGHLIGHTS (UNAUDITED)

	As of and for the Three Months Ended									As of and for the Years Ended
(dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net Income	$	9,306		$	8,754		$	8,292		$	34,235		$	34,879

Per Common Share Data:
Earnings per share, basic	$	1.37		$	1.28		$	1.16		$	4.96		$	4.87
Earnings per share, diluted	$	1.37		$	1.27		$	1.16		$	4.95		$	4.86
Book value per share	$	47.18		$	47.51		$	42.85		$	47.18		$	42.85
Tangible book value per share ⁽¹⁾	$	46.95		$	47.28		$	42.63		$	46.95		$	42.63
Realized book value per share ⁽¹⁾	$	56.07		$	54.78		$	51.38		$	56.07		$	51.38
Cash dividends per share	$	0.09		$	0.09		$	0.08		$	0.36		$	0.32
Shares outstanding		6,777,238			6,826,120			7,091,637			6,777,238			7,091,637
Weighted average shares outstanding, basic		6,797,469			6,851,223			7,128,988			6,898,286			7,164,314
Weighted average shares outstanding, diluted		6,816,299			6,867,474			7,145,870			6,918,060			7,181,728

Summary Performance Ratios:
Return on average assets		1.18	%		1.13	%		1.08	%		1.11	%		1.15	%
Return on average equity		11.46	%		11.11	%		11.63	%		11.02	%		12.44	%
Net interest margin		3.04	%		2.93	%		2.78	%		2.91	%		2.87	%
Net interest margin FTE		3.09	%		2.98	%		2.82	%		2.96	%		2.91	%
Efficiency ratio		58.71	%		60.09	%		60.51	%		60.29	%		59.39	%
Loans HFI to deposits ratio		73.97	%		74.84	%		71.13	%		73.97	%		71.13	%
Noninterest-bearing deposits to deposits ratio		30.89	%		32.12	%		32.71	%		30.89	%		32.71	%
Noninterest income to average assets		0.63	%		0.70	%		0.67	%		0.66	%		0.70	%
Operating expense to average assets		2.14	%		2.17	%		2.08	%		2.14	%		2.11	%

Summary Credit Quality Ratios:
NPAs to assets		0.10	%		0.10	%		0.08	%		0.10	%		0.08	%
Nonperforming loans to loans HFI		0.16	%		0.15	%		0.13	%		0.16	%		0.13	%
ACL to loans HFI		1.05	%		1.06	%		1.07	%		1.05	%		1.07	%
Net charge-offs to average loans		0.01	%		0.00	%		0.01	%		0.03	%		0.02	%

Capital Ratios:
Stockholders’ equity to assets		10.15	%		10.46	%		9.71	%		10.15	%		9.71	%
Tangible common equity to tangible assets⁽¹⁾		10.11	%		10.41	%		9.67	%		10.11	%		9.67	%
Total risk-based capital to risk-weighted assets		18.28	%		18.07	%		18.28	%		18.28	%		18.28	%
Tier 1 risk-based capital to risk-weighted assets		17.12	%		17.05	%		17.24	%		17.12	%		17.24	%
Common equity Tier 1 capital to risk-weighted assets		17.12	%		17.05	%		17.24	%		17.12	%		17.24	%
Tier 1 risk-based capital to average assets		11.86	%		11.90	%		11.56	%		11.86	%		11.56	%

_{⁽¹⁾Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.}

RED RIVER BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
ASSETS
Cash and due from banks	$	30,558		$	39,664		$	35,035		$	19,401		$	53,062
Interest-bearing deposits in other banks		238,417			192,983			178,038			210,404			252,364
Securities available-for-sale, at fair value		550,148			560,555			526,890			545,967			570,092
Securities held-to-maturity, at amortized cost		131,796			134,145			136,824			139,328			141,236
Equity securities, at fair value		2,937			3,028			2,921			2,934			2,965
Nonmarketable equity securities		2,328			2,305			2,283			2,261			2,239
Loans held for sale		2,547			1,805			3,878			1,653			1,306
Loans held for investment		2,075,013			2,056,048			2,047,890			2,038,072			1,992,858
Allowance for credit losses		(21,731	)		(21,757	)		(21,627	)		(21,564	)		(21,336	)
Premises and equipment, net		59,441			57,661			57,910			57,539			57,088
Accrued interest receivable		10,048			9,465			9,570			9,995			9,945
Bank-owned life insurance		30,380			30,164			29,947			29,731			29,529
Intangible assets		1,546			1,546			1,546			1,546			1,546
Right-of-use assets		2,733			2,853			2,973			3,091			3,629
Other assets		33,433			31,285			34,450			32,940			32,287
Total Assets	$	3,149,594		$	3,101,750		$	3,048,528		$	3,073,298		$	3,128,810
LIABILITIES
Noninterest-bearing deposits	$	866,496		$	882,394		$	892,942		$	895,439		$	916,456
Interest-bearing deposits		1,938,610			1,864,731			1,823,704			1,850,452			1,885,432
Total Deposits		2,805,106			2,747,125			2,716,646			2,745,891			2,801,888
Accrued interest payable		7,583			11,751			8,747			8,959			8,000
Lease liabilities		2,864			2,982			3,100			3,215			3,767
Accrued expenses and other liabilities		14,302			15,574			13,045			15,919			11,304
Total Liabilities		2,829,855			2,777,432			2,741,538			2,773,984			2,824,959
COMMITMENTS AND CONTINGENCIES		—			—			—			—			—
STOCKHOLDERS’ EQUITY
Preferred stock, no par value		—			—			—			—			—
Common stock, no par value		38,655			41,402			44,413			45,177			55,136
Additional paid-in capital		2,777			2,682			2,590			2,485			2,407
Retained earnings		338,554			329,858			321,719			314,352			306,802
Accumulated other comprehensive income (loss)		(60,247	)		(49,624	)		(61,732	)		(62,700	)		(60,494	)
Total Stockholders’ Equity		319,739			324,318			306,990			299,314			303,851
Total Liabilities and Stockholders’ Equity	$	3,149,594		$	3,101,750		$	3,048,528		$	3,073,298		$	3,128,810

RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	For the Three Months Ended							For the Years Ended
(in thousands)		December 31, 2024			September 30, 2024		December 31, 2023		December 31, 2024			December 31, 2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	28,285		$	27,909	$	24,898	$	108,969		$	93,439
Interest on securities		4,623			4,334		3,656		17,089			14,291
Interest on federal funds sold		—			—		—		—			886
Interest on deposits in other banks		2,699			2,630		3,438		11,077			9,797
Dividends on stock		23			28		49		95			155
Total Interest and Dividend Income		35,630			34,901		32,041		137,230			118,568
INTEREST EXPENSE
Interest on deposits		11,943			12,444		10,747		47,936			32,066
Interest on other borrowed funds		—			—		—		—			64
Total Interest Expense		11,943			12,444		10,747		47,936			32,130
Net Interest Income		23,687			22,457		21,294		89,294			86,438
Provision for credit losses		300			300		250		1,200			735
Net Interest Income After Provision for Credit Losses		23,387			22,157		21,044		88,094			85,703
NONINTEREST INCOME
Service charges on deposit accounts		1,452			1,486		1,459		5,674			5,776
Debit card income, net		960			905		875		3,836			3,563
Mortgage loan income		652			732		441		2,490			1,965
Brokerage income		924			987		1,039		3,791			3,798
Loan and deposit income		463			588		575		2,034			2,140
Bank-owned life insurance income		216			217		197		851			754
Gain (Loss) on equity securities		(91	)		107		132		(28	)		(14	)
SBIC income		346			301		393		1,453			2,873
Other income (loss)		73			96		76		340			259
Total Noninterest Income		4,995			5,419		5,187		20,441			21,114
OPERATING EXPENSES
Personnel expenses		9,769			9,700		9,233		38,623			37,241
Occupancy and equipment expenses		1,716			1,661		1,647		6,691			6,581
Technology expenses		884			865		693		3,182			2,759
Advertising		313			317		347		1,374			1,302
Other business development expenses		486			521		537		2,076			1,987
Data processing expense		681			652		631		2,331			2,320
Other taxes		547			622		679		2,407			2,721
Loan and deposit expenses		334			294		256		895			984
Legal and professional expenses		658			653		664		2,657			2,378
Regulatory assessment expenses		428			421		423		1,654			1,645
Other operating expenses		1,024			1,046		913		4,264			3,955
Total Operating Expenses		16,840			16,752		16,023		66,154			63,873
Income Before Income Tax Expense		11,542			10,824		10,208		42,381			42,944
Income tax expense		2,236			2,070		1,916		8,146			8,065
Net Income	$	9,306		$	8,754	$	8,292	$	34,235		$	34,879

RED RIVER BANCSHARES, INC.
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)

	For the Three Months Ended
	December 31, 2024							September 30, 2024
(dollars in thousands)	Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate		Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans^(1,2)	$	2,072,858		$	28,285	5.34	%	$	2,054,451		$	27,909	5.32	%
Securities – taxable		555,622			3,636	2.62	%		545,171			3,344	2.45	%
Securities – tax-exempt		190,470			987	2.07	%		191,285			990	2.07	%
Interest-bearing deposits in other banks		225,660			2,699	4.74	%		194,229			2,630	5.36	%
Nonmarketable equity securities		2,307			23	3.99	%		2,284			28	4.85	%
Total interest-earning assets		3,046,917		$	35,630	4.60	%		2,987,420		$	34,901	4.59	%
Allowance for credit losses		(21,824	)						(21,702	)
Noninterest-earning assets		109,992							104,599
Total assets	$	3,135,085						$	3,070,317
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,263,775		$	5,658	1.78	%	$	1,230,487		$	6,042	1.95	%
Time deposits		599,910			6,285	4.17	%		597,286			6,402	4.26	%
Total interest-bearing deposits		1,863,685			11,943	2.55	%		1,827,773			12,444	2.71	%
Other borrowings		—			—	—	%		—			—	—	%
Total interest-bearing liabilities		1,863,685		$	11,943	2.55	%		1,827,773		$	12,444	2.71	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		918,804							901,192
Accrued interest and other liabilities		29,567							28,006
Total noninterest-bearing liabilities		948,371							929,198
Stockholders’ equity		323,029							313,346
Total liabilities and stockholders’ equity	$	3,135,085						$	3,070,317
Net interest income				$	23,687						$	22,457
Net interest spread						2.05	%						1.88	%
Net interest margin						3.04	%						2.93	%
Net interest margin FTE⁽³⁾						3.09	%						2.98	%
Cost of deposits						1.71	%						1.81	%
Cost of funds						1.56	%						1.66	%

_{⁽¹⁾Includes average outstanding balances of loans held for sale of $3.2 million and $3.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively.}
_{⁽²⁾Nonaccrual loans are included as loans carrying a zero yield.}
_{⁽³⁾Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.}

RED RIVER BANCSHARES, INC.
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)

	For the Years Ended
	December 31, 2024							December 31, 2023
(dollars in thousands)	Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate		Average Balance Outstanding			Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans^(1,2)	$	2,046,339		$	108,969	5.24	%	$	1,943,381		$	93,439	4.74	%
Securities – taxable		554,194			13,098	2.36	%		605,692			10,169	1.68	%
Securities – tax-exempt		193,368			3,991	2.06	%		202,673			4,122	2.03	%
Federal funds sold		—			—	—	%		18,594			886	4.70	%
Interest-bearing deposits in other banks		210,959			11,077	5.22	%		188,199			9,797	5.17	%
Nonmarketable equity securities		2,273			95	4.19	%		3,353			155	4.61	%
Total interest-earning assets		3,007,133		$	137,230	4.50	%		2,961,892		$	118,568	3.96	%
Allowance for credit losses		(21,646	)						(20,980	)
Noninterest-earning assets		102,951							86,939
Total assets	$	3,088,438						$	3,027,851
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,246,528		$	23,082	1.85	%	$	1,249,259		$	17,555	1.41	%
Time deposits		593,817			24,854	4.19	%		470,522			14,511	3.08	%
Total interest-bearing deposits		1,840,345			47,936	2.60	%		1,719,781			32,066	1.86	%
Other borrowings		—			—	—	%		1,151			64	5.49	%
Total interest-bearing liabilities		1,840,345		$	47,936	2.60	%		1,720,932		$	32,130	1.87	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		910,507							1,004,107
Accrued interest and other liabilities		26,884							22,385
Total noninterest-bearing liabilities		937,391							1,026,492
Stockholders’ equity		310,702							280,427
Total liabilities and stockholders’ equity	$	3,088,438						$	3,027,851
Net interest income				$	89,294						$	86,438
Net interest spread						1.90	%						2.09	%
Net interest margin						2.91	%						2.87	%
Net interest margin FTE⁽³⁾						2.96	%						2.91	%
Cost of deposits						1.74	%						1.18	%
Cost of funds						1.59	%						1.08	%

_{⁽¹⁾Includes average outstanding balances of loans held for sale of $2.9 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.}
_{⁽²⁾Nonaccrual loans are included as loans carrying a zero yield.}
_{⁽³⁾Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.}

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			December 31, 2023
Tangible common equity
Total stockholders’ equity	$	319,739		$	324,318		$	303,851
Adjustments:
Intangible assets		(1,546	)		(1,546	)		(1,546	)
Total tangible common equity (non-GAAP)	$	318,193		$	322,772		$	302,305
Realized common equity
Total stockholders’ equity	$	319,739		$	324,318		$	303,851
Adjustments:
Accumulated other comprehensive (income) loss		60,247			49,624			60,494
Total realized common equity (non-GAAP)	$	379,986		$	373,942		$	364,345
Common shares outstanding		6,777,238			6,826,120			7,091,637
Book value per share	$	47.18		$	47.51		$	42.85
Tangible book value per share (non-GAAP)	$	46.95		$	47.28		$	42.63
Realized book value per share (non-GAAP)	$	56.07		$	54.78		$	51.38

Tangible assets
Total assets	$	3,149,594		$	3,101,750		$	3,128,810
Adjustments:
Intangible assets		(1,546	)		(1,546	)		(1,546	)
Total tangible assets (non-GAAP)	$	3,148,048		$	3,100,204		$	3,127,264
Total stockholders’ equity to assets		10.15	%		10.46	%		9.71	%
Tangible common equity to tangible assets (non-GAAP)		10.11	%		10.41	%		9.67	%

The MIL Network –

January 31, 2025

MIL-OSI: iPower Schedules Fiscal Second Quarter 2025 Conference Call for February 13, 2025 at 4:30 p.m. ET

Source: GlobeNewswire (MIL-OSI)

RANCHO CUCAMONGA, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, will host a conference call on Thursday, February 13, 2025 at 4:30 p.m. Eastern time to discuss its financial results for the fiscal second quarter ended December 31, 2024. The Company’s results will be reported in a press release prior to the call.

iPower management will host the conference call, followed by a question-and-answer period.

Date: Thursday, February 13, 2025
Time: 4:30 p.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the company’s investor relations team at IPW@elevate-ir.com.

The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

About iPower Inc.

iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

Forward Looking Statements

This press release may contain information about iPower’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements because of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives and competition in the industry. iPower encourages you to review other factors that may affect its future results in its filings with the SEC.

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
IPW@elevate-ir.com

The MIL Network –

January 31, 2025

MIL-OSI: FDCTech, Inc.’s Wholly Owned Subsidiary, Alchemy Markets, Recognized as “Best Emerging Broker MEA 2025”

Source: GlobeNewswire (MIL-OSI)

Driving innovation, seamless integration, and sustained growth following the Q4 2023 acquisition of Alchemy Markets.

Irvine, CA, Jan. 30, 2025 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company,” PINK: FDCT), a fintech-driven company specializing in acquiring and integrating small—to mid-size legacy financial services firms, proudly announces that its wholly owned subsidiary, Alchemy Markets Ltd. (“Alchemy Markets”), has been awarded the “Best Emerging Broker MEA 2025” at the UF Awards MEA.

This prestigious accolade underscores Alchemy Markets’ rapid ascent as a premier brokerage in the Middle East and Africa (MEA), reflecting its commitment to innovation, client-centric services, and cutting-edge trading technology. The award also reaffirms FDC’s strategic foresight in acquiring and integrating high-potential financial firms to enhance global market accessibility.

Strategic Vision Driving Success

FDC’s acquisition of Alchemy Markets has proven to be a transformative success, reinforcing the Company’s ability to identify, acquire, and elevate legacy financial services firms through superior technology and operational expertise. The recognition as “Best Emerging Broker MEA 2025” validates FDC’s ongoing mission to deliver scalable, high-performance trading solutions in emerging markets.

Alchemy Markets has exceeded expectations by rapidly expanding its presence in the MEA region while maintaining an unwavering commitment to technological innovation and client satisfaction. FDC remains dedicated to accelerating our global expansion and delivering superior trading solutions.

Alchemy Markets: A Leader in Emerging Markets:

Next-Generation Trading Technology: Alchemy Markets delivers a high-performance trading experience with ultra-low latency execution, ensuring precision and efficiency for traders.
Interest-Bearing Accounts: A groundbreaking feature allowing clients to earn competitive interest on uninvested funds while maintaining instant access to trading capital.
Localized MEA-Focused Services: With multilingual support, region-specific products, and tailored financial solutions, Alchemy Markets is bridging gaps in accessibility and trading excellence for MEA traders.
Institutional Grade Liquidity: Traders benefit from tier-one liquidity sourced from over 20 global banks and non-bank liquidity providers, enabling optimal trading conditions.

Expanding Global Presence & Future Innovations

Looking ahead, FDC and Alchemy Markets remain steadfast in their commitment to expanding market reach, introducing innovative trading products, and enhancing the client experience. With a strong foundation in the MEA region, Alchemy Markets plans to strengthen its technology further, broaden its financial offerings, and reinforce its position as a premier brokerage platform.

FDC’s proven track record in seamlessly acquiring and scaling financial services firms ensures that Alchemy Markets will continue to thrive, setting new industry standards and driving sustainable growth in 2025 and beyond.

For further details, click here.

Please visit our SEC filings or the Company’s website for more information on the full results and management’s plan.

About Alchemy Markets

Alchemy Markets is a leading forex and CFD broker providing clients with access to a wide range of financial instruments, including currencies, commodities, indices, and cryptocurrencies. With a focus on transparency, advanced technology, and exceptional customer support, the company has rapidly established itself as a trusted name in the trading industry.

FDCTech, Inc.

FDCTech, Inc. (“FDC”) is a regulatory-grade financial technology infrastructure developer designed to serve the future financial markets. Our clients include regulated and OTC brokerages and prop and algo trading firms of all sizes in forex, stocks, CFDs, commodities, indices, ETFs, precious metals, and other asset classes. Our growth strategy involves acquiring and integrating small to mid-size legacy financial services companies, leveraging our proprietary trading technology and liquidity solutions to deliver exceptional value to our clients.

Press Release Disclaimer

This press release’s statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

Contact Media Relations
FDCTech, Inc.
info@fdctech.com
www.fdctech.com
+1 877-445-6047
200 Spectrum Center Drive, Suite 300,
Irvine, CA, 92618

The MIL Network –

January 31, 2025

MIL-OSI: Live Ventures to Issue Fiscal First Quarter 2025 Financial Results and Hold Earnings Conference Call on February 6, 2025

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, Jan. 30, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (NASDAQ: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, will issue its financial results for its fiscal first quarter ended December 31, 2024, before the market opens on Thursday, February 6, 2025. The Company will hold a conference call to discuss the results on Thursday, February 6, 2025, at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time).

The dial-in numbers are as follows:

800.231.0316 (U.S.)
+1.314.696.0504 (International/caller-paid)
Conference Title: Live Ventures FY 2025 First Quarter Earnings Conference Call

Please dial in at least 15 minutes in advance, but no sooner than 30 minutes, to ensure you are connected. To listen to the discussion after the call, please go to the “Investor Relations” page of the Live Ventures website (https://ir.liveventures.com/) for a recording.

About Live Ventures Incorporated
Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011 Jon Isaac, CEO and strategic investor, joined the Board of Directors of the Company and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

Contact:
Live Ventures Incorporated
Greg Powell, Director of Investor Relations
725.500.5597
gpowell@liveventures.com
www.liveventures.com

Source: Live Ventures Incorporated

The MIL Network –

January 31, 2025

MIL-OSI: Nord Security partners up with Gridheart to support Nordic businesses on their cybersecurity journey

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Nord Security, home for advanced cybersecurity solutions, proudly announces a partnership with Gridheart, a leading Nordic cloud distributor, to deliver comprehensive, business-oriented cybersecurity solutions for managed service providers (MSPs). With this step, Gridheart has become the first distributor representing the full Nord Security business suite, including the newest addition — NordStellar, a threat exposure management platform.

“We are thrilled to partner with such a trusted organization as Gridheart. While we have spent the last few years focusing heavily on global markets, in 2025, we are giving greater attention to Europe,” says Justas Morkunas, Chief Commercial Officer for B2B at Nord Security. “The Scandinavian market in particular stands out for its notably higher adoption of cybersecurity solutions than other parts of Europe. Together with Gridheart, we are ready to accelerate this momentum, educate the market, and deliver a comprehensive cybersecurity offering tailored to the needs of SMBs.”

This collaboration integrates three products from Nord Security’s business suite into Gridhearts’ portfolio: NordPass — a next-generation password manager, NordLayer — a toggle-ready network security platform for business, and NordStellar — a threat exposure manager platform that helps companies detect and respond to emerging cyber threats. All three products are designed to ensure comprehensive cybersecurity, protecting employees and employers from potential data leaks and equipping them with the right toolset to get ahead of any cyberattacks.

“We’re thrilled to join forces with Nord Security,” says Carl Hagström, CEO of Gridheart. “This partnership strengthens our ability to provide MSPs comprehensive cybersecurity solutions tailored for businesses that secure their clients’ operations and enhance service delivery and compliance. Together, we empower businesses to operate safely and efficiently in an increasingly digital hostile environment.”

Gridheart partners can now add all of the above-mentioned Nord Security products to their portfolio. For more information, read here: https://www.gridheart.com/nordsecurity.

About Nord Security

Nord Security is home to advanced cybersecurity solutions that share the Nord brand and values, including the world’s most advanced VPN service NordVPN, the next-generation password manager NordPass, the file encryption tool NordLocker, threat exposure management platform NordStellar, the toggle-ready network security platform for business NordLayer, an all-around identity theft protection service NordProtect, and Saily, an eSIM service. Established in 2012, Nord Security’s products are now acknowledged by the most influential tech sites and IT security specialists. More information: nordsecurity.com.

About Gridheart

Gridheart is a leading provider of cloud-based solutions for MSPs in the Nordics. In a digital age where IT security is of utmost importance, Gridheart offers world-class security solutions. We specialize in delivering cloud services that protect digital assets in an ever-changing IT landscape, where new cyber threats constantly emerge. More information: gridheart.com

Contact:
inga@nordsec.com

The MIL Network –

January 31, 2025

MIL-OSI Video: Vuk Talks Season 2 Episode 31: Musawenkosi Buthelezi and Mufunwa Rasila

Source: Republic of South Africa (video statements-2)

Musawenkosi Buthelezi, Gauteng’s top achiever (7 distinctions) for the class of 2024, and Mufunwa Rasila, who also aced matric with 5 distinctions.

https://www.youtube.com/watch?v=bpmRXhUWI0Q

MIL OSI Video –

January 31, 2025

MIL-OSI United Nations: Italy and WFP partner with the Government of Iraq to strengthen community resilience and women empowerment for green opportunities in Iraq

Source: World Food Programme

BAGHDAD – The United Nations World Food Programme (WFP) welcomed a generous contribution from the Italian Government through the Italian Agency for Development Cooperation (AICS) to strengthen community resilience and empower women through green opportunities, to address the challenges climate change poses to agriculture and food security in Iraq.

WFP will work together with the Ministry of Agriculture and Ministry of Environment to empower local communities in food security and climate action decisions. WFP will also provide capacity building and technical expertise to local government authorities, helping them implement sustainable farming and livelihood solutions that can withstand climate challenges.

This project takes an innovative approach to support vulnerable women-led households, crisis-affected people, and smallholder farmers. It aims to help communities become more adaptable and resilient to climate change shocks by promoting inclusive coordination, active participation, and income-generating activities with a focus on empowering women, youth, and persons with disabilities. The project will be implemented in Ninewa, Salah al-Din, Thi-Qar, and Basra.

Iraq’s agricultural sector is one of the main sources of income for vulnerable populations and the second-largest contributor to the country’s Gross Domestic Product (GDP) after oil revenues. More frequent droughts and continued water scarcity are increasing challenges to farmers who face reduced crop yields and loss of arable land, leading to an overall decline of agriculture in Iraq.

“Iraq, ‘the land of two rivers,’ faces a serious problem with water scarcity, desertification, rising temperatures and other climate impacts that heavily affect its agriculture and, in turn, its food security. WFP is committed to working with the Government of Iraq to support local governments and communities in developing scalable and sustainable climate-smart solutions that not only address those issues, but enable the people to adapt and overcome them,” said WFP Representative and Country Director Mageed Yahia. “To build long-term resilience, it is essential to involve all members of the community—especially women, people with disabilities, and other marginalized groups—in decision-making processes that support food security and sustainable livelihoods.”

WFP will partner with the Government of Iraq, academia and a number of Italian experts to provide technical solutions, equipment and expertise, fostering innovative ecosystems that draw from the extensive experience on providing technical capacity building to public institutions and national organizations.

Collaboration with the private sector and academia will help drive innovative and sustainable solutions to empower women in agriculture. This includes improving food production, processing, storage, and distribution, as well as promoting responsible farming practices, diverse income opportunities, and reducing waste. The project also focuses on the connection between agriculture, energy, and the environment to create lasting change.

“Climate change poses significant risks to Iraq’s agricultural sector, threatening livelihoods and food security all over the Country, and especially for women-led households” highlighted H.E. Niccolò Fontana, Ambassador of Italy to Iraq. “Various regions across Iraq face the harsh realities of water scarcity, land degradation, and rising temperatures. This project directly addresses these challenges by promoting green skills and expanding the private sector workforce, enhancing agricultural value chains, supporting women’s entrepreneurship in climate-resilient sectors. Italy is proud to commit to fostering a green transition that will benefit not only the environment, but also the population, empowering their communities and nurturing sustainability.”

WFP will continue working with the Government of Iraq to support communities affected by climate change by aligning its project implementation with the Government’s priorities, particularly focusing on the addressing unemployment, improving water management in irrigation to drive up production and empower women to seek and maintain sustainable livelihoods.

# # #

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

Follow us on Twitter @WFP_Iraq @wfp_mena @wfpgovts

MIL OSI United Nations News –

January 31, 2025

MIL-OSI Russia: Rosneft Equips Hospital in Syzran with High-Tech Medical Equipment for Pediatric Surgery

Translartion. Region: Russians Fedetion –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

With the support of Rosneft, high-tech equipment was delivered to the Syzran Central City and District Hospital to equip the children’s surgical department and perinatal center.

The perinatal center has an open resuscitation system for newborns – a multifunctional complex for saving patients’ lives. The equipment allows monitoring and maintaining vital functions, provides free access to the child from any side for various medical manipulations.

The hospital’s pediatric surgery department also received a new operating table and a shadowless lamp – a special surgical light. The modern equipment will help improve the efficiency of medical care for residents of the region.

Rosneft adheres to the principles of high social responsibility and pays special attention to the creation of a favorable social environment in the regions of presence, including in the field of medicine. Thanks to the Company’s support, projects to strengthen the material and technical base of healthcare institutions are regularly implemented.

Reference:

Samara Region is one of the key regions of Rosneft’s operations, where the Company is represented by a complex of full-cycle production enterprises: hydrocarbon production, processing and marketing of finished products.

Within the framework of the Cooperation Agreement between PJSC NK Rosneft and the Samara Region, educational and medical institutions were built or reconstructed in the region, high-tech medical equipment was purchased, and ice palaces were erected.

Department of Information and Advertising of PJSC NK Rosneft January 30, 2025

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

MIL OSI Russia News –

January 31, 2025

MIL-OSI Russia: Greece: Staff Concluding Statement of the 2025 Article IV Consultation Mission

Source: IMF – News in Russian

January 30, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

Robust Expansion with Declining Debt

1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

Growth-friendly Fiscal Consolidation

6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

Structural reforms for boosting potential growth

10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

Strengthening financial system resilience

12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/01/30/CS-Greece-2025

MIL OSI

MIL OSI Russia News –

January 31, 2025

MIL-OSI USA: Attorney General Alan Wilson announces prison sentence for Illinois man for sex charges against 12-year-old in SCRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced that Alberto Mercado, Jr. pleaded guilty to Dissemination of Obscene Material to a Person under the Age of 12, Criminal Solicitation of a Minor, and Sexual Exploitation of a Minor, First Degree, Tuesday in Richland County, before the Honorable Daniel Coble.

On May 11, 2018, the Richland County Sheriff’s Office responded to a home in Richland County in response to a call from a concerned citizen who had found texts on her child’s cell phone that were sexual in nature. The investigation revealed that the minor had met a man named Alberto Mercado on a chat site and exchanged phone numbers. After learning that he was speaking to a 12-year-old minor, Mercado discussed in graphic detail sexual activities that he would like to do with the minor. He also sent the minor photos of his face, as well as sexually explicit photos and a video of himself, and he requested and received sexually explicit images of the minor victim. Mercado was ultimately identified as a registered sex offender out of the state of Illinois.

Judge Coble sentenced Mercado to eight years in prison on the Sexual Exploitation of a Minor charge, and 233 days already served on the Criminal Solicitation of a Minor and the Dissemination of Obscene Material charges. He will have to continue to register as a sex offender upon release.

MIL OSI USA News –

January 31, 2025

MIL-OSI Europe: Bilateral Partnership between Sweden and Colombia launched

Source: Government of Sweden

Bilateral Partnership between Sweden and Colombia launched – Government.se

Published 30 January 2025

At the invitation of Colombia’s Minister of Foreign Affairs Luis Gilberto Murillo, Minister for Foreign Affairs Maria Malmer Stenergard took part in the launch of the Colombia-Sweden Bilateral Partnership at a High-Level Dialogue in Bogotá on 28 January.

The bilateral partnership agreement was signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, and aims to further strengthen cooperation between the countries in four main areas:

political dialogue and cooperation in multilateral forums;
trade and development cooperation;
climate, environment, green and digital transition; and
peace and security.

Two thematic working groups have been instituted to advance priority areas within the Bilateral Partnership. The first group is focusing on cooperation for peace, human rights, human security and strengthening institutions. The second is focusing on economic opportunities, science, innovation and sustainable development.

At the high-level dialogue, Ms Malmer Stenergard and Acting Minister of Foreign Affairs Paola Vásquez received reports from the groups, which presented several results in the areas of peace, gender equality, climate and sustainable development. Sweden and Colombia celebrated 150 years of diplomatic relations in 2024. The launch of the Bilateral Partnership demonstrates the breadth of cooperation between the two countries.

Press contact

More about the visit

MIL OSI Europe News –

January 31, 2025

MIL-OSI: DTE Energy schedules full year 2024 earnings release, conference call

Source: GlobeNewswire (MIL-OSI)

Detroit, Jan. 30, 2025 (GLOBE NEWSWIRE) — DTE Energy (NYSE:DTE) will announce its full year 2024 earnings before the market opens Thursday, February 13, 2025.

The company will conduct a conference call to discuss earnings results at 9:00 a.m. ET the same day.

Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (888) 510-2008. The U.S. and international toll telephone dial-in number is: (646) 960-0306 and the Canada dial-in toll is: (289) 514-5035. The passcode is 4987588. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.

About DTE Energy

DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy.

For more information, members of the media may contact:
Dan Miner, DTE Energy: 313.235.5555
For further information, analysts may call:
Matt Krupinski, DTE Energy: 313.235.6649
John Dermody, DTE Energy: 313.235.8750

The MIL Network –

January 31, 2025

MIL-OSI Economics: Result of OMO Purchase auction held on January 30, 2025 and Settlement on January 31, 2025

Source: Reserve Bank of India

I. SUMMARY OMO PURCHASE RESULTS

Aggregate Amount (Face value) notified by RBI	: ₹20,000 crore
Total amount offered (Face value) by participants	: ₹1,20,626 crore
Total amount accepted (Face value) by RBI	: ₹20,020 crore

II. DETAILS OF OMO PURCHASE ISSUE

Security	7.59% GS 2029	7.18% GS 2033	7.10% GS 2034	6.79% GS 2034	7.18% GS 2037
No. of offers received	33	170	117	100	181
Total amount (face value) offered (₹ in crores)	12,492	33,760	19,491	14,147	40,736
No. of offers accepted	NIL	18	30	36	21
Total offer amount (face value) accepted by RBI (₹ in crores)	NIL	4,375	4,125	5,000	6,520
Cut off yield (%)	NA	6.7764	6.7448	6.6747	6.8521
Cut off price (₹)	NA	102.58	102.39	100.80	102.72
Weighted average yield (%)	NA	6.7803	6.7527	6.6843	6.8601
Weighted average price (₹)	NA	102.55	102.34	100.73	102.65
Partial allotment % of competitive offers at cut off price	NA	NA	NA	39.68	12.82

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2046

MIL OSI Economics –

January 31, 2025

MIL-OSI United Kingdom: Counter terror-style powers to strengthen ability to smash smuggling gangs

Source: United Kingdom – Executive Government & Departments

Powerful new legislation will give law enforcement tougher tools to pursue people smugglers and disrupt their ability to carry out small boat crossings.

New counter terror-style powers to identify, disrupt and smash people smuggling gangs will be introduced as part of landmark legislation to protect our borders.

The measures will for the first time allow counter-terror style tactics to be used against smuggling gangs through unprecedented tools to stop smugglers before they act.

This includes stronger powers to seize and search mobile phones to investigate organised immigration crime and introducing new offences against gangs conspiring to plan crossings, selling or handling small boat parts for use in the Channel, supplying forged ID documents, for migrants attempting to come here illegally.

These laws, included within the Border Security, Asylum and Immigration Bill introduced in Parliament today (January 30), are inspired by powers used to combat terrorism and will transform the ability of law enforcement agencies to take earlier and more effective action against organised immigration crime.

The robust, workable measures will directly go after organised crime groups who – even in the freezing temperatures in the Channel this month – are continuing to organise dangerous crossings, not caring if the vulnerable people they exploit live or die, as long as they pay. The legislation will give greater powers than ever to law enforcement agencies to treat people smuggling as a global security threat as part of our renewed effort to break the business model of these gangs for good and restore order to our asylum system.

The new laws are being welcomed by law enforcement agencies like the National Crime Agency, Immigration Enforcement and police, and include:

allowing immigration officers and police to seize phones, laptops and other electronic devices at an earlier stage before arrests are made, if they are suspected of containing information about organised immigration crime
allowing law enforcement to arrest those involved in facilitating organised immigration crime at a much earlier stage than is currently possible, meaning they can intervene quicker, more effectively and before smuggling takes place
making it illegal to supply or handle items suspected of being for use by organised crime groups, for example the selling and handling of small boats parts, with those caught facing a prison sentence of up to 14 years
creating a new offence for collecting information to be used by organised immigration criminals to prepare for boat crossings. This includes arranging departure points, dates and times, with clear links back to the gangs facilitating the dangerous crossings
criminalising the making, adapting, importing and possession of specific articles that could be used in serious crime, carrying a prison sentence of up to 5 years. This includes templates for 3D printed firearms, pill presses and vehicle concealments
putting the role of the Border Security Commander, Martin Hewitt, on a legal footing, meaning he will have the authority to convene partners across law enforcement and set strategic priorities for achieving the Home Secretary’s goals. These will be shared with partners like the National Crime Agency as part of their ongoing work upstream to target people smuggling networks
to prevent more people being crammed into unsafe, flimsy boats and lives being put at risk by these gangs, we will make it an offence to endanger another life during perilous sea crossing to the UK.  Anyone involved in physical aggression, intimidation or coercive behaviour, including preventing offers of rescue, while at sea will face prosecution and an increased sentence of up to five years in prison

Border Security is one of the foundations of the government’s Plan for Change. The legislation being introduced today demonstrates our commitment to giving law enforcement the tools and powers they need to protect the integrity of the UK border as we put in place a serious, credible plan to restore order to our asylum system.

Since July, we have already surpassed our pledge to deliver the highest rate of removals since 2018, with 16,400 people with no right to be in the UK removed since this government took power and have ramped up our enforcement against illegal working by 32% as we look to end the false promise of jobs sold to migrants by people smugglers.   This is in addition to a stream of major people smuggling arrests through a renewed focus on joint international investigations involving the National Crime Agency.

Home Secretary Yvette Cooper said:

Over the last six years, criminal smuggling gangs have been allowed to take hold all along our borders, making millions out of small boat crossings.

This Bill will equip our law enforcement agencies with the powers they need to stop these vile criminals, disrupting their supply chains and bringing more of those who profit from human misery to justice.

These new counter terror-style powers, including making it easier to seize mobile phones at the border, along with statutory powers for our new Border Security Command to focus activity across law enforcement agencies and border force will turbocharge efforts to smash the gangs.

Our Plan for Change relies on strong border security. It is critical we have the tools at our disposal to pursue those who undermine them in every way we can.

Border Security Commander Martin Hewitt said:

It is vital that government and our law enforcement partners, working together as part of the UK’s border security system, have the right tools to tackle the people smuggling gangs abusing our border.

This Bill will do exactly that, by equipping teams on the ground dealing with this issue first hand and empowering them to go further and act faster when dismantling organised criminality.

These crucial measures will underpin our enforcement action across the system, and together with our strengthened relationships with international partners, we will bring down these gangs once and for all.

NCA Director General Graeme Biggar said:

Tackling organised immigration crime remains a priority for the NCA.

The Border Security, Asylum and Immigration Bill should help UK law enforcement act earlier and faster to disrupt people smuggling networks and give us additional tools to target them and their business models.

These criminal gangs risk the lives of those they transport in their deadly pursuit of profit, and we remain determined to work with partners in the UK and abroad to do all we can to stop them.

Based on counter-terror tactics, the new powers in this Bill will allow law enforcement to make swifter interventions at a much earlier stage against those conspiring to smuggle people into the UK by small boats or in the backs of lorries.

Where someone is suspected of selling or handling small boats parts or sharing suspect information online, we will be able to apply these offences against them at this point and make an arrest. Current rules mean law enforcement are unable to intervene until much later on in the process and after they’ve facilitated a small boat crossing.

In November 2024, Amanj Hasan Zada was jailed for 17 years after being found guilty of organising small boat crossings from his home in Lancashire. Each crossing involved Kurdish migrants who had travelled through eastern Europe, into Germany, Belgium and then France. It is possible the reasonable suspicion element means investigators would have met the requirements to arrest and charge earlier with the new offences. Evidence which showed Zada planning organised immigration crime facilitation – for example discussing moving migrants, purchasing vessels – would have likely been in scope of the offence. Instead of needing to prove a definitive link to a migrant facilitation under current legislation, the new offences could have met the threshold for earlier and faster action to be taken.

The Bill will also modernise biometric checks overseas to build a clear picture of individuals coming to the UK and preventing those with a criminal history from entering. During crisis evacuations to the UK, the new powers will allow checks to take place much earlier, resulting in the rapid identification of who is eligible to enter the country and reducing the risk of delays or security threats during time sensitive operations.

In a major upgrade to Serious Crime Prevention Orders, we will also give law enforcement new powers to impose Interim Serious Crime Prevention Orders, allowing them to place instance restrictions on organised immigration criminals alongside other serious criminals. This could include bans on travel, internet and mobile phone use, with curbs also leading to social media blackouts, curfews and restricted access to finances.

Collectively, these measures will strengthen our response across the system, empowering partners and law enforcement to properly go after the people smuggling gangs.

Through the Border Security Command, we’re already driving up activity to disrupt the criminal gangs behind this trade.

The NCA continues to target smuggling networks in the UK and overseas. This includes three arrests this month in Iraq’s Kurdistan Region as a result of a joint operation between the NCA and local law enforcement, the first of its kind.

But with this legislation we will go further, giving our law enforcement stronger tools than ever before to dismantle the gangs.

Published 30 January 2025

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI Global: Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act

Source: The Conversation – Africa – By Zsa-Zsa Temmers Boggenpoel, Academic, Stellenbosch University

South Africa has a new law to govern the expropriation (or compulsory acquisition) of private property by government for public purposes or in the public interest.

The passing of the Expropriation Act 13 of 2024 followed a parliamentary process that began in 2020.

The act repeals the apartheid-era Expropriation Act 63 of 1975, and aims to align expropriation law with the constitution. It sets out the procedures, rules and regulations for expropriation. Besides setting out in quite a detailed fashion how expropriations are to take place, the act also provides an outline regarding how compensation is to be determined.

In South Africa’s colonial and apartheid past, land distribution was grossly unequal on the basis of race. The country is still suffering the effects of this. So expropriation of property is a potential tool to reduce land inequality. This has become a matter of increasing urgency. South Africans have expressed impatience with the slow pace of land reform.

Property rights and land reform

There is much debate in the country about the provisions of the new act. The debate is mostly about the extent to which it affects existing private property rights. Some argue the act is unconstitutional. Others welcome it as a necessary step in the right direction.

I’m a professor of law with a keen interest in this area of the law, and recently edited a book on land expropriation in South Africa by leading experts. My view is that an expropriation act that is aligned with the constitution should be welcomed, to enable land reform to work effectively.

Land reform also needs a capable and proactive state that implements the legal framework in such a manner that prioritises expropriation as a mechanism to ensure land reform.

So far, expropriation has not been used effectively to redistribute land more equitably, as part of land reform.

I am not convinced that the act, in its current form, is the silver bullet to effect large-scale land reform – at least not the type of radical land reform that South Africa urgently needs.

Understandably, the act will have a severe impact on property rights. But it still substantially protects landowners affected by expropriation. Only in very limited cases would they not be compensated.

Protections for land owners

The act says that property must not be expropriated arbitrarily or for a purpose other than a public purpose or in the public interest.

Public purpose means by or for the benefit of the public. For example, expropriating property to build roads, schools and hospitals. Public interest is broader and includes the nation’s commitment to land reform.

“Arbitrary” would usually mean without reason or justification.

The act further requires that an expropriating authority – an organ of state or person empowered by the act or any other legislation – must first try to reach an agreement with the owner to acquire the property on reasonable terms before considering expropriation.

This gives some power to a landowner, even though expropriation does not normally require consent. The act also says a specific expropriation must always be authorised by a law.

No compensation?

Section 12 of the act deals with compensation for expropriation. It is arguably the most controversial part of the new legislation. Section 12(1) does not appear to be problematic and is largely the same wording as section 25(3) of the constitution. This part of the property clause sets out what must be taken into account when compensation for expropriation is determined.

Section 12(3) of the act refers to “nil compensation” – when nil rand (monetary) compensation may be paid. There is no explicit reference to nil compensation in the current wording of section 25 of the constitution. It’s a new thing in the Expropriation Act.

However, courts have toyed with the idea that section 25 of the constitution already provides room for a reduction in compensation.

The circumstances in which nil compensation could be granted in terms of the new act are in fact very limited. Section 12(3) leaves the discretion to the expropriating authority to determine when it may be just and equitable to pay nil compensation. However, the act lacks guidelines on how such a discretion must be exercised.

The scope of section 12(3) is also limited in some respects. For one, it is restricted to land. Only where land is expropriated would nil compensation be an option. Therefore, not all forms of property can be expropriated without compensation. The notion of property under section 25(1) of the constitution is generally wide and includes various rights and interests, which are broader than just land. For instance, personal rights, mineral rights and licences are included under the section 25(1) notion of property.

This wide understanding of property is not applicable to section 12(3), which refers to “land” being expropriated.

Section 12(3) is also limited to the expropriation of land “in the public interest”. Nil compensation is therefore envisaged only in the context of expropriation of land undertaken in the public interest, and not also for a public purpose.

Three of the four categories listed in section 12(3), where nil compensation is envisaged, are linked to the way in which the property was being used prior to the expropriation. Land used in a productive manner is therefore not evidently envisaged under section 12(3).

Nil compensation is not necessarily limited to the instances listed. Still, the amount of compensation must – in all instances – be just and equitable.

Novel approach

The act forces South Africans to engage with the idea of nil compensation in a much more direct manner.

The presence of a clause dedicated to nil compensation provides new clarity on when this could apply.

It is hard to determine whether this act will pass constitutional muster without seeing how expropriation under it will work in practice. It remains to be seen whether it will have the far-reaching consequences that many fear, or call for.

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

– ref. Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act – https://theconversation.com/land-seizure-and-south-africas-new-expropriation-bill-scholar-weighs-up-the-new-act-244697

MIL OSI – Global Reports –

January 31, 2025

MIL-OSI United Kingdom: Celebrate Charles Dickens’ 213th birthday

Source: City of Portsmouth

Charles Dickens Birthplace Museum is to host a special event on Friday 7 February to honour the renowned author on the 213^th anniversary of his birth.

Every year the museum hosts the celebration to commemorate the writer at the place he was born in Old Commercial Road, Portsmouth.

The Lord Mayor of Portsmouth will be in attendance to lay a wreath at the front door of the home at 11am. There will also be members of Dickens Fellowship Portsmouth Branch who will be performing readings from some of his most famous works.

After the ceremony the museum will be open for visitors to view the room in which he was born and discover some of Dickens’ prized possessions.

Cllr Steve Pitt, Leader of Portsmouth City Council with responsibility for Culture, Regeneration and Economic Development, said:

“We encourage residents to join us to mark the anniversary of Charles Dickens’ birth and celebrate the life and work of one of the world’s most acclaimed authors – especially as he was born here in Portsmouth.

“Portsmouth is rich in history and the arts and this special house combines the two.”

Charles Dickens was born on 7 February 1812. The eldest son of John and Elizabeth Dickens, he was christened Charles John Huffman Dickens in the nearby St Mary’s Church.

The Dickens family lived in the home from 1809 for three years before moving to 16 Hawks Street, which was destroyed by bombing in 1941.

The museum will be open from 12pm until 3.30pm (last entry 3pm) on 6 February; and 10am until 4.30pm (last entry 4pm) on 7, 8, 9, 18, 20, and 22 February.

Due to the small nature of the birthplace, visits may need to be staggered so it’s possible visitors may need to queue outside for a period of time.

Portsmouth residents can enter the museum for free, for more information visit, charlesdickensbirthplace.co.uk

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI Europe: AMERICA/COLOMBIA – Catatumbo: Humanitarian aid corridor established and state of emergency declared

Source: Agenzia Fides – MIL OSI

Thursday, 30 January 2025

Caritas Colombia

Tibú (Agenzia Fides) – The wave of violence, mainly due to the control of international cocaine trafficking in the Catatumbo region, has led President Gustavo Petro to declare a state of emergency and deploy the army.As reported by the National Coordinator for Disaster Risk Management of Caritas Colombia, among the victims of this serious crisis, the worst since 2002, are civilians, minors, pregnant women, people with disabilities and members of indigenous communities.In about 10 days, the clashes between the guerrillas of the National Liberation Army (ELN) and the fighters of the “Frente 33” of the former Revolutionary Armed Forces of Colombia (FARC) have left more than a hundred dead, thousands of internally displaced people have had to flee their homes and just as many are isolated and unable to move due to the violent clashes. Meanwhile, many people continue to flee to areas considered safe.To help the many innocent victims, a humanitarian aid corridor has been set up to provide additional support by delivering products, drinks, food for immediate consumption and tools. In the affected areas, thousands of people have sought refuge in the parishes and seminaries of the Catholic Church in Tibú, Ocaña, Gabarra and Tabo. Thanks to the collaboration of the dioceses of Cúcuta, Ocaña and Tibú with the “Asociación Nacional de Empresarios de Colombia” (ANDI), “Bancos de Alimentos de Colombia” (ÁBACO) and through monetary donations, 23,622 kilos of food and essential goods have already been provided.According to the Ministry of Defense, to date more than 47,000 displaced people have fled to the towns of Tibú (10,482 displaced), Ocaña (10,719), Cúcuta (16,663) and other municipalities (11,699). It is also estimated that more than 23,000 people are trapped in the region.The Front Comuneros del Sur, a dissident group of the ENL, is one of the causes of the crisis between the armed group and the government after officially joining the peace process initiated in 2016, which was sealed with the peace agreement signed between the Colombian government and the then FARC guerrillas. “We are evacuating the leaders and signatories from Catatumbo who are being persecuted by the ELN; a first contingent of 400 men is said to have already arrived in the region,” said Defense Minister Iván Velásquez. (AP) (Agenzia Fides, 30/1/2025)
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MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: ASIA/PAKISTAN – Blasphemy law becomes a trap and a business: accusations organized for the purpose of blackmail and extortion

Source: Agenzia Fides – MIL OSI

Islamabad (Agenzia Fides) – There is a criminal group that makes a business out of framing innocent people with false accusations of blasphemy. The organization uses the blasphemy law as a trap and as a business for blackmail, which has already affected 450 innocent victims. This is what Christian and Muslim lawyers in Pakistan are complaining about, who have been observing a cluster of similar cases in recent months: young people, regardless of their religion, are tricked and then accused of blasphemy online, leading to arrest, detention and formal accusation of blasphemy, which in Pakistan can also mean life imprisonment or the death penalty.As the Catholic lawyer and MP Khalil Tahir Sandhu tells Fides, the families of those falsely accused of blasphemy, together with their legal representatives, recently held a public conference to expose the mechanism, raise the alarm and demand targeted intervention by the police and judicial authorities. The fraud has shaken many families, who are now calling on the government and the judicial authorities to ensure justice for those wrongfully detained.The case was also officially confirmed by the National Commission for Human Rights (NCHR), which conducted an independent investigation and described the activities of an organization that criminally exploits blasphemy for its own benefit and traps innocent people for extortion. The NCHR report shows that most of the victims belong to low-income or middle-class families. According to the information, more than 450 people have been victims of these accusations, all of which are fabricated.More than 150 people are detained in Adiala Jail, 170 in Lahore Jail and Kot Lakhpat Jail and 55 in Karachi Central Jail. The lawyers raise serious concerns about the integrity of the legal system and the rule of law, noting that “these cases are clearly baseless and if this practice is not stopped, it will leave an indelible stain on the judiciary.” “This practice raises serious doubts about the transparency of our judicial system. There is an urgent need to set up a transparent and impartial commission of inquiry to investigate and dismantle the organized group responsible for this conspiracy,” said Sardar Mushtaq Gill, lawyer and founder of NGO Legal Evangelical Association Development (LEAD). The way it works is this: Young men are made aware of girls through Facebook and other social media platforms. They are then invited to join WhatsApp groups for personal conversations. They start chatting and the girls gain their trust. Later, the girl sends a message with a blasphemous image or writing. The unsuspecting victim asks for an explanation. The girl pretends not to know what it is about and asks to send the message back. Once this is done, the girl immediately blocks the victim and sets a trap for him, accusing him of sharing blasphemous content online. To make matters worse, some young defendants have died in custody due to torture. This, according to the lawyers, indicates a collusion between officials of the Federal Investigation Agency (FIA), the federal agency that is supposed to shed light on the criminal practices. There are also lawyers who defend the plaintiffs in court and put pressure on the judges. In Pakistan, monitoring groups such as the Legal Commission on Blasphemy Pakistan (LCBP), a network of 13 organizations that claim to be “taking a firm stand against online blasphemy”. According to observers, the network is linked to the radical Islamic political party Tehreek-e-Labbaik Pakistan. Lawyers and members of non-governmental organizations are calling for investigations into these circles to uncover criminal activities. “This alarming abuse of religious laws has become a terrible tool of extortion and raises serious concerns about the security and rights of all citizens,” said lawyer Sardar Mushtaq Gill. (PA) (Agenzia Fides, 30/1/2025)
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MIL OSI Europe News –

January 31, 2025

MIL-OSI United Kingdom: How an innovative new plan is helping to put food on Mancunian tables

Source: City of Manchester

How an innovative new plan is helping to put food on Mancunian tables

Dozens of families in Manchester did not go hungry this winter thanks to an innovative new programme to help combat food poverty.

Since the onset of the cost-of-living crisis Manchester City Council has been acutely aware that basic food items have soared in price, making it harder and harder to provide a healthy and nutritious meal.

That is why the Our Manchester Food Partnership, working with our own Children’s Centres and Venner Nutrition, have been working to combat food insecurity by providing healthy and balanced food boxes to families and working to empower people with the skills and resources to feed themselves.

Running from October to December last year a total of 96 ingredient boxes were delivered to families in Early Years settings. Inside these boxes there were a range of ingredients and food staples.

In addition to the food boxes this scheme also worked with parents to help them make better choices when it comes to food, providing more information on how to make meals that are nutritionally balanced, the benefits of trying new and healthier foods, and providing recipes and resources to help people cook new things.

Above all, the scheme was about promoting long-term and lasting changes in attitudes towards food, making mealtimes fun rather than daunting.

Over the course of the programme a lot of positive feedback was passed on from participants.

One family said: “My children don’t really eat vegetables but they did get excited when they saw the big box of food and what the different vegetables were. The kids tried vegetables they never tried before – I don’t buy a lot of vegetables, the kids usually waste it.”

Councillor Joanna Midgley, Deputy Leader of Manchester City Council said: “Deprivation and a lack of access to healthy and nutritious food can have a hugely negative impact on people’s health and especially the development of young children

“Through this trial programme we wanted to expand our offer of just offering food parcels, providing greater wrap-around support and tackling some of the real issues behind food poverty.

“Providing recipes and practical advice on how to cook, information on what foods to choose and how healthy options can be incorporated into a wide range of meals is as equally as important as just providing the food itself to eat.

“I’m proud of the success we’ve seen here as it demonstrates the many ways in which the Council is working to end food insecurity and hunger.”

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI United Kingdom: Statement on Colomendy Outdoor Activity Centre

Source: City of Liverpool

The lease of Colomendy Outdoor Activity Centre will be returned to Liverpool City Council following the current leaseholder entering into administration.

Earlier this month, Kingswood Colomendy Ltd, the site’s tenant, and its parent company, Inspiring Learning Ltd, both ceased trading and administrators were appointed.

Kingswood Colomendy Ltd was granted a 30-year lease on the North Wales site in 2007 but administrators have informed LCC, as the freehold owner, that the lease will be handed back to the council. This is known as disclaiming the lease.

The centre, which is at Loggerheads, near Mold, is now closed.

When the lease is returned, the council will perform an options appraisal for the long-term use of the site.

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI Russia: Students honored the memory of the heroic defenders of Leningrad

Translartion. Region: Russians Fedetion –

Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Andrey Kozlov leads a tour for students

On January 28, first- and second-year students of SPbGASU visited the Monument to the Heroic Defenders of Leningrad on Victory Square and the new exhibition “To Your Heroes, Leningrad!”, which opened in the Memorial Hall of the memorial.

The exhibition is dedicated to the 50th anniversary of the opening of the Monument to the Heroic Defenders of Leningrad – one of the architectural structures of the “Green Belt of Glory”, which includes a number of monuments erected at the sites of battles of the Great Patriotic War.

After laying flowers, Andrei Kozlov, a specialist in exhibition activities at the Monument to the Heroic Defenders of Leningrad, gave the students a tour, telling them about the history of the design and construction of the monument.

The permanent exhibition of the hall was supplemented by drawings and conceptual proposals for the monument, submitted to an architectural competition in 1964. Among the authors of the projects were students and graduates of LISI (SPbGASU).

In addition to the competition entries, the exhibition features sketches of sculptures by Mikhail Anikushin, including a plaster sketch of the legendary “golden boy” sculpture, which was supposed to complete the axial composition of the monument, but was ultimately not approved.

At the end of the excursion, the students talked with the curator of the exhibition and the director of the Monument to the Heroic Defenders of Leningrad, Evgeniya Kulikova. The atmosphere of the museum, permeated with tragedy and the power of the incredible feat of the Soviet people, made an indelible impression on the students.

Anni Avetisyan says: “I learned a lot about the project and the creation of the monument. The tour also made me think about the terrible events that the residents of Leningrad experienced during the siege. It is very important to visit such places, because in this way we honor the memory of the heroes and can better imagine everything that they experienced while defending our city.”

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

MIL OSI Russia News –

January 31, 2025

MIL-OSI USA: U.S. nuclear generators import nearly all the uranium concentrate they use

Source: US Energy Information Administration

In-brief analysis

January 30, 2025

In 2023, U.S. nuclear generators used 32 million pounds of imported uranium concentrate (U₃O₈) and only 0.05 million pounds of domestically produced U₃O₈. Imports accounted for 99% of the U₃O₈ they used in 2023 to make nuclear fuel. Foreign producers predominantly supply the U.S. front-end nuclear fuel cycle, but federal policies have been implemented recently to build out the domestic U.S. nuclear fuel supply chain. The U.S. Department of Energy (DOE) recently received $2.7 billion in congressional funding to help revive domestic fuel production for commercial nuclear power plants.

U₃O₈ is chemically extracted from uranium ore that has been mined and milled. The fine powder is packaged in steel drums and later enriched and processed further to prepare it for use as fuel in nuclear reactors. U.S. production of U₃O₈ in the third quarter of 2024 totaled 121,296 pounds, a 24% increase from production of 97,709 pounds in the second quarter. Production in the third quarter occurred at five U.S. facilities: three in Wyoming (Nichols Ranch ISR Project, Lost Creek Project, and Smith Ranch-Highland Operation) and two in Texas (Alta Mesa Project and Rosita).

In 2023, the United States imported U₃O₈ and equivalents primarily from Canada, Australia, Russia, Kazakhstan, and Uzbekistan. The origin of U₃O₈ used in U.S. nuclear reactors could change in the coming years. In May 2024, the United States banned imports of uranium products from Russia beginning in August, although companies may apply for waivers through January 1, 2028.

More information regarding U.S. uranium production and sourcing is available in our Domestic Uranium Production Report and Uranium Marketing Annual Report.

Principal contributor: Slade Johnson
Data visualization: Kristen Tsai

MIL OSI USA News –

January 31, 2025

MIL-OSI USA: Derek Cearley Appointed Southern Territory Special Representative

Source: US GOIAM Union

IAM International President Brian Bryant has announced the appointment of Derek Cearley as an IAM Southern Territory Special Representative, effective Feb. 1, 2025.

Cearley, who has been serving as the Business Representative for IAM District 776 in Texas since 2020, brings a wealth of experience and dedication to his new role.

A seasoned leader and union advocate, Cearley has been a dedicated IAM member since 2003. He began his union career at Lockheed Martin in Fort Worth, where he joined IAM Local 776B. Over the years, Cearley has proven himself as an advocate for workers’ rights, rising through the ranks with a deep understanding of the issues facing IAM members.

“We’re excited to have Derek in this role,” said IAM Southern Territory General Vice President Craig Martin. “His years of experience, coupled with his deep commitment to our members and their needs, make him the ideal representative to advocate for workers in the Southern Territory.”

Cearley’s leadership journey within the IAM is marked by a variety of key roles and responsibilities that reflect his broad skill set and strong connection with the union’s core values. He has served in multiple capacities, including on Local 776B’s Audit and New Applications Committees, as Departmental Steward, and as a member of the STEP III Plant Grievance Committee.

Additionally, Cearley has held the roles of Vice President and President of Local 776B, further demonstrating his leadership capabilities and his commitment to advocating for the rights and needs of IAM members.

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MIL OSI USA News –

January 31, 2025

MIL-OSI USA: NASA Invites Media to Discuss PUNCH Mission to Study Solar Wind

Source: NASA

NASA will hold a media teleconference at 2 p.m. EST on Tuesday, Feb. 4, to share information about the agency’s upcoming PUNCH (Polarimeter to Unify the Corona and Heliosphere) mission, which is targeted to launch no earlier than Thursday, Feb. 27.
The agency’s PUNCH mission is a constellation of four small satellites. When they arrive in low Earth orbit, the satellites will make global, 3D observations of the Sun’s outer atmosphere, the corona, and help NASA learn how the mass and energy there become solar wind. By imaging the Sun’s corona and the solar wind together, scientists hope to better understand the entire inner heliosphere – Sun, solar wind, and Earth – as a single connected system.
Audio of the teleconference will stream live on the agency’s website at:

NASA Live

Participants include:

Madhulika Guhathakurta, NASA program scientist, NASA Headquarters
Nicholeen Viall, PUNCH mission scientist, NASA’s Goddard Space Flight Center
Craig DeForest, PUNCH principal investigator, Southwest Research Institute

To participate in the media teleconference, media must RSVP no later than 12 p.m. on Feb. 4 to: Abbey Interrante at: abbey.a.interrante@nasa.gov. NASA’s media accreditation policy is available online.
The PUNCH mission will share a ride to space with NASA’s SPHEREx (Spectro-Photometer for the History of the Universe, Epoch of Reionization and Ices Explorer) space telescope on a SpaceX Falcon 9 rocket from Space Launch Complex 4 East at Vandenberg Space Force Base in California.
The Southwest Research Institute in Boulder, Colorado, leads the PUNCH mission. The mission is managed by the Explorers Program Office at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, for NASA’s Science Mission Directorate in Washington. 
To learn more about PUNCH, please visit:
https://nasa.gov/punch
-end-
Karen FoxHeadquarters, Washington202-358-1600karen.fox@nasa.gov
Sarah FrazierGoddard Space Flight Center, Greenbelt, Md.202-853-7191sarah.frazier@nasa.gov

MIL OSI USA News –

January 31, 2025

MIL-OSI USA: Bushfires Burn in Victoria

Source: NASA

In its seasonal bushfire outlook, Australia’s national council for fire and emergency services warned that severe rainfall deficits spanning 18 months had caused a substantial amount of dead and dry plant material to accumulate in Victoria’s forests, making it easier for fires to start and spread.
In January 2025, the warning became reality in the southeastern Australian state as bushfires raged in Grampians National Park and Little Desert National Park amid hot, dry, and windy conditions. The MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Aqua satellite captured this image of smoke streaming from bushfires burning through parts of the two national parks on January 28, 2025.
The fast-moving fires started on January 27 after dry thunderstorms and lightning struck the region, according to news reports. Unusually high temperatures, which reached above 40 degrees Celsius (104 degrees Fahrenheit), helped fuel the fires. The outbreak follows a similar surge in fire activity that occurred in Victoria in December 2024. At that time, a fire burned in the eastern part of Grampians National Park; this time the burning is centered on the western part of the park.
Victoria officials issued orders on January 29 for residents of Woohlpooer to “leave immediately,” due to increased fire activity on the northwestern edge of the fire. The blaze had crossed a road called Harrops Track and was heading in a northwesterly direction toward Billywing Track. They urged communities surrounding Little Desert National Park to “watch and act,” noting that the fire may travel in a northerly direction toward private properties.

NASA Earth Observatory image by Wanmei Liang, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Adam Voiland.

MIL OSI USA News –

January 31, 2025

MIL-OSI USA: NASA, Partners to Welcome Fourth Axiom Space Mission to Space Station

Source: NASA

NASA and its international partners have approved the crew for Axiom Space’s fourth private astronaut mission to the International Space Station, launching from the agency’s Kennedy Space Center in Florida no earlier than spring 2025.
Peggy Whitson, former NASA astronaut and director of human spaceflight at Axiom Space, will command the commercial mission, while ISRO (Indian Space Research Organization) astronaut Shubhanshu Shukla will serve as pilot. The two mission specialists are ESA (European Space Agency) project astronaut Sławosz Uznański-Wiśniewski of Poland and Tibor Kapu of Hungary.
“I am excited to see continued interest and dedication for the private astronaut missions aboard the International Space Station,” said Dana Weigel, manager of NASA’s International Space Station Program at the agency’s Johnson Space Center in Houston. “As NASA looks toward the future of low Earth orbit, private astronaut missions help pave the way and expand access to the unique microgravity environment.”
The Axiom Mission 4, or Ax-4, crew will launch aboard a SpaceX Dragon spacecraft and travel to the space station. Once docked, the private astronauts plan to spend up to 14 days aboard the orbiting laboratory, conducting a mission comprised of science, outreach, and commercial activities. The mission will send the first ISRO astronaut to the station as part of a joint effort between NASA and the Indian space agency. The private mission also carries the first astronauts from Poland and Hungary to stay aboard the space station.
“Working with the talented and diverse Ax-4 crew has been a deeply rewarding experience,” said Whitson. “Witnessing their selfless dedication and commitment to expanding horizons and creating opportunities for their nations in space exploration is truly remarkable. Each crew member brings unique strengths and perspectives, making our mission not just a scientific endeavor, but a testament to human ingenuity and teamwork. The importance of our mission is about pushing the limits of what we can achieve together and inspiring future generations to dream bigger and reach farther.”
The first private astronaut mission to the station, Axiom Mission 1, lifted off in April 2022 for a 17-day mission aboard the orbiting laboratory. The second private astronaut mission to the station, Axiom Mission 2, also was commanded by Whitson and launched in May 2023 with four private astronauts who spent eight days in orbit. The most recent private astronaut mission, Axiom Mission 3, launched in January 2024; the crew spent 18 days docked to the space station.
The International Space Station is a convergence of science, technology, and human innovation that enables research not possible on Earth. For more than 24 years, NASA has supported a continuous human presence aboard the orbiting laboratory, through which astronauts have learned to live and work in space for extended periods of time.
The space station is a springboard for developing a low Earth economy. NASA’s goal is to achieve a strong economy in low Earth orbit where the agency can purchase services as one of many customers to meet its science and research objectives in microgravity. NASA’s commercial strategy for low Earth orbit will provide the government with reliable and safe services at a lower cost, enabling the agency to focus on Artemis missions to the Moon in preparation for Mars while also continuing to use low Earth orbit as a training and proving ground for those deep space missions.
Learn more about NASA’s commercial space strategy at:
https://www.nasa.gov/commercial-space
-end-
Josh Finch / Claire O’SheaHeadquarters, Washington202-358-1100joshua.a.finch@nasa.gov / claire.a.o’shea@nasa.gov
Anna SchneiderJohnson Space Center, Houston281-483-5111anna.c.schneider@nasa.gov
Alexis DeJarnetteAxiom Space850-368-9446alexis@axiomspace.com

MIL OSI USA News –

January 31, 2025

MIL-OSI USA: NEWS RELEASE: MONTHLY SIREN AND EMERGENCY ALERT SYSTEM TEST – FEBRUARY 2025

Source: US State of Hawaii

NEWS RELEASE: MONTHLY SIREN AND EMERGENCY ALERT SYSTEM TEST – FEBRUARY 2025

Posted on Jan 29, 2025 in Latest Department News, Newsroom

DEPARTMENT OF DEFENSE

KA ʻOIHANA PILI KAUA

Hawai‘i Emergency Management Agency

Keʻena Hoʻomalu Pōulia O Hawaiʻi

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA

MAJOR GENERAL STEPHEN F. LOGAN

DIRECTOR OF EMERGENCY MANAGEMENT
Luna Hoʻomalu Pōulia

JAMES DS. BARROS

ADMINISTRATOR OF EMERGENCY MANAGEMENT
Kahu Hoʻomalu Pōulia

MONTHLY SIREN AND EMERGENCY ALERT SYSTEM TEST FOR FEBRUARY 2025

For Immediate Release 2025-001

JANUARY 29, 2025

HONOLULU — The monthly test of the all-hazard Statewide Outdoor Warning Siren System is scheduled for Monday, February 3, 2025, at 11:45 a.m. The siren test will be coordinated with a test of the Live Audio Broadcast segment of the Emergency Alert System.

During this monthly test, all Statewide Outdoor Warning Sirens will sound a one-minute Attention Alert Signal (steady tone). Atest of the Live Audio Broadcast segment of the Emergency Alert System is conducted at roughly the same time as the monthly siren sounding, in cooperation with the Hawai‘i broadcast industry. There will be no exercise or drill accompanying the test.

The all-hazard Outdoor Siren Warning System for Public Safety is one part of the Hawai‘i Statewide Alert and Warning System used to notify the public during emergencies. If you hear this siren tone in circumstances other than a test, follow emergency information and instructions provided by official government channels. These may be in the form of a local radio or television station broadcast and/or a cellular Wireless Emergency Alert.

Wireless Emergency Alerts deliver sound-and-text warnings to compatible mobile cellular phones. The Emergency Alert System and Wireless Emergency Alert notifications are sent via the Integrated Public Alert and Warning System, the nation’s alert and warning infrastructure, managed by the Federal Emergency Management Agency.

Emergency management and disaster preparedness information may be found in the “Get Ready” section of ready.hawaii.gov,as well as in the front section of telephone directories in most counties. For the latest information from the Hawai‘i Emergency Management Agency (HI-EMA), or to sign up for county alerts, visit ready.hawaii.gov.

The public may contact emergency management and county civil defense agencies to report siren operation issues through the following numbers:

City and County of Honolulu: 808-723-8960
Maui County: 808-270-7285
Kauaʻi County: 808-241-1800
Hawaiʻi County: 808-935-0031

# # #

Contact:

Kīelekū Amundson

Communications Director

808-733-4300 Ext 522

[email protected]

MIL OSI USA News –

January 31, 2025

MIL-OSI USA: DLNR News Release-Additional Debris Trap Installed in Ala Wai Canal in Advance of Severe Weather, Jan. 29, 2025

Source: US State of Hawaii

DLNR News Release-Additional Debris Trap Installed in Ala Wai Canal in Advance of Severe Weather, Jan. 29, 2025

Posted on Jan 29, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF LAND AND NATURAL RESOURCES

KA ʻOIHANA KUMUWAIWAI ‘ĀINA

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

DAWN CHANG

CHAIR

ADDITIONAL DEBRIS TRAP INSTALLED IN ALA WAI CANAL IN ADVANCE OF SEVERE WEATHER

FOR IMMEDIATE RELEASE

January 29, 2025

HONOLULU – Installation of a temporary debris boom in advance of incoming severe weather was completed this afternoon by Hawaiian Dredging Co., on contract to the Department of Land and Natural Resources (DLNR).

Working with the state Dept. of Transportation (HDOT), the City and County of Honolulu, and Senator Sharon Moriwaki, this second debris trap is intended to divert any rubbish flowing down the canal into the permanent trap on the opposite side of the Ala Moana Bridge.

Meghan Statts, administrator of the DLNR Division of Boating and Ocean Recreation (DOBOR), along with Dickey Lee from the DLNR Engineering Division, observed the deployment of the floating curtain (boom). Statts said, “We are trying to mitigate some of the debris coming down the canal with the big storm that’s predicted to hit us shortly.”

The trap will augment the work being done upstream by HDOT. “HDOT has been a great partner,” said Statts. “They were up here earlier, yesterday and today, doing cleanup.”

Statts said the issue of post-storm debris in the Ala Wai canal has been discussed for more than 30 years. DLNR is working closely with other agencies and Senator Moriwaki to create a long-term solution to the chronic, reccurring problem.

The permanent DOBOR trap was cleared yesterday and only catches 20-25% of what flows downstream. It was fortified this morning with the expectation that additional debris diverted by the second trap will possibly fill it faster than normal.

“We’re trying to catch as much as we can to help protect our natural resources and keep it out of the Ala Wai Small Boat Harbor and the ocean,” Statts explained. Unfortunately, over the years tons of debris have flowed out into the Pacific unchecked, she said.

That creates potential navigational problems for boaters and recreational users of the Ala Wai canal, the small boat harbor and the ocean. When full of natural vegetation and manmade rubbish, the canal is also unsafe for people during storm runoff events.

The Hawai‘i Department of Health advises the public to stay out of waters when they appear brown, murky, or contain visible debris, especially following storms or heavy rain when the water may contain higher-than-normal pollutant levels. Entering freshwater streams, canals or ponds increases the risk of bacterial infections, including leptospirosis.

Statts concluded that when the Ala Wai canal was built as a flood control measure, people probably didn’t think much about the consequences of storm debris. She encourages people not to throw trash into the canal or any of its tributary streams.

“I think people need to remember that if you have trash, any kind of ‘ōpala, throw it away properly. Don’t drop it into streams or the canal because much of this stuff ends up in the ocean.”

# # #

RESOURCES

(All images/video courtesy: DLNR)

HD video – Debris trap deployment (Jan. 29, 2025):

(Meghan Statts SOTS transcript attached)

HD video – Ala Wai debris trap clearing (Jan. 28, 2925):

Photographs – Debris trap deployment (Jan. 29, 2025):

(Images 5722-5809)

Photographs – Ala Wai debris trap clearing (Jan. 28, 2025):

(Images 5667-5715)

For more information on brown water pollution and health:

Media contact:

Dan Dennison

Communications Director

Hawai‘i Dept. of Land and Natural Resources

Phone: 808-587-0396

MIL OSI USA News –

January 31, 2025

MIL-OSI USA: RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

Source: US State of Hawaii

RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

Posted on Jan 29, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

KA ʻOIHANA PILI KĀLEPA

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA

NADINE Y. ANDO

DIRECTOR

KA LUNA HOʻOKELE

DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS

FOR IMMEDIATE RELEASE

January 29, 2025

HONOLULU — The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) is urging residents and business owners to prioritize emergency preparedness in response to the rise of weather events throughout the state. The department is offering vital resources and information on how to safeguard property, ensure continued utility services, understand insurance coverage, avoid scams, and navigate the disaster recovery process.

Key Emergency Preparedness Tips:

Preparing Homes and Businesses for Disasters

Create an Emergency Plan: Establish clear evacuation routes, designating safe areas for family members or employees. Ensure everyone knows the plan and conduct practice drills regularly.
Secure Property: Reinforce windows and doors, check roofing and siding for potential vulnerabilities, and secure outdoor objects that could become projectiles.
Emergency Kits: Stock essential supplies including water, non-perishable food, medications, flashlights, batteries, first-aid supplies, cash, and any special items required by family members or staff.
Prepare for Business Disruption: Businesses should develop continuity plans, back up important data, and ensure essential services can be maintained during and after a disaster.

Utility Emergency Preparedness

Sign Up for Crucial Updates: Register for utility provider notifications to receive alerts about service disruptions, outages and updates during emergencies. Visit the links below to sign up:
- Hawaiian Electric
- KIUC
Keep the Lights On: Consider investing in backup power sources like generators or solar-powered systems to maintain key operations during service outages.
Stay Safe: Keep gas, water and electrical systems well-maintained, and learn how to shut off utilities in case of a leak or other emergency. Visit the links below to report a power outage or potential safety issues:
- Hawaiian Electric
- KIUC
Stay Informed: To learn more about public utilities and utility preparedness, please visit the DCCA Division of Consumer Advocacy.

Understanding Insurance Coverage for Disasters

Review Your Insurance Policy: Ensure that your home and business insurance policies cover common disaster-related risks, including floods, fires and hurricanes. Standard policies may not cover all types of damage.
Document Property: Take inventory of your belongings and keep photos and/or videos of property, valuables and important documents in case you need to file an insurance claim.
Know Your Deductibles and Coverage Limits: Be aware of your policy’s terms, including any exclusions or specific disaster-related deductibles.
Seek Input or Assistance: The DCCA Insurance Division can help you understand the claims process and provide assistance with other insurance questions or issues.
Stay Informed: To learn more about Insurance, please visit the DCCA Insurance Division.

Identifying Disaster-Related Consumer Scams

Be Cautious of Fraud: Scammers often exploit disasters to prey on vulnerable consumers. Common scams include fake contractors, charity fraud and phishing emails or texts offering government assistance.
Check Credentials: When doing repairs on your property, always hire licensed and insured contractors, and never pay for services up front. Report suspicious activities to the DCCA Regulated Industries Complaints Office.
Verify Charity Solicitations: Before donating to disaster relief efforts, ensure that the charity is legitimate. Use resources like the Better Business Bureau or Charity Navigator to check organizations’ credibility.
Stay Informed: To learn more about consumer protection, please visit the DCCA Office of Consumer Protection.

Disaster Recovery Resources for Homeowners and Business Owners

For Homeowners: FEMA and other government agencies offer financial assistance for home repairs, temporary housing and disaster-related expenses. Visit https://www.fema.gov/ for more information.
For Business Owners: The U.S. Small Business Administration (SBA) provides low-interest disaster loans to help businesses recover from physical damage and economic losses. Visit https://www.sba.gov/ for more information.
Stay Informed: To learn more about disaster recovery loans and financial assistance, please visit the DCCA Division of Financial Institutions.

These resources, along with other emergency preparedness information, are available on the DCCA website.

“Taking steps to prepare now can make all the difference in the aftermath of a disaster,” shares DCCA Director Nadine Ando. “Whether it’s preparing your property, understanding your insurance, or protecting yourself from fraud, DCCA is here to help our community stay safe and recover quickly.”

For more information or to report any disaster-related consumer concerns, visit the DCCA website or contact the DCCA directly.

###

Media Contact:

Communications Office
Department of Commerce and Consumer Affairs

Phone: 808-586-2760
Email: [email protected]

MIL OSI USA News –

January 31, 2025

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DLNR News Release-Additional Debris Trap Installed in Ala Wai Canal in Advance of Severe Weather, Jan. 29, 2025

RELEASE: DCCA URGES RESIDENTS AND BUSINESSES TO PRIORITIZE EMERGENCY PREPAREDNESS AMID INCREASING WEATHER EVENTS