Category: KB

MIL-OSI Security: U.S. Marshals Fugitive Task Force Apprehends 2 Suspects Connected to Deadly Shooting in Austin

Source: US Marshals Service

Austin, TX – Members of the U.S. Marshals-led Lone Star Fugitive Task Force today arrested a juvenile* who is one of two suspects sought for a Jan. 24 murder in Austin.

Another suspect, Bill Tarlue Nyanway, 18, of Austin, was arrested Jan. 27 and charged with tampering with physical evidence that stemmed from the shooting incident.

The Austin Police Department, Homicide Division investigated the shooting incident in the 10200 block of Wildhorse Ranch Trail and obtained arrest warrants in the Austin Municipal Court Jan. 27 for the two individuals believed to be connected to the deadly shooting incident.

When Austin Police, Fire and Travis County Emergency Medical Services responded to the location, they discovered a white sedan which had been reported crashed in a ditch near Manor Excel Academy, and a victim had been shot. They attempted life-saving measures on the victim, who was ultimately pronounced deceased on scene.

The Austin Police Department requested assistance from the Lone Star Fugitive Task Force in the Austin Division to locate and apprehend both suspects.

Members of the Lone Star Fugitive Task Force initiated a fugitive investigation and arrested Nyanway in the 9400 block of North Lamar Blvd without incident, booking him into the Travis County Jail where he will await further judicial proceedings.

The juvenile was arrested without incident in the 14500 block of Heartland Drive in Manor and was transported to the Austin Police Headquarters.

Members of the Lone Star Fugitive Task Force in Austin –

Austin Police Department-Tactical Intelligence Unit
Georgetown, Round Rock, and San Marcos Police Department
Caldwell, Hays, Travis, and Williamson County Sheriff’s Office
Texas Attorney General’s Office
Texas Department of Criminal Justice OIG
Texas Department of Public Safety
U.S. Immigration & Customs Enforcement
U.S. DHS/Homeland Security Investigations

*USMS policy generally prohibits naming juvenile suspects.

MIL Security OSI –

January 29, 2025
MIL-OSI Security: Jamaican Citizen Sentenced to Prison in Connection with Lottery Scheme

Source: United States Attorneys General 1

A federal judge in Charlotte, North Carolina, sentenced a Jamaican citizen yesterday to prison for operating a Jamaica-based fraudulent lottery scheme.

Antony Linton Stewart, 40, pleaded guilty on Aug. 3, 2023, to one count of conspiracy to commit mail and wire fraud, in the Western District of North Carolina. On Jan. 27, U.S. District Court Judge Robert J. Conrad sentenced Stewart to 84 months in prison. Stewart was also ordered to pay $1,104,041.74 in restitution.

According to court documents, and as part of his plea, Stewart acknowledged that from approximately 2010 through at least August 2016, he led a fraudulent lottery fraud scheme in which he and his co-conspirators targeted victims in the United States. Stewart admitted that he contacted elderly Americans by phone and falsely told them that they had won money and other prizes in a sweepstakes or lottery. Stewart told victims that they needed to send money to pay fees and taxes on their winnings. He repeatedly contacted victims for as long as they could be persuaded to send additional money. No lottery existed and no victim ever received any winnings.

“Overseas lottery schemes are unfortunately a common means by which foreign criminals seek to target U.S. citizens, particularly elder Americans,” said Acting Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “Such schemes are unacceptable, and the Department will hold accountable those who participate in them.”

“Stealing money from elderly individuals is a despicable crime,” said U.S. Attorney Dena J. King for the Western District of North Carolina. “Today’s sentence sends a clear message that fraudsters who target and exploit older adults for financial gain will be brought to justice.”

This prosecution is part of the Justice Department’s effort to work with federal and foreign law enforcement to combat fraudulent lottery schemes in Jamaica that prey on U.S. citizens.

The U.S. Postal Inspection Service investigated the case. The Justice Department’s Office of International Affairs worked with law enforcement partners in Jamaica to secure the arrest and extradition of Stewart. The U.S. Marshals Service also provided significant assistance.

Trial Attorney Ryan E. Norman of the Justice Department’s Consumer Protection Branch prosecuted the case, with the assistance of Assistant U.S. Attorney Daniel Ryan for the Western District of North Carolina.

If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is staffed seven days a week from 6:00 a.m. to 11:00 p.m. eastern time. English, Spanish, and other languages are available.

For more information about the Consumer Protection Branch, visit its website at www.justice.gov/civil/consumer-protection-branch. For more information about the U.S. Attorney’s Office for the Western District of North Carolina, visit their website at www.justice.gov/usao-wdnc. Information about the Justice Department’s Elder Fraud Initiative is available at www.justice.gov/elderjustice.

MIL Security OSI –

January 29, 2025

MIL-OSI: First Central Savings Bank Reports Fourth Quarter 2024 net income of $2.0 million ($0.19 EPS), Significant Non-Interest Income Growth Quarter over Quarter, and Special Cash Dividend of $0.15 per share

Source: GlobeNewswire (MIL-OSI)

Performance Highlights

Net Income: Net income for the quarter ended December 31, 2024, was $2.0 million or $0.19 per share, compared to $919 thousand or $0.09 per share, recorded in the prior linked quarter and $1.3 million or $0.12 per share, in the comparable 2023 quarter.
Cash Net Income: Cash net income for the quarter ended December 31, 2024, was $2.2 million or $0.21 per share, compared to $1.9 million or $0.18 per share, recorded in the prior quarter and $1.5 million or $0.14 per share, in the comparable 2023 quarter
Significant Non-Interest Income Growth: Due to an increase in loan sale volume and loan sale premiums received for the quarter ended December 31, 2024, non-interest income increased by $1.0 million or 53.4% from the prior linked quarter and were up $1.5 million or 106.6% from the prior year quarter.
Net Interest Income: The Bank recorded net interest income of $6.9 million for the quarter ended December 31, 2024, compared to $6.8 million in the prior linked quarter and $6.8 million in the comparable 2023 quarter.
Net Interest Margin: The Bank’s net interest margin increased during the quarter ended December 31, 2024, to 2.88% from 2.80% in the quarter ended September 30, 2024.
Financial Performance Metrics: Return on average assets and average stockholders’ equity were 0.82% and 9.08%, respectively, for the quarter ended December 31, 2024, compared to 0.37% and 4.22% on linked quarter basis.
Regulatory Capital: The Bank’s Tier 1 capital ratio was 9.36% and the Total Risk based capital ratio was 14.67% at December 31, 2024, each above the regulatory minimum for a well-capitalized institution.
Special Cash Dividend: The Bank declared a special cash dividend of $0.15 per share to the Bank’s shareholders.
Strong and Stable Liquidity: The Uninsured deposits base remains stable at 18.15% of total deposits. The Bank has significant available funding capacity to provide 236.2% coverage of our uninsured deposits.

GLEN COVE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — Joseph Pistilli, Chairman of the Board, of First Central Savings Bank (“FCSB”, “the Bank”) today reported continued performance achievements for the quarter ended December 31, 2024.

Cash and GAAP Basis Earnings

The Bank’s cash earnings were $2.2 million, or $0.21 per share, for the quarter ended December 31, 2024, which represents an increase of $325 thousand, or 17.2%, on a linked quarter basis and an increase of $766 thousand, or 52.8%, from the prior year quarter ended December 31, 2023.

On a GAAP basis, net income for the quarter ended December 31, 2024, was $2.0 million, or $0.19 per share, compared with net income of $919 thousand, or $0.09, from the prior linked quarter basis and net income of $1.3 million, or $0.12 per share, for the quarter ended December 31, 2023.

Joseph Pistilli, Chairman of the Board noted, “In the fourth quarter of 2024, First Central continued to build shareholder value by generating strong earnings, primarily due to gains on non-conforming residential loan sales. In addition, we increased our book value from $7.88 per share at December 31, 2023, to $8.20 at December 31, 2024. Due to strong earnings and capital, I am pleased to report that in December 2024 we have once again declared a special cash dividend of $0.15 per share to our shareholders, up from $0.10 per share in the prior year period. We are cautiously optimistic about the credit quality of our loan portfolio, as it relates to the commercial loan sector, specifically to office space and multi-family lending, however, our exposure to this type of lending is limited. I am extremely proud of the management team and the Board of Directors that we have assembled at the Bank and the expertise they have in managing net interest income and asset quality during the current market conditions.”

Paul Hagan, President and Chief Operating Officer, reflected on the Bank’s results, “During the quarter ended December 31, 2024, additional overnight rate cuts from the Federal Reserve enabled the Bank to expand its net interest income and margin. The cost of funds declined by 21 basis points during the fourth quarter of 2024 and we expect additional decreases in our deposit costs going forward. The pace of future deposit cost reductions will be dependent upon additional rate cuts from the Federal Reserve as well as competitor deposit pricing and their increased liquidity needs. We expect overall profitability to improve in the calendar year 2025 due to net interest margin expansion, growth in our loan portfolio, and increased loan sale income, however, we are very aware of potential credit quality deterioration, particularly in commercial and industrial loans that are present within our industry. Management will continue to effectively manage non-interest expenses to improve profitability and provide for any potential credit quality issues.”

Balance Sheet

Total assets as of December 31, 2024, were $964.9 million compared to $963.5 million as of December 31, 2023. The slight increase in total assets was primarily driven by the Bank’s loan originations offset by non-conforming loan sales of $213.6 million during 2024. Total assets for the quarter ended December 31, 2024, decreased by $23.0 million to $964.9 million as the Bank continued to originate commercial and non-conforming loans while continuing to actively sell a portion of the non-conforming loans to the secondary market. The bank sold a quarterly record of $84.4 million of non-conforming loans during the quarter. As of December 31, 2024, the Bank has been able to generate a non-conforming loan pipeline of $145.3 million with a weighted average interest rate of 7.02%.

Total deposits were $829.0 million as of December 31, 2024, an increase of $12.7 million, or 1.6%. from December 31, 2023. The Bank has been successful in growing non-interest-bearing deposits from our retail branches and through non-conforming loan originations. Year over year non-interest-bearing deposits increased by $23.6 million or 22.5% to $128.8 million as of December 31, 2024, representing 15.5% of the total deposit base. With the growth of the deposit base, total borrowings as of December 31, 2024, decreased by $15.0 million or 33.3% to $30.0 million when compared to December 31, 2023.

The Bank’s overall average cost of funds was 3.51% for the quarter ended December 31, 2024, a decrease of 21 basis points from 3.72% from the prior linked quarter. Three Overnight rate cuts by the Federal Reserve totaling 100 bps contributed to the reduction in the cost of funds. Management continues to be pro-active in securing lower rate certificates of deposit in the current interest rate environment to better position the interest-rate-risk profile of the Bank in anticipation of further interest rate reductions in 2025. Management believes this strategy will better protect and enhance future earnings as interest rates continue to decline, and our deposits reprice downward in the future.

Loan Portfolio and Asset Quality

For the twelve-month period ended December 31, 2024, the Bank’s loan portfolio grew by $17.7 million, or 2.1%, with the growth concentrated primarily in non-conforming residential loans. Management continues to employ a strategy of concentrating its loan growth in these products, which provides the Bank with traditionally safe credit quality at acceptable credit spreads, greater liquidity and an enhanced interest-rate-risk profile. Over the past twelve months, originations of the non-conforming product amounted to $274.2 million. At December 31, 2024, the entire non-conforming loan portfolio amounted to $464.6 million, with an average loan balance of $553 thousand and a weighted average loan-to-value ratio of 62.8%.

As a result of the Bank’s robust non-conforming loan generation capabilities, the Bank had been able to generate additional income by strategically originating and selling its non-conforming loans to other financial institutions at premiums. The Bank expects that it will continue to originate, in the near term, for its own portfolio and, in the long term, for others, which will result in a continued increase in interest income while also realizing gains on sales of loans. For the twelve months ended December 31, 2024, the Bank earned $6.4 million in premiums on loans sold, net of FASB 91 fees and costs.

The Bank’s asset quality ratios remained strong. At December 31, 2024, the loan portfolio had non-performing loans of $11.6 million or 1.39% of total loans and 1.21% of total assets. The total allowance for credit losses at December 31, 2024, was $8.8 million, or 1.05% of total loans held for investment.

About First Central Savings Bank

With assets of $964.9 million at December 31, 2024, First Central Savings Bank is a locally owned and operated community savings bank, focusing on highly personalized and efficient services and products responsive to local needs. Management and the Board of Directors are comprised of a select group of successful local businessmen who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, First Central offers a full range of modern financial services. First Central employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, ADC and bridge loans, residential loans, middle market business loans and lines of credit. First Central also offers customers 24-hour ATM service with no fees attached, free checking with interest, mobile banking, the most advanced technologies in internet banking for our consumer and business customers, safe deposit boxes and much more. The Bank continues to roll out mobile banking software products as well as our “Zelle” money transfer product to our customers. First Central Savings Bank maintains its corporate office in Glen Cove, New York with an additional six branches throughout Queens New York, one branch in Nassau County, New York, and one branch in Suffolk County, New York.

First Central Savings Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call 516-399-6010 or visit the Bank’s state-of-the-art website at www.myfcsb.com.

Forward-Looking Statements

This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of First Central Savings Bank. Any or all of the forward-looking statements in this release and in any other public statements made by First Central Savings Bank may turn out to be incorrect. They can be affected by inaccurate assumptions First Central Savings Bank might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. First Central Savings Bank does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

First Central Savings Bank
Statements of Condition – (unaudited)
(dollars in thousands)
	12/31/2024			9/30/2024			12/31/2023

Assets
Cash and cash equivalents	$	49,156		$	40,701		$	50,955
Certificates of deposit		2,000			2,000			2,000
Investments available-for-sale		29,802			31,679			43,057
Investments held-to-maturity		1,000			1,000			1,000

Loans held-for-sale		14,892			83,613			8,126
Loans receivable		838,183			799,076			827,278
Less: allowance for credit losses		(8,787	)		(8,895	)		(8,347	)
Loans, net		829,396			790,181			818,931

Other assets		38,684			38,745			39,466
Total assets	$	964,930		$	987,919		$	963,535


Liabilities and stockholders’ equity
Deposits	$	829,003		$	851,646		$	816,285
FHLB advances and other borrowings		30,000			30,000			45,000
Other liabilities		18,568			18,421			18,318
Total liabilities		877,571			900,067			879,603


Total stockholders’ equity		87,359			87,852			83,932
Total liabilities and stockholders’ equity	$	964,930		$	987,919		$	963,535

First Central Savings Bank
Statements of Income – (unaudited)
(dollars in thousands, except per share data)
							12 Months			12 Months
	Quarter Ended			Quarter Ended			Ended			Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023

Total Interest income	$	14,599		$	13,767		$	58,610		$	53,465
Total interest expense		7,673			6,991			31,605			23,466
Net interest income		6,926			6,776			27,005			29,999
Provision (recovery) for credit losses		1			(11	)		1,258			539
Net interest income after provision (recovery) for credit losses		6,925			6,787			25,747			29,460

Net gain on loans sold		2,649			1,023			6,449			3,738
Net gains on sale of securities		–			109			142			109
Other non-interest income		247			270			1,034			1,253
Total non-interest income		2,896			1,402			7,625			5,100

Compensation and benefits		4,355			3,882			15,361			14,108
Occupancy and equipment		912			894			3,672			3,811
Data processing		454			416			1,798			1,658
Federal insurance premium		161			139			666			672
Professional fees		291			301			1,348			1,711
Other		1,116			986			3,867			3,618
Total non-interest expense		7,289			6,618			26,712			25,578

Income before income taxes		2,532			1,571			6,660			8,982
Income tax expense		524			318			1,349			1,847
Net income	$	2,008		$	1,253		$	5,311		$	7,135

Basic earnings per share-GAAP basis	$	0.19		$	0.12		$	0.50		$	0.67
Diluted earnings per share-GAAP basis	$	0.19		$	0.12		$	0.50		$	0.67

Supplementary information:
Net income	$	2,008		$	1,253		$	5,311		$	7,135

Add back non-cash items
Provision (recovery) for credit losses		1			(11	)		1,258			539
Depreciation expense		261			258			1,031			1,027
Tax on add back of non-cash items		(54	)		(50	)		(464	)		(322	)
Cash net income	$	2,216		$	1,450		$	7,136		$	8,379

Basic earnings per share-GAAP basis	$	0.21		$	0.14		$	0.67		$	0.79
Diluted earnings per share-GAAP basis	$	0.21		$	0.14		$	0.67		$	0.79

First Central Savings Bank
Statements of Income – (unaudited)
(dollars in thousands, except per share data)
	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	12/31/2024			9/30/2024			6/30/2024			3/31/2024

Total Interest income	$	14,599		$	14,972		$	14,854		$	14,185
Total interest expense		7,673			8,210			8,064			7,658
Net interest income		6,926			6,762			6,790			6,527
Provision for credit losses		1			950			117			190
Net interest income after provision for credit losses		6,925			5,812			6,673			6,337

Net gain on loans sold		2,649			1,536			843			1,421
Net gains on sale of securities		–			142			–			–
Other non-interest income		247			210			337			240
Total non-interest income		2,896			1,888			1,180			1,661

Compensation and benefits		4,355			3,663			3,596			3,747
Occupancy and equipment		912			936			918			906
Data processing		454			448			452			444
Federal insurance premium		161			174			166			165
Professional fees		291			360			368			329
Other		1,116			975			907			869
Total non-interest expense		7,289			6,556			6,407			6,460

Income before income taxes		2,532			1,144			1,446			1,538
Income tax expense		524			225			290			310
Net income	$	2,008		$	919		$	1,156		$	1,228

Basic earnings per share-GAAP basis	$	0.19		$	0.09		$	0.11		$	0.12
Diluted earnings per share-GAAP basis	$	0.19		$	0.09		$	0.11		$	0.12

Supplementary information:
Net income	$	2,008		$	919		$	1,156		$	1,228

Add back non-cash items
Provision for credit losses		1			950			117			190
Depreciation expense		261			260			257			253
Tax on add back of non-cash items		(54	)		(238	)		(75	)		(89	)
Cash net income	$	2,216		$	1,891		$	1,455		$	1,582

Basic earnings per share-GAAP basis	$	0.21		$	0.18		$	0.14		$	0.15
Diluted earnings per share-GAAP basis	$	0.21		$	0.18		$	0.14		$	0.15

First Central Savings Bank
Selected Financial Data – (unaudited)
(dollars in thousands, except per share data)
	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	12/31/2024			9/30/2024			6/30/2024			12/31/2023

Asset quality:
Allowance for credit losses	$	8,787		$	8,895		$	8,721		$	8,347
Allowance for credit losses to total loans (1)		1.05	%		1.11	%		1.04	%		1.01	%

Non-performing loans	$	11,649		$	4,850		$	4,907		$	4,385
Net (recovery) charge-off dollars		(41	)		776			(66	)		(129	)
Non-performing loans/total loans (1)		1.39	%		0.61	%		0.58	%		0.53	%
Non-performing loans/total assets		1.21	%		0.49	%		0.50	%		0.46	%
Allowance for credit losses/non-performing loans		75.43	%		183.40	%		177.73	%		190.35	%

Capital: (dollars in thousands)
Tier 1 capital	$	91,913		$	91,502		$	90,583		$	88,236
Tier 1 leverage ratio		9.36	%		9.26	%		9.16	%		9.23	%
Common equity tier 1 capital ratio		13.42	%		13.20	%		13.35	%		13.19	%
Tier 1 risk based capital ratio		13.42	%		13.20	%		13.35	%		13.19	%
Total risk based capital ratio		14.67	%		14.45	%		14.60	%		14.44	%

Equity data
Common shares outstanding		10,648,345			10,648,345			10,648,345			10,648,345
Stockholders’ equity	$	87,359		$	87,852		$	86,122		$	83,932
Book value per common share		8.20			8.25			8.09			7.88
Tangible common equity		87,359			87,852			86,122			83,932
Tangible book value per common share		8.20			8.25			8.09			7.88

(1) Calculation excludes loans held-for-sale

First Central Savings Bank
Selected Financial Data – (unaudited)
(dollars in thousands)
	Quarter Ended			Quarter Ended				Quarter Ended			Quarter Ended
	12/31/2024			9/30/2024				6/30/2024			12/31/2023

Other: (in thousands)
Average interest-earning assets	$	956,169		$	961,624			$	961,503		$	928,162
Average interest-bearing liabilities		736,731			759,152				765,606			740,574
Average deposits and borrowings		868,871			877,100				879,082			846,091

Profitability:
Return on average assets		0.82	%		0.37	%	(3)		0.47	%		0.52	%
Return on average equity		9.08	%		4.22	%	(3)		5.48	%		6.07	%
Yield on average interest earning assets		6.07	%		6.19	%			6.21	%		5.88	%
Cost of average interest bearing liabilities		4.14	%		4.30	%			4.24	%		3.75	%
Cost of funds		3.51	%		3.72	%			3.69	%		3.28	%
Net interest rate spread (1)		1.93	%		1.89	%			1.98	%		2.14	%
Net interest margin (2)		2.88	%		2.80	%			2.84	%		2.90	%
Non-interest expense to average assets		2.91	%		2.65	%			2.62	%		2.78	%
Efficiency ratio		72.69	%		77.05	%			80.40	%		82.46	%

(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities
(2) Net interest margin represents net interest income divided by average interest earning assets
(3) ROA and ROE excluding a $776 thousand charge-off of a C&I loan as of September 30, 2024 would have been 0.61% and 6.95%

Investor and Press Contact:
Joseph Pistilli Chairman of the Board
Ray Ciccone, E.V.P. & Chief Financial Officer
Paul Hagan, President & Chief Operating Officer
516-399-6071

The MIL Network –

January 29, 2025

MIL-OSI: Mountain America Credit Union Sponsors Artists in Residence Program Through the Leonardo

Source: GlobeNewswire (MIL-OSI)

SANDY, Utah, Jan. 28, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union announced its sponsorship of the Leonardo’s Artists in Residence program, running through October 2025. This partnership underscores Mountain America’s commitment to supporting local and multicultural initiatives that enrich the community.

A Media Snippet accompanying this announcement is available by clicking on this link.

The Artists in Residence program, in collaboration with Artes de Mexico en Utah, features a new Latino artist each month and includes a fixed exhibit on the second floor of the Leonardo. These Utah-based Latino artists will be present throughout the week, allowing attendees to interact with them.

“Sponsoring the Artists in Residence program with the Leonardo aligns with our commitment to advocate for underserved communities,” said Sharlene Wells, senior vice president of public relations and organizational communications at Mountain America. “We value the work the Leonardo is doing and see this as the beginning of a partnership that will help us build more relationships within the community and open new doors for collaboration.”

The Leonardo, a nonprofit community-powered museum established in 2011, is dedicated to breaking down barriers and creating a better future through self-discovery, collaboration and connection. The museum’s mission is to blend science, technology, and art in ways that inspire creativity and innovation among people of all ages and backgrounds.

“Our partnership with Mountain America exemplifies the power of collaboration in fostering creativity and community engagement,” stated Alexandra Hesse, executive director of the Leonardo. “Together, we are proud to support our Artists in Residence program throughout 2025, creating opportunities for innovation, inspiration, and cultural enrichment that resonate deeply with our shared commitment to making a difference.”

This initiative brings art back to the community, encouraging visitors to engage with local artists, ask questions and view several finished pieces on display. The program aims to promote diverse artistic expression and facilitate cross-cultural community revitalization, with a special focus on sharing the history, ideas and lived experiences of the Latino population with a broader audience.

To learn more about Mountain America, visit macu.com.

About Mountain America Credit Union
With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multiple states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

The MIL Network –

January 29, 2025
MIL-OSI United Kingdom: Reeves: I am going further and faster to kick start the economy
Source: United Kingdom – Executive Government & Departments

Chancellor unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035.
Rachel Reeves will today vow to go ‘further and faster’ to deliver the government’s Plan for Change to kick start economic growth and put more pounds in people’s pockets.

Chancellor to unveil plans to unleash the potential of the Oxford-Cambridge Growth Corridor that will add up to £78 billion to the UK economy according to industry experts, catalysing growth of UK science and technology.

Comes after Chancellor last week announced National Wealth Fund and Office for Investment will take new approaches to spur regional growth across the UK.

Chancellor Rachel Reeves will today vow to go “further and faster” to kick start the economy, as she unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035 according to industry experts.

In a speech in Oxfordshire, the Chancellor will tell regional and business leaders that economic growth is the number one mission of this government and its Plan for Change. She will declare that Britain’s economy has “huge potential” and is at the “forefront of some of the most exciting developments in the world like artificial intelligence and life sciences.”

She will back the redevelopment of Old Trafford and will review the Green Book – the government’s guidance on appraisal – in order to support decisions on public investment across the country, including outside London and the Southeast.

The speech comes after the Chancellor last week announced a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. This includes the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.

Reeves will say “low growth is not our destiny, but that economic growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country’s course for the better.”

The Chancellor is expected to say:

Britain is a country of huge potential. A country of strong communities, with local businesses at their heart.

We are the forefront of some of the most exciting developments in the world like artificial intelligence and life sciences. We have great companies based here delivering jobs and investment in Britain.

And we have fundamental strengths – in our history, our language, and our legal system – to compete in a global economy.

But for too long, that potential has been held back. For too long, we have accepted low expectations, accepted stagnation and accepted the risk of decline. We can do so much better.

Low growth is not our destiny. But growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country’s course for the better.

That’s what our Plan for Change is about. That is what drives me as Chancellor. And it is what I’m determined to deliver.

In her speech the Chancellor will announce:

The Environment Agency has lifted its objections to a new development around Cambridge that could unlock 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre. This was only possible as a result of the government working closely with councils and regulators to find creative solutions to unlock growth and address environmental pressures.

That the government has agreed for water companies to unlock £7.9bn investment for the next 5 years to improve our water infrastructure and provide a foundation for growth. This includes nine new reservoirs, such as the new Fens Reservoir serving Cambridge and the Abingdon Reservoir near Oxford.

Confirming funding towards better transport links in the region including funding for East-West Rail, with new services between Oxford and Milton Keynes this year and upgrading the A428 to reduce journey times between Milton Keynes and Cambridge.

Prioritisation of a new Cambridge Cancer Research Hospital as part of the New Hospitals Programme bringing together Cambridge University, Addenbrookes Hospital and Cancer Research UK.

Support for the development of new and expanded communities in the Oxford-Cambridge Growth Corridor and a new East Coast Mainline station in Tempsford, to expand the region’s economy.

That she welcomes Cambridge University’s proposal for a new large scale innovation hub in the city centre. As the world’s leading science and tech cluster by intensity, Cambridge will play a crucial part in the government’s modern Industrial Strategy.

A new Growth Commission for Oxford, inspired by the Cambridge model, to review how best we can unlock and accelerate nationally significant growth for the city and surrounding area.

Appointment of Sir Patrick Vallance as Oxford-Cambridge Growth Corridor Champion to provide senior leadership to ensure the Government’s ambitions are delivered.

The Chancellor is expected to say:

Oxford and Cambridge offer huge economic potential for our nation’s growth prospects.

Just 66 miles apart these cities are home to two of the best universities in the world two of the most intensive innovation clusters in the world and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI.

It has the potential to be Europe’s Silicon Valley. The home of British innovation.

To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. But to get from Oxford to Cambridge by train takes two and a half hours.

There is no way to commute directly from towns like Bedford and Milton Keynes to Cambridge by rail. And there is a lack of affordable housing across the region.

Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region.

Designed to take advantage of the region’s unique strengths and potential, the announcements are further evidence of the government’s modern Industrial Strategy in action as it seeks to create the right conditions to increase investment in our leading growth sectors like life sciences, artificial intelligence and advanced manufacturing.

She will add:

Taken together, these announcements show that for the first time a government is providing real leadership to deliver this project with a clear strategy for the entire region backed by funding for the housing and infrastructure we so badly need.

The speech comes after the Chancellor last week announced a package of investment reforms to spur regional growth across the UK. Rachel Reeves set out a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. Putting local knowledge and leadership at the forefront, there will be tailored strategies for each region to ensure investment matches local needs and drives sustainable growth. Putting the government’s Plan for Change into action, the Chancellor set out that the goal is to harness growth everywhere to rebuild Britain and usher in a decade of national renewal. Measures included the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.

Science Minister, Lord Patrick Vallance said:

The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster but for too long has been constrained by short termism and a lack of direction.

This government’s Plan for Change will see an end to that defeatism. I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor’s potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others.

Together we will build the infrastructure and partnerships needed to join up this region’s academia, investors and business so that we can boost growth, deliver innovations and create new jobs that improve all our lives.

Transport Secretary, Heidi Alexander said:

Well connected communities are a cornerstone for growth. East West Rail will not only provide better links and lasting benefits to Oxford and Cambridge, but to all the surrounding areas.

I’m also delighted to announce a brand new station at Tempsford, which will be game changing for the region – allowing a new community and businesses to grow, unlocking faster and smoother access to opportunities, and delivering on the Government’s Plan for Change.

More details

Yesterday, Moderna completed the build for their new vaccine production and R&D site in Harwell, Oxfordshire. They have committed to invest over £1 billion in R&D in the UK, strengthening our position as a global leader in biopharmaceutical innovation.

£78 billion added to the UK economy. Source: Public First research for the Oxford-Cambridge Supercluster Board (2025).

Dr Andy Williams, Chair of the Oxford-Cambridge Supercluster Board said:

The announcements today are extremely positive for the region and for the country. As Chair of the OxCam Supercluster Board, which comprises 45 members across business, academia, and investors, we know that the region has the potential to deliver truly remarkable growth in the coming decade and beyond, as evidenced by the research published this week. Achieving £78 billion in cumulative economic value by 2035 requires us to work dynamically and pro-actively across government, the private sector, educational institutions, and the investment community, to fully harness OxCam’s strengths and address its weaknesses. With the experience and knowledge of Sir Patrick Vallance leading this effort, we are excited by the opportunity to co-design a policy prospectus that will allow the OxCam Growth Corridor to realise its potential as a global centre for science and innovation.

Dipesh J. Shah OBE, Chair of the Oxford to Cambridge Partnership said:

I welcome the Chancellor’s drive to accelerate growth in the Oxford to Cambridge corridor and her support for strategic investments in enabling infrastructure. The region houses internationally acclaimed clusters of innovation in each of the growth sectors for the nation. Already one of the world’s great science powerhouses, the region’s full potential will rely on connecting its incredible ecosystems of businesses, places and communities. Investments announced today will spur more and will help local leaders to deliver on their ambitious plans for their communities.

Professor Alistair Fitt, Chair of Arc Universities Group and Vice-Chancellor Oxford Brookes University said:

This region hosts a great diversity and scale of universities. Together we offer a wide range of key contributions: globally renowned research brilliance, the powerhouse of skills provision provided by cutting edge teaching, world class knowledge transfer and commercialisation. Our universities, working in close partnership, in alliance with others – particular the private sector – are organised into the Arc Universities Group. We stand ready for the challenge. We welcome the oversight and experience that the leadership of Sir Patrick Vallance brings to the region, and we look forward to helping deliver the Chancellor’s aspirations for growth.

Darius Hughes, UK General Manager for Moderna said:

We are proud to call Oxfordshire our home with the recent completion of construction of the Moderna Innovation and Technology Centre in Harwell. Today’s announcement demonstrates the government’s commitment to growth and innovation, and we look forward to delivering British-made vaccines to the UK public, advancing cutting-edge research, and strengthening partnerships in this globally significant region.

Steve Bates, CEO of the UK Bioindustry Association said:

The UK is a global leader in biotech innovation and attracts the most venture capital in Europe. New figures we’ve published this week show that biotech is a vibrant growth sector of the UK economy with an exceptional ability to attract global investment. Delivering the infrastructure needed to support the growth at pace – especially in the Oxford Cambridge growth corridor- is key to the success of our sector.

The government is continuing to work with local partners to deliver sustainable growth in Cambridge, with the additional homes and infrastructure the city needs. Peter Freeman and the Cambridge Growth Company are building the evidence base for an infrastructure-first growth strategy to realise the full potential of Cambridge and improve lives for residents.

The Chancellor today announced that delivery of a new East Coast Mainline station in Tempsford will be accelerated by 3-5 years. The station will link services directly to London, with services in under an hour. It will eventually also be an interchange with the East West Rail station.

The A428 (Black Cat to Caxton Gibbet) scheme will improve journeys between Milton Keynes, Bedford and Cambridge. The scheme will see a new 10-mile dual carriageway delivered, as well as three grade separated junctions, three tier at Black Cat roundabout (A1/A421) and two tier at Cambridge Road (B1428) and Caxton Gibbet (A428/A1198) junctions, respectively. Main construction began in December 2023 and the road is expected to open in 2027.

The Environment Agency have lifted their opposition to new development around Cambridge (Waterbeach and the Beehive centre). This unlocks the delivery of 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre. This demonstrates how the government, councils, and regulators are working together to find solutions that unlock growth and address environmental pressures.

The government has agreed water companies’ water resources management plans, including Cambridge Water’s, unlocking a now-confirmed £7.9bn investment in water resources in the next 5 years to provide a foundation for growth and improving our water infrastructure. These plans include nine new reservoirs, including the new Fens Reservoir serving Cambridge to South East Strategic Reservoir Option (Abingdon Reservoir) near Oxford.

The Chancellor will announce a new Growth Commission for Oxford, similar to the Cambridge Growth Company to bring together key stakeholders across the city and review how best to tackle the barriers that are constraining development of new housing and infrastructure to accelerate growth in the city.

AI Growth Zones, as recommended in the AI Action Plan launched by the PM earlier this month, are designated areas designed to fast-track the development of AI-focused data centres and supporting infrastructure. By concentrating government support on planning and energy, AIGZs aim to attract significant private investment, accelerate the build-out of critical AI infrastructure, and drive local economic regeneration. The first AI Growth Zone will be in Culham, Oxfordshire and the Chancellor today announced a ‘call for expressions of interest’ from regional and local authorities and industry, to inform the next stage of the AI Growth Zones programme. This will help us understand early opportunities and inform the next stage of the programme in what the government regards as a key growth sector in its modern Industrial Strategy.

On Monday 20th January the Health Secretary announced the Cambridge Cancer Research Hospital is being prioritised for investment as part of wave 1 of the New Hospital Programme. This scheme will improve cancer survival rates by centralising Cambridge University Hospital cancer services under one roof and will further improve the proposition for the life sciences sector in the region, with AstraZeneca and CRUK researchers co-located at the facility, integrating the clinical and research models of cancer services. In doing so it will help create three new research institutes to be integrated with NHS clinical care helping to provide 10 new clinical trials per year and foster increased collaboration between top scientists and clinicians.

The Chancellor will welcome Cambridge University’s plans for a new largescale innovation hub in the heart of the city. The Global Innovation Index (GII) 2024 has ranked Cambridge as the world’s leading science and technological cluster by intensity for the third consecutive year.

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Published 28 January 2025
MIL OSI United Kingdom –
January 29, 2025
MIL-OSI Canada: Federal government invests in improved flood protection in the Village of Tahsis
Source: Government of Canada regional news

From: Housing, Infrastructure and Communities Canada: https://www.canada.ca/en/housing-infrastructure-communities/news/2025/01/federal-government-invests-in-improved-flood-protection-in-the-village-of-tahsis.html (can01.safelinks.protection.outlook.com)

French version: https://www.canada.ca/fr/logement-infrastructures-collectivites/nouvelles/2025/01/le-gouvernement-federal-investit-dans-lamelioration-de-la-protection-contre-les-inondations-dans-le-village-de-tahsis.html (can01.safelinks.protection.outlook.com)

Improvements to flood protection infrastructure will help the Village of Tahsis become more resilient to riverbank and coastal floods after a combined investment of more than $2.8 million from the federal, provincial and local governments.

This project involves constructing two flood walls and an earth berm along North Maquinna Drive from north of Rogers Street to Head Bay Road to safeguard the village from extreme-weather events. These new protective measures will include internal drainage improvements such as catch basins, leads and flap gates along the roads. There will also be rock or other material installed to protect shoreline structures against water, wave or ice erosion and to stabilize the riverbank.

These upgrades will protect existing local public and private assets and essential infrastructure such as the public works yard, the fire hall, water supply and well pumping station, as well as schools, which are currently at risk of flooding from storms and rising sea levels.

Quotes:

“Our government is taking action to increase communities’ resilience and support people’s safety in the face of extreme weather events. Effective flood prevention measures help protect people, property and livelihoods. The Government of Canada will continue to work with our partners to mitigate the effects of natural disasters so that Canadians can continue to adapt in a changing climate.”

The Honourable Harjit Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada, on behalf of the Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities

“In Tahsis and communities throughout the province, we’re working to build a stronger and climate-ready future for everyone. These improvements in the Village of Tahsis will help protect people – including young students – and critical infrastructure from the growing threat of flooding for years to come.”

The Honourable Kelly Greene, B.C. Minister of Emergency Management and Climate Readiness

“On behalf of Tahsis council and the entire community, I thank the federal and provincial governments for recognizing the importance of protecting small, remote communities, like Tahsis, from climate-change impacts. The funding for this project means our residents, businesses, school and day care, first responders and critical infrastructure will be protected from future flood events.”

Martin Davis, Mayor of the Village of Tahsis

Quick Facts:
- The federal government is investing $1,156,861 through the Green Infrastructure Stream of the Investing in Canada Infrastructure Program.
- The Government of British Columbia is investing $963,954, and the Village of Tahsis is contributing $771,337, with support from the provincial government.
- The Government of Canada previously announced funding toward the first two phases of this project in June 2021.
- The Green Infrastructure Stream helps build greener communities by contributing to climate change preparedness, reducing greenhouse gas emissions, and supporting renewable technologies.
- Including today’s announcement, over 157 infrastructure projects under the Green Infrastructure Stream have been announced in British Columbia, with a total federal contribution of more than $600 million and a total provincial contribution of more than $428 million.
- Under the Investing in Canada Plan, the federal government is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
Learn More:

Investing in Canada: Canada’s Long-Term Infrastructure Plan: https://housing-infrastructure.canada.ca/plan/icp-publication-pic-eng.html

Green Infrastructure Stream: https://housing-infrastructure.canada.ca/plan/gi-iv-eng.html

Housing and Infrastructure Project Map: https://housing-infrastructure.canada.ca/gmap-gcarte/index-eng.html

Strengthened Climate Plan: https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/climate-plan-overview.html

MIL OSI Canada News –
January 29, 2025
MIL-OSI Australia: Updated Australia’s Disability Strategy to improve the lives of people
Source: Ministers for Social Services

29 January 2025

All governments have reaffirmed their commitment to building a more inclusive Australia, where all people with disability can participate on an equal basis, through the release of the updated Australia’s Disability Strategy 2021-2031.

As part of the joint response to the Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability, Commonwealth and state and territory governments all accepted the Royal Commission’s recommendation to review the Strategy.

During the review, people with disability, representative organisations and the Strategy’s Advisory Council shared their important perspectives on how governments can continue to improve the everyday lives of people with disability through the Strategy’s implementation.

Minister for Social Services Amanda Rishworth said the updated Strategy reflects what matters most to the disability community and outlines a roadmap to deliver change.

“This updated Strategy introduces an additional policy priority focused on addressing homelessness, a commitment to a new Community Engagement Plan and three new Targeted Action Plans, which focus on building more inclusive homes and communities; improving the safety, rights and justice for people with disability; and changing community attitudes,” Minister Rishworth said.

“These Targeted Action Plans set out the specific steps governments will take to drive change. For the first time, they also include a number of national actions that all governments will work on together, with the disability community, to ensure people with disability right across Australia experience the benefits.

“It remains important to all governments that our actions are guided by the voices and experiences of people with disability, and we have taken the opportunity to add new and updated evidence about the experiences of people with disability since the Strategy’s launch in 2021.”

Governments have also agreed to progress an Associated Plan under the Strategy, that will focus on making information and communications more accessible, including through the design and development of agreed standards.

“People with disability want greater and more diverse opportunities to take part in the decisions and design on matters that impact their lives, and we are committed to actively involving people with disability as we implement these changes,” Minister Rishworth said.

The updated Strategy release is accompanied by several supporting documents, including:
- Three new Targeted Action Plans
- The Third Targeted Action Plans Report
- A revised Data Improvement Plan
- Guide to Applying Australia’s Disability Strategy.
To learn more about the updated Strategy and supporting documents, visit disabilitygateway.gov.au/ads

MIL OSI News –
January 29, 2025
MIL-OSI Australia: Albanese Government delivering free broadband for 30,000 unconnected Australian families
Source: Australian Ministers 1

The Albanese Government has announced an additional $4.9 million in funding to NBN Co to extend the free School Student Broadband Initiative (SSBI) to 30 June 2028, to ease cost of living pressures and narrow the digital divide for unconnected families with school children.

More than 23,000 families across the country are already accessing free NBN broadband through the SSBI, and this additional funding will assist more families to access the program.

Families save around $1,000 a year through the program, and it allows children who otherwise would have difficulty accessing the internet connections that are crucial to modern learning to have the same opportunities as their peers.

The program was due to finish in 2025. The extension will now allow the free services to continue for new and existing families until 30 June 2028, with up to 30,000 places available in the program. It brings the Albanese Government’s total investment in the program to $13.7 million.

To be eligible, families and carers must:
- have a child living at home enrolled in an Australian school;
- have no active broadband service over the NBN network in the last 14 days; and
- live in a premises where they can access standard NBN services.
Once a family is assessed as eligible, they are issued with a unique voucher which they can redeem with one of the participating internet providers. The free service begins from the day the service is activated until 30 June 2028 and is available across all NBN technologies

To apply, families and carers are encouraged to contact the National Referral Centre run by Anglicare Victoria on 1800 954 610 (Mon–Fri, 10am–6pm AEDT) or visit: www.anglicarevic.org.au/student-internet.

For more information on the program visit: School Student Broadband Initiative (SSBI) | Department of Infrastructure, Transport, Regional Development, Communications and the Art.

Quotes attributable to the Minister for Communications, the Hon Michelle Rowland MP:

“The Albanese Government is building Australia’s future, and that means investing in our children and their education.

“The School Student Broadband Initiative is making a serious difference for thousands of families who now are able to enjoy the benefits of having reliable internet at home – a must in our increasingly digital world.

“It is a fantastic milestone that 23,000 families are now benefitting from this cost of living measure – with the extension meaning families have even more time to sign up and be supported by free NBN broadband.

“The program is helping Australians from all walks of life, including those who have escaped domestic and family violence, who no longer have to deal with the burden and uncertainty of mobile internet usage and data cost or the need to travel to use public Wi-Fi networks just so their children can complete their homework.

“The success of this program to date wouldn’t be possible without the support of NBN Co, retail service providers, state and territory governments, schools, community organisations and charities, and I thank them for their ongoing work to help the initiative reach even more families.”

MIL OSI News –
January 29, 2025
MIL-OSI Australia: Australian produce in high demand for Lunar New Year Celebrations in China
Source: Minister for Trade

The Lunar New Year marks exciting new opportunities for Australian food and agriculture exporters to China, with $20 billion worth of trade impediments now removed.

China’s consumers can celebrate the Year of the Snake by dining on a smorgasbord of Aussie cuisine, including delicious lobsters, the world’s best wines, and high-quality beef steaks.

The Albanese Labor Government has worked calmly and consistently to restore dialogue to Australia’s relationship with China and secure the removal of $20 billion of trade impediments.

Following the removal of the final trade impediments in December 2024, dining tables in China will now feature Australian live rock lobsters, a welcome outcome for Chinese consumers and Australian businesses alike.

Over 900 tonnes of live rock lobsters has already been exported to China since the removal of impediments. This has supported the jobs of 3,000 Australians employed in the industry, 2,000 of which are in Western Australia.

Australian fresh cherries are also highly prized as a gift to celebrate the Lunar New Year, and demand is expected to grow this financial year, after strong growth last year. Australia exported $14 million or 582 tonnes of cherries in 2023-24, an increase of 129 per cent in value and 137 per cent in volume.

Exports to China of Australian agricultural products previously affected by trade impediments have rebounded in 2024 year-on-year (January to October):
- barley increased 221 per cent in value;
- wine increased over 5,000 per cent in value; and
- timber logs (specifically, wood in the rough) increased over 8,000 per cent in value.
China remains Australia’s largest market for agricultural exports, worth $17.1 billion and accounting for around a quarter of total agricultural exports in 2023-24.

Quotes attributable to Foreign Minister Penny Wong:

“The Albanese Labor Government’s calm and consistent approach to our relationship with China is delivering for Australians and for our national interest.

“It’s the result of hard work and a responsible Government that doesn’t play reckless political games with Australia’s most important relationships.

“Labor will continue to support Australian businesses to sell their products to the world, including through our efforts to diversify our trade.”

Quotes attributable to Trade and Tourism Minister Don Farrell:

“Sustained engagement and advocacy by the Albanese Labor Government has resulted in the removal of around $20 billion of Chinese trade impediments, benefiting Australian farmers, exporters and our regions.

“But we will not rest on our laurels – we are committed to creating even more export opportunities for Australian farmers and producers.

“Every product we export means more national income and more well-paying Australian jobs.”

Quotes attributable to Agriculture, Fisheries and Forestry Minister Julie Collins:

“Australia has an outstanding reputation as a supplier of high-quality agricultural products in China.

“Our Government is focused on strengthening our trade relationships and expanding opportunities for Australia’s farmers and producers.

“In 2023-24, we recorded 88 market access achievements which opened, improved, maintained, or restored access for Australian businesses, including unlocking 10 new markets.

“Australia exports over 70 per cent of our agricultural, fisheries and forestry production to 169 markets globally – the most diversified trade has ever been – thanks to the Albanese Labor Government.”

MIL OSI News –
January 29, 2025
MIL-OSI USA: Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

Source: US Federal Emergency Management Agency

Headline: Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

ROSWELL, New Mexico — It has been just over three months since former President Joe Biden declared a major disaster for the state of New Mexico following the Oct. 19-20 Severe Storm and Flooding in Chaves County. To date, more than $24.6 million in federal assistance has been approved for New Mexican families affected by the disaster.FEMA and the U.S. Small Business Administration (SBA) have approved grants and loans for more than 3,000 recovering homeowners, renters and businesses in Chaves County. This assistance helps pay for eligible losses and disaster-related damage repair and replacement of homes and personal property, temporary housing, cleaning and sanitizing, moving and storage, childcare, medical and dental expenses and other needs of New Mexicans affected by the storm and flooding.“FEMA collaborates closely with all our federal, state and local stakeholders to help New Mexicans affected by the disaster as they recover. We must remember that this is a long-term effort, but one that will be critical in building a more resilient and stronger Roswell,” said José Gil Montañez, Federal Coordinating Officer for New Mexico.As of Jan. 27, FEMA Individual Assistance totaled more than $17.8 million in grants to eligible homeowners and renters, including:More than $8.88 million in housing grants to help pay for home repair, home replacement and rental assistance for temporary housing.  More than $8.94 million in grants to help pay for personal property replacement and other serious disaster-related needs, such as moving and storage fees, transportation, childcare, and medical and dental expenses. FEMA Voluntary Agency Liaisons (VALs)The VALs mission is to establish, foster and maintain relationships among government, voluntary, faith-based and community partners. Through these relationships, the VALs support the delivery of inclusive and equitable services and empower and strengthen capabilities of communities to address disaster caused unmet needs. In addition, VALs coordinate with local partners to assist with the collection and distribution of in-kind and monetary donations to aid in the Chaves County recovery process. By coordinating appeals through local Voluntary Organizations Active in Disasters (VOADs), the VALs have identified nearly $146,000 in additional FEMA Individual Assistance for Chaves County recovery. State and local VOADs have also distributed more than $461,000 in financial assistance to Chaves County survivors to support immediate needs and recovery efforts.Public Assistance  FEMA’s Public Assistance (PA) program for the October flooding reimburses the state, counties, local governments, tribes, and certain private nonprofits (including houses of worship) for eligible costs of disaster-related debris removal and emergency protective measures. PA in Chaves County is available, on a cost -sharing basis: FEMA pays 75%, the state 25%. FEMA has received eight applications for project funding under the PA program. Of those, seven projects are now under review. Small Business AdministrationThe U.S. Small Business Administration (SBA) has approved more than $6.8 million in long-term, low-interest disaster loans to homeowners, renters, businesses and non-profit organizations. Of that amount, more than $6 million was approved for homeowners and renters with over $2.9 million distributed. Approving more than $476,000 to Chaves – County business, SBA has distributed over $300,000 to assist in their recovery.Applicants may apply at https://lending.sba.gov. Business owners also may apply in-person by visiting SBA Business Recovery Center at the Eastern New Mexico University Roswell Arts and Sciences Center. The deadline to apply to SBA for property damage was Jan, 2, 2025. The deadline to apply for economic injury is Aug. 1, 2025.For the latest information on the Chaves County recovery, visit fema.gov/disaster/4843. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and facebook.com/femaregion6
alexa.brown
Tue, 01/28/2025 – 20:43

MIL OSI USA News –

January 29, 2025
MIL-OSI Security: Woman Sentenced for Fraud Scheme Involving Claims for Unnecessary Respiratory Tests Submitted with COVID-19 Tests

Source: United States Attorneys General

A California woman was sentenced today to nine years in prison for her role in fraudulently submitting claims to governmental and private insurance programs during the COVID‑19 pandemic for expensive respiratory pathogen panel (RPP) tests that were medically unnecessary and never ordered by health care providers.

According to court documents, Lourdes Navarro, 66, of Glendale, and Imran Shams owned and controlled Matias Clinical Laboratory, doing business as Health Care Providers Laboratory (HCPL). Navarro and Shams conspired to obtain nasal swab specimens that enabled HCPL to test for COVID-19, as well as to obtain testing orders from physicians and other medical professionals. The specimens were collected from, among others, residents and staff at nursing homes, assisted living facilities, rehabilitation facilities, and similar types of facilities, and from students and staff at primary and secondary schools, for the purported purpose of conducting screening tests to identify and isolate individuals infected with COVID-19. However, Navarro and Shams caused HCPL to perform RPP tests on most of the specimens, even though only COVID-19 testing had been ordered and there was no medical justification for conducting RPP tests on asymptomatic individuals who needed only COVID-19 screening tests. Through HCPL, Navarro and Shams billed approximately $369 million for the RPP tests to Medicare, the Health Resources and Services Administration COVID-19 Uninsured Program, and a private health insurance company, and were reimbursed approximately $46.7 million for fraudulent claims.

Navarro was also ordered to forfeit $11,662,939 in funds that the government had previously seized from three bank accounts. The total amount seized and forfeited from Navarro and Shams is $14,518,485. Navarro also was ordered to pay $46,735,400 in restitution.

Navarro pleaded guilty on Oct. 5, 2023, to conspiracy to commit health care fraud and wire fraud. Shams pleaded guilty on Jan. 24, 2023, in the Central District of California to conspiracy to commit health care fraud and concealment of his exclusion from Medicare and was sentenced to 10 years in prison on Jan. 30, 2024. In addition, on May 29, 2024, Shams was sentenced to five years in prison in connection with his 2017 plea in the Eastern District of New York to conspiracy to commit money laundering, conspiracy to pay and receive kickbacks, and defrauding the United States by obstructing the lawful functions of the IRS, of which three years were ordered to run consecutive to the Central District of California sentence.

Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Rochelle Wong of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

The FBI and HHS-OIG investigated the case.

Trial Attorneys Gary A. Winters and Raymond E. Beckering III of the Criminal Division’s Fraud Section prosecuted the case. Assistant U.S. Attorney Maxwell Coll for the Central District of California handled the financial penalties.

The Justice Department’s COVID-19 Fraud Enforcement Task Force marshals the resources of the department in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The task force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, visit www.justice.gov/coronavirus.

MIL Security OSI –

January 29, 2025
MIL-Evening Report: Trump 2.0 chaos and destruction — what it means Down Under

What will happen to Australia — and New Zealand — once the superpower that has been followed into endless battles, the United States, finally unravels?

COMMENTARY: By Michelle Pini, managing editor of Independent Australia

With President Donald Trump now into his second week in the White House, horrific fires have continued to rage across Los Angeles and the details of Elon Musk’s allegedly dodgy Twitter takeover began to emerge, the world sits anxiously by.

The consequences of a second Trump term will reverberate globally, not only among Western nations. But given the deeply entrenched Americanisation of much of the Western world, this is about how it will navigate the after-shocks once the United States finally unravels — for unravel it surely will.

Leading with chaos
Now that the world’s biggest superpower and war machine has a deranged criminal at the helm — for a second time — none of us know the lengths to which Trump (and his puppet masters) will go as his fingers brush dangerously close to the nuclear codes. Will he be more emboldened?

The signs are certainly there.

President Donald Trump 2.0 . . . will his cruelty towards migrants and refugees escalate, matched only by his fuelling of racial division? Image: ABC News screenshot IA

So far, Trump — who had already led the insurrection of a democratically elected government — has threatened to exit the nuclear arms pact with Russia, talked up a trade war with China and declared “all hell will break out” in the Middle East if Hamas hadn’t returned the Israeli hostages.

Will his cruelty towards migrants and refugees escalate, matched only by his fuelling of racial division?

This, too, appears to be already happening.

Trump’s rants leading up to his inauguration last week had been a steady stream of crazed declarations, each one more unhinged than the last.

He wants to buy Greenland. He wishes to overturn birthright citizenship in order to deport even more migrant children, such as “pet-eating Haitians” and “insane Hannibal Lecters” because America has been “invaded”.

It will be interesting to see whether his planned evictions of Mexicans will include the firefighters Mexico sent to Los Angeles’ aid.

At the same time, Trump wants to turn Canada into the 51st state, because, he said,

“It would make a great state. And the people of Canada like it.”

Will sexual predator Trump’s level of misogyny sink to even lower depths post Roe v Wade?

Probably.

Denial of catastrophic climate consequences
And will Trump be in even further denial over the catastrophic consequences of climate change than during his last term? Even as Los Angeles grapples with a still climbing death toll of 25 lives lost, 12,000 homes, businesses and other structures destroyed and 16,425 hectares (about the size of Washington DC) wiped out so far in the latest climactic disaster?

The fires are, of course, symptomatic of the many years of criminal negligence on global warming. But since Trump instead accused California officials of “prioritising environmental policies over public safety” while his buddy and head of government “efficiency”, Musk blamed black firefighters for the fires, it would appear so.

Will the madman, for surely he is one, also gift even greater protections to oligarchs like Musk?

Trump has already appointed billionaire buddies Musk and Vivek Ramaswamy to:

“…pave the way for my Administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure Federal agencies”.

So, this too is already happening.

All of these actions will combine to create a scenario of destruction that will see the implosion of the US as we know it, though the details are yet to emerge.

The flawed AUKUS pact sinking quickly . . . Australian Prime Minister Anthony Albanese with outgoing President Joe Biden, will Australia have the mettle to be bigger than Trump. Image: Independent Australia

What happens Down Under?
US allies — like Australia — have already been thoroughly indoctrinated by American pop culture in order to complement the many army bases they house and the defence agreements they have signed.

Though Trump hasn’t shown any interest in making it a 52nd state, Australia has been tucked up in bed with the United States since the Cold War. Our foreign policy has hinged on this alliance, which also significantly affects Australia’s trade and economy, not to mention our entire cultural identity, mired as it is in US-style fast food dependence and reality TV. Would you like Vegemite McShaker Fries with that?

So what will happen to Australia once the superpower we have followed into endless battles finally breaks down?

As Dr Martin Hirst wrote in November:

‘Trump has promised chaos and chaos is what he’ll deliver.’

His rise to power will embolden the rabid Far-Right in the US but will this be mirrored here? And will Australia follow the US example and this year elect our very own (admittedly scaled down) version of Trump, personified by none other than the Trump-loving Peter Dutton?

If any of his wild announcements are to be believed, between building walls and evicting even US nationals he doesn’t like, while simultaneously making Canadians US citizens, Trump will be extremely busy.

There will be little time even to consider Australia, let alone come to our rescue should we ever need the might of the US war machine — no matter whether it is an Albanese or sycophantic Dutton leadership.

It is a given, however, that we would be required to honour all defence agreements should our ally demand it.

It would be great if, as psychologists urge us to do when children act up, our leaders could simply ignore and refuse to engage with him, but it remains to be seen whether Australia will have the mettle to be bigger than Trump.

Republished from the Independent Australia with permission.

MIL OSI Analysis – EveningReport.nz –

January 29, 2025
MIL-OSI Submissions: Africa Analysis – Perennial War in DRC is a Scorn at Africa’s sovereignty

Analysis by Mike Omuodo

A phone vibration drew my attention to an incoming message – a friend had sent a message with an attachment and a note reading, “This is so sad and needs to stop! The message was followed by some crying emojis.

Curious, I opened the attachment. It was a photo of some of the carnage in the Democratic Republic of Congo (DRC) – to be precise, the photo of corpses of those killed in the DRC’s never ending war, piled like some wastes from a city garbage truck. My heart bled for the children and women of DRC, the main victims of this horrendous war!

The war in the Democratic Republic of Congo, which has killed over 6 million people over decades, stands as a stark reminder of the continent’s internal and external challenges. Despite Africa’s rich history, cultural diversity, and growing potential, the persistent violence in the DRC represents a failure of both African leadership and the international community to address a crisis that undermines the very notion of African unity, independence, and self-determination.

The DRC, endowed with an abundance of natural resources—diamonds, gold, copper, coltan—should be one of Africa’s most prosperous countries. Instead, it has become a battlefield where local militias, foreign corporations, and regional powers exploit its riches, leaving its people in poverty and suffering. This is a direct affront to the vision of African sovereignty, which seeks to ensure that African resources benefit Africans and not external actors or corrupt elites.

The inability of African nations to decisively intervene and resolve the conflict in the DRC highlights a painful reality: while African leaders have championed unity and cooperation through platforms like the African Union (AU), they have largely failed to protect one of their own from decades of exploitation and war. The silence and inaction of many African governments on the DRC crisis is a scorn to the idea of Pan-Africanism, which promises solidarity and collective action in the face of injustice.

The war in the DRC is also a reflection of how foreign interests continue to meddle in African affairs, undermining Africa’s sovereignty. Since colonial times, external powers have exploited the DRC for its natural resources, leaving the country in a state of perpetual conflict. Today, multinational corporations and foreign governments continue to benefit from the illegal extraction of the DRC’s minerals, funding armed groups and prolonging instability.

African leaders have a moral and political obligation to assert Africa’s control over its own resources and territory. Allowing foreign actors to dictate the fate of one of the continent’s richest nations not only diminishes the sovereignty of the DRC but also weakens the entire continent’s ability to defend its economic and political interests.

Failed Governance

At the heart of the DRC crisis is the failure of governance. While external actors have played a significant role in the conflict, internal divisions, corruption, and weak leadership within the DRC have exacerbated the situation. Successive governments have struggled to maintain control over vast portions of the country, allowing warlords and militias to fill the power vacuum.

However, the broader failure lies in the inability of African leaders to come together and address these internal issues through diplomatic pressure, peace-building, and robust intervention. Instead, some regional powers have been accused of further destabilizing the country by supporting rebel groups and exploiting the chaos for their own gains. This lack of leadership not only prolongs the suffering of millions of Congolese but also erodes trust in Africa’s ability to solve its own problems.

Strategic Imperative

This war shouldn’t be seen merely as Congo’s problem but as a moral and strategic imperative for the entire African continent. The ongoing conflict undermines Africa’s collective goals of peace, security, and economic development. It destabilizes a region that is critical to the future of Africa, limits economic growth, and diverts attention from pressing continental issues such as poverty alleviation, infrastructure development, and healthcare.

Allowing the DRC to remain in a state of war or even degenerate further into the abyss reflects poorly on the African Union and regional organizations like the East African Community and Southern African Development Community (SADC), which have the capacity to mediate and intervene. If African leaders do not act now to stop the violence and build sustainable peace, it will signal a failure to live up to the founding principles of these organizations and African independence itself.

Reclaiming sovereignty

This war is not just a humanitarian catastrophe; it is a direct challenge to Africa’s ability to assert control over its own destiny. The conflict has exposed the fragility of African sovereignty and the vulnerability of the continent’s vast resources to external exploitation. To truly live up to the promise of a united, independent, and prosperous Africa, African leaders must rise to the occasion, reclaim the DRC’s sovereignty, and bring an end to this senseless war.

Inaction or passive diplomacy will only deepen the wounds and prolong the suffering. It’s time for Africa to lead by example, assert its political will, and save the DRC from becoming a permanent scar on the continent’s legacy. The war in the DRC cannot be allowed to continue as a scorn upon Africa’s sovereignty.

* The writer is a pan-African Public Relations and Communications expert based in Nairobi, Kenya.

MIL OSI – Submitted News –

January 29, 2025
MIL-OSI United Kingdom: expert reaction to report by World Weather Attribution looking at climate change attribution of the LA wildfires

Source: United Kingdom – Executive Government & Departments

January 28, 2025

A report by by the World Weather Attribution (WWA) looks at climate change and the likelihood of wildfire disaster in LA.

Prof Gabi Hegerl FRS, Professor of Climate System Science, University of Edinburgh, said:

“Given the short timeline that WWA aims for this is a very thorough analysis of the role of climate change and also El Nino conditions contributing to the fires in Los Angeles. The authors determine several factors that have contributed to this disaster, from severely dry conditions to high fire weather indices, late arrival of winter rains etc. Several of these factors point to high fire risk, both due to El Nino conditions and global warming. Overall the paper finds that climate change has made the Los Angeles fires more likely despite some statistical uncertainty. This is a carefully researched result that should be taken seriously. El Ninos come and go, but as long as the climate warms we will continue to see increasing risk of this hazard. Adapting to it will help, and the authors make some suggestions, but this example is one of many of how climate change increases the risk of deadly and costly disasters.”

Dr Karsten Haustein, Climate Scientist, Leipzig University, said:

“I remember a stark and dire warning of an US-based weather forecaster just before the fires. Sadly, he was absolutely spot on. The extremely hazardous mix of dry and windy conditions led to unprecedented destruction, displacing tens of thousands of people and costing billions of dollars. Naturally, folks want to know what role climate change played in this catastrophic disaster.

“Following two very rapid attribution studies by teams from UCLA (California) and IPSL-CNRS (France), now WWA has released their comprehensive rapid attribution study. The former two have already highlighted that climate change did play a role and made the fires more likely. Especially the so-called ‘hydroclimate whiplash’, where wetter than average years are followed by drier than average years, contributed to the devastating outcome. While these year-to-year variations are normal given the strong ENSO teleconnection in the region (El Niño leads to wetter conditions and vice versa for La Niña), now wet gets wetter and dry gets drier for longer.

“Hence one of the key messages of the WWA study is that the dry season in the region lasts longer than it used to be (23 days), increasing the risk for very dry conditions to overlap with strong (St Ana) winds, which occur mainly in winter. While WWA does not find increasing wind speeds during St Ana events, they do find that the risk for such a dry season has already increased by 35%, with a 6% increase in fire intensity.

“WWA highlights that a more in-depth analysis is required to make conclusive statements about changes in atmospheric circulation that favour such cut-off lows. But the thermodynamic climate change fingerprint (drier and warmer) is clearly present. So is the problem of exposure in the region. Houses are not build to withstand fire. Instead, they are fuelling the fires. A tinderbox when combined with built up vegetation from the preceding two wet seasons. All these aspects are meticulously discussed in WWA’s new attribution study.

“Their press release accurately summarises the scientific findings. The team involved was larger than ever, including the UCLA colleagues mentioned above. All methods used to conduct the analysis are peer-reviewed. The results do confirm prior research such as, for example, the hypothesised ‘hydroclimate whiplash’. The team also mentions the deficits of global climate models to simulate such wind events, which is why no attribution statement regarding the frequency of occurrence or magnitude of the St Ana winds is made.”

‘Climate change increased the likelihood of wildfire disaster in highly exposed Los Angeles area’ by Clair Barnes et al. was published by World Weather Attribution at 22:00 UK time on Tuesday 28 January 2025.

Declared interests

Prof Gabi Hegerl: “No competing interests, occasional collaboration with some of the study’s authors.”

Dr Karsten Haustein: “No conflict of interests.”

MIL OSI United Kingdom –

January 29, 2025
MIL-OSI Canada: Full speed ahead: fast-tracking permit approvals
[. Alberta’s new “Automatic Yes Toolkit” for permits makes life better for Albertans by reducing red tape, speeding up project timelines and creating more opportunities for businesses and individuals to thrive – all while ensuring health, safety and environmental protections remain in place. By addressing long wait times and improving efficiency, this initiative aims to prevent project delays, create jobs and drive economic growth across the province.

The Automatic Yes Toolkit enables government to identify permits that can benefit from faster decision-making processes. For lower-risk and routine activities such as Water Act applications, permit approvals will be replaced with clear operating requirements, freeing up resources to focus on more complex applications. For permits requiring detailed reviews, the toolkit introduces mandatory time limits for government decisions, providing greater certainty for applicants.

“While we have met our commitment to reduce red tape by 33 per cent, we are continuing to implement leaner, streamlined processes by adopting an Automatic Yes Toolkit. Business leaders and Albertans have told us that wait times for permit decisions can take too long, so we’ve designed the toolkit to address those concerns, while still maintaining the appropriate health, safety and environmental protections.”

Dale Nally, Minister, Service Alberta and Red Tape Reduction

The Automatic Yes toolkit incorporates three approaches – Code of Practice (COP), Permit-by-Rule (PBR), and Shot Clock – to be used as additional policy tools to support reduction in permit decision timelines. Each approach is tailored to degrees of regulatory risk, ranging from low-risk activities that pose minimal harm to the environment and public health and safety, to medium-risk activities that may require more extensive review and oversight.

As these tools are implemented, Albertans applying for permits can expect shorter wait times and fewer project delays. This ensures that government resources are allocated more effectively while safeguarding public health, safety and the environment.

“The Automatic Yes Toolkit is a big step forward for Alberta’s small businesses. By speeding up permit approvals, entrepreneurs will have more time to focus on growth and job creation instead of navigating bureaucracy. This kind of efficiency is exactly what businesses need to thrive.”

Dan Kelly, president, Canadian Federation of Independent Businesses

Even with the Automatic Yes Toolkit in place, Alberta’s government will retain the ability to deny permits when necessary and appropriate, as well as undertake the appropriate enforcement actions when violations have occurred.

Quick facts
- The Automatic Yes Toolkit will only be applied to permits categorized as high-risk activities if all assurances can still be met.
- Alberta already leverages COPs and PBRs for various activities, and various jurisdictions across North America, such as Ontario, British Columbia and Texas, have also applied some of the “Automatic Yes” approaches to streamline their permit approval processes. However, with the introduction of the Automatic Yes Toolkit, Alberta now has a more comprehensive approach for streamlining and accelerating permit approvals.
Related information
- Cutting Red Tape
- Implementing red tape reduction
Multimedia
- Watch the news conference
MIL OSI Canada News –
January 29, 2025
MIL-OSI New Zealand: Speed limit reduction reversals begin
Source: New Zealand Government

Reversals to Labour’s blanket speed limit reductions begin tonight and will be in place by 1 July, says Minister of Transport Chris Bishop.

“The previous government was obsessed with slowing New Zealanders down by imposing illogical and untargeted speed limit reductions on state highways and local roads.

“National campaigned on reversing the blanket speed limit reductions at the last election, and over 65 per cent of submitters during consultation on the Land Transport Rule: Setting of Speed Limits 2024 agreed.

“Reversing the speed limit reductions where safe to do so is also part of the National-ACT coalition agreement.

“Where Labour was about slowing New Zealand down, the coalition Government is all about making it easier for people and freight to get from A to B as quickly and efficiently as possible, which will help drive economic growth and improved productivity.”

The Land Transport Rule: Setting of Speed Limits 2024 requires NZTA and local councils to reverse all speed limits lowered since January 2020 on several categories of roads back to their previous limits by 1 July 2025.

“Labour’s Kieran McAnulty said recently that as Associate Transport Minister under the previous government he’d asked NZTA to review the SH2 Wairarapa speed limit, and that they told him no. It seems he just shrugged and accepted that,” Mr Bishop says.

“Today provides a classic example of our Government’s determination to stop letting government agencies put things in the too-hard basket, and instead to push forward for actual results.

“Today provides a classic example of our Government’s determination to stop letting government agencies put things in the too-hard basket, and instead to push forward for actual results.

“The first state highway to reverse will be the section of SH2 between Featherston and Masterton, where the speed limit reduction in early 2023 under the previous government met with huge community hostility – the exact road that Kieran McAnulty failed to get any action on. This change which will take effect overnight tonight.

“To ensure this process happens efficiently, over the next few months NZTA will incorporate the automatic speed reversal work alongside planned maintenance and project works.

“I have also released a further list of 49 sections of state highway for further public consultation so local communities can have their say on keeping their current lower speed limit or returning to the previous higher speed. Public consultation on those sections begins tomorrow and will run for six weeks.

“In terms of local road changes, councils have until 1 May 2025 to advise NZTA of the specified roads subject to reversal under the new Rule.”

The new rule requires reduced variable speed limits outside schools during pick up and drop off times.

“We are prioritising the safety of Kiwi kids by introducing reduced speed limits outside schools during pick-up and drop-off times. We want to see these changes brought about quickly,” Mr Bishop says.

“By 1 July 2026, local streets outside a school will be required to have a 30km/h variable speed limit. Rural roads that are outside schools will be required to have variable speed limits of 60km/h or less.

“Throughout the world, 50km/h is used as the right speed limit to keep urban roads flowing smoothly and safely. The evidence on this is clear – comparable countries with the lowest rates of road deaths and serious injuries, such as Norway, Denmark, and Japan, have speed limits of 50km/h on their urban roads, with exceptions for lower speed limits.

“These countries have strong road safety records, targeting alcohol, drugs, and speeding. Our Government has a clear focus on improving road safety outcomes with clear targets to ensure Police are focussed on the most high-risk times, behaviours, and locations.”

Notes to editor:

Attached fact sheets:
- 38 sections of state highway for speed limit auto reversal
- 49 sections of state highway for community consultation
Under the Setting of Speed Limits Rule signed by previous Transport Minister Simeon Brown in September 2024, the NZ Transport Agency (NZTA) and councils are required to reverse all speed limits lowered since January 2020 on several categories of specified roads back to their previous limits by 1 July 2025.

To give effect to the new Rule, NZTA will automatically reverse speed limits on 38 sections of the state highway network back to their previous higher speed limit, and publicly consult on a further 49 sections before final decisions are made whether to reverse them or not.

Public consultation on 49 sections of state highway will begin on 30 January 2025 and run for six weeks.

Further note:

The reference to Mr McAnulty’s comments regarding SH2 in the Wairarapa is taken from Kate Judson’s article in The Wairarapa Times-Age, Jan 25 2025: Slow road back to 100kph for Wairarapa motorists:

Labour list MP Kieran McAnulty said he was not convinced SH2 speeds south of Greytown would change by July because the decision rested with NZTA.

“It wouldn’t surprise me if they said they’ll put it up to 100kph if the road gets improved,” he said.

“I know how resolute NZTA were on it. I was associate transport minister and looked them in the eye and said, ‘I want you to review the speed limit,’ and they said no.”

MIL OSI New Zealand News –
January 29, 2025
MIL-OSI USA: A Vision for Missouri’s Future: Strengthening Integrity and Service

Source: US State of Missouri

Opinion Editorial Available for Immediate Distribution: January 28, 2025

A Vision for Missouri’s Future: Strengthening Integrity and Service

By Missouri Secretary of State Denny Hoskins, CPA

It is with great humility and excitement that I step into the role of Missouri’s 41st secretary of state. My journey from the legislature to this office has given me a deep appreciation for the responsibilities entrusted to us by the people of Missouri. I had the honor of speaking before the Missouri Press Association in our state capitol this week. Now, with just over a week on the job, I want to share some reflections and goals as we embark on this journey together.

One of my core commitments is upholding election integrity. Missourians deserve elections that are secure, transparent, and reflective of their will. To this end, we are auditing voter rolls to ensure they are accurate and free of outdated entries. I have also appointed a new Director of Election Integrity, Nick La Strada, whose expertise will be instrumental in achieving this goal. As we explore policies such as proof of citizenship for voter registration, our focus remains clear: protecting the integrity of our elections while ensuring compliance with the law.

Another area of focus is securities regulation. Missouri is one of the few states where the secretary of state appoints a Securities Commissioner, and I am proud to have selected Representative Michael O’Donnell, whose financial and markets expertise and leadership will serve Missourians well. Our approach will balance protecting investors, especially seniors, with fostering transparency in financial markets. For example, while we believe individuals should have the freedom to invest in funds that align with their values, clear disclosures are vital to inform investors of the risks and goals associated with their investments, if maximizing shareholder return is not the funds main objective.

The State Library and Archives are also critical pillars of this office. They serve as custodians of Missouri’s history and enablers of lifelong learning. We will continue to support these essential services while ensuring they remain accessible to all Missourians.

Lastly, I am committed to engagement and transparency. Former Secretary Jay Ashcroft set a precedent of visiting every county annually and I plan on continuing this tradition. Connecting directly with citizens ensures we understand their needs and concerns. Furthermore, as we improve our digital presence and launch new initiatives like podcasts, we aim to better communicate the great work happening in our state.

Missouri is a state rich in history, opportunity, and community. As your secretary of state, I am honored to lead an office that touches so many aspects of daily life from supporting businesses to preserving our heritage. Together, we will build a stronger, more transparent, and more prosperous Missouri.

Thank you for your trust. I look forward to serving you.

For media inquiries or additional information, please contact:
Rachael Dunn, Director of Communications
[email protected]
JoDonn Chaney, Deputy Director of Communications
[email protected]

About Denny Hoskins
Denny Hoskins, CPA, was elected to the office of Missouri Secretary of State in November 2024. Prior to his election, Hoskins served as a member of the Missouri Senate, where he worked on a variety of initiatives to support Missouri’s economy, improve transparency, and ensure the protection of citizens’ rights. He has a strong background in business and public service and is committed to building a more efficient and accountable government in Missouri.

Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.

MIL OSI USA News –

January 29, 2025
MIL-OSI USA: SECURING MISSOURI’S FUTURE: Governor Kehoe Delivers First State of the State Address
Source: US State of Missouri

JANUARY 28, 2025

Jefferson City — JEFFERSON CITY, MO – Today, Governor Mike Kehoe delivered his first State of the State Address to the Missouri General Assembly, outlining his legislative and budget priorities for Fiscal Year 2026 (FY26).

Governor Kehoe opened his first address to the 103rd General Assembly by reflecting on lessons learned to stay humble from his mentor, Dave Sinclair, with a commitment to working with the members of the legislature during his time as governor.

“I said earlier that I will never forget my roots. Well, I’ve sat where you sit. I understand the pressures you face. And I want to work with you—not against you—because I believe we can only secure Missouri’s future if we work together,” said Governor Kehoe.

Governor Kehoe’s speech focused on the policy priorities that have remained a central focus at the start of his administration, beginning with public safety.

“Any efforts we may make to improve the lives of Missourians–whether it be education opportunities, cutting taxes, or expanding childcare–none of it matters if Missourians aren’t safe,” Governor Kehoe said. “Securing Missouri’s future begins with public safety.”

Public Safety

During his speech, Governor Kehoe discussed the actions his administration took on Inauguration Day, signing six executive orders developed based on input from law enforcement to launch the Safer Missouri initiative.

To support law enforcement recruitment and retention efforts, Governor Kehoe’s budget recommends funding to bolster the existing Missouri Blue Scholarship Program for law enforcement basic training and $10 million in new funding to assist local communities who prioritize public safety with equipment and training needs through the Blue Shield Program.

The budget also includes $2.5 million to support the sheriff’s retirement system for another year, and funding for a new crime lab in Cape Girardeau, serving the Missouri State Highway Patrol Troop E region.

As part of the Safer Missouri initiative, Governor Kehoe urged the General Assembly to pass a comprehensive crime bill that includes increasing penalties for crimes like violent rioting and fleeing from law enforcement in a vehicle, cracking down on criminals who participate in reckless stunt driving and street racing, and efforts to increase oversight and accountability of the St. Louis Metropolitan Police Department.

To combat the fentanyl crisis and identify areas of high fentanyl use in schools across the state, Governor Kehoe’s budget includes a $4 million investment for fentanyl testing in wastewater systems at schools. Governor Kehoe also encouraged the legislature to take action on increasing penalties for fentanyl trafficking.

Economic Development

Governor Kehoe emphasized his efforts to make Missouri a welcoming state for business investment. From manufacturers, to retail, to Missouri’s sports teams: businesses who provide jobs and opportunities to Missourians are an important part the state’s economic success.

In order to compete with other states, the Kehoe Administration will focus on reducing taxes and cutting regulations, so families keep more of their own money, and so job creators look at our state to expand and hire more hard-working Missourians.

Governor Kehoe announced that he has directed the Missouri Department of Revenue to work with his staff on a sustainable and comprehensive plan to eliminate the individual income tax once and for all.

And, knowing that infrastructure and economic development go hand in hand, Governor Kehoe’s budget includes a reappropriation of last year’s 100 million dollars for rural road improvements to ensure all of those funds are invested in rural infrastructure.

Governor Kehoe’s speech focused largely on solving the biggest challenge to the child care crisis: addressing the current regulatory environment.

In an effort to make the child care regulations easier to understand and navigate, Governor Kehoe issued Executive Order 25-15, charging the Department of Elementary and Secondary Education-Office of Childhood with a complete re-write of the child care regulations.

The budget also includes $10 million to offer grant funding opportunities to support partnerships between employers, community partners, and the child care industry to make more child care slots available for Missouri families.

In an effort to provide timely payments for the child care providers who partner with the state to provide care, providers will receive payments from the state at the beginning of the month on enrollment, starting in fiscal year 2026.

To build on Missouri’s career and technical education opportunities, Governor Kehoe’s budget includes $15 million in new funding to address equipment, space, and operational needs of career and technical centers across the state, as well as an increase of $5 million on an annual basis to support increased operational costs.

The budget includes increased funding to expand career counseling to more high schools across the state, so that students can talk to school counselors about their future career path, whether that includes college or not.

Governor Kehoe also signed Executive Order 25-16 establishing the Governor’s Workforce of the Future Challenge, instructing DESE to put a plan in place for better coordination among key stakeholders, including K-12 schools, local business and industry, and higher education to improve the state’s career and technical education programs and infrastructure.

Agriculture

Securing the future of agriculture also means investing in the next generation. Governor Kehoe’s budget includes $800,000 in permanent funding for Missouri FFA.

Additionally, the budget includes $55 million in new bonding to support the construction of a 40,000 square foot covered multi-use livestock barn and 80,000 square foot stalling barn to house equine and other livestock at the Missouri State Fair’s new arena, which was previously supported by the legislature and is now under construction.

Education

Governor Kehoe is a proud supporter of education in all of its forms–public schools, private schools, charter schools–as long Missouri’s children are getting a quality education that best meets their needs.

To expand school choice, Governor Kehoe urged the General Assembly to pass voluntary open enrollment in public schools.

Governor Kehoe’s budget also includes $50 million in general revenue funding to bolster the ESA program.

This year, Governor Kehoe’s budget recommends a $200 million increase for the Foundation Formula, the largest increase since the current Formula was created. And, over $370 million to fully fund the state’s commitment for school transportation needs. For teachers, the budget includes $33 million to fund teacher salaries. Additionally, the budget includes $30 million for Small School Grants to support the continued success of our small rural school districts, the heartbeat of their communities.

Governor Kehoe also signed Executive Order 25-14 establishing the School Funding Modernization Task Force to recommend changes to the Foundation Formula to better serve students and families.

Government Improvements
To continue to recruit and retain quality state team members, Governor Kehoe announced a statewide time of service pay plan increase for state employees.

Governor Kehoe also previewed action on DEI programs in state government and support for creating Missouri’s own version of a DOGE initiative. He committed to working with the General Assembly on these efforts in the coming weeks.

During his speech, Governor Kehoe recognized special guests for their achievements and commitment to the people of Missouri:

Special Guests of the Governor
- Lizzy Schott
- Safer Missouri Initiative Group
- Alena Malone
- Adeline Thessen
- USS Missouri Crew Members
Governor Kehoe emphasized there are safer choices than abortion in Missouri and committed to helping pregnant women know these exist, including the Pregnancy Resource Centers across the state. The budget includes support for alternatives to abortion with $4 million in additional funding to benefit expecting and new mothers, a more than 50% increase to existing services.

Governor Kehoe closed the speech thanking veterans and service members, adding that his proposed budget includes an additional $10 million of general revenue funding to our Missouri Veterans Homes.

“Our work in this building is only possible because of those who came before us: the sacrifices of our brave service men and women,” said Governor Kehoe. “Under the Kehoe Administration, NO veterans home will close due to a lack of state funding.”

To view a full transcript of Governor Kehoe’s speech and special guest bios, please see attachments. To view the FY2026 Budget in Brief, please see attachment.

The FY26 Executive Budget will be available here at 3:00 p.m. To view the executive orders signed by Governor Kehoe, visit this link.

Pictures from today’s events, including special guests, will be available on Flickr. An archived video of the 2025 State of the State is available at mo.gov/live.

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MIL OSI USA News –
January 29, 2025
MIL-OSI USA: U.S. News & World Report Ranks UConn’s Graduate Business Programs Among the Best Online

Source: US State of Connecticut

Three UConn School of Business programs are ranked among the 2025 Best Online (Non-MBA) Programs by U.S. News & World Report.

The Financial Technology (FinTech), Human Resources Management (MSHRM), and Master of Science in Accounting (MSA) ranked as No. 12 in the nation. The recognition is particularly gratifying because the first two programs are newcomers to the rankings, having just become eligible for assessment. The MSA program is a long-established program.

“We are proud to be ranked 12th by U.S. News & World Report in the Best Online Non-MBA Graduate Programs category. This prestigious recognition highlights our commitment to academic excellence and student success and our strategic investment in online education,’’ said professor Jose M. Cruz, Associate Dean for Graduate Programs at the School of Business.

“By leveraging state-of-the-art technology, innovative course design, and the expertise of our world-class faculty, we have created an engaging, flexible, and high-impact learning environment,’’ Cruz said. “This achievement reaffirms our dedication to empowering professionals to thrive in an ever-evolving global landscape.”

This year’s U.S. News ranking evaluated more than 1,600 online bachelor’s and master’s degree programs using metrics specific to online learning, including student engagement and program quality. This survey included only non-MBA programs.

Promotions, Camaraderie, Excellence Highlight Programs

The 36-credit master’s degree in FinTech offers a mix of analytics, technology and business courses to equip students to lead in fields such as finance, banking, insurance, medicine, regulations and real estate.

“The UConn MS FinTech program has, since its inception, sought to be a global program in terms of its reach, experiential opportunities and reputation,’’ said professor John Wilson, the program’s academic director. “The rapid development and deployment of a world class online offering for this degree puts UConn as one of the only FinTech programs to offer students choice in their learning modality.’’

Human Resources Management, a 33-credit master’s degree program, delivers the knowledge and skills to lead an HR department through strategic planning and employee relationship management.

In the program’s most recent exit survey, 71% of graduating respondents reported receiving a promotion or new position while in the program.

“The cohort-based format of the MSHRM program means that students complete their coursework as a group. This enables students to develop strong relationships with one another,’’ said professor Travis Grosser, who has led the department. “These relationships form a foundation for peer learning and support. Indeed, many close and lasting friendships have been formed in the MSHRM program. We promote relationship-building by offering informal events outside of the classroom.’’

Meanwhile, the 30-credit MSA program provides the additional accounting credit hours to complete the educational requirements to earn a CPA license. The program focuses on issues relevant to today’s accounting professionals and is accredited by the Association to Advance Collegiate Schools of Business (AACSB) and led by full-time faculty and other industry experts. The program celebrated its 25th anniversary last year.

“The MSA Program at UConn has maintained a long tradition of high achievement because of the consistently high quality of the faculty, staff, and students who work diligently towards excellence,’’ said professor Joshua Racca, director of the MSA program.

MIL OSI USA News –

January 29, 2025
MIL-OSI Security: McKeesport Felon Pleads Guilty to Possessing Firearm

Source: Office of United States Attorneys

PITTSBURGH, Pa. – A former resident of McKeesport, Pennsylvania, pleaded guilty in federal court to a violation of federal firearms laws, Acting United States Attorney Troy Rivetti announced today.

Paul Kirk, 29, pleaded guilty before United States District Judge Cathy Bissoon to one count of possession of a firearm and ammunition by a convicted felon.

In connection with the guilty plea, the Court was advised that, on August 22, 2023, Kirk fled from McKeesport Police officers during a traffic stop. Upon Kirk’s being taken into custody a short distance from the traffic stop, officers found a loaded handgun in the defendant’s pocket. Kirk has multiple previous felony convictions. Federal law prohibits possession of a firearm or ammunition by a convicted felon.

Judge Bissoon scheduled sentencing for May 29, 2025. The law provides for a maximum total sentence of up to 15 years in prison, a fine of up to $250,000, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense and the prior criminal history of the defendant.

Pending sentencing, the court ordered that the defendant remain in custody.

Assistant United States Attorney Michael R. Ball is prosecuting this case on behalf of the government.

The Bureau of Alcohol, Tobacco, Firearms and Explosives and McKeesport Police Department conducted the investigation that led to the prosecution of Kirk.

MIL Security OSI –

January 29, 2025
MIL-OSI Security: Belcourt Man Sentenced to Life in Federal Prison for Sexual Abuse and Domestic Assault by Strangulation

Source: Office of United States Attorneys

Fargo – United States Attorney Mac Schneider announced that Justin Lee Baker, age 44, from Belcourt, ND, appeared in federal court on January 28, 2025, before District Court Judge Peter Welte and was sentenced to life in federal prison, and $400 in special assessment fees for the offenses of sexual abuse by threat of death or serious bodily injury (two counts) and assault of a spouse, intimate partner, or dating partner by strangulation (two counts).

As noted in court documents, in or about August 2020, law enforcement in Belcourt, ND, was dispatched to a residence for a report of a domestic disturbance. Jane Doe 1 reported she had been severely beaten by her boyfriend, identified as Baker. Law enforcement observed extensive bruising throughout Jane Doe 1’s face, neck, chest, arms, and legs, as well as a laceration on top of her head. In or about August 2023, Jane Doe 1 was interviewed by the Federal Bureau of Investigation regarding the incident. In addition to describing the physical assault she previously reported, Jane Doe 1 described being sexually assaulted by Baker including him using objects causing excruciating pain. Jane Doe 1 believed Baker was going to kill her. Jane Doe 1 indicated Baker had strangled her and she had lost consciousness during the course of the assault.

Through the course of the investigation, the Federal Bureau of Investigations identified several other women physically and sexually assaulted by Baker, including Jane Doe 2. Jane Doe 2 was interviewed in August 2023. She described being held captive in Baker’s camper and being physically and sexually assaulted. Jane Doe 2 described Baker “wailing” on her, strangling her, and sexually assaulting her with his penis. Jane Doe 2 stated the assault caused her to lose consciousness and extreme pain. Jane Doe 2 stated Baker threatened she would be “six feet under” and Jane Doe 2 feared Baker would kill her.

“This sentence is a fitting one considering the brutality and depravity of the defendant’s crimes against his domestic partners and women in the community,” Schneider said. “Domestic violence and sexual abuse are serious crimes, and as this case shows we will not hesitate to bring abusers to federal court to face justice where our office has jurisdiction. I give credit to our career prosecutors and partners in the FBI for obtaining this result and removing this individual from the community.”

“The horrendous sexual abuse committed by Justin Lee Baker is cruel and reprehensible,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “This sentencing sends a clear message: the FBI will relentlessly pursue those who prey on others, especially the innocent and defenseless, and ensure they are held accountable.”

This case was investigated by the Federal Bureau of Investigation.

# # #

MIL Security OSI –

January 29, 2025
MIL-OSI Security: Member of Violent Gang Pleads Guilty to Racketeering and Firearm and Drug Trafficking Offenses

Source: Office of United States Attorneys

BOSTON – A Boston-area man pleaded guilty today to his role in Cameron Street, a violent Boston gang.

Jonathan Darosa, a/k/a “Jeezy,” 31, of Boston, pleaded guilty to one count of conspiracy to participate in a racketeering enterprise (more commonly referred to as RICO or racketeering conspiracy); one count of being a felon in possession of firearm and ammunition; one count of distribution of and possession with intent to distribute cocaine and oxycodone; and one count of distribution of and possession with intent to distribute cocaine. U.S. Senior District Court Judge William G. Young scheduled sentencing for May 1, 2025.

Over the course of a two-year investigation, Darosa was identified as a member of Cameron Street. On two separate occasions, Darosa distributed cocaine and oxycodone to a cooperating witness. Additionally, in an interaction with law enforcement, Darosa threatened officers, telling them “If I had a gun on me, I would have shot at you,” “I am not going back to jail,” and “I keep it on my hip.” In April 2021 in Dorchester, local law enforcement observed Darosa wearing a “waist bag” across his chest – law enforcement had recovered firearms from similar bags in the past. During a search of Darosa’s person, a Taurus 9 millimeter semi-automatic pistol containing 12 rounds of assorted 9 millimeter ammunition, including one round in the chamber, was recovered.

According to court documents, Cameron Street is a violent gang based largely in the Dorchester section of Boston that used violence and threats of violence to preserve, protect and expand its territory, promote a climate of fear and enhance its reputation.

Darosa has been convicted on three prior occasions of unlawful possession of a firearm, including a 2016 conviction in Suffolk Superior Court for which he served a three-year prison sentence.

The charge of RICO conspiracy and conspiracy to interfere with commerce by force or violence each provide for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000. The charge of being a felon in possession of a firearm and ammunition provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of $250,000. The charge of distribution of cocaine and oxycodone provides for a sentence of up to 20 years in prison, at least three years of supervised release up to life and a fine of $1 million. The charge of distribution of and possession with intent to distribute cocaine provides for a sentence of up to 20 years in prison, at least three years of supervised release up to life and a fine of $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley; James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Boston Feld Division; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division; and Boston Police Commissioner Michael Cox made the announcement today. Valuable assistance was provided by the Massachusetts State Police; Suffolk County Sheriff’s Office; Suffolk, Plymouth, Norfolk and Bristol County District Attorney’s Offices; and the Canton, Quincy, Randolph, Somerville, Brockton, Malden, Stoughton, Rehoboth and Pawtucket (R.I.) Police Departments. Assistant U.S. Attorneys Christopher Pohl and Charles Dell’Anno of the Narcotics & Money Laundering Unit are prosecuting the case.

This operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

The remaining defendants named in the indictment are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

January 29, 2025
MIL-OSI Security: Lower Burrell Man Sentenced for Fraudulent Use of Neighbor’s Credit Cards

Source: Office of United States Attorneys

PITTSBURGH, Pa. – A resident of Lower Burrell, Pennsylvania, has been sentenced in federal court to three years of probation on his conviction of use of unauthorized access devices, Acting United States Attorney Troy Rivetti announced today.

Senior United States District Judge David Stewart Cercone imposed the sentence on Jonathan Fry, 44, on January 23, 2025.

According to information presented to the Court, in April 2019, Fry obtained and used an elderly neighbor’s credit cards and personal identification information, including the neighbor’s date of birth and social security number, in order to make fraudulent and unauthorized transactions. This included obtaining a vehicle loan and insurance, opening accounts, and applying for other credit cards in the victim’s name, ultimately causing losses of more than $40,000.

Assistant United States Attorney Brendan T. Conway prosecuted this case on behalf of the government.

Acting United States Attorney Rivetti commended the United States Postal Inspection Service for the investigation leading to the successful prosecution of Fry.

MIL Security OSI –

January 29, 2025
MIL-OSI Security: Repeat Offender from South Portland Pleads Guilty to Possessing Child Sexual Abuse Material

Source: Office of United States Attorneys

PORTLAND, Maine: A South Portland man pleaded guilty in U.S. District Court in Portland today to possessing child sexual abuse material.

According to court records, in April 2023, agents from Homeland Security Investigations (HSI) executed a federal search warrant at the South Portland residence of Sheldon Rembert, 32, locating Rembert in the bedroom. An agent recovered a smartphone from the bedroom, and during an interview, Rembert admitted that child sexual abuse material would be found on the phone and that he had downloaded the images and videos. Forensic examination of the device found images and videos of children as young as eight years old being sexually abused. In 2020, Rembert was convicted in Cumberland County Superior Court of possessing explicit material of a minor.

Rembert faces 10-20 years in prison and a maximum fine of $250,000, followed by five years to life of supervised release. A federal district judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

HSI investigated the case.

To report an incident involving the possession, distribution, receipt or production of child sexual abuse material: Child sexual abuse material – referred to in legal terms as “child pornography” – captures the sexual abuse and exploitation of children. These images document victims’ exploitation and abuse, and they suffer revictimization every time the images are viewed. In 2023, the National Center for Missing & Exploited Children received 36 million reports of the possession, manufacture, or distribution of child sexual abuse materials. To file a report with NCMEC, go to https://report.cybertip.org or call 1-800-843-5678. If you are in Maine and you or someone you know has been sexually assaulted or abused, you can get help by calling the free, private 24-hour statewide sexual assault helpline at 1-800-871-7741.

Project Safe Childhood: This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit https://www.justice.gov/usao-me/psc.

###

MIL Security OSI –

January 29, 2025
MIL-OSI Security: Three Foreign Nationals Charged With Immigration Offenses

Source: Office of United States Attorneys

Burlington, Vermont – The United States Attorney’s Office stated that Saul Mazariegos-Estrada, 29, of El Tejar, Guatemala, has been charged by criminal complaint with the illegal transportation of aliens, and that Byron Sicajau Socoy, 40, of El Tejar, Guatemala, and Christian Rafael Hernandez Villa, 34, of Jalisco, Mexico, have been charged by criminal complaint with being aliens who eluded examination or inspection by immigration officers. The term “alien” is defined by statute to mean a person who is not a citizen or national of the United States.

On January 27, 2025, all three defendants appeared before United States Magistrate Judge Kevin J. Doyle. Judge Doyle ordered that Mazariegos-Estrada be detained pending a detention hearing. At their initial appearances, Sicajau Socoy and Hernandez Villa pleaded guilty to the allegations in their respective criminal complaints and received time-served sentences. Sicajau Socoy and Hernandez Villa had faced up to 6 months’ imprisonment.

According to court records, on January 25, 2025, at approximately 9:15 a.m., U.S. Border Patrol agents received a report from a concerned citizen who had observed multiple subjects crossing a remote dirt road approximately one mile south of the United States-Canada border in the area of Newport, Vermont.

Border Patrol agents responded to the area and discovered footprints in the snow where the concerned citizen had reported the crossing. Shortly thereafter, Border Patrol agents conducting surveillance in the area observed a vehicle travelling at a high rate of speed on a remote driveway. Border Patrol agents began following the vehicle, which had Virginia license plates. Agents observed multiple individuals in the back seat and noted that the windows of the vehicle were foggy, which to the agents indicated that the passengers had been exhausting energy, features which the agents had observed in multiple other human smuggling events.

Border Patrol agents stopped the vehicle and encountered, in the front seat, Mazariegos-Estrada, who stated that he was a Guatemalan citizen and that he did not possess immigration documents to enter or remain in the United States. In the rear, agents encountered Sicajau Socoy and Hernandez Villa, who both admitted to illegally entering the United States and that neither had immigration documents allowing them to enter or remain in the United States. All three were taken into custody and transported to the Border Patrol Station.

The United States Attorney’s Office emphasizes that a criminal complaint contains allegations only and that Mazariegos-Estrada is presumed innocent until and unless proven guilty. Mazariegos-Estrada faces up to five years’ imprisonment if convicted. The actual sentence, however, would be determined by the District Court with guidance from the advisory United States Sentencing Guidelines and the statutory sentencing factors.

Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the United States Border Patrol.

The prosecutors are Assistant United States Attorneys Jonathan A. Ophardt and Andrew C. Gilman. Mazariegos-Estrada is represented by Assistant Federal Public Defender Emily Kenyon. Sicajau Socoy was represented by Jason J. Sawyer, Esq., and Hernandez Villa was represented by Kevin M. Henry, Esq.

MIL Security OSI –

January 29, 2025
MIL-OSI: Sunrun Prices $629 million Senior Securitization of Residential Solar & Battery Systems

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced it has priced a securitization of leases and power purchase agreements. The securitization is Sunrun’s thirteenth securitization since 2015 and first issuance in 2025.

“Sunrun’s first securitization transaction of 2025, the second largest in the industry’s history, demonstrates our continued strong execution in the capital markets. Our ability to consistently access deep pools of competitively priced capital to fuel growth is supported by the quality of our assets and our proven track record as an originator and servicer,” said Danny Abajian, Sunrun’s Chief Financial Officer.

The transaction was structured with three separate classes of A rated notes (the “Class A-1”, “Class A-2A”, and Class “A-2B” respectively and together the “Class A”) and a single class of BB rated notes (the “Class B”), which were retained. The $102.0 million Class A-1 notes and the $276.5 million Class A-2A notes were both marketed in a public asset backed securitization whereas the $250.0 million Class A-2B notes were privately placed. The Class A-1 and Class A-2A notes were oversubscribed and carry coupons of 5.99% and 6.41%, respectively. The Class A-1 notes priced at a spread of 170 bps and a 6.035% yield. The Class A-2A notes priced at a spread of 200 bps and a 6.465% yield. The Class A-1 and Class A-2A have a weighted average spread of 192 bps which represents an improvement of 42 bps from Sunrun’s 2024-3 asset backed securitization in September 2024. The initial balance of the Class A notes represents a 65.3% advance rate on the Securitization Share of ADSAB (present value using a 6% discount rate). The expected weighted average life is 4.58 years for the Class A-1 notes and 7.12 years for the Class A-2A notes. Both classes of notes have an Anticipated Repayment Date of April 30, 2032, and a final maturity date of April 30, 2060.

Similar to prior transactions, Sunrun anticipates raising additional subordinated subsidiary-level non-recourse financing secured, in part, by the distributions from the retained Class B notes, which is expected to increase the cumulative advance rate obtained by Sunrun.

The notes are backed by a diversified portfolio of 39,458 systems distributed across 20 states, Washington D.C. and Puerto Rico and 83 utility service territories. The weighted average customer FICO score is 738. The transaction is expected to close by February 5, 2025.

ATLAS SP Partners (“ATLAS SP”) was the sole structuring agent and served as joint bookrunner along with BofA Securities, Morgan Stanley, MUFG and TD Securities. First Citizens Capital Securities and ING served as co-managers for the securitization.

“ATLAS SP was pleased to work with Sunrun again as the sole structuring agent on this securitization transaction,” said Spencer Hunsberger, Head of Energy Origination at ATLAS SP. “Through our deep partnership with Sunrun, we have demonstrated ATLAS’ unique capabilities to structure, place and commit to large transactions in an accelerated and efficient process for the capital markets. We look forward to continuing to support Sunrun as the solar industry continues to become more mainstream for securitized products.”

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Sunrun

Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

About ATLAS SP Partners

ATLAS SP is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset backed solutions. We’re proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit www.atlas-sp.com.

Investor & Analyst Contact:
Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

Media Contact:
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

ATLAS Contact:
(212) 355-4449
atlas-sp@joelefrank.com

The MIL Network –

January 29, 2025
MIL-OSI: Univest Securities, LLC Announces Closing of $1.92 Million Warrant Inducement for its Client PMGC Holdings Inc. (NASDAQ: ELAB)

Source: GlobeNewswire (MIL-OSI)

New York, New York, Jan. 28, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the completion of the previously announced warrant inducement with existing institutional investors for its client PMGC Holdings Inc. (formerly Elevai Labs Inc.) (the “Company” or “PMGC”) (Nasdaq: ELAB), a diversified holding company, for the exercise of certain outstanding Series A warrants that the Company issued on September 24, 2024.

Pursuant to the warrant inducement agreement, the investors have agreed to exercise the outstanding warrants to purchase an aggregate of 969,386 shares of the Company’s common stock at an amended exercise price of $2.00. The gross proceeds from the exercise of the warrants are expected to be approximately $1.9 million, prior to deducting placement agent fees and estimated offering expenses.

The Company also agreed to issue to the investors unregistered new warrants to purchase an aggregate of 969,386 shares of the Company’s common stock with an exercise price of $2.75 per share (the “New Warrants”). The New Warrants are exercisable upon shareholder approval and will expire five years from the date of shareholder approval.

The Company has agreed to file a registration statement within thirty (30) days with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of common stock issuable upon exercise of the New Warrants.

Univest Securities, LLC is acting as the exclusive financial advisor for the transaction.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About PMGC Holdings Inc.

PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:
Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us

The MIL Network –

January 29, 2025

MIL-OSI: First Busey Corporation Announces 2024 Fourth Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

CHAMPAIGN, Ill., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE)

Net Income of $28.1 million
Diluted EPS of $0.49

FOURTH QUARTER 2024 HIGHLIGHTS

Adjusted net income¹ of $30.7 million, or $0.53 per diluted common share
Adjusted noninterest income¹ of $35.4 million, or 30.3% of total revenue
Record high quarterly and annual revenue of $17.0 million and $65.0 million, respectively, for the Wealth Management segment
Tangible book value per common share¹ of $17.88 at December 31, 2024, compared to $16.62 at December 31, 2023, a year-over-year increase of 7.6%
Tangible common equity¹ increased to 8.76% of tangible assets at December 31, 2024, compared to 7.75% at December 31, 2023
Received stockholder approvals for the CrossFirst Bankshares, Inc. merger in December 2024, followed by remaining requisite regulatory approvals in January 2025

For additional information, please refer to the 4Q24 Earnings Investor Presentation.

MESSAGE FROM OUR CHAIRMAN & CEO

Fourth Quarter Financial Results

Net income for First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”) was $28.1 million for the fourth quarter of 2024, or $0.49 per diluted common share, compared to $32.0 million, or $0.55 per diluted common share, for the third quarter of 2024, and $25.7 million, or $0.46 per diluted common share, for the fourth quarter of 2023. Adjusted net income¹, which excludes the impact of acquisition and restructuring expenses, was $30.7 million, or $0.53 per diluted common share, for the fourth quarter of 2024, compared to $33.5 million, or $0.58 per diluted common share, for the third quarter of 2024 and $29.1 million or $0.52 per diluted common share for the fourth quarter of 2023. Annualized return on average assets and annualized return on average tangible common equity¹ were 0.93% and 10.86%, respectively, for the fourth quarter of 2024. Annualized adjusted return on average assets¹ and annualized adjusted return on average tangible common equity¹ were 1.01% and 11.87%, respectively, for the fourth quarter of 2024.

Taking into account our fourth quarter results, full year 2024 net income and adjusted net income¹ were $113.7 million, or $1.98 per diluted common share, and $119.8 million, or $2.08 per diluted common share, respectively. Return on average assets and adjusted return on average assets¹ were 0.94% and 0.99%, respectively. Return on average tangible common equity¹ and adjusted return on average tangible common equity¹ were 11.65% and 12.28%, respectively.

Full year 2024 net income and adjusted net income¹ include $6.1 million of net securities losses and $7.7 million in gains on the sale of mortgage servicing rights. Net income and adjusted net income¹ for 2024 were further impacted by a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. Excluding the tax-effected impact of these items, further adjusted net income¹ would have been $120.0 million, equating to adjusted diluted earnings per common share¹ of $2.09.

Pre-provision net revenue¹ was $38.8 million for the fourth quarter of 2024, compared to $41.7 million for the third quarter of 2024 and $32.9 million for the fourth quarter of 2023. Pre-provision net revenue to average assets¹ was 1.28% for the fourth quarter of 2024, compared to 1.38% for the third quarter of 2024, and 1.06% for the fourth quarter of 2023. Adjusted pre-provision net revenue¹ was $42.0 million for the fourth quarter of 2024, compared to $44.1 million for the third quarter of 2024 and $40.2 million for the fourth quarter of 2023. Adjusted pre-provision net revenue to average assets¹ was 1.38% for the fourth quarter of 2024, compared to 1.46% for the third quarter of 2024 and 1.30% for the fourth quarter of 2023.

Taking into account our fourth quarter results, full year 2024 pre-provision net revenue¹ and adjusted pre-provision net revenue¹ were $168.0 million and $167.3 million, respectively. Pre-provision net revenue to average assets¹ and adjusted pre-provision net revenue to average assets¹ were each 1.39%.

Our fee-based businesses continue to add revenue diversification. Total noninterest income was $35.2 million for the fourth quarter of 2024, compared to $35.8 million for the third quarter of 2024 and $31.3 million for the fourth quarter of 2023. Fourth quarter results included $0.2 million in net securities losses. Adjusted noninterest income¹ was $35.4 million, or 30.3% of operating revenue¹, during the fourth quarter of 2024, compared to $35.0 million, or 29.8% of operating revenue¹, for the third quarter of 2024 and $30.5 million, or 28.3% of operating revenue¹, for the fourth quarter of 2023. Wealth management fees and wealth management referral income included in other noninterest income contributed $17.0 million and payment technology solutions contributed $5.1 million to our consolidated noninterest income for the fourth quarter of 2024, representing 62.3% of adjusted noninterest income¹ on a combined basis.

For the full year 2024, total noninterest income was $139.7 million. Wealth management fees and wealth management referral income included in other noninterest income contributed $65.0 million and payment technology solutions contributed $22.0 million to our consolidated noninterest income for 2024, representing 63.0% of adjusted noninterest income¹ on a combined basis.

Busey views certain non-operating items, including acquisition-related expenses and restructuring charges, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). Non-operating pretax adjustments for acquisition and restructuring expenses¹ were $3.6 million in the fourth quarter of 2024. Busey believes that its non-GAAP measures (which are identified with the endnote labeled as 1) facilitate the assessment of its financial results and peer comparability. For more information and a reconciliation of these non-GAAP measures in tabular form, see “Non-GAAP Financial Information.“

We remain focused on prudently managing our expense base and operating efficiency in the current operating environment. Noninterest expense was $78.2 million in the fourth quarter of 2024, compared to $75.9 million in the third quarter of 2024 and $75.0 million in the fourth quarter of 2023. Adjusted core expense¹, which excludes the amortization of intangible assets and new markets tax credits, acquisition and restructuring expenses, and the provision for unfunded commitments, was $72.6 million in the fourth quarter of 2024, compared to $71.0 million in the third quarter of 2024 and $65.2 million in the fourth quarter of 2023. The year-over-year comparable period growth in adjusted core expense can be attributed primarily to the acquisition of Merchants and Manufacturers Bank Corporation (“M&M”) and general inflationary pressures on compensation and benefits and to a lesser extent certain other expense categories.

Quarterly pre-tax expense synergies resulting from our acquisition of M&M are anticipated to be $1.6 million to $1.7 million per quarter when fully realized. Quarterly run-rate savings are projected to be achieved by the first quarter of 2025. During the fourth quarter of 2024, we achieved approximately 86% of the full quarterly savings.

Planned Partnership with CrossFirst

On August 26, 2024, Busey and CrossFirst Bankshares, Inc. (“CrossFirst”) entered into an agreement and plan of merger (the “merger agreement”) pursuant to which CrossFirst will merge with and into Busey (the “merger”) and CrossFirst’s wholly-owned subsidiary, CrossFirst Bank, will merge with and into Busey Bank. This partnership will create a premier commercial bank in the Midwest, Southwest, and Florida, with 77 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas—and approximately $20 billion in combined assets, $17 billion in total deposits, $14 billion in total loans, and $14 billion in wealth assets under care.

Under the terms of the merger agreement, CrossFirst stockholders will have the right to receive for each share of CrossFirst common stock 0.6675 of a share of Busey’s common stock. Upon completion of the transaction, Busey’s stockholders will own approximately 63.5% of the combined company and CrossFirst’s stockholders will own approximately 36.5% of the combined company, on a fully-diluted basis. Busey common stock will continue to trade on the Nasdaq under the “BUSE” stock ticker symbol.

On December 20, 2024, Busey and CrossFirst stockholders voted to approve the merger. On January 16, 2025, Busey received regulatory approval from the Board of Governors of the Federal Reserve System for the merger. Busey and CrossFirst intend to close the merger on March 1, 2025, subject to the satisfaction of the remaining customary closing conditions. The transaction has also been approved by the Illinois Department of Financial and Professional Regulation and the Kansas Office of the State Bank Commissioner. The combined holding company will continue to operate under the First Busey Corporation name and the combined bank will operate under the Busey Bank name. It is anticipated that CrossFirst Bank will merge with and into Busey Bank in mid-2025. At the time of the bank merger, CrossFirst Bank locations will become banking centers of Busey Bank. In connection with this merger, Busey incurred one-time pretax acquisition-related expenses of $2.4 million during the fourth quarter of 2024 and $3.9 million for the full year.

For further details on the merger, see Busey’s Current Report on Form 8‑K announcing the merger, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 27, 2024.

Busey’s Conservative Banking Strategy

Busey’s financial strength is built on a long-term conservative operating approach. That focus will not change now or in the future.

The quality of our core deposit franchise is a critical value driver of our institution. Our granular deposit base continues to position us well, with core deposits¹ representing 96.5% of our deposits as of December 31, 2024. Our retail deposit base was comprised of more than 251,000 accounts with an average balance of $22 thousand and an average tenure of 16.9 years as of December 31, 2024. Our commercial deposit base was comprised of more than 32,000 accounts with an average balance of $98 thousand and an average tenure of 12.8 years as of December 31, 2024. We estimate that 30% of our deposits were uninsured and uncollateralized² as of December 31, 2024, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

Asset quality remains strong by both Busey’s historical and current industry trends. Non-performing assets increased to $23.3 million during the fourth quarter of 2024, representing 0.19% of total assets. The increase relates to one Commercial Real Estate loan that was classified in the fourth quarter of 2023 and was moved to non-accrual during the fourth quarter of 2024. This loan carries a remaining balance of $15.0 million following a $3.0 million charge-off in the fourth quarter of 2024. Busey’s results for the fourth quarter of 2024 include a $1.3 million provision expense for credit losses and a $0.5 million provision release for unfunded commitments. The allowance for credit losses was $83.4 million as of December 31, 2024, representing 1.08% of total portfolio loans outstanding, and providing coverage of 3.59 times our non-performing loan balance. Including the charge-off for the Commercial Real Estate loan mentioned above, Busey’s net charge-offs totaled $2.9 million for the fourth quarter of 2024. As of December 31, 2024, our commercial real estate loan portfolio of investor-owned office properties within Central Business District³ areas was minimal at $2.0 million. Our credit performance continues to reflect our highly diversified, conservatively underwritten loan portfolio, which has been originated predominantly to established customers with tenured relationships with our company.

The strength of our balance sheet is also reflected in our capital foundation. In the fourth quarter of 2024, our Common Equity Tier 1 ratio⁴ was 14.10% and our Total Capital to Risk Weighted Assets ratio⁴ was 18.53%. Our regulatory capital ratios continue to provide a buffer of more than $610 million above levels required to be designated well-capitalized. Our Tangible Common Equity ratio¹ was 8.76% during the fourth quarter of 2024, compared to 8.96% for the third quarter of 2024 and 7.75% for the fourth quarter of 2023. Busey’s tangible book value per common share¹ was $17.88 at December 31, 2024, compared to $18.19 at September 30, 2024, and $16.62 at December 31, 2023, reflecting a 7.6% year-over-year increase. During the fourth quarter of 2024, we paid a common share dividend of $0.24.

Community Banking

In the last two months of 2024, Busey offered a new, short-term Express Microloan product, created to help small businesses thrive. With a competitive 4.99% fixed interest rate, flexible terms and loans of up to $10,000, existing Busey customers with business checking accounts were invited to apply—allowing them to manage expenses, refinance debt, invest in new opportunities, and enhance operations. Busey originated more than 100 Express Microloans in 60-days, meeting the needs of our small business customers.

As we reflect back on 2024 and look ahead to 2025, we feel confident that we are well positioned to produce quality growth and profitability. The pending CrossFirst transaction fits with our acquisition strategy and we are excited to welcome our CrossFirst colleagues into the Busey family. We are grateful for the opportunities to consistently earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal stockholders.

		Van A. Dukeman
		Chairman and Chief Executive Officer
		First Busey Corporation

SELECTED FINANCIAL HIGHLIGHTS *(unaudited)*
(dollars in thousands, except per share amounts)

	Three Months Ended									Years Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
EARNINGS & PER SHARE AMOUNTS
Net income	$	28,105		$	32,004		$	25,749		$	113,691		$	122,565
Diluted earnings per common share		0.49			0.55			0.46			1.98			2.18
Cash dividends paid per share		0.24			0.24			0.24			0.96			0.96
Pre-provision net revenue^{1, 2}		38,828			41,744			32,909			167,996			158,502
Operating revenue²		116,995			117,688			107,888			460,671			444,034

Net income by operating segment:
Banking		30,856			33,221			25,164			117,266			123,853
FirsTech		(723	)		(61	)		325			(670	)		830
Wealth Management		5,853			5,618			4,233			22,030			18,804

AVERAGE BALANCES
Cash and cash equivalents	$	776,572		$	502,127		$	608,647		$	555,281		$	330,952
Investment securities		2,597,309			2,666,269			2,995,223			2,726,488			3,188,815
Loans held for sale		6,306			11,539			1,679			8,012			1,885
Portfolio loans		7,738,772			7,869,798			7,736,010			7,804,629			7,759,472
Interest-earning assets		11,048,350			10,942,745			11,235,326			10,999,424			11,181,010
Total assets		12,085,993			12,007,702			12,308,491			12,051,871			12,246,218

Noninterest-bearing deposits		2,724,344			2,706,858			2,827,696			2,738,892			3,018,563
Interest-bearing deposits		7,325,662			7,296,921			7,545,234			7,301,124			7,052,370
Total deposits		10,050,006			10,003,779			10,372,930			10,040,016			10,070,933

Federal funds purchased and securities sold under agreements to repurchase		135,728			132,688			182,735			147,786			200,894
Interest-bearing liabilities		7,763,729			7,731,459			8,054,663			7,763,084			7,825,459
Total liabilities		10,689,054			10,643,325			11,106,074			10,709,447			11,048,707
Stockholders’ equity – common		1,396,939			1,364,377			1,202,417			1,342,424			1,197,511
Tangible common equity²		1,029,539			994,657			846,948			975,823			838,164

PERFORMANCE RATIOS
Pre-provision net revenue to average assets^{1, 2, 3}		1.28	%		1.38	%		1.06	%		1.39	%		1.29	%
Return on average assets³		0.93	%		1.06	%		0.83	%		0.94	%		1.00	%
Return on average common equity³		8.00	%		9.33	%		8.50	%		8.47	%		10.23	%
Return on average tangible common equity^{2, 3}		10.86	%		12.80	%		12.06	%		11.65	%		14.62	%
Net interest margin^2, 4		2.95	%		3.02	%		2.75	%		2.95	%		2.89	%
Efficiency ratio²		64.45	%		62.15	%		66.89	%		61.76	%		61.65	%
Adjusted noninterest income to operating revenue²		30.27	%		29.77	%		28.31	%		29.97	%		27.79	%

NON-GAAP FINANCIAL INFORMATION
Adjusted pre-provision net revenue^1, 2	$	41,958		$	44,104		$	40,223		$	167,317		$	172,290
Adjusted net income²		30,725			33,533			29,123			119,805			126,012
Adjusted diluted earnings per share²		0.53			0.58			0.52			2.08			2.24
Adjusted pre-provision net revenue to average assets^{2, 3}		1.38	%		1.46	%		1.30	%		1.39	%		1.41	%
Adjusted return on average assets^{2, 3}		1.01	%		1.11	%		0.94	%		0.99	%		1.03	%
Adjusted return on average tangible common equity^{2, 3}		11.87	%		13.41	%		13.64	%		12.28	%		15.03	%
Adjusted net interest margin^2, 4		2.92	%		2.97	%		2.74	%		2.92	%		2.87	%
Adjusted efficiency ratio²		61.40	%		60.50	%		62.98	%		61.03	%		60.68	%

___________________________________________

Net interest income plus noninterest income, excluding securities gains and losses, less noninterest expense.
See “Non-GAAP Financial Information” for reconciliation.
For quarterly periods, measures are annualized.
On a tax-equivalent basis, assuming a federal income tax rate of 21%.

CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*
(dollars in thousands, except per share amounts)

	As of
	December 31, 2024			September 30, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	697,659		$	553,709		$	719,581
Debt securities available for sale		1,810,221			1,818,117			2,087,571
Debt securities held to maturity		826,630			838,883			872,628
Equity securities		15,862			10,315			9,812
Loans held for sale		3,657			11,523			2,379

Commercial loans		5,552,288			5,631,281			5,635,048
Retail real estate and retail other loans		2,144,799			2,177,816			2,015,986
Portfolio loans		7,697,087			7,809,097			7,651,034

Allowance for credit losses		(83,404	)		(84,981	)		(91,740	)
Restricted bank stock		49,930			6,000			6,000
Premises and equipment, net		118,820			120,279			122,594
Right of use assets		10,608			11,100			11,027
Goodwill and other intangible assets, net		365,975			368,249			353,864
Other assets		533,677			524,548			538,665
Total assets	$	12,046,722		$	11,986,839		$	12,283,415

LIABILITIES & STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing deposits	$	2,719,907		$	2,683,543		$	2,834,655
Interest-bearing checking, savings, and money market deposits		5,771,948			5,739,773			5,637,227
Time deposits		1,490,635			1,519,925			1,819,274
Total deposits		9,982,490			9,943,241			10,291,156

Securities sold under agreements to repurchase		155,610			128,429			187,396
Short-term borrowings		—			—			12,000
Long-term debt		227,723			227,482			240,882
Junior subordinated debt owed to unconsolidated trusts		74,815			74,754			71,993
Lease liabilities		11,040			11,470			11,308
Other liabilities		211,775			198,579			196,699
Total liabilities		10,663,453			10,583,955			11,011,434

Stockholders’ equity
Retained earnings		294,054			279,868			237,197
Accumulated other comprehensive income (loss)		(207,039	)		(170,913	)		(218,803	)
Other stockholders’ equity¹		1,296,254			1,293,929			1,253,587
Total stockholders’ equity		1,383,269			1,402,884			1,271,981
Total liabilities & stockholders’ equity	$	12,046,722		$	11,986,839		$	12,283,415

SHARE AND PER SHARE AMOUNTS
Book value per common share	$	24.31		$	24.67		$	23.02
Tangible book value per common share²	$	17.88		$	18.19		$	16.62
Ending number of common shares outstanding		56,895,981			56,872,241			55,244,119

___________________________________________

Net balance of common stock ($0.001 par value), additional paid-in capital, and treasury stock.
See “Non-GAAP Financial Information” for reconciliation.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*
(dollars in thousands, except per share amounts)

	Three Months Ended								Years Ended
	December 31, 2024			September 30, 2024			December 31, 2023		December 31, 2024			December 31, 2023
INTEREST INCOME
Interest and fees on loans	$	106,120		$	111,336		$	101,425	$	426,422		$	385,848
Interest and dividends on investment securities		16,788			18,072			20,634		73,970			82,994
Dividend income on bank stock		557			106			212		848			1,170
Other interest income		7,851			5,092			6,641		22,441			10,531
Total interest income	$	131,316		$	134,606		$	128,912	$	523,681		$	480,543

INTEREST EXPENSE
Deposits	$	44,152		$	46,634		$	45,409	$	178,463		$	123,985
Federal funds purchased and securities sold under agreements to repurchase		915			981			1,431		4,308			5,203
Short-term borrowings		25			26			248		701			12,775
Long-term debt		3,183			3,181			3,475		12,950			14,106
Junior subordinated debt owed to unconsolidated trusts		1,463			1,137			1,004		4,648			3,853
Total interest expense	$	49,738		$	51,959		$	51,567	$	201,070		$	159,922

Net interest income	$	81,578		$	82,647		$	77,345	$	322,611		$	320,621
Provision for credit losses		1,273			2			455		8,590			2,399
Net interest income after provision for credit losses	$	80,305		$	82,645		$	76,890	$	314,021		$	318,222

NONINTEREST INCOME
Wealth management fees	$	16,786		$	15,378		$	13,715	$	63,630		$	57,309
Fees for customer services		7,911			8,168			7,484		30,933			29,044
Payment technology solutions		5,094			5,265			5,420		21,983			21,192
Mortgage revenue		496			355			218		2,075			1,089
Income on bank owned life insurance		1,080			1,189			1,019		5,130			4,701
Realized net gains (losses) on the sale of mortgage servicing rights		—			(18	)		—		7,724			—
Net securities gains (losses)		(196	)		822			761		(6,102	)		(2,199	)
Other noninterest income		4,050			4,686			2,687		14,309			10,078
Total noninterest income	$	35,221		$	35,845		$	31,304	$	139,682		$	121,214

NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	45,458		$	44,593		$	42,730	$	175,619		$	162,597
Data processing expense		6,564			6,910			6,236		27,124			23,708
Net occupancy expense of premises		4,794			4,633			4,318		18,737			18,214
Furniture and equipment expense		1,650			1,647			1,694		6,805			6,759
Professional fees		4,938			3,118			2,574		12,804			7,147
Amortization of intangible assets		2,471			2,548			2,479		10,057			10,432
Interchange expense		1,305			1,352			1,355		6,001			6,864
FDIC insurance		1,330			1,413			1,167		5,603			5,650
Other noninterest expense		9,657			9,712			12,426		37,649			44,161
Total noninterest expense	$	78,167		$	75,926		$	74,979	$	300,399		$	285,532

Income before income taxes	$	37,359		$	42,564		$	33,215	$	153,304		$	153,904
Income taxes		9,254			10,560			7,466		39,613			31,339
Net income	$	28,105		$	32,004		$	25,749	$	113,691		$	122,565

SHARE AND PER SHARE AMOUNTS
Basic earnings per common share	$	0.49		$	0.56		$	0.46	$	2.01		$	2.21
Diluted earnings per common share	$	0.49		$	0.55		$	0.46	$	1.98		$	2.18
Weighted average number of common shares outstanding, basic		57,061,542			57,033,359			55,403,662		56,610,032			55,432,322
Weighted average number of common shares outstanding, diluted		57,934,812			57,967,848			56,333,033		57,543,001			56,256,148

BALANCE SHEET STRENGTH

Our balance sheet remains a source of strength. Total assets were $12.05 billion as of December 31, 2024, compared to $11.99 billion as of September 30, 2024, and $12.28 billion as of December 31, 2023.

We remain steadfast in our conservative approach to underwriting and disciplined approach to pricing, particularly given our outlook for the economy in the coming quarters, and this approach has impacted loan growth as predicted. Portfolio loans totaled $7.70 billion at December 31, 2024, compared to $7.81 billion at September 30, 2024, and $7.65 billion at December 31, 2023.

Average portfolio loans were $7.74 billion for both the fourth quarter of 2024 and the fourth quarter of 2023, compared to $7.87 billion for the third quarter of 2024. Average interest-earning assets were $11.05 billion for the fourth quarter of 2024, compared to $10.94 billion for the third quarter of 2024, and $11.24 billion for the fourth quarter of 2023.

Total deposits were $9.98 billion at December 31, 2024, compared to $9.94 billion at September 30, 2024, and $10.29 billion at December 31, 2023. Average deposits were $10.05 billion for the fourth quarter of 2024, compared to $10.00 billion for the third quarter of 2024 and $10.37 billion for the fourth quarter of 2023. Deposit fluctuations over the last several quarters were driven by a number of elements, including (1) seasonal factors, including ordinary course public fund flows and fluctuations in the normal course of business operations of certain core commercial customers, (2) the macroeconomic environment, including prevailing interest rates and inflationary pressures, (3) depositors moving some funds to accounts at competitors offering above-market rates, and (4) deposits moving within the Busey ecosystem between deposit accounts and our wealth management group. Core deposits¹ accounted for 96.5% of total deposits as of December 31, 2024. Cost of deposits was 1.75% in the fourth quarter of 2024, which represents a decrease of 10 basis points from the third quarter of 2024. Excluding time deposits, Busey’s cost of deposits was 1.38% in the fourth quarter of 2024, a decrease of 12 basis points from the third quarter of 2024. Busey Bank continues to offer savings account specials to customers with larger account balances, with the intention of migrating maturing CDs to these managed rate products. Spot rates on total deposit costs, including noninterest bearing deposits, decreased by 13 basis points from 1.80% at September 30, 2024, to 1.67% at December 31, 2024. Spot rates on interest bearing deposits decreased by 17 basis points from 2.46% at September 30, 2024, to 2.29% at December 31, 2024.

There were no short term borrowings as of December 31 or September 30, 2024, compared to $12.0 million at December 31, 2023. We had no borrowings from the Federal Home Loan Bank (“FHLB”) at the end of the fourth quarter of 2024, the third quarter of 2024, or the fourth quarter of 2023. We have sufficient on- and off-balance sheet liquidity⁵ to manage deposit fluctuations and the liquidity needs of our customers. As of December 31, 2024, our available sources of on- and off-balance sheet liquidity totaled $6.19 billion. We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the fourth quarter of 2024 had a weighted average term of 7.6 months at a rate of 3.58%, 128 basis points below our average marginal wholesale equivalent-term funding cost during the quarter. Furthermore, our balance sheet liquidity profile continues to be aided by the cash flows we expect from our relatively short-duration securities portfolio. Those cash flows were approximately $132.5 million in the fourth quarter of 2024. Cash flows from our securities portfolio are expected to be approximately $353.8 million for 2025, with a current book yield of 1.87%, and approximately $288.3 million for 2026, with a current book yield of 2.03%.

ASSET QUALITY

Credit quality continues to be strong. Loans 30-89 days past due totaled $8.1 million as of December 31, 2024, compared to $10.1 million as of September 30, 2024, and $5.8 million as of December 31, 2023. Non-performing loans were $23.2 million as of December 31, 2024, compared to $8.2 million as of September 30, 2024, and $7.8 million as of December 31, 2023. The increase relates to one Commercial Real Estate loan that was classified in the fourth quarter of 2023 and was moved to non-accrual during the fourth quarter of 2024. This loan carries a remaining balance of $15.0 million following a $3.0 million charge-off in the fourth quarter of 2024. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.30% as of December 31, 2024, compared to 0.11% as of September 30, 2024, and 0.10% as of December 31, 2023. Non-performing assets were 0.19% of total assets for the fourth quarter of 2024, compared to 0.07% for the third quarter of 2024 and 0.06% for the fourth quarter of 2023. Our total classified assets were $85.3 million at December 31, 2024, compared to $89.0 million at September 30, 2024, and $72.3 million at December 31, 2023. Our ratio of classified assets to estimated bank Tier 1 capital⁴ and reserves remains low by historical standards, at 5.6% as of December 31, 2024, compared to 5.9% as of September 30, 2024, and 5.0% as of December 31, 2023.

Net charge-offs were $2.9 million for the fourth quarter of 2024, compared to $0.2 million for the third quarter of 2024, and $0.4 million for the fourth quarter of 2023. The fourth quarter charge-off relates to the Commercial Real Estate loan mentioned above. The allowance as a percentage of portfolio loans was 1.08% as of December 31, 2024, compared to 1.09% as of September 30, 2024, and 1.20% as of December 31, 2023. The ratio was impacted in 2024 by the acquisition of M&M’s Life Equity Loan^® portfolio, as Busey did not record an allowance for credit loss for these loans due to no expected credit loss at default, as permitted under the practical expedient provided within the Accounting Standards Codification 326-20-35-6. The allowance coverage for non-performing loans was 3.59 times as of December 31, 2024, compared to 10.34 times as of September 30, 2024, and 11.74 times as of December 31, 2023.

Busey maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.

ASSET QUALITY *(unaudited)*
(dollars in thousands)

	As of
	December 31, 2024			September 30, 2024			December 31, 2023
Total assets	$	12,046,722		$	11,986,839		$	12,283,415
Portfolio loans		7,697,087			7,809,097			7,651,034
Loans 30 – 89 days past due		8,124			10,141			5,779
Non-performing loans:
Non-accrual loans		22,088			8,192			7,441
Loans 90+ days past due and still accruing		1,149			25			375
Non-performing loans	$	23,237		$	8,217		$	7,816
Non-performing loans, segregated by geography:
Illinois / Indiana	$	19,558		$	3,981		$	3,715
Missouri		3,016			3,530			3,836
Florida		663			706			265
Other non-performing assets		63			64			125
Non-performing assets	$	23,300		$	8,281		$	7,941

Allowance for credit losses	$	83,404		$	84,981		$	91,740

RATIOS
Non-performing loans to portfolio loans		0.30	%		0.11	%		0.10	%
Non-performing assets to total assets		0.19	%		0.07	%		0.06	%
Non-performing assets to portfolio loans and other non-performing assets		0.30	%		0.11	%		0.10	%
Allowance for credit losses to portfolio loans		1.08	%		1.09	%		1.20	%
Coverage ratio of the allowance for credit losses to non-performing loans		3.59	x		10.34	x		11.74	x

NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) *(unaudited)*
(dollars in thousands)

	Three Months Ended						Years Ended
	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Net charge-offs (recoveries)	$	2,850	$	247	$	425	$	18,169	$	2,267
Provision expense (release)		1,273		2		455		8,590		2,399

NET INTEREST MARGIN AND NET INTEREST INCOME

Net interest margin¹ was 2.95% for the fourth quarter of 2024, compared to 3.02% for the third quarter of 2024 and 2.75% for the fourth quarter of 2023. Excluding purchase accounting accretion, adjusted net interest margin¹ was 2.92% for the fourth quarter of 2024, compared to 2.97% in the third quarter of 2024 and 2.74% in the fourth quarter of 2023. Net interest income was $81.6 million in the fourth quarter of 2024, compared to $82.6 million in the third quarter of 2024 and $77.3 million in the fourth quarter of 2023.

After raising federal funds rates by a total of 525 basis points between March 2022 and July 2023, the Federal Open Market Committee (“FOMC”) lowered rates by 100 basis points beginning in September 2024. In anticipation of the FOMC pivot to an easing cycle, we limited our exposure to term funding structures and intentionally priced savings specials to encourage maturing CD balances to migrate to managed rate non-maturity products. Beginning in September we began lowering rates on special priced deposit accounts and other managed rate products to benefit from the FOMC rate cuts. In addition, approximately 7% of our deposit portfolio is indexed and immediately repriced with the rate cuts by the FOMC. CD balances comprise only 15% of the total deposit funding base. If rates move lower in 2025, we have the ability to reprice CD balances due to the short duration term structure of the portfolio. Approximately 58% of Busey’s non-maturity deposits are at rack rates with a weighted average rate of 0.01%. We continue to offer CD specials with shorter term structures as well as offering attractive premium savings rates to encourage rotation of maturing CD deposits into nimble pricing products. Components of the 7 basis point decrease in net interest margin¹ during the fourth quarter of 2024 include:

Reduced non-maturity deposit funding costs contributed +9 basis points
Increased cash and securities portfolio yield contributed +6 basis points
Reduced time deposit funding costs contributed +1 basis point
Decreased loan portfolio and held for sale loan yields contributed -20 basis points
Decreased purchase accounting contributed -2 basis points
Increased borrowing expense -1 basis point

Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.0% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet restructuring strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have provided funding flows, and we had excess earning cash during the fourth quarter of 2024. Our cumulative interest-bearing non-maturity tightening cycle deposit beta peaked at 41% during the third quarter of 2024. Our total deposit beta for the completed tightening cycle was 34%. Since the onset of the current easing cycle, we have reduced our interest-bearing non-maturity deposit cost of funds by 18 basis points, which represents a 26% easing cycle beta. Deposit betas were calculated based on an average federal funds rate of 4.82% during the fourth quarter of 2024. The average federal funds rate has decreased by 68 basis points since the end of the tightening cycle that concluded in the third quarter of 2024.

NONINTEREST INCOME

Noninterest income was $35.2 million for the fourth quarter of 2024, as compared to $35.8 million for the third quarter of 2024 and $31.3 million for the fourth quarter of 2023. Excluding the impact of net securities gains and losses and immaterial follow-on adjustments from the previously announced mortgage servicing rights sale, adjusted noninterest income¹ was $35.4 million, or 30.3% of operating revenue¹, during the fourth quarter of 2024, $35.0 million, or 29.8% of operating revenue, for the third quarter of 2024, and $30.5 million, or 28.3% of operating revenue, for the fourth quarter of 2023.

Consolidated wealth management fees were $16.8 million for the fourth quarter of 2024, compared to $15.4 million for the third quarter of 2024 and $13.7 million for the fourth quarter of 2023. On a segment basis, Wealth Management generated $17.0 million in revenue during the fourth quarter of 2024, a 22.7% increase over revenue of $13.8 million for the fourth quarter of 2023. Fourth quarter of 2024 results marked a new record high reported quarterly revenue for the Wealth Management operating segment. The Wealth Management operating segment generated net income of $5.9 million in the fourth quarter of 2024, compared to $5.6 million in the third quarter of 2024 and $4.2 million in the fourth quarter of 2023. Busey’s Wealth Management division ended the fourth quarter of 2024 with $13.83 billion in assets under care, compared to $13.69 billion at the end of the third quarter of 2024 and $12.14 billion at the end of the fourth quarter of 2023. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark⁶ over the last three and five years.

Payment technology solutions revenue was $5.1 million for the fourth quarter of 2024, compared to $5.3 million for the third quarter of 2024 and $5.4 million for the fourth quarter of 2023. Excluding intracompany eliminations, the FirsTech operating segment generated revenue of $5.4 million during the fourth quarter of 2024, compared to $5.6 million in the third quarter of 2024 and $5.8 million in the fourth quarter of 2023.

Wealth management fees, wealth management referral income included in other noninterest income, and payment technology solutions represented 62.3% of adjusted noninterest income¹ for the fourth quarter of 2024.

Fees for customer services were $7.9 million for the fourth quarter of 2024, compared to $8.2 million in the third quarter of 2024 and $7.5 million in the fourth quarter of 2023.

Other noninterest income was $4.1 million in the fourth quarter of 2024, compared to $4.7 million in the third quarter of 2024 and $2.7 million in the fourth quarter of 2023. The third quarter of 2024 benefited from $0.8 million in revenue associated with certain wealth management activities that was reported as other noninterest income; in comparison, other noninterest income from wealth management activities was $0.2 million for the fourth quarter of 2024 and $0.1 million for the fourth quarter of 2023. Compared to the prior quarter, we also saw decreases in venture capital income and swap origination fee income, which were mostly offset by increases in commercial loan sales gains. When compared with the fourth quarter of 2023, increases in other noninterest income were primarily attributable to increases in commercial loan sales gains and venture capital income, as well as the addition of Life Equity Loan^® servicing income beginning in the second quarter of 2024.

OPERATING EFFICIENCY

Noninterest expense was $78.2 million in the fourth quarter of 2024, compared to $75.9 million in the third quarter of 2024 and $75.0 million for the fourth quarter of 2023. The efficiency ratio¹ was 64.5% for the fourth quarter of 2024, compared to 62.1% for the third quarter of 2024, and 66.9% for the fourth quarter of 2023. Adjusted core expense¹ was $72.6 million in the fourth quarter of 2024, compared to $71.0 million in the third quarter of 2024 and $65.2 million in the fourth quarter of 2023. The adjusted core efficiency ratio¹ was 61.8% for the fourth quarter of 2024, compared to 60.2% for the third quarter of 2024, and 60.1% for the fourth quarter of 2023. We expect to continue to prudently manage our expenses and to realize the full extent of M&M acquisition synergies in 2025.

Noteworthy components of noninterest expense are as follows:

Salaries, wages, and employee benefits expenses were $45.5 million in the fourth quarter of 2024, compared to $44.6 million in the third quarter of 2024 and $42.7 million in the fourth quarter of 2023. Busey recorded $0.2 million of non-operating salaries, wages, and employee benefit expenses in the fourth quarter of 2024, compared to $0.1 million in the third quarter of 2024 and $3.8 million in the fourth quarter of 2023. Our associate-base consisted of 1,509 full-time equivalents as of December 31, 2024, compared to 1,510 as of September 30, 2024, and 1,479 as of December 31, 2023. The increase in our associate-base in 2024 was largely due to the M&M acquisition.
Data processing expense was $6.6 million in the fourth quarter of 2024, compared to $6.9 million in the third quarter of 2024 and $6.2 million in the fourth quarter of 2023. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
Professional fees were $4.9 million in the fourth quarter of 2024, compared to $3.1 million in the third quarter of 2024 and $2.6 million in the fourth quarter of 2023. Busey recorded $3.0 million of non-operating professional fees in the fourth quarter of 2024, as compared to $1.4 million in the third quarter of 2024 and $0.4 million in the fourth quarter of 2023. Fourth quarter of 2024 non-operating professional fees consisted of $1.9 million related to merger activities and $1.1 million in restructuring activities related to corporate strategy advisement.
Other noninterest expense was $9.7 million for both the third and fourth quarters of 2024, compared to $12.4 million in the fourth quarter of 2023. Busey recorded $0.3 million of non-operating costs in other noninterest expense in the fourth quarter of 2024, compared to $0.4 million in the third quarter of 2024 and $0.1 million in the fourth quarter of 2023. In connection with Busey’s adoption of ASU 2023-02 on January 1, 2024, Busey began recording amortization of New Markets Tax Credits as income tax expense instead of other operating expense, which resulted in a decrease to other operating expenses of $2.3 million compared to the fourth quarter of 2023. Other items contributing to the fluctuations in other noninterest expense included the provision for unfunded commitments, mortgage servicing rights valuation expenses, fixed asset impairment, marketing, business development, and expenses related to recruiting and onboarding.

Busey’s effective tax rate for the fourth quarter of 2024 was 24.8%, which was lower than the combined federal and state statutory rate of approximately 28.0% due to the impact of tax exempt interest income, such as municipal bond interest, bank owned life insurance income, and investments in various federal and state tax credits. Busey’s effective tax rate for the full year 2024 was 25.8%. In the second quarter of 2024, Busey recorded a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. These newly enacted regulations are expected to lower our tax obligation in future periods. Excluding the impact of the one-time deferred tax valuation adjustment, our effective tax rate for the full year 2024 would have been 24.9%.

Effective tax rates were higher in 2024, compared to 2023, due to the adoption of ASU 2023-02 in January 2024. Upon adoption of ASU 2023-02 Busey elected to use the proportional amortization method of accounting for equity investments made primarily for the purpose of receiving income tax credits. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense as opposed to being presented on a gross basis on the income statement as a component of noninterest expense and income tax expense.

CAPITAL STRENGTH

Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. On January 31, 2025, Busey will pay a cash dividend of $0.25 per common share to stockholders of record as of January 24, 2025, which represents a 4.2% increase from the previous quarterly dividend of $0.24 per share. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

As of December 31, 2024, Busey continued to exceed the capital adequacy requirements necessary to be considered “well-capitalized” under applicable regulatory guidelines. Busey’s Common Equity Tier 1 ratio is estimated⁴ to be 14.10% at December 31, 2024, compared to 13.78% at September 30, 2024, and 13.09% at December 31, 2023. Our Total Capital to Risk Weighted Assets ratio is estimated⁴ to be 18.53% at December 31, 2024, compared to 18.19% at September 30, 2024, and 17.44% at December 31, 2023.

Busey’s tangible common equity¹ was $1.02 billion at December 31, 2024, compared to $1.04 billion at September 30, 2024, and $925.0 million at December 31, 2023. Tangible common equity¹ represented 8.76% of tangible assets at December 31, 2024, compared to 8.96% at September 30, 2024, and 7.75% at December 31, 2023. Busey’s tangible book value per common share¹ was $17.88 at December 31, 2024, compared to $18.19 at September 30, 2024, and $16.62 at December 31, 2023, reflecting a 7.6% year-over-year increase. The ratios of tangible common equity to tangible assets¹ and tangible book value per common share have been impacted by the fair value adjustment of Busey’s securities portfolio as a result of the current rate environment, which is reflected in the accumulated other comprehensive income (loss) component of stockholder’s equity.

FOURTH QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to the Q4 2024 Earnings Investor Presentation furnished via Form 8-K on January 28, 2025, in connection with this earnings release.

CORPORATE PROFILE

As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was an $12.05 billion financial holding company headquartered in Champaign, Illinois.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.01 billion as of December 31, 2024, and is headquartered in Champaign, Illinois. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.83 billion as of December 31, 2024. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

For the first time, Busey was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40th overall in 2024, Busey was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than $10 billion in assets. Busey is humbled to be named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2024 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

For more information about us, visit busey.com.

Category: Financial
Source: First Busey Corporation

Contacts:

Jeffrey D. Jones, Chief Financial Officer
217-365-4130

NON-GAAP FINANCIAL INFORMATION

This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on Busey’s performance over time.

Below is a reconciliation to what management believes to be the most directly comparable GAAP financial measures—specifically, net interest income, total noninterest income, net security gains and losses, and total noninterest expense in the case of pre-provision net revenue, adjusted pre-provision net revenue, pre-provision net revenue to average assets, and adjusted pre-provision net revenue to average assets; net income in the case of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, average tangible common equity, return on average tangible common equity, adjusted return on average tangible common equity; net income and net security gains and losses in the case of further adjusted net income and further adjusted diluted earnings per share; net interest income in the case of adjusted net interest income and adjusted net interest margin; net interest income, total noninterest income, and total noninterest expense in the case of adjusted noninterest income, adjusted noninterest expense, noninterest expense excluding non-operating adjustments, adjusted core expense, efficiency ratio, adjusted efficiency ratio, and adjusted core efficiency ratio; net interest income, total noninterest income, net securities gains and losses, and net gains and losses on the sale of mortgage servicing rights in the case of operating revenue and adjusted noninterest income to operating revenue; total assets and goodwill and other intangible assets in the case of tangible assets; total stockholders’ equity in the case of tangible book value per common share; total assets and total stockholders’ equity in the case of tangible common equity and tangible common equity to tangible assets; and total deposits in the case of core deposits and core deposits to total deposits.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Pre-Provision Net Revenue and Related Measures

		Three Months Ended									Years Ended
(dollars in thousands)		December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net interest income (GAAP)		$	81,578		$	82,647		$	77,345		$	322,611		$	320,621
Total noninterest income (GAAP)			35,221			35,845			31,304			139,682			121,214
Net security (gains) losses (GAAP)			196			(822	)		(761	)		6,102			2,199
Total noninterest expense (GAAP)			(78,167	)		(75,926	)		(74,979	)		(300,399	)		(285,532	)
Pre-provision net revenue (Non-GAAP)	[a]		38,828			41,744			32,909			167,996			158,502
Acquisition and restructuring expenses			3,585			1,935			4,237			8,140			4,328
Provision for unfunded commitments			(455	)		407			818			(1,095	)		461
Amortization of New Markets Tax Credits			—			—			2,259			—			8,999
Realized (gain) loss on the sale of mortgage service rights			—			18			—			(7,724	)		—
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	41,958		$	44,104		$	40,223		$	167,317		$	172,290

Average total assets (GAAP)	[c]		12,085,993			12,007,702			12,308,491			12,051,871			12,246,218

Pre-provision net revenue to average total assets (Non-GAAP)¹	[a÷c]		1.28	%		1.38	%		1.06	%		1.39	%		1.29	%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)¹	[b÷c]		1.38	%		1.46	%		1.30	%		1.39	%		1.41	%

___________________________________________

For quarterly periods, measures are annualized.


Adjusted Net Income, Average Tangible Common Equity, and Related Ratios

		Three Months Ended									Years Ended
(dollars in thousands, except per share amounts)		December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net income (GAAP)	[a]	$	28,105		$	32,004		$	25,749		$	113,691		$	122,565
Acquisition expenses:
Salaries, wages, and employee benefits			247			73			—			1,457			—
Data processing			14			90			—			548			—
Professional fees, occupancy, furniture and fixtures, and other			2,208			1,772			266			4,896			357
Restructuring expenses:
Salaries, wages, and employee benefits			—			—			3,760			123			3,760
Professional fees, occupancy, furniture and fixtures, and other			1,116			—			211			1,116			211
Acquisition and restructuring expenses			3,585			1,935			4,237			8,140			4,328
Related tax benefit¹			(965	)		(406	)		(863	)		(2,026	)		(881	)
Adjusted net income (Non-GAAP)	[b]	$	30,725		$	33,533		$	29,123		$	119,805		$	126,012

Weighted average number of common shares outstanding, diluted (GAAP)	[c]		57,934,812			57,967,848			56,333,033			57,543,001			56,256,148
Diluted earnings per common share (GAAP)	[a÷c]	$	0.49		$	0.55		$	0.46		$	1.98		$	2.18
Adjusted diluted earnings per common share (Non-GAAP)	[b÷c]	$	0.53		$	0.58		$	0.52		$	2.08		$	2.24

Average total assets (GAAP)	[d]		12,085,993			12,007,702			12,308,491			12,051,871			12,246,218
Return on average assets (GAAP)²	[a÷d]		0.93	%		1.06	%		0.83	%		0.94	%		1.00	%
Adjusted return on average assets (Non-GAAP)²	[b÷d]		1.01	%		1.11	%		0.94	%		0.99	%		1.03	%

Average common equity (GAAP)		$	1,396,939		$	1,364,377		$	1,202,417		$	1,342,424		$	1,197,511
Average goodwill and other intangible assets, net			(367,400	)		(369,720	)		(355,469	)		(366,601	)		(359,347	)
Average tangible common equity (Non-GAAP)	[e]	$	1,029,539		$	994,657		$	846,948		$	975,823		$	838,164

Return on average tangible common equity (Non-GAAP)²	[a÷e]		10.86	%		12.80	%		12.06	%		11.65	%		14.62	%
Adjusted return on average tangible common equity (Non-GAAP)²	[b÷e]		11.87	%		13.41	%		13.64	%		12.28	%		15.03	%

___________________________________________

Year-to-date tax benefits were calculated by multiplying year-to-date acquisition and restructuring expenses by tax rates of 24.9% and 20.4% for the years ended December 31, 2024 and 2023, respectively. Quarterly tax benefits were calculated as the year-to-date tax benefit amounts less the sum of amounts applied to previous quarters during the year, equating to tax rates of 26.9%, 21.0%, and 20.4% for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
For quarterly periods, measures are annualized.

Further Adjusted Net Income and Related Measures

		Three Months Ended									Years Ended
(dollars in thousands, except per share amounts)		December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Adjusted net income (Non-GAAP)¹		$	30,725		$	33,533		$	29,123		$	119,805		$	126,012
Further non-GAAP adjustments:
Net securities (gains) losses			196			(822	)		(761	)		6,102			2,199
Realized net (gains) losses on the sale of mortgage servicing rights			—			18			—			(7,724	)		—
Tax effect for further non-GAAP adjustments²			(49	)		199			171			419			(448	)
Tax effected further non-GAAP adjustments³			147			(605	)		(590	)		(1,203	)		1,751
Further adjusted net income (Non-GAAP)³	[a]	$	30,872		$	32,928		$	28,533		$	118,602		$	127,763
One-time deferred tax valuation adjustment⁴			—			—			—			1,446			—
Further adjusted net income, excluding one-time deferred tax valuation adjustment (Non-GAAP)³	[b]	$	30,872		$	32,928		$	28,533		$	120,048		$	127,763

Weighted average number of common shares outstanding, diluted	[c]		57,934,812			57,967,848			56,333,033			57,543,001			56,256,148

Further adjusted diluted earnings per common share (Non-GAAP)³	[a÷c]	$	0.53		$	0.57		$	0.51		$	2.06		$	2.27
Further adjusted diluted earnings per common share, excluding one-time deferred tax valuation adjustment (Non-GAAP)³	[b÷c]	$	0.53		$	0.57		$	0.51		$	2.09		$	2.27

___________________________________________

Adjusted net income is a non-GAAP measure. See the previous table for a reconciliation to the nearest GAAP measure.
Tax effects for further non-GAAP adjustments were calculated by multiplying further non-GAAP adjustments by the effective income tax rate for each period. Effective income tax rates that were used to calculate the tax effect were 24.8%, 24.8%, and 22.5% for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and were 25.8% and 20.4% for the years ended December 31, 2024 and 2023, respectively.
Tax-effected measure.
An estimated one-time deferred tax valuation adjustment of $1.4 million resulted from a change to our Illinois apportionment rate due to recently enacted regulations.

Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin

		Three Months Ended									Years Ended
(dollars in thousands)		December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net interest income (GAAP)		$	81,578		$	82,647		$	77,345		$	322,611		$	320,621
Tax-equivalent adjustment¹			446			396			501			1,693			2,173
Tax-equivalent net interest income (Non-GAAP)	[a]		82,024			83,043			77,846			324,304			322,794
Purchase accounting accretion related to business combinations			(812	)		(1,338	)		(384	)		(3,166	)		(1,477	)
Adjusted net interest income (Non-GAAP)	[b]	$	81,212		$	81,705		$	77,462		$	321,138		$	321,317

Average interest-earning assets (GAAP)	[c]		11,048,350			10,942,745			11,235,326			10,999,424			11,181,010

Net interest margin (Non-GAAP)²	[a÷c]		2.95	%		3.02	%		2.75	%		2.95	%		2.89	%
Adjusted net interest margin (Non-GAAP)²	[b÷c]		2.92	%		2.97	%		2.74	%		2.92	%		2.87	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
For quarterly periods, measures are annualized.

Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Adjusted Core Expense, and Efficiency Ratios

		Three Months Ended									Years Ended
(dollars in thousands)		December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net interest income (GAAP)	[a]	$	81,578		$	82,647		$	77,345		$	322,611		$	320,621
Tax-equivalent adjustment¹			446			396			501			1,693			2,173
Tax-equivalent net interest income (Non-GAAP)	[b]		82,024			83,043			77,846			324,304			322,794

Total noninterest income (GAAP)			35,221			35,845			31,304			139,682			121,214
Net security (gains) losses (GAAP)			196			(822	)		(761	)		6,102			2,199
Noninterest income excluding net securities gains and losses (Non-GAAP)	[c]		35,417			35,023			30,543			145,784			123,413
Realized net (gains) losses on the sale of mortgage servicing rights (GAAP)			—			18			—			(7,724	)		—
Adjusted noninterest income (Non-GAAP)	[d]	$	35,417		$	35,041		$	30,543		$	138,060		$	123,413

Tax-equivalent revenue (Non-GAAP)	[e = b+c]	$	117,441		$	118,066		$	108,389		$	470,088		$	446,207
Adjusted tax-equivalent revenue (Non-GAAP)	[f = b+d]		117,441			118,084			108,389			462,364			446,207
Operating revenue (Non-GAAP)	[g = a+d]		116,995			117,688			107,888			460,671			444,034

Adjusted noninterest income to operating revenue (Non-GAAP)	[d÷g]		30.27	%		29.77	%		28.31	%		29.97	%		27.79	%

Total noninterest expense (GAAP)		$	78,167		$	75,926		$	74,979		$	300,399		$	285,532
Amortization of intangible assets (GAAP)	[h]		(2,471	)		(2,548	)		(2,479	)		(10,057	)		(10,432	)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)	[i]		75,696			73,378			72,500			290,342			275,100
Non-operating adjustments:
Salaries, wages, and employee benefits			(247	)		(73	)		(3,760	)		(1,580	)		(3,760	)
Data processing			(14	)		(90	)		—			(548	)		—
Professional fees, occupancy, furniture and fixtures, and other			(3,324	)		(1,772	)		(477	)		(6,012	)		(568	)
Adjusted noninterest expense (Non-GAAP)	[j]		72,111			71,443			68,263			282,202			270,772
Provision for unfunded commitments			455			(407	)		(818	)		1,095			(461	)
Amortization of New Markets Tax Credits			—			—			(2,259	)		—			(8,999	)
Adjusted core expense (Non-GAAP)	[k]	$	72,566		$	71,036		$	65,186		$	283,297		$	261,312

Noninterest expense, excluding non-operating adjustments (Non-GAAP)	[j-h]	$	74,582		$	73,991		$	70,742		$	292,259		$	281,204

Efficiency ratio (Non-GAAP)	[i÷e]		64.45	%		62.15	%		66.89	%		61.76	%		61.65	%
Adjusted efficiency ratio (Non-GAAP)	[j÷f]		61.40	%		60.50	%		62.98	%		61.03	%		60.68	%
Adjusted core efficiency ratio (Non-GAAP)	[k÷f]		61.79	%		60.16	%		60.14	%		61.27	%		58.56	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.

Tangible Book Value and Tangible Book Value Per Common Share

		As of
(dollars in thousands, except per share amounts)		December 31, 2024			September 30, 2024			December 31, 2023
Total stockholders’ equity (GAAP)		$	1,383,269		$	1,402,884		$	1,271,981
Goodwill and other intangible assets, net (GAAP)			(365,975	)		(368,249	)		(353,864	)
Tangible book value (Non-GAAP)	[a]	$	1,017,294		$	1,034,635		$	918,117

Ending number of common shares outstanding (GAAP)	[b]		56,895,981			56,872,241			55,244,119

Tangible book value per common share (Non-GAAP)	[a÷b]	$	17.88		$	18.19		$	16.62

Tangible Assets, Tangible Common Equity, and Tangible Common Equity to Tangible Assets

		As of
(dollars in thousands)		December 31, 2024			September 30, 2024			December 31, 2023
Total assets (GAAP)		$	12,046,722		$	11,986,839		$	12,283,415
Goodwill and other intangible assets, net (GAAP)			(365,975	)		(368,249	)		(353,864	)
Tax effect of other intangible assets¹			6,379			7,178			6,888
Tangible assets (Non-GAAP)²	[a]	$	11,687,126		$	11,625,768		$	11,936,439

Total stockholders’ equity (GAAP)		$	1,383,269		$	1,402,884		$	1,271,981
Goodwill and other intangible assets, net (GAAP)			(365,975	)		(368,249	)		(353,864	)
Tax effect of other intangible assets¹			6,379			7,178			6,888
Tangible common equity (Non-GAAP)²	[b]	$	1,023,673		$	1,041,813		$	925,005

Tangible common equity to tangible assets (Non-GAAP)²	[b÷a]		8.76	%		8.96	%		7.75	%

___________________________________________

Net of estimated deferred tax liability, calculated using an estimated tax rate of 26.73% as of December 31, 2024, and 28% as of September 30, 2024, and December 31, 2023.
Tax-effected measure.

Core Deposits and Related Ratios

		As of
(dollars in thousands)		December 31, 2024			September 30, 2024			December 31, 2023
Portfolio loans (GAAP)	[a]	$	7,697,087		$	7,809,097		$	7,651,034

Total deposits (GAAP)	[b]	$	9,982,490		$	9,943,241		$	10,291,156
Brokered deposits, excluding brokered time deposits of $250,000 or more			(13,090	)		(13,089	)		(6,001	)
Time deposits of $250,000 or more			(334,503	)		(338,808	)		(386,286	)
Core deposits (Non-GAAP)	[c]	$	9,634,897		$	9,591,344		$	9,898,869

RATIOS
Core deposits to total deposits (Non-GAAP)	[c÷b]		96.52	%		96.46	%		96.19	%
Portfolio loans to core deposits (Non-GAAP)	[a÷c]		79.89	%		81.42	%		77.29	%

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) risks related to the proposed transaction with CrossFirst, including (i) the possibility that the proposed transaction will not close when expected or at all because conditions to the closing are not satisfied on a timely basis or at all; (ii) the possibility that the anticipated benefits of the proposed transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Busey and CrossFirst do business; (iii) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (iv) diversion of management’s attention from ongoing business operations and opportunities; (v) the possibility that Busey may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all, and to successfully integrate CrossFirst’s operations with those of Busey or that such integration may be more difficult, time consuming or costly than expected; (vi) revenues following the proposed transaction may be lower than expected; and (vii) stockholder litigation that could prevent or delay the closing of the proposed transaction or otherwise negatively impact our business and operations; (2) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (3) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations, and tax regulations; (4) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (5) changes in state and federal laws, regulations, and governmental policies concerning Busey’s general business (including changes in response to the failures of other banks or as a result changes in policies implemented by the new presidential administration); (6) changes in accounting policies and practices; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates; (11) changes in consumer spending; (12) unexpected outcomes of existing or new litigation, investigations, or inquiries involving Busey (including with respect to Busey’s Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey’s securities portfolio; (14) concentrations within Busey’s loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (15) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party servicers; (18) breaches or failures of information security controls or cybersecurity-related incidents; and (19) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

END NOTES

1	Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
2	Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250 thousand FDIC insurance limit, less intercompany accounts and collateralized accounts (including preferred deposits).
3	Central Business District areas within Busey’s footprint include downtown St. Louis, downtown Indianapolis, and downtown Chicago.
4	Capital amounts and ratios for the fourth quarter of 2024 are not yet finalized and are subject to change.
5	On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
6	The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.

The MIL Network –

January 29, 2025

MIL-OSI: Stifel Raises Quarterly Common Stock Cash Dividend by 10% and Declares Preferred Stock Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ST. LOUIS, Jan. 28, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has declared a cash dividend on shares of its common stock of $0.46 per share, payable March 17, 2025, to shareholders of record at the close of business on March 3, 2025.

The Board of Directors also declared a quarterly cash dividend on the outstanding shares of its 6.25% Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), 6.125% Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), and 4.50% Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). The declared cash dividend on the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock is for the period from December 16, 2024, up to, but excluding, March 17, 2025. The declared cash dividend equated to approximately $0.390625 per depositary share, or $390.625 per share of the Series B Preferred Stock outstanding. The declared cash dividend equated to approximately $0.3828125 per depositary share, or $382.8125 per share of the Series C Preferred Stock outstanding. The declared cash dividend equated to approximately $0.281250 per depositary share, or $281.250 per share of the Series D Preferred Stock outstanding. The cash dividends are payable on March 17, 2025 to shareholders of record on March 3, 2025.

The Company’s Series B Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrB”, the Company’s Series C Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrC”, and the Company’s Series D Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrD.”

Stifel Company Information
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

Stifel Investor Relations Contact
Joel Jeffrey, Senior Vice President
(212) 271-3610 direct
investorrelations@stifel.com

The MIL Network –

January 29, 2025
MIL-OSI: CrossFirst Bankshares, Inc. Reports Record Fourth Quarter and Record Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan., Jan. 28, 2025 (GLOBE NEWSWIRE) — CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported operating results for the fourth quarter and full-year ended December 31, 2024.

The fourth quarter and full-year earnings release can be viewed here: https://investors.crossfirstbankshares.com/financials/quarterly-reports

Investor Contact
Mike Daley | CrossFirst Bankshares, Inc.
913.754.9707 | mike.daley@crossfirstbank.com

About CrossFirst Bankshares, Inc.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary, CrossFirst Bank, a full-service financial institution that offers products and services to businesses, professionals, individuals, and families. CrossFirst Bank, headquartered in Leawood, Kansas, has locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.

The MIL Network –

January 29, 2025

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