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Category: KB

  • MIL-OSI Asia-Pac: Waterpipe tobacco issue explained

    Source: Hong Kong Information Services

    The Health Bureau said that rather than banning waterpipe tobacco, the Government has proposed to prohibit flavours in conventional smoking products, including waterpipe tobacco.

    It made the clarification following a local media report today which claimed that the Government is considering a ban on waterpipe tobacco, and that the measure will dampen the desire of tourists from the Middle East to visit Hong Kong.

    In addition to expressing regret over the inaccurate information which is misleading to citizens and tourists, the bureau pointed out that in June last year, it did put forward a proposal to prohibit flavours in conventional smoking products, including waterpipe tobacco, but did not propose to ban all kinds of waterpipe tobacco.

    Separately, the bureau explained that the ban on adding flavours in waterpipe tobacco will have limited impact on the experience of Muslim tourists visiting Hong Kong.

    A waterpipe is a smoking device originating from regions including the Middle East, and is traditionally used without added flavour, the bureau elaborated, noting that while Islam is widely followed in the Middle East and alcohol consumption or bar patronage is not prevalent, venues offering outdoor waterpipes in Hong Kong are mostly bars.

    Furthermore, the Health Bureau remarked that in other regions, eg Singapore where the import and sale of all waterpipes is banned, the number of inbound tourists from the Middle East before and after the ban remained comparable.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and His Family Attend New Year Gala Dinner Hosted by the Taiwanese Community in Sydney

    Source: Republic Of China Taiwan 2

    Director General David Cheng-Wei Wu and his family, along with the TECO Sydney team, were delighted to attend the New Year Gala Dinner of the Taiwanese community in Sydney, organized by the Association of Overseas Alumni in Australia.
    In his remarks, DG Wu highlighted:

    Taiwan’s resilience in 2024, standing firm against challenges and achieving remarkable progress despite threats to the rules-based international order and regional stability.
    A warm welcome to OCAC Director Ms. May Chiang and Council Members Mr. Johnson Hsiung and Ms. Shirley Chen. TECO Sydney remains committed to working with our community to turn Taiwan’s achievements into global opportunities.
    Australia’s role as CPTPP chair in 2025 and the hope for Taiwan’s early accession to strengthen democratic supply chains and complete the CPTPP.
     Gratitude to NSW Parliament for passing PMB No. 1414, countering China’s misinterpretation of UNGA Resolution 2758—the first and only state legislature globally to do so.
    The need for Taiwan and Australia to deepen cooperation and exchange ideas, talent, technology, and social initiatives for regional peace and prosperity.

    Leaders in the NSW Parliament, including Rod Roberts MLC, Dr. Hugh McDermott MP, Jacqui Munro MLC, and Tania Mihailuk MLC, along with Cr Alex Yang from Burwood Council, attended the gala dinner to celebrate the Lunar New Year.
    In their remarks, they praised Taiwan’s democratic and economic achievements and expressed hopes for a stronger and more dynamic TW-AU relationship in all aspects in the Year of the Snake!

    MIL OSI Asia Pacific News –

  • MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME FEBRUARY 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Jan. 28, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination has been postponed to 10:00 a.m., Eastern Time on Thursday, February 27, 2025. At the meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

    The Special Meeting is being postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.

    As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Thursday, February 27, 2025, via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination, is being extended to 5:00 p.m., Eastern time, on Tuesday, February 25, 2025.

    Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

    About Finnovate Acquisition Corp.

    Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

    Forward-Looking Statements

    The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. 

    Additional Information

    Pubco has filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”), which includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.

    Participants in The Solicitation

    Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.

    No Offer Or Solicitation

    This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    INVESTOR RELATIONS CONTACT

    Finnovate Acquisition Corp.
    Calvin Kung
    265 Franklin Street
    Suite 1702
    Boston, MA 02110
    +1 (424) 253-0908

    The MIL Network –

  • MIL-OSI: Renewable Power: TotalEnergies Will Supply 1.5 TWh to STMicroelectronics in France over 15 Years

    Source: GlobeNewswire (MIL-OSI)

    Renewable Power: TotalEnergies Will Supply 1.5 TWh to STMicroelectronics in France over 15 Years

    • 1stPPA in France for STMicroelectronics, aiming at 100% renewable sourcing by 2027
    • Power comes from 2 recent wind and solar farms of 75 MW operated by TotalEnergies

    Paris, Geneva – January 28, 2025 – TotalEnergies and STMicroelectronics (NYSE:STM), a global semiconductor leader serving customers across the spectrum of electronics applications, have signed a physical1 Power Purchase Agreement to supply renewable electricity to STMicroelectronics sites in France. This 15-year contract, started in January 2025, represents an overall volume of 1.5 TWh.

    TotalEnergies will provide STMicroelectronics with the renewable power (including the guarantee of origin) produced by two recent wind and solar farms of 75 MW operated by TotalEnergies. This power comes with structuration services to transform intermittent production in a constant volume (“baseload”) of green electricity. It’s the first time in France that such a 15-year contract is provided. The positive impact of the wind and solar projects on the environment and on the communities was a key success factor in the signing of the deal.

    “We are delighted to sign this agreement with STMicroelectronics, which demonstrates our ability to provide long-term and innovative clean firm power solutions tailored to our customers’ needs,” said Sophie Chevalier, Senior Vice President Flexible Power & Integration at TotalEnergies. “TotalEnergies aims to be a preferred partner to support tech industry players towards their decarbonization efforts, and this agreement showcases our commitment and capabilities.”

    “This first PPA in France marks yet another important step towards ST’s goal of becoming carbon neutral in its operations (Scope 1 and 2 emissions, and partially scope 3) by 2027, including the sourcing of 100% renewable energy by 2027,” said Geoff West, EVP and Chief Procurement Officer at STMicroelectronics. “PPAs will play a major role in our transition, and we have already signed several to support ST’s operations in Italy and Malaysia. Starting in 2025, this PPA with TotalEnergies will provide a significant level of renewable energy for ST’s operations in France, which includes R&D, design, sales and marketing and large-volume chip manufacturing.”

    About STMicroelectronics
    At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and connectivity. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

    TotalEnergies and electricity
    As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. By mid-2024, TotalEnergies’ gross renewable electricity generation installed capacity reached 24 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.

    About TotalEnergies
    TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

    For further information, please contact:

    STMicroelectronics

    MEDIA RELATIONS
    Alexis Breton
    Corporate External Communications
    Tel: +33 6 59 16 79 08
    alexis.breton@st.com

    INVESTOR RELATIONS
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    TotalEnergies

    MEDIA RELATIONS: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

    INVESTOR RELATIONS: +33 (0)1 47 44 46 46 l ir@totalenergies.com

    1 In the case of a “physical” Power Purchase Agreement (PPA), the renewable electricity and the associated guarantees of origin are delivered to the customer, as opposed to the “virtual” PPA, where only the guarantees of origin are delivered to the customer, and the electricity produced is sold to the grid.

    Attachment

    The MIL Network –

  • MIL-OSI: Exterro Schedules First-of-Its-Kind INFORM Webinar Series to Unite Global Forensic Experts

    Source: GlobeNewswire (MIL-OSI)

    PORTLAND, Ore., Jan. 28, 2025 (GLOBE NEWSWIRE) — Exterro Inc. is launching INFORM, a global webinar series designed as a premier resource for digital forensics practitioners. This virtual event will feature independent industry luminaries and experts sharing actionable insights and fostering a community of excellence.

    “INFORM is an opportunity for digital forensics experts and practitioners across the globe to connect, learn, and grow,” says Harsh Behl, VP of Product for Digital Forensics at Exterro. “Participants will join an exclusive global community, gaining new ideas, sharing insights, and forging connections with peers and experts.”

    Actionable Insights and Strategies for Attendees

    Attendees will gain exclusive insights and strategies through deep dives with leaders who understand their biggest challenges. Each session provides real-world solutions and skills applicable immediately. From notable Organizations to leading industry voices, these trailblazers and innovators will showcase the latest in forensic investigation techniques and offer predictions that will shape the year ahead.

    “The series will explore challenges and best practices of conducting investigations that investigators face in their jurisdictions, strategies for navigating diverse laws, legal frameworks, and fostering cooperation,” says Justin Tolman, the forensic evangelist and subject matter expert at Exterro. “Attendees will receive valuable insights from experts on overcoming challenges like cross-border hurdles to ensure compliance while driving effective investigative outcomes. By spanning regional perspectives, we’re offering attendees a holistic view of digital forensics that reflects the complex, global nature of today’s investigations.”

    At this full-day event will, the experts will delve deeper into:

    • Strategies for tackling complex investigations, leveraging innovative tools and strategic collaboration to solve high-value crimes, and insights into dismantling intricate, cross-border criminal networks.
    • Approaches to help forensic teams focus on critical evidence, minimize review time, reduce costs, and implement best practices for refining forensic workflows to deliver results faster in complex investigations.
    • Advanced digital forensics techniques to identify, analyze, and mitigate insider threats and data exfiltration, including methods to uncover subtle indicators of compromise, trace unauthorized data movement, and implement robust prevention strategies.
    • Addressing unique cloud challenges, including multi-tenant architectures, data sovereignty, and dynamic environments, while ensuring compliance and minimizing downtime.
    • How police forces are reshaping their digital forensic processes through innovative cloud-based solutions, modernizing and streamlining investigations, and enhancing collaboration, scalability, and case resolution efficiency.
    • Challenges and considerations that digital forensic practitioners must address.
    • Various AI methods, such as image forensics, facial detection and recognition, and deep metadata analysis used for deepfake detection, the challenges posed by the rapid evolution of deepfake technology, and the importance of a multi-modal framework in safeguarding digital media integrity.
    • The interplay between eDiscovery and forensics in internal investigations, providing insights and tips for success and efficiency, including guidance on the admissibility of evidence and strategies for enhancing personal value.

    INFORM will feature some of the brightest minds in digital forensics, including:

    • Farand C. Wasiak: Senior Special Agent at the South Carolina Law Enforcement Division (SLED), with extensive experience in cybercrime and child protection investigations.
    • Prof. Triveni Singh: Cybercrime expert and Superintendent of Police (SP) for Cyber Crime in Uttar Pradesh, India, presenting a comprehensive guide to incident response in cloud environments.
    • Rob Fried: SVP and Global Head of Forensics at Sandline Global, renowned for leadership in data collection, expert testimony, and investigative training.
    • David Williams: Director of Global Public Safety & Justice at Microsoft, exploring the critical fight against deepfake technologies and the need for multi-modal detection methods.
    • John Price KPM: Detective Sergeant with West Midlands Police, offering insights into revolutionizing case management with cloud-based forensics and digital scene triage.

    Why INFORM Matters Now

    The surge in cybercrime, increasing complexity of legal compliance, and rapid growth of data sources have reshaped the digital forensics landscape. As investigations grow more intricate, the need for global collaboration and knowledge-sharing has become paramount. INFORM seeks to break down silos and create a platform where forensic professionals, regardless of geography, can access the expertise they need to stay ahead of emerging threats.

    True to Exterro’s mission of accessibility and community-building, INFORM is a free-to-attend event. Participants can tailor their experience by selecting sessions that align with their interests or commit to the full day to experience the complete global narrative of digital forensics innovation.

    To register and view the full schedule of speakers and sessions, visit here.

    About Exterro:

    Exterro empowers organizations and law enforcement agencies to achieve better legal, regulatory, and investigatory outcomes, while saving money and minimizing the impact of data risk. Its data risk management software is the only comprehensive platform that leverages data discovery, automation, and workflow optimization, and one of the first to utilize responsible AI to give users insight into and control over the complex interconnections of privacy, legal operations, digital investigations, cybersecurity response, compliance, and data governance. Thousands of corporations, law firms, managed services providers, and government and law enforcement agencies trust Exterro to manage their risks and drive successful outcomes at a lower cost. For more information, visit www.exterro.com.

    For media inquiries, please contact:
    Anamika D. Kumar
    Email – anamika.dhirendrakumar@exterro.com

    The MIL Network –

  • MIL-OSI: Endeavor Bancorp Reports Net Income of $1.1 Million for the Fourth Quarter of 2024; Highlighted by Quarterly Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.08 million, or $0.25 per diluted share, for the fourth quarter of 2024, compared to net income of $924,000, or $0.22 per diluted share, for the third quarter of 2024, and $852,000, or $0.20 per diluted share, for the fourth quarter of 2023. Pretax net income was $1.55 million in the fourth quarter compared to $1.32 million in the preceding quarter and $1.24 million in the fourth quarter of 2023. All financial results are unaudited.

    Results for the fourth quarter of 2024 included a $374,000 provision for credit losses, compared to a $609,000 provision for credit losses in the third quarter of 2024, and a $181,000 provision for credit losses in the fourth quarter of 2023. Also noteworthy was the interest expense on borrowings in the past three quarters, with interest expense on borrowings of $493,000 for the third and fourth quarters of 2024, and $201,000 for the fourth quarter of 2023. The additional interest expense was associated with the recent subordinated debt issued late in the first quarter of 2024. Excluding taxes and loan loss provisions, the Company’s pretax, pre-provision net income was $1.93 million in the fourth quarter of 2024, which was unchanged compared to the preceding quarter and an increase compared to $1.41 million in the fourth quarter of 2023.

    “Endeavor’s fourth quarter 2024 operating results were highlighted by strong net interest income generation and net interest margin expansion,” stated Julie Glance, CFO. “We had another year of double-digit loan and deposit growth, with net loans increasing 31.1% and deposits increasing 18.5%, compared to a year ago. In addition, our earning assets yield also increased, up 69 basis points in 2024 over 2023, which is contributing to net interest margin expansion. As we look to 2025, our primary focus is shifting to deposit gathering, with an emphasis on bringing in full client relationships to grow our core deposit base.”

    “Our thoughts and prayers are with the people and communities impacted by the Southern California wildfires and straight-line winds. Our team is actively reviewing our records to determine if any clients may be affected by these tragic events,” said Dan Yates, CEO.

    Income Statement
    Strong fourth quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $10.8 million, an increase of $568,000 compared to the preceding quarter, while total interest expenses decreased $30,000 during the same timeframe. Net interest income was $6.5 million in the fourth quarter of 2024, which was an increase of $598,000, or 10.1% compared to the preceding quarter and a 29.8% increase compared to the fourth quarter of 2023.

    “The 12 basis point increase in our net interest margin during the fourth quarter of 2024, compared to the prior quarter, was the result of strong loan growth and higher interest earning assets, in addition to improving funding costs,” said Yates.

    Net interest margin (NIM) increased 12 basis points to 3.97% in the fourth quarter of 2024 compared to 3.85% in the third quarter of 2024 and increased 40 basis points compared to 3.57% in the fourth quarter of 2023. The yield on total earning assets remained strong, decreasing only seven basis points during the fourth quarter of 2024 to 6.54%, compared to 6.61% in the preceding quarter, and up from 6.00% in the fourth quarter of 2023. The cost of deposits decreased significantly to 2.76% in the fourth quarter, compared to 2.98% in the third quarter, and up from 2.62% in the fourth quarter of 2023

    Non-Interest income decreased to $160,000 in the fourth quarter, compared to $217,000 in the third quarter of 2024, and increased compared to $138,000 in the fourth quarter 2023.

    Non-Interest expenses increased $547,000, an increase of 13.0%, in the fourth quarter compared to the third quarter of 2024, and increased $1.0 million compared to the fourth quarter of 2023. “The increase in expenses during the fourth quarter of 2024 was primarily driven by growth-related investment in infrastructure, as well as some non-recurring expenses specific to the quarter. Also worth noting, non-interest expenses for the year were well within our budgeted operating plan,” said Glance.

    The Company’s annualized return on average equity for the fourth quarter of 2024 was 9.35%, compared to 8.17% in the third quarter of 2024 and 7.99% in the fourth quarter of 2023. The annualized return on average assets for the fourth quarter of 2024 was 0.65% compared to 0.59% in the third quarter of 2024 and 0.60% in the fourth quarter of 2023.

    Balance Sheet
    Total assets increased $23.0 million, or 3.5%, during the fourth quarter of 2024 to $678.3 million at December 31, 2024, compared to $655.3 million at September 30, 2024, and increased $108.2 million, or 19.0%, compared to December 31, 2023. Balance sheet liquidity remains strong with cash balances of $80.5 million, which represents 11.9% of total assets as of December 31, 2024. The Company’s bond portfolio increased $5.7 million during the fourth quarter to $25.8 million as of December 31, 2024, representing only 3.8% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window exceeded $140.1 million as of quarter end.

    “At a time where other banks are shrinking their balance sheet, we have remained focused on expanding. Loan growth and new loan originations remained strong during the fourth quarter of 2024, as we continue to seek out high quality lending opportunities in our markets,” said Steve Sefton, President. “In early 2024, we expanded our team and moved into the greater Los Angeles Metro and Inland Empire markets. While this expansion north is still in its early stages, we are already seeing positive momentum and is already contributing to operating results.”

    Total loans outstanding increased $33.4 million, or 6.2%, during the fourth quarter of 2024 to $571.8 million at December 31, 2024, compared to $538.4 million three months earlier, and increased $135.6 million, or 31.1%, when compared to $436.3 million a year earlier. Total non-performing loans decreased to 0.46% of the total loan portfolio as of December 31, 2024, compared to 1.22% in the prior quarter. The decrease compared to the prior quarter was due to one borrower who had been in the renewal process whose loans were successfully renewed during the fourth quarter of 2024 and are now current. The Company had no net charge offs during the fourth quarter of 2024, or in the prior quarter.

    Total deposits increased $23.4 million, or 4.1%, during the quarter to $601.2 million at December 31, 2024, compared to $577.8 million three months earlier, and increased $93.4 million, up 18.5% when compared to $577.8 million a year earlier. The loan to deposit ratio was 95.1% at December 31, 2024, compared to 93.2% at September 30, 2024, and 86.0% as of December 31, 2023.

    As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposit accounts maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $113.7 million at December 31, 2024, and $127.0 million as of September 30, 2024. To support the strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of December 31, 2024, total wholesale deposits, excluding the reciprocal deposits, was $60.7 million, representing 10.1% of total deposits compared to $40.7 million as of September 30, 2024, or 7.0% of total deposits.

    Shareholders’ equity was $46.0 million at December 31, 2024, compared to $45.3 million at September 30, 2024, and $42.5 million at December 31, 2023. Tangible book value per share increased to $13.17 at December 31, 2024, compared to $12.97 three months earlier and $12.48 a year earlier.

    Capital
    The Bank’s Tier 1 leverage ratio was 10.90% as of December 31, 2024, compared to 11.38% at September 30, 2024. The Tier 1 risk-based capital ratio was 10.71% as of December 31, 2024, compared to 10.95% on September 30, 2024, and the Total risk-based capital ratio was 11.92% compared to 12.13% three months earlier, all of which were well above regulatory minimums.

    On March 5, the Company completed the issuance of $12.5 million in fixed-to-floating rate subordinated notes. The subordinated debt was structured such that it qualified as Tier 2 capital at the holding company with most of the new capital down streamed to the Bank as Tier 1 capital.

    About Endeavor Bancorp
    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

    EDVR Shareholders
    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements
    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

    SELECTED FINANCIAL DATA
    (In thousands of dollars, except for ratios and per share amounts)

    Unaudited
     
       Three Months Ended  
         
      December 31, 2024
    		   September 30, 2024
    		   December 31, 2023
    		  
      (Consolidated)
    		   (Consolidated)
    		   (Consolidated)
    		  
    SUMMARY OF OPERATIONS                        
    Interest income $ 10,754     $ 10,186     $ 8,444    
    Interest expense   4,236       4,266       3,423    
    Net interest income   6,518       5,920       5,021    
    Provision for credit losses   374       609       181    
    Net interest income after loss provision   6,144       5,311       4,841    
    Non-interest income   160       217       138    
    Non-interest expense   4,752       4,205       3,738    
    Income before tax   1,552       1,323       1,241    
    Federal income tax expense   296       255       245    
    State income tax expense   171       143       143    
    Net income $ 1,084     $ 924     $ 852    
                             
    Core pretax earnings* $ 1,926     $ 1,932     $ 1,413    
    *excludes taxes and provision for loan losses                        
                             
    PER COMMON SHARE DATA                        
    Number of shares outstanding (000s)*   3,494       3,494       3,394    
    *Adjusted for May 2024 Stock Dividend                        
    Earnings per share, basic $ 0.31     $ 0.26     $ 0.25    
    Earnings per share, diluted $ 0.25     $ 0.22     $ 0.20    
    Book Value per share $ 13.17     $ 12.97     $ 12.53    
                             
    BALANCE SHEET DATA                        
    Assets $ 678,332     $ 655,305     $ 570,176    
    Investments securities   25,777       20,107       7,877    
    Total loans, net of unearned income   571,817       538,439       436,263    
    Total deposits   601,219       577,781       507,557    
    Borrowings   26,697       26,672       16,121    
    Shareholders’ equity   46,009       45,308       42,526    
    Loan to Deposit ratio   95.11 %     93.19 %     85.95 %  
    Wholesale Deposits to Total Deposits   10.10 %     7.04 %          
                             
    AVERAGE BALANCE SHEET DATA                        
    Average assets $ 660,748     $ 619,122       563,973    
    Average total loans, net of unearned income   549,340       506,469       424,435    
    Average total deposits   582,583       541,858     $ 501,079    
    Average shareholders’ equity   46,117       44,990       42,344    
                             
    ASSET QUALITY RATIOS                        
    Net (charge-offs) recoveries $ –     $ –       (800 )  
    Net (charge-offs) recoveries to average loans   0.00 %     0.00 %     0.20 %  
    Non-performing loans as a % of loans   0.46 %     1.22 %     0.07 %  
    Non-performing assets as a % of assets   0.38 %     1.00 %     0.05 %  
    Allowance for loan losses as a % of total loans   0.46 %     1.39 %     1.37 %  
    Allowance for loan losses as a % of non-performing loans   300.54 %     113.61 %     6.94 %  
                             
    FINANCIAL RATIOSSTATISTICS                        
    Annualized return on average equity   9.35 %     8.17 %     7.99 %  
    Annualized return on average assets   0.65 %     0.59 %     0.60 %  
    Net interest margin   3.97 %     3.85 %     3.57 %  
    Efficiency ratio   71.17 %     69.26 %     72.44 %  
                             
    CAPITAL RATIOS                        
    Tier 1 leverage ratio — Bank   10.90 %     11.38 %     10.14 %  
    Common equity tier 1 ratio — Bank   10.71 %     10.95 %     10.92 %  
    Tier 1 risk-based capital ratio — Bank   10.71 %     10.95 %     10.92 %  
    Total risk-based capital ratio –Bank   11.90 %     12.13 %     12.09 %  
                             
    TCE/TA *   6.78 %     6.91 %     7.46 %  
    Tangible Book Value per Share $ 13.17     $ 12.97       12.48 %  
                             
    *Non-GAAP financial measure.                        
    Unaudited financials 2024                        
     

    Endeavor Bancorp Contact Information:
    (858) 230.5185
    Dan Yates, CEO
    dyates@bankendeavor.com

    (858) 230.4243
    Steve Sefton, President
    ssefton@bankendeavor.com

    The MIL Network –

  • MIL-OSI: E Ink and Cream Guitars Debuted World’s First Color-Changing Guitar

    Source: GlobeNewswire (MIL-OSI)

    BILLERICA, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — E Ink (8069.TW) the originator, pioneer, and global commercial leader in ePaper technology, announced its collaboration with Cream Guitars that features the world’s first color-changing guitars. Cream Guitars integrated E Ink Prism 3 ePaper into the Voltage DaVinci design and showcased the latest models at NAMM 2025.

    True tastemakers, Cream Guitars is challenging legacy manufacturers by adopting cutting-edge technology that not only inspires artists and onlookers but also pushes the boundaries of personalization and customization. The E Ink wrapped guitars feature seven colors and enables players to express themselves in unique ways.

    “We had the idea to break all the rules of the traditional guitar,” said Luis Ortiz, CEO, Cream Guitars. “We’ve redesigned every part of an electric guitar to broaden and enhance the playing experience. Through our innovative collaboration with E Ink, we are providing artists a level of creativity that extends well beyond anything available in today’s market.”

    E Ink Prism 3 bridges the gap between traditional static materials and digital technology with dynamically changing materials. The Prism 3 technology is known for its low power consumption, durability, and color-changing capabilities, and is disrupting industries, including automobile, fashion, architecture, and now, music.

    “Cream Guitars is at the forefront of instrument design, and this collaboration marks a significant milestone in their commitment to pushing the boundaries of what is possible,” said Pete Valianatos, Senior Director of Strategic Initiatives, E Ink. “We are proud to work with them to create an instrument that not only sounds great but makes a visual statement as powerful as their music.”

    Beyond the color-changing capabilities, E Ink’s technology is ultra-low power and is an energy-efficient alternative to other display technologies available. E Ink’s ePaper technology has been designated as a contributor to environmental progress by offering efficient and low-carbon displays. E Ink’s commitment to sustainability goes beyond the technology with nearly 60% of its global operations powered by renewable energy and aims to reach 65% renewable energy usage by next year. E Ink is so efficient, the company was included in the Dow Jones Sustainability World and Emerging Markets Indices for the third consecutive year.

    Similarly, Cream Guitars also has a strong commitment to the environment. The company strives to ensure that the woods used in production are 100% renewable and focuses on minimizing waste at every step of the manufacturing process. This ensures that their guitars make a minimal environmental impact, while maintaining their high-quality standards.

    About E Ink
    E Ink Holdings Inc. (8069.TWO), based on technology from MIT’s Media Lab, provides an ideal display medium for applications spanning eReaders and eNotes, retail, home, hospital, transportation, logistics, and more, enabling customers to put displays in locations previously impossible. E Ink’s electrophoretic display products make it the worldwide leader for ePaper. Its low power displays enable customers to reach their sustainability goals, and E Ink has pledged using 100% renewable energy in 2030 and reaching net zero carbon emissions by 2040. E Ink has been recognized for their efforts by receiving, validation from Science-Based Targets (SBTi) and is listed in both the DJSI World and DJSI Emerging Indexes. Listed in Taiwan’s Taipei Exchange (TPEx) and the Luxembourg market, E Ink Holdings is now the world’s largest supplier of ePaper displays. For more information please visit www.eink.com. E Ink. We Make Surfaces Smart and Green.

    Contact:
    V2 Communications on behalf of E Ink
    eink@v2comms.com

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e9ae74a8-6453-4337-a161-760143463043
    https://www.globenewswire.com/NewsRoom/AttachmentNg/da17054c-b8dc-426d-9e83-6bd25e588244

    The MIL Network –

  • MIL-OSI: Community Bankshares, Inc. Acquires Thomas USAF / Thomas Financial Group to Completely Revolutionize Government-Guaranteed Lending Nationwide

    Source: GlobeNewswire (MIL-OSI)

    LAGRANGE, Ga., Jan. 28, 2025 (GLOBE NEWSWIRE) — Community Bankshares, Inc., one of the fastest-growing financial services companies in the nation, announces its acquisition of Thomas USAF / Thomas Financial Group, a 30-year industry leader in USDA government-guaranteed commercial lending. This acquisition, coming on the heels of the recent launch of Phoenix Lender Services, underscores Community Bankshares’ bold strategy to redefine the financial services landscape and expand its leadership in innovative lending solutions for rural and underserved markets across the United States.

    A Future-Focused Partnership

    “This is not just an acquisition — it’s a reimagining of what’s possible in government-guaranteed lending,” said Jeremy Gilpin, Chairman of the Board of Community Bankshares, Inc. “By combining the proven track record of Thomas Financial Group as a top USDA originator and packager with the cutting-edge capabilities of Phoenix Lender Services and lending expertise of Community Bank & Trust, we’re setting a new standard for how rural and underserved markets can access capital and thrive.”

    The acquisition builds on Community Bankshares’ strategic vision of redefining how lending capital is provided across America in a manner that promotes business stability and encourages community prosperity.

    Jeremy Gilpin and Chris Hurn bring more than 60 years of combined experience in government-guaranteed lending. Together, they have assembled a powerhouse leadership team within the Community Bankshares companies that is certain to shake up the industry. Their shared vision, innovative strategies, and proven success in government-guaranteed lending sets the stage for a transformative era in rural economic development and business financing.

    A Legacy of Leadership

    Founded by visionary entrepreneur Mike Thomas, Thomas USAF / Thomas Financial Group has been a pioneer in leveraging USDA and SBA lending programs to empower small businesses and revitalize communities. Consistently ranked as one of the top originators and packagers of USDA and SBA loans in the nation, the company has facilitated over $5 billion in financing to businesses across diverse industries, helping them navigate complex lending scenarios and achieve their financial goals.

    “Founding Thomas Financial was not just about lending—it was about giving rural and underserved communities a fighting chance to grow and thrive,” said Mike Thomas, Founder of Thomas Financial Group. “As I hand the reins to the brilliant Jeremy Gilpin and the exceptional leadership at Community Bankshares, I am proud of the legacy we leave behind and confident in the transformative impact this partnership will have nationwide.”

    Mike Thomas will remain actively engaged with the organization to assist with Governmental Affairs, playing a key role in shaping its strategic direction. Leveraging his decades of experience and extensive industry relationships, Mr. Thomas will focus on advocating for rural and underserved markets, as well as small businesses, to strengthen the company’s leadership in the government-guaranteed lending sector. His ongoing involvement ensures that Thomas Financial Group, along with the entire Community Bankshares family of companies, remains at the forefront of legislative initiatives, policy development, and strategic partnerships with government agencies.

    “This acquisition reflects our unwavering commitment to transforming access to capital in underserved markets,” said Gilpin. “With the expertise of Thomas Financial Group and our shared values, we are building a new era of opportunity for businesses and communities nationwide.”

    Community Bankshares is now positioned as a leader in addressing current challenges faced by small businesses and rural economies, particularly as they navigate a rapidly evolving financial landscape. The partnership will also ensure the continued legacy of excellence established by Thomas Financial Group, now a wholly owned subsidiary of Community Bankshares.

    “We are poised to lead one of the most innovative and forward-thinking organizations in the government-guaranteed lending sector nationwide,” said Chris Hurn, President of Community Bankshares. “This collaboration not only enhances our capacity to serve businesses across the spectrum, from startups to established enterprises, but it also reaffirms our commitment to championing economic growth in rural and underserved markets. Together, we will ensure these communities remain integral to the progress and prosperity of our nation’s economy.”

    For more information about Thomas Financial Group, visit www.ThomasFinancialGroup.com.

    About Thomas Financial Group

    Thomas Financial Group, based in Atlanta, Georgia, is now a subsidiary of Community Bankshares, Inc. and a nationally recognized leader in commercial lending solutions. Specializing in USDA and SBA programs, the company has a proven track record of empowering businesses, strengthening rural and underserved communities, and advancing government-guaranteed lending.

    About Community Bankshares, Inc.

    Headquartered in LaGrange, Georgia, Community Bankshares, Inc. is the parent company of Community Bank & Trust and a network of financial service subsidiaries. Phoenix Lender Services (PHX) is a subsidiary of Community Bankshares, Inc. Whose mission is redefining the way lending capital is provided across America, in a manner that promotes business stability and encourages community prosperity. The company serves a diverse clientele across the nation, fostering growth, opportunity, and collaboration.

    Media Contact:

    Hannah Williams
    Uproar by Moburst for Community Bankshares Inc
    hannah.williams@moburst.com

    The MIL Network –

  • MIL-OSI: Applied Rating Index Year-End and Q4 2024 Released

    Source: GlobeNewswire (MIL-OSI)

    Toronto, ON., Jan. 28, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the year-end and fourth quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q4 2024, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to Q3 2024. 

    For Personal Auto, all provinces experienced an increase year over year, with Alberta seeing the highest at 12.7% and the Atlantic Provinces the lowest at 9.0%. For Personal Property lines, all provinces experienced an increase in premium rate change year over year. Ontario saw the highest premium rate change at 9.0% and the Atlantic Provinces experienced the lowest at 4.4%. 

    Key findings for Q4 2024 include:

    • Personal Auto: In Q4 2024, Personal Auto premium rate change increased 11.3% versus Q4 2023. Personal Auto premium rate change increased 3.9% versus Q3 2024.
    • Personal Property: In Q4 2024, Personal Property premium rate change increased 7.3% versus Q4 2023. Personal Property premium rate change increased 2.1% versus Q3 2024.
    • Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 12.7%, 11.1%, 9.3% and 9.0% respectively. Relative to Q3 2024, all provinces experienced an uptrend in premium rate change. Alberta, Ontario, Quebec and the Atlantic Provinces saw significant increases in premium rate change quarter over quarter with 1.4%, 4.2%, and 5.5% and 3.3% respectively.

      Personal Property lines experienced increased year-over-year premium rate change year across all provinces. Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba saw increases in premium rate change year over year with 7.1%, 4.7%, 9.0%, 8.6%, 4.4% and 7.9% respectively. Relative to Q3 2024, Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba all saw increases quarter over quarter of 2.0%, 1.3%, 1.9%, 6.5%, 1.7% and 2.4% respectively.

    “Coming out of the most destructive season in Canadian history for insured losses, the Q4 2024 results show that the premium rate index continues to climb for both Personal Auto and Personal Property, demonstrating sustained market conditions,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “As we begin 2025, the Applied Rating Index will continue tracking premium rate changes and serving as a guide for renewal and pricing decisions.”

    The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. The Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.

    Access the complete quarterly report here.

    # # #

    Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.

    About Applied Systems
    Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

    The MIL Network –

  • MIL-OSI: authID Launches PrivacyKey™, Embedding Groundbreaking Privacy and Compliance in Its Biometric Identity Authentication Platform

    Source: GlobeNewswire (MIL-OSI)

    The unmatched speed and accuracy of authID’s Proof and Verified identity authentication solutions now provide enterprises with care-free compliance that eliminates the issues and risks associated with biometric data storage.

    DENVER, Jan. 28, 2025 (GLOBE NEWSWIRE) — authID®  (Nasdaq: AUID) (“authID”), a leading provider of biometric identity verification and authentication solutions, today announced the release of PrivacyKey™, a first-of-its-kind solution for protecting user biometric data while also avoiding all the compliance issues and risks related to biometric information storage. With the addition of PrivacyKey, authID serves as the ideal partner for organizations that previously delayed or avoided implementation of biometric solutions due to concerns over liability or potential user apprehension regarding privacy. This technology also prevents duplicate registrations without storing actual images of users’ faces.

    authID’s Proof™ solution for onboarding users captures images of physical identification documents and faces, validates both for liveness and authenticity, then matches up the facial images for positive identification, all with market-leading speed and accuracy. Historically, authID has retained an encrypted hash of the calculus of each face for subsequent authentication through its Verified™ solution. With PrivacyKey, available with authID’s Proof and Verified platform Version 4.0, authID stores no biometric data whatsoever, thereby ensuring user privacy and regulatory compliance while providing authID customers absolute confidence in the security measures they implement to authenticate and verify identities.

    PrivacyKey also features critical key-management capabilities that ensure the highest level of user protection and privacy. Enterprises using the platform can rotate and revoke keys with ease, ensuring the keys are accessible only to those who are authorized to access them. This offers authID customers a level of security no other biometric authentication solution can offer.

    “We’ve never stored any biometric data that could be reverse-engineered into a face. Today we’re innovating even further to satisfy even the most stringent compliance concerns,” explained Rhon Daguro, CEO of authID. “By leveraging technology that retains no biometric artifact whatsoever, authID provides secure verification that enterprises can trust, all at 700ms processing speeds and with one-in-one billion false-match accuracy. Companies that use authID will have cutting-edge security and data privacy compliance because PrivacyKey™ eliminates biometric data storage.”

    While biometric authentication usage is on the rise, fears of any collected biometric data being vulnerable to theft or misuse persist as the primary barrier to adoption. This leads to consumers and even employees opting out of participating in biometric systems, regardless of guarantees that their data is safe from breaches or resale. An increasing number of states and countries are also enacting laws limiting or even banning biometric data retention, meaning companies incur additional legal burdens. With the addition of PrivacyKey™, authID provides assurance to users as well as their organizations, and broadens the market for its best-in-class biometric platform.

    “Identity verification products based on personally-identifiable information are always vulnerable to data breaches, but authID’s platform subtracts that risk, allowing businesses to leverage biometric signals that can’t be breached and can’t be phished,” said Erick Soto, authID Chief Product Officer. “At time of identity proofing and onboarding, we utilize the facial biometric to create a public and private key pair. We immediately destroy the private key, and store only the public key. Each time that an onboarded user authenticates with their face, we recreate the private key, which is then matched to the public key with an encrypted message for verification. And during a search, even the keys are only matched within their organization’s ecosystem, not the universe.”

    “With PrivacyKey™, users don’t have to worry about their facial biometrics being at risk in our cloud, and our customers avoid compliance risks, since there’s nothing to steal,” added Daguro. “We provide the ultimate in data privacy protection.”

    For more information and a video demonstration of PrivacyKey, click here. For additional information, visit https://authid.ai/   

    About authID
    authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, biometric authentication, and account recovery with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

    Media Contacts
    Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Investor Relations Contacts

    Gateway Group, Inc.
    Cody Slach and Alex Thompson
    1-949-574-3860
    AUID@gateway-grp.com
    Investor-Relations@authid.ai

    The MIL Network –

  • MIL-OSI: Usio Issues Fiscal 2025 Guidance of 14-16% in Expected Revenue Growth as Core Full Year 2024 Electronic Payments Dollars Processed Volume Jumps 33% and Transactions Processed Grow 26%

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a cloud-based, integrated FinTech electronic payment solutions provider, today issued guidance for full year 2025. Usio estimates that revenues should increase by 14 – 16% from full year 2024 based on strong momentum generated by both full year and fourth quarter transactions and processing volume, as reported below.

    Louis Hoch, President and Chief Executive Officer of Usio, said, “I am very pleased to report another increase in our recurring revenue base, which further solidifies our foundation and supports what we expect to be top and bottom-line growth in fiscal 2025. We believe that the strength of our business is demonstrated by our ability to grow most of our operating metrics by double-digits in 2024 including replacing $12 million of 2023 revenue generated by the expired NYC Covid vaccination card program. As we grow, we continue to optimize our inherent operating leverage such that we also believe 2025 will result in increasing EBITDA1 margins as a percentage of revenue. The results from our operating metrics that we are reporting today clearly illustrates our focus on creating value for shareholders and the value that our customers are realizing in our products and services.”

    Fourth Quarter 2024 Processing Results
           
    Card Processing, Including PayFac      
      vQ4 23   vQ3 24
    Credit Card Dollars Processed +15%   +5%
    Credit Card Transactions Processed +34%   +14%
           
    Led by PayFac, both transaction and dollar processing growth accelerated sequentially compared to the third quarter of 2024 and year-over-year and set a quarterly Card Processing record for both dollars and transactions processed.
           
    Prepaid      
      vQ4 23   vQ3 24
    Prepaid Card Load Volume -2%   -20%
    Prepaid Card Transaction Volume +36%   -24%
    Prepaid Card Purchase Volume +7%   -15%
           
    Total dollars loaded on prepaid cards exceeded $111 million in the fourth quarter, the sixth consecutive quarter of over $100 million in prepaid card loads.
           
    ACH      
      vQ4 23   vQ3 24
    Electronic Check Transaction Volume +34%   +15%
    Returned Check Transactions Processed +27%   +16%
    Electronic Check Dollars Processed +44%   -6%
           
    Electronic check transaction volume and dollars processed in the fourth quarter increased year-over-year, marking the fifth consecutive quarter of year-over-year growth.
           
    Output Solutions      
      vQ4 23   vQ3 24
    Transactions/pieces processed & mailed -10%   -6%
    Electronic documents processed and delivered +86%   +6%
           
    Total mail pieces processed and delivered by Output Solutions in Q4 exceeded 5.4 million, and electronic only documents delivered exceeded 20 million.
    Full Year 2024 Processing Results
       
    Card Processing, Including PayFac v2023
    Credit Card Dollars Processed +10%
    Credit Card Transactions Processed +24%
       
    Total dollars processed for Card was $1.5 billion for the year, a new full-year record. Total transactions processed for Card exceeded 17 million and also set a new full-year record.
       
    Prepaid  
      v2023
    Prepaid Card Load Volume +35%
    Prepaid Card Transaction Volume +45%
    Prepaid Card Purchase Volume +26%
       
    Total dollars loaded on prepaid cards exceeded $500 million in 2024, a new full-year record. Transaction volume exceeded 11 million and set a new full-year record. Purchase volume also set a new full-year record exceeding $250 million.
       
    ACH  
      v2023
    Electronic Check Transaction Volume +18%
    Returned Check Transactions Processed +17%
    Electronic Check Dollars Processed +42%
       
    ACH performance continues to improve sequentially and is expected to sustain attractive growth characteristics in fiscal 2025.
       
    Output Solutions  
      v2023
    Transactions/pieces processed & mailed -4%
    Electronic documents processed and delivered +115%
       
    Total pieces processed and mailed by Output Solutions in 2024 exceeded 24.5 million. Total electronic only documents, including statements, bills and other documents, processed and delivered exceeded 80.2 million which was more than double the amount of all of 2023.
       

    All Payment Divisions Combined

    For the full year 2024, total dollars processed reached $7.1 billion, a 33% increase, while total transactions processed totaled 46.8 million, reflecting 26% growth. This marks a new full-year record for transactions.

    Mr. Hoch continued, “The large ERP ISV that we announced in May of last year has been very slow to implement as previously communicated, and we now know why. At the end of last week, we received a notification of the customer’s intent not to continue forward with their relationship with Usio due to the sale of their company. Financially, we recorded less than $100K in revenue and gross income of less than $7K in 2024 from the relationship. Our expectations for 2025 previously forecasted little financial contribution from this account due to their slow pace of implementation. As we look forward to 2025, I am encouraged by the backlog of both PayFac and Card signed deals expected to be implemented this year. We also have a strong pipeline of sales prospects. Output Solutions is well positioned with the addition of new, faster equipment, increased capacity and an acceleration electronic document delivery volume. This investment is expected to build on Output’s more than doubling the number of electronic documents it processed and delivered in 2024 compared to 2023.”

    Guidance for Fiscal Year 2025

    2025 revenues should increase 14 – 16% from full year 2024 based on strong yearly recurring transactions and processing volume and should generate 5 – 7 percentage of revenue in Adjusted EBITDA1. Usio is a company that executes and continues to grow year-over-year, generating positive cash flows and has a very healthy balance sheet with almost no debt. 2025 should continue to build upon our previous years of success.

    Usio will report fiscal year 2024 financial results on or before March 28, 2024.

    1 Please see reconciliation of GAAP to Non-GAAP Financial Measures.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER
    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2023. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    About Non-GAAP Financial Measures

    This press release includes non-GAAP financial measures, as defined in Regulation G adopted by the Securities and Exchange Commission, of EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business.

    • The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles.
    • The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions.
    • The Company defines adjusted EBITDA margins as adjusted EBITDA, as defined above, divided by total revenues.
    • The Company defines adjusted operating cash flow as net cash provided by (used in) operating activities, less changes in prepaid card load obligations, customer deposits, merchant reserves and net operating lease assets and obligations. These adjustments to net cash provided by (used in) operating activities are not inclusive of any regular expense items, and only include changes in our assets and liabilities accounts on our consolidated balance sheet. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations. 

    Management believes EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded. 

    EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, net income, or cash provided by (used in) operating activities, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow have limitations as analytical tools and you should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.

    Contact:

    Paul Manley
    Senior Vice President, Investor Relations
    paul.manley@usio.com
    612-834-1804

    The MIL Network –

  • MIL-OSI: BCB Bancorp, Inc. Earns $3.3 Million in Fourth Quarter 2024; Reports $0.16 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share

    Source: GlobeNewswire (MIL-OSI)

    BAYONNE, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $3.3 million for the fourth quarter of 2024, compared to $6.7 million in the third quarter of 2024, and $6.1 million for the fourth quarter of 2023. Earnings per diluted share for the fourth quarter of 2024 were $0.16, compared to $0.36 in the preceding quarter and $0.35 in the fourth quarter of 2023. Net income and earnings per diluted share for the fourth quarter of 2024, without giving effect to the Company’s unrealized losses on equity investments and the loss on sale of non-performing loans, were $4.1 million and $0.24, respectively.

    The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on February 24, 2025 to common shareholders of record on February 7, 2025.

    “We took a number of positive actions during 2024 that have strengthened our balance sheet position. We meaningfully reduced our exposure to wholesale funding and continue to work hard on replacing higher cost funding with core deposits. Additionally, we have strengthened our capital position through positive retained earnings, favorable capital actions and selective loan growth. We have been prudently building up our CECL reserves to address asset quality issues. As we tackle and remediate credit quality issues, we are also positioning the Bank to gradually start lending and booking new business with both existing and new customers,” stated Michael Shriner, President and Chief Executive Officer.

    Executive Summary

    • Total deposits were $2.751 billion at December 31, 2024 compared to $2.725 billion at September 30, 2024.
    • Net interest margin was 2.53 percent for the fourth quarter of 2024, compared to 2.58 percent for the third quarter of 2024, and 2.57 percent for the fourth quarter of 2023.
      • Total yield on interest-earning assets was 5.33 percent for the fourth quarter of 2024 compared to 5.44 percent for the third quarter of 2024, and 5.33 percent for the fourth quarter of 2023.
      • Total cost of interest-bearing liabilities was 3.57 percent for the fourth quarter of 2024, compared to 3.62 percent for the third quarter of 2024, and 3.45 percent for the fourth quarter of 2023.
    • The efficiency ratio for the fourth quarter was 62.1 percent compared to 53.2 percent in the prior quarter, and 61.0 percent in the fourth quarter of 2023.
    • The annualized return on average assets ratio for the fourth quarter was 0.36 percent, compared to 0.72 percent in the prior quarter, and 0.63 percent in the fourth quarter of 2023.
    • The annualized return on average equity ratio for the fourth quarter was 4.0 percent, compared to 8.3 percent in the prior quarter, and 7.9 percent in the fourth quarter of 2023.
    • The provision for credit losses was $4.2 million in the fourth quarter of 2024 compared to $2.9 million for the third quarter of 2024, and $1.9 million for the fourth quarter of 2023.
    • The allowance for credit losses (“ACL”) as a percentage of total loans was 1.15 percent at December 31, 2024 compared to 1.11 percent at the prior quarter-end and 1.01 percent at December 31, 2023.
    • Total loans receivable, net of the allowance for credit losses, of $2.996 billion at December 31, 2024, decreased 8.6 percent from $3.280 billion at December 31, 2023.

    Balance Sheet Review

    Total assets decreased by $233.3 million, or 6.1 percent, to $3.599 billion at December 31, 2024, from $3.832 billion at December 31, 2023. The decrease in total assets was due to a decrease in loans of $283.4 million, offset by an increase of $37.8 million in cash and cash equivalents. The decrease in loans was primarily from loan sales and payoffs/paydowns that exceeded loan originations.

    Total cash and cash equivalents increased by $37.8 million, or 13.5 percent, to $317.3 million at December 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to loan sales and payoffs/paydowns that exceeded loan originations.

    Loans receivable, net, decreased by $283.4 million, or 8.6 percent, to $2.996 billion at December 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $187.4 million in commercial real estate multi-family loans, $57.4 million in construction loans, $29.4 million in commercial business loans, $8.4 million in residential 1-4 family loans, and $1.4 million in consumer loans. Home equity loans increased $438 thousand. The allowance for credit losses on loans increased $1.2 million to $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024, as compared to an allowance for credit losses on loans of $33.6 million, or 178.9 percent of non-accruing loans and 1.01 percent of gross loans, at December 31, 2023.

    Total investment securities increased by $14.3 million, or 14.8 percent, to $111.2 million at December 31, 2024, from $96.9 million at December 31, 2023, as excess liquidity has been deployed into the securities portfolio.

    Deposits decreased by $228.2 million, or 7.7 percent, to $2.751 billion at December 31, 2024, from $2.979 billion at December 31, 2023. A majority of the decline was due to a decrease in certificates of deposit of $193.5 million. The reduction in certificates of deposit was mainly caused by the withdrawal of brokered deposits which was partially offset by an increase in retail time deposits.

    Total borrowings decreased by $12.1 million to $498.3 million at December 31, 2024 from $510.4 million at December 31, 2023. The decrease in borrowings was primarily due to the maturity of $18.0 million of FHLB debt that was paid off during 2024. The weighted average interest rate of the Company’s outstanding FHLB advances was 4.35 percent at December 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of such FHLB advances as of December 31, 2024 was 0.97 years. The interest rate of the Company’s subordinated debt balances was 9.25 percent at December 31, 2024 and 8.36 percent at December 31, 2023.

    Stockholders’ equity increased by $9.9 million, or 3.1 percent, to $323.9 million at December 31, 2024, from $314.1 million at December 31, 2023. The increase was primarily attributable to the increase in retained earnings of $5.9 million, or 4.4 percent, to $141.9 million at December 31, 2024 from $135.9 million at December 31, 2023.

    Fourth Quarter 2024 Income Statement Review

    Net income was $3.3 million for the quarter ended December 31, 2024 and $6.1 million for the quarter ended December 31, 2023. In the fourth quarter of 2024, the Bank recorded $2.2 million more in loan loss provisioning, and net interest income declined by $1.7 million. Non-interest income was also lower by $2.3 million. Offsetting these declines was a decrease in non-interest expense of $2.2 million. The Bank also recorded $1.3 million less for income tax provisioning.

    Net interest income decreased by $1.7 million, or 7.2 percent, to $22.2 million for the fourth quarter of 2024, from $23.9 million for the fourth quarter of 2023. The decrease in net interest income resulted from lower interest income, offset by lower interest expense.

    Interest income decreased by $3.1 million, or 6.1 percent, to $46.7 million for the fourth quarter of 2024, from $49.7 million for the fourth quarter of 2023. The average balance of interest-earning assets decreased $226.6 million, or 6.1 percent. The rate of return remained flat at 5.33 percent.

    Interest expense declined $1.3 million, to $24.5 million, for the fourth quarter of 2024, from $25.8 million for the fourth quarter of 2023. Average interest-bearing liabilities decreased $247.2 million, or 8.3 percent. The average yield on these liabilities was 3.57 percent, versus 3.45 percent from one year earlier.

    The net interest margin was 2.53 percent for the fourth quarter of 2024 compared to 2.57 percent for the fourth quarter of 2023. The decrease in the net interest margin compared to the fourth quarter of 2023 was the result of the increase in the cost of interest-bearing liabilities. The yield on interest earning assets remained the same from one year earlier.

    During the fourth quarter of 2024, the Company recognized $4.1 million in net charge-offs compared to $233 thousand in net charge offs for the fourth quarter of 2023. The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024 as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses on loans was $4.2 million for the fourth quarter of 2024 compared to $1.9 million for the fourth quarter of 2023. Management believes that the allowance for credit losses on loans was adequate at December 31, 2024 and December 31, 2023.

    Non-interest income decreased by $2.3 million to $938 thousand for the fourth quarter of 2024 from $3.2 million in the fourth quarter of 2023. The decrease in total non-interest income was related to losses on equity investments of $661 thousand in the 2024 quarter as compared to a gain on such investments of $1.1 million in the 2023 quarter, as well as the recordation of a $570 thousand loss on the sale of a non-performing loan during the fourth quarter.

    Non-interest expense decreased by $2.2 million, or 13.3 percent, to $14.4 million for the fourth quarter of 2024 from $16.6 million for the fourth quarter of 2023. The decrease in these expenses for the fourth quarter of 2024 was driven by lower salaries and benefits expense, which declined $857 thousand. The fourth quarter of 2023 salaries and benefits included a previously disclosed one-time payment of $1.17 million to a former executive officer. Professional fees, regulatory assessment fees and advertising and promotional costs also declined by $388 thousand, $373 thousand, and $191 thousand, respectively.

    The income tax provision decreased by $1.3 million, or 48.4 percent, to $1.3 million for the fourth quarter of 2024. The provision was $2.6 million for the fourth quarter of 2023. The consolidated effective tax rate was 29.0 percent for the fourth quarter of 2024 and 29.9 percent for the fourth quarter of 2023.

    Year-to-Date Income Statement Review

    Net income decreased by $10.9 million, or 36.8 percent, to $18.6 million for the twelve months of 2024 from $29.5 million for the twelve months of 2023. The decrease in net income was driven, primarily, by lower net interest income of $12.0 million, or 11.6 percent, and an increase in the provision for credit losses by $5.5 million.

    Net interest income decreased by $12.0 million, or 11.6 percent, to $92.0 million for the first twelve months of 2024 from $104.1 million for the twelve months of 2023. The decrease in net interest income resulted from an increase in interest expense of $17.7 million, partly offset by an increase in interest income of $5.6 million.

    Interest income increased by $5.6 million, or 3.0 percent, to $194.0 million for the twelve months of 2024, from $188.4 million for the twelve months of 2023. The increase was due to an increase of 22 basis points on interest earning assets, from 5.16 percent to 5.38 percent. Offsetting this, somewhat, was a decrease in average interest earning assets of $47.5 million, for the comparable period, which was comprised of a decrease in average loans of $84.8 million offset by an increase in average other interest-earning assets of $37.6 million.

    Interest expense increased by $17.7 million, or 21.0 percent, to $102.0 million for 2024, from $84.3 million for 2023. This increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 64 basis points to 3.57 percent for the twelve months of 2024, from 2.93 percent for the twelve months of 2023. Offsetting this was a decrease in average interest bearing liabilities of $18.5 million over the same comparable time period.

    Net interest margin was 2.55 percent for the twelve months of 2024, compared to 2.85 percent for the twelve months of 2023. The decrease in the net interest margin compared to the prior period was largely the result of an increase in the cost of the Bank’s interest-bearing liabilities.

    During the twelve months of 2024, the Company experienced $10.4 million in net charge offs compared to $704 thousand in net charge offs for the same period in 2023. The provision for credit losses was $11.6 million for the twelve months of 2024 compared to $6.1 million for the same period in 2023.

    Non-interest income decreased by $1.1 million to $2.9 million for the twelve months of 2024 from $4.1 million for the twelve months of 2023. The decrease was due to losses on sales of loans of $5.3 million. This was offset by realized and unrealized gains or losses on equity investments, which were $3.7 million greater, and income on Bank-owned Life Insurance (BOLI), which was $883 thousand higher, for the comparable period. The realized and unrealized gains or losses on equity investments are based on prevailing market conditions.

    Non-interest expense decreased by $3.5 million, or 5.7 percent, to $57.1 million for the twelve months of 2024 from $60.6 million for the same period in 2023. The decrease in operating expenses for 2024 was driven primarily by decreases in salaries and employee benefits of $2.6 million and advertising and promotional costs of $485 thousand. The 2023 salaries and benefits expense included the payment to a former executive described above.

    The income tax provision decreased by $4.3 million, or 36.6 percent to $7.6 million for the twelve months of 2024 from $12.0 million for the same period in 2023. The consolidated effective tax rate was 29.1 percent for the twelve months of 2024 compared to 28.9 percent for the twelve months of 2023.

    Asset Quality

    During the fourth quarter of 2024, the Company recognized $4.1 million in net charge offs, compared to $233 thousand in net charge offs for the fourth quarter of 2023.

    The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024, as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was 77.8 percent of non-accrual loans at December 31, 2024, and 178.9 percent of non-accrual loans at December 31, 2023.

    About BCB Bancorp, Inc.

    BCB Bancorp, Inc. is a New Jersey corporation established in 2003, and is the holding company parent of BCB Community Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of the Bank. Established in 2000 and headquartered in Bayonne, N.J., the Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three New Jersey branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four New York branch offices in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

    Forward-Looking Statements

    This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels and higher interest rates concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, and supply chain disruptions.. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; the impact of any future pandemics or other natural disasters; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

    Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

    Explanation of Non-GAAP Financial Measures

    Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

    The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

             
      Statements of Income – Three Months Ended,      
      December 31, 2024 September 30, 2024 December 31, 2023 Dec 31, 2024 vs. Sept 30, 2024   Dec 31, 2024 vs. Dec 31, 2023
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)      
    Loans, including fees $ 41,431   $ 42,857   $ 43,893   -3.3 %   -5.6 %
    Mortgage-backed securities   473     303     293   56.1 %   61.4 %
    Other investment securities   978     994     991   -1.6 %   -1.3 %
    FHLB stock and other interest-earning assets   3,771     4,472     4,527   -15.7 %   -16.7 %
    Total interest and dividend income   46,653     48,626     49,704   -4.1 %   -6.1 %
                 
    Interest expense:            
    Deposits:            
    Demand   5,866     5,686     5,015   3.2 %   17.0 %
    Savings and club   156     146     177   6.8 %   -11.9 %
    Certificates of deposit   12,218     13,670     13,308   -10.6 %   -8.2 %
        18,240     19,502     18,500   -6.5 %   -1.4 %
    Borrowings   6,219     6,079     7,282   2.3 %   -14.6 %
    Total interest expense   24,459     25,581     25,782   -4.4 %   -5.1 %
                 
    Net interest income   22,194     23,045     23,922   -3.7 %   -7.2 %
    Provision for credit losses   4,154     2,890     1,927   43.7 %   115.6 %
                 
    Net interest income after provision for credit losses   18,040     20,155     21,995   -10.5 %   -18.0 %
                 
    Non-interest income income (loss) :            
    Fees and service charges   1,187     1,196     1,445   -0.8 %   -17.9 %
    (Loss) gain on sales of loans   (554 )   35     11   -1682.9 %   -5136.4 %
    Realized and unrealized gain (loss) on equity investments   (661 )   1,132     1,029   -158.4 %   -164.2 %
    Bank-owned life insurance (“BOLI”) income   636     652     597   -2.5 %   6.5 %
    Other   330     112     69   194.6 %   378.3 %
    Total non-interest income   938     3,127     3,228   -70.0 %   -70.9 %
                 
    Non-interest expense:            
    Salaries and employee benefits   7,117     7,139     7,974   -0.3 %   -10.7 %
    Occupancy and equipment   2,483     2,591     2,606   -4.2 %   -4.7 %
    Data processing and communications   1,754     1,681     1,721   4.3 %   1.9 %
    Professional fees   599     618     987   -3.1 %   -39.3 %
    Director fees   269     351     274   -23.4 %   -1.8 %
    Regulatory assessment fees   769     666     1,142   15.5 %   -32.7 %
    Advertising and promotions   212     182     403   16.5 %   -47.4 %
    Other real estate owned, net   –     –     4   0.0 %   -100.0 %
    Other   1,164     701     1,457   66.0 %   -20.1 %
    Total non-interest expense   14,367     13,929     16,568   3.1 %   -13.3 %
                 
    Income before income tax provision   4,611     9,353     8,655   -50.7 %   -46.7 %
    Income tax provision   1,339     2,685     2,593   -50.1 %   -48.4 %
                 
    Net Income   3,272     6,668     6,062   -50.9 %   -46.0 %
    Preferred stock dividends   475     475     182   -0.0 %   160.7 %
    Net Income available to common stockholders $ 2,797   $ 6,193   $ 5,880   -54.8 %   -52.4 %
                 
    Net Income per common share-basic and diluted            
    Basic $ 0.16   $ 0.36   $ 0.35   -54.9 %   -52.9 %
    Diluted $ 0.16   $ 0.36   $ 0.35   -54.9 %   -53.0 %
                 
    Weighted average number of common shares outstanding            
    Basic   17,056     17,039     16,876   0.1 %   1.1 %
    Diluted   17,108     17,064     16,884   0.3 %   1.3 %
      Statements of Income – Twelve Months Ended,  
      December 31, 2024 December 31, 2023 Dec 31, 2024 vs. Dec 31, 2023
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)  
    Loans, including fees $ 172,046   $ 169,559   1.5 %
    Mortgage-backed securities   1,378     880   56.6 %
    Other investment securities   3,953     4,226   -6.5 %
    FHLB stock and other interest-earning assets   16,632     13,695   21.4 %
    Total interest and dividend income   194,009     188,360   3.0 %
           
    Interest expense:      
    Deposits:      
    Demand   22,158     16,915   31.0 %
    Savings and club   620     620   0.0 %
    Certificates of deposit   55,442     39,157   41.6 %
        78,220     56,692   38.0 %
    Borrowings   23,768     27,606   -13.9 %
    Total interest expense   101,988     84,298   21.0 %
           
    Net interest income   92,021     104,062   -11.6 %
    Provision for credit losses   11,570     6,104   89.5 %
           
    Net interest income after provision for credit losses   80,451     97,958   -17.9 %
           
    Non-interest income:      
    Fees and service charges   4,717     5,334   -11.6 %
    (Loss) gain on sales of loans   (5,325 )   36   -14891.7 %
    Realized and unrealized gain (loss) on equity investments   379     (3,361 ) -111.3 %
    Bank-owned life insurance (“BOLI”) income   2,634     1,751   50.4 %
    Other   535     251   113.1 %
    Total non-interest income   2,940     4,088   -28.1 %
           
    Non-interest expense:      
    Salaries and employee benefits   28,229     30,827   -8.4 %
    Occupancy and equipment   10,247     10,340   -0.9 %
    Data processing and communications   6,960     6,968   -0.1 %
    Professional fees   2,416     2,735   -11.7 %
    Director fees   1,151     1,083   6.3 %
    Regulatory assessments   3,530     3,585   -1.5 %
    Advertising and promotions   863     1,348   -36.0 %
    Other real estate owned, net   –     7   -100.0 %
    Other   3,725     3,698   0.7 %
    Total non-interest expense   57,121     60,591   -5.7 %
           
    Income before income tax provision   26,270     41,455   -36.6 %
    Income tax provision   7,647     11,972   -36.1 %
           
    Net Income   18,623     29,483   -36.8 %
    Preferred stock dividends   1,832     702   160.9 %
    Net Income available to common stockholders $ 16,791   $ 28,781   -41.7 %
           
    Net Income per common share-basic and diluted      
    Basic $ 0.99   $ 1.71   -42.1 %
    Diluted $ 0.99   $ 1.70   -42.0 %
           
    Weighted average number of common shares outstanding      
    Basic   17,007     16,870   0.8 %
    Diluted   17,018     16,932   0.5 %
    Statements of Financial Condition December 31, 2024 September 30, 2024 December 31, 2023 Dec 31, 2024 vs. Sept 30, 2024 Dec 31, 2024 vs. Dec 31, 2023
    ASSETS (In Thousands, Unaudited)    
    Cash and amounts due from depository institutions $ 14,075   $ 12,617   $ 16,597   11.6 % -15.2 %
    Interest-earning deposits   303,207     230,506     262,926   31.5 % 15.3 %
    Total cash and cash equivalents   317,282     243,123     279,523   30.5 % 13.5 %
               
    Interest-earning time deposits   735     735     735   –   –  
    Debt securities available for sale   101,717     98,169     87,769   3.6 % 15.9 %
    Equity investments   9,472     10,133     9,093   -6.5 % 4.2 %
    Loans held for sale   –     250     1,287   -100.0 % -100.0 %
    Loans receivable, net of allowance for credit losses on loans of $34,789, $34,693 and $33,608, respectively   2,996,259     3,087,914     3,279,708   -3.0 % -8.6 %
    Federal Home Loan Bank of New York (“FHLB”) stock, at cost   24,272     24,732     24,917   -1.9 % -2.6 %
    Premises and equipment, net   12,569     12,008     13,057   4.7 % -3.7 %
    Accrued interest receivable   15,176     16,496     16,072   -8.0 % -5.6 %
    Deferred income taxes   17,181     17,370     18,213   -1.1 % -5.7 %
    Goodwill and other intangibles   5,253     5,253     5,253   0.0 % 0.0 %
    Operating lease right-of-use asset   12,686     13,438     12,935   -5.6 % -1.9 %
    Bank-owned life insurance (“BOLI”)   76,040     75,404     73,407   0.8 % 3.6 %
    Other assets   10,476     8,745     10,428   19.8 % 0.5 %
    Total Assets $ 3,599,118   $ 3,613,770   $ 3,832,397   -0.4 % -6.1 %
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
               
    LIABILITIES          
    Non-interest bearing deposits $ 520,387   $ 528,089   $ 536,264   -1.5 % -3.0 %
    Interest bearing deposits   2,230,471     2,196,491     2,442,816   1.5 % -8.7 %
    Total deposits   2,750,858     2,724,580     2,979,080   1.0 % -7.7 %
    FHLB advances   455,361     466,424     472,811   -2.4 % -3.7 %
    Subordinated debentures   42,961     67,042     37,624   -35.9 % 14.2 %
    Operating lease liability   13,139     13,878     13,315   -5.3 % -1.3 %
    Other liabilities   12,874     13,733     15,512   -6.3 % -17.0 %
    Total Liabilities   3,275,193     3,285,657     3,518,342   -0.3 % -6.9 %
               
    STOCKHOLDERS’ EQUITY          
    Preferred stock: $0.01 par value, 10,000 shares authorized   –     –     –   –   –  
    Additional paid-in capital preferred stock   24,723     29,763     25,043   -16.9 % -1.3 %
    Common stock: no par value, 40,000 shares authorized   –     –     –   0.0 % 0.0 %
    Additional paid-in capital common stock   200,935     200,605     198,923   0.2 % 1.0 %
    Retained earnings   141,853     141,770     135,927   0.1 % 4.4 %
    Accumulated other comprehensive loss   (5,239 )   (5,678 )   (7,491 ) -7.7 % -30.1 %
    Treasury stock, at cost   (38,347 )   (38,347 )   (38,347 ) 0.0 % 0.0 %
    Total Stockholders’ Equity   323,925     328,113     314,055   -1.3 % 3.1 %
               
    Total Liabilities and Stockholders’ Equity $ 3,599,118   $ 3,613,770   $ 3,832,397   -0.4 % -6.1 %
               
    Outstanding common shares   17,063     17,048     16,904      
      Three Months Ended December 31,
        2024       2023  
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable(4)(5) $ 3,081,846   $ 41,431   5.38 %   $ 3,311,946   $ 43,893   5.30 %
    Investment Securities   110,447     1,451   5.26 %     93,638     1,284   5.48 %
    Other Interest-earning assets(6)   309,804     3,771   4.87 %     323,064     4,527   5.61 %
    Total Interest-earning assets   3,502,097     46,653   5.33 %     3,728,648     49,704   5.33 %
    Non-interest-earning assets   124,554           124,809      
    Total assets $ 3,626,651         $ 3,853,457      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 551,971   $ 2,682   1.94 %   $ 578,890   $ 2,184   1.51 %
    Money market accounts   380,136     3,184   3.35 %     359,366     2,832   3.15 %
    Savings accounts   254,093     156   0.25 %     288,108     177   0.25 %
    Certificates of Deposit   1,048,341     12,218   4.66 %     1,140,656     13,307   4.67 %
    Total interest-bearing deposits   2,234,541     18,240   3.27 %     2,367,020     18,500   3.13 %
    Borrowed funds   508,113     6,219   4.90 %     622,860     7,282   4.68 %
    Total interest-bearing liabilities   2,742,654     24,459   3.57 %     2,989,880     25,782   3.45 %
    Non-interest-bearing liabilities   560,345           557,156      
    Total liabilities   3,302,999           3,547,036      
    Stockholders’ equity   323,652           306,420      
    Total liabilities and stockholders’ equity $ 3,626,651         $ 3,853,457      
    Net interest income   $ 22,194         $ 23,922    
    Net interest rate spread(1)     1.76 %       1.88 %
    Net interest margin(2)     2.53 %       2.57 %
                   
    (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 total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
      Year Ended December 31,
        2024       2023  
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable(4)(5) $ 3,196,538   $ 172,046   5.38 %   $ 3,281,334   $ 169,559   5.17 %
    Investment Securities   99,733     5,331   5.35 %     100,000     5,106   5.11 %
    Other interest-earning assets(6)   308,248     16,632   5.40 %     270,659     13,695   5.06 %
    Total Interest-earning assets   3,604,519     194,009   5.38 %     3,651,993     188,360   5.16 %
    Non-interest-earning assets   124,441           123,652      
    Total assets $ 3,728,960         $ 3,775,645      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 553,013   $ 9,701   1.75 %   $ 658,023   $ 8,426   1.28 %
    Money market accounts   372,205     12,457   3.35 %     334,353     8,489   2.54 %
    Savings accounts   264,430     620   0.23 %     305,778     620   0.20 %
    Certificates of Deposit   1,153,235     55,442   4.81 %     980,617     39,157   3.99 %
    Total interest-bearing deposits   2,342,883     78,220   3.34 %     2,278,771     56,692   2.49 %
    Borrowed funds   511,916     23,768   4.64 %     594,564     27,606   4.64 %
    Total interest-bearing liabilities   2,854,799     101,988   3.57 %     2,873,335     84,298   2.93 %
    Non-interest-bearing liabilities   554,037           602,691      
    Total liabilities   3,408,836           3,476,026      
    Stockholders’ equity   320,124           299,618      
    Total liabilities and stockholders’ equity $ 3,728,960         $ 3,775,644      
    Net interest income   $ 92,021         $ 104,062    
    Net interest rate spread(1)     1.81 %       2.22 %
    Net interest margin(2)     2.55 %       2.85 %
                   
    (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 total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
      Financial Condition data by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
               
      (In thousands, except book values)
    Total assets $ 3,599,118   $ 3,613,770   $ 3,793,941   $ 3,849,195   $ 3,832,397  
    Cash and cash equivalents   317,282     243,123     326,870     352,448     279,523  
    Securities   111,189     108,302     94,965     96,189     96,862  
    Loans receivable, net   2,996,259     3,087,914     3,161,925     3,226,877     3,279,708  
    Deposits   2,750,858     2,724,580     2,935,239     2,991,659     2,979,080  
    Borrowings   498,322     533,466     510,710     510,573     510,435  
    Stockholders’ equity   323,925     328,113     320,732     320,131     314,055  
    Book value per common share1 $ 17.54   $ 17.50   $ 17.17   $ 17.24   $ 17.10  
    Tangible book value per common share2 $ 17.23   $ 17.19   $ 16.86   $ 16.93   $ 16.79  
               
      Operating data by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for per share amounts)
    Net interest income $ 22,194   $ 23,045   $ 23,639   $ 23,143   $ 23,922  
    Provision for credit losses   4,154     2,890     2,438     2,088     1,927  
    Non-interest income (loss)   938     3,127     (3,234 )   2,109     3,228  
    Non-interest expense   14,367     13,929     13,987     14,838     16,568  
    Income tax expense   1,339     2,685     1,163     2,460     2,593  
    Net income $ 3,272   $ 6,668   $ 2,817   $ 5,866   $ 6,062  
    Net income per diluted share $ 0.16   $ 0.36   $ 0.14   $ 0.32   $ 0.35  
    Common Dividends declared per share $ 0.16   $ 0.16   $ 0.16   $ 0.16   $ 0.16  
               
      Financial Ratios(3)
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
    Return on average assets   0.36 %   0.72 %   0.30 %   0.61 %   0.63 %
    Return on average stockholders’ equity   4.04 %   8.29 %   3.52 %   7.46 %   7.91 %
    Net interest margin   2.53 %   2.58 %   2.60 %   2.50 %   2.57 %
    Stockholders’ equity to total assets   9.00 %   9.08 %   8.45 %   8.32 %   8.19 %
    Efficiency Ratio4   62.11 %   53.22 %   68.55 %   58.76 %   61.02 %
               
      Asset Quality Ratios
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for ratio %)
    Non-Accrual Loans $ 44,708   $ 35,330   $ 32,448   $ 22,241   $ 18,783  
    Non-Accrual Loans as a % of Total Loans   1.48 %   1.13 %   1.01 %   0.68 %   0.57 %
    ACL as % of Non-Accrual Loans   77.8 %   98.2 %   108.6 %   155.4 %   178.9 %
    Individually Analyzed Loans   83,399     66,048     60,798     65,731     54,019  
    Classified Loans   152,714     98,316     87,033     97,739     85,727  
               
    (1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.
    (2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
    (3) Ratios are presented on an annualized basis, where appropriate.
    (4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
      Recorded Investment in Loans Receivable by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Residential one-to-four family $ 239,870   $ 241,050   $ 242,706   $ 244,762   $ 248,295  
    Commercial and multi-family   2,246,677     2,296,886     2,340,385     2,392,970     2,434,115  
    Construction   135,434     146,471     173,207     180,975     192,816  
    Commercial business   342,799     371,365     375,355     378,073     372,202  
    Home equity   66,769     67,566     66,843     65,518     66,331  
    Consumer   2,235     2,309     2,053     2,847     3,643  
      $ 3,033,784   $ 3,125,647   $ 3,200,549   $ 3,265,145   $ 3,317,402  
    Less:          
    Deferred loan fees, net   (2,736 )   (3,040 )   (3,381 )   (3,705 )   (4,086 )
    Allowance for credit losses   (34,789 )   (34,693 )   (35,243 )   (34,563 )   (33,608 )
               
    Total loans, net $ 2,996,259   $ 3,087,914   $ 3,161,925   $ 3,226,877   $ 3,279,708  
               
      Non-Accruing Loans in Portfolio by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Residential one-to-four family $ 1,387   $ 410   $ 350   $ 429   $ 270  
    Commercial and multi-family   32,973     27,693     27,796     12,627     8,684  
    Construction   586     586     586     3,225     4,292  
    Commercial business   10,530     6,498     3,673     5,916     5,491  
    Home equity   231     123     43     44     46  
    Consumer   –     20     –     –     –  
    Total: $ 45,707   $ 35,330   $ 32,448   $ 22,241   $ 18,783  
               
      Distribution of Deposits by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Demand:          
    Non-Interest Bearing $ 520,387   $ 528,089   $ 523,816   $ 531,112   $ 536,264  
    Interest Bearing   553,731     527,862     549,239     552,295     564,912  
    Money Market   395,004     366,655     371,689     361,791     370,934  
    Sub-total: $ 1,469,122   $ 1,422,606   $ 1,444,744   $ 1,445,198   $ 1,472,110  
    Savings and Club   252,491     255,115     258,680     272,051     284,273  
    Certificates of Deposit   1,029,245     1,046,859     1,231,815     1,274,410     1,222,697  
    Total Deposits: $ 2,750,858   $ 2,724,580   $ 2,935,239   $ 2,991,659   $ 2,979,080  
      Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
               
      Tangible Book Value per Share
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except per share amounts)
    Total Stockholders’ Equity $ 323,925   $ 328,113   $ 320,732   $ 320,131   $ 314,055  
    Less: goodwill   5,253     5,253     5,253     5,253     5,253  
    Less: preferred stock   24,723     29,763     28,403     27,733     25,043  
    Total tangible common stockholders’ equity   293,949     293,097     287,076     287,145     283,759  
    Shares common shares outstanding   17,063     17,048     17,029     16,957     16,904  
    Book value per common share $ 17.54   $ 17.50   $ 17.17   $ 17.24   $ 17.10  
    Tangible book value per common share $ 17.23   $ 17.19   $ 16.86   $ 16.93   $ 16.79  
               
      Efficiency Ratios
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for ratio %)
    Net interest income $ 22,194   $ 23,045   $ 23,639   $ 23,143   $ 23,922  
    Non-interest income (loss)   938     3,127     (3,234 )   2,109     3,228  
    Total income   23,132     26,172     20,405     25,252     27,150  
    Non-interest expense   14,367     13,929     13,987     14,838     16,568  
    Efficiency Ratio   62.11 %   53.22 %   68.55 %   58.76 %   61.02 %
    CONTACT: MICHAEL SHRINER,
      PRESIDENT & CEO
      JAWAD CHAUDHRY,
      EVP & CFO
      (201) 823-0700

    The MIL Network –

  • MIL-OSI: Locus Technologies and Sophare AI announce partnership to integrate compensation analytics into leading CSRD and ESG software platform

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Locus Technologies, the sustainability and Environmental Health and Safety (EHS) compliance software leader, proudly announces its strategic partnership with Sophare AI to tackle one of the most complex aspects of ESG: social and pay equity. This collaboration will empower organizations worldwide to address pressing regulatory and ethical challenges through innovative technology and unparalleled domain expertise–without jumping between multiple ESG apps and platforms, which adds time and expense to the disclosure process.

    As part of this partnership, Sophare will extend Locus’s ESG software platform with new capabilities designed to address three critical areas:

    1. European Union Pay Transparency Directive Compliance: Sophare’s AI-powered tools help organizations navigate and comply with the EU’s directive, which mandates companies with 100+ employees to disclose gender pay gaps and provide transparent pay structures by 2026.
    2. Global Gender Pay Gap Reporting: With reporting requirements spreading across the EU, UK, Australia, and beyond, Sophare centralizes reporting of multi-jurisdictional compliance and uses AI and automation to streamline reporting.
    3. Alignment with the UN’s Sustainable Development Goal (SDG) 5: Sophare AI empowers companies to align with SDG 5 by shining a light on data related to gender equality in leadership and employee compensation.

    “This partnership aligns with Locus’s track record of working with professionals who bring deep domain expertise,” said Dr. Zvonimir Dadić, head of the CSRD Practice Group for Locus Technologies Europe. “Sophare’s founding team combines technical chops with a thoughtful approach to legal compliance, and we are pleased to be able to offer our clients this streamlined path to compliance.”

    Sophare AI CEO, Siena Duplan, brings a decade of experience developing pay equity algorithms as a data scientist for Salesforce, one of the world’s leading Fortune 500 companies. Sophare’s co-founder and CTO has led a distinguished career in the UK Civil Service and brings extensive engineering experience developing services in hand with legal, compliance, and policy teams. Together, Sophare AI and Locus Technologies will pursue their shared commitment to sustainability and equity, driven by data science.

    “Compliance in HR is often seen as a box-ticking exercise, but it’s actually a gateway to bringing organizations into the era of AI,” said Duplan. “HR compliance in particular is a prime opportunity to tap into AI and automation for both significant productivity gains and to deliver a transparent workplace where employees can thrive. Our next-gen data solutions put social and pay equity on par with financial and environmental health.”

    This partnership underscores Locus’s commitment to creating an integrated, end-to-end ESG software solution that stays ahead of a rapidly evolving regulatory landscape and helps organizations surmount the biggest obstacles to compliance. Together, Locus and Sophare are transforming the “S” in ESG into a driver for meaningful, measurable impact. To learn more about Locus’s CSRD and ESG software, including the new Sophare AI functionality, please contact us. 

    About Locus Technologies
    Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit https://www.locustec.com or email info@locustec.com.

    About Sophare AI
    Sophare AI uses advanced data analytics and machine learning to help organizations achieve lasting pay equity and comply with global pay transparency regulations. Sophare takes a thoughtful approach to legal compliance and business practices, relying on deep expertise in employment laws and regulations across different countries. The company carefully analyzes these requirements to develop the best data models and strategies to help customers meet compliance standards. Deciding how to adapt its services and operations to meet legal requirements is a core part of how Sophare operates. Sophare currently supports global gender pay gap reporting and other cross-border HR compliance requirements. Sophare AI is also seeking partners to co-develop an AI-driven workforce scenario planning tool. Sophare AI is headquartered in San Francisco, California. Please visit sophare.ai or email team@sophare.ai for more information.

    Media Contact:
    Brenda Mahedy
    Locus Technologies
    media@locustechnologies.net

    The MIL Network –

  • MIL-OSI: 1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones 

    • Deal swaps out competitors and includes Nokia Evolved Packet Core (EPC), Nokia IMS Voice Core, and Nokia NetGuard security solutions.
    • EPC will be deployed in eight countries, including Australia, the UK, and the US, while Nokia IMS Voice Core will be rolled out in three markets, including the Netherlands.

    XX January 2025

    Espoo, Finland – 1GLOBAL, a leading communications services provider and MVNO active in nine major markets across the globe, has selected Nokia core and security solutions to help the operator enhance and optimize network operations in existing markets like the UK and US, while rolling out services in new territories such as Brazil, South America’s largest telecoms market.

    Hakan Koç, co-Founder & CEO of 1GLOBAL, said: “Our mission at 1Global is to offer device and communications solutions that connect people, networks, and devices instantly and at scale anywhere around the world. We are pleased to partner with Nokia to further strengthen 1GLOBAL’s network operations. This will enable us to roll out new services that elevate our network quality and the overall customer experience more quickly, securely, and flexibly. Technological excellence and delivering value to our customers are at the heart of everything we do at 1Global. Nokia shares this vision, which makes them a great partner for us as we execute the next phase of 1Global’s ambitious growth strategy.”

    1GLOBAL will use several Nokia products to enhance its networks, including Nokia Evolved Packet Core, Nokia IMS Voice Core, and Nokia NetGuard security solutions. 1GLOBAL will employ Nokia Evolved Packet Core to more effectively manage data traffic running through its networks, including internet access and data calls. It will be deployed in several markets, including Australia, the Netherlands, the UK, and the US.

    Nokia IMS Voice Core, a fully cloud-native architecture with flexible scaling, will improve 1GLOBAL’s time to market and provisioning of new voice, video, and messaging services. Nokia IMS Voice Core will help 1GLOBAL optimize its network management through automation while providing the company with the flexibility to choose the infrastructure of its choice, a key pillar of Nokia’s multi-cloud strategy.

    1GLOBAL will also utilize NetGuard Endpoint Detection and Response (EDR) to protect against rising cyber threats. NetGuard EDR is a telco-specific threat detection product that provides real-time, automated monitoring of network infrastructure for rapid detection and mitigation of security incidents.

    Erez Sverdlov, Vice President, Cloud and Network Services Market Leader for Europe at Nokia, said: “We are thrilled to take this important step of providing 1GLOBAL with several Nokia solutions that will upgrade its core network infrastructure and applications to be fully cloud-native, and deliver a more advanced, secure, and reliable network experience for its subscribers.”

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    About 1 Global

    1GLOBAL empowers its partners and clients with transformative technologies, strategic communications solutions and future-proof connectivity. By pioneering global connectivity solutions, 1GLOBAL leads the new generation of digital transformation with a suite of products designed to revolutionize communication and compliance across borders. Every offering reflects our unwavering commitment to excellence for Enterprise Clients, IoT Customers, Mobile Operators, Financial Institutions and many more global businesses.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Expands Intellectual Property Portfolio with Acquisition of Key Worldwide Patents for Composite Moderator for Nuclear Reactor Systems

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today highlighted additional important patents recently acquired from Ultra Safe Nuclear Corp. (USNC), which augment protections for NANO Nuclear’s modular microreactor technologies under development.

    Patent No. US 11,264,141 B2, titled “Composite Moderator for Nuclear Reactor Systems,” relates to the design and construction of composite moderators with a view towards improving safety and waste management by addressing graphite oxidation found in conventional, individual moderator systems. Additionally, the patented advanced design reduces waste and structural deterioration, enabling the moderator to serve throughout the fuel’s lifecycle without requiring replacement in the reactor core. This intellectual property is expected to enhance the protections for NANO Nuclear’s own proprietary advanced portable ZEUS and ODIN microreactors, as well the KRONOS MMR™ and LOKI MMR™ reactors, all of which are currently in development.

    The U.S. patent is accompanied by related patents issued in Canada, the Russian Federation, Japan, The People’s Republic of China, the Republic of Korea and by the European Patent Office. An application with the World Intellectual Property Organization is currently in progress. Today’s announcement follows last week’s announcement of NANO Nuclear’s acquisition of patents from USNC supporting modular transportable reactors with variable operations and multiple core configurations and applications, including the generation of electric power and process heat.

    Figure 1 – NANO Nuclear expands intellectual property portfolio to protect proprietary advanced portable ZEUS and ODIN microreactors, as well the KRONOS MMR™ and LOKI MMR™ reactors, all of which are currently in development.

    “As our technical teams continue their deeper exploration of the various nuclear technology patents we acquired from USNC, the benefits that these pivotal patents will provide to our development plans becomes more apparent,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Regarding the composite moderator patent highlighted today, this innovative design is expected to reduce the maintenance requirements of our modular, portable nuclear reactors while improving overall performance. We believe it will also play a key role in eliminating excess waste byproducts, enabling NANO Nuclear to build cleaner, more robust and cost-effective energy systems.”

    “The addition of this world-class intellectual property to our portfolio is key in the development and eventual deployment of our innovative, portable and secure nuclear energy systems,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Improving the functionality of these critical parts enables us to cut down the waste produced during operation and create a safer and more efficient product. These important patents not only create the potential to improve performance but also underscores our commitment to sustainability and thoughtful design.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:
    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include, without limitation, statements regarding the anticipated benefits of the recently acquired intellectual property described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Rocket Software Transforms Hybrid Cloud Data Integration with Rocket® DataEdge™

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — Rocket Software, a global technology leader in modernization software, today announced Rocket DataEdge, its structured data suite for hybrid cloud data integration. Rocket DataEdge bridges the gap between core transactional applications, distributed systems, and cloud environments, providing seamless data discovery, integration, and management. Because data is the foundation of corporate growth strategies, this comprehensive suite underscores Rocket Software’s commitment to enabling organizations to capture the full value of data in AI and analytics initiatives.

    The hybrid cloud market is experiencing explosive growth, projected to reach an estimated value of $262 billion by 2027, up from $85 billion in 2021. As enterprises increasingly adopt hybrid cloud infrastructures, the real-time integration of mainframe, distributed and cloud data has become essential for informing AI models and unlocking fully actionable insights. Yet, vast amounts of critical data from core transactional systems remain largely unavailable to AI and analytics initiatives. From transactional and customer records to inventory information, recent research reveals that only 28% of IT leaders are fully capitalizing on this valuable resource. AI and analytics models that don’t leverage mainframe data are often unable to provide complete and accurate insights, seriously limiting their ability to drive business value. For this reason, comprehensively integrating data across infrastructures is critical to getting a complete and timely view of the business.

    “IT leaders recognize the tremendous value of data stored in core transactional applications but struggle to access and leverage the information effectively in the AI and analytics initiatives that drive growth,” said Michael Curry, President of Data Modernization at Rocket Software. “As a result, decision-makers often rely on incomplete information, missing key insights that would inform their strategies. While hybrid environments offer significant benefits, their full potential can only be realized by bridging data from these disparate sources. Rocket DataEdge enables data and analytics teams to execute an adaptive, forward-looking data strategy that drives maximum competitive advantage.”

    Rocket DataEdge builds diverse enterprise data sets into a single, scalable, high-quality enterprise data set. It is the most comprehensive data discovery, integration, and metadata management suite available, supporting more hybrid technology connections and targets than any other provider. Rocket DataEdge enables enterprises to:

    • Synchronize enterprise data in real time – Easily connect hard-to-reach mainframe, IBM® i and on-premises data with cloud applications, data lakes, lakehouses, and warehouses.
    • Access and analyze data faster – By automating the scanning and analysis of mainframe and cloud metadata, data becomes easily understood and mapped to cloud data initiatives.
    • Reduce operational costs and increase business agility – Enabling optimal hybrid cloud processing engines for data management, enterprises can lower costs, optimize operations, and speed delivery.
    • Improve workflows across infrastructure – Cohesive data management minimizes complexity, delays, errors, and compatibility challenges by seamlessly unifying data across environments.

    “Understanding and harnessing all enterprise data is critical to enable complete and actionable insights on customer needs, market trends, and operational effectiveness,” said Stewart Bond, Vice President, Data Intelligence and Integration Software, IDC. “But integrating data from core transactional, distributed, and cloud sources into a single, widely accessible repository is still a huge challenge. Rocket’s DataEdge vision and roadmap connects core transactional systems with cloud and distributed environments to deliver seamless, high-quality data access and governance across the enterprise.”

    Rocket DataEdge unifies metadata management and end user experience to advance AI and analytics initiatives that drive business outcomes. The suite includes Rocket®Data Replicate & Sync, Rocket® Data Intelligence, and Rocket® Data Virtualization. To learn more about Rocket DataEdge visit Rocket® DataEdge.

    About Rocket Software 
    Rocket Software is a global technology leader in modernization and a partner of choice that empowers the world’s leading businesses on their modernization journeys, spanning core systems to the cloud. Trusted by over 12,500 customers and 750 partners, and with more than 3,600 global employees, Rocket Software enables customers to maximize their data, applications, and infrastructure to deliver critical services that power our modern world. Rocket Software is a privately held U.S. corporation headquartered in the Boston area with centers of excellence strategically located throughout North America, Europe, Asia and Australia. Rocket Software is a portfolio company of Bain Capital Private Equity. Follow Rocket Software on LinkedIn and X or visit www.RocketSoftware.com. 

    IBM is a trademark of International Business Machines Corporation.

    Media Contact
    Lacey Darrow
    ldarrow@rocketsoftware.com

    The MIL Network –

  • MIL-OSI: Sky Quarry Unveils National Rollout Plan for Modular Extraction Facilities

    Source: GlobeNewswire (MIL-OSI)

    Tailored for Strategic Scalability and Cost Efficiency for Production of Sellable Byproducts for Local and Regional Markets

    WOODS CROSS, Utah, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, has unveiled plans for a national rollout of modular facilities designed to expand the reach and scalability of the Company’s proprietary technology and platform, demonstrating its commitment to innovation, operational efficiency, and long-term growth.

    With downstream operations established at its Nevada refinery and midstream operations at its extraction facility in Utah expected to be fully operational in 2025, the Company is finalizing its plan to expand its upstream capabilities through the deployment of its Asphalt Shingle Recycling (ASR) units. Engineered for scalability and cost efficiency, these units will collect and process waste asphalt shingles, while producing sellable byproducts, such as sand and granules, for local and regional markets, expanding the Company’s market reach.

    The placement of the ASR units will be chosen based on three critical logistical criteria:

    1. Proximity to densely populated areas to minimize transportation costs, thereby reducing the environmental impact,
    2. Placement in regions with high tipping fees to maximize economic returns, and
    3. Accessibility to rail lines to streamline raw and processed material transport.

    The plan features two modular designs: Resource Processing Units and Resource Extraction Units. The Resource Processing Units will process waste shingle material by reducing its size, extracting sand and granules, and compressing the remaining limestone powder and bitumen into briquettes for shipment to Utah for final extraction. This process decreases the asphalt waste material’s volume by 40%, lowering transportation costs. These units are 80% complete and will target the West Coast and Southwest, with costs estimated to be between $500,000 and $1.5 million per unit, depending on capacity.

    The Resource Extraction units will have oil extraction capabilities for local use by refineries or asphalt plants, ideal for areas where shipping shingles to Utah is not feasible. Currently in the design phase, these units are being developed to target the East Coast, Florida, Texas, and the Midwest. Each extraction facility, costing an estimated $12 million to build, is expected to recover its initial capital cost within 24 to 36 months after it is fully operational through revenues and profits generated from tipping fees and the sale of recovered materials at each facility.

    In response to tightening landfill disposal mandates and increasing state requirements for construction and demolition waste diversion, Sky Quarry believes that its modular units position the Company as one of the few viable solutions for managing this material. This could potentially allow for higher waste management fees, and the Company believes that evolving regulations will further support this growth. To meet the disposal mandates and increased diversion demand, a limited number of exclusive modular partnership opportunities will be made available for qualified candidates on a first-come basis. Please direct inquiries to: tomzickell@ras-tech.com

    “We believe Sky Quarry’s modular ASR facilities will offer significant economic, environmental, and community benefits,” said David Sealock, CEO and Chairman of Sky Quarry. “By enabling partnerships with local businesses and asphalt shingle manufacturers, these facilities will create a closed-loop system that promotes sustainability, reduces waste, and minimizes reliance on virgin materials and transportation costs. Additionally, the sale of recovered materials such as sand, granules, and bitumen have the potential to stimulate regional economic growth while creating meaningful job opportunities.”

    About Sky Quarry Inc.

    Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.

    Forward-Looking Statements

    This press release may include “forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the Company’s Form 1-A offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

    Investor Relations

    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    SKYQ@mzgroup.us
    www.mzgroup.us

    Corporate Contact

    Jennifer Standley
    Director of Investor Relations
    Ir@skyquarry.com

    Company Website
    www.skyquarry.com

    The MIL Network –

  • MIL-OSI Africa: Top Renewable Energy Projects Powering African Mining

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, January 28, 2025/APO Group/ —

    As Africa’s mining industry faces increasing pressure to decarbonize, companies are turning to renewable energy solutions to meet environmental targets while ensuring reliable and affordable energy supplies. This shift is driven by the need to reduce operational costs, achieve sustainability goals and comply with evolving global regulations. From solar and wind to hydropower, renewables are becoming integral to mining operations across the continent. Initiatives across Angola, Zambia, South Africa and the Democratic Republic of Congo (DRC) are setting a precedent for how renewables can transform the mining sector and contribute to Africa’s broader energy transition.

    Trafigura’s 2,000 MW Green Energy Initiative

    Global commodities trader Trafigura, engineering firm ProMarks and the Angolan government agreed to develop a 2,000 MW high-voltage electricity interconnector in July 2024. The project will transport renewable energy, primarily from hydropower projects in northern Angola, to meet growing demand from mining companies in Zambia and the DRC. The project will also supply the Southern Africa Power Pool regional grid.

    First Quantum’s 430 MW Renewables Project in Zambia

    Canadian mining firm First Quantum Minerals is investing $500 million in a 430 MW renewable energy project to power its Kansanshi and Sentinel mines in Zambia. Developed in partnership with Total Eren and Chariot, the project includes a 230 MW solar PV plant and a 200 MW wind farm. The facilities, set for completion in 2026 and 2027, respectively, aim to reduce First Quantum’s carbon footprint by 30% by 2025.

    Tronox Holdings’ 400 MW Portfolio in South Africa

    Mining and chemicals firm Tronox Holdings has signed agreements with clean energy firms NOA Group and Sola Group to secure over 400 MW of renewable energy for its mining and smelting operations in South Africa. Once commissioned from 2027, the projects will provide 70% of Tronox Holdings’ energy needs, reducing the firm’s carbon footprint by 25% compared to 2019 levels. The combined capacity includes a 200 MW solar power plant from Sola Group and additional capacity from NOA Group, delivering 497 GWh of electricity annually.

    CMOC’s 200 MW Project in the DRC

    Chinese mining firm CMOC closed a deal with green energy firm Lualaba Power in July 2024 to accelerate development of the 200 MW Nzilo II hydropower and floating solar project in the DRC. The project will provide CMOC with base load and peak power, supporting the firm’s target to produce 800,000 to 1 million tons of copper annually by 2028.

    Northam’s 180 MW Solar Farm in South Africa

    In August 2024, mining firm Northam Platinum Group Metals signed a power purchase agreement for a 180 MW solar farm to power its Zondereinde mine in South Africa. The solar plant will generate 220 GWh annually, meeting 15% of the mine’s energy needs while reducing carbon emissions.

    MIL OSI Africa –

  • MIL-OSI China: Hainan enhances ferry services for Spring Festival travel rush

    Source: People’s Republic of China – State Council News

    Hainan enhances ferry services for Spring Festival travel rush

    Updated: January 28, 2025 21:28 Xinhua
    A drone photo taken on Jan. 27, 2025 shows a ferry departing Xinhai Port, Haikou City of south China’s Hainan Province. To brace for the Spring Festival travel rush and better manage the influx of tourists and vehicles in Hainan, authorities have enhanced ferry services across the Qiongzhou Strait and upgraded piers to ensure safe ocean transport. Ferries specifically designated for transporting new energy vehicles (NEVs) have also been put into operation. At least 20 voyages of this ferries have been scheduled daily, which can guarantee 3,500 NEVs in or out of the island, during this travel rush. [Photo/Xinhua]
    A staff member guides a new energy vehicle to drive into a ferry at Xinhai Port, Haikou City of south China’s Hainan Province, Jan. 27, 2025. [Photo/Xinhua]
    A drone photo taken on Jan. 26, 2025 shows a ferry carrying new energy vehicles preparing to cross the sea at Xiuying Port, Haikou City of south China’s Hainan Province. [Photo/Xinhua]
    Staff members check before the departure of a ferry carrying new energy vehicles at Xiuying Port, Haikou City of south China’s Hainan Province, Jan. 26, 2025. [Photo/Xinhua]
    A drone photo taken on Jan. 26, 2025 shows a ferry carrying new energy vehicles departing Xiuying Port, Haikou City of south China’s Hainan Province. [Photo/Xinhua]
    New energy vehicles are seen on a ferry at Xinhai Port, Haikou City of south China’s Hainan Province, Jan. 27, 2025. [Photo/Xinhua]
    New energy vehicles are driven into a ferry at Xiuying Port, Haikou City of south China’s Hainan Province, Jan. 26, 2025. [Photo/Xinhua]
    Staff members check before the departure of a ferry carrying new energy vehicles at Xiuying Port, Haikou City of south China’s Hainan Province, Jan. 26, 2025. [Photo/Xinhua]
    A drone photo taken on Jan. 27, 2025 shows new energy vehicles queuing up to board a ferry at Xinhai Port, Haikou City of south China’s Hainan Province. [Photo/Xinhua]
    New energy vehicles are driven into a ferry at Xiuying Port, Haikou City of south China’s Hainan Province, Jan. 26, 2025. [Photo/Xinhua]
    A drone photo taken on Jan. 26, 2025 shows a ferry carrying new energy vehicles departing Xiuying Port, Haikou City of south China’s Hainan Province. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: People stick to their posts on China’s Lunar New Year’s eve

    Source: People’s Republic of China – State Council News

    People stick to their posts on China’s Lunar New Year’s eve

    Updated: January 28, 2025 21:40 Xinhua
    Workers sort express deliveries at a branch of China Post in Luancheng District of Shijiazhuang City, north China’s Hebei Province, Jan. 28, 2025. Tuesday marks China’s Lunar New Year’s eve, with many people from all walks of life still sticking to their posts. [Photo/Xinhua]
    Cleaners sweep a street in Xinhua District of Shijiazhuang City, north China’s Hebei Province, Jan. 28, 2025. [Photo/Xinhua]
    Policemen have meal during a break at Furong police station of Hefei public security bureau in Hefei, east China’s Anhui Province, Jan. 28, 2025. [Photo/Xinhua]
    Rangers patrol on Qilian Mountain in Qilian Mountain national park in Menyuan County, northwest China’s Qinghai Province, Jan. 28, 2025. [Photo/Xinhua]
    An attendant works on a train at Harbin Railway Station in Harbin, northeast China’s Heilongjiang Province, Jan. 28, 2025. [Photo/Xinhua]
    Staff members of the Sus Environment Co., Ltd. check the operation of equipment at a factory in Jiaxing City, east China’s Zhejiang Province, Jan. 28, 2025. [Photo/Xinhua]
    A staff member works on a train platform at the Yangzhou Railway Station in Yangzhou, east China’s Jiangsu Province, Jan. 28, 2025. [Photo/Xinhua]
    A worker is seen at a steel studio of Masteel (Group) Holding Co., Ltd. in Ma’anshan City, east China’s Anhui Province, Jan. 28, 2025. [Photo/Xinhua]
    Workers clean a train at a high-speed train maintenance base in Nanjing, east China’s Jiangsu Province, Jan. 28, 2025. [Photo/Xinhua]
    Workers of Hai’an branch of State Grid measure the temperature of equipment at a transformer substation in Hai’an City, east China’s Jiangsu Province, Jan. 28, 2025. [Photo/Xinhua]
    A staff member of an electronic technology company patrols to check the operation of equipment at a production line in Jiaxing City, east China’s Zhejiang Province, Jan. 28, 2025. [Photo/Xinhua]
    Rangers patrol on Qilian Mountain in Qilian Mountain national park in Menyuan County, northwest China’s Qinghai Province, Jan. 28, 2025. [Photo/Xinhua]
    A worker of an electronic technology company checks data at a laboratory in Jiaxing City, east China’s Zhejiang Province, Jan. 28, 2025. [Photo/Xinhua]
    A ranger pastes the Chinese character “Fu” meaning good luck on the window of her office at the Laohugou station of Qilian Mountain national park in Menyuan County, northwest China’s Qinghai Province, Jan. 28, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI United Kingdom: Mayor delighted to launch Feel the Beat: An Afro-Inspired Bank Holiday Celebration

    Source: Northern Ireland – City of Derry

    Mayor delighted to launch Feel the Beat: An Afro-Inspired Bank Holiday Celebration

    28 January 2025

    The amazing sound and incredible energy of Afrobeats is set to vibrate around St Columb’s Hall at a special fundraising night planned by the Mayor of Derry City and Strabane District Council for Spring this year.

    Feel the Beat: An Afro-Inspired Bank Holiday Celebration will feature top DJs Renzo Rose, DJ Rob and DJ Lui who will play a mix of Afrobeats, amapiano, dancehall, hip-hop, R’n’B and commercial music guaranteed to have you on the dancefloor all night long.  

    Revealing her plans for Feel the Beat, which will take place on 25th May 2025, Mayor Lilian Seenoi Barr said: “I am so excited to bring this night of Afrobeats to St Columb’s Hall. I would encourage everyone to come along and enjoy a night of incredible energy and top tunes. It doesn’t matter if you’ve never been to an Afrobeats event before, if you love music you’ll love this night.”

    The event is planned as a fundraiser for the Bud Club, the charity the Mayor has chosen to support during her year in office. BUD is an inclusive provision for young people with disabilities and specific/complex needs.

    Tickets are now on sale and the Mayor is encouraging people to get theirs early to avoid disappointment. She explained: “This night is perfect for anyone who loves energetic music and would enjoy a night full of friendship and positivity. And remember, by buying a ticket you will also be supporting the awesome Bud Club and all the work that they do.  This is all possible because of the sponsorship support given by the Garvan O’Doherty group.

    “So get your tickets now and get ready to dance like you have never danced before at Feel the Beat in St Columb’s Hall. I can’t wait to see you all on the dancefloor.”

    Tickets for the Feel the Beat: An Afro-Inspired Bank Holiday Celebration are now on sale and can be purchased at https://AfroBeatCelebration.eventbrite.co.uk

    MIL OSI United Kingdom –

  • MIL-OSI Europe: AMERICA/USA – The Franciscans martyred because they refused to approve polygamy will be beatified

    Source: Agenzia Fides – MIL OSI

    Tuesday, 28 January 2025

    Vatican City (Agenzia Fides) – They refused to approve the practice of polygamy among baptized Native Americans. For this they became martyrs. Four centuries after the events of 1597 in the coastal villages of Georgia, Pope Francis has authorized the Dicastery for the Causes of Saints to promulgate the Decree regarding the recognition of the martyrdom of the Servants of God Pedro da Corpa, Blas Rodríguez de Cuacos, Miguel de Añón, Antonio de Badajoz and Francisco de Veráscola.They were five religious of the Order of Friars Minor who were killed in the territory of the current diocese of Savannha in the United States of America “out of hatred of the faith”. All of them were Spanish and had set out as missionaries to spread the Gospel among the Guale people who lived on the coast of Georgia. In their villages polygamy was practiced.Friar Pedro de Corpa, who set out for the New Continent in 1587, arrived in the village of Tolomato (near present-day Darien) and, together with his confreres, decided to baptize an adult Guale only if he had entered into a monogamous marriage.Everything seemed to be going well but, as can be read on the official website of the Ordo Fratrum Minorum, which has published a detailed biography of the five missionaries after the announcement of the recognition of martyrdom, when a young local warrior named Juanillo, who had been baptized and already married, decided to take a second wife. The warrior, a nephew of the tribal chief, was to take charge of the village. In the end, Juanillo decided to ignore the warnings of Friar Pedro da Corpa regarding his baptismal obligation, left the mission and joined forces with other natives of the interior region against the Franciscan. In the first days of September 1597, the warriors attacked Friar Pedro in his hut, killing him with an axe.The hatred of the faith, as laid down in the decree published today, soon turned against the other four Friars Minor who lived in the other villages. The second to die was Friar Blas Rodríguez de Cuacos. At the time of the events, he was working in the village of Tupiquí, near what is now Eulonia. When he found himself facing the group of armed natives, knowing that his death was imminent, he asked for permission to celebrate his last Mass. This was granted, and at the end of the service he too was killed with an axe blow and his body was left in the forest to be eaten by the animals.Friar Miguel de Añón was a missionary on the island of Santa Catalina, along with lay brother Antonio de Badajoz. The chief warned the latter of the uprising that was spreading against the friars, but he did not flee, preferring to stay in the village with Friar Miguel. Both endured their martyrdom, which was preceded by much torture, in faith. Their bodies were buried in the village chapel. The last of the five Franciscans to be martyred was Friar Francisco de Veráscola. He was entrusted with the new mission on the island of Asao, now San Simón, opposite the present city of Brunswick, Georgia. His imposing stature and physical strength earned him the nickname “the Cantabrian giant”. This quality made him popular with the Guale youth, with whom he competed in wrestling and ball games. At the time of the death of his companions, he was not present: he had travelled by canoe to San Agustín to collect material for the chapel. When he arrived in Asao, he was immediately attacked by insurgents who killed him with an axe blow.Centuries later, in the diocese of Savannah, just over forty years ago, in 1981, the process for the beatification and canonization of these martyrs began, initiated by the American bishops. Now the decree recognizing the martyrdom of the five religious has been published. (F.B.) (Agenzia Fides, 27/1/2025)
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  • MIL-OSI Europe: AFRICA/DR CONGO – Bishop of Goma: “The neonatal ward at the Charité Maternelle General Hospital is affected by fighting”

    Source: Agenzia Fides – MIL OSI

    Kinshasa (Agenzia Fides) – Fighting continues in Goma, the capital of North Kivu, which the M23 rebels took over between Sunday 26 and Monday 27 January (see Fides, 27/1/2025). The M23 forces are encountering resistance from soldiers of the Congolese armed forces (FARDC) and pro-government Wazalando militiamen. Four other South African soldiers from the Southern African Development Community Mission in the Democratic Republic of Congo (SAMIDRC) were killed in the clashes, after nine soldiers had already been killed in the last two days. The clashes are concentrated in the area of the airport, which has now also been taken over by the M23.The situation in the city remains chaotic. There are fighting, power and communication outages and looting. Residents are fleeing the city. The World Food Programme (WFP) has meanwhile expressed concern about the suspension of the distribution of humanitarian aid in the region, which could lead to severe food shortages in the next 24 hours. In a message published yesterday, January 27, the Bishop of Goma, Willy Ngumbi Ngengele, reported “I am horrified to learn of the bombings, including those targeting the neonatal department of the Charité Maternelle General Hospital, resulting in the deaths of newborns, and the attack on the diocesan procuracy compound, which shattered the windows of the newly inaugurated building”. “I deplore the looting of certain businesses and warehouses by the population and, at times, by the military, further worsening an already dire humanitarian situation,” wrote the Bishop of Goma. “I urge all parties involved in the current armed conflict, as well as the population, to show absolute respect for human life and for private and public infrastructure, which must be preserved by all under any circumstances, in accordance with human dignity and international law” continues Mgr. Ngumbi Ngengele. The Bishop concludes by urging “the Clergy, Consecrated Persons, as well as the faithful, and all people of goodwill, to provide the necessary assistance to anyone in need”. Meanwhile, demonstrations are taking place in Kinshasa against the “invasion of Rwanda in the east of the Democratic Republic of Congo.” (L.M.) (Agenzia Fides, 28/1/2025)
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  • MIL-OSI Europe: AFRICA/TANZANIA – Resignation and appointment of the Bishop of Iringa

    Source: Agenzia Fides – MIL OSI

    Tuesday, 28 January 2025

    Vatican City (Agenzia Fides) – The Holy Father has accepted the resignation from the pastoral care of the diocese of Iringa, Tanzania, presented by Bishop Tarcisius Ngalalekumtwa.The Holy Father has appointed the Reverend Romanus Elamu Mihali, of the clergy of Mafinga, until now episcopal vicar for the clergy of the diocese of Mafinga and parish priest of Ujewa, as bishop of Iringa, Tanzania.Msgr. Romanus Elamu Mihali was born on 10 June 1969 in Itulituli, Mufindi, and studied philosophy and theology at Peramiho Major Seminary in Songea.He was ordained a priest on 13 July 2000 for the clergy of Iringa.After ordination, he first served as deputy parish priest of Saint Paul the Apostle in Ilula, Iringa (2000-2003) and teacher and formator at Saint Kizito Minor Seminary in Mafinga (2003-2005). He carried out his studies for a degree in zoological sciences, a degree in natural sciences, and a bachelor’s degree in education at the University of Kerala, India (2005-2011), and went on to hold the roles of deputy parish priest of Virgin Mary of Fatima in Usomaki, Iringa (2012-2015) and parish priest of Virgin Mary of the Assumption in Ujewa, Iringa (2015-2024).After the erection of the diocese of Mafinga in 2024, he was incardinated in the new diocese.Since 2024 he has served as parish priest of Virgin Mary of the Assumption in Ujewa, Mafinga, episcopal vicar for the clergy, and secretary for health of the diocese of Mafinga. (EG) (Agenzia Fides, 28/1/2025)
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  • MIL-OSI Europe: AFRICA/CENTRAL AFRICA – “Simplicity and poverty”: the words that extend Christmas to the rest of the year in Monasao

    Source: Agenzia Fides – MIL OSI

    Tuesday, 28 January 2025

    SMA

    Monasao (Agenzia Fides) – In Central Africa, the month of December was marked by a series of important celebrations, such as Republic Day (December 1st) and, for the Christian community, Christmas and New Year celebrations between December 31st and January 1st. Father Michele tells us how the Pygmies of the Monasao Mission lived these special days.”In Monasao there are many children. During the end-of-year celebrations, they go through the village asking for a sweet or something to eat after singing and wishing the family a happy new year,” says Father Michele Farina, a Fidei donum missionary from the Italian diocese of Savona who lives and works among the Bayaka Pygmy people.”In 2024 I celebrated my third Christmas in Monasao and if I had to choose a few words to sum up the way it is lived in our village, they would be simplicity and poverty. Thanks to these words that come to life here, Christmas in Monasao also extends to the rest of the year,” continues the priest, who is associated with the Society of African Missions (SMA). “Half of our village is inhabited by Bayaka pygmies (see Fides, 18/4/2023), most of whom live in huts (called hutte) that look very similar to a manger. These are very simple huts that the Bayaka have built in the forest. They are a semi-nomadic people who move according to the season to hunt, their main occupation. Having the necessary wood and foliage, they can build their huts in a day. They are small, hemispherical and have a small entrance from which every morning and every evening all the members of the family, even ten people, come and go. In the evening, they light a small fire in the middle of the hut to keep warm and to ward off insects.” “At Christmas, a small hut is also prepared in the church,” explains Father Michael, “in which the family of Nazareth is placed. The joy of this celebration characterizes the entire celebration in the church, with songs, dances and the donations in nature that people bring to the offertory. If the joy of meeting the Lord is so great every Sunday at Mass, then it is even greater at Christmas. There are not many things, just a few decorations made of simple drawings, scraps of paper and a few balloons hung on a string, a few palm branches and the hut with Mary, Joseph and the baby Jesus transform the church to make Christmas even more solemn.”“There is no big meal on Christmas Eve, no special lunch on December 25 for the families in Monasao, apart from the usual menu: cassava, coconut leaves, a piece of meat for a few privileged people…,” concludes the missionary. (AP) (Agenzia Fides, 28/1/2025)
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  • MIL-OSI Europe: ASIA/MYANMAR – A missionary community in times of war: the Church of Yangon in synod, with its eyes turned towards suffering humanity

    Source: Agenzia Fides – MIL OSI

    Yangon (Agenzia Fides) – Building an authentically synodal community, which walks with Christ towards wounded humanity, and authentically missionary, capable of proclaiming the Gospel and bringing consolation in the difficulties and challenges of the present time, marked by a tragic civil conflict that is tearing the nation apart: it is in this spirit that the Catholic community of the Archdiocese of Yangon gathered yesterday, January 27, in the parish hall of St. Mary’s Cathedral in Yangon to begin a week of study and discussion, in order to continue and apply to the local context the ideas that emerged from the Synod on synodality. Alongside Cardinal Charles Maung Bo, Archbishop of Yangon, were the auxiliary bishops, more than 60 priests, 50 religious and 55 lay delegates who brought their experience and the point of view of the communities and parishes scattered throughout the diocese.The participants discussed the need to be an “outgoing community” in a region where the entire population, and with it the Catholic community, is experiencing moments of discouragement, displacement, poverty and lack of basic necessities. The meeting, explained Father Hyginus Myint Soe, facilitator and moderator of the works, was held according to the “synodal method of conversation in the spirit”, which consists of listening together to the voice of the Holy Spirit, with a view to common discernment. This method, as experienced during the Synod in the Vatican, includes the phases of listening, reflection, prayer, discussion and decision-making. As Father Hyginus Myint Soe explains, “those present first shared their experiences, prayers and reflections. Then there was a silent prayer in which each participant shared his thoughts on what he had heard from the experiences of others.”The intention of the ecclesial assembly is to “renew the entire archdiocese, moving towards change and development, listening for six days to the Holy Spirit who invites us to synodal conversion.” For each theme, the priest indicated, “a discussion is planned, followed by a prayerful reflection before the Blessed Sacrament.”The points that will be addressed, during a dense week of common life, are diverse: the spirit of a synodal and missionary Church; the administration of the Church; the mission in the digital environment; the formation of faith; and also: education, priestly and religious life, socio-pastoral development, the condition of the family; the presence and life of ecclesial movements, the safeguarding of creation. The method of “conversation in the spirit” will be applied to each of these areas.One of the points that the Church of Yangon keeps in mind – while living in a “desert time”, immersed in a nation suffering from civil conflict – is that activity in churches is now reduced to a minimum and often limited to the celebration of the sacraments. The commitment of priests, religious and lay people is therefore to “get out of the comfort zone”, to go towards the needy, the burdened, those who, especially in rural areas, are victims of poverty or are prey to despair: where there is a lack of housing, work, food, daily subsistence, education for children and young people. The week of reflection and discernment will define the face of an outgoing community towards the poor and suffering humanity. (PA) (Agenzia Fides, 28/1/2025)
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  • MIL-OSI USA: A Mite-y Use of Electricity

    Source: US State of Connecticut

    Mites who hitchhike on the beaks of hummingbirds use a surprising method to help them on their journey: electricity.

    These hummingbird flower mites feed on nectar and live within specific flowers for their species. When it is time to seek out a new flower, they hitch a ride via hummingbirds, but for years researchers have not been sure exactly how these tiny, crawling arachnids quickly disembark at the right flower. Researchers, including Carlos Garcia-Robledo, associate professor in the Department of Ecology and Evolutionary Biology, are closer to answering these questions, and they published their results in PNAS.

    Garcia-Robledo studies aspects of the evolutionary and life histories of organisms and how they respond to climate change, including this puzzling behavior.

    Illustration showing how electric charges help mites move between flowers via hummingbirds. The pluses and minuses show the nature of the electric charges. (Illustration courtesy of Marley Peifer)

    “When hummingbirds visit multiple flowers, you usually see the mites going down their beaks only when they touch the first flower,” says Garcia-Robledo. “I thought that was interesting and wondered why the mites were not going to the second or third flower.”

    For years, researchers have proposed that the mites use a smell signal, but after some experimentation to test this theory, Garcia-Robledo was not convinced.

    “I knew that it was not maybe the smell that played a major role in this because if you bring the mites to a laboratory, they don’t care much about smells of flowers and so on. I knew it had to be something else.”

    Then, after reading a story about research into how ticks are pulled onto clothing by static electricity, and a chance lunch meeting while working at the La Selva Research Station in Costa Rica, everything came together.

    “I was reminded of the weird observation about the mites, and I thought maybe something electrostatic was happening there,” he says. “These mites are so tiny that they live at another level of perception, so of course, even little electric fields are important for them. This could help explain the mystery of how they can be fast enough to hitchhike on this family of birds.”

    Just by chance, Garcia-Robledo was having lunch with friends and co-authors Konstantine Manser and Diego Dierick. Manser was at the time a Ph.D. student at the University of Bristol in the laboratory that produced the tick static research. Diego Dierick is a scientist at the Organization for Tropical Studies, and an electronics whiz collaborating in many projects at La Selva Research Station. Garcia-Robledo proposed they test his theory on the hitchhiking hummingbird flower mites.

    “Diego and Kosta said that it was super easy and that we should try. We built the devices the next day and brought the first mite from a flower to test it. We turned on the device, and instantaneously, they started to respond. That’s how we figured out that they were using static electricity,” says Garcia-Robledo.

    With that immediate success, the researchers were inspired to experiment further with a power source that only generated static electricity and test whether the mites were attracted to statics or the frequency that it was transmitting. They discovered that when the field was only static electricity, the mites did not respond, yet they did when the field was modulated.

    “The mites respond to the bouncing of a signal that is associated with the size, geometry, and vibration of the hummingbirds, which reach frequencies between 20 and 160 Hz,” Garcia-Robledo says.

    As the hummingbirds beat their wings, they generate a charge, and their bodies become supercharged. So, just like how you may get a small static shock after walking across a room and touching a door handle, the first flower seems to be the one where mites have the electric potential to embark or disembark quickly.

    In another experiment, Garcia-Robledo tested how the mites recognize very small positive electrical charges. He experimented with a very simple and effective device composed of a glass tube, and wire where the wire would be touched by either an aluminum or copper plate to generate a charge. The glass tube held the mite, and when the device was charged, the mites responded by running toward the positive pole at both higher and lower electrical fields, but only when it was transmitting a frequency of 120 Hz.

    “You just charge the little arena, and then instantaneously, the mite is attracted only if you have this little bounce of the signal, and they go to the positive charge even if you have these super tiny charges. The little bounce the second that you touch, it is enough for them to know where to go, and they just go,” says Garcia-Robledo.

    Each of the 19 mite species at La Selva is attracted to specific set of flowers, and they somehow know when they have arrived at the right flower and that it’s time to jump on or hop off their hummingbird shuttle.

    “We think that there may be some specificity in the electric signals or different charges for flowers,” says Garcia-Robledo. “That’s one possibility. We found that there is a structure in the front legs that they used to perceive these electric charges and frequencies. The next step is that we have many of these mites, and they have different structures, and different species of mites have different structures in their legs. Potentially, they can detect different frequencies.”

    Besides signaling when to get off, these electric charges help the mites quickly board their speedy chaperones. Just like the study looking at how ticks hitch a statically charged ride onto clothing, the mites are pulled up from the flower to the hummingbird beaks via the bird’s positive charge.

    “When the mites are attracted by that electric field, we found they are one of the fastest terrestrial organisms for a few milliseconds,” Garcia-Robledo says. “This is the most surprising thing because the mites were not just responding to electrostatics, they are responding to an actual signal generated by an organism. That was super surprising. This may be the first kind of like case where these organisms are using, at the same time, electricity to locate organisms that they are using for transportation, but also for transportation itself.”

    Funding was provided by the National Science Foundation, Dimensions of Biodiversity – 1737778 and Organismal Responses to Climate change – 2222328.

    MIL OSI USA News –

  • MIL-OSI USA: Engineering Professor Earns Nation’s Highest Honor for Early-Career Scientists

    Source: US State of Connecticut

    On Jan. 14, UConn civil engineering Professor Arash E. Zaghi was among nearly 400 individuals honored by President Biden with the Presidential Early Career Award for Scientists and Engineers (PECASE). This is the highest honor bestowed by the U.S. government on outstanding scientists and engineers who are in the early phases of their careers. Jill Wegrzyn, an associate professor in the UConn Department of Ecology and Evolutionary Biology, also received this award.

    Established by President Clinton in 1996, PECASE recognizes scientists and engineers who show exceptional potential for leadership early in their research careers. The award recognizes innovative and far-reaching developments in science and technology. 

    Zaghi, who joined the UConn faculty in 2011, is a professor in the College of Engineering. At the beginning of his career, his research focused primarily on bridge design and resilience against earthquakes and other disasters.  

    But after his diagnosis with dyslexia and ADHD at age 32, he knew he wanted to get involved with supporting neurodiverse learners. Building on his own experience, Zaghi quickly identified a major problem with mainstream narratives of neurodiversity. 

    “My diagnosis opened my eyes to the unique strengths often overlooked in individuals like myself,” Zaghi says. “As I delved into the literature, I discovered mixed perspectives. Some studies suggest that people with ADHD tend to be more creative and willing to take risks. These are precisely the skills we need to address the complex, large-scale challenges of our time. This realization sparked my commitment to redefining neurodiversity as a strength and to creating environments where diverse ways of thinking are celebrated and harnessed for innovation.” 

    Now, Zaghi’s work specifically centers on countering the “deficit” model of neurodiversity, which focuses on the challenges neurodiverse students face in traditional learning environments and promoting the “strengths-based” model. Instead of regarding neurodiversity as a problem to be solved, this model encourages the view of neurodiversity as a unique strength. For example, research (including Zaghi’s own) has suggested that neurodiverse students tend to excel in areas such as creativity, pattern-recognition, and problem-solving. Many also demonstrate higher than average academic ability. 

    My diagnosis opened my eyes to the unique strengths often overlooked in individuals like myself.

    These are all the qualities, Zaghi thinks, that the fields of engineering – and science more broadly – should be embracing and actively recruiting. 

    The National Science Foundation (NSF) agrees. In 2017, Zaghi was awarded the prestigious NSF CAREER Award for his project “Promoting Engineering Innovation through Increased Neurodiversity by Encouraging the Participation of Students with ADHD.” In 2021, he followed it with an NSF Mid-Career Advancement award for a project using artificial intelligence to develop personalized assistive tools to enhance the participation of neurodiverse students in STEM education. 

    Zaghi’s latest honor, the PECASE, is another national recognition of the powerful potential of his work. It is the crowning jewel of a research career studded with similar accolades, most relating to promoting neurodiverse learning through a strengths-based approach. 

    “We are very proud of Prof. Arash Zaghi for winning this presidential award and for his pioneering research in supporting neurodiverse students to improve their learning outcome and future careers,” says JC Zhao, Dean of the UConn College of Engineering. “Arash’s research and outreach will shift the paradigm and also bring visibility to a generally misunderstood group of students who can be as successful as Arash himself.”

    Throughout this career, Zaghi has been able to steadily expand the breadth of his work in supporting neurodiverse education. His earliest projects in this realm had a very specific focus – for example, supporting students with ADHD in engineering.  

    Over time, and thanks to collaborations with other researchers at UConn and elsewhere, Zaghi’s focus was able to grow beyond engineering to include STEM as a whole. It has also grown to include other types of neurodiversity, like dyslexia and autism, and address different age groups, from K-12 learners to graduate students. 

    With UConn neuroscientist Fumiko Hoeft, Zaghi is co-PI on the TRANSdisciplinary Convergence in Educational Neuroscience Doctoral (TRANSCEND) training program, an interdisciplinary training program devoted to rethinking educational neuroscience. He is also the co-PI on the UConn INCLUDE project, which supports neurodiversity in the College of Engineering. 

    The recognition for his work as a champion of neurodiversity is gratifying, Zaghi says, but he can remember a time just ten years ago when the idea of a strengths-based approach was considered “so radical.” 

    When he submitted his first proposal to the NSF, Zaghi recalls, he was told, “This is so far out of the mainstream that I have no idea how the panel is going to react.” 

    “We were extremely fortunate that the NSF invested in us,” he says. “I think that’s a great story of how bold research pays off. The NSF is there to support high-risk, high-payoff research, and they supported that ‘crazy idea.’ Now, here we are – with the amount of visibility, I think we have substantially contributed to changing the narrative from a deficit perspective to a strengths-based one.” 

    MIL OSI USA News –

  • MIL-OSI Russia: To the participants and guests of the XXXIII International Christmas Educational Readings

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    In 2025, the International Christmas Educational Readings will be held in Moscow from January 26 to 30.

    Your Holiness!

    Dear friends!

    Welcome to the XXXIII International Christmas Educational Readings.

    The forum is taking place in the year of the 80th anniversary of the Great Victory. And it is symbolic that its central theme is dedicated to this significant date.

    All these decades we have kept the memory of the heroes of the Great Patriotic War. Of those who bravely fought at the front, worked in the rear, defeated fascism. The feat of our people today is the main moral guideline, helps to resist any external threats, defend national interests.

    Recently, there have been increasing calls to revise the results of World War II and to belittle the significance of the Great Victory. It is necessary to stop any attempts to distort the truth about those events. Do everything so that young people study the history of the Fatherland, know at what price the liberation of the Motherland was won in 1941-1945. Pay special attention to the spiritual, moral and patriotic education of the younger generation. At present, this work is being carried out with the active participation of the Russian Orthodox Church, religious organizations of other traditional faiths, and the public.

    I am confident that the recommendations and proposals prepared during your meeting will be put into practice and will serve to improve teaching activities.

    I wish the participants and guests of the XXXIII International Christmas Educational Readings fruitful work, interesting discussions and all the best.

    M. Mishustin

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

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  • MIL-OSI Russia: GUU presented the “Course on Business and Entrepreneurship” at the conference of thematic partners of “Artek”

    Translartion. Region: Russians Fedetion –

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

    The IX International Conference of Thematic Partners “Artek at 100%” was held in the International Children’s Center “Artek”, in which representatives of the State University of Management with the program “Course for Business and Entrepreneurship” took part.

    The International Children’s Center “Artek” annually holds a competition for additional general development programs, and in the year of the 100th anniversary of “Artek”, which will be celebrated in 2025, this conference becomes a particularly important milestone in the history of the center, demonstrating its openness to cooperation.

    This year, the center plans to implement more than 170 programs with the participation of 130 partners, in all areas that exist in the Russian Federation. Within the framework of partner programs, Artek will be visited by more than 17 thousand children from 89 regions of our vast homeland, as well as from foreign countries. The “red thread” of the anniversary year will be the 80th anniversary of the Great Victory and the Year of the Defender of the Fatherland. Patriotic events will also be implemented jointly with partner organizations.

    It should be noted that for the second year in a row, the State University of Management has become the winner of the competition of additional general development programs. This time, on behalf of the State University of Management, the conference was attended by first-year master’s students in the Project Management program, Maria Larshina and Polina Ponikarovskaya, who are members of the project team of the Business and Entrepreneurship Course program. This program was developed on the initiative of the Ministry of Economic Development of the Russian Federation, and a large team of the best specialists from the State University of Management took part in its development.

    The International Conference of Thematic Partners “Artek at 100” was held from January 19 to 22. On the first day of the conference, plenary sessions were held dedicated to the activities of Artek, key events of 2025 and the role of partner organizations in creating meaningful programs and the educational environment of the Artek Information Technology Center.

    On the second day of the conference, the participants visited the Korsun Children’s Center, a branch of Artek in Sevastopol. Round tables were held there, as well as a ceremony to award certificates to the winners of the competition for additional general development programs. The winner’s certificate was presented to representatives of the State University of Management by the First Deputy Director of the Artek International Children’s Center, Elena Zhivoglyad. For the 100th anniversary of the International Children’s Center, a documentary film, Artek. 100 Years of Happy Childhood, was created together with the Media Glob team. The first viewers were thematic partners – participants of the IX International Conference.

    On the last day of the conference “Artek at 100%” a festival of creativity was held, where participants were able to exchange experiences, ideas and their skills. The event featured more than 40 platforms from thematic partners of “Artek”. The State University of Management organized a point “Entrepreneurial Puzzle”, where participants could test their ingenuity and knowledge, as well as learn more about the additional general development program “Course on Business and Entrepreneurship”.

    Let us add that the additional general development program “Course on Business and Entrepreneurship” is aimed at training qualified personnel for medium and small businesses by involving teenagers and young people. Its goal: to develop entrepreneurship competencies in students by means of interactive forms of training, project and game technologies. The main events of the program include: practical classes, conversations, discussions, project work in groups, business and role-playing games, quizzes.

    Over the course of three days, representatives of partner organizations, together with Artek employees, developed mechanisms for integrating thematic programs into the educational process of the children’s center, discussed the regulatory framework for the partners’ activities, information and methodological support for the educational process, and much more.

    Subscribe to the TG channel “Our GUU” Date of publication: 01/28/2025

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