KB – Page 4822 – NewzIntel.com

MIL-OSI Security: Missouri Man Admits Transporting Minor for Sex

Source: Office of United States Attorneys

ST. LOUIS – A Missouri man has pleaded guilty and admitted transporting a minor across state lines for sex.

Scott M. Arnold-Micke, 48, pleaded guilty to one count of transportation of a minor to engage in a criminal sex act. He admitted in his plea agreement that in 2021, he took the 17-year-old victim to Chicago, where they used drugs and engaged in sexual acts. Arnold-Micke met the victim that summer and began engaging in drug usage with the victim on an almost daily basis after Arnold-Micke moved from Sullivan, Missouri to Rolla, Missouri.

Arnold-Micke is scheduled to be sentenced April 30. Both the U.S. Attorney’s office and Arnold-Micke’s lawyers have agreed to recommend 230 months in prison.

The case was investigated by the FBI, the Rolla Police Department, and the Phelps County Sheriff’s Department. Assistant U.S. Attorney Dianna Edwards is prosecuting the case.

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

MIL Security OSI –

January 28, 2025

MIL-OSI Security: Martin Woman Sentenced to Federal Prison for Stealing Funds from a Tribal Organization

Source: Office of United States Attorneys

RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Martin, South Dakota, woman convicted of Larceny. The sentencing took place on January 24, 2025.

Madonna Peterson, age 59, was sentenced to 12 months and one day in federal prison, followed by one year of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund and $150,000 in restitution to Wild Horse Butte Community Development Corporation (WHB).

Peterson was indicted on one count of Larceny and one count of Embezzlement and Theft from an Indian Tribal Organization by a federal grand jury in February 2023. She pleaded guilty on September 30, 2024.

Between 2014 and July 2021, while employed as the Chief Financial Officer for the Wild Horse Butte Community Development Corporation, Peterson wrote herself checks she was not entitled to and submitted fraudulent reimbursement requests to WHB for travel that she did not take and for supplies that she did not purchase. Peterson then used the stolen funds for personal gain, including gambling at various casinos.

This case was investigated by the FBI and the U.S. Department of Justice Office of the Inspector General. Assistant U.S. Attorney Benjamin Patterson prosecuted the case.

Peterson was ordered to self-surrender on February 18, 2025, to begin serving her prison term.

MIL Security OSI –

January 28, 2025

MIL-OSI Security: North Dakota Man Sentenced to Federal Prison for 15 Years for Illegally Possessing a Firearm and Tampering with a Witness

Source: Office of United States Attorneys

RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Bismarck, North Dakota, man convicted of Possession of a Firearm by a Prohibited Person and Tampering with a Witness. The sentencing took place on January 24, 2025.

Henry Damon Smith, Jr., 41, was sentenced to 15 years in federal prison, followed by five years of supervised release on the firearm charge, and three years in federal prison, followed by three years of supervised release on the tampering charge. The sentences were ordered to run concurrently. Smith was also ordered to pay a $200 special assessment to the Federal Crime Victims Fund.

Smith was indicted for Possession of a Firearm by a Prohibited Person by a federal grand jury in December 2023. He pleaded guilty on November 4, 2024.

The case stemmed from a Rapid City Police Department officer finding Smith with a firearm in Rapid City. Smith is federally prohibited from owning and possessing firearms because he has previous felony convictions, including crimes of domestic violence and assault on law enforcement. After being arrested, Smith attempted to avoid the charges by convincing a witness to claim responsibility for the firearm.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Rapid City Police Department. Assistant U.S. Attorney Anna Lindrooth prosecuted the case.

Smith was immediately remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

January 28, 2025

MIL-OSI: SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR SECOND QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JANUARY 28, AT 9:30 AM CENTRAL TIME

Source: GlobeNewswire (MIL-OSI)

Poplar Bluff, Missouri, Jan. 27, 2025 (GLOBE NEWSWIRE) —

Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2025 of $14.7 million, an increase of $2.5 million, or 20.2%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, income taxes, and provision for credit losses. Preliminary net income was $1.30 per fully diluted common share for the second quarter of fiscal 2025, an increase of $0.23 as compared to the $1.07 per fully diluted common share reported for the same period of the prior fiscal year.

Highlights for the second quarter of fiscal 2025:

Earnings per common share (diluted) were $1.30, up $0.23, or 21.5%, as compared to the same quarter a year ago, and up $0.20, or 18.2% from the first quarter of fiscal 2025, the linked quarter.
Annualized return on average assets (“ROAA”) was 1.21%, while annualized return on average common equity was 11.5%, as compared to 1.07% and 10.6%, respectively, in the same quarter a year ago, and 1.07% and 10.0%, respectively, in the first quarter of fiscal 2025, the linked quarter.
Net interest margin for the quarter was 3.36%, as compared to 3.25% reported for the year ago period, and 3.37% reported for the first quarter of fiscal 2025, the linked quarter. Net interest income increased $3.7 million, or 10.6% compared to the same quarter a year ago, and increased $1.5 million, or 4.0%, from the first quarter of fiscal 2025, the linked quarter.
Noninterest income was up 21.7% for the quarter, as compared to the same quarter a year ago, primarily as a result of losses realized on sale of available-for-sale (AFS) securities in the prior comparable quarter, and down 4.3% from the first quarter of fiscal 2025, the linked quarter.
Gross loan balances as of December 31, 2024, increased by $60.5 million, or 1.5%, as compared to September 30, 2024, and by $295.1 million, or 7.9%, as compared to December 31, 2023.
Cash equivalent balances as of December 31, 2024, increased by $70.5 million as compared to September 30, 2024, but decreased by $71.0 million as compared to December 31, 2023.
Deposit balances increased by $170.5 million, or 4.2%, as compared to September 30, 2024, and by $225.1 million, or 5.6%, as compared to December 31, 2023. The increase compared to the linked quarter was primarily due to seasonal inflows of deposits from agricultural and public unit depositors.
Tangible book value per share was $38.91, having increased by $4.26, or 12.3%, as compared to December 31, 2023.
The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due a $380,000 adjustment of tax accruals attributable to completed merger activity.

Dividend Declared:

The Board of Directors, on January 21, 2025, declared a quarterly cash dividend on common stock of $0.23, payable February 28, 2025, to stockholders of record at the close of business on February 14, 2025, marking the 123rd consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

Conference Call:

The Company will host a conference call to review the information provided in this press release on Tuesday, January 28, 2025, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 230612. Telephone playback will be available beginning one hour following the conclusion of the call through February 1, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 279309.

Balance Sheet Summary:

The Company experienced balance sheet growth in the first six months of fiscal 2025, with total assets of $4.9 billion at December 31, 2024, reflecting an increase of $303.4 million, or 6.6%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash and cash equivalents, and AFS securities.

Cash and cash equivalents were a combined $146.1 million at December 31, 2024, an increase of $84.7 million, or 137.9%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth and AFS securities purchases during the period. AFS securities were $468.1 million at December 31, 2024, up $40.2 million, or 9.4%, as compared to June 30, 2024.

Loans, net of the allowance for credit losses (ACL), were $4.0 billion at December 31, 2024, increasing by $175.0 million, or 4.6%, as compared to June 30, 2024. The Company noted growth primarily in drawn construction, 1-4 family residential, commercial and industrial, agricultural production loan draws, owner occupied commercial real estate, and agriculture real estate loan balances. This was somewhat offset by a decrease in loans secured by non-owner occupied commercial real estate, multi-family property, and consumer loans. The table below illustrates changes in loan balances by type over recent periods:


Summary Loan Data as of:	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands)	2024			2024			2024			2024			2023

1-4 residential real estate	$	967,196		$	942,916		$	925,397		$	903,371		$	893,940
Non-owner occupied commercial real estate		882,484			903,678			899,770			898,911			863,426
Owner occupied commercial real estate		435,392			438,030			427,476			412,958			403,109
Multi-family real estate		376,081			371,177			384,564			417,106			380,632
Construction and land development		393,388			351,481			290,541			268,315			298,290
Agriculture real estate		239,912			239,787			232,520			233,853			238,093
Total loans secured by real estate		3,294,453			3,247,069			3,160,268			3,134,514			3,077,490

Commercial and industrial		484,799			457,018			450,147			436,093			443,532
Agriculture production		188,284			200,215			175,968			139,533			146,254
Consumer		56,017			58,735			59,671			56,506			57,771
All other loans		3,628			3,699			3,981			4,799			7,106
Total loans		4,027,181			3,966,736			3,850,035			3,771,445			3,732,153

Deferred loan fees, net		(202	)		(218	)		(232	)		(251	)		(263	)
Gross loans		4,026,979			3,966,518			3,849,803			3,771,194			3,731,890
Allowance for credit losses		(54,740	)		(54,437	)		(52,516	)		(51,336	)		(50,084	)
Net loans	$	3,972,239		$	3,912,081		$	3,797,287		$	3,719,858		$	3,681,806

Loans anticipated to fund in the next 90 days totaled $172.5 million at December 31, 2024, as compared to $168.0 million at September 30, 2024, and $140.5 million at December 31, 2023.

The Bank’s concentration in non-owner occupied commercial real estate, as defined for regulatory purposes, is estimated at 316.9% of Tier 1 capital and ACL at December 31, 2024, as compared to 317.5% as of June 30, 2024, with these loans representing 41.0% of gross loans at December 31, 2024. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 33 loans totaling $24.2 million, or 0.60% of gross loans at December 31, 2024, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

Nonperforming loans (NPLs) were $8.3 million, or 0.21% of gross loans, at December 31, 2024, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPAs) were $10.8 million, or 0.22% of total assets, at December 31, 2024, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in the total dollar of NPAs reflects an increase in NPLs, which was largely offset by a reduction in other real estate owned due to property sales. The increase in NPLs was primarily attributable to the addition of three unrelated loans collateralized by single-family residential property, totaling $1.4 million.

Our ACL at December 31, 2024, totaled $54.7 million, representing 1.36% of gross loans and 659% of NPLs, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of NPLs, at June 30, 2024. The Company has estimated its expected credit losses as of December 31, 2024, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. Qualitative adjustments in the Company’s ACL model were increased compared to June 30, 2024, due to various factors that are relevant to determining expected collectability of credit. The Company decreased the allowance attributable to classified hotel loans that have been slow to recover from the COVID-19 pandemic due to updated collateral appraisals, which provided a more favorable assessment than the Company’s prior period estimates. Additionally, provision for credit loss (PCL) was required due to loan growth in the second quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.02% (annualized) during the current period, as compared to 0.10% for the same period of the prior fiscal year.

Total liabilities were $4.4 billion at December 31, 2024, an increase of $279.7 million, or 6.8%, as compared to June 30, 2024.

Deposits were $4.2 billion at December 31, 2024, an increase of $267.6 million, or 6.8%, as compared to June 30, 2024. The deposit portfolio saw year-to-date increases primarily in certificates of deposit and savings accounts, as customers continued to move balances into high yield savings accounts and special rate time deposits in the relatively high rate environment. Public unit balances totaled $565.9 million at December 31, 2024, a decrease of $28.7 million compared to June 30, 2024, but an increase of $55.4 million, as compared to $510.5 million at September 30, 2024. Public unit balances increased compared to September 30, 2024, the linked quarter, due to seasonal inflows, but decreased year-to-date due to the loss of a large local public unit depositor. Brokered deposits totaled $254.0 million at December 31, 2024, an increase of $80.3 million as compared to June 30, 2024, but a decrease of $19.1 million compared to September 30, 2024, the linked quarter. Year-to-date, the Company increased brokered deposits due to more attractive pricing for brokered certificates of deposit relative to local market rates and the need to meet seasonal loan demand, and to build on-balance sheet liquidity. The average loan-to-deposit ratio for the second quarter of fiscal 2025 was 96.4%, as compared to 96.3% for the quarter ended June 30, 2024, and 94.3% for the same period of the prior fiscal year. The loan-to-deposit ratio at period end December 31, 2024, was 95.6%. The table below illustrates changes in deposit balances by type over recent periods:


Summary Deposit Data as of:	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,
(dollars in thousands)	2024		2024		2024		2024		2023

Non-interest bearing deposits	$	514,199	$	503,209	$	514,107	$	525,959	$	534,194
NOW accounts		1,211,402		1,128,917		1,239,663		1,300,358		1,304,371
MMDAs – non-brokered		347,271		320,252		334,774		359,569		378,578
Brokered MMDAs		3,018		12,058		2,025		10,084		20,560
Savings accounts		573,291		556,030		517,084		455,212		372,824
Total nonmaturity deposits		2,649,181		2,520,466		2,607,653		2,651,182		2,610,527

Certificates of deposit – non-brokered		1,310,421		1,258,583		1,163,650		1,158,063		1,194,993
Brokered certificates of deposit		251,025		261,093		171,756		176,867		179,980
Total certificates of deposit		1,561,446		1,519,676		1,335,406		1,334,930		1,374,973

Total deposits	$	4,210,627	$	4,040,142	$	3,943,059	$	3,986,112	$	3,985,500

Public unit nonmaturity accounts	$	482,406	$	447,638	$	541,445	$	572,631	$	544,873
Public unit certificates of deposit		83,506		62,882		53,144		51,834		49,237
Total public unit deposits	$	565,912	$	510,520	$	594,589	$	624,465	$	594,110

FHLB advances were $107.1 million at December 31, 2024, an increase of $5.0 million, or 4.9%, as compared to June 30, 2024.

The Company’s stockholders’ equity was $512.4 million at December 31, 2024, an increase of $23.6 million, or 4.8%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $1.0 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $16.4 million at December 31, 2024 compared $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.

Quarterly Income Statement Summary:

The Company’s net interest income for the three-month period ended December 31, 2024, was $38.1 million, an increase of $3.7 million, or 10.6%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.7% increase in the average balance of interest-earning assets and an 11-basis point increase in the net interest margin, from 3.25% to 3.36%, as the 32-basis point increase in the yield on interest-earning assets was partially offset by a 22-basis point increase in cost of interest-bearing liabilities.

Loan discount accretion and deposit premium amortization related to the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $987,000 in net interest income for the three-month period ended December 31, 2024, as compared to $1.5 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed nine basis points to net interest margin in the three-month period ended December 31, 2024, compared to 14 basis points during the same period of the prior fiscal year, and as compared to a nine basis point contribution in the linked quarter, ended September 30, 2024, when the net interest margin was 3.37%.

The Company recorded a PCL of $932,000 in the three-month period ended December 31, 2024, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $501,000 provision attributable to the ACL for loan balances outstanding and a $431,000 provision attributable to the allowance for off-balance sheet credit exposures.

The Company’s noninterest income for the three-month period ended December 31, 2024, was $6.9 million, an increase of $1.2 million, or 21.7%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to the Company’s realization of a $682,000 loss on sale of AFS securities in the year-ago period, as well as increases in deposit account charges and related fees, other loan fees, and wealth management fees. These increases were partially offset by lower net realized gains on sale of loans, which were primarily driven by a reduction in gains on sale of Small Business Administration (SBA) loans, and lower loan late charges.

Noninterest expense for the three-month period ended December 31, 2024, was $24.9 million, an increase of $1.0 million, or 4.3%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to increases in compensation and benefits, legal and professional fees, other noninterest expense, and occupancy expenses. The increase in compensation and benefits expense was primarily due to a trend increase in employee headcount, as well as annual merit increases. Legal and professional fees were elevated due to consulting fees tied to internal projects, recruiter costs, and the settlement of a legal matter. Other noninterest expense increased due to increased expenses associated with SBA loans and costs for employee travel and training. Lastly, occupancy and equipment expenses increased primarily due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. Partially offsetting these increases from the prior year period are lower data processing and telecommunication expenses, and a reduction in intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the prior quarter.

The efficiency ratio for the three-month period ended December 31, 2024, was 55.3%, as compared to 58.5% in the same period of the prior fiscal year. The change was attributable to net interest income and noninterest income growing faster than operating expenses.

The income tax provision for the three-month period ended December 31, 2024, was $4.5 million, an increase of $1.4 million, or 43.3%, as compared to the same period of the prior fiscal year. The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due to an adjustment of tax accruals attributable to completed merger & acquisition activity.

Forward-Looking Information:

Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

Southern Missouri Bancorp, Inc. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION


Summary Balance Sheet Data as of:	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands, except per share data)	2024			2024			2024			2024			2023

Cash equivalents and time deposits	$	146,078		$	75,591		$	61,395		$	168,763		$	217,090
Available for sale (AFS) securities		468,060			420,209			427,903			433,689			417,406
FHLB/FRB membership stock		18,099			18,064			17,802			17,734			18,023
Loans receivable, gross		4,026,979			3,966,518			3,849,803			3,771,194			3,731,890
Allowance for credit losses		54,740			54,437			52,516			51,336			50,084
Loans receivable, net		3,972,239			3,912,081			3,797,287			3,719,858			3,681,806
Bank-owned life insurance		74,643			74,119			73,601			73,101			72,618
Intangible assets		75,399			76,340			77,232			78,049			79,088
Premises and equipment		96,418			96,087			95,952			95,801			94,519
Other assets		56,738			56,709			53,144			59,997			62,952
Total assets	$	4,907,674		$	4,729,200		$	4,604,316		$	4,646,992		$	4,643,502

Interest-bearing deposits	$	3,696,428		$	3,536,933		$	3,428,952		$	3,437,420		$	3,451,306
Noninterest-bearing deposits		514,199			503,209			514,107			548,692			534,194
Securities sold under agreements to repurchase		15,000			15,000			9,398			9,398			9,398
FHLB advances		107,070			107,069			102,050			102,043			113,036
Other liabilities		39,424			38,191			37,905			46,712			42,256
Subordinated debt		23,182			23,169			23,156			23,143			23,130
Total liabilities		4,395,303			4,223,571			4,115,568			4,167,408			4,173,320

Total stockholders’ equity		512,371			505,629			488,748			479,584			470,182

Total liabilities and stockholders’ equity	$	4,907,674		$	4,729,200		$	4,604,316		$	4,646,992		$	4,643,502

Equity to assets ratio		10.44	%		10.69	%		10.61	%		10.32	%		10.13	%

Common shares outstanding		11,277,167			11,277,167			11,277,737			11,366,094			11,336,462
Less: Restricted common shares not vested		46,653			56,553			57,956			57,956			49,676
Common shares for book value determination		11,230,514			11,220,614			11,219,781			11,308,138			11,286,786

Book value per common share	$	45.62		$	45.06		$	43.56		$	42.41		$	41.66
Less: Intangible assets per common share		6.71			6.80			6.88			6.90			7.01
Tangible book value per common share ⁽¹⁾		38.91			38.26			36.68			35.51			34.65
Closing market price		57.37			56.49			45.01			43.71			53.39

(1) Non-GAAP financial measure.


Nonperforming asset data as of:	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands)	2024			2024			2024			2024			2023

Nonaccrual loans	$	8,309		$	8,206		$	6,680		$	7,329		$	5,922
Accruing loans 90 days or more past due		—			—			—			81			—
Total nonperforming loans		8,309			8,206			6,680			7,410			5,922
Other real estate owned (OREO)		2,423			3,842			3,865			3,791			3,814
Personal property repossessed		37			21			23			60			40
Total nonperforming assets	$	10,769		$	12,069		$	10,568		$	11,261		$	9,776

Total nonperforming assets to total assets		0.22	%		0.26	%		0.23	%		0.24	%		0.21	%
Total nonperforming loans to gross loans		0.21	%		0.21	%		0.17	%		0.20	%		0.16	%
Allowance for credit losses to nonperforming loans		658.80	%		663.38	%		786.17	%		692.79	%		845.73	%
Allowance for credit losses to gross loans		1.36	%		1.37	%		1.36	%		1.36	%		1.34	%

Performing modifications to borrowers experiencing financial difficulty	$	24,083		$	24,340		$	24,602		$	24,848		$	24,237


	For the three-month period ended
Quarterly Summary Income Statement Data:	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,
(dollars in thousands, except per share data)	2024		2024		2024		2024		2023

Interest income:
Cash equivalents	$	784	$	78	$	541	$	2,587	$	1,178
AFS securities and membership stock		5,558		5,547		5,677		5,486		5,261
Loans receivable		63,082		61,753		58,449		55,952		55,137
Total interest income		69,424		67,378		64,667		64,025		61,576
Interest expense:
Deposits		29,538		28,796		27,999		27,893		25,445
Securities sold under agreements to repurchase		226		160		125		128		126
FHLB advances		1,099		1,326		1,015		1,060		1,079
Subordinated debt		418		435		433		435		440
Total interest expense		31,281		30,717		29,572		29,516		27,090
Net interest income		38,143		36,661		35,095		34,509		34,486
Provision for credit losses		932		2,159		900		900		900
Noninterest income:
Deposit account charges and related fees		2,237		2,184		1,978		1,847		1,784
Bank card interchange income		1,301		1,499		1,770		1,301		1,329
Loan late charges		—		—		170		150		146
Loan servicing fees		232		286		494		267		285
Other loan fees		944		1,063		617		757		644
Net realized gains on sale of loans		133		361		97		99		304
Net realized losses on sale of AFS securities		—		—		—		(807		(682
Earnings on bank owned life insurance		522		517		498		483		472
Insurance brokerage commissions		300		287		331		312		310
Wealth management fees		843		730		838		866		668
Other noninterest income		353		247		974		309		380
Total noninterest income		6,865		7,174		7,767		5,584		5,640
Noninterest expense:
Compensation and benefits		13,737		14,397		13,894		13,750		12,961
Occupancy and equipment, net		3,585		3,689		3,790		3,623		3,478
Data processing expense		2,224		2,171		1,929		2,349		2,382
Telecommunications expense		354		428		468		464		465
Deposit insurance premiums		588		472		638		677		598
Legal and professional fees		619		1,208		516		412		387
Advertising		442		546		640		622		392
Postage and office supplies		283		306		308		344		283
Intangible amortization		897		897		1,018		1,018		1,018
Foreclosed property expenses		73		12		52		60		44
Other noninterest expense		2,074		1,715		1,749		1,730		1,852
Total noninterest expense		24,876		25,841		25,002		25,049		23,860
Net income before income taxes		19,200		15,835		16,960		14,144		15,366
Income taxes		4,547		3,377		3,430		2,837		3,173
Net income		14,653		12,458		13,530		11,307		12,193
Less: Distributed and undistributed earnings allocated
to participating securities		61		62		69		58		53
Net income available to common shareholders	$	14,592	$	12,396	$	13,461	$	11,249	$	12,140

Basic earnings per common share	$	1.30	$	1.10	$	1.19	$	1.00	$	1.08
Diluted earnings per common share		1.30		1.10		1.19		0.99		1.07
Dividends per common share		0.23		0.23		0.21		0.21		0.21
Average common shares outstanding:
Basic		11,231,000		11,221,000		11,276,000		11,302,000		11,287,000
Diluted		11,260,000		11,240,000		11,283,000		11,313,000		11,301,000


	For the three-month period ended
Quarterly Average Balance Sheet Data:	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,
(dollars in thousands)	2024			2024			2024			2024			2023

Interest-bearing cash equivalents	$	64,976		$	5,547		$	39,432		$	182,427		$	89,123
AFS securities and membership stock		479,633			460,187			476,198			472,904			468,498
Loans receivable, gross		3,989,643			3,889,740			3,809,209			3,726,631			3,691,586
Total interest-earning assets		4,534,252			4,355,474			4,324,839			4,381,962			4,249,207
Other assets		291,217			283,056			285,956			291,591			301,415
Total assets	$	4,825,469		$	4,638,530		$	4,610,795		$	4,673,553		$	4,550,622

Interest-bearing deposits	$	3,615,767		$	3,416,752		$	3,417,360		$	3,488,104		$	3,341,221
Securities sold under agreements to repurchase		15,000			12,321			9,398			9,398			9,398
FHLB advances		107,054			123,723			102,757			111,830			113,519
Subordinated debt		23,175			23,162			23,149			23,137			23,124
Total interest-bearing liabilities		3,760,996			3,575,958			3,552,664			3,632,469			3,487,262
Noninterest-bearing deposits		524,878			531,946			539,637			532,075			572,101
Other noninterest-bearing liabilities		31,442			33,737			35,198			33,902			31,807
Total liabilities		4,317,316			4,141,641			4,127,499			4,198,446			4,091,170

Total stockholders’ equity		508,153			496,889			483,296			475,107			459,452

Total liabilities and stockholders’ equity	$	4,825,469		$	4,638,530		$	4,610,795		$	4,673,553		$	4,550,622

Return on average assets		1.21	%		1.07	%		1.17	%		0.97	%		1.07	%
Return on average common stockholders’ equity		11.5	%		10.0	%		11.2	%		9.5	%		10.6	%

Net interest margin		3.36	%		3.37	%		3.25	%		3.15	%		3.25	%
Net interest spread		2.79	%		2.75	%		2.65	%		2.59	%		2.69	%

Efficiency ratio		55.3	%		59.0	%		58.3	%		61.2	%		58.5	%

The MIL Network –

January 28, 2025

MIL-OSI: Five Star Bancorp Announces Quarterly and Annual Results

Source: GlobeNewswire (MIL-OSI)

RANCHO CORDOVA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024 and $10.8 million for the three months ended December 31, 2023. Net income for the year ended December 31, 2024 was $45.7 million, as compared to $47.7 million for the year ended December 31, 2023.

Financial and Other Highlights

Performance highlights and other developments for the Company for the periods noted below included the following:

	Three months ended
(in thousands, except per share and share data)	December 31, 2024			September 30, 2024			December 31, 2023
Return on average assets (“ROAA”)		1.31	%		1.18	%		1.26	%
Return on average equity (“ROAE”)		13.48	%		11.31	%		15.45	%
Pre-tax income	$	19,367		$	15,241		$	15,151
Pre-tax, pre-provision income⁽¹⁾	$	20,667		$	17,991		$	15,951
Net income	$	13,317		$	10,941		$	10,799
Basic earnings per common share	$	0.63		$	0.52		$	0.63
Diluted earnings per common share	$	0.63		$	0.52		$	0.63
Weighted average basic common shares outstanding		21,182,143			21,182,143			17,175,445
Weighted average diluted common shares outstanding		21,235,318			21,232,758			17,193,114
Shares outstanding at end of period		21,319,083			21,319,583			17,256,989

	Year ended
(in thousands, except per share and share data)	December 31, 2024			December 31, 2023
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Pre-tax income	$	64,721		$	66,616
Pre-tax, pre-provision income⁽¹⁾	$	71,671		$	70,616
Net income	$	45,671		$	47,734
Basic earnings per common share	$	2.26		$	2.78
Diluted earnings per common share	$	2.26		$	2.78
Weighted average basic common shares outstanding		20,154,385			17,166,592
Weighted average diluted common shares outstanding		20,205,440			17,187,969
Shares outstanding at end of period		21,319,083			17,256,989

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

“While we focus on the future and maintaining a position of distinction and respect in the markets we serve, we proudly look back at 2024 as another outstanding year of achievement. We experienced consistent, strong financial performance with year-over-year growth in loans and deposits, a consistent shareholder dividend, and stable net interest margin. We also continued our successful execution of our San Francisco market expansion and now have 27 employees in the San Francisco Bay Area who contributed $229.5 million in deposits from June 5, 2023 to December 31, 2024. We have managed expenses and executed on conservative underwriting practices, which are foundational to our success.

Five Star Bank consistently executes on client and community-focused initiatives, and in 2024, we received a Super Premier rating from Findley Reports, an IDC Superior rating, and a Bauer Financial rating of 5 stars (out of five). We were also awarded the prestigious 2023 Raymond James Community Bankers Cup, were among S&P Global Market Intelligence’s 2023 Top 20 Best-Performing Community banks in the nation (with assets between $3 billion and $10 billion), and were ranked fifth on the 2024 Bank Director Magazine (RankingBanking) Best U.S. Banks with assets less than $5 billion. We also received the Greater Sacramento Economic Council’s Sustainability Award recognizing a company that has supported industry growth in the Greater Sacramento region.

In 2024, our senior leadership was recognized by the Sacramento Business Journal with a C-Suite Award, a Women Who Mean Business honor, a 40 Under 40 recognition, and placement on the Power 100 list. Our senior leadership was also recognized on the San Francisco Business Times’ Newsmaker 100 list, as part of the Independent Community Bankers of America’s 40 Under 40: Emerging Community Bank Leaders, among the Association of Latino Professionals for America’s 50 Most Powerful Latinas, and with a National Association of Women Business Owners’ Sacramento Valley Outstanding Women Leaders’ Executive Woman award.

Being recognized as community leaders ensures Five Star Bank remains top of mind in the markets we serve as we continue to build-out our market presence. I am humbled and proud of our team’s accomplishments and look forward to the future.”

Financial highlights included the following:

The San Francisco Bay Area team, which increased from 24 to 27 employees during the three months ended December 31, 2024, generated deposit balances totaling $229.5 million at December 31, 2024, an increase of $40.4 million from September 30, 2024.
Cash and cash equivalents were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 7.38% at September 30, 2024.
Total deposits increased by $158.0 million, or 4.65%, during the three months ended December 31, 2024, due to increases in both non-wholesale and wholesale deposits, which the Company defines as brokered deposits and public time deposits. During the three months ended December 31, 2024, non-wholesale deposits increased by $8.0 million, or 0.27%, and wholesale deposits increased by $150.0 million, or 36.59%.
Consistent, disciplined management of expenses contributed to our efficiency ratio of 41.21% for the three months ended December 31, 2024, as compared to 43.37% for the three months ended September 30, 2024.
For the three months ended December 31, 2024, net interest margin was 3.36%, as compared to 3.37% for the three months ended September 30, 2024 and 3.19% for the three months ended December 31, 2023. For the year ended December 31, 2024, net interest margin was 3.32%, as compared to 3.42% for the year ended December 31, 2023. The effective Federal Funds rate fell to 4.33% as of December 31, 2024 from 4.83% as of September 30, 2024 and 5.33% as of December 31, 2023.
Other comprehensive loss was $2.6 million during the three months ended December 31, 2024. Unrealized losses, net of tax effect, on available-for-sale securities were $12.4 million as of December 31, 2024. Total carrying value of held-to-maturity and available-for-sale securities represented 0.07% and 2.48% of total interest-earning assets, respectively, as of December 31, 2024.
The Company’s common equity Tier 1 capital ratio was 11.02% and 10.93% as of December 31, 2024 and September 30, 2024, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
Loan and deposit growth in the three and twelve months ended December 31, 2024 was as follows:

(in thousands)	December 31, 2024		September 30, 2024		$ Change		% Change
Loans held for investment	$	3,532,686	$	3,460,565	$	72,121	2.08	%
Non-interest-bearing deposits		922,629		906,939		15,690	1.73	%
Interest-bearing deposits		2,635,365		2,493,040		142,325	5.71	%

(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Loans held for investment	$	3,532,686	$	3,081,719	$	450,967	14.63	%
Non-interest-bearing deposits		922,629		831,101		91,528	11.01	%
Interest-bearing deposits		2,635,365		2,195,795		439,570	20.02	%

The ratio of nonperforming loans to loans held for investment at period end decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024.
The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended December 31, 2024. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on January 16, 2025, which the Company expects to pay on February 10, 2025 to shareholders of record as of February 3, 2025.

Summary Results

Three months ended December 31, 2024, as compared to three months ended September 30, 2024

The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024. Net interest income increased by $3.1 million, primarily due to an increase in interest income driven by a larger average balance of interest-earning assets, partially offset by an increase in interest expense due to a larger average balance of deposits, as compared to September 30, 2024. The provision for credit losses decreased by $1.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended September 30, 2024. Non-interest income increased by $0.3 million, primarily due to income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a loss from equity investments in venture-backed funds during the three months ended September 30, 2024. Non-interest expense increased by $0.7 million, primarily due to: (i) increased salaries and employee benefits mainly resulting from increased loan production driving higher commissions expense period-over-period; and (ii) increased advertising and promotional expenses due to a larger number of events sponsored and attended period-over-period.

Three months ended December 31, 2024, as compared to three months ended December 31, 2023

The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.8 million for the three months ended December 31, 2023. Net interest income increased by $6.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $0.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Non-interest income decreased by $0.3 million, primarily due to lower swap referral and rate lock fees during the three months ended December 31, 2024 compared to the same quarter of the prior year. Non-interest expense increased by $1.8 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

Year ended December 31, 2024, as compared to year ended December 31, 2023

The Company’s net income was $45.7 million for the year ended December 31, 2024, as compared to $47.7 million for the year ended December 31, 2023. Net interest income increased by $8.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $3.0 million, or 73.75%, as loan originations in the year ended December 31, 2024 were almost double those for the year ended December 31, 2023. Non-interest income decreased by $1.1 million, primarily due to lower income received on equity investments in venture-backed funds during the year ended December 31, 2024 than during the year ended December 31, 2023. Non-interest expense increased by $6.7 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	December 31, 2024			September 30, 2024			$ Change			% Change
Selected operating data:
Net interest income	$	33,489		$	30,386		$	3,103		10.21	%
Provision for credit losses		1,300			2,750			(1,450	)	(52.73)	%
Non-interest income		1,666			1,381			285		20.64	%
Non-interest expense		14,488			13,776			712		5.17	%
Pre-tax income		19,367			15,241			4,126		27.07	%
Provision for income taxes		6,050			4,300			1,750		40.70	%
Net income	$	13,317		$	10,941		$	2,376		21.72	%
Earnings per common share:
Basic	$	0.63		$	0.52		$	0.11		21.15	%
Diluted	$	0.63		$	0.52		$	0.11		21.15	%
Performance and other financial ratios:
ROAA		1.31	%		1.18	%
ROAE		13.48	%		11.31	%
Net interest margin		3.36	%		3.37	%
Cost of funds		2.65	%		2.72	%
Efficiency ratio		41.21	%		43.37	%

	Three months ended
(in thousands, except per share data)	December 31, 2024			December 31, 2023			$ Change			% Change
Selected operating data:
Net interest income	$	33,489		$	26,678		$	6,811		25.53	%
Provision for credit losses		1,300			800			500		62.50	%
Non-interest income		1,666			1,936			(270	)	(13.95)	%
Non-interest expense		14,488			12,663			1,825		14.41	%
Pre-tax income		19,367			15,151			4,216		27.83	%
Provision for income taxes		6,050			4,352			1,698		39.02	%
Net income	$	13,317		$	10,799		$	2,518		23.32	%
Earnings per common share:
Basic	$	0.63		$	0.63		$	—		—	%
Diluted	$	0.63		$	0.63		$	—		—	%
Performance and other financial ratios:
ROAA		1.31	%		1.26	%
ROAE		13.48	%		15.45	%
Net interest margin		3.36	%		3.19	%
Cost of funds		2.65	%		2.50	%
Efficiency ratio		41.21	%		44.25	%

	Year ended
(in thousands, except per share data)	December 31, 2024			December 31, 2023			$ Change			% Change
Selected operating data:
Net interest income	$	119,711		$	110,880		$	8,831		7.96	%
Provision for credit losses		6,950			4,000			2,950		73.75	%
Non-interest income		6,453			7,511			(1,058	)	(14.09)	%
Non-interest expense		54,493			47,775			6,718		14.06	%
Pre-tax income		64,721			66,616			(1,895	)	(2.84)	%
Provision for income taxes		19,050			18,882			168		0.89	%
Net income	$	45,671		$	47,734		$	(2,063	)	(4.32)	%
Earnings per common share:
Basic	$	2.26		$	2.78		$	(0.52	)	(18.71)	%
Diluted	$	2.26		$	2.78		$	(0.52	)	(18.71)	%
Performance and other financial ratios:
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Net interest margin		3.32	%		3.42	%
Cost of funds		2.64	%		2.10	%
Efficiency ratio		43.19	%		40.35	%

Balance Sheet Summary

(in thousands)	December 31, 2024		December 31, 2023		$ Change			% Change
Selected financial condition data:
Total assets	$	4,053,278	$	3,593,125	$	460,153		12.81	%
Cash and cash equivalents		352,343		321,576		30,767		9.57	%
Total loans held for investment		3,532,686		3,081,719		450,967		14.63	%
Total investments		100,914		111,160		(10,246	)	(9.22)	%
Total liabilities		3,656,654		3,307,351		349,303		10.56	%
Total deposits		3,557,994		3,026,896		531,098		17.55	%
Subordinated notes, net		73,895		73,749		146		0.20	%
Total shareholders’ equity		396,624		285,774		110,850		38.79	%

Insured and collateralized deposits were approximately $2.4 billion, representing 66.92% of total deposits as of December 31, 2024. Net uninsured and uncollateralized deposits were approximately $1.2 billion as of December 31, 2024.
Commercial and consumer deposit accounts constituted 77.00% of total deposits. Deposit relationships of greater than $5 million represented 61.13% of total deposits and had an average age of approximately 9.28 years as of December 31, 2024.
Cash and cash equivalents as of December 31, 2024 were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 10.62% as of December 31, 2023.
Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $1.9 billion as of December 31, 2024.

	December 31, 2024
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,212,209	$	701,500	$	—	$	510,709
Federal Reserve Discount Window		862,136		—		—		862,136
Correspondent bank lines of credit		175,000		—		—		175,000
Cash and cash equivalents		—		—		—		352,343
Total	$	2,249,345	$	701,500	$	—	$	1,900,188

The increase in total assets from December 31, 2023 to December 31, 2024 was primarily due to a $451.0 million increase in total loans held for investment and a $30.8 million increase in cash and cash equivalents, partially offset by a $10.2 million decrease in investments. The $451.0 million increase in total loans held for investment between December 31, 2023 and December 31, 2024 was the result of $1.1 billion in loan originations, partially offset by $263.0 million and $423.0 million in loan payoffs and paydowns, respectively. The $451.0 million increase in total loans held for investment included $281.4 million in purchased loans within the consumer concentration of the loan portfolio. The $30.8 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $425.7 million and $52.3 million, respectively, partially offset by net cash outflows related to investing activities of $447.3 million.

The increase in total liabilities from December 31, 2023 to December 31, 2024 was primarily attributable to an increase in deposits of $531.1 million, partially offset by a decrease in other borrowings of $170.0 million. The $531.1 million increase in deposits was largely due to increases in money market, time, and non-interest-bearing demand deposits of $242.9 million, $203.6 million, and $91.5 million, respectively, partially offset by decreases in interest-bearing demand and savings deposits of $5.1 million and $1.8 million, respectively.

The increase in total shareholders’ equity from December 31, 2023 to December 31, 2024 was primarily a result of $80.9 million of additional common stock issued during the year and net income recognized of $45.7 million, partially offset by $16.2 million in cash dividends paid during the period.

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024			September 30, 2024			$ Change		% Change
Interest and fee income	$	57,745		$	52,667		$	5,078	9.64	%
Interest expense		24,256			22,281			1,975	8.86	%
Net interest income	$	33,489		$	30,386		$	3,103	10.21	%
Net interest margin		3.36	%		3.37	%

	Three months ended
(in thousands)	December 31, 2024			December 31, 2023			$ Change		% Change
Interest and fee income	$	57,745		$	46,180		$	11,565	25.04	%
Interest expense		24,256			19,502			4,754	24.38	%
Net interest income	$	33,489		$	26,678		$	6,811	25.53	%
Net interest margin		3.36	%		3.19	%

	Year ended
(in thousands)	December 31, 2024			December 31, 2023			$ Change		% Change
Interest and fee income	$	206,951		$	174,382		$	32,569	18.68	%
Interest expense		87,240			63,502			23,738	37.38	%
Net interest income	$	119,711		$	110,880		$	8,831	7.96	%
Net interest margin		3.32	%		3.42	%

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	December 31, 2024						September 30, 2024						December 31, 2023
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	363,828	$	4,335	4.74	%	$	126,266	$	1,657	5.22	%	$	157,775	$	2,100	5.28	%
Investment securities		103,930		607	2.33	%		106,256		620	2.32	%		106,483		651	2.43	%
Loans held for investment and sale		3,498,109		52,803	6.01	%		3,354,050		50,390	5.98	%		3,055,042		43,429	5.64	%
Total interest-earning assets		3,965,867		57,745	5.79	%		3,586,572		52,667	5.84	%		3,319,300		46,180	5.52	%
Interest receivable and other assets, net		91,736						91,965						80,360
Total assets	$	4,057,603					$	3,678,537					$	3,399,660

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	298,518	$	1,249	1.66	%	$	302,188	$	1,237	1.63	%	$	291,967	$	1,091	1.48	%
Savings accounts		127,298		887	2.77	%		124,851		979	3.12	%		130,915		891	2.70	%
Money market accounts		1,596,116		13,520	3.37	%		1,578,244		14,688	3.70	%		1,347,111		10,824	3.19	%
Time accounts		617,596		7,438	4.79	%		326,640		4,172	5.08	%		417,434		5,322	5.06	%
Subordinated notes and other borrowings		73,872		1,162	6.25	%		76,988		1,205	6.23	%		88,401		1,374	6.16	%
Total interest-bearing liabilities		2,713,400		24,256	3.56	%		2,408,911		22,281	3.68	%		2,275,828		19,502	3.40	%
Demand accounts		921,881						852,872						821,651
Interest payable and other liabilities		29,234						32,062						24,886
Shareholders’ equity		393,088						384,692						277,295
Total liabilities & shareholders’ equity	$	4,057,603					$	3,678,537					$	3,399,660

Net interest spread					2.23	%					2.16	%					2.12	%
Net interest income/margin			$	33,489	3.36	%			$	30,386	3.37	%			$	26,678	3.19	%

Net interest income during the three months ended December 31, 2024 increased $3.1 million, or 10.21%, to $33.5 million compared to $30.4 million during the three months ended September 30, 2024. Net interest margin totaled 3.36% for the three months ended December 31, 2024, a decrease of one basis point compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $5.1 million in interest income due to a $379.3 million, or 10.58%, increase in the average balance of interest-earning assets during the three months ended December 31, 2024 compared to the prior quarter. The increase in interest income was partially offset by a $2.0 million increase in deposit interest expense due to a $376.6 million, or 11.83%, increase in the average balance of deposits during the three months ended December 31, 2024 compared to the prior quarter.

As compared to the three months ended December 31, 2023, net interest income increased $6.8 million, or 25.53%, to $33.5 million compared to $26.7 million. Net interest margin totaled 3.36% for the three months ended December 31, 2024, an increase of 17 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $9.4 million in loan interest income due to a $443.1 million, or 14.50%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans during the three months ended December 31, 2024 compared to the same quarter of the prior year. The increase in interest income was partially offset by a $5.0 million increase in deposit interest expense due to a $552.3 million, or 18.36%, increase in the average balance of deposits and a 19 basis point increase in the average cost of deposits during the three months ended December 31, 2024 compared to the same quarter of the prior year.

The following table shows the components of net interest income and net interest margin for the annual periods indicated:

	Year ended
	December 31, 2024						December 31, 2023
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	218,156	$	11,080	5.08	%	$	184,103	$	9,069	4.93	%
Investment securities		106,289		2,530	2.38	%		113,515		2,600	2.29	%
Loans held for investment and sale		3,283,874		193,341	5.89	%		2,947,603		162,713	5.52	%
Total interest-earning assets		3,608,319		206,951	5.74	%		3,245,221		174,382	5.37	%
Interest receivable and other assets, net		90,061						75,741
Total assets	$	3,698,380					$	3,320,962

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	298,137	$	4,716	1.58	%	$	312,944	$	3,321	1.06	%
Savings accounts		124,208		3,584	2.89	%		140,060		3,073	2.19	%
Money market accounts		1,533,405		53,750	3.51	%		1,263,539		33,932	2.69	%
Time accounts		412,007		20,348	4.94	%		372,557		17,535	4.71	%
Subordinated notes and other borrowings		77,335		4,842	6.26	%		93,279		5,641	6.05	%
Total interest-bearing liabilities		2,445,092		87,240	3.57	%		2,182,379		63,502	2.91	%
Demand accounts		858,789						844,057
Interest payable and other liabilities		35,331						27,127
Shareholders’ equity		359,168						267,399
Total liabilities & shareholders’ equity	$	3,698,380					$	3,320,962

Net interest spread					2.17	%					2.46	%
Net interest income/margin			$	119,711	3.32	%			$	110,880	3.42	%

Net interest income during the year ended December 31, 2024 increased $8.8 million, or 7.96%, to $119.7 million compared to $110.9 million during the year ended December 31, 2023. Net interest margin totaled 3.32% for the year ended December 31, 2024, a decrease of 10 basis points compared to the prior year. The increase in net interest income is primarily attributable to an additional $30.6 million in loan interest income due to a $336.3 million, or 11.41%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans as compared to the prior year. The increase in interest income was partially offset by an additional $24.5 million in deposit interest expense due to a $293.4 million, or 10.00%, increase in the average balance of deposits and a 58 basis point increase in the average cost of deposits compared to the prior year.

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of December 31, 2024:

(in thousands)
Real estate:
Commercial	$	2,857,173
Commercial land and development		3,849
Commercial construction		111,318
Residential construction		4,561
Residential		32,774
Farmland		47,241
Commercial:
Secured		170,548
Unsecured		27,558
Consumer and other		279,584
Net deferred loan fees		(1,920	)
Total loans held for investment	$	3,532,686

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of December 31, 2024:

(in thousands)
Interest-bearing demand accounts	$	315,217
Money market accounts		1,525,293
Savings accounts		124,702
Time accounts		670,153
Total interest-bearing deposits	$	2,635,365

Asset Quality

Allowance for Credit Losses

At December 31, 2024, the Company’s allowance for credit losses was $37.8 million, as compared to $34.4 million at December 31, 2023. The $3.4 million increase in the allowance is due to a $7.5 million provision for credit losses recorded during the twelve months ended December 31, 2024, partially offset by net charge-offs of $4.1 million, mainly attributable to commercial and industrial loans, during the same period.

The Company’s ratio of nonperforming loans to loans held for investment decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024. Loans designated as watch increased from $39.6 million to $123.4 million between December 31, 2023 and December 31, 2024. Loans designated as substandard increased from $2.0 million to $2.6 million between December 31, 2023 and December 31, 2024. There were no loans with doubtful risk grades at December 31, 2024 or December 31, 2023.

A summary of the allowance for credit losses by loan class is as follows:

	December 31, 2024				December 31, 2023
(in thousands)	Amount		% of Total		Amount		% of Total
Real estate:
Commercial	$	25,864	68.44	%	$	29,015	84.27	%
Commercial land and development		78	0.21	%		178	0.52	%
Commercial construction		2,268	6.00	%		718	2.08	%
Residential construction		64	0.17	%		89	0.26	%
Residential		270	0.71	%		151	0.44	%
Farmland		607	1.61	%		399	1.16	%
		29,151	77.14	%		30,550	88.73	%
Commercial:
Secured		5,866	15.52	%		3,314	9.62	%
Unsecured		278	0.74	%		189	0.55	%
		6,144	16.26	%		3,503	10.17	%
Consumer and other		2,496	6.60	%		378	1.10	%
Total allowance for credit losses	$	37,791	100.00	%	$	34,431	100.00	%

The ratio of allowance for credit losses to loans held for investment was 1.07% at December 31, 2024, as compared to 1.12% at December 31, 2023.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		$ Change			% Change
Service charges on deposit accounts	$	179	$	165	$	14		8.48	%
Gain on sale of loans		150		306		(156	)	(50.98)	%
Loan-related fees		400		406		(6	)	(1.48)	%
FHLB stock dividends		332		327		5		1.53	%
Earnings on bank-owned life insurance		182		162		20		12.35	%
Other income		423		15		408		2,720.00	%
Total non-interest income	$	1,666	$	1,381	$	285		20.64	%

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $4.4 million of loans sold with an effective yield of 7.03% during the three months ended September 30, 2024.

Other income. The increase resulted primarily from $0.3 million of income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a $0.1 million loss from equity investments in venture-backed funds during the three months ended September 30, 2024.

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		December 31, 2023			$ Change			% Change
Service charges on deposit accounts	$	179	$	165		$	14		8.48	%
Net gain (loss) on sale of securities		—		(167	)		167		(100.00)	%
Gain on sale of loans		150		317			(167	)	(52.68)	%
Loan-related fees		400		667			(267	)	(40.03)	%
FHLB stock dividends		332		314			18		5.73	%
Earnings on bank-owned life insurance		182		155			27		17.42	%
Other income		423		485			(62	)	(12.78)	%
Total non-interest income	$	1,666	$	1,936		$	(270	)	(13.95)	%

Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities related to the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the three months ended December 31, 2023, with no sales occurring during the three months ended December 31, 2024.

Gain on sale of loans. The decrease resulted from an overall decline in the volume of loans sold during the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $5.9 million of loans sold with an effective yield of 5.41% during the three months ended December 31, 2023.

Loan-related fees. The decrease resulted from the recognition of $0.2 million lower rate lock fees and $0.1 million lower swap referral fees during the three months ended December 31, 2024 than the three months ended December 31, 2023.

Non-interest income for the periods indicated:

	Year ended
(in thousands)	December 31, 2024		December 31, 2023			$ Change			% Change
Service charges on deposit accounts	$	721	$	575		$	146		25.39	%
Net gain (loss) on sale of securities		—		(167	)		167		(100.00)	%
Gain on sale of loans		1,274		1,952			(678	)	(34.73)	%
Loan-related fees		1,605		1,719			(114	)	(6.63)	%
FHLB stock dividends		1,320		970			350		36.08	%
Earnings on bank-owned life insurance		644		510			134		26.27	%
Other income		889		1,952			(1,063	)	(54.46)	%
Total non-interest income	$	6,453	$	7,511		$	(1,058	)	(14.09)	%

Service charges on deposit accounts. The increase resulted primarily from a $0.2 million increase in wire transfer fees recognized, partially offset by a small decrease in other fees recognized during the year ended December 31, 2024 compared to the year ended December 31, 2023.

Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities resulted from the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the year ended December 31, 2023, with no sales occurring during the year ended December 31, 2024.

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the year ended December 31, 2024 compared to the year ended December 31, 2023. During the year ended December 31, 2024, approximately $18.3 million of loans were sold with an effective yield of 6.96%, as compared to approximately $36.5 million of loans sold with an effective yield of 5.35% during the year ended December 31, 2023.

Loan-related fees. The decrease was primarily a result of a $0.2 million net decrease in income earned from the credit card program, partially offset by a small increase in loan fee income earned on various loan types and services.

FHLB stock dividends. The increase primarily relates to a 50 basis point increase in the annualized dividend rate earned year-over-year, while the average shares outstanding remained consistent.

Earnings on bank-owned life insurance. The increase was primarily due to additional policies purchased between December 31, 2024 and December 31, 2023.

Other income. The decrease resulted primarily from $0.5 million in income received on equity investments in venture-backed funds during the year ended December 31, 2024, as compared to $1.7 million in income received on equity investments in venture-back funds during the year ended December 31, 2023.

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		$ Change			% Change
Salaries and employee benefits	$	8,360	$	7,969	$	391		4.91	%
Occupancy and equipment		649		626		23		3.67	%
Data processing and software		1,369		1,327		42		3.17	%
Federal Deposit Insurance Corporation (“FDIC”) insurance		440		405		35		8.64	%
Professional services		774		830		(56	)	(6.75)	%
Advertising and promotional		752		584		168		28.77	%
Loan-related expenses		321		292		29		9.93	%
Other operating expenses		1,823		1,743		80		4.59	%
Total non-interest expense	$	14,488	$	13,776	$	712		5.17	%

Salaries and employee benefits. The increase was primarily a result of: (i) a $0.1 million increase in salaries, benefits, and bonus expense; and (ii) a $0.5 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.2 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Advertising and promotional. The increase was primarily due to the timing of events sponsored and attended during the three months ended December 31, 2024 compared to the three months ended September 30, 2024.

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Salaries and employee benefits	$	8,360	$	7,182	$	1,178	16.40	%
Occupancy and equipment		649		583		66	11.32	%
Data processing and software		1,369		1,110		259	23.33	%
FDIC insurance		440		370		70	18.92	%
Professional services		774		658		116	17.63	%
Advertising and promotional		752		717		35	4.88	%
Loan-related expenses		321		268		53	19.78	%
Other operating expenses		1,823		1,775		48	2.70	%
Total non-interest expense	$	14,488	$	12,663	$	1,825	14.41	%

Salaries and employee benefits. The increase was primarily a result of: (i) a $1.0 million increase in salaries, benefits, and bonus expense, of which approximately $0.8 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $0.7 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.5 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was primarily due to increased audit and examination fees for services provided for the three months ended December 31, 2024 compared to the three months ended December 31, 2023.

The following table presents the key components of non-interest expense for the periods indicated:

	Year ended
(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Salaries and employee benefits	$	31,709	$	27,097	$	4,612	17.02	%
Occupancy and equipment		2,547		2,218		329	14.83	%
Data processing and software		5,088		4,015		1,073	26.72	%
FDIC insurance		1,635		1,557		78	5.01	%
Professional services		3,078		2,575		503	19.53	%
Advertising and promotional		2,411		2,403		8	0.33	%
Loan-related expenses		1,207		1,192		15	1.26	%
Other operating expenses		6,818		6,718		100	1.49	%
Total non-interest expense	$	54,493	$	47,775	$	6,718	14.06	%

Salaries and employee benefits. The increase was the result of: (i) a $3.5 million increase in salaries, benefits, and bonus, of which approximately $3.3 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $1.4 million increase in commissions paid, primarily to employees in the San Francisco Bay Area. The increase was partially offset by a $0.3 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Occupancy and equipment. The increase related to rent expense for the San Francisco branch office and a new office lease to support back office staff during the year ended December 31, 2024, which did not exist for the full year ended December 31, 2023.

Data processing and software. The increase related to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was due to an increase in audit, IT support, and other consulting fees for services provided for the year ended December 31, 2024 compared to the year ended December 31, 2023.

Other operating expenses. The increase is primarily related to a $0.2 million increase in IntraFi Network fees resulting from an overall increase in balances carried in the network, partially offset by a $0.1 million decrease in conference and training expenses.

Provision for Income Taxes

Three months ended December 31, 2024, as compared to the three months ended September 30, 2024

Provision for income taxes for the quarter ended December 31, 2024 increased by $1.8 million, or 40.70%, to $6.1 million, as compared to $4.3 million for the quarter ended September 30, 2024, which was primarily due to: (i) the increase in taxable income recognized during the three months ended December 31, 2024; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended September 30, 2024. The effective tax rate was 31.24% and 28.21% for the three months ended December 31, 2024 and September 30, 2024, respectively.

Three months ended December 31, 2024, as compared to the three months ended December 31, 2023

Provision for income taxes increased by $1.7 million, or 39.02%, to $6.1 million for the three months ended December 31, 2024, as compared to $4.4 million for the three months ended December 31, 2023. This increase is due to: (i) the increase in taxable income for the three months ended December 31, 2024 compared to the three months ended December 31, 2023; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended December 31, 2023. The effective tax rate was 31.24% and 28.72% for the three months ended December 31, 2024 and December 31, 2023, respectively.

Year ended December 31, 2024, as compared to the year ended December 31, 2023

Provision for income taxes increased by $0.2 million, or 0.89%, to $19.1 million for the year ended December 31, 2024, as compared to $18.9 million for the year ended December 31, 2023. This increase is due to a $0.6 million provision to return true-up recorded during the year ended December 31, 2024, partially offset by a decline in taxable income year-over-year. The effective tax rate was 29.43% and 28.34% for the years ended December 31, 2024 and December 31, 2023, respectively.

Webcast Details

Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, January 28, 2025, at 1:00 pm ET (10:00 am PT), to discuss its fourth quarter and annual financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	December 31, 2024			September 30, 2024			December 31, 2023
Revenue and Expense Data
Interest and fee income	$	57,745		$	52,667		$	46,180
Interest expense		24,256			22,281			19,502
Net interest income		33,489			30,386			26,678
Provision for credit losses		1,300			2,750			800
Net interest income after provision		32,189			27,636			25,878
Non-interest income:
Service charges on deposit accounts		179			165			165
Net gain (loss) on sale of securities		—			—			(167	)
Gain on sale of loans		150			306			317
Loan-related fees		400			406			667
FHLB stock dividends		332			327			314
Earnings on bank-owned life insurance		182			162			155
Other income		423			15			485
Total non-interest income		1,666			1,381			1,936
Non-interest expense:
Salaries and employee benefits		8,360			7,969			7,182
Occupancy and equipment		649			626			583
Data processing and software		1,369			1,327			1,110
FDIC insurance		440			405			370
Professional services		774			830			658
Advertising and promotional		752			584			717
Loan-related expenses		321			292			268
Other operating expenses		1,823			1,743			1,775
Total non-interest expense		14,488			13,776			12,663
Income before provision for income taxes		19,367			15,241			15,151
Provision for income taxes		6,050			4,300			4,352
Net income	$	13,317		$	10,941		$	10,799

Comprehensive Income
Net income	$	13,317		$	10,941		$	10,799
Net unrealized holding (loss) gain on securities available-for-sale during the period		(3,747	)		3,549			5,744
Reclassification for net loss on sale of securities included in net income		—			—			167
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(1,108	)		1,049			1,747
Other comprehensive (loss) income		(2,639	)		2,500			4,164
Total comprehensive income	$	10,678		$	13,441		$	14,963

Share and Per Share Data
Earnings per common share:
Basic	$	0.63		$	0.52		$	0.63
Diluted	$	0.63		$	0.52		$	0.63
Book value per share	$	18.60		$	18.29		$	16.56
Tangible book value per share⁽¹⁾	$	18.60		$	18.29		$	16.56
Weighted average basic common shares outstanding		21,182,143			21,182,143			17,175,445
Weighted average diluted common shares outstanding		21,235,318			21,232,758			17,193,114
Shares outstanding at end of period		21,319,083			21,319,583			17,256,989

Credit Quality
Allowance for credit losses to period end nonperforming loans		2,101.78	%		2,041.44	%		1,752.70	%
Nonperforming loans to loans held for investment		0.05	%		0.05	%		0.06	%
Nonperforming assets to total assets		0.05	%		0.05	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.05	%		0.05	%		0.06	%

Selected Financial Ratios
ROAA		1.31	%		1.18	%		1.26	%
ROAE		13.48	%		11.31	%		15.45	%
Net interest margin		3.36	%		3.37	%		3.19	%
Loan to deposit		99.38	%		101.87	%		102.19	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

	Year ended
(in thousands, except per share and share data)	December 31, 2024			December 31, 2023
Revenue and Expense Data
Interest and fee income	$	206,951		$	174,382
Interest expense		87,240			63,502
Net interest income		119,711			110,880
Provision for credit losses		6,950			4,000
Net interest income after provision		112,761			106,880
Non-interest income:
Service charges on deposit accounts		721			575
Net gain (loss) on sale of securities		—			(167	)
Gain on sale of loans		1,274			1,952
Loan-related fees		1,605			1,719
FHLB stock dividends		1,320			970
Earnings on bank-owned life insurance		644			510
Other income		889			1,952
Total non-interest income		6,453			7,511
Non-interest expense:
Salaries and employee benefits		31,709			27,097
Occupancy and equipment		2,547			2,218
Data processing and software		5,088			4,015
FDIC insurance		1,635			1,557
Professional services		3,078			2,575
Advertising and promotional		2,411			2,403
Loan-related expenses		1,207			1,192
Other operating expenses		6,818			6,718
Total non-interest expense		54,493			47,775
Income before provision for income taxes		64,721			66,616
Provision for income taxes		19,050			18,882
Net income	$	45,671		$	47,734

Comprehensive Income
Net income	$	45,671		$	47,734
Net unrealized holding (loss) gain on securities available-for-sale during the period		(858	)		2,228
Reclassification for net loss on sale of securities included in net income		—			167
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(254	)		708
Other comprehensive (loss) income		(604	)		1,687
Total comprehensive income	$	45,067		$	49,421

Share and Per Share Data
Earnings per common share:
Basic	$	2.26		$	2.78
Diluted	$	2.26		$	2.78
Book value per share	$	18.60		$	16.56
Tangible book value per share⁽¹⁾	$	18.60		$	16.56
Weighted average basic common shares outstanding		20,154,385			17,166,592
Weighted average diluted common shares outstanding		20,205,440			17,187,969
Shares outstanding at end of period		21,319,083			17,256,989

Credit Quality
Allowance for credit losses to period end nonperforming loans		2,101.78	%		1,752.70	%
Nonperforming loans to loans held for investment		0.05	%		0.06	%
Nonperforming assets to total assets		0.05	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.05	%		0.06	%

Selected Financial Ratios
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Net interest margin		3.32	%		3.42	%
Loan to deposit		99.38	%		102.19	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

(in thousands)	December 31, 2024			September 30, 2024			December 31, 2023
Balance Sheet Data
Cash and due from financial institutions	$	33,882		$	44,531		$	26,986
Interest-bearing deposits in banks		318,461			206,321			294,590
Time deposits in banks		4,121			4,118			5,858
Securities – available-for-sale, at fair value		98,194			104,238			108,083
Securities – held-to-maturity, at amortized cost		2,720			2,720			3,077
Loans held for sale		3,247			2,910			11,464
Loans held for investment		3,532,686			3,460,565			3,081,719
Allowance for credit losses		(37,791	)		(37,583	)		(34,431	)
Loans held for investment, net of allowance for credit losses		3,494,895			3,422,982			3,047,288
FHLB stock		15,000			15,000			15,000
Operating leases, right-of-use asset		6,245			6,590			5,284
Premises and equipment, net		1,584			1,657			1,623
Bank-owned life insurance		19,375			19,192			17,180
Interest receivable and other assets		55,554			56,745			56,692
Total assets	$	4,053,278		$	3,887,004		$	3,593,125

Non-interest-bearing deposits	$	922,629		$	906,939		$	831,101
Interest-bearing deposits		2,635,365			2,493,040			2,195,795
Total deposits		3,557,994			3,399,979			3,026,896
Subordinated notes, net		73,895			73,859			73,749
Other borrowings		—			—			170,000
Operating lease liability		6,857			7,101			5,603
Interest payable and other liabilities		17,908			16,135			31,103
Total liabilities		3,656,654			3,497,074			3,307,351

Common stock		302,531			302,251			220,505
Retained earnings		106,464			97,411			77,036
Accumulated other comprehensive loss, net of taxes		(12,371	)		(9,732	)		(11,767	)
Total shareholders’ equity		396,624			389,930			285,774
Total liabilities and shareholders’ equity	$	4,053,278		$	3,887,004		$	3,593,125

Quarterly Average Balance Data
Average loans held for investment and sale	$	3,498,109		$	3,354,050		$	3,055,042
Average interest-earning assets		3,965,867			3,586,572			3,319,300
Average total assets		4,057,603			3,678,537			3,399,660
Average deposits		3,561,409			3,184,795			3,009,078
Average total equity		393,088			384,692			277,295

Capital Ratios
Total shareholders’ equity to total assets		9.79	%		10.03	%		7.95	%
Tangible shareholders’ equity to tangible assets⁽¹⁾		9.79	%		10.03	%		7.95	%
Total capital (to risk-weighted assets)		13.99	%		13.94	%		12.30	%
Tier 1 capital (to risk-weighted assets)		11.02	%		10.93	%		9.07	%
Common equity Tier 1 capital (to risk-weighted assets)		11.02	%		10.93	%		9.07	%
Tier 1 leverage ratio		10.05	%		10.83	%		8.73	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

Non-GAAP Reconciliation (Unaudited)

The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income.

The following reconciliation tables provide a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		December 31, 2023
Pre-tax, pre-provision income
Pre-tax income	$	19,367	$	15,241	$	15,151
Add: provision for credit losses		1,300		2,750		800
Pre-tax, pre-provision income	$	20,667	$	17,991	$	15,951

	Year ended
(in thousands)	December 31, 2024		December 31, 2023
Pre-tax, pre-provision income
Pre-tax income	$	64,721	$	66,616
Add: provision for credit losses		6,950		4,000
Pre-tax, pre-provision income	$	71,671	$	70,616

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

The MIL Network –

January 28, 2025

MIL-OSI USA: Welch Commemorates International Holocaust Remembrance Day, 80 Years Since the Liberation of Auschwitz-Birkenau

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today released the following statement on International Holocaust Remembrance Day, 80 years since the liberation of the Auschwitz concentration camp:
“As we mark International Holocaust Remembrance Day, 80 years since the liberation of Auschwitz, we grieve the six million Jews and millions of other innocent victims murdered at the hands of Nazi regime and those who enabled their hate. We pay respect to the victims and survivors and recognize the incredible bravery of all who fought against unspeakable evils and horrific injustice. As antisemitism rises and survivors of the Holocaust’s terror become fewer, we must honor their legacy by keeping our vow to never forget, and by rejecting hate, always.”

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Welch Convenes Businesses, State Officials to Talk Trump’s Tariffs Threats and the Impact on Vermont’s Local Economy, Hardworking Families

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
ST. ALBANS, VT – Today, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, convened Vermont businesses and state and local leaders for a roundtable discussion on President Trump’s threats to reignite a trade war with Canada and other U.S. trade allies by imposing dramatic tariffs on goods imported from Canada. Senator Welch advocated for a ‘Do No Harm’ policy approach and warned against imposing tariffs that get passed on to the consumer—Vermont families.
“We saw the harmful impact of the Trump Tariffs during his first term, and we can’t accept a return to that chaotic trade policy. Canada is Vermont’s biggest trading partner, and one of our most important allies nationally. Our trade relationship needs to be strong, because the success of hardworking families, businesses, farms, and manufacturers depends on it,” said Senator Welch. “President Trump’s plans are still unknown, but what we do know today is that a trade war is not the answer. We need a ‘Do No Harm’ policy. This is about jobs, and this is about the consistency Vermont businesses deserve. I’ll advocate in Washington for Vermonters, and push for open markets, which are necessary to keep our economy strong.”
Senator Welch was joined by leaders in the technology, agriculture, energy, services, construction and manufacturing industries. Participants talked about the importance of Canada as an economic partner for Vermont’s local communities, and how the proposed Trump Tariffs could be detrimental to the state’s businesses, farms, and manufacturers, leading to higher costs for hardworking families.
View photos from the event below:
Sen. Welch was joined today by the Vermont Chamber of Commerce; the Vermont Association of General Contractors; Manufacturing Solutions, Inc.; H20 Innovation; A.N. Deringer, Inc.; Poulin Grain; Green Mountain Power; Vermont State Treasurer Mike Pieciak; Brett Long, Deputy Commissioner, Vermont Department of Economic Development; and Tim Smith, Mayor, St. Albans.
Attendees at the roundtable spoke about the impact of the tariffs on their businesses and their concerns regarding President Trump’s rhetoric regarding trade since taking office last week. In many cases, Vermont manufacturers buy inputs from Canada to manufacture into products. However, the ability of Vermont’s small manufacturing businesses to absorb a 25% increase in costs on parts or raw materials is limited. If President Trump follows through on his threats of a 25% tariff on Canada and Mexico, Vermonters could see higher homebuilding costs, increased costs of grain for farmers, more expensive equipment for maple producers, and costlier electricity.
The tariffs could also further exacerbate inequalities found within the current U.S. tax system. As trade wars accelerate, some families—especially those with young children—end up being disproportionately impacted by high tariffs, as the U.S. imports 97% of clothing, and infant formulas are hit by tariffs of 17.5%.

MIL OSI USA News –

January 28, 2025

MIL-OSI United Nations: Security Council: International Criminal Court Prosecutor to Give Semi-Annual Briefing on Situation in Sudan

Source: United Nations General Assembly and Security Council

Meetings Coverage

9851st Meeting (PM)

(The full summary of the meeting will be available later.)

Karim Asad Ahmad Khan, International Criminal Court (ICC) Prosecutor, briefs members this afternoon on ICC’s Darfur-related work and provides an update on its recent judicial activities.

Follow the proceedings live at https://press.un.org/en/live

…

For information media. Not an official record.

MIL OSI United Nations News –

January 28, 2025

MIL-OSI United Nations: Darfur: ICC Prosecutor urges immediate action to address atrocities

Source: United Nations 4

By Vibhu Mishra

27 January 2025 Peace and Security

The Prosecutor of the International Criminal Court (ICC) on Monday called on the UN Security Council to act decisively to address the worsening atrocities in Sudan’s Darfur region.

Briefing ambassadors, Karim Khan highlighted the urgent need for justice and accountability as violence and humanitarian suffering escalate.

“Criminality is accelerating in Darfur. Civilians are being targeted, women and girls are subjected to sexual violence, and entire communities are left in destruction,” he said.

“This is not just an assessment; it is a hard-edged analysis based on verified evidence.”

Violence in Darfur has displaced thousands of families and devastated the region, with vital civilian infrastructure attacked, civilians killed and communities suffering from famine and disease.

Deepening crisis

The gravity of the situation in the wider region was underscored by UN Secretary-General António Guterres, who condemned a 24 January attack on the Saudi Teaching Hospital in El Fasher, North Darfur.

At least 70 patients and their relatives were reportedly killed, and dozens more injured.

“This appalling attack which affected the only functioning hospital in Darfur’s largest city comes after more than 21 months of war have left much of Sudan’s health care system in tatters,” Stéphane Dujarric, Spokesperson for the Secretary-General, said in a statement.

The Secretary-General reiterated that international humanitarian law mandates the protection of medical facilities and personnel and that the deliberate targeting of such facilities may constitute a war crime.

He also renewed his call for an immediate cessation of hostilities and a sustainable, inclusive political dialogue to end the conflict.

Echoes of past crimes

Mr. Khan urged the 15-member Council to recommit to the principles outlined in resolution 1593, adopted 20 years ago, which referred the situation in Darfur to the ICC.

“We hear those echoes that gave rise to the original referral,” he said, warning that a new generation is suffering the same atrocities endured by their parents.

The ICC Prosecutor announced that his office is preparing applications for new arrest warrants tied to alleged crimes committed in West Darfur.

He emphasised that these applications would only proceed with robust evidence to ensure a realistic prospect of conviction, reinforcing the ICC’s commitment to justice for victims.

Mr. Khan also stressed the need for greater cooperation in transferring ICC fugitives, including former President Omar al-Bashir and other high-ranking officials accused of war crimes and crimes against humanity.

Deja vu

The ICC Prosecutor also painted a grim picture of Darfur’s humanitarian and security landscape.

“The same communities targeted 20 years ago are suffering today, with crimes being used as weapons of war,” Mr. Khan stated, stressing that such acts violate international humanitarian law and demanded an immediate halt to the violence.

The trial of Ali Kushayb

Mr. Khan also highlighted the significance of the ICC trial of Ali Muhammad Ali Abd-Al-Rahman, also known as Ali Kushayb, addressing crimes committed in 2003 and 2004.

This trial has shown the people of Darfur that they are not forgotten and “not airbrushed out of public consciousness” he said, highlighting the efforts made by Darfuris themselves to ensure justice and accountability.

Mr. Khan concluded by emphasising the moral and legal responsibility of the international community to deliver justice.

“The people of Darfur are in danger, and they have a right to justice. It is time to deliver on the promise of resolution 1593,” he said.

“It is time for us collectively to join hands and deliver on that promise to prevent this constant cycle of despair that generations of Darfuris have suffered.”

MIL OSI United Nations News –

January 28, 2025

MIL-OSI New Zealand: Have you seen Thomas Basire?

Source: New Zealand Police (National News)

Attribute to Detective Senior Sergeant Martin Todd

Police are asking for the public’s help to locate a Hutt Valley man who has been missing for two months.

Thomas Basire, 28, was last seen near the Ewen Bridge on Railway Ave, walking on the stop bank towards Petone on 24 November 2024.

Tom was wearing a red long-sleeved sweatshirt, black trousers and black sneakers at the time of his disappearance.

Today, Police have a specialist search team conducting a search of the Hutt River and riverbank.

It is out of character for Tom to not be in contact with his family, especially to miss seeing his family on his birthday in December.

Both Police and Tom’s family have serious concerns for his wellbeing and would like to know he is safe.

If you have any information on Tom’s whereabouts, please update us online now or call 105, quoting reference number 241213/6143.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

January 28, 2025

MIL-OSI Australia: A plan for Central Coast maternity services

Source: New South Wales Premiere

Published: 28 January 2025

Statement by: Minister for the Central Coast

Last week the Member for The Entrance, the Member for Gosford, a representative for the Member for Swansea and I met with executives from the Central Coast Local Health District (CCLHD), the NSW Ministry of Health and Minister for Health Ryan Park’s office to express the concerns of the Central Coast community about maternity service provision on the Coast.

The CCLHD is developing a Clinical Services Plan for Women, Children and Families on the Central Coast which addresses both the closure of Gosford Private Hospital’s maternity services and the region’s projected population growth.

It’s important to note there is no reduction in public maternity services on the Central Coast and expectant mothers wishing to have their birth on the Coast will be able to do so.

Gosford Hospital provides 24-hour midwifery, obstetric, anaesthetic, and paediatric support including a Special Care Nursery to support the maternity needs of the Central Coast community.

Wyong Hospital also continues to provide care through the Midwifery Group Practice and Gosford outreach Midwife-led Antenatal Clinic.

In late 2023, the CCLHD introduced a Midwifery Group Practice Homebirth Service to provide local women with more choice about where they give birth.

We were advised the CCLHD is actively recruiting specialist maternity clinician staff.

I look forward to viewing the Clinical Services Plan which is being developed to ensure the maternity needs of the Central Coast community continue to be met.

MIL OSI News –

January 28, 2025

MIL-OSI Security: Yukon — Superintendent Lindsay Ellis is appointed as Commanding Officer of the Yukon RCMP

Source: Royal Canadian Mounted Police

This is a joint news release between the Government of Yukon and the Yukon Royal Canadian Mounted Police.

The Commissioner of the RCMP, Mike Duheme, has appointed Superintendent Lindsay Ellis to the role of Commanding Officer of the Yukon. This change takes effect immediately and brings Superintendent Ellis to the rank of Chief Superintendent.

Both the Government of Yukon and the RCMP would like to extend their congratulations to Chief Superintendent Ellis on her new role.

Chief Superintendent Ellis has a rich history of policing in the Yukon for over 12 years and was promoted to Superintendent in 2022 as the Criminal Operations Officer of M Division. During this time, her focus on public safety, modernization of policing services for frontline and specialized units and increased policing accountability has strengthened and enhanced policing across the territory.

Chief Superintendent Ellis has fostered genuine relationships with Yukon First Nations and diverse groups while promoting collaboration, inclusion and communication across business lines. Her work, relationships and dedication to policing in the territory has resulted in great success under Criminal Operations and the Division increasing Yukoners’ trust in the RCMP.

Chief Superintendent Ellis has been acting as the Commanding Officer of the Yukon RCMP since September 2024.

The Government of Yukon and the RCMP would also like to thank Chief Superintendent Scott Sheppard for his many outstanding years of service as the Commanding Officer of the Yukon.

“I would like to congratulate Chief Superintendent Lindsay Ellis. This appointment recognizes her exceptional work ethic, forward-thinking approach to policing services and outstanding leadership in the Yukon. Chief Superintendent Lindsay Ellis is an example of the important and vital role women have in the RCMP and she is the first female Commanding Officer for the M Division of the Yukon RCMP. I also extend my sincere gratitude to Chief Superintendent Scott Sheppard for his many years of service.” – Minister of Justice Tracy-Anne McPhee

“I am deeply honoured and grateful for the opportunity to lead M Division in delivering policing in the Yukon as the new Commanding Officer. During my 12 years serving in the Yukon, I have been proud to promote the work of our amazing RCMP employees while developing strong, sustainable and transferable relationships with our communities, partners and stakeholders to improve public safety outcomes. I am equally as proud of our advancements to the reconciliation journey through ongoing genuine and honest effort, action and leadership to support safe and healthy Yukon First Nations. As the new leader of the RCMP in the Yukon, I look forward to continuing to provide modern policing services unique to Yukon community needs. I extend my heartfelt appreciation to Chief Superintendent Scott Sheppard for his progressive and strong leadership, and my best wishes for his retirement that he will be enjoying as a Yukoner. Thank you to the employees of “Mighty M” as we continue to promote a positive, resilient and adaptive workplace as the National and the Territorial Police Service. Thank you, merci, Mäshi Cho, Shä̀w níthän, Gunalchéesh and Souga Sinla.” – Commanding Officer of the Yukon RCMP Chief Superintendent Ellis

“It is my pleasure to announce that Chief Superintendent Lindsay Ellis has been appointed as the Commanding Officer of the RCMP in the Yukon. Chief Superintendent Ellis has served Canadians for 24 years with 12 of those years dedicated to improving public safety for Yukoners. I am confident that Chief Superintendent Lindsay Ellis will be an exceptional leader for the RCMP in the Yukon.”- Commissioner of the RCMP Mike Duheme

Quick facts:

Chief Superintendent Ellis Lindsay is the first female and 41st Commanding Officer for the M Division of the Yukon RCMP.

The Commissioner of the RCMP has authority per the RCMP Act to appoint a Commanding Officer.

MIL Security OSI –

January 28, 2025

MIL-OSI Security: Two Memphis Men Sentenced to Federal Prison for Possession of Machineguns

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

Memphis, TN – Jermaine Brown, 19, and Alvin McGee, 23, both of Memphis, have each been sentenced to federal prison for possession of a machinegun. Acting United States Attorney Reagan Fondren, announced the sentences today.

According to the information presented in court, on July 10, 2023, Memphis Police Department officers observed Brown and McGee driving in a stolen Hyundai Sonata through the Kensington Manor apartment complex and attempted to stop the vehicle. When the vehicle reached a dead end, the driver, Jermaine Brown, and front passenger, Alvin McGee, both jumped out of the moving vehicle, which crashed into a dumpster. Brown had a Glock .40 caliber pistol with an attached Machinegun Conversion Device (commonly referred to as a “switch”) that was loaded with 17 rounds. Brown threw the machinegun after a short foot pursuit. McGee had a Radical Firearms AR-15 style .223 caliber rifle with approximately 60 rounds and a “drop-in auto sear,” which turns the rifle into a machinegun, and he also fled from the police. Officers apprehended McGee quickly.

Brown and McGee were indicted in December 2023 for possession of machineguns.

On July 12, 2024, Brown pled guilty before Senior United States District Judge Jon Phipps McCalla and was sentenced on November 8, 2024 to 27 months in federal prison, to be followed by three years of supervised release.

On October 18, 2024, McGee pled guilty before Judge McCalla and was sentenced on January 24, 2025 to 41 months in federal prison, to be followed by three years of supervised release.

There is no parole in the federal system.

This case was investigated by the Memphis Police Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

Assistant United States Attorney Greg Wagner prosecuted this case on behalf of the government. Acting United States Attorney Fondren thanked the law enforcement partners who assisted in this case.

###

For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

MIL Security OSI –

January 28, 2025

MIL-Evening Report: PNG media policy ‘new era journalism’ draft law ready, says Masiu

NBC News in Port Moresby

Papua New Guinea’s cabinet has officially given the green light to the PNG media policy, which will soon be presented to Parliament for formal enactment.

Minister for Information and Communication Technology (ICT) Timothy Masiu believes this policy will address ongoing concerns about sensationalism, ethical standards, and the portrayal of violence in the media.

In an interview with NBC News in Port Moresby, Masiu outlined the urgent need for a shift in the nation’s media practices.

PNG’s Information and Communication Technology Minister Timothy Masiu . . . “It’s time for Papua New Guinea’s media to evolve and reflect the values that truly define us.” Image: NBC News

“We must be more responsible in how we report and portray the issues that matter most to our country. It’s time for Papua New Guinea’s media to evolve and reflect the values that truly define us,” he said.

“Sensational headlines, graphic images of violence, and depictions of suffering do nothing to build our national identity. They only hurt our reputation globally.”

Minister Masiu said the policy aimed to regulate sensitive contents and shift towards “more constructive and informative” coverage.

According to Masiu, the policy’s long-term goal was to protect the public from harmful content while empowering journalists to play a positive role in nation-building.

“This policy isn’t about stifling press freedom. It’s about ensuring that media in Papua New Guinea serves the public good by upholding the highest standards of integrity and professionalism,” Masiu said.

Meanwhile, the policy also acknowledged the media’s significant influence on public opinion and its role in national development.

Masiu added that once the policy was passed into law, it would become a guiding framework for media institutions across the nation, laying the foundation for a new era of journalism in Papua New Guinea.

Republished from NBC News.

Persistent criticism
Pacific Media Watch reports that the draft media policy law and consultation process have been controversial and faced persistent criticisms from journalists, the PNG Media Council (MCPNG) and Transparency international PNG.

Version 5 of the policy is here, but it is not clear whether that is the version Masiu says is ready.

PNG dropped 32 places to 91st out of 180 countries in the 2024 RSF World Press Freedom Index and the Paris-based world press freedom watchdog RSF called on the Marape government to withdraw the draft law in February 2023.

Civicus references an incident last August when a PNG journalist was barred from a press briefing by the visiting Indonesian president-elect Prabowo Subianto and said this came “amid growing concern about the government’s plan to regulate the press under its so-called media development policy”.

MIL OSI Analysis – EveningReport.nz –

January 28, 2025

MIL-OSI USA: Hickenlooper, Colleagues Reintroduce Bill to Curb AI Deepfakes, Protect Our Children

US Senate News:

Source: United States Senator for Colorado John Hickenlooper
TAKE IT DOWN Act would crack down on malicious uses of AI and protect victims of “deepfake porn”
WASHINGTON – Last week, U.S. Senator John Hickenlooper joined a bipartisan group of Senate colleagues to reintroduce the Tools to Address Known Exploitation by Immobilizing Technological Deepfakes on Websites and Networks (TAKE IT DOWN) Act. The legislation would criminalize the publication of non-consensual, intimate imagery (NCII), including AI-generated “deepfakes,” and require social media platforms and online sites to remove NCII within 48 hours of notice.
“It’s too easy for someone to misuse AI to generate harmful fake images depicting real people – including minors,” said Hickenlooper. “This bill will protect our children’s privacy and safety.”
New generative artificial intelligence tools are able to create lifelike, but fake, imagery depicting real people, known as deepfakes. Deepfakes have recently been used to target minors, including incidents where classmates used AI tools to create sexually explicit images of other classmates that they then shared on social media.
The TAKE IT DOWN Act protects Americans by making it unlawful for a person to knowingly publish sexually explicit deepfake images of an identifiable individual, and requiring social media companies and websites to remove the images promptly.
Specifically, the TAKE IT DOWN Act would:
Criminalize the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
Protect good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement, in narrow cases.
Require websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The FTC is charged with enforcement of this section.
Protect lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without barring lawful speech. The bill respects first amendment protections by requiring that computer-generated NCII meet a “reasonable person” test. Meaning, it must appear to realistically depict an individual.
Hickenlooper previously cosponsored the bill in the 118th Congress. Last Congress, the TAKE IT DOWN Act passed both the Senate Commerce Committee and the full Senate. It has widespread support from over 100 organizations, including victim advocacy groups, law enforcement, and tech industry leaders.
Full text of the bill available HERE.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Tuberville Gets Gavel to Key Armed Services Subcommittee

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) was announced as Chairman of the Senate Armed Services Subcommittee on Personnel. As the leader of this subcommittee, Sen. Tuberville will lead the charge on staffing key Department of Defense (DOD) military and civilian personnel, policies, compensation and benefits, and military nominations. He will provide oversight on a wide range of military budget accounts and various DOD offices and agencies. His work will ensure servicemembers are taken care of both while in service and in the years following.
Alabama is home to over 13,000 active-duty military members, over 25,000 National Guard and reserve members, nearly 400,000 veterans, and five military bases. As Chairman, he will be an advocate for these servicemembers by ensuring they have the best resources and care possible.
Sen. Tuberville made the following statement about his appointment as Chairman of the Subcommittee on Personnel:
“As Alabama’s voice on the Senate Armed Services Committee, I’m honored to be the Chairman of the Subcommittee on Personnel. As the son of a World War II veteran, I know firsthand the sacrifices that our men and women in uniform make for our country. I will see to it that military personnel are well-compensated and get the benefits they deserve—it’s the least we can do. As Pete Hegseth assembles his team at the Pentagon, we will work tirelessly to make sure they have the support and personnel they need to implement President Trump’s America First agenda and restore peace through strength. As Chairman, I will be laser-focused on enhancing the quality of life for our brave military personnel both during and after their time in service so we can ensure our military remains the most lethal fighting force in the world.”
Subcommittee on Sea Power:
As a member of the Subcommittee on Seapower, Sen. Tuberville will continue his work to restore America’s naval superiority and promote Alabama’s shipbuilding and maritime industries. The United States Constitution charges Congress with providing and maintaining a Navy, which our founders saw as critical to the nation’s economic power and the freedoms we enjoy.
Sen. Tuberville’s position on these subcommittees will enable him to work on these Alabama-related issues:
Bolstering Alabama’s maritime investment in the Port of Mobile.
Advancing his work to build our Navy fleet to compete with foreign adversaries.
Utilizing key shipbuilding industries like Austal in Mobile.
Subcommittee on Strategic Forces:Since the Subcommittee on Strategic Forces has jurisdiction over U.S. Space Command (SPACECOM), retaining his role on this subcommittee was one of Sen. Tuberville’s top priorities. Sen. Tuberville has led calls for the U.S. Air Force to act on its recommendation to place SPACECOM at Redstone Arsenal in Huntsville, and he is well-positioned to lead the entire Alabama delegation in supporting a smooth transition. This subcommittee also oversees America’s Missile Defense Agency, a responsibility Sen. Tuberville will leverage to protect every American.
Responsibilities: Nuclear and strategic forces; arms control and non-proliferation programs; space programs; Department of Energy defense nuclear and defense environmental management programs; and ballistic missile defense.
Oversight of budget accounts: Procurement and RDT&E for DOD nuclear and strategic forces, missile defense, space systems, Department of Energy defense and non-proliferation programs.
Oversight of DOD and DOE officials: Assistant Secretary of Defense for Nuclear and Chemical and Biological Defense Programs; National Nuclear Security Administration; and Assistant Secretary of Energy (Environmental Management).
Oversight of agencies, commands, and activities: U.S. Strategic Command; U.S. Space Command, U.S. Space Force as well as other components of the military departments; Space Development Agency; Missile Defense Agency; National Nuclear Security Administration; Defense Nuclear Facilities Safety Board; and Defense Threat Reduction Agency.
Sen. Tuberville’s service on all three subcommittees will be crucial in empowering Alabama’s military installations across the state.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Chairman Mast Issues Statement on Situation in Eastern DRC

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast issued the following statement.

“I demand accountability for the deaths of peacekeepers in Eastern DRC. Continued instability only benefits those who see currency in the region’s chaos and emboldens the recruitment efforts of the ISIS-affiliated Islamist rebel group ADF. In order for there to be stability in Eastern DRC, the parties must address the root causes of the conflict. I call on all sides to immediately return to the negotiating table.”

###

MIL OSI USA News –

January 28, 2025

MIL-OSI Global: Carrying the spirit and intent of Murray Sinclair’s vision forward in Treaty 7 territory

Source: The Conversation – Canada – By Tiffany Dionne Prete, Assistant Professor, Sociology Department, University of Lethbridge

For nearly three decades, I have immersed myself in archival work to uncover the histories of my People, the Kainai (Blood Tribe) in Treaty 7 territory, in Alberta. What began in childhood as a search for photographs of my ancestors has evolved into a lifelong pursuit of understanding through records and Tribal narratives.

Unlike my peers who had photo albums of their ancestors, I had none. Cameras were rare in Indigenous communities during the 1800s and early 1900s, leaving few family photographs. Instead, I turned to online archives, hoping to find even a single image. This archival work became a means of reconnecting with my ancestors.

During my graduate studies at the University of Alberta, this passion for archival research deepened.

As a research assistant for the Aboriginal Healing through Language and Culture project, I was part of a project that partnered with Roman Catholic Oblate missionaries to view historical records of Indigenous Peoples in the North West, which included my People.

‘Indigenous Research: Walking the Path of my Ancestors’ video by Tiffany Prete.

However, ongoing litigation related to the Residential School Settlement class-action suit limited my access. While I was granted permission to view specific materials, many documents remained restricted, and photocopying was often prohibited. This experience highlighted the persistent barriers Indigenous researchers face when reclaiming their histories and underscored the importance of equitable access to archival records.

Documenting Survivor testimonies

Growing up, conversations about residential schools were notably absent in my community. My family and fellow Tribal members rarely spoke of their experiences, and my public education glossed over their existence, perpetuating a widely held belief across Canada that residential schools were benevolent and necessary for Indigenous Peoples’ “advancement.”

As the child of a residential school Survivor, I grew up with a profound sense of something unspoken yet deeply impactful in our collective history. Silence reflected the profound harm inflicted by the Canadian government and religious organizations operating these schools, leaving scars not just on individuals but across generations. Despite Survivors’ efforts to share their truths, the dominant Canadian narrative continued to portray residential schools as positive contributions to the nation’s development.

The Truth and Reconciliation Commission (TRC) was pivotal in challenging this false narrative. By documenting Survivor testimonies and exposing the systemic abuses within these institutions, the TRC dismantled the myth of their benevolence. This was more than a historical reckoning; it was a vital step toward acknowledging the truth of Canada’s colonial history and its lasting impact on Indigenous Peoples.

TRC Calls: 15 years ago

Fifteen years ago this June, on the day the 94 Calls to Action were released, Murray Sinclair, former chair of the Truth and Reconciliation Commission, stated: “The Survivors need to know before they leave this Earth that people understand what happened and what the schools did to them.”

Sinclair’s words, coupled with one call in particular, ignited within me a deep commitment to create a program of work that would reclaim and document my Blood People’s history — stories that had long been excluded from Canada’s historical consciousness in favour of a whitewashed, generalized narrative. This commitment responded to Call to Action No. 78 which called upon Canada to commit funding to assist communities to research and produce histories of their own residential school experience and their involvement in truth, healing and reconciliation.

The work I have been engaged in focuses on using archival records and partnering with Blood Tribe Elders, who are residential school Survivors, to together reinterpret these records. Together, we sought to tell our history through our own lens, using our voices to articulate the policies and experiences of the Stolen Children Era — the era covering over a century and a half where the Canadian government used multiple colonial models of schooling to assimilate Indigenous children.

‘The Kinai Stolen Children Era’ talk with Tiffany Prete.

While conducting research in recent years leading up to an exhibit focusing on experiences of the Stolen Children Era, I noticed some improvements in access to archival materials, but significant barriers remain.

Processes for accessing restricted documents vary widely, with some archives lacking clear pathways. Policies around documentation also differ — some allow photography under strict guidelines, while others prohibit duplication, limiting researchers to handwritten notes. These challenges, and others, underscore the ongoing need for systemic efforts to ensure Indigenous communities can reclaim their histories and preserve cultural narratives.

Enduring strength of our people

Through my archival work, the intentions behind Canada’s residential school system became clear. The education system for Indigenous children sought to create passive, obedient individuals stripped of agency and identity as Indigenous Peoples.

Yet, within these oppressive records, I have found powerful stories of courage, resistance and resilience.

These acts, combined with the wisdom of Elders, reflect the enduring strength of our People. Among the greatest examples of collective resistance and resilience is the work of the Truth and Reconciliation Commission.

I deeply admire the Survivors who broke the silence, initiating the class-action lawsuit that led to the TRC. Their bravery, along with the work of TRC leaders, resulted in powerful reports and the transformative Calls to Action. They remind us of the importance of reclaiming our power and affirm that we, as the Indigenous Peoples of this land, are deserving of dignity and justice.

Sinclair’s clarity, strength, commitment

Among those I hold in high regard is the late Sinclair, whose leadership during the TRC was defined by clarity, strength and commitment. He spoke candidly about Canada’s colonial policies and charted a clear path forward.

In 1988, he became the first Indigenous judge in Manitoba. And he held those responsible for the operations of the schools accountable. His firm approach to justice and reconciliation inspires me, as an intergenerational Survivor, to confront challenges rooted in colonization with strength and resolve.

As we move forward, let us band together with a shared commitment to treat all people with the dignity and respect they deserve as human beings.

Reconciliation is not a solitary journey but a collective effort — a promise to do better and honour the truths of our shared history.

Together, we must right the wrongs of the past, confronting injustice with courage and compassion. Let us carry the spirit and intent of Sinclair’s vision forward, ensuring that the path of reconciliation becomes not just a goal, but a way of living that defines us as a nation.

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

– ref. Carrying the spirit and intent of Murray Sinclair’s vision forward in Treaty 7 territory – https://theconversation.com/carrying-the-spirit-and-intent-of-murray-sinclairs-vision-forward-in-treaty-7-territory-247617

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI USA: Department of Revenue plans events in Prineville, Pendleton, The Dalles to help taxpayers e-file their taxes for free

Source: US State of Oregon

alem, OR—Oregonians looking to file their taxes for free could find help as close as their local library.

Volunteers from the Oregon Department of Revenue will be traveling to libraries in 18 different communities across the state in February, March, and April to assist taxpayers in using the free combination of IRS Direct File and Direct File Oregon to complete their returns.

Upcoming stops include:

February 4

Crook County Library

175 NW Meadow Lakes Drive, Prineville, OR 97754

8 a.m. to 8 p.m.

February 5

Pendleton Public Library

502 SW Dorion Ave, Pendleton, OR 97801

8 a.m. to 7 p.m.

February 6

The Dalles Wasco County Library

722 Court Street, The Dalles, OR 97058

10 a.m. to 7 p.m.

Taxpayers can find more information on the department’s Free Direct File assistance at local libraries webpage.

The IRS estimates that 640,000 Oregon taxpayers will be able to e-file both their federal and state returns for free in 2025 using the combination of IRS Direct File and Direct File Oregon.

The department believes that offering free assistance will help maximize the number of Oregonians who choose to use the new free option and make it possible for many who don’t have a filing requirement to file and claim significant federal and state tax credits for low-income families.

For example, the IRS estimates that one in five Oregon taxpayers eligible to claim the federal Earned Income Tax Credit are not doing so. One Oregon organization estimates that the unclaimed credits have totaled nearly $100 million in recent years.

Taxpayers should use the IRS eligibility checker to see if they’ll be able to use IRS Direct File and Direct File Oregon. Eligible taxpayers should set up an IRS online account and an account with Oregon’s Revenue Online before they come to an event. Taxpayers attending an event should bring the following information with them.

Identification documents

Social security card or ITIN for everyone on your tax return
Government picture ID for taxpayer and spouse if filing jointly (such as driver’s license or passport)

Common income and tax documents

Forms W2 (wages from a job)
Forms 1099 (other kinds of income)
Form SSA-1099 (Social Security Benefits)

Optional documents

Canceled check or bank routing and account numbers for direct deposit
Last year’s tax return

Taxpayers can signup for the new “Oregon Tax Tips” direct email newsletter to keep up with information about tax return filing and how to claim helpful tax credits.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: On Holocaust Remembrance Day, Governor Newsom’s Council on Holocaust and Genocide Education releases findings and recommendations

Source: US State of California Governor

Jan 27, 2025

What you need to know: The Council was tasked with assessing the status of Holocaust and genocide education in California, making recommendations for how to improve that education, and promoting best practices for educators, schools, and organizations and sponsor Holocaust and genocide remembrance.

Sacramento, California – On International Holocaust Remembrance Day, Governor Gavin Newsom’s Council on Holocaust and Genocide Education today released the “Holocaust and Genocide Education in California: A Study of Statewide Context and Local Implementation.” In 2021, following a disturbing increase in antisemitic hate, Governor Newsom established the Governor’s Council on Holocaust and Genocide Education to identify instructional resources to teach students across California about the Holocaust and other acts of genocide and provide young people with the tools necessary to recognize and respond to instances of antisemitism and bigotry.

Read the full study HERE.

“In California, hate is unacceptable, and the shocking decline in awareness among young people about the Holocaust and other acts of genocide is especially alarming. I was proud to establish the Council on Holocaust and Genocide Education and grateful for their work on this comprehensive report. I look forward to reviewing the Council’s recommendations and ensuring that California continues to be a beacon for tolerance, empathy, and education.”

Governor Gavin Newsom

How we got here

The Council assessed the status of Holocaust and genocide education in California, made recommendations for how to improve Holocaust and genocide education in our schools, and will now work to promote best practices for educators, schools and organizations and sponsor Holocaust and genocide remembrance. The Council is co-chaired by State Senator Henry Stern, Attorney General Rob Bonta, State Superintendent of Public Instruction Tony Thurmond and Dr. Anita Friedman, Executive Director, Jewish Family and Children’s Services/Northern California.

Dr. Anita Friedman, Executive Director, Jewish Family and Children’s Services (JFCS)/Northern California: “California leads the nation in support for state-of-the art Holocaust and Genocide Education. As a result, our State is systematically creating a more unified society and a more informed, morally courageous and socially responsible next generation. We are inspired by the enthusiastic cooperation of educators, communities and students in this common cause.”

State Senator Henry Stern: “On this Yom HaShoah, or Holocaust Remembrance Day, we reaffirm the plea to ‘Never Forget.’ Never forget our ancestors, the unimaginable horrors endured, and the systemic failures that allowed such atrocities to unfold. We remember not only to honor our ancestors but to safeguard against history repeating itself. Understanding the patterns of genocide that occurred to numerous groups worldwide, is essential in fostering empathy, combatting hate, and upholding our collective moral responsibility. We have to ensure that our students are learning this complex subject matter so they are equipped to enter a society increasingly rife with misinformation. I’m proud that this critical report will allow us to invest in the resources, teacher training, and curriculum necessary to equip our students with factual information to break the cycle of history repeating itself.”

Attorney General Rob Bonta: “There is no place for hate in California. The California Department of Justice is committed to combatting all forms of hate and bigotry, and to building a more just, empathetic society for our children. Acknowledging the truth and teaching our youth are crucial steps toward ensuring that we don’t repeat the atrocities of our past. I’m grateful to our state partners and the Council on Holocaust and Genocide Education for their work and recommendations to continue fighting antisemitism and intolerance through education and beyond.”

State Superintendent of Public Instruction Tony Thurmond: “We must counter hate wherever and whenever it rears its head, and especially in our schools. Every child must feel safe to learn, and every child should feel that they belong on their school campus. It takes strong leaders to end hate and foster understanding. I am proud to stand alongside nearly 100 school and district leaders and antibias practitioners as we commit to use the power of education to end hate across California.”

“I’m grateful for the work of the Governor’s Council Holocaust and Genocide Education for identifying gaps in education on the Holocaust and other genocides. This education is vital as history often repeats itself if unchecked. Young people are our future leaders, and this education equips them with the tools to recognize and respond to antisemitism and bigotry in all forms. California must always stand for love, tolerance, and understanding. Securing that future begins with a strong foundation of empathy and understanding amongst our youth population.”

First Partner Jennifer Siebel Newsom

Key findings

Key findings of the study released today show that while some districts have developed robust programs, the overall landscape remains fragmented, with success often dependent on individual educator initiative. Local Educational Agency (LEA) representatives emphasized the need for state-level support – ultimately pointing to the necessity of a systematic, state-supported approach to ensure the kind of equitable, high-quality Holocaust and genocide education statewide that the Council envisions.

Respondents highlighted increased student knowledge, heightened empathy, and higher levels of engagement as key successes of their Holocaust and genocide education efforts. However, the study uncovered significant gaps in implementation support. The majority of respondents shared that their LEAs did not provide professional development focused on Holocaust and genocide education.

The California-focused analysis revealed that while the state has made significant strides, including recent legislation and funding allocations, there are opportunities to further align and amplify these efforts.

Recommendations

Drawing on these comprehensive findings, this report offers 10 recommendations to strengthen Holocaust and genocide education in California:

Communicate California’s Vision for Holocaust and Genocide Education
Revise the California History–Social Science Content Standards
Revise the History–Social Science Framework for California Public Schools
Update, Distribute, and Provide Guidance for the Model Curriculum for Human Rights and Genocide
Continue to Create a Vetted Central Clearinghouse for Curriculum, Instruction, Assessment, and Professional Learning
Increase Direct Funding to Districts and Schools for Holocaust and Genocide Education
Expand Existing Statewide Professional Learning on Holocaust and Genocide Education
Monitor and Evaluate Educational Outcomes
Continue to Conduct Additional Research to Inform the Council’s Future Actions
Expand, Publicize, and Strengthen the Role of the Governor’s Council on Holocaust and Genocide Education

Fighting hate

Governor Newsom has long made the eradication of discrimination and hate a priority. Working with the Jewish Caucus and Legislature, the Newsom administration successfully secured millions of dollars to ensure that future generations of Californians never forget the lessons of past genocides, including millions of dollars to develop curriculum resources related to Holocaust and genocide education, such the Holocaust Museum LA, the JFCS Holocaust Center, the Museum of Tolerance, and the California Teachers Collaborative for Holocaust and Genocide Education.

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MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Graham Statement on New Army Corps Funding for South Carolina Water Infrastructure Projects

US Senate News:

Source: United States Senator for South Carolina Lindsey Graham
WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after the U.S. Army Corps of Engineers announced it will provide $28 million in funding for a North Myrtle Beach project to help prevent flooding and improve water quality, $7.9 million for the Lakes Marion and Moultrie water infrastructure project, and $7.6 million for stormwater and drainage systems in Charleston. These funds were allocated from the recent disaster supplemental, American Relief Act of 2025, which Senator Graham advocated for and supported.
Graham said, “I appreciate the U.S. Army Corps of Engineers listening to South Carolina’s needs. Each of these projects will be necessary and beneficial when it comes to defending our state against natural disasters and improving water quality and infrastructure.”
Graham recently led a letter to the Assistant Secretary of the Army for Civil Works encouraging them to prioritize funding for the North Myrtle Beach project. Graham is also a long-standing supporter of the other projects that will receive funding. As a member of the Senate Appropriations Committee, over the years he has made several congressionally directed spending requests to fund the projects in the City of Charleston and Orangeburg County.
The U.S. Army Corps of Engineers announced it will fund the following projects:
$28 million for North Myrtle Beach and vicinity to initiate and complete design and construction of the Ocean Outfalls and Stormwater Mitigation Project (Phase I).
$7.9 million for Orangeburg County to initiate and complete design and construction of the Lodge Hall Reach Water Transmission Pipeline for the Lakes Marion and Moultrie water infrastructure project.
$7.6 million for the City of Charleston to initiate and complete design and construction to rehabilitate the Brick Arches Stormwater System and Dupont Wapoo Drainage Outlet.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Fischer Introduces Legislation to Strengthen U.S. Telecommunications Against Foreign Adversaries

US Senate News:

Source: United States Senator for Nebraska Deb Fischer
Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee, introduced the Foreign Adversary Communications Transparency (FACT) Act.
The legislation would require the Federal Communications Commission (FCC) to publicly identify entities that hold FCC licenses, authorizations, or other grants of authority that are owned, wholly or partially, by foreign adversarial governments. This includes the governments of China, Russia, Iran, and North Korea.
U.S. Senators Jacky Rosen (D-Nev.), John Cornyn (R-Texas), and Ben Ray Luján (D-N.M.) joined Senator Fischer as original cosponsors of the bipartisan bill.
U.S. Representatives Thomas Kean (NJ-07), Rob Wittman (VA-01), Kathy Castor (FL-14), and Ro Khanna (CA-17) will lead companion legislation in the House.
“Authoritarian regimes like China and Russia are actively working to undermine the security of our domestic communications. My bill will better position the FCC to evaluate the risks foreign ties pose to America’s national security so that we can respond to these network infrastructure threats,” said Senator Fischer.
“The U.S. must protect our telecommunications systems from global adversaries that are trying to do us harm,” said Senator Rosen. “That’s why I’m helping to introduce this bipartisan bill to increase transparency and publicly keep track of companies with influence from adversaries, including China, Russia, and Iran. I’ll always work to support our national security.”
“It’s no secret that foreign adversaries threaten our national security by exploiting both legal and illegal access to technology and communication infrastructure,” said Senator Cornyn. “The FACT Act would shine light on these vulnerabilities by identifying foreign entities that hold FCC licenses, helping to reduce national security risks and strengthen oversight.”
“Securing our telecommunications systems is crucial for our country’s national security,” said Senator Luján. “The FACT Act is a critical step to promote transparency and boost the FCC’s ability to detect risks posed by our adversaries. I’m proud to introduce this bipartisan bill with my colleagues to safeguard our telecommunications networks.”
Background:Until now, there has been no mandated public disclosure of companies linked to foreign adversaries operating within U.S. technology and telecommunication markets.
Although the FCC is prohibited from granting licenses or authorizations deemed a national security threat, some entities with ties to adversarial foreign governments continue to hold certain approvals. As a result, more transparency is necessary.
Click
here to read the text of the bill.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: Senators Reverend Warnock, Ossoff, Colleagues Condemn Pardons of January 6 Capitol Attackers

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senators Reverend Warnock, Ossoff, Colleagues Condemn Pardons of January 6 Capitol Attackers

The resolution condemning the pardons comes after Trump pardoned over 1,500 Jan 6 insurrectionists – including those convicted of violently assaulting police officers
The Senators will seek unanimous consent to pass the resolution this week
Senator Reverend Warnock: “Pardoning violent criminals who carried out this unabashed and unembarrassed assault on our democracy is not only an immense injustice but blatant disrespect to the courageous law enforcement officers who protected our Capitol and fought to preserve our republic that day”
Senator Ossoff: “I condemn in the strongest terms President Trump’s disgraceful pardon of more than 1,000 criminals, many of them violent, who overran the U.S. Capitol, desecrated the seat of our democracy, and assaulted law enforcement in their failed attempt to prevent the peaceful transfer of power”
Washington, D.C. — Today, U.S. Senators Reverend Raphael Warnock (D-GA), Jon Ossoff (D-GA), and 45 colleagues introduced a new resolution condemning the pardons of individuals who were found guilty of assaulting U.S. Capitol Police Officers.
The resolution follows President Trump’s decision to, on the first day of his second term, grant full, complete, and unconditional pardons to over 1,500 people charged with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers, far-right militias. Among those pardoned by Trump were 169 people who pled guilty to assaulting police officers on January 6th. During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.
“Pardoning violent criminals who carried out this unabashed and unembarrassed assault on our democracy is not only an immense injustice but blatant disrespect to the courageous law enforcement officers who protected our Capitol and fought to preserve our republic that day,” said Senator Reverend Warnock. “These pardons create a permission structure to excuse political violence and further endanger our law enforcement.”
“I condemn in the strongest terms President Trump’s disgraceful pardon of more than 1,000 criminals, many of them violent, who overran the U.S. Capitol, desecrated the seat of our democracy, and assaulted law enforcement in their failed attempt to prevent the peaceful transfer of power,” Senator Ossoff said.
The senators’ resolution, Condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” The Senators will seek unanimous consent on the Senate floor this week to pass the resolution.
According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer.
In addition to Senators Warnock and Ossoff, the resolution was authored by Democratic Leader Chuck Schumer (D-NY), Senators Patty Murray (D-WA), Chris Murphy (D-CT), and Andy Kim (D-NJ), and cosponsored by Senators Angela Alsobrooks (D-MD), Tammy Baldwin (D-WI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), Ruben Gallego (D-AZ), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Angus King (I-ME), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Ed Markey (D-MA), Jeff Merkley (D-OR), Alex Padilla (D-CA), Gary Peters (D-MI), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR). In total 47 senators signed the resolution.
The resolution can be viewed HERE.

MIL OSI USA News –

January 28, 2025

MIL-OSI USA: WATCH: Senator Reverend Warnock Pushes for Key Commitments from Agriculture Nominee to Support Georgia Farmers and Families

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

WATCH: Senator Reverend Warnock Pushes for Key Commitments from Agriculture Nominee to Support Georgia Farmers and Families

At today’s Senate Agriculture committee hearing, Senator Reverend Warnock questioned Brooke Rollins, President Trump’s nominee to run the United States Department of Agriculture (USDA)
Senator Reverend Warnock pushed for key commitments to ensure disaster assistance is distributed both swiftly and equitably, Georgia farmers are protected from the high costs associated with trade wars, and more
Following the catastrophic damage of Hurricane Helene in September 2024, Senator Reverend Warnock helped secure nearly $21 billion in disaster relief funding for farmers as well as $10 billion in economic assistance for row crops farmers, including cotton and peanut farmers in Georgia; if confirmed, Ms. Rollins will oversee the distribution of this funding
Senator Reverend Warnock also pushed Rollins on how she would protect Georgia farmers from high costs associated with trade wars and expanding market access
Senator Reverend Warnock: “Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?”
Senator Reverend Warnock: “Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us”

Watch Senator Reverend Warnock at Thursday’s Agriculture nominee hearing HERE and HERE
Washington, D.C. – Today, during a U.S. Senate Agriculture committee hearing on the nomination of Brooke Rollins to lead the United States Department of Agriculture (USDA), U.S. Senator Reverend Raphael Warnock (D-GA) pushed for key commitments from Rollins to ensure disaster assistance is distributed both swiftly and equitably, Georgia farmers are protected from the high costs associated with trade wars, and more. The Senator also pushed Rollins to commit to protecting Fort Valley State’s partnership with USDA and to removing red tape from low-income children and families receiving nutrition benefits.
If confirmed, Rollins would oversee USDA’s rollout of disaster funding for farmers Senator Warnock secured in December. Following the catastrophic damage of Hurricane Helene in September 2024, Senator Warnock fought for the inclusion of agricultural disaster funding in any end-of-year government funding package, which included nearly $21 billion in disaster relief funding for farmers as well as $10 billion in economic assistance for row crops farmers, including cotton and peanut farmers in Georgia.
“Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?,” Senator Reverend Warnock asked.
As a veteran member of the Senate committee overseeing federal agriculture policies, and as a senator representing a state with a proud and prosperous history of agriculture excellence, Senator Warnock is vigilant in defending programs that help Georgia farmers keep more profits in their pockets and keep the industry at the frontlines of Georgia’s success.
“Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us. If confirmed, what will you do from your position at USDA to ensure that Georgia’s farmers and families aren’t caught up in a trade war? It’s something I have worked on with Republicans, helping to get our farmers’ goods to market, it’s something we think about a lot,” said Senator Reverend Warnock.
Watch the first part of the Senator’s remarks HERE and the second part HERE.
See below a transcript of key exchanges between Senator Warnock and USDA nominee Brooke Rollins (remarks have been lightly edited for clarity):
On federal disaster assistance for Georgia farmers
SRW: Last year I worked hard with my colleagues in a bipartisan manner to provide $21 billion to help farmers recover from natural disasters like Hurricane Helene. Farmers, as you know, do incredible work. It’s a tough business. There’s so much you don’t control. The margins are narrow, and so I do everything I can to protect my growers in Georgia. I cannot overstate how critical it is for USDA to distribute this assistance, this disaster assistance to Georgia farmers as quickly as possible–but also as equitably as possible. If confirmed, how will you work to ensure disaster assistance is distributed both swiftly and equitably?
Brooke Rollins (BR): Yes sir, thank you, and I’ll try to answer quickly so we can go on. The day I got the call from President Trump, it was Saturday, November 23rd. We were in our motorhome traveling across the country to an Aggie football game. Within a few hours of accepting the nomination, I began to immediately pivot to how we distribute this disaster and so important economic aid working with a few of the senators on this committee. Clearly I am not confirmed yet, so this is going to await my arrival. But in the meantime, sir, we’ve already announced the undersecretary who worked on this in the last Trump administration who is already building the team who distributed these funds so they know what they’re doing. We’re not reinventing the wheel.
SRW: Will you work with our state agriculture commissioner to ensure Georgia producers, including our foresters, have the support they need from USDA to get that assistance without having to jump through a bunch of bureaucratic hoops?
BR: Of course.
SRW: And will you also commit to equitably getting that assistance to all eligible farmers, all eligible farmers, including those who’ve been historically left out of USDA assistance, often due to discrimination.
BR: Sir, we will follow the law and ensure that that is the case.
SRW: Is that a yes or a no?
BR: Yes.
On protecting Georgia farmers from costs of trade wars
SRW: Farmers in Georgia are already concerned about potential retaliatory actions following President Trump’s promises to levy heavy tariffs. They are already dealing with slim margins due to high input costs, and the last thing they need is to be caught in the middle of a trade war that could drive-up food prices for all of us. If confirmed, what will you do from your position at USDA to ensure that Georgia’s farmers and families aren’t caught up in a trade war? It’s something I have worked on with Republicans, helping to get our farmers’ goods to market, it’s something we think about a lot.
BR: When I was in your office last month we talked about your commitment to your farmers and what a priority this was to you. Georgia is a very important agricultural state. You’re obviously pastoring in a church and in the United States Senate, but I was impressed at your commitment to your ag community in your state and look forward to continuing to work with you. It’s very clear the coming tariffs, and I think there is no doubt President Trump has been very transparent that he believes this is an extremely important tool in his toolkit to put America first, to revive the economy, to get us back to a place where he believes we need to be, and I agree with him and hope to help him execute that vision. But it also should not be surprising that his heart and his commitment to our farmers and our agriculture community was certainly clear in the last administration. The number one answer from my perspective is working around the clock to expand market access and working on new trade deals and getting new partners from around the world. I already have an undersecretary named, hopefully get him confirmed, so we can begin to build those teams. The president is a consummate dealmaker, and I feel very confident we will be able to expand those markets, begin to peel back the trade deficit, and get back to trade surpluses. But immediately moving into the distribution of disaster relief, economic relief, the new farm bill that’s coming out, I’ve already announced the undersecretary and put the team in place to be able to deploy that.
SRW: I agree with you that access to farm markets is critical and in Georgia we’ve got a lot of sectors that are relying on strong export markets: timber, poultry, pecans. Are you concerned that isolationist trade practices may harm our abilities, our farmers’ ability to access these foreign markets?
BR: I have full confidence in President Trump’s ability to lead us on this, and, and hopefully he and many of you have confidence in my ability to help from the ag perspective.
On supporting 1890 land grant institutions
SRW: Ms. Rollins, good morning and welcome to you and to your family and all those who are here to support you and congratulations on your nomination. I enjoyed meeting with you last month to discuss your nomination and plans for USDA, and this morning I’d just like to follow up on some of the issues, many of which we’ve already discussed. But first, it has come to my attention that a recent executive order has led to the potential termination of USDA’s liaisons to our 1890 land grant institutions, institutions like Fort Valley State University in Fort Valley, Georgia. There’s strong bipartisan support for these institutions. They’ve done an incredible job, often doing so much for so many with so very little for such a long time that it’s lost on people the work these institutions do every day. I’m deeply concerned about this and the actions to shut out their voices at USDA. Ms. Rollins, if you are confirmed, will you commit to supporting our 1890 institutions?
BR: I am not familiar with exactly what you’re speaking of, but my commitment to you is to find out and to continue a really important discussion and to learn more about the issue.
SRW: Well the executive order could lead to the potential termination of USDA’s liaisons to these 1890 institutions which helped them to navigate their relationship with the USDA. Can I have your commitment to protect those who serve these institutions at the USDA?
BR: Again, sir, I would want to know more and understand more before I can make that commitment, but clearly, those institutions are important. They are bipartisan supported, and you have my commitment to have a very robust dialogue at any moment, any time of day or night, to ensure that we have all the data as we’re making any decisions.
SRW: I appreciate that. I’ve had good relationships and good work, bipartisan work, supporting these institutions, and I hope you’ll keep your eye on that issue.
BR: I will.
On fighting hunger and protecting nutritional benefits
SRW: Fighting hunger has long been a part of my life’s work long before I was elected to the Senate. As you know, I’m a pastor, and the one miracle story that’s in all the gospels, all four, is the feeding of the 5000. And so I constantly hear from Georgia families about how their dollar just doesn’t go as far at the grocery store as it used to. The average Georgian participating in SNAP, a food assistance program that provides critical nutrition, aid to our most vulnerable families, has about $6.15 a day to spend on food. In your view, is $6.15 a day adequate to avoid hunger for Georgia families.
BR: Sir, this is a supplemental program. I am just getting my arms around it. There are few that will be in my role, if confirmed, that have a passion for this more than I do. Serving those who are most in need, as you and I discussed in your office, is a driving force of my entire life. It almost sent me to seminary, but I ended up in public policy instead, so you have my wholehearted commitment to look and ensure that the people who need this the most are receiving it in the best way possible, but at the same time ensuring that all of the tax dollars that are spent on it are also spent in the best way possible.
SRW: One of the things as these families struggle, one of the things that I’m concerned about are proposals to slash this critical assistance and create additional work verification red tape for families participating in these programs. Do you think creating more bureaucratic red tape for families will help them purchase nutritious food?
BR: I think it’s extremely important that we take a wholesale look at every one of these programs and ensure that they are serving the people that are needing the programs and that they are the safety net that they truly set out to be. Obviously I do not like the words bureaucracy or red tape, but ensuring that we have set up the appropriate lifelines and the appropriate structure so that we can get these resources to the families that need them the most.
SRW: As we talk about work requirements, and I support work, I was raised by a father and a mother who had a serious work ethic, but we want to help these families have a basic safety net. Most poor people are children. I think it’s important to remember that most poor people are children. SNAP lifts children, seniors, veterans, and folks with disabilities out of poverty, and it’s proven to reduce health care costs and stimulate our local economies. If you’re confirmed, I hope we can find ways to work together to ensure our most vulnerable families and our neighbors can afford groceries. I think, as someone who preaches the miracle of the feeding of 5000, I think it’s the right thing to do, but I also think it’s a smart thing to do.
BR: Yes sir, you have my commitment.
On combating the history of racial discrimination in USDA
SRW: USDA has a long documented and unfortunate history of racial discrimination, even recent history. I was proud to have secured funding in the Inflation Reduction Act to provide financial assistance to farmers who had previously experienced discrimination at the hands of their USDA farm lending programs. This was a meaningful step in rebuilding trust. However, USDA still has a lot of work to do and this will only be more difficult following the new administration’s executive order aimed at rolling back all of this progress. I was proud Congress passed my legislation in 2021 to require USDA to create an equity commission, and the commission’s final report provides an excellent road map for continuing this work. Chair Boozman, without objection, I would like to enter the USDA’s 2024 equity report into the record. Thank you so much. When we met last month, you promised to read the equity report. Have you gotten a chance to read it yet?
BR: 90 pages and 66 recommendations. Yes, sir. Now that has been about a little over a month ago, so please don’t ask me to quote page 66, but yes.
SRW: I’m glad you got a chance to read it. I understand it’s been removed from the website or there’s no access to it. I’m glad you got a chance to read it. Will you seriously consider the recommendations of the equity commission’s report if you’re confirmed?
BR: Senator, let me answer this way. I was really appreciative of the conversation. For me, more knowledge is always best, understanding where everyone comes from, whether I agree or disagree, recognizing what’s in the past is important, but also realizing the path ahead and how we forge the path…
SRW: Will you consider the recommendations?
BR: Sir, I will consider anything that’s on the table. I think that’s only fair, but also, President Trump won on the concept of removing the diversity, equity and inclusion, making sure that we are basing our decisions on merit, and I obviously support that 100% as well, but I look forward, Senator, to continuing to talk about this. My friend Alveda has long talked to me about the plight of black farmers in Georgia and other places around the country, and I’m always open to discussions, always, and may I say there is no room for racism at the United States Department of Agriculture.
SRW: In that regard, will you commit to recruiting more diverse employees who understand these communities, have relationships with these communities, so that we build trust between these communities and the lending office?
BR: Sir, my commitment is to recruit the best workforce in the history of the United States Department of Agriculture, period, full stop. I believe that will include many members of all different corners of our country.
SRW: Do you think a diverse workforce and a high-quality workforce are somehow oppositional objectives?
BR: I think always hiring based on who is the best person for the job, who is gonna do the most excellent service, who is best equipped to execute on all of the promises is the promise of America, but I also believe to your point and have long held that ensuring that we give all people a chance to succeed and to thrive and for equal opportunity is a bedrock foundational principle of America.

MIL OSI USA News –

January 28, 2025

MIL-OSI Russia: Financial news: Now consumers will be able to rely on the opinions of other borrowers when choosing a credit institution

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

The regulator has developed a methodology for calculating the ranking of banks, which will take into account the number of justified complaints about a credit institution during a calendar year and their ratio to the number of loans in effect during this period. Thus, the consumer will have the opportunity to choose the most customer-oriented banks from all banks.

Systemically important banks and all other banks will be ranked separately. According to calculation methods, credit institutions will be distributed in the ranking in descending order of the indicator. If no more than one complaint was received against a financial institution during the year or if at the time of calculating the indicator it did not have a banking license, it will not be included in such a list.

The regulator plans to publish the first rankings in April 2025 based on the results of 2024.

Preview photo: JOURNEY STUDIO7 / Shutterstock / Fotodom

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HTTPS: //vv. KBR.ru/Press/Event/? ID = 23317

MIL OSI Russia News –

January 28, 2025

MIL-OSI Russia: Financial News: Over 230,000 Deals Concluded on First Day of Morning Trading

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

On January 27, 2025, Moscow Exchange resumed morning trading on the stock and derivatives markets: trading on the stock market is now conducted 17 hours a day – from 6:50 to 23:50 Moscow time, on the derivatives market and bond market – 15 hours a day – from 8:50 to 23:50 Moscow time.

On the first day of morning trading, 47 thousand clients, including 44 thousand private investors, concluded more than 160 thousand transactions with shares and bonds. The total volume of trading in shares and bonds exceeded 7.3 billion rubles, or 4.5% of the average daily trading volume in January 2025. Private investors accounted for 85% of the volume of transactions with shares and 88% with federal loan bonds. The most popular instruments during the morning trading period were shares of Polyus (PLZL), Samolet Group (SMLT) and PIK Group (PIKK), as well as OFZ issues 26248, 26240 and 26238.

The trading volume on the futures market in the morning hours amounted to 18.6 billion rubles – 4.7% of the average daily trading volume in January 2025. Over 15 thousand clients, mainly private investors, concluded 75.7 thousand transactions. The largest trading volume was recorded in futures contracts for natural gas (Ng), gold (GOLD) and futures on the Moscow Exchange Index (MIX).

With the resumption of the morning session, residents of the eastern regions of Russia have the opportunity to participate in trading on the Moscow Exchange at a more convenient time for themselves. Market participants can react more quickly to changes in the global market situation and realize additional trading and arbitrage opportunities in the morning hours.

On the stock market in the morning hours, investors can make transactions with the most liquid shares, including those from the Moscow Exchange Index, and federal loan bonds (OFZ). In the future, transactions with shares of exchange-traded mutual investment funds (EMIF) will become available in morning trading. The list of securities available for morning trading is posted on the exchange’s website.. All instruments that are traded during the main session are available on the urgent market in the morning hours. Liquidity for instruments in the morning hours is supported by market makers.

Contact information for media 7 (495) 363-3232Pr@moex.kom

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HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

January 28, 2025

MIL-OSI Russia: Financial news: On 27.01.2025, the deposit auction of the MFI Financing Fund will take place

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

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Parameters
Date of the deposit auction	01/27/2025
Placement currency	Rub
Maximum amount of funds placed (in placement currency)	35,000,000.00
Placement period, days	30
Date of deposit	01/28/2025
Refund date	02.27.2025
Minimum placement interest rate, % per annum	21.50
Conditions of imprisonment, urgent or special	Urgent
Minimum amount of funds placed for one application (in placement currency)	35,000,000.00
Maximum number of applications from one Participant, pcs.	1
Auction form, open or closed	Open
Basis of the Treaty	General Agreement

Schedule (Moscow time)
Preliminary applications	from 12:45 to 13:00
Applications in competition mode	from 13:00 to 13:10
Setting a cut-off percentage or declaring the auction invalid	until 13:30

Additional terms	Interest payment at the end of the term

MIL OSI Russia News –

January 28, 2025

MIL-OSI Russia: Financial news: 01/27/2025, 11:21 AM (Moscow time) the values of the lower limit of the price corridor and the range of market risk assessment for the RU000A1020L5 security (Samara Region 15) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

01/27/2025 11:21

In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of PJSC Moscow Exchange by NCO NCC (JSC) on 27.01.2025, 11-21 (Moscow time), the values of the lower limit of the price corridor (up to 86.18) and the range of market risk assessment (up to 336.56 rubles, equivalent to a rate of 10.5%) of the security RU000A1020L5 (Samara Region 15) were changed

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MIL OSI Russia News –

January 28, 2025

MIL-OSI Russia: Financial news: 01/27/2025, 11-11 (Moscow time) the values of the lower limit of the price corridor and the range of market risk assessment for the security RU000A1020L5 (Samara Region 15) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

01/27/2025 11:11

In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of PJSC Moscow Exchange by NCO NCC (JSC) on 27.01.2025, 11-11 (Moscow time), the values of the lower limit of the price corridor (up to 87.8) and the range of market risk assessment (up to 343.14 rubles, equivalent to a rate of 8.75%) of the security RU000A1020L5 (Samara Region 15) were changed

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MIL OSI Russia News –

January 28, 2025

MIL-OSI Russia: Financial news: 01/27/2025, 10:44 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A105DR1 (FSK RS BO7) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

01/27/2025 10:44

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 27.01.2025, 10-44 (Moscow time), the values of the upper limit of the price corridor (up to 95.6) and the range of market risk assessment (up to 1045.78 rubles, equivalent to a rate of 18.75%) of the security RU000A105DR1 (FSK RS BO7) were changed

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HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

January 28, 2025

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