Minister for Foreign Affairs visits Colombia

MIL-OSI Europe: €100 million money laundering scheme busted with help from Eurojust and Europol

Source: European Union 2

Investigations into the group began in 2023 when border police in Spain noticed suspicious trips from their airports transporting large sums of money. The trips to Cyprus by members of the criminal group were used to deliver criminal profits, which were then laundered. Authorities stopped the criminals from travelling and seized more than EUR 1.8 million.

The authorities discovered that the group was running a sophisticated money laundering service for other criminal organisations. The group acted as a financial service to transfer criminal profits internationally. Cryptocurrencies were used to move cash profits between criminal organisations. To dispose of the cash profits, money was transported on commercial flights, mainly to Cyprus, and by public transport to neighbouring countries of Spain. The group was able to carry out four to six money laundering transactions per week.

Running this financial service required a professionally structured organisation consisting of at least 52 members, operating mostly from Spain and Cyprus. The group worked with contacts outside of their organisation to liaise with clients and receive the cash to be laundered. Their contacts are linked to several commercial companies around the world.

As the financial service was used throughout Europe, authorities had to work together to stop the criminal group. An international investigation was launched by setting up a joint investigation team (JIT) at Eurojust between Spanish, Cypriot and German authorities, Eurojust and Europol. Through the JIT, information from tax and judicial authorities was exchanged that led to the takedown of the criminal group. Europol supported this international operation with experts specialised in financial crime, fighting high-risk criminal networks, unravelling money laundering structures, and tracing cryptocurrency flows.

A series of actions were carried out to stop the financial service. In October 2024, actions were carried out in Spain, France and Cyprus to dismantle the criminal group. This was followed by actions in November 2024 that targeted actors working with the criminal group. A total of 91 searches were carried out, 77 in Spain, 1 in France and 13 in Cyprus. Twenty suspects were arrested in Spain, one in France and two in Slovenia. Authorities seized a total of EUR 8 million in cash, 2 million in bank accounts and froze EUR 27 million in cryptocurrency. Investigations into the group and its financial service continue.

The following authorities were involved in the actions:

Spain: Investigating Judge no 2 of El Prat de Llobregat; Public Prosecution Office of Barcelona; Guardia Civil Special Central Unit 3, Destabilizing Threat Group-UCO
Cyprus: Attorney General’s Office; MOKAS (Unit for Combating Money Laundering); Criminal Investigation Department (CID) (in collaboration with other police departments)
Germany: Public Prosecutor’s Office, Landshut; Customs Investigation Office, München
France: Judicial Court of Marseille, Interregional Specialised Jurisdiction against organised crime (JIRS) ; National Anti-Fraud Office (ONAF), Marseille/Nice.

MIL OSI Europe News –

January 28, 2025

MIL-OSI Europe: Commemorating the victims of the Holocaust

Source: European Union 2

On International Holocaust Remembrance Day, we remember the unprecedented horrors of the Holocaust. This year marks 80 years since the liberation of the Auschwitz-Birkenau concentration camp. EU leaders condemn the recent rise in anti-semitism, vowing to combat all forms of discrimination.

MIL OSI Europe News –

January 28, 2025

MIL-OSI United Kingdom: Foreign Secretary speech on Holocaust Memorial Day: January 2025

Source: United Kingdom – Executive Government & Departments

The Foreign Secretary David Lammy gave a speech at the annual Holocaust Memorial Day reception co-hosted with the Israeli Embassy held at the Foreign, Commonwealth & Development Office.

Thank you, Ambassador, for organising this event with us, and I want to echo Hazel’s thanks to Janine Webber.

I hugely admire the willingness of her and other survivors to continue sharing their stories with the world.

Many of you will have seen Prime Minister Keir Starmer visiting Auschwitz recently.

I can distinctly remember my own visit there some years ago, and the many stories on display.

The raw emotion of seeing a site of such evil. Such suffering. Such loss.

80 years on from the liberation, we must face up to the reality described so eloquently by Auschwitz survivor, Primo Levi:

Everyone needs to know that Auschwitz existed…

Auschwitz is outside of us, but it is all around us, in the air. The plague has died away, but the infection still lingers and it would be foolish to deny it.

Foolish, indeed.

As a black man descended from the Windrush generation, as MP for the most diverse constituency in Britain – including, I am proud to say, a thriving Jewish community. And now, as Foreign Secretary, I see all too many signs of that lingering infection.

Auschwitz did not start in its gas chambers. Genocide does not start with genocide. It starts with denial of rights. With attacks on the rule of law. With a festering resentment of the other.

And so, as Levi and so many other survivors rightly insisted, it is a duty for us all to reflect on what had happened. ‘Never again’ is a solemn promise which we owe to the victims, but also which we must uphold for our own sake, and for the sake of future generations.

We need Holocaust remembrance. Holocaust education. Action against antisemitism – it is how we build a better future for us all together.

That is why it was a great honour to make my first visit as Foreign Secretary to Yad Vashem last July. Why I am proud to host you all in the Foreign, Commonwealth and Development Office on Holocaust Memorial Day and why I have been so glad to come into this job as the UK holds the Presidency of the International Holocaust Remembrance Alliance.

I want to thank all those involved in running our Presidency, in particular Lord Eric Pickles, whose work as Envoy only reinforces the cross-party nature of our country’s commitment to Holocaust remembrance.

One of the projects we have been sponsoring during our Presidency has been 80 Projects – 80 Lives. curated by the Association of Jewish Refugees and the UK Holocaust Memorial Foundation, this exhibition connects the testimonies of 80 survivors with 80 objects from before.

Wedding rings. The pages of a prayer book. A doll. A suitcase. Everyday objects, connecting the courageous survivors to the communities, the families, the lives they have lost forever. I like this project as well because it charts a path for this work in the years ahead. 80 years on from the defeat of Nazism, the number of survivors still with us is inevitably dwindling.

The world of the 1930s and ‘40s can feel ever more distant from our high-tech world of today. The next generation risks being distracted, clickbait making it all too easy not to grasp the full horror of the Holocaust.

We therefore need to find new ways to tell the story.

To capture people’s imagination – young people’s most of all, and prompt real reflection.

We need them to understand what a catastrophic moral failure for humanity Auschwitz was, and how the seeds of such a catastrophe are still around us.

Another Auschwitz survivor, Viktor Frankl, wrote that one lesson he drew was how everything can be taken from human beings. But not our ability to “choose one’s own way”.

Today, for all the great challenges we face, we are fortunate to live in a very different moment. But it is still up to each of us to choose our own way.

For this year’s Holocaust Memorial Day, my hope is that people here in Britain, people all over the world, choose to heed the Auschwitz story.

And I am choosing once again to work with all who share this hope to try to make sure they do.

Thank you.

Published 27 January 2025

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI United Kingdom: Thousands of pupils set to enjoy free musical extravaganza

Source: City of Wolverhampton

Wolverhampton Music Service has provided free tickets to secondary and special schools for two concerts at the city’s largest cultural venue, The University of Wolverhampton at The Halls, on Tuesday 11 February, featuring performances by Wolverhampton Symphony Orchestra and young musicians from Wolverhampton Youth Orchestra.

Students will learn about the development of orchestral music through the years, with performances of pieces by Charpentier, Beethoven, Mozart, Grieg, Tchaikovsky, Holst, Christopher Tin and John Williams. In addition, Wolverhampton born composer Grace-Evangeline Mason will feature with an excerpt from her piece, The Imagined Forest.

Presenter Rachel Leach will enthuse the audience with her knowledge, passion and energy while all participating schools will receive a full concert programme and curriculum materials in advance to support pupils’ learning experience.

Councillor Jacqui Coogan, the City of Wolverhampton Council’s Cabinet Member for Children, Young People and Education, said: “This will be the second year that our Music Service has joined forces with Wolverhampton Symphony Orchestra and Wolverhampton Youth Orchestra to offer this fabulous opportunity to local pupils, and they are sure to have a wonderful time.”

Head of Wolverhampton Music Service, Ciaran O’Donnell, added: “We think it is important that every child in Key Stage 3 has the chance to hear a live orchestra during their school days as it is the most authentic way to understand what an orchestra is and what it sounds like.

“I am immensely proud that Wolverhampton has over 100 musicians to bring to the stage to make it all happen – it is unique to our city that we can do that.

“We’re also grateful for the commitment from schools who make the huge effort to transport children there and back.”

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI United Kingdom: Council chairman honours student’s artistic achievement 27 January 2025 Council chairman honours student’s artistic achievement at St Thomas of Canterbury Primary School

Source: Aisle of Wight

St Thomas of Canterbury Catholic Primary School in Carisbrooke welcomed the chairman of the Isle of Wight Council, Councillor Karl Love, for a special occasion last week.

The visit was organised to recognise Year 4 student, Elsie, who emerged as the winner of Councillor Love’s Christmas card competition.

Elsie’s creative design was selected to be the chairman’s official Christmas card, a proud moment for the young artist. During a school assembly, Councillor Love presented her with a certificate to acknowledge her impressive achievement.

Adding to the significance of the event, the council’s mace bearer, Steve Hammond, accompanied Councillor Love, bringing along the ceremonial mace. The presence of the mace captivated the children, leading to a lively session of questions about its history and importance.

Head of school, Patsy Mauri, said: “The children thoroughly enjoyed Councillor Love’s visit; they were very engaged while he spoke and asked very sensible questions. We are very proud of Elsie’s accomplishment.”

Councillor Love shared his enthusiasm about the visit, saying: “It was a delight to be back in the classroom in front of children, having spent many years working for education and young people.”

Elsie had the opportunity to take a photo with the mace, thanks to some careful positioning of the sleeve of her jumper as touching the mace directly is not permitted!

The visit not only celebrated Elsie’s artistic talent but also provided the students with a valuable learning experience, offering insights into local government and its traditions.

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI United Kingdom: Government visitor sees work of city’s Family Hubs

Source: City of Coventry

A leading Government official paid a visit to Coventry to see the work of the city’s Family Hub Offer and how they are helping parents, children and families across the city.

Justin Russell, Director General for Families Group at the Department for Education, and Natalie Downing lead for the national Family Hubs programme, attended the Harmony Family Hub in Hillfields on Wednesday (22 January).

They were able to see a range of services that the Hub offers children, young people and adults through partnership with other agencies including Skills, Employment and Adult Education Services, Early Years, Hillfields Nursery school, Midwifery, Health Visiting, The Job shop, Haven and Early Help.

They talked to parents and Family Hub staff, observed a ‘50 things to do before you’re 5 session’ and were shown around by Charneze St Juste, the Family hub co-ordinator who ensures that the hub is meeting the needs of its local residents.

There was also an opportunity for a lengthy discussions about the work of Coventry’s Family Hub offer with Cllr Patricia Seaman, Cabinet Member for Children and Young People at Coventry City Council, and Jane Moffat, the Council’s Operational Lead ~ Early Help.

The Harmony Hub is one of eight around the city that offer local support to residents.

They help to join up the planning and delivery of family services; build connections between families, practitioners, services and providers; and put relationships at the heart of family support.

The Family Hubs offer support to families with children of all ages up to 19 years (and up to 24 for those with a SEND), with services including learning support, infant feeding and parent/child relationships support.

Coventry has helped to pioneer the use of Family Hubs and has also been recognised as a trailblazer in the national Family Hub and Start for Life Programme.

The Family Hub and Start for Life Programme was announced by the Government as a way of delivering improvements to support for babies, children, young people, parents, and carers.

Cllr Seaman said: “Our Family Hubs have been a fantastic success and have helped families and children across the city by bringing joined-up support right into the heart of communities.

“We all know how important those first few months and years are in a child’s life, and how vital it is for parents to be able to get the support they need, and our Family Hubs are really making a difference.

“The Hubs are vibrant, happy, caring centres and so many parents now know they can go there and find a friendly face and someone who will listen and give the help they need.”

Jane Moffat added: “The Hubs bring a wide range of professionals and services together to provide a connected offer of help, support and care, and they are a lifeline to many parents and families and help them to build links and friendships in their communities.

“This was our second visit now from Government teams to see some of that incredible work and we were delighted to show what is happening in Coventry and to showcase the work of the Family Hub and Start for Life offer and the impact of the work of Early Help to meet the needs of children, young people and their families.”

Find out more about the work of the Family Hubs and how they could help your family.

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI China: Spring Festival gala held in Houston

Source: China State Council Information Office 3

Themed “Dancing into the Year of the Snake,” the Greater Houston Spring Festival Gala was held Sunday night in the fourth largest U.S. city.

“This gala conveys the auspiciousness and hope of the Year of the Snake to the world, promotes Chinese wisdom and the spirit of progress, and builds a bridge for cultural exchange between the East and the West,” the organizer said.

The gala featured vibrant performances ranging from classical Chinese dances and traditional music to a Texas-style cowboy dance and popular songs.

The night reached its peak when a singer and the audience joined together to sing “Go back home often,” with the crowd illuminating the hall with phone lights, celebrating the joy of the Chinese New Year.

The event was organized by the Houston Chinese Civic Center.

MIL OSI China News –

January 28, 2025

MIL-OSI NGOs: Destruction of life and homes leaves people unable to return safely to Rafah Gaza

Source: Médecins Sans Frontières –

After 15 months of Israel’s war on Gaza, Palestine, and the implementation of the ceasefire on 19 January 2025, displaced Palestinians are attempting to return home to the southern city of Rafah. According to the United Nations, nearly 70 percent of all structures in Gaza have been destroyed or damaged. Médecins Sans Frontières (MSF) continues to call for an immediate massive scale-up of humanitarian aid.

“Health services, including the rest of humanitarian aid, and rebuilding of the city is needed for life to be able to come back to Rafah, but it’s still too dangerous for people to return in most areas,” says Pascale Coissard, MSF’s emergency coordinator support . “As we were going to visit the former MSF Shabboura clinic in Rafah, we saw a child playing with a shell in Mawasi area. Although we cannot hear the bombs anymore, there are still dangers.”

People are trying to rebuild from the rubble. Rafah is destroyed, with homes, shops, streets and healthcare facilities in ruins and electricity and water systems damaged. The area is also unsafe due to scattered unexploded artillery in the remnants of buildings, which will take years to clean.

An ambulances moves through the ruins of Rafah. Gaza, Palestine, 22 January 2025.

MSF

In May 2024, Rafah had the largest concentration of displaced Palestinians in the Gaza Strip, with an estimated 1.5 million people living in tents and makeshift shelters. In these inhumane conditions, people faced disease outbreaks, malnutrition, and the psychological impact of being forcibly displaced multiple times.

MSF teams working in Rafah had been providing basic healthcare and mental health support in the Shabboura clinic and supporting paediatric and maternity care in the Ministry of Health’s Emirati hospital. But were forced to close activities and evacuate the area after continuous bombings and evacuations orders from Israeli forces. The looming threat of a ground invasion by Israeli forces materialised on 6 May 2024.

The military operations by Israeli forces led to the emptying of Rafah, mass destruction of the city, and to the closure of the Rafah crossing, which severely hindered the delivery of humanitarian aid into the entire Strip. Rafah was also the home to many MSF colleagues, who were forced to flee to other parts of the Gaza Strip.

“It’s extremely difficult to come back to the same place that used to be full of life,” says Nadia Abo Mallouh, MSF medical coordinator support who used to work in the Emirati hospital. “We couldn’t even recognise the streets where Emirati hospital was. It’s sad seeing the hospital that used to bring life to earth totally empty, no signs of life, everything is destroyed.”

As a result of destroyed infrastructure, healthcare and other basic services are lacking. Many people are trying to return to Rafah but are unable to, as they find their homes destroyed – sometimes their neighbourhoods are unrecognisable. It will take a long time before people can safely return to Rafah.

“Honestly, the sights [of Rafah] were horrifying; so much destruction,” says Hadi Abo-Eneen, and MSF watchmen who was displaced from Rafah city in May 2024 and visited the area after the ceasefire. “I kept walking, hoping to find something from my house. It was completely destroyed. It was a huge shock, because this was my whole life: my home. My family’s, wife’s and children’s memories are there. My belongings, clothes, dishes, my wedding memories: everything.”

In the meantime, people continue surviving in makeshift tents mainly in the coastal area of Mawasi. There, they have no proper shelter, nor access to food and water and limited access to healthcare services. At the same time, Palestinians in the north of Gaza are facing similar conditions, after the recent brutal Israeli military siege, which left the area completely destroyed.

MIL OSI NGO –

January 28, 2025

MIL-OSI Global: Norovirus, aka the winter vomiting bug, is on the rise – an infectious disease expert explains the best ways to stay safe

Source: The Conversation – USA – By William Schaffner, Professor of preventive medicine, health policy, infectious diseses, Vanderbilt University

Norovirus is accompanied by abdominal pain, diarrhea and explosive vomiting. Alla Bielikova/Moment via Getty Images

The highly contagious norovirus – popularly known as “stomach flu” or the “winter vomiting bug” – is now surging through the U.S.. The number of outbreaks is up significantly over previous years, possibly due in part to a new strain of the virus. Outbreaks can occur after direct contact with someone who is infected. Food and household surfaces can also become contaminated.

William Schaffner, a professor of preventive medicine and infectious diseases at the Vanderbilt University School of Medicine, discusses the symptoms of norovirus, how best to treat it, and the populations most vulnerable to this illness.

Dr. William Schaffner discusses the norovirus.

The Conversation has collaborated with SciLine to bring you highlights from the discussion that have been edited for brevity and clarity.

What are the symptoms of a norovirus infection?

William Schaffner: Norovirus is an intestinal virus that can make you very, very sick. It is indelicately called winter vomiting disease, and it begins suddenly, often with an explosive vomit that then repeats itself.

Norovirus can cause abdominal pain and diarrhea at the same time, along with a fever. It will probably make you feel miserable for two or three days – but then everybody pretty much recovers.

How should norovirus be treated?

William Schaffner: The major problem norovirus causes is dehydration from all that vomiting and diarrhea. So you have to stay hydrated. Do this with little sips of clear liquids, because if you take too much, it’ll come right back up. Sports drinks are very good.

Most people who get into trouble are either very young or older and more frail. They may have to go to the hospital to get rehydrated with an IV. When the occasional death occurs due to this dehydrating infection, it’s in those vulnerable populations.

Why does norovirus tend to surge during the winter?

William Schaffner: You can get it any time of the year, but there is a seasonal increase in the winter for reasons that scientists are not quite sure of. But people spend a lot of time indoors with each other in wintertime, so that makes it easier for the virus to get from one place to another. All that travel over the holidays, as well as family gatherings and parties, can spread the virus.

How can people protect themselves from the norovirus?

William Schaffner: The most important thing is good hand hygiene. Washing with soap and water works the best. Those hand hygiene gels and wipes – the hand sanitizers – that people tend to use aren’t as effective against norovirus, so just wash frequently with good old soap and water. And then, of course, avoid people who are sick.

Also, remember that the virus can survive on environmental surfaces, like counters, doorknobs and tables. You don’t want to pick up those viruses on your fingers. If you get a little bit of virus on your fingertips and then touch your lips, you can get an infection because it just takes a small dose of the virus to make you sick.

Who’s particularly vulnerable to norovirus?

William Schaffner: The people who are more susceptible to catching it are those living in semi-enclosed or enclosed populations. For example, people in nursing homes, schools and prisons – essentially any circumstance where people are together for a long period of time.

Another place where the virus can spread is cruise ships, which is why norovirus is also called the cruise ship virus. When people are confined on a ship for days and days, these outbreaks can run through most of the passengers.

Interestingly enough – and this has never been well explained – the crew is usually less affected.

But again, the most serious illness occurs in older, frail and immune-compromised people, or in the very young, where dehydration can be more serious.

Where’s the research on developing a norovirus vaccine?

William Schaffner: Norovirus has presented some scientific challenges. It’s actually rather difficult to grow in the laboratory, and so that has delayed the development of a vaccine. But researchers are working on it.

Are there other infectious diseases going around right now?

William Schaffner: Along with norovirus, respiratory viruses are still out there: influenza, COVID-19 and respiratory syncytial virus, or RSV. They’re all perking up at the same time. It looks as though we’re having a very brisk winter viral season.

Watch the full interview to hear more.

SciLine is a free service based at the American Association for the Advancement of Science, a nonprofit that helps journalists include scientific evidence and experts in their news stories.

William Schaffner receives funding from the CDC-sponsored Emerging Infections Program Collaborative Agreement.

– ref. Norovirus, aka the winter vomiting bug, is on the rise – an infectious disease expert explains the best ways to stay safe – https://theconversation.com/norovirus-aka-the-winter-vomiting-bug-is-on-the-rise-an-infectious-disease-expert-explains-the-best-ways-to-stay-safe-247667

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: Why does it hurt when you get a scrape? A neuroscientist explains the science of pain

Source: The Conversation – USA – By Yenisel Cruz-Almeida, Associate Professor & Associate Director, Pain Research & Intervention Center Of Excellence, University of Florida

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.

“How come you feel pain when you fall and get a scrape?” – Tillman, age 9, Asheville, North Carolina

Nobody likes to feel pain, but it’s something every person will experience at some point in their life.

But why is that?

I am a neuroscientist, and my job is to research why and how people feel pain in order to help doctors understand how to treat it better.

What is pain?

To understand why people feel pain, it helps first to understand what pain is. Pain is the unpleasant sensation you feel when your body is experiencing harm, or thinks it is.

Not everyone experiences pain the same way. Pain is a highly personal experience influenced by a variety of biological, psychological and social factors. For example, research has shown differences in the pain experiences of women and men, young and older people, and even across people from different cultures.

It’s important for kids to communicate with a trusted adult if they’re experiencing pain.

Danger signals

A network of nerves similar to wires runs all through the human body, from the tips of your fingers and toes, through your back inside the spinal cord and up to your brain. Specialized pain receptors called nociceptors can be found at the end of the nerves on your skin, muscles, joints and internal organs.

Each nociceptor is designed to activate its nerve if it detects a danger signal. One way scientists classify nociceptors is based on the type of danger signal that activates them.

Mechanical nociceptors respond to physical damage, such as cuts or pressure, while thermal nociceptors react to extreme temperatures. Chemical nociceptors are triggered by chemicals that the body’s own tissues release when they are damaged. These receptors may also be triggered by external irritants, such as the chemical capsaicin, which gives chili peppers their heat. This is why eating spicy food can cause you pain.

Finally, there are the nociceptors that are activated by a combination of various triggers. For example, one of these receptors in your skin could be activated by the poke of a sharp object, the cold of an ice pack, the heat from a mug of cocoa, a chemical burn from household bleach, or a combination of all three kinds of stimulation.

Nerves run from various parts of the body through the spinal cord and up into the brain.
Sebastian Kaulitzki/Science Photo Library via Getty Images

How pain travels though the body

When you fall and get a scrape, the mechanical nociceptors in your skin spring into action. As soon as you hit the ground, they activate an electrical signal that travels through the nearby nerves to the spinal cord and up to your brain. Your brain interprets these signals to locate the place in your body that is hurting and determine how intense the pain is.

Your brain knows that a pain signal is an SOS message from your body that something isn’t right. So it activates multiple systems all at once to get you out of danger and help you survive.

Your brain may call on other parts of your nervous system to release chemicals called endorphins that will reduce your pain. It may tell your endocrine system to release hormones that prepare your body to handle the stress of your fall by increasing your heart rate, for example. And it may order your immune system to send special immune cells to the site of your scrape to help manage swelling and heal your skin.

As all of this is happening, your brain takes in information about where you are in the world so that you can respond accordingly. Do you need to move away from something hurting you? Did you fall in the middle of the road and now need to get out of the way of moving cars?

Not only is your brain working to keep you safe in the moments after your fall, it also is looking ahead to how it can prevent this scenario from happening again. The pain signals from your fall activate parts of your brain called the hippocampus and anterior cingulate cortex that process memory and emotions. They will help you remember how bad falling made you feel so that you will learn how to avoid it in the future.

But why do we need to feel pain?

As this example shows, pain is like a warning signal from your body. It helps protect you by telling you when something is wrong so that you can stop doing it and avoid getting hurt more.

In fact, it’s a problem if you can’t feel pain. Some people have a genetic mutation that changes the way their nociceptors function and do not feel pain at all. This can be very dangerous, because they won’t know when they’re hurt.

Ultimately, feeling that scrape and the pain sensation from it helps keep you safe from harm.

Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live.

And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.

Yenisel Cruz-Almeida receives funding from the National Institutes of Health. She is an Associate Editor at the Journal of Pain and serves as Treasurer on the US Association for the Study of Pain.

– ref. Why does it hurt when you get a scrape? A neuroscientist explains the science of pain – https://theconversation.com/why-does-it-hurt-when-you-get-a-scrape-a-neuroscientist-explains-the-science-of-pain-238499

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits

Source: The Conversation – USA – By Benjamin Chrisinger, Assistant Professor of Community Health, Tufts University

More than 41 million Americans use SNAP benefits to buy groceries. Brandon Bell/Getty Images

President Donald Trump’s pick for director of the Health and Human Services Department, Robert F. Kennedy Jr., has announced a bold plan. He wants to “Make America Healthy Again.”

Kennedy’s strategy has gotten a lot of attention for its oddities, such as his opposition to vaccine mandates and support for raw milk. But it includes some concepts that many public health experts consider sensible, such as calling for a stronger focus on chronic disease prevention and seeking more restrictions on prescription drug advertising aimed at consumers.

But he’s also demanding a ban on junk food from the Supplemental Nutrition Assistance Program. Banning junk food from SNAP is something that has divided public health experts for years.

As public health researchers, we’ve devoted our careers to helping reduce chronic diseases. We agree with Kennedy that a healthy diet and sound nutrition are important ways to improve the nation’s health. We also know from our own research that safety net programs, including SNAP benefits – which are still sometimes called food stamps – are staving off hunger and food insecurity for millions of Americans.

And we’re certain that adding to the restrictions that already limit access to SNAP benefits do little to make Americans healthier.

What is SNAP?

Over 42.1 million Americans, about 13% of all families, receive SNAP benefits. More than 1 in 4 of the households enrolled in the program include someone who is earning at least some income.

More than 4 in 5 families getting SNAP benefits include a child, someone over 65 or someone with a disability. These benefits are distributed on a monthly basis through an electronic benefits transfer card that looks and works like a credit or debit card and can be used at supermarkets and other approved retailers. The federal government has spent more than US$110 billion annually on this program in recent years.

Benefits help get food on the table but typically don’t cover everything a family needs to eat. The average monthly benefit is $195 per person.

Americans who earn less than 130% of the poverty line are eligible for SNAP. In the 2025 fiscal year, a family of three can’t make more than $2,152 a month in net income or have assets of more than $4,500 if a household includes someone over 60, and $3,000 if it doesn’t.

Adults without children or disabilities can’t get these benefits for more than three months every three years unless they meet the program’s work requirements by being employed or spending at least 20 hours weekly in a training program. People who are on strike and foreigners living in the U.S. without authorization are ineligible. People with prior drug-related felony convictions are federally banned from SNAP for life, but states can waive this rule. This program is federally funded but administered by the states, which have some leeway in determining eligibility.

People enrolled in SNAP already face some restrictions on what they can buy with their benefits. They can’t use SNAP to purchase premade or restaurant meals, alcohol, tobacco, or things such as diapers, vitamins and toilet paper.

Why restrict SNAP?

Since SNAP is administered by the U.S. Department of Agriculture, Kennedy would have very little power to change SNAP’s rules should the Senate approve his nomination following the controversial politician’s upcoming confirmation hearing on Jan. 29, 2025.

Still, we’re concerned that his support for new restrictions could help sway the authorities who would be responsible for such a policy change.

Proposals to ban particular foods from SNAP have been floated many times by state legislators and members of Congress over the years.

These bills have generally been designed to exclude supposedly luxury items, such as steak and seafood, or aimed at barring purchases from a different supermarket aisle: candy, soda and other junk foods.

States can’t make this kind of modification without the USDA’s authorization. And so far, the USDA has rebuffed calls for it to allow such measures. Even without the agency’s support, Congress can make changes to these policies in the Farm Bill, which could in the future force the USDA to allow these restrictions in states that ask for them.

The Trump administration, including Kennedy, has signaled its interest in these kinds of restrictions.

Why SNAP restrictions won’t make America healthier

While improving the American diet is a worthy goal, research that we and other scholars have done makes it clear that adding new restrictions to SNAP will do little to help us become a healthier nation.

First, many studies have found that nearly all Americans could eat healthier.

The rich and the poor alike consume unhealthy food in the U.S.

Studies show that while lower-income Americans often spend more of their food budget on unhealthy stuff than more affluent people do, families in the middle and at the top of the income ladder still purchase lots of junk food.

Unsurprisingly, those purchases reflect what we’re eating: Americans at all income levels have diets that don’t satisfy federal dietary guidelines. Spotlighting the poor food choices of SNAP participants would be a distraction from these facts and would risk further stigmatizing a successful anti-hunger program.

Maintaining a good diet is not cheap or straightforward, especially on a low income. The poorest communities have far more inexpensive fast-food chains and dollar stores than their wealthier neighbors, as well as more ads for unhealthy products. Even when they get SNAP benefits, many Americans still struggle to make ends meet, and studies show how this negatively affects the quality of their diets.

Another reason SNAP restrictions wouldn’t make America healthier is that diet is just one of many contributors to chronic diseases. Your level of physical activity, exposure to pollution, stress and genetics, among other things, shape your risk of getting heart disease, diabetes or other chronic diseases.

Flexible but don’t cover all needs

SNAP benefits are fairly flexible, covering just about anything people might want to eat, even if they have dietary restrictions due to their culture or health conditions. The program helps Americans afford most of their basic necessities, although it fails to pay for all the groceries most people who rely on the program need to buy in the course of a month.

SNAP’s main function is preventing the worst effects of hunger and food insecurity for the more than 41 million people relying on it.

There are other ways for the government to help make Americans healthier besides the imposition of stigmatizing restrictions on SNAP. For example, it can create matching programs for SNAP dollars spent on fruits and vegetables, which would give retailers incentives to offer more produce and make it easier for people who get SNAP benefits to buy more healthy food. The USDA has begun to support this kind of effort in several states.

Benjamin Chrisinger receives funding from The Research Innovation and Development Grants in Economics (RIDGE) Partnership.

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

– ref. Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits – https://theconversation.com/why-government-cant-make-america-healthier-by-micromanaging-groceries-purchased-with-snap-benefits-246462

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Europe: Minister for Foreign Affairs visits Colombia

Source: Government of Sweden

Minister for Foreign Affairs visits Colombia – Government.se

Press release from Ministry for Foreign Affairs

Published 27 January 2025

On 28–29 January, Minister for Foreign Affairs Maria Malmer Stenergard will visit Colombia. The visit will include meetings with Colombia’s President Gustavo Petro and Minister of Foreign Affairs Luis Gilberto Murillo. A business delegation comprising around 20 Swedish companies, with a focus on mining and energy, will take part in the visit.

“I look forward to deepening relations between our countries on this visit. Sweden and Colombia enjoy broad cooperation on green transition, gender equality and human rights. There is also extensive trade between our two countries, and strong Swedish business interests in areas including mining and energy,” says Ms Malmer Stenergard.

The visit to Colombia is a follow-up to President Petro’s visit to Sweden in mid-2024. As part of the trip, Ms Malmer Stenergard will visit the department of Chocó on Colombia’s Pacific coast, where she will meet with UN bodies, civil society organisations and public authorities working with peace issues, humanitarian assistance to victims of the armed conflict in Colombia, and women’s empowerment and participation in the peace process.

Press contact

MIL OSI Europe News –

January 28, 2025

MIL-OSI Europe: Statement by President Meloni on Holocaust Remembrance Day and the 80th anniversary of the liberation of Auschwitz

Source: Government of Italy (English)

Eighty years ago, the horror of the Shoah was revealed to the world in all its terrifying force.

On 27 January 1945, the gates of Auschwitz were torn down and, with them, the wall which had prevented the world from clearly seeing the Nazis’ abominable plan to persecute and exterminate the Jewish people crumbled too.

Men, women, children and elderly people ripped from their homes, forced to leave everything behind, and taken to death camps, where they were killed just because they were Jewish. The premeditated brutality of that plan makes the Shoah a tragedy unparalleled in history.

The plan carried out by Hitler’s regime also had the complicity of the fascist regime in Italy, with its disgraceful racial laws and involvement in rounding up and deporting people.

There were many Righteous who bravely stood up against that abyss, and did not hesitate to disobey and risk their own lives in order to save thousands of innocent people.

Today, we commemorate Holocaust Remembrance Day, we remember the names and surnames of the victims and we revive the memory of what happened, also through the first-hand accounts of survivors and their descendants. Living witnesses to a horrific chapter of our past, to whom we extend our gratitude once again, for it is above all thanks to them that today we know what happened. Sami Modiano said: “I am alive to bear witness. There was a bigger plan for me, and I will keep on remembering for as long as I live”. This is an extraordinary lesson, and one we must embrace in order to cultivate remembrance and increasingly raise awareness among the younger generations.

Anti-Semitism was not defeated when the gates of Auschwitz were pulled down. It is a scourge that survived the Holocaust and has taken on different forms, spreading through new means and channels. Combatting anti-Semitism in all its forms, old and new, is a priority for this Government.

We have never wavered in this commitment and we intend to pursue it with strength and determination, also by developing a new national strategy for the fight against anti-Semitism, a detailed and scenario-based document that establishes concrete goals and actions to counter a despicable phenomenon that has no place in our societies.

[Courtesy translation]

MIL OSI Europe News –

January 28, 2025

MIL-OSI United Kingdom: Portsmouth City Council reveals a bold new look for park and ride with easier ways to pay

Source: City of Portsmouth

Portsmouth City Council has unveiled an exciting new design for its park and ride service, showcasing eye-catching blue and pink double-decker buses. Working with operator First Bus Solent, the council has introduced improved ticketing options to provide a more convenient travel experience. The refreshed service now makes it easier for both visitors and commuters to purchase tickets, simplifying travel into the city for work or leisure.

Located just off junction 1 of the M275, Portsmouth Park and Ride provides a less stressful alternative to city driving which allows passengers to avoid a great deal of traffic and enjoy a smoother, more relaxing ride into the heart of Portsmouth. By helping to reduce traffic congestion in the city, the park and ride service plays a crucial role in enhancing air quality, while providing an affordable and efficient way to commute and explore Portsmouth.

The PR1 route runs every 15 minutes and quickly connects passengers in minutes to key destinations, such as Portsmouth International Port, city centre for Guildhall and Commercial Road shopping, and The Hard Interchange, for Historic Dockyard, Gunwharf Quays and onward travel.

Day visitors can take advantage of unlimited travel on the park and ride route for just £4, allowing them to explore the city throughout the day. More regular users can opt for flexible fares, including smartcards and flexipasses, starting at only £2 per day. All ticket choices offer great value for money for up to five passengers.

As part of the council’s renewed contract with First Bus Solent for the next five years, the new-look buses maintain Euro 6 high environmental standards, supporting Portsmouth’s vision to be a green city where people live heathy and active lives. Customers can relax on board with comfortable, high-backed seating, USB charging, next-stop announcements, and high visibility, white-on-black destination displays.

Alongside the refreshed branding, passengers will benefit from improved ticketing options. Tickets can now be purchased via the First Bus app, RingGo app, or directly from the bus driver by cash, card, or contactless payment. Smartcard holders can top up online or through the First Bus app, ensuring a more seamless and flexible travel experience. As part of the rebrand, the council will shortly launch a new website, providing a one-stop-shop where customers can learn more about routes, fares, ticketing and other useful information about the service.

Cllr Peter Candlish, Cabinet Member for Transport, said: “The new look and enhanced ticketing options for park and ride make sustainable and affordable travel into the city easier and more accessible for everyone.

“With the refreshed branding, I’m sure these park and ride buses are set to become a recognisable feature in our city and a key part of the Council’s overall plan to reduce traffic congestion and improve air quality, as we work towards a greener, healthier and better-connected future for everyone.”

For more information on Portsmouth Park and Ride, including routes, ticket options, and timetables, visit https://parkandride.portsmouth.gov.uk

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI United Kingdom: From a war zone to new diabetes diagnostics and treatments A University of Aberdeen diabetes expert will share the incredible journey which took her from a teenager fleeing war-torn Bosnia and Herzegovina in 1994 to becoming the first female Regius Chair of Physiology – a position appointed directly by the King – three decades later.

Source: University of Aberdeen

Professor Mirela DelibegovicA University of Aberdeen diabetes expert will share the incredible journey which took her from a teenager fleeing war-torn Bosnia and Herzegovina in 1994 to becoming the first female Regius Chair of Physiology – a position appointed directly by the King – three decades later.
Professor Mirela Delibegovic will host a Founders’ Week Lecture to celebrate the 530th anniversary of the creation of the University.
At the free event on Wednesday February 12 she will share with the audience how her early life inspired her research journey and details of her ground-breaking work following in the footsteps of another Aberdeen diabetes pioneer, credited with saving millions of lives.
Professor Delibegovic came to the UK on a scholarship from George Heriot’s School in Edinburgh, where her potential as a scientist was encouraged. She went on to study pharmacology at the University of Edinburgh, for a PhD in biochemistry at the University of Dundee and then undertook a postdoctoral fellowship at Harvard Medical School in Boston.
Her initial interest in diabetes research was fuelled by a family history and prevalence of Type 2 diabetes in Bosnia and Herzegovina – and she was determined to play her part in understanding why our bodies stop responding to the effects of our own hormone, insulin.
She now leads the Aberdeen Cardiovascular and Diabetes Centre exploring how diabetes, obesity, heart disease and ageing are woven together and in 2024 her successful research career was recognised when she was appointed by the King as the first female Regius Chair of Physiology.
Her work follows in the footsteps of previous Aberdeen Regius Chair of Physiology, JJR Macleod, who led the Toronto team credited with the discovery of insulin.
Professor Delibogovic said: “Thanks to the team led by Professor Macleod, people living with type 1 diabetes, who do not produce insulin, have been able to inject it for more than a century.
“But it wasn’t until the early 1980s that the receptor through which insulin works was identified and this is crucial knowledge for type 2 diabetes, where the body produces insulin but it doesn’t do its job.
“We are trying to understand if we can use the targets post insulin receptor, to improve patients’ lives either through treatment or through earlier intervention.”
The lecture forms part of the University of Aberdeen’s Founders’ Week celebrations which will also include a discovery day of family fun on Monday February 10 with tours of the Old Aberdeen campus, visits to the Zoology Museum, and STEM activities for all ages delivered by TechFest. The University’s Professor Gordon Noble will also speak at a Café Sci event in Aberdeen Art Gallery on Tuesday February 11 about his research into Pictish kingdoms in north-east Scotland.
The week pays tribute to Aberdeen’s historic origins as an ancient University and provides an opportunity to highlight the important role the institution continues to play in education and research.
Professor Delibegovic collaborates with researchers worldwide and from a range of different disciplines with the aim of turning the findings made at the laboratory bench into diagnostic tools, medicines and other interventions.
“Understanding what causes insulin resistance and finding ways to postpone or even reverse these conditions is crucial to our future health,” she said.
“My hope is that the research we are doing now will lead to simple, achievable and affordable therapies that tackle diabetes and its complications in the future.”
The Founders’ Week inaugural lecture takes place at the Suttie Centre, Foresterhill on February 12 from 6pm to 7.15pm. It will include a question and answer session and will be followed by a reception.
Entry is free but places should be reserved by visiting https://www.abdn.ac.uk/events/21867/

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI United Kingdom: Return of The Big Apprenticeship Event this February

Source: Northern Ireland City of Armagh

Launching The Big Apprenticeship Event for 2025 is SRC CEO Lee Campbell and the Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage.

Southern Regional College’s Big Apprenticeship Event returns this February to Craigavon’s Civic Centre on Thursday 6^th February from 5:00pm to 7:30pm. The Big Apprenticeship Event is a one stop shop for those seeking to start a new apprenticeship course from level 2 to level 5 from September 2025. The event seeks to match potential apprentices with employers, with over 40 employers and support organisations expected to attend both the Newry and Craigavon events. College staff will also be present discussing course modules, entry requirements and assessments.

Also returning to the event this year are student ambassadors from various programmes of study, giving a first-hand account of what it is like being an apprentice and sharing their incredible journeys and giving the low-down on the reality of studying whilst being an apprentice. Employers, support organisations, lecturing staff and student ambassadors alike will be answering questions from attendees.

Now in its 7^th year the Big Apprenticeship Event, delivered in partnership with Armagh City Banbridge and Craigavon Borough Council and the ABC Labour Market Partnership, this event provides opportunities to young people and adult returners alike to develop skills and gain relevant experience with recruiting employers.

Apprenticeships and higher level apprenticeships are flexible career pathways providing the chance to earn a salary while pursuing qualifications. With course fees funded by the Department for the Economy, now has never been a better time to start an apprenticeship or higher level apprenticeship at Southern Regional College.

Apprenticeships are offered at level 2 and 3 at Southern Regional College in over 30 areas ranging from business, children’s care, construction, engineering, hairdressing & barbering, hospitality & food manufacturing to motor vehicles.

Higher Level Apprenticeships provide participants with recognised foundation and honour degrees, referred to as level 5 and 6 qualifications in 20 subject areas. This ranges from accounting, business, finance and marketing, computing, construction, engineering, science, sports & exercise and tourism, hospitality & events management.

The College has successfully run Higher Level Apprenticeship programmes of study for 10 years, providing over 1,200 people with jobs since the inception of the programme. This year could be attendees’ opportunity to add a degree and a new source of employment to their accomplishments.

Lee Campbell, Principal & CEO of Southern Regional College commented:

“We are delighted to once again host The Big Apprenticeship Event in our local communities. The event provides attendees the unique opportunity to start conversations and directly engage with a wide and varied range of employers.

“Attendees will have the opportunity to gather information on the various programmes of study and gain an understanding of the benefits of studying an apprenticeship. Apprenticeships offer value by combining hands on vocational training, equipping individuals with the skills and experience currently in demand by employers.

“Whether you are a school leaver, a career changer, or someone seeking professional development, this event promises to deliver a wealth of knowledge and inspiration to help you shape your future.”

Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage added:

“ABC Council is delighted to support the return of the Big Apprenticeship event on Thursday 6^th February in Craigavon Civic & Conference Centre. Apprenticeships and higher level Apprenticeships have the opportunity to transform the lives of individuals, families and communities, connecting local people with local career pathways in forward-thinking local businesses, sparking partnerships that drive innovation and strengthen our economy.

“Apprenticeships and higher level Apprenticeships are not just a win for individuals who have the opportunity to earn while they learn, but they are also a win for local business and our Borough as a whole as we work collectively to nurture a pipeline of skilled individuals to strengthen the local economy both now and into the future.”

With many career opportunities available, attendees are encouraged to make their way to their closest Big Apprenticeship Event. Free tickets are now available to book using the registration link https://src-big-apprenticeship-event-2025.eventbrite.co.uk

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI Russia: The Polytechnic University honored the memory of the victims of the Leningrad blockade

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

On January 27, the Day of the Complete Liberation of Leningrad from the Siege, the Polytechnic University held the event “Polytechnic. Siege. Leningrad”. The leaders, employees and students of SPbPU, as well as graduates and veterans of the university, gathered at the Monument to the Fallen Polytechnicians to remember those who defended our city, who gave their lives for the victory in the Great Patriotic War.

The residents of besieged Leningrad demonstrated unprecedented fortitude. Despite the fact that they suffered enormous hardships, these people stood firm. Our task is to perform our actions based on the gratitude we feel for the generation that defended the city. I am sure that it is the unity of spirit that will help us overcome any difficulties and cope with any tasks, – the first vice-rector of SPbPU Vitaly Sergeev opened the memorial event.

The event participants remembered the heroes who fought bravely at the front and steadfastly endured the hardships of life in the besieged city. 300 students and teachers of the Polytechnic Institute fought in the 3rd Frunze Division of the Leningrad People’s Militia Army. They were part of one of the companies of the Vyborg Regiment. In August 1941, the militia prevented the creation of a second blockade ring in the Olonetsky direction in Karelia. The institute continued scientific work aimed at solving wartime problems.

During the Great Patriotic War, the Polytechnic University helped the city and the country. And now, during the special military operation, the university provides assistance to various units, including mine. Polytechnicians provide camouflage nets, high-cross-country vehicles, special devices, and help civilians, said SVO participant Kirill Chernykh. He presented letters of gratitude to the SPbPU workforce for their assistance and to the volunteers who weave camouflage nets.

Milana Yukhnevich, Chairperson of the Military History Club “Our Polytechnic”, spoke on behalf of the younger generation. Students of the Natural Science Lyceum Lev Tyukov and Rodion Kurskiyev, as well as third-year college student Daria Brovkina, recited poems.

The siege took more than a million lives, the Great Patriotic War took millions of lives, but time, of course, took even more lives. Unfortunately, there are no more veterans left who came to our memorial events just a few years ago. We must carry the baton of memory, preserve it and gather every year so as not to forget the terrible years of the siege and the war. So that, as today, we honor the memory of those who did not live to see this moment, – shared the leading specialist of the SPbPU History Museum Artem Solovyov.

The rally ended with a minute of silence in memory of all those who died during the blockade and the laying of flowers at the Monument to the Fallen Polytechnicians.

Photo archive

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

MIL OSI Russia News –

January 28, 2025

MIL-OSI Canada: Province Reaches Deal with Crown Attorneys

Source: Government of Canada regional news

The Province has reached a new four-year agreement with the Nova Scotia Crown Attorneys’ Association, which represents 126 Crown attorneys working in the Nova Scotia Public Prosecution Service.

“I thank the association, the negotiating teams and all Crown attorneys for the important work they do every day on behalf of Nova Scotians,” said Justice Minister Becky Druhan. “We came to the table in good faith, and I am pleased that we were able to reach an agreement.”

The contract includes:

economic increases of three per cent on April 1, 2023; 0.5 per cent on March 31, 2024; three per cent on April 1, 2024, two per cent on April 1, 2025, and two per cent on April 1, 2026
a classification adjustment for all Crown attorneys
an on-call compensation adjustment
removing the restricted senior Crown counsel classification
enhancements to equity, diversity, inclusion and accessibility language and efficiencies in the hiring process.

The contract runs from April 1, 2023, to March 31, 2027.

Quotes:

“The Nova Scotia Crown Attorneys’ Association welcomes this new employment agreement as an important investment in the province’s justice system. On behalf of all Nova Scotia’s Crown attorneys, who work every day to ensure justice for vulnerable victims of crime, I want to extend our appreciation to the Province for its commitment to recruiting and retaining the dedicated professionals Nova Scotians deserve.”
— Brian Cox, President, Nova Scotia Crown Attorneys’ Association

Quick Facts:

including the Crown attorneys agreement, more than 300 settlements have been reached through the collective bargaining process since 2021
the agreement was reached with the support of a conciliator

MIL OSI Canada News –

January 28, 2025

MIL-OSI Asia-Pac: Second patient transferred point to point to Hong Kong for treatment by direct cross-boundary ambulance transfer in GBA

Source: Hong Kong Government special administrative region

Second patient transferred point to point to Hong Kong for treatment by direct cross-boundary ambulance transfer in GBA
Second patient transferred point to point to Hong Kong for treatment by direct cross-boundary ambulance transfer in GBA
******************************************************************************************

The following is issued on behalf of the Hospital Authority: The Hospital Authority (HA) announced today (January 27) that Tuen Mun Hospital (TMH) received the second patient under the Pilot Scheme for Direct Cross-boundary Ambulance Transfer in the Greater Bay Area (Pilot Scheme) yesterday afternoon. The patient was transferred to Hong Kong for treatment by a point-to-point cross-boundary ambulance. The HA expresses sincere gratitude to various units in Guangdong and Hong Kong for their proactive co-ordination and collaboration, which enabled the smooth point-to-point transfer of the patient to Hong Kong. A patient was previously admitted to the University of Hong Kong-Shenzhen Hospital (HKU-SZH). After thorough assessment and discussion with patient and family by the medical team, it was decided to transfer the patient back to Hong Kong for ongoing treatment. The patient departed from the HKU-SZH at 2.00pm yesterday and arrived at TMH before 3.00pm, where he is currently receiving treatment and is in stable condition. The spokesperson for the HA stated that upon receiving notification, TMH promptly communicated with the medical team in Shenzhen to understand the patient’s clinical situation and prepare for admitting the patient. The HA expresses heartfelt thanks to all parties involved for their substantial co-ordination and co-operation, ensuring that the patient was swiftly transported directly point to point to Hong Kong for treatment under the care of medical personnel. Without the handover of patients between ambulances at boundary control points, the direct transport not only minimise the risks posed to patients during transfers and improve the patients’ chances of recovery, but also exemplifies that the close collaboration and development of quality healthcare co-operation in the Greater Bay Area (GBA) supports Hong Kong patients residing in the GBA. The spokesperson emphasised that the Pilot Scheme has a mechanism in place to avoid abuse while ensuring the safety of cross-boundary transfer. Doctors at the sending hospital will assess the clinical diagnosis and condition of the patients to determine the necessity for cross-boundary inter-hospital transfer for continuous treatment or recovery services. In general, taking patients safety into consideration, the Pilot Scheme will only facilitate the transfer of emergency patients who have clinical needs, are unable to cross the boundary independently, and whose clinical conditions are stable. Patients who are clinically unstable cannot participate in the scheme. The medical teams from both regions will jointly evaluate cases, exchange information, and co-ordinate to decide whether to initiate the transfer mechanism, ensuring that both the patients and their family are informed of the relevant arrangements and the risks involved in the transfer. The study on the provision of land-based cross-boundary transfers for non-emergency and non-critically ill patients and the exploration of rolling out a pilot co-operation scheme for cross-boundary referrals of patients between designated public hospitals were put forward in the Outline Development Plan for the GBA. The Chief Executive also put forward in his 2023 Policy Address the initiative to explore cross-boundary ambulance transfer arrangements between hospitals in the GBA. Under the staunch support and guidance of various national ministries as well as the concerted efforts of the government departments of Hong Kong, Guangdong and Macao, the Pilot Scheme was set for official launch on November 30 last year. The first patient was transferred point to point from Shenzhen to Hong Kong for treatment by direct cross-boundary ambulance on January 10 this year.

Ends/Monday, January 27, 2025Issued at HKT 21:35

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MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI Security: Harbour Grace — Dangerous driver stopped by Harbour Grace RCMP using spike belt, man arrested

Source: Royal Canadian Mounted Police

After fleeing from Harbour Grace RCMP in a dangerous manner a number of times on January 24, 2025, 38-year-old Shawn Clarke was arrested. Police used a spike belt to successfully bring the vehicle he was operating to a stop.

Shortly after 10:00 a.m. on Friday, in recognizing a Transit van that fled from police earlier in the week, Harbour Grace RCMP attempted to stop what officers believed to be the same van on High Road South in Carbonear. The van failed to stop for police and fled in a dangerous manner. In the interests of public safety, police did not pursue the vehicle.

A short time later, the van was located by police on Cathedral Street in Harbour Grace. Police again attempted to stop the van. The driver fled from police in a dangerous manner and officers did not pursue.

After this, the vehicle was further located by police on Barrack’s Road in Bay Roberts and on Main Road in Shearstown. The driver continued to flee from police and drive dangerously.

A short time later, a spike belt was successfully deployed by Harbour Grace RCMP on Picketts Road in Shearstown, which brought the vehicle to a stop. Clarke exited the van and was arrested without further incident.

Clarke is charged with the following criminal offences:

Flight from police – multiple counts
Dangerous operation – multiple counts
Failure to comply with a probation order

He attended court on Friday, was remanded into custody and will appear in court again today.

MIL Security OSI –

January 28, 2025

MIL-OSI: LM Funding America Achieves 560 PH/s with 15 MW Oklahoma Mining Site Active

Source: GlobeNewswire (MIL-OSI)

Tampa, FL, Jan. 27, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA), (“LM Funding” or the “Company”) a Bitcoin mining and technology-based specialty finance company, today announced the successful deployment of approximately 432 petahash per second (“PH/s”) of miners at its 15 MW mining site in Oklahoma. This expansion increases the Company’s total fleet to 5,121 active miners for an energized hashrate of approximately 560 PH/s across multiple sites, of which 432 PH/s can be overclocked at the Oklahoma mining site.

Bruce M. Rodgers, Chairman and CEO of LM Funding America stated, “We are pleased to announce that with the deployment of additional miners at our 15 MW Oklahoma site, we now have approximately 560 PH/s across our mining operations. This marks the achievement of our previously outlined objectives and we plan to aggressively pursue the acquisition of additional mining sites that align with our strategic investment criteria.”

Ryan Duran, President of LM Funding America’s US Digital Mining & Hosting Co. subsidiary, stated, “Through the dedicated efforts of our team and strategic partnerships, we successfully met our installation targets. This includes the successful transition of 1,440 miners from storage to active deployment, showcasing our commitment to operational excellence.”

About LM Funding America
LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. It operates through two segments; Specialty Finance and Mining Operations. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
Email: LMFA@crescendo-ir.com

The MIL Network –

January 28, 2025

MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.73 Per Share for Q4 2024; Twelve Month 2024 Earnings up 10% to $2.37 per Share

Source: GlobeNewswire (MIL-OSI)

WAUSAU, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported fourth quarter earnings ending December 31, 2024 of $0.73 per common share on net income of $3.0 million, compared to $0.69 per common share on net income of $2.9 million during the third quarter ending September 30, 2024, and $0.55 per common share on net income of $2.3 million during the fourth quarter ending December 31, 2023. For the fiscal year ended December 31, 2024, PSB reported earnings of $2.37 per common share on net income of $9.8 million compared to $2.16 per common share on earnings of $9.1 million for the fiscal year ended December 31, 2023.

PSB’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) higher net interest income supported by a net interest margin increase of six basis points; (2) lower non-interest income due primarily to a loss on the sale of securities; (3) slightly lower non-interest expenses due to lower salaries and employee benefit expenses; and (4) loan growth of 2% during the quarter.

“We are pleased with our results for the fourth quarter and fiscal 2024. We continue to maintain strong asset quality and controlled expenses, and expect to see continued expansion in our net interest margin as loan products continue to reset to higher yields and funding costs stabilize or decline. Additionally, we expect to see stronger loan growth in fiscal 2025. We are focused on delivering strong returns to shareholders through capital growth, payment of dividends and supporting our stock price through stock repurchases, when economically appropriate,” stated Scott Cattanach, President and CEO.

December 31, 2024, Highlights:

Net interest income increased to $10.4 million for the quarter ended December 31, 2024, from $9.9 million for the quarter ended September 30, 2024. Asset and loan yields increased while funding costs declined slightly.
Noninterest income decreased $566,000 to $1.3 million for the quarter ended December 31, 2024, compared to $1.8 million the prior quarter due primarily to a loss on the sale of securities.
Noninterest expenses decreased to $8.0 million during the quarter ended December 31, 2024 from $8.2 million for the quarter ended September 30, 2024, reflecting lower salary and benefit expenses.
Loans increased $20.2 million, or 2% in the fourth quarter ended December 31, 2024, to $1.08 billion largely due to new commercial real estate and construction and development loans. Allowance for credit losses was 1.13% of gross loans.
Non-performing assets remained unchanged at $10.4 million, or 0.71% of total assets at December 31, 2024 compared to the previous quarter.
Total deposits increased slightly to $1.15 billion at December 31, 2024 from $1.14 billion at September 30, 2024, with the increase largely consisting of interest-bearing demand and savings deposits.
Return on average tangible common equity was 11.07% for the quarter ended December 31, 2024, compared to 10.96% the prior quarter and 9.64% in the year ago quarter.
Tangible book value per common share was up 9.0% over the past year to $25.98 at December 31, 2024, compared to $23.84 at December 31, 2023. Additionally, PSB paid dividends totaling $0.64 per share during 2024, up 6.7% over the prior year.
On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

Balance Sheet and Asset Quality Review

Total assets decreased $10.0 million during the fourth quarter to $1.47 billion at December 31, 2024, compared to September 30, 2024. Cash and cash equivalents decreased $46.6 million to $40.5 million at December 31, 2024 from $87.1 million at September 30, 2024 as funds were used to originate new loans and pay down FHLB advances. Cash and cash equivalents increased $12.7 million from one year earlier. Investment securities available for sale increased $14.2 million to $189.1 million at December 31, 2024, from $174.9 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $349 million at December 31, 2024, with an additional $354 million that could be raised in a short time frame from the brokered CDs market.

Total loans receivable increased $20.2 million to $1.08 billion at December 31, 2024, compared to one quarter earlier, due primarily to increased commercial non-real estate, commercial real estate and construction lending. Commercial non-real estate loans increased $5.1 million to $144.2 million at December 31, 2024, from $139.0 million one quarter earlier. Commercial real estate loans increased $10.1 million to $551.6 million at December 31, 2024 and construction and development lending increased $18.4 million to $79.4 million at December 31, 2024, compared to one quarter earlier. Offsetting gross loan growth, loans in process of disbursement increased $10.0 million to $27.8 million as new construction and development loans have not been fully funded. Residential real estate loans decreased $3.9 million from the prior quarter to $337.5 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.5% of gross loans, followed by residential real estate loans at 30.2% of gross loans, commercial non-real estate loans at 12.9% and consumer loans at 0.4%.

The allowance for credit losses decreased slightly to 1.13% of gross loans at December 31, 2024, from 1.18% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended December 31, 2024. Non-performing assets remained at 0.71% of total assets at December 31, 2024 and totaled $10.4 million. Approximately 71% of the non-performing assets consisted of three loan relationships. For the eighth consecutive quarter, the Bank did not own any foreclosed real estate.

Total deposits increased $8.2 million to $1.15 billion at December 31, 2024, from $1.14 billion at September 30, 2024. The increase in deposits reflects a $12.9 million increase in interest-bearing demand and savings deposits and a $3.3 million increase in retail and local time deposits greater than $250,000, offset by a $1.5 million decrease in money market deposits, a $5.6 million decrease in non-interest bearing deposits and a $0.9 million decrease in retail and local time deposits less than $250,000.

At December 31, 2024, non-interest bearing demand deposits decreased to 22.6% of total deposits from 23.3% the prior quarter, while interest-bearing demand and savings deposits increased to 29.4% of deposits, compared to 28.4% at September 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at December 31, 2024, from 21.7% of total deposits at September 30, 2024.

FHLB advances decreased $19.0 million to $162.3 million at December 31, 2024, compared to $181.3 million at September 30, 2024.

Tangible stockholder equity as a percent of total tangible assets was 7.76% at December 31, 2024, compared to 7.85% at September 30, 2024, and 7.49% at December 31, 2023.

Tangible net book value per common share increased $2.14 to $25.98, at December 31, 2024, compared to $23.84 one year earlier, an increase of 9.0% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.41, tangible net book value per common share decreased primarily due to a fair market value decrease in the investment portfolios and payment of dividends. The accumulated other comprehensive loss on the investment portfolio was $19.3 million at December 31, 2024, compared to $15.8 million one quarter earlier.

Operations Review

Net interest income increased to $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, from $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the fourth quarter of 2023. Earning asset yields remained flat at 5.29% during the fourth quarter of 2024, while interest bearing deposit and borrowing costs decreased seven basis points to 3.06% compared to 3.13% during the third quarter of 2024. Relative to one year earlier, earning asset yields were up 30 basis points while interest bearing deposit and borrowing costs increased 27 basis points.

The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the fourth quarter of 2024 to 5.80% from 5.78% for the third quarter of 2024. Taxable security yields were 3.16% for the quarter ended December 31, 2024, compared to 3.01% for the quarter ended September 30, 2024, while tax-exempt security yields were flat at 3.31% for the quarter ended December 31, 2024. The increase in taxable security yields reflect the rise in interest rates and security restructuring activity from security sales.

The cost of all deposits declined to 2.08% for the quarter ended December 31, 2024, compared to 2.11% the prior quarter, while the overall cost of funds decreased seven basis points to 3.06% from 3.13% during the same time period. Deposit costs for all deposit categories decreased during the fourth quarter with time deposits decreasing two basis points to 4.02%, money market deposits decreasing 13 basis points to 2.56% and savings and demand deposits decreasing two basis points to 2.56%. FHLB advances also declined four basis points to 4.40% for the quarter ended December 31, 2024.

Total noninterest income decreased during the fourth quarter of 2024 to $1.28 million, from $1.84 million for the third quarter of 2024 due primarily to a net loss on sale of securities. Mortgage banking income decreased slightly to $414,000 in the fourth quarter from $433,000 the prior quarter while various decreases in nominal revenue sources accounted for the remaining decline in noninterest income. At December 31, 2024, the Bank serviced $373.5 million in secondary market residential mortgage loans for others which provide fee income.

Noninterest expenses decreased $149,000 to $8.0 million for the fourth quarter of 2024, compared to $8.2 million for the third quarter of 2024 and increased $644,000 from $7.4 million for the fourth quarter of 2023. Relative to one year earlier, salary and benefit cost increased $447,000, or 10.5% to $4.7 million for the quarter ended December 31, 2024, compared to $4.2 million for the fourth quarter ended December 31, 2023.

Taxes decreased $69,000 during the fourth quarter to $524,000, from $593,000 one quarter earlier. The effective tax rate for the quarter ended December 31, 2024, was 14.4% compared to 16.6% for the third quarter ended September 30, 2024, and 26.7% for the fourth quarter ended December 31, 2023.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.



PSB Holdings, Inc.
Consolidated Balance Sheets
December 31, September 30, June 30, and March 31, 2024, unaudited, December 31, 2023 derived from audited financial statements

	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(dollars in thousands, except per share data)		2024			2024			2024			2024			2023

Assets

Cash and due from banks	$	21,414		$	23,554		$	16,475		$	13,340		$	20,887
Interest-bearing deposits		3,724			5,126			251			105			1,431
Federal funds sold		15,360			58,434			69,249			2,439			5,462

Cash and cash equivalents		40,498			87,114			85,975			15,884			27,780
Securities available for sale (at fair value)		189,086			174,911			165,177			165,566			164,024
Securities held to maturity (fair values of $79,654, $82,389, $79,993, $81,234 and
$82,514 respectively)		86,748			86,847			86,825			87,104			87,081
Equity securities		2,782			1,752			1,661			1,474			1,474
Loans held for sale		217			–			2,268			865			230
Loans receivable, net (allowance for credit losses of $12,342, $12,598, $12,597,
$12,494 and $12,302 respectively)		1,078,204			1,057,974			1,074,844			1,081,394			1,078,475
Accrued interest receivable		5,042			4,837			5,046			5,467			5,136
Foreclosed assets		–			–			–			–			–
Premises and equipment, net		13,805			14,065			14,048			13,427			13,098
Mortgage servicing rights, net		1,742			1,727			1,688			1,657			1,664
Federal Home Loan Bank stock (at cost)		8,825			8,825			8,825			7,006			6,373
Cash surrender value of bank-owned life insurance		24,732			24,565			24,401			24,242			24,085
Core deposit intangible		195			212			229			249			273
Goodwill		2,541			2,541			2,541			2,541			2,541
Other assets		11,539			10,598			12,111			11,682			11,866

TOTAL ASSETS	$	1,465,956		$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100

Liabilities

Non-interest-bearing deposits	$	259,515		$	265,078		$	250,435		$	247,608		$	266,829
Interest-bearing deposits		887,834			874,035			901,886			865,744			874,973

Total deposits		1,147,349			1,139,113			1,152,321			1,113,352			1,141,802

Federal Home Loan Bank advances		162,250			181,250			184,900			158,250			134,000
Other borrowings		6,872			6,128			5,775			8,096			8,058
Senior subordinated notes		4,781			4,779			4,778			4,776			4,774
Junior subordinated debentures		13,023			12,998			12,972			12,947			12,921
Allowance for credit losses on unfunded commitments		672			477			477			477			577
Accrued expenses and other liabilities		14,723			12,850			13,069			10,247			12,681

Total liabilities		1,349,670			1,357,595			1,374,292			1,308,145			1,314,813

Stockholders’ equity

Preferred stock – no par value:
Authorized – 30,000 shares; no shares issued or outstanding
Outstanding – 7,200 shares, respectively		7,200			7,200			7,200			7,200			7,200
Common stock – no par value with a stated value of $1.00 per share:
Authorized – 18,000,000 shares; Issued – 5,490,798 shares
Outstanding – 4,092,977, 4,105,594, 4,128,382, 4,147,649 and
4,164,735 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,610			8,567			8,527			8,466			8,460
Retained earnings		139,838			138,142			135,276			134,271			132,666
Accumulated other comprehensive income (loss), net of tax		(19,314	)		(15,814	)		(20,503	)		(20,775	)		(20,689	)
Treasury stock, at cost – 1,397,821, 1,385,204, 1,362,416, 1,343,149 and
1,326,063 shares, respectively		(21,878	)		(21,552	)		(20,983	)		(20,579	)		(20,180	)

Total stockholders’ equity		116,286			118,373			111,347			110,413			109,287

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,465,956		$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100

PSB Holdings, Inc.
Consolidated Statements of Income
	Quarter Ended													Years Ended
(dollars in thousands,	Dec. 31,			Sep. 30,		Jun. 30,		Mar. 31,			Dec. 31,			December
except per share data – unaudited)		2024			2024		2024		2024			2023			2024			2023

Interest and dividend income:
Loans, including fees	$	15,646		$	15,634	$	15,433	$	15,109		$	14,888		$	61,822		$	53,633
Securities:
Taxable		1,545			1,345		1,295		1,197			1,147			5,382			4,919
Tax-exempt		522			522		521		526			532			2,091			2,137
Other interest and dividends		948			699		265		343			320			2,255			851

Total interest and dividend income		18,661			18,200		17,514		17,175			16,887			71,550			61,540

Interest expense:
Deposits		6,027			5,905		5,838		6,082			5,526			23,852			16,993
FHLB advances		1,890			2,038		1,860		1,450			1,349			7,238			4,417
Other borrowings		57			57		58		60			54			232			215
Senior subordinated notes		59			59		58		59			59			235			238
Junior subordinated debentures		252			252		255		251			254			1,010			985

Total interest expense		8,285			8,311		8,069		7,902			7,242			32,567			22,848

Net interest income		10,376			9,889		9,445		9,273			9,645			38,983			38,692
Provision for credit losses		–			–		100		95			100			195			450

Net interest income after provision for credit losses		10,376			9,889		9,345		9,178			9,545			38,788			38,242

Noninterest income:
Service fees		362			367		350		336			360			1,415			1,448
Mortgage banking income		414			433		433		308			247			1,588			1,228
Investment and insurance sales commissions		226			230		222		121			100			799			910
Net loss on sale of securities		(511	)		–		–		(495	)		(297	)		(1,006	)		(576	)
Increase in cash surrender value of life insurance		166			165		159		157			154			647			615
Life insurance death benefit		–			–		–		–			–			–			533
Other noninterest income		620			648		742		617			540			2,627			2,562

Total noninterest income		1,277			1,843		1,906		1,044			1,104			6,070			6,720

Noninterest expense:
Salaries and employee benefits		4,691			4,771		5,167		5,123			4,244			19,752			18,648
Occupancy and facilities		691			757		733		721			675			2,902			2,761
Loss (gain) on foreclosed assets		–			1		–		–			1			1			(45	)
Data processing and other office operations		1,111			1,104		1,047		1,022			1,001			4,284			3,785
Advertising and promotion		141			164		171		129			244			605			733
Core deposit intangible amortization		17			17		20		24			24			78			109
Other noninterest expenses		1,351			1,337		1,257		1,306			1,169			5,251			4,557

Total noninterest expense		8,002			8,151		8,395		8,325			7,358			32,873			30,548

Income before provision for income taxes		3,651			3,581		2,856		1,897			3,291			11,985			14,414
Provision for income taxes		524			593		410		169			878			1,696			4,845

Net income	$	3,127		$	2,988	$	2,446	$	1,728		$	2,413		$	10,289		$	9,569
Preferred stock dividends declared	$	122		$	122	$	122	$	122		$	122		$	486		$	486

Net income available to common shareholders	$	3,005		$	2,866	$	2,324	$	1,606		$	2,291		$	9,803		$	9,083
Basic earnings per common share	$	0.73		$	0.69	$	0.56	$	0.39		$	0.55		$	2.37		$	2.16
Diluted earnings per common share	$	0.73		$	0.69	$	0.56	$	0.39		$	0.55		$	2.37		$	2.16

PSB Holdings, Inc.
Quarterly Financial Summary
(dollars in thousands, except per share data)		Quarter ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
Earnings and dividends:			2024			2024			2024			2024			2023

	Interest income	$	18,661		$	18,200		$	17,514		$	17,175		$	16,887
	Interest expense	$	8,285		$	8,311		$	8,069		$	7,902		$	7,242
	Net interest income	$	10,376		$	9,889		$	9,445		$	9,273		$	9,645
	Provision for credit losses	$	–		$	–		$	100		$	95		$	100
	Other noninterest income	$	1,277		$	1,843		$	1,906		$	1,044		$	1,104
	Other noninterest expense	$	8,002		$	8,151		$	8,395		$	8,325		$	7,358
	Net income available to common shareholders	$	3,005		$	2,866		$	2,324		$	1,606		$	2,291

	Basic earnings per common share (3)	$	0.73		$	0.69		$	0.56		$	0.39		$	0.55
	Diluted earnings per common share (3)	$	0.73		$	0.69		$	0.56		$	0.39		$	0.55
	Dividends declared per common share (3)	$	0.32		$	–		$	0.32		$	–		$	0.30
	Tangible net book value per common share (4)	$	25.98		$	26.41		$	24.55		$	24.21		$	23.84

	Semi-annual dividend payout ratio		23.27	%		n/a			33.61	%		n/a			38.14	%
	Average common shares outstanding		4,094,360			4,132,218			4,139,456			4,154,702			4,168,924


Balance sheet – average balances:
	Loans receivable, net of allowances for credit loss	$	1,064,619		$	1,066,795		$	1,088,013		$	1,081,936		$	1,081,851
	Assets	$	1,479,812		$	1,445,613		$	1,433,749		$	1,429,437		$	1,424,240
	Deposits	$	1,151,450		$	1,110,854		$	1,111,240		$	1,138,010		$	1,148,399
	Stockholders’ equity	$	118,396		$	114,458		$	110,726		$	109,473		$	105,060


Performance ratios:
	Return on average assets (1)		0.84	%		0.82	%		0.69	%		0.49	%		0.67	%
	Return on average common stockholders’ equity (1)		10.75	%		10.63	%		9.03	%		6.32	%		9.29	%
	Return on average tangible common
	stockholders’ equity (1)(4)		11.07	%		10.96	%		9.34	%		6.57	%		9.64	%
	Net loan charge-offs to average loans (1)		0.02	%		0.00	%		0.00	%		0.00	%		0.00	%
	Nonperforming loans to gross loans		0.95	%		0.97	%		1.15	%		1.08	%		0.54	%
	Nonperforming assets to total assets		0.71	%		0.71	%		0.84	%		0.83	%		0.42	%
	Allowance for credit losses to gross loans		1.13	%		1.18	%		1.16	%		1.14	%		1.13	%
	Nonperforming assets to tangible equity
	plus the allowance for credit losses (4)		8.85	%		8.71	%		11.09	%		10.59	%		5.38	%
	Net interest rate margin (1)(2)		2.96	%		2.90	%		2.84	%		2.80	%		2.88	%
	Net interest rate spread (1)(2)		2.23	%		2.16	%		2.15	%		2.12	%		2.20	%
	Service fee revenue as a percent of
	average demand deposits (1)		0.53	%		0.56	%		0.56	%		0.54	%		0.52	%
	Noninterest income as a percent
	of gross revenue		6.40	%		9.20	%		9.81	%		5.73	%		6.14	%
	Efficiency ratio (2)		67.59	%		68.43	%		72.52	%		78.93	%		67.04	%
	Noninterest expenses to average assets (1)		2.15	%		2.24	%		2.35	%		2.34	%		2.05	%
	Average stockholders’ equity less accumulated
	other comprehensive income (loss) to
	average assets		9.08	%		9.06	%		9.03	%		8.98	%		8.88	%
	Tangible equity to tangible assets (4)		7.76	%		7.85	%		7.32	%		7.60	%		7.49	%

Stock price information:

	High	$	27.90		$	25.00		$	21.40		$	22.50		$	22.30
	Low	$	25.00		$	20.30		$	19.75		$	20.05		$	20.10
	Last trade value at quarter-end	$	26.50		$	25.00		$	20.40		$	21.25		$	22.11

(1) Annualized
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
(4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.


PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income

		Quarter Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(dollars in thousands – unaudited)			2024			2024			2024			2024			2023

Net income		$	3,127		$	2,988		$	2,446		$	1,728		$	2,413

Other comprehensive income:

	Unrealized gain (loss) on securities available for sale, net of tax		(3,955	)		4,738			184			(615	)		5,278

	Reclassification adjustment for security loss included in net income, net of tax		404			–			–			391			280

	Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19		(76	)		–			–			(35	)		–

	Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity, net of tax		90			90			89			91			91

	Unrealized gain (loss) on interest rate swap, net of tax		65			(101	)		39			122			(109	)

	Reclassification adjustment of interest rate swap settlements included in earnings, net of tax		(27	)		(38	)		(40	)		(41	)		(39	)


Other comprehensive income (loss)			(3,499	)		4,689			272			(87	)		5,501

Comprehensive income (loss)		$	(372	)	$	7,677		$	2,718		$	1,641		$	7,914

PSB Holdings, Inc.
Nonperforming Assets as of:
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(dollars in thousands)		2024			2024			2024			2024			2023

Nonaccrual loans (excluding restructured loans)	$	10,109		$	10,116		$	12,184		$	11,498		$	5,596
Nonaccrual restructured loans		18			25			28			30			34
Restructured loans not on nonaccrual		286			292			299			304			310
Accruing loans past due 90 days or more		–			–			–			–			–

Total nonperforming loans		10,413			10,433			12,511			11,832			5,940
Other real estate owned		–			–			–			–			–

Total nonperforming assets	$	10,413		$	10,433		$	12,511		$	11,832		$	5,940

Nonperforming loans as a % of gross loans receivable		0.95	%		0.97	%		1.15	%		1.08	%		0.54	%
Total nonperforming assets as a % of total assets		0.71	%		0.71	%		0.84	%		0.83	%		0.42	%
Allowance for credit losses as a % of nonperforming loans		118.52	%		120.75	%		100.69	%		105.59	%		207.10	%

PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At December 31, 2024
(dollars in thousands)
		Gross			Specific
Collateral Description	Asset Type	Principal			Reserves

Real estate – Recreational Facility	Nonaccrual	$	4,126		$	151
Real estate – Independent Auto Repair	Nonaccrual		538			–
Real estate – Dealership	Nonaccrual		2,708			560


Total listed nonperforming assets		$	7,372		$	711
Total bank wide nonperforming assets		$	10,413		$	1,043
Listed assets as a % of total nonperforming assets			71	%		68	%

PSB Holding, Inc.
Loan Composition by Collateral Type
Quarter-ended (dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023

Commercial:
Commercial and industrial	$	116,864		$	115,234		$	125,508		$	118,821		$	117,207
Agriculture		11,568			11,203			11,480			12,081			12,304
Municipal		15,733			12,596			11,190			28,842			31,530

Total Commercial		144,165			139,033			148,178			159,744			161,041

Commercial Real Estate:
Commercial real estate		551,641			541,577			544,171			546,257			536,209
Construction and development		79,377			60,952			70,540			63,375			81,701

Total Commercial Real Estate		631,018			602,529			614,711			609,632			617,910

Residential real estate:
Residential		271,643			269,954			270,944			274,300			274,453
Construction and development		28,959			34,655			36,129			34,158			33,960
HELOC		36,887			36,734			33,838			31,357			29,766

Total Residential Real Estate		337,489			341,343			340,911			339,815			338,179

Consumer installment		5,060			4,770			4,423			4,867			4,357

Subtotals – Gross loans		1,117,732			1,087,675			1,108,223			1,114,058			1,121,487
Loans in process of disbursement		(27,791	)		(17,836	)		(21,484	)		(20,839	)		(31,359	)

Subtotals – Disbursed loans		1,089,941			1,069,839			1,086,739			1,093,219			1,090,128
Net deferred loan costs		605			733			702			669			649
Allowance for credit losses		(12,342	)		(12,598	)		(12,597	)		(12,494	)		(12,302	)

Total loans receivable	$	1,078,204		$	1,057,974		$	1,074,844		$	1,081,394		$	1,078,475

PSB Holding, Inc.
Selected Commercial Real Estate Loans by Purpose
	Dec 31,				Sept 30,				June 30,				Mar 31,				Dec 31,
(dollars in thousands)	2024				2024				2024				2024				2023

	Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)
Multi Family	$	140,087	14.0	%	$	140,307	14.7	%	$	146,873	15.2	%	$	142,001	14.4	%	$	132,386	13.2	%
Industrial and Warehousing		88,297	8.8			86,818	9.1			86,025	8.9			85,409	8.6			83,817	8.3
Retail		33,991	3.4			33,020	3.5			34,846	3.6			33,177	3.4			35,419	3.5
Hotels		31,101	3.1			31,611	3.3			34,613	3.6			35,105	3.6			36,100	3.6
Office		6,234	0.6			6,378	0.7			6,518	0.7			6,655	0.7			6,701	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	December 31,				September 30,				June 30,				March 31,				December 31,
(dollars in thousands)		2024				2024				2024				2024				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	204,167	17.8	%	$	210,534	18.5	%	$	202,343	17.5	%	$	199,076	17.8	%	$	197,571	17.3	%
Interest-bearing demand and savings		315,900	27.6	%		305,631	26.8	%		304,392	26.5	%		318,673	28.7	%		317,984	27.8	%
Money market deposits		141,024	12.3	%		138,376	12.2	%		137,637	12.0	%		143,167	12.9	%		142,887	12.5	%
Retail and local time deposits <= $250		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%

Total core deposits		816,190	71.2	%		810,529	71.2	%		793,670	69.0	%		809,320	72.7	%		807,587	70.7	%
Retail and local time deposits > $250		25,500	2.2	%		23,500	2.1	%		22,500	2.0	%		24,508	2.3	%		23,000	2.0	%
Broker & national time deposits <= $250		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%

Totals	$	899,095	78.4	%	$	891,434	78.3	%	$	873,988	76.0	%	$	897,809	80.7	%	$	904,077	79.1	%

PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	December 31,				September 30,				June 30,				March 31,				December 31,
(dollars in thousands)		2024				2024				2024				2024				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	55,348	4.8	%	$	54,544	4.8	%	$	48,092	4.1	%	$	48,532	4.4	%	$	69,258	6.1	%
Interest-bearing demand and savings		20,934	1.8	%		18,317	1.6	%		32,674	2.8	%		20,535	1.8	%		20,316	1.8	%
Money market deposits		153,334	13.4	%		157,489	13.8	%		177,954	15.4	%		124,766	11.2	%		124,518	10.9	%
Retail and local time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Total core deposits		229,616	20.0	%		230,350	20.2	%		258,720	22.3	%		193,833	17.4	%		214,092	18.8	%
Retail and local time deposits > $250		18,638	1.6	%		17,329	1.5	%		19,613	1.7	%		21,710	1.9	%		23,633	2.1	%
Broker & national time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%
Broker & national time deposits > $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Totals	$	248,254	21.6	%	$	247,679	21.7	%	$	278,333	24.0	%	$	215,543	19.3	%	$	237,725	20.9	%


PSB Holdings, Inc.
Deposit Composition

Total Deposits	December 31,				September 30,				June 30,				March 31,				December 31,
(dollars in thousands)		2024				2024				2024				2024				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	259,515	22.6	%	$	265,078	23.3	%	$	250,435	21.6	%	$	247,608	22.2	%	$	266,829	23.4	%
Interest-bearing demand and savings		336,834	29.4	%		323,948	28.4	%		337,066	29.3	%		339,208	30.5	%		338,300	29.6	%
Money market deposits		294,358	25.7	%		295,865	26.0	%		315,591	27.4	%		267,933	24.1	%		267,405	23.4	%
Retail and local time deposits <= $250		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%

Total core deposits		1,045,806	91.2	%		1,040,879	91.4	%		1,052,390	91.3	%		1,003,153	90.1	%		1,021,679	89.5	%
Retail and local time deposits > $250		44,138	3.8	%		40,829	3.6	%		42,113	3.7	%		46,218	4.2	%		46,633	4.1	%
Broker & national time deposits <= $250		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%

Totals	$	1,147,349	100.0	%	$	1,139,113	100.0	%	$	1,152,321	100.0	%	$	1,113,352	100.0	%	$	1,141,802	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)


	Quarter ended December 31, 2024							Quarter ended September 30, 2024							Quarter ended December 31, 2023
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,077,242		$	15,693	5.80	%	$	1,079,393		$	15,674	5.78	%	$	1,094,152		$	14,974	5.43	%
Taxable securities		194,272			1,545	3.16	%		177,520			1,345	3.01	%		167,366			1,147	2.72	%
Tax-exempt securities (2)		79,475			661	3.31	%		79,472			661	3.31	%		80,922			673	3.30	%
FHLB stock		8,825			227	10.23	%		8,825			176	7.93	%		6,373			158	9.84	%
Other		58,405			721	4.91	%		36,680			523	5.67	%		11,846			162	5.43	%

Total (2)		1,418,219			18,847	5.29	%		1,381,890			18,379	5.29	%		1,360,659			17,114	4.99	%

Non-interest-earning assets:
Cash and due from banks		15,500							17,162							16,243
Premises and equipment,
net		14,001							14,216							13,243
Cash surrender value ins		24,625							24,458							23,990
Other assets		20,090							20,485							22,406
Allowance for credit
losses		(12,623	)						(12,598	)						(12,301	)

Total	$	1,479,812						$	1,445,613						$	1,424,240

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	319,777		$	1,479	1.84	%	$	323,841		$	1,515	1.86	%	$	327,036		$	1,296	1.57	%
Money market deposits		304,897			1,961	2.56	%		277,884			1,876	2.69	%		272,087			1,820	2.65	%
Time deposits		256,201			2,587	4.02	%		247,296			2,514	4.04	%		273,332			2,410	3.50	%
FHLB borrowings		170,701			1,890	4.40	%		182,414			2,038	4.44	%		133,560			1,349	4.01	%
Other borrowings		6,848			57	3.31	%		6,702			57	3.38	%		6,999			54	3.06	%
Senior sub. notes		4,780			59	4.91	%		4,779			59	4.91	%		4,773			59	4.90	%
Junior sub. debentures		13,011			252	7.71	%		12,985			252	7.72	%		12,909			254	7.81	%

Total		1,076,215			8,285	3.06	%		1,055,901			8,311	3.13	%		1,030,696			7,242	2.79	%

Non-interest-bearing liabilities:
Demand deposits		270,575							261,833							275,944
Other liabilities		14,626							13,421							12,540
Stockholders’ equity		118,396							114,458							105,060

Total	$	1,479,812						$	1,445,613						$	1,424,240

Net interest income				$	10,562						$	10,068						$	9,872
Rate spread						2.23	%						2.16	%						2.20	%
Net yield on interest-earning assets						2.96	%						2.90	%						2.88	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
	Year ended December 31, 2024							Year ended December 31, 2023
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,087,816		$	62,085	5.71	%	$	1,043,144		$	53,824	5.16	%
Taxable securities		179,074			5,382	3.01	%		183,984			4,919	2.67	%
Tax-exempt securities (2)		79,735			2,647	3.32	%		81,481			2,705	3.32	%
FHLB stock		8,024			750	9.35	%		5,304			386	7.28	%
Other		29,153			1,505	5.16	%		9,073			465	5.13	%

Total (2)		1,383,802			72,369	5.23	%		1,322,986			62,299	4.71	%

Non-interest-earning assets:
Cash and due from banks		16,841							17,110
Premises and equipment, net		13,834							13,294
Cash surrender value ins		24,382							24,331
Other assets		20,911							23,136

Allowance for credit losses		(12,528	)						(12,079	)

Total	$	1,447,242						$	1,388,778

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand deposits	$	331,411		$	6,133	1.85	%	$	344,906		$	4,582	1.33	%
Money market deposits		281,828			7,569	2.69	%		249,079			5,328	2.14	%
Time deposits		256,265			10,150	3.96	%		261,595			7,083	2.71	%
FHLB borrowings		167,708			7,238	4.32	%		116,282			4,417	3.80	%
Other borrowings		7,241			232	3.20	%		7,061			215	3.04	%
Senior sub. notes		4,778			235	4.92	%		4,927			238	4.83	%
Junior sub. debentures		12,972			1,010	7.79	%		12,870			985	7.65	%

Total		1,062,203			32,567	3.07	%		996,720			22,848	2.29	%

Non-interest-bearing liabilities:
Demand deposits		258,173							274,273
Other liabilities		13,475							12,397
Stockholders’ equity		113,391							105,388

Total	$	1,447,242						$	1,388,778

Net interest income				$	39,802						$	39,451
Rate spread						2.16	%						2.42	%
Net yield on interest-earning assets						2.88	%						2.98	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com

The MIL Network –

January 28, 2025

MIL-OSI: Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

Source: GlobeNewswire (MIL-OSI)

EAU CLAIRE, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $2.7 million and earnings per diluted share of $0.27 for the fourth quarter ended December 31, 2024, compared to $3.3 million and earnings per diluted share of $0.32 for the quarter ended September 30, 2024, and $3.7 million and $0.35 earnings per diluted share for the quarter ended December 31, 2023, respectively.

The Company’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) increase in net interest income of $0.4 million with net interest margin increased by 16 basis points; (2) a $0.05 million increase in negative provision for credit losses to $0.45 million in the fourth quarter; (3) lower non-interest income of $0.9 million primarily due to $0.5 million lower gain on sale of loans and $0.2 million higher net losses on sale of equity securities in the fourth quarter of 2024; and (4) higher non-interest expense primarily due to higher REO expenses of $0.2 million and higher professional fees of $0.2 million.

Book value per share improved to $17.94 at December 31, 2024, compared to $17.88 at September 30, 2024, and $16.60 at December 31, 2023. Tangible book value per share (non-GAAP)¹ was $14.69 at December 31, 2024, compared to $14.64 at September 30, 2024, and a 9.5% increase from $13.42 at December 31, 2023. For the fourth quarter of 2024, tangible book value was positively influenced by net income and intangible amortization which was mostly offset by the impact of higher long-term interest rates which increased the net unrealized loss on the available for sale securities portfolio. Stockholders’ equity as a percentage of total assets was 10.24% at December 31, 2024, compared to 10.01% at September 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)¹ increased to 8.54% at December 31, 2024, compared to 8.35% at September 30, 2024, largely due to the impact of asset shrinkage.

“As we closed 2024, I am pleased with the execution on our strategic objectives, continuing to strengthen franchise value. The quarter reflected our balance sheet optimization efforts, which increased the net interest margin 6%, and increased the tangible common equity ratio for the continued repurchase of shares at prices that were accretive to earnings per share and tangible book value. The TCE ratio increased to 8.54%, from 8.35% in the prior quarter which provides flexibility to grow the loan portfolio and potentially repurchase shares in 2025. Deposits, net of the decrease in wholesale deposits, increased $27 million. Loans decreased $56 million during the quarter, primarily in non-strategic relationships, but we forecast modest loan growth of one to three percent in 2025. Credit metrics improved and we continue to maintain a healthy reserve for credit losses to total loans at 1.50%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

December 31, 2024, Highlights:

Quarterly earnings were $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, a decrease compared to earnings of $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, and $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023.
Net interest income increased $0.4 million to $11.7 million for the current quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat with $11.7 million for the quarter ended December 31, 2023. The increase in net interest income from the third quarter of 2024 was primarily due to an increase in net interest margin of 16 basis points.
The net interest margin increased to 2.79%, primarily due to lower deposit costs, for the quarter ended December 31, 2024, compared to 2.63% for the previous quarter, and 2.69% for the quarter ended December 31, 2023. The net interest margin increase in the fourth quarter of 2024, was also favorably impacted by accelerated deferred fee accretion on loan payoffs of 3 basis points.
Negative provision for credit losses of $0.45 million, $0.40 million, and $0.65 million were recorded during the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The fourth quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.324 million and a $0.126 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
Non-interest income decreased $0.9 million in the fourth quarter of 2024, due to $0.5 million in lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Non-interest income decreased by $0.5 million compared to the fourth quarter of 2023, due to higher net losses on equity securities.
Non-interest expense increased $0.4 million to $10.8 million in the fourth quarter of 2024 from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million in the fourth quarter one year earlier. The $0.4 million increase in non-interest expense from the third quarter was largely due to $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 was due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase of $0.2 million on losses on repossessed assets; and (3) higher data processing of $0.2 million, partially offset by lower other expenses of $0.5 million primarily due to 2023 branch closure costs.
Loans receivable decreased $55.8 million during the fourth quarter ended December 31, 2024, to $1.369 billion compared to the prior quarter end, due to pay offs of non-strategic relationships as part of the balance sheet optimization plan.
Total deposits decreased $32.5 million during the fourth quarter of 2024, compared to three months earlier, as wholesale deposits were reduced with brokered deposits decreasing $47.5 million to $19.1 million at December 31, 2024, compared to three months earlier.
Federal Home Loan Bank advances decreased $16.0 million to $5.0 million at December 31, 2024, from $21.0 million at September 30, 2024.
The effective tax rate was 19.5% for the quarter ended December 31, 2024, compared to 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.
Nonperforming assets decreased to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024. The decrease was largely due to a partial paydown on one agricultural real estate loan relationship in forestry services that was placed on nonaccrual status in the third quarter.
Net charge-offs remain minimal and were 0.009% of average loans during the fourth quarter and 0.007% over the twelve-month period ending December 31, 2024.
Common stock totaling 94 thousand shares were repurchased in the fourth quarter ending December 31, 2024, at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share.
In November 2024, the Company notified its customers that it would be closing the Faribault, Minnesota branch on February 3, 2025, with account balances transferred to the nearest branch which is 39 miles away. The branch closure costs recognized in the fourth quarter were minimal.

The efficiency ratio was 76% for the quarter ended December 31, 2024, compared to 72% for the quarter ended September 30, 2024.
On January 23, 2025, the Board of Directors declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025.

Balance Sheet and Asset Quality

Total assets decreased by $50.6 million during the quarter to $1.749 billion at December 31, 2024.

Securities available for sale (AFS”) decreased $6.6 million during the quarter ended December 31, 2024, to $142.8 million from $149.4 million at September 30, 2024. The decrease was due to higher pre-tax unrealized losses of $3.3 million and principal repayments of $3.3 million.

Securities held to maturity (“HTM”) decreased $1.5 million to $85.5 million during the quarter ended December 31, 2024, from $87.0 million at September 30, 2024, due to principal repayments.

The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.75% of total assets at December 31, 2024, compared to 11.46% at September 30, 2024. On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $725 million, or 273%, of uninsured and uncollateralized deposits at December 31, 2024, and $718 million, or 269%, at September 30, 2024.

Continued balance sheet optimization resulted in loans decreasing by $55.8 million during the fourth quarter ended December 31, 2024, to $1.372 billion, compared to September 30, 2024. A large level of non-strategic relationships were repaid during the quarter as well as a $4.9 million reduction in criticized loans.

The office loan portfolio consisting of 71 loans totaled $28 million at December 31, 2024, and decreased $3 million from $31 million at September 30, 2024. Criticized loans in the office loan portfolio for the quarter ended December 31, 2024, totaled $0.5 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $0.45 million to $20.5 million at December 31, 2024, representing 1.50% of total loans receivable compared to 1.47% of total loans receivable at September 30, 2024. For the quarter ended December 31, 2024, the Bank recorded a negative provision of $0.45 million which included a negative provision on ACL for loans of $0.32 million and a negative provision of $0.13 million on ACL for unfunded commitments.

Allowance for Credit Losses (“ACL”) – Loans Percentage

(in thousands, except ratios)

	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Loans, end of period	$	1,368,981		$	1,424,828		$	1,428,588		$	1,460,792
Allowance for credit losses – Loans	$	20,549		$	21,000		$	21,178		$	22,908
ACL – Loans as a percentage of loans, end of period		1.50	%		1.47	%		1.48	%		1.57	%

In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.334 million at December 31, 2024, $0.460 million at September 30, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.
Allowance for Credit Losses – Unfunded Commitments:
(in thousands)

	December 31, 2024 and Three Months Ended			December 31, 2023 and Three Months Ended			December 31, 2024 and Twelve Months Ended			December 31, 2023 and Twelve Months Ended
ACL – Unfunded commitments – beginning of period	$	460		$	1,571		$	1,250		$	—
Cumulative effect of ASU 2016-13 adoption		—			—			—			1,537
(Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations		(126	)		(321	)		(916	)		(287	)
ACL – Unfunded commitments – end of period	$	334		$	1,250		$	334		$	1,250

Special mention loans decreased by $2.5 million to $8.5 million at December 31, 2024, compared to $11.0 million at September 30, 2024. Over the past 12 months, special mention loans have declined $9.9 million from $18.4 million at December 31, 2023.

Substandard loans decreased by $2.3 million to $18.9 million at December 31, 2024, compared to $21.2 million at September 30, 2024, primarily due to a $1.6 million reduction in a nonperforming loan, classified as substandard, agricultural real estate forestry services loan.

Nonperforming assets decreased $2.8 million to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024, primarily due to the $1.6 million reduction in nonperforming assets discussed above and the sale of a real estate owned property.

	(in thousands)
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Special mention loan balances	$	8,480	$	11,047	$	8,848	$	13,737	$	18,392
Substandard loan balances		18,891		21,202		14,420		14,733		19,596
Criticized loans, end of period	$	27,371	$	32,249	$	23,268	$	28,470	$	37,988

Total deposits decreased $32.5 million during the quarter ended December 31, 2024, to $1.49 billion as $59.7 million of wholesale brokered deposits were repaid. Brokered deposits declined $47.5 million to $19.1 million at December 31, 2024, from $66.6 million at September 30, 2024, and declined $79.1 million from $98.2 million at December 31, 2023.

Deposit Portfolio Composition
(in thousands)

	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Consumer deposits	$	852,083	$	844,808	$	822,665	$	827,290	$	814,899
Commercial deposits		412,355		406,095		395,148		400,910		415,715
Public deposits		190,460		176,844		187,698		202,175		182,172
Wholesale deposits		33,250		92,920		114,033		97,114		106,306
Total deposits	$	1,488,148	$	1,520,667	$	1,519,544	$	1,527,489	$	1,519,092

At December 31, 2024, the deposit portfolio composition was 57% consumer, 28% commercial, 13% public, and 2% wholesale deposits compared to 55% consumer, 27% commercial, 12% public, and 6% wholesale deposits at September 30, 2024.

Deposit Composition By Type
(in thousands)

	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Non-interest-bearing demand deposits	$	252,656	$	256,840	$	255,703	$	248,537	$	265,704
Interest-bearing demand deposits		355,750		346,971		353,477		361,278		343,276
Savings accounts		159,821		169,096		170,946		177,595		176,548
Money market accounts		369,534		366,067		370,164		387,879		374,055
Certificate accounts		350,387		381,693		369,254		352,200		359,509
Total deposits	$	1,488,148	$	1,520,667	$	1,519,544		1,527,489	$	1,519,092

Uninsured and uncollateralized deposits were $265.4 million, or 18% of total deposits, at December 31, 2024, and $267.1 million, or 18% of total deposits, at September 30, 2024. Uninsured deposits alone at December 31, 2024, were $428.0 million, or 29% of total deposits, and $413.6 million, or 27% of total deposits at September 30, 2024.

As part of the balance sheet optimization plan, $16.0 million in Federal Home Loan Bank advances were repaid during the fourth quarter and totaled $5.0 million at December 31, 2024, compared to $21.0 million one quarter earlier.

Common stock totaling approximately 94 thousand shares were repurchased in the fourth quarter of 2024 at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share. There are 238 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

Review of Operations

Net interest income increased $0.4 million for the quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat from $11.7 million for the quarter ended December 31, 2023. The increase in net interest income compared to the third quarter of 2024 was primarily due to an increase in net interest margin, partially offsetting the impact of asset shrinkage. The net interest margin increase was favorably impacted by 3 basis points due to deferred fee accretion on loan payoffs.

Net interest income and net interest margin analysis:
(in thousands, except yields and rates)

	Three months ended
	December 31, 2024					September 30, 2024					June 30, 2024					March 31, 2024					December 31, 2023
	Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin
As reported	$	11,708		2.79	%	$	11,285		2.63	%	$	11,576		2.72	%	$	11,905		2.77	%	$	11,747		2.69	%
Less accretion for PCD loans		(42	)	(0.01)%			(45	)	(0.01)%			(62	)	(0.01)%			(75	)	(0.02)%			(37	)	(0.01)%
Less scheduled accretion interest		(33	)	(0.01)%			(33	)	(0.01)%			(32	)	(0.01)%			(33	)	(0.01)%			(33	)	(0.01)%
Without loan purchase accretion	$	11,633		2.77	%	$	11,207		2.61	%	$	11,482		2.70	%	$	11,797		2.74	%	$	11,677		2.67	%

The table below shows the impact of certificate, loan and securities contractual fixed rate maturing and repricing.

Portfolio Contractual Repricing:
(in millions, except yields)

	Q1 2025			Q2 2025			Q3 2025			Q4 2025			FY 2026
Maturing Certificate Accounts:
Contractual Balance	$	95		$	177		$	43		$	14		$	13
Contractual Interest Rate		4.63	%		4.68	%		4.25	%		3.07	%		3.36	%
Maturing or Repricing Loans:
Contractual Balance	$	46		$	97		$	18		$	55		$	322
Contractual Interest Rate		5.27	%		7.10	%		6.15	%		4.79	%		3.85	%
Maturing or Repricing Securities:
Contractual Balance	$	4		$	3		$	3		$	4		$	19
Contractual Interest Rate		6.15	%		5.12	%		4.07	%		4.31	%		3.49	%

Non-interest income decreased $0.9 million in the fourth quarter of 2024 to $2.0 million from $2.9 million the prior quarter due to $0.5 million of lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Total non-interest income for the quarter ended December 31, 2023, was higher at $2.5 million due to an increase in net losses on equity securities in 4Q 2024.

Non-interest expense increased $0.4 million to $10.8 million from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million one year earlier. The $0.4 million increase in non-interest expense compared to the linked quarter was largely due to the $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 is due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase in the current quarter of $0.2 million on losses on repossessed assets; (3) higher data processing of $0.2 million partially offset by lower other expenses $0.5 million primarily due to 2023 branch closure costs.

Provision for income taxes decreased to $0.7 million in the fourth quarter of 2024 from $0.9 million in the third quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 19.5% for the quarter ended December 31, 2024, 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.

These financial results are preliminary until Form 10-K is filed in March 2025.
About the Company

Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

¹Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

Contact: Steve Bianchi, CEO
(715)-836-9994

(CZWI-ER)

CITIZENS COMMUNITY BANCORP, INC. Consolidated Balance Sheets (in thousands, except shares and per share data)
	December 31, 2024 (unaudited)			September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			December 31, 2023 (audited)
Assets
Cash and cash equivalents	$	50,172		$	36,632		$	36,886		$	37,138
Securities available for sale “AFS”		142,851			149,432			146,438			155,743
Securities held to maturity “HTM”		85,504			87,033			88,605			91,229
Equity investments		4,702			5,096			5,023			3,284
Other investments		12,500			12,311			13,878			15,725
Loans receivable		1,368,981			1,424,828			1,428,588			1,460,792
Allowance for credit losses		(20,549	)		(21,000	)		(21,178	)		(22,908	)
Loans receivable, net		1,348,432			1,403,828			1,407,410			1,437,884
Loans held for sale		1,329			697			275			5,773
Mortgage servicing rights, net		3,663			3,696			3,731			3,865
Office properties and equipment, net		17,075			17,365			17,774			18,373
Accrued interest receivable		5,653			6,235			6,289			5,409
Intangible assets		979			1,158			1,336			1,694
Goodwill		31,498			31,498			31,498			31,498
Foreclosed and repossessed assets, net		915			1,572			1,662			1,795
Bank owned life insurance (“BOLI”)		26,102			25,901			25,708			25,647
Other assets		17,144			16,683			15,794			16,334
TOTAL ASSETS	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,488,148		$	1,520,667		$	1,519,544		$	1,519,092
Federal Home Loan Bank (“FHLB”) advances		5,000			21,000			31,500			79,530
Other borrowings		61,606			61,548			61,498			67,465
Other liabilities		14,681			15,773			13,720			11,970
Total liabilities		1,569,435			1,618,988			1,626,262			1,678,057
Stockholders’ equity:
Common stock— $0.01 par value, authorized 30,000,000; 9,981,996, 10,074,136, 10,297,341, and 10,440,591 shares issued and outstanding, respectively		100			101			103			104
Additional paid-in capital		114,564			115,455			117,838			119,441
Retained earnings		80,840			78,438			75,501			71,117
Accumulated other comprehensive loss		(16,420	)		(13,845	)		(17,397	)		(17,328	)
Total stockholders’ equity		179,084			180,149			176,045			173,334
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391

Note: Certain items previously reported were reclassified for consistency with the current presentation.

CITIZENS COMMUNITY BANCORP, INC. Consolidated Statements of Operations (in thousands, except per share data)
	Three Months Ended									Twelve Months Ended
	December 31, 2024 (unaudited)			September 30, 2024 (unaudited)			December 31, 2023 (unaudited)			December 31, 2024 (unaudited)			December 31, 2023 (audited)
Interest and dividend income:
Interest and fees on loans	$	19,534		$	20,115		$	19,408		$	79,738		$	73,577
Interest on investments		2,427			2,397			2,618			9,877			10,671
Total interest and dividend income		21,961			22,512			22,026			89,615			84,248
Interest expense:
Interest on deposits		9,273			10,165			7,851			37,985			25,749
Interest on FHLB borrowed funds		65			128			1,371			1,281			5,966
Interest on other borrowed funds		915			934			1,057			3,875			4,184
Total interest expense		10,253			11,227			10,279			43,141			35,899
Net interest income before provision for credit losses		11,708			11,285			11,747			46,474			48,349
(Negative) provision for credit losses		(450	)		(400	)		(650	)		(3,175	)		(475	)
Net interest income after provision for credit losses		12,158			11,685			12,397			49,649			48,824
Non-interest income:
Service charges on deposit accounts		450			513			485			1,924			1,949
Interchange income		550			577			581			2,247			2,324
Loan servicing income		520			643			539			2,271			2,218
Gain on sale of loans		218			752			191			2,216			1,692
Loan fees and service charges		292			165			124			996			432
Net realized gains on debt securities		—			—			—			—			12
Net (losses) gains on equity securities		(287	)		(78	)		277			(856	)		447
Bank Owned Life Insurance (BOLI) death benefit		—			—			—			184			—
Other		266			349			283			1,125			1,176
Total non-interest income		2,009			2,921			2,480			10,107			10,250
Non-interest expense:
Compensation and related benefits		5,840			5,743			5,139			22,741			21,106
Occupancy		1,217			1,242			1,314			5,159			5,431
Data processing		1,743			1,665			1,511			6,530			5,951
Amortization of intangible assets		179			178			179			715			755
Mortgage servicing rights expense, net		107			163			159			534			615
Advertising, marketing and public relations		218			225			262			793			734
FDIC premium assessment		192			201			204			798			812
Professional services		514			336			371			1,763			1,524
Losses (gains) on repossessed assets, net		247			65			—			294			62
Other		552			603			1,067			2,979			3,152
Total non-interest expense		10,809			10,421			10,206			42,306			40,142
Income before provision for income taxes		3,358			4,185			4,671			17,450			18,932
Provision for income taxes		656			899			978			3,699			5,873
Net income attributable to common stockholders	$	2,702		$	3,286		$	3,693		$	13,751		$	13,059
Per share information:
Basic earnings	$	0.27		$	0.32		$	0.35		$	1.34		$	1.25
Diluted earnings	$	0.27		$	0.32		$	0.35		$	1.34		$	1.25
Cash dividends paid	$	—		$	—		$	—		$	0.32		$	0.29
Book value per share at end of period	$	17.94		$	17.88		$	16.60		$	17.94		$	16.60
Tangible book value per share at end of period (non-GAAP)	$	14.69		$	14.64		$	13.42		$	14.69		$	13.42

Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

(in thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023

GAAP pretax income	$	3,358	$	4,185	$	4,671	$	17,450	$	18,932
Branch closure costs (1)		—		—		380		168		380
Pretax income as adjusted (2)	$	3,358	$	4,185	$	5,051	$	17,618	$	19,312
Provision for income tax on net income as adjusted (3)		656		899		1,058		3,735		5,991
Net income as adjusted (non-GAAP) (2)	$	2,702	$	3,286	$	3,993	$	13,883	$	13,321
GAAP diluted earnings per share, net of tax	$	0.27	$	0.32	$	0.35	$	1.34	$	1.25
Branch closure costs, net of tax		—		—		0.03		0.01		0.03
Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.27	$	0.32	$	0.38	$	1.35	$	1.28

Average diluted shares outstanding		10,033,957		10,204,195		10,457,184		10,262,710		10,470,298

(1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
(2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
(3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

Loan Composition

(in thousands)

	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	709,018		$	730,459		$	729,236		$	750,531
Agricultural real estate		73,130			76,043			78,248			83,350
Multi-family real estate		220,805			239,191			234,758			228,095
Construction and land development		78,489			87,875			87,898			110,941
C&I/Agricultural operating:
Commercial and industrial		115,657			119,619			127,386			121,666
Agricultural operating		31,000			27,550			27,409			25,691
Residential mortgage:
Residential mortgage		132,341			134,944			133,503			129,021
Purchased HELOC loans		2,956			2,932			2,915			2,880
Consumer installment:
Originated indirect paper		3,970			4,405			5,110			6,535
Other consumer		5,012			5,438			5,860			6,187
Gross loans	$	1,372,378		$	1,428,456		$	1,432,323		$	1,464,897
Unearned net deferred fees and costs and loans in process		(2,547	)		(2,703	)		(2,733	)		(2,900	)
Unamortized discount on acquired loans		(850	)		(925	)		(1,002	)		(1,205	)
Total loans receivable	$	1,368,981		$	1,424,828		$	1,428,588		$	1,460,792

Nonperforming Assets
Loan Balances at Amortized Cost

(in thousands, except ratios)

	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	4,594		$	4,778		$	5,350		$	10,359
Agricultural real estate		6,222			6,193			382			391
Construction and land development		103			106			—			54
Commercial and industrial (“C&I”)		597			1,956			422			—
Agricultural operating		793			901			1,017			1,180
Residential mortgage		858			1,088			1,145			1,167
Consumer installment		1			20			36			33
Total nonaccrual loans	$	13,168		$	15,042		$	8,352		$	13,184
Accruing loans past due 90 days or more		186			530			256			389
Total nonperforming loans (“NPLs”) at amortized cost		13,354			15,572			8,608			13,573
Foreclosed and repossessed assets, net		915			1,572			1,662			1,795
Total nonperforming assets (“NPAs”)	$	14,269		$	17,144		$	10,270		$	15,368
Loans, end of period	$	1,368,981		$	1,424,828		$	1,428,588		$	1,460,792
Total assets, end of period	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391
Ratios:
NPLs to total loans		0.98	%		1.09	%		0.60	%		0.93	%
NPAs to total assets		0.82	%		0.95	%		0.57	%		0.83	%

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)

	Three Months Ended December 31, 2024						Three Months Ended September 30, 2024						Three Months Ended December 31, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	26,197	$	327	4.97	%	$	25,187	$	360	5.69	%	$	16,699	$	241	5.73	%
Loans receivable		1,396,854		19,534	5.56	%		1,429,928		20,115	5.60	%		1,458,558		19,408	5.28	%
Investment securities		235,268		1,940	3.28	%		236,960		1,966	3.30	%		243,705		2,102	3.42	%
Other investments		12,318		160	5.17	%		12,553		71	2.25	%		15,760		275	6.92	%
Total interest earning assets	$	1,670,637	$	21,961	5.23	%	$	1,704,628	$	22,512	5.25	%	$	1,734,722	$	22,026	5.04	%
Average interest-bearing liabilities:
Savings accounts	$	162,501	$	383	0.94	%	$	170,777	$	450	1.05	%	$	175,281	$	323	0.73	%
Demand deposits		346,411		1,891	2.17	%		357,201		2,152	2.40	%		329,096		1,680	2.03	%
Money market accounts		351,566		2,720	3.08	%		381,369		3,126	3.26	%		326,981		2,217	2.69	%
CD’s		374,087		4,279	4.55	%		379,722		4,437	4.65	%		368,110		3,631	3.91	%
Total deposits	$	1,234,565	$	9,273	2.99	%	$	1,289,069	$	10,165	3.14	%	$	1,199,468	$	7,851	2.60	%
FHLB advances and other borrowings		72,431		980	5.38	%		80,338		1,062	5.26	%		191,575		2,428	5.03	%
Total interest-bearing liabilities	$	1,306,996	$	10,253	3.12	%	$	1,369,407	$	11,227	3.26	%	$	1,391,043	$	10,279	2.93	%
Net interest income			$	11,708					$	11,285					$	11,747
Interest rate spread					2.11	%					1.99	%					2.11	%
Net interest margin					2.79	%					2.63	%					2.69	%
Average interest earning assets to average interest-bearing liabilities					1.28						1.24						1.25

	Twelve Months Ended December 31, 2024						Twelve Months Ended December, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	20,864	$	1,150	5.51	%	$	18,469	$	1,010	5.47	%
Loans receivable		1,430,631		79,738	5.57	%		1,430,035		73,577	5.15	%
Interest bearing deposits		—		—	—	%		63		1	1.59	%
Investment securities		238,851		7,977	3.34	%		257,020		8,606	3.35	%
Other investments		12,816		750	5.85	%		16,274		1,054	6.48	%
Total interest earning assets	$	1,703,162	$	89,615	5.26	%	$	1,721,861	$	84,248	4.89	%
Average interest-bearing liabilities:
Savings accounts	$	171,069	$	1,684	0.98	%	$	200,087	$	1,427	0.71	%
Demand deposits		353,107		8,083	2.29	%		359,866		6,727	1.87	%
Money market accounts		371,909		11,725	3.15	%		306,020		6,976	2.28	%
CD’s		366,634		16,493	4.50	%		317,376		10,619	3.35	%
Total deposits	$	1,262,719	$	37,985	3.01	%	$	1,183,349	$	25,749	2.18	%
FHLB advances and other borrowings		99,731		5,156	5.17	%		208,373		10,150	4.87	%
Total interest-bearing liabilities	$	1,362,450	$	43,141	3.17	%	$	1,391,722	$	35,899	2.58	%
Net interest income			$	46,474					$	48,349
Interest rate spread					2.09	%					2.31	%
Net interest margin					2.73	%					2.81	%
Average interest earning assets to average interest bearing liabilities					1.25						1.24

Wholesale Deposits
(in thousands)

	Quarter Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Brokered certificate accounts	$	14,123	$	48,578	$	54,123	$	43,507	$	58,209
Brokered money market accounts		5,002		18,076		42,673		40,429		40,050
Third party originated reciprocal deposits		14,125		26,266		17,237		13,178		8,047
Total	$	33,250	$	92,920	$	114,033	$	97,114	$	106,306

Key Financial Metric Ratios:

	Three Months Ended						Twelve Months Ended
	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Ratios based on net income:
Return on average assets (annualized)	0.61	%	0.72	%	0.79	%	0.76	%	0.71	%
Return on average equity (annualized)	6.00	%	7.34	%	8.72	%	7.84	%	7.87	%
Return on average tangible common equity⁴ (annualized)	7.72	%	9.38	%	11.29	%	10.03	%	10.26	%
Efficiency ratio	76	%	72	%	72	%	72	%	68	%
Net interest margin with loan purchase accretion	2.79	%	2.63	%	2.69	%	2.73	%	2.81	%
Net interest margin without loan purchase accretion	2.77	%	2.61	%	2.67	%	2.69	%	2.78	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted² (annualized)	0.61	%	0.72	%	0.86	%	0.77	%	0.73	%
Return on average equity as adjusted³ (annualized)	6.00	%	7.34	%	9.43	%	7.91	%	8.03	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023

GAAP earnings after income taxes	$	2,702		$	3,286		$	3,693		$	13,751		$	13,059
Net income as adjusted after income taxes (non-GAAP) (1)	$	2,702		$	3,286		$	3,993		$	13,883		$	13,321
Average assets	$	1,771,351		$	1,810,826		$	1,843,789		$	1,808,256		$	1,836,337
Return on average assets (annualized)		0.61	%		0.72	%		0.79	%		0.76	%		0.71	%
Return on average assets as adjusted (non-GAAP) (annualized)		0.61	%		0.72	%		0.86	%		0.77	%		0.73	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Return on Average Equity

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
GAAP earnings after income taxes	$	2,702		$	3,286		$	3,693		$	13,751		$	13,059
Net income as adjusted after income taxes (non-GAAP) (1)	$	2,702		$	3,286		$	3,993		$	13,883		$	13,321
Average equity	$	179,242		$	178,050		$	168,058		$	175,475		$	165,968
Return on average equity (annualized)		6.00	%		7.34	%		8.72	%		7.84	%		7.87	%
Return on average equity as adjusted (non-GAAP) (annualized)		6.00	%		7.34	%		9.43	%		7.91	%		8.03	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of tangible book value per share (non-GAAP)

(in thousands, except per share data)

Tangible book value per share at end of period	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Total stockholders’ equity	$	179,084		$	180,149		$	176,045		$	173,334
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(979	)		(1,158	)		(1,336	)		(1,694	)
Tangible common equity (non-GAAP)	$	146,607		$	147,493		$	143,211		$	140,142
Ending common shares outstanding		9,981,996			10,074,136			10,297,341			10,440,591
Book value per share	$	17.94		$	17.88		$	17.10		$	16.60
Tangible book value per share (non-GAAP)	$	14.69		$	14.64		$	13.91		$	13.42

Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

(in thousands, except ratios)

Tangible common equity as a percent of tangible assets at end of period	December 31, 2024			September 30, 2024			June 30, 2024			December 31, 2023
Total stockholders’ equity	$	179,084		$	180,149		$	176,045		$	173,334
Less: Goodwill		(31,498	)	$	(31,498	)	$	(31,498	)		(31,498	)
Less: Intangible assets		(979	)	$	(1,158	)	$	(1,336	)		(1,694	)
Tangible common equity (non-GAAP)	$	146,607		$	147,493		$	143,211		$	140,142
Total Assets	$	1,748,519		$	1,799,137		$	1,802,307		$	1,851,391
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(979	)		(1,158	)		(1,336	)		(1,694	)
Tangible Assets (non-GAAP)	$	1,716,042		$	1,766,481		$	1,769,473		$	1,818,199
Total stockholders’ equity to total assets ratio		10.24	%		10.01	%		9.77	%		9.36	%
Tangible common equity as a percent of tangible assets (non-GAAP)		8.54	%		8.35	%		8.09	%		7.71	%

Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Total stockholders’ equity	$	179,084		$	180,149		$	173,334		$	179,084		$	173,334
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(979	)		(1,158	)		(1,694	)		(979	)		(1,694	)
Tangible common equity (non-GAAP)	$	146,607		$	147,493		$	140,142		$	146,607		$	140,142
Average tangible common equity (non-GAAP)	$	146,676		$	145,305		$	134,776		$	142,641		$	132,409
GAAP earnings after income taxes		2,702			3,286			3,693			13,751			13,059
Amortization of intangible assets, net of tax		144			140			142			563			521
Tangible net income	$	2,846		$	3,426		$	3,835		$	14,314		$	13,580
Return on average tangible common equity (annualized)		7.72	%		9.38	%		11.29	%		10.03	%		10.26	%

Reconciliation of Efficiency Ratio

(in thousands, except ratios)

	Three Months Ended									Twelve Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Non-interest expense (GAAP)	$	10,809		$	10,421		$	10,206		$	42,306		$	40,142
Less amortization of intangibles		(179	)		(178	)		(179	)		(715	)		(755	)
Efficiency ratio numerator (GAAP)	$	10,630		$	10,243		$	10,027		$	41,591		$	39,387

Non-interest income	$	2,009		$	2,921		$	2,480		$	10,107		$	10,250
Add back net losses on debt and equity securities		(287	)		(78	)		—			(856	)		—
Subtract net gains on debt and equity securities		—			—			277			—			459
Net interest income		11,708			11,285			11,747			46,474			48,349
Efficiency ratio denominator (GAAP)	$	14,004		$	14,284		$	13,950		$	57,437		$	58,140
Efficiency ratio (GAAP)		76	%		72	%		72	%		72	%		68	%

¹Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

²Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

³Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

⁴Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

The MIL Network –

January 28, 2025

MIL-OSI: GCM Grosvenor to Announce Fourth Quarter and Full Year 2024 Financial Results and Host Investor Conference Call on February 10, 2025

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the fourth quarter and full year 2024 on Monday, February 10, 2025.

Management will host a webcast and conference call on Monday, February 10, 2025, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

Source: GCM Grosvenor

Public Shareholders Contact
Stacie Selinger
sselinger@gcmlp.com
312-506-6583

Media Contact
Tom Johnson and Abigail Ruck
H/Advisors Abernathy
tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
212-371-5999

The MIL Network –

January 28, 2025

MIL-OSI: Byrna Technologies Partners with USCCA to Promote Less-Lethal Self-Defense Solutions

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that it is partnering with the United States Concealed Carry Association (USCCA). This collaboration will enable Byrna to highlight its less-lethal solutions to nearly one million USCCA members.

The United States Concealed Carry Association (USCCA) helps responsible Americans prepare for what happens before, during, and after an Act of Self-Defense. In addition to offering education and training, the USCCA has an insurance policy that provides the association’s members with self-defense liability insurance.

“This collaboration further legitimizes our less-lethal launchers as viable alternatives to traditional firearms,” said Bryan Ganz, CEO of Byrna. “With nearly a million members, the USCCA also offers us a new channel to introduce our products to responsible gun owners, a key demographic for us. We encourage our customers to take advantage of the USCCA’s self-defense training and liability insurance to ensure they are well-prepared and protected.”

USCCA Chairman and Co-Founder Tim Schmidt added: “Byrna is a leader in the less-lethal market, and we are proud to showcase their products to our members as an important self-defense option. We look forward to providing Byrna customers with access to best-in-class liability protection and important self-defense training lessons.”

About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna^® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com

The MIL Network –

January 28, 2025

MIL-OSI: ConnectM Acquires MHz Invensys, Enhancing Wireless Communication Solutions

Source: GlobeNewswire (MIL-OSI)

Company Expected to Generate an Additional $15M of Revenue from the AMI Vertical by the End of 2027

Acquisition Bolsters ConnectM’s Wireless Solutions for Smart Metering and Allows Expansion into Key Adjacent Markets

TAM for the Global Advanced Metering Infrastructure Market Predicted to be North of $47 Billion by 2030

MARLBOROUGH, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a leader in the electrification economy, today announced the recent acquisition of MHz Invensys, a renowned developer of high-performing wireless communication products and solutions. ConnectM has entered an all-stock transaction in exchange for all of MHz Invensys’ assets, comprised primarily of intellectual property. The two founders, Kiran Kumar and Mahesh Oni, will stay on as employees of ConnectM. This strategic acquisition aims to bolster ConnectM’s capabilities in effectively delivering wireless communication, particularly in the smart metering/Advanced Metering Infrastructure (“AMI”) vertical. AMI enables two-way communication between smart meters and utility companies. This infrastructure collects, stores, analyzes, and presents energy usage data in real-time, allowing for more efficient and accurate monitoring of electricity, gas, and water consumption.

MHz Invensys has established technology leadership in the energy sector, addressing the complexities of traditional energy metering protocols with its advanced RF mesh-based product and solution designs. This proven technology architecture enables multi-billion scale meter readings every half hour and supports millions of smart meters with bidirectional communication for pre-payment systems.

Stellar Market Research predicts the global AMI market size to reach $47.5 billion by 2030, with a CAGR of 16.1% from 2024-2030.¹ The acquisition of MHz Invensys strengthens ConnectM’s ability to provide comprehensive, end-to-end wireless solutions. ConnectM expects to generate an additional $15M of revenue from the AMI vertical alone over the next three years. Integrating MHz Invensys’s technology allows ConnectM to serve not only its existing markets but also rapidly growing sectors such as solar grid monitoring, IoT/Industrial IoT, Renewables, and water and gas AMI. This strategic acquisition will allow ConnectM to achieve economies of scale and meet the rising demand for reliable, secure, and efficient communication solutions across a broader range of industries.

“We are excited to welcome Kiran and Mahesh, the founders of MHz Invensys, to the ConnectM family,” said Bhaskar Panigrahi, CEO and Chairman of ConnectM. “Their company’s innovative solutions and expertise in the Smart Metering domain coupled with ConnectM’s AI-powered platform will significantly enhance the offerings in our Building Electrification segment and enable us to deliver even greater value to our customers.”

About ConnectM Technology Solutions, Inc.
ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

About Mhz Invensys
Mhz Invensys was established by a team with extensive experience in deploying large IoT networks globally. The team at Mhz Invensys understands the unique challenges of last-mile connectivity. Mhz Invensys offers its innovative technology to device manufacturers, communication platform providers, backhaul service enablers, and business-specific application providers such as HES (Head-End Systems), MDMS (Meter Data Management Systems), and analytics platforms.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
MZ North America
(203) 741-8811
ConnectM@mzgroup.us

¹ “Advanced Metering Infrastructure Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, and Region,” Stellar Market Research (2024).

The MIL Network –

January 28, 2025

MIL-OSI China: Chinese premier urges work to ensure safe passenger transport, smooth logistics during holiday

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

Chinese premier urges work to ensure safe passenger transport, smooth logistics during holiday

Chinese Premier Li Qiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, inspects Ministry of Transport work for the Spring Festival travel rush in Beijing, capital of China, Jan. 27, 2025. [Photo/Xinhua]

BEIJING, Jan. 27 — Chinese Premier Li Qiang on Monday emphasized the need to safeguard safe, smooth travel for the public during the Spring Festival travel rush, as well as the efficient operations of transport logistics.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks when inspecting Ministry of Transport work for the holiday travel season.

The Spring Festival travel season is a time when happy journeys are made for families to come together, and this year’s travel rush is expected to hit a record high number of such journeys, posing another test for the country’s transport system, Li said.

He urged smooth, efficient passenger transport based on the scientific analysis of passenger flow patterns. Adjustments should be made to increase the number of train services, optimize schedules, and extend operating hours, allowing travelers to reach their destinations in a timely manner, Li said.

China has recently experienced widespread rain, snow and cold weather, significantly impacting transport, he noted, calling for work to monitor weather changes, provide forecast and warning information through multiple channels, and stay prepared to respond to emergencies to minimize the impact of severe weather on public travel.

After he was briefed on foreign trade and express logistics services at ports during the holiday travel rush, Li said that efficient port cargo transportation is a significant advantage for China’s foreign trade, and that it is important to maintain effective port logistics to ensure the timely delivery of overseas orders during the holiday.

He highlighted the country’s smooth logistics network, urging express delivery firms to allocate labor and transport resources effectively to meet the basic delivery service needs of the public.

Efforts should be made to ensure the supply of essential materials during the peak travel period, such as food, coal for electricity and heating, and holiday necessities, he said.

MIL OSI China News –

January 28, 2025

MIL-OSI China: Xi sends Chinese New Year card in return to friends in U.S. state of Iowa

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

Xi sends Chinese New Year card in return to friends in U.S. state of Iowa

BEIJING, Jan. 27 — Chinese President Xi Jinping on Monday sent a Chinese New Year card in return to friends in the U.S. state of Iowa, saying that China and the United States share extensive common interests and broad space for cooperation and can become partners and friends.

Xi said in the reply card that the warm reception he received when he visited the beautiful state of Iowa 40 years ago is still fresh in his memory.

China and the United States can achieve mutual success and common prosperity for the benefit of both countries and the world at large, Xi said.

The Chinese president expressed his hope that the two peoples will pay more visits to each other and have more exchanges, jointly write new stories of friendship between the two peoples, and make new contributions to the development of China-U.S. relations.

Earlier, 58 people from Iowa, including friends Luca Berrone, Gary Dvorchak and Sarah Lande, former U.S. Ambassador to China Terry Branstad and his wife, former President of the World Food Prize Foundation Kenneth Quinn, as well as representatives of teachers, students and parents from Iowa who participated in the initiative of inviting 50,000 young Americans to China for exchange and study for a five-year period, jointly sent a Chinese New Year card to President Xi.

In the card, they recalled Xi’s first visit to Iowa in 1985 and extended New Year greetings to President Xi in the Year of the Snake.

The representatives of teachers, students and parents thanked Xi for putting forward the “50,000 in Five Years” initiative, shared their feelings about visiting China, and expressed their expectations to visit China again.

MIL OSI China News –

January 28, 2025

MIL-OSI Global: Why neglecting your brain health can make it harder to achieve physical goals

Source: The Conversation – UK – By Barbara Jacquelyn Sahakian, Professor of Clinical Neuropsychology, University of Cambridge

SofikoS/Shutterstock

Our cognition and mental wellbeing are crucial factors for our quality of life and put us in a good position to contribute to society. Ultimately, it can be near impossible to achieve physical goals and demanding life challenges if our brain health is not optimal.

Yet most of us appear to be more concerned with physical health than brain health. According to the YouGov website the most popular New Year’s resolutions in the UK in 2024 were doing more exercise, saving money, losing weight and dieting – with about 20% reporting they were failing some resolutions only just six days into the year. A large study of approximately 1,000 participants showed that mental health only featured in about 5% of resolutions.

It’s easy to monitor your physical health using mobile devices and wearable technology to preserve physical health throughout your life. It may be more unclear, however, how to improve and monitor brain health and mental wellbeing. In our new book Brain Boost: Healthy Habits for a Happier Life, we draw on research to offer practical tips.

A number of factors contribute to our happiness in life, including genetics, our social and physical environment, cognition and our behaviour, such as lifestyle choices. Studies have shown that good cognitive function is related to better wellbeing and happiness.

Interestingly, according to the 2024 World Happiness Report all five Nordic countries – Finland, Denmark, Iceland, Norway and Sweden – are in the top 10 happiest countries. The UK and the US, however, do not feature in the top 10.

In the UK, the YouGov website has been tracking mood states and while it reports that happiness is the most commonly expressed emotion, only 45% of people feel it. Ideally this number should be much higher.

In addition, feeling stressed and frustrated are the next top emotions with 40% and 35% of people having these feelings respectively. Disappointingly, optimism is also low, for example, only 23% of 18-24 year-olds and over 75-year-olds feel optimistic on average, and 17% of 45-54 year-olds.

Happiness and wellbeing in general reduces the effects of stress and promotes health and longevity.

Nurturing your brain

In our book, we draw on the latest scientific evidence, including our own, to highlight seven essential lifestyle factors that improve our brain health, cognition and wellbeing. We demonstrate how simple — and often surprising —adjustments to our daily habits can enhance brain fitness, boost cognition, and promote overall wellbeing.

We suggest small incremental steps to improving lifestyle habits and ensuring these fit within our daily activities, as well as being enjoyable and pleasurable. In this way, we can ensure, that unlike New Year’s resolutions that we give up within six days, we can maintain these throughout life. This puts us in a better position to achieve physical challenges in the future.

These lifestyle factors include exercise, diet, sleep, social interactions, kindness, mindfulness and learning, and knowing how to get the best out of work. For example, exercise is an “all-rounder”, as it can boost our physical health but also our brain health, cognition and mood. In fact, studies have shown that exercise can increase the size of our hippocampus, which is critical for learning and memory.

Similarly, sleeping the optimal number of hours each night can improve our immune system, brain structure and mental wellbeing. Our own study showed that sleeping 7-8 hours per night in middle to older adulthood was associated with better brain structure, cognition, such as processing speed and memory, and mental health.

Staying socially connected also plays an important role in our brain health. We have shown that being socially isolated in older adults is associated with a 26% increased risk of dementia. Whereas, having the optimal number of friends in adolescence, about five, is linked with better brain structure, cognition, educational attainment and wellbeing.

Learning new things is also essential to keep the neural circuits in our brain functioning at their best level for as long as possible. We need to challenge ourselves mentally to keep our brains active – just as we need to do physical exercise to keep our bodies fit.

This builds cognitive reserve and helps us in times of stress. We can also keep our brains active in a number of ways, for example, by learning a new language or how to play a musical instrument or you can read an educational book about something that interests you.

Keeping our bodies healthy is incredibly important. But we need to also nurture our brains if we want to be happy, mentally sharp and well protected against diseases such as dementia.

Embracing these simple strategies to prioritise our brain health and wellbeing is essential for a happier and more fulfilling life. Ultimately, lifestyle choices play a significant role in reducing stress and promoting resilience, creativity and overall quality of life.

Barbara Jacquelyn Sahakian receives funding from the Wellcome Trust and the Lundbeck Foundation. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes. She consults for Cambridge Cognition.

Christelle Langley receives funding from the Wellcome Trust. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes.

– ref. Why neglecting your brain health can make it harder to achieve physical goals – https://theconversation.com/why-neglecting-your-brain-health-can-make-it-harder-to-achieve-physical-goals-248043

MIL OSI – Global Reports –

January 28, 2025

MIL-OSI Global: Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history

Source: The Conversation – USA – By Jeb Card, Associate Teaching Professor of Anthropology, Miami University

The ‘black mailbox’ along Highway 375 near Rachel, Nev., a traditional spot for UFO hunters to meet and search the skies near Area 51. AP Photo/John Locher

Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

Title of course:

“Investigating the Paranormal”

What prompted the idea for the course?

My training and professional work have been in Mesoamerican archaeology, but I’ve had a lifelong fascination with paranormal concepts. In fact, I considered studying the UFO community for my doctoral research in cultural anthropology.

I eventually fused these two interests in my book “Spooky Archaeology: Myth and the Science of the Past,” which examines why archaeology shows up so much in ideas about the mysterious and weird. Most people are familiar with pop culture characters like Indiana Jones seeking magical artifacts. Perhaps less immediately obvious is just how common archaeological topics are in paranormal and conspiracy culture.

The popularity of paranormal ideas – from television shows and thousands of podcasts to UFOs on the front page of The New York Times and in government investigations – made it clear that a course on paranormal culture would be an excellent way for students to get a taste of social science research.

What does the course explore?

The material begins with premodern ideas of magic, myth and metaphysics. The narrative that “Western” societies tell of the development of the modern world is that the Enlightenment cast off supernatural thinking in favor of science. The historical reality, however, is not so simple.

As science based on observation of material evidence emerged in the 17th through 19th centuries, so did a paranormal worldview: theories about a nonmaterial or hidden reality beyond the mundane, from monsters to psychic powers. Some of these ideas were tied to older religious notions of the sacred or strange but not divine phenomena. Others were new – particularly those suggesting the hidden existence of prehistoric extinct creatures or lost cities.

In either case, the key element was that proponents of these ideas often tried to support their existence with the kind of evidence used in science, though their “proofs” fell short of scientific standards. In other words, the paranormal is in conflict with the knowledge and worldview of modernity but also attempts to use the concepts of modernity to oppose it.

The class examines how this tension produced 20th century “-ologies” like parapsychology, which examines evidence for consciousness beyond matter, and cryptozoology, which searches the ends of the Earth for creatures tied to the mythic past. We also learn about UFOlogy, whose proponents have collected alleged contacts with technology and beings from beyond this world ever since the Cold War, as great earthly powers filled the skies with secretive hi-tech aircraft and spaceships.

As the class concludes, we examine how the “-ologies” declined after the Cold War, alongside the cultural capital of science, whose height of public respect was in the mid-20th century. Since then, proving the existence of paranormal things to institutional scientists has become less important in paranormal communities than promoting them to a broader public.

Why is this course relevant now?

Beyond public interest in paranormal topics, the paranormal is entwined with sociocultural forces that have dramatically increased the role of conspiracy rhetoric in the United States and elsewhere. At their core, both types of belief claim to have figured out some kind of supposedly hidden knowledge.

Furthermore, the conspiracy theories that are now commonplace in American political discourse are more rooted in paranormal ideas than in previous decades. Conspiracy theories about the JFK assassination or even 9/11 were still largely within the materialist realm. People argued that “the truth” had been covered up, but their arguments did not rely on metaphysical ideas. Today, major conspiracy theories involve secret cabals, mystical symbols and code words, demonic forces and extraterrestrial entities.

What’s a critical lesson from the course?

Evidence must be interrogated on its own, regardless of whether it fits your perspective. I find time and again that students have a hard time approaching evidence without bias, whether that bias is conscious or not: “knowing” that something must be true, or must be absurd.

One person apparently makes a death bed confession of faking a famous Loch Ness Monster photo, pleasing skeptics. Another claims to have seen a Bigfoot at close range, pleasing believers. Without further evidence, both are stories: no more, no less.

The issue isn’t to draw an equivalence between the bigger concepts. Not all narratives are equally well-founded. But students learn how to collect evidence, rather than simply rely on their gut sense of what is plausible or not.

What will the course prepare students to do?

This course is meant to help students discern useful and reliable information about claims and events, separating them from irrelevant or inaccurate narratives or sources. The goal is not just “critical thinking” aimed at combating disinformation, though that is part of what they should learn. Students practice evaluating evidence but also develop an approach for analyzing and understanding phenomena behind it: how factors like history, culture and institutions of authority, such as science and government, shape what people trust and what they believe.

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

– ref. Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history – https://theconversation.com/understanding-paranormal-beliefs-and-conspiracy-theories-isnt-just-about-misinformation-this-course-unpacks-the-history-242007

MIL OSI – Global Reports –

January 28, 2025

Category: KB

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Flexible but don’t cover all needs

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Nurturing your brain

Title of course:

What prompted the idea for the course?

What does the course explore?

Why is this course relevant now?

What’s a critical lesson from the course?

What will the course prepare students to do?