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Category: KB

  • MIL-OSI United Kingdom: New Coastguard station is ‘great news for both the team and the island’

    Source: United Kingdom – Executive Government & Departments

    After around 40 years in the same station, a coastguard rescue team on the Isle of Wight has a new home.

    Needles Coastguard Rescue Team standing outside their new station

    Needles Coastguard Rescue Team is now operating from its new station at Golden Hill Fort in the Freshwater area, offering a spacious, modern and well-equipped space to prepare for search and rescue missions.

    With a dedicated training room and washing and drying facilities, and located in the heart of the community, the team of 11 volunteers will be even more ready to respond to those in need.

    Senior Coastal Operations Officer Andrew Woodford said:

    This is great news for both the team and the island, as we are now in a much better place to respond to call outs and undertake training activities.

    The station is future-proof so it will be there for officers for years to come, it looks the part, and has all the facilities we need in a much more suitable space.

    A fit-for-purpose station is such an important part of coastguard training and response, so this is a brilliant addition to the service which will have clear benefits.

    After 12 months of planning and costing more than £200,000, the building and fit-out took around three months to complete, with the final touches added in October, marking its operational status.

    An official opening ceremony for the new station will take place later this year.

    Press office

    Email public.relations@mcga.gov.uk

    Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

    Outside these hours or on bank holidays and weekends, for media enquiries ONLY, please send an email outlining your query and putting #Urgent in the subject title.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Oct. 28, 2024 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the third quarter of 2024 (three months ended September 30, 2024) ahead of its quarterly filing.

    Financial Highlights for Third Quarter 2024

    • Revenue of $1,150,000 – $1,250,000 in 3Q24, an increase of 1,163% at the midpoint of the range over $95,000 in 3Q23 and a sequential increase of 48% at the midpoint of the range over $813,000 in 2Q24.
    • Gross margin of 63-67% in 3Q24 was driven by increased volume in manufacturing and compares to 41% in 3Q23.
    • Announced a complete rebranding of the Company.
    • Launched the new Gravity Premium putter line with the introduction of five models.
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in Japan in 50 of its largest golf retail locations.
    • Closed on $732,000 of underwritten public offering of shares of common stock.
    • Increased the number of professionals using the Newton Motion Shafts on the PGA TOUR Champions to 34, generating greater exposure.
    • Executed successful digital campaigns.
    • Introduced the new advanced performance shafts for higher swing speeds.

    NEWTON GOLF Company Executive Chairman Greg Campbell commented, “Our third quarter was marked by continued momentum in the sales of our Newton Motion replacement driver shafts and the first full quarter of revenue from our fairway woods replacement shafts. The continued traction we are seeing from professional golfers, highlighted by 34 Champions TOUR players now using the Newton Motion shafts, gives us confidence that our technology-forward approach to design is the proper cornerstone of our product development strategy. Additionally, a recent launch of our putter line that now carries the NEWTON GOLF Gravity brand can potentially add to our growth trajectory.”

    This press release contains preliminary estimated financial results for the quarter ended September 30, 2024, and may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

  • MIL-OSI: Norwood Financial Corp Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Highlights:

    • Net interest margin increased 19 basis points vs. the prior quarter and 7 basis points over the prior year.
    • Loans grew at an 8% annualized rate during the 3rd quarter.
    • Capital continues to improve as the negative mark-to-market effect lessens 42% since last year.

    HONESDALE, Pa., Oct. 28, 2024 (GLOBE NEWSWIRE) — Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2024 of $3.8 million, which was $275 thousand lower than the same three-month period of last year. Net interest income was up by $892 thousand which was offset by increases in operating expense and the provision for credit losses. Earnings per share (fully diluted) were $0.48 in the three months ended September 30, 2024, compared to $0.51 in the same period of last year. The annualized return on average assets for the three months ended September 30, 2024, was 0.68%, while the annualized return on average tangible equity was 9.58%.

    Net income for the nine months ended September 30, 2024, was $12.5 million, which is $3.9 million lower than the same nine-month period of 2023, due to a decrease in net interest income, an increase in the provision for credit losses, and an increase in operating expenses, partially offset by an increase in total other income. Earnings per share (fully diluted) for the nine months ended September 30, 2024, were $1.55, compared to $2.03 for the nine months ended September 30, 2023. The annualized return on average assets for the nine months ended September 30, 2024 was 0.75%. The annualized return on average tangible equity for the nine months ended September 30, 2024 was 10.82%.

    Total assets as of September 30, 2024 were $2.280 billion, compared to $2.180 billion at September 30, 2023. At September 30, 2024, loans receivable were $1.675 billion, total deposits were $1.855 billion and stockholders’ equity was $195.7 million.

    For the three months ended September 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled $16.1 million, an increase of $914 thousand compared to the same period in 2023. A $77.5 million increase in average interest-earning assets, generated an increase in interest income of $4.0 million. Interest expense increased $3.1 million mainly due to higher deposit balances and higher rates on those deposits. Net interest margin (fte) for the three months ended September 30, 2024 was 2.99%, compared to 2.92% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 58 basis points to 5.31% during the three months ended September 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 62 basis points to 3.09%.

    Net interest income (fte) for the nine-months ended September 30, 2024 totaled $45.6 million, which was $1.2 million lower than the same period in 2023, due primarily to a $14.8 million increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.87% for the nine-months ended September 30, 2024, as compared to 3.10% for the nine-months ended September 30, 2023.

    Other income for the three months ended September 30, 2024, totaled $2.3 million, compared to $2.3 million for the same period in 2023. For the nine-months ended September 30, 2024, other income totaled $6.5 million, compared to $6.0 million for the nine-months ended September 30, 2023.

    Other expenses totaled $12.0 million for the three months ended September 30, 2024, an increase of $755 thousand, compared to the $11.3 million for the same period of 2023. For the nine-months ended September 30, 2024, other expenses totaled $35.2 million, compared to $32.6 million for the same period in 2023, due primarily to an increase in salaries and benefits, professional fees, data processing costs and FDIC insurance.

    Jim Donnelly President and CEO of Norwood Financial Corp and Wayne Bank, stated, “We are pleased to present our result of operations for the third quarter. Although strong loan growth caused an increase in our provision for credit losses we welcome the ongoing opportunity to serve our customers. Net interest margin (fte) for this quarter eclipsed the margin for last year, something that hasn’t happened since the Federal Reserve began raising interest rates. Our capital base remains above “Well-Capitalized” targets and we continue to show less impact from the market value of our bond portfolio. Additionally, our credit quality metrics remained strong during the third quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers.”

    Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

    Forward-Looking Statements

    The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Non-GAAP Financial Measures

    This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a fully taxable-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.

    The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis:

         
    (dollars in thousands) Three months ended Nine months ended
    September 30 September 30
        2024     2023     2024     2023
    Net Interest Income $         15,931   $         15,039   $         45,566   $         46,774
    Taxable equivalent basis
    adjustment using 21% marginal
    tax rate    		   207     185     601     554
    Net interest income on a fully
    taxable equivalent basis    		 $ 16,138   $ 15,224   $ 46,167   $ 47,328
                           

    This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.

    The following table reconciles average equity to average tangible equity:

           
      Three months ended   Nine months ended
    (dollars in thousands) September 30   September 30
        2024      2023     2024     2023
    Average equity $ 189,135   $ 175,224   $ 183,593    $ 174,943
    Average goodwill and other
    intangibles    		    (29,440)     (29,514)      (29,457)     (29,536)
    Average tangible equity $ 159,695   $ 145,710   $ 154,136   $ 145,407
                           

    Contact: John M. McCaffery
    Executive Vice President &
    Chief Financial Officer
    NORWOOD FINANCIAL CORP
    272-304-3003
    www.waynebank.com

     
    NORWOOD FINANCIAL CORP
    Consolidated Balance Sheets
    (dollars in thousands, except share and per share data)
    (unaudited)
      September 30
        2024
    		   2023
    		  
    ASSETS              
    Cash and due from banks $  47,072     $ 41,141  
    Interest-bearing deposits with banks   35,808       13,005  
    Cash and cash equivalents   82,880       54,146  
                   
    Securities available for sale   396,891       380,499  
    Loans receivable   1,675,139       1,611,069  
    Less: Allowance for credit losses   18,699       16,086  
    Net loans receivable   1,656,440       1,594,983  
    Regulatory stock, at cost   6,329       8,843  
    Bank premises and equipment, net   18,503       17,254  
    Bank owned life insurance   46,382       46,197  
    Foreclosed real estate owned   0       290  
    Accrued interest receivable   8,062       7,759  
    Deferred tax assets, net   18,818       25,610  
    Goodwill   29,266       29,266  
    Other intangible assets   167       240  
    Other assets   16,013       14,911  
    TOTAL ASSETS $         2,279,751     $         2,179,998  
               
    LIABILITIES          
    Deposits:          
    Non-interest bearing demand $ 420,967     $ 430,242  
    Interest-bearing   1,434,284       1,316,582  
    Total deposits   1,855,251       1,746,824  
    Short-term borrowings   52,453       103,881  
    Other borrowings   144,959       137,447  
    Accrued interest payable   12,688       8,605  
    Other liabilities   18,746       18,539  
    TOTAL LIABILITIES   2,084,097       2,015,296  
                   
    STOCKHOLDERS’ EQUITY
    Preferred Stock, no par value per share, authorized 5,000,000 shares    		   –       –  
    Common Stock, $.10 par value per share,              
    authorized: 20,000,000 shares,
    issued: 2024: 8,311,851 shares, 2023: 8,291,401 shares    		   831       829  
    Surplus   98,330       97,449  
    Retained earnings   140,489       137,363  
    Treasury stock, at cost: 2024: 221,140 shares, 2023: 222,051 shares   (5,969 )     (5,957 )
    Accumulated other comprehensive loss   (38,027 )     (64,982 )
    TOTAL STOCKHOLDERS’ EQUITY   195,654       164,702  
    TOTAL LIABILITIES AND
    STOCKHOLDERS’ EQUITY    		 $ 2,279,751     $ 2,179,998  
             
    NORWOOD FINANCIAL CORP
    Consolidated Statements of Income
    (dollars in thousands, except per share data)
    (unaudited)    		        
        Three Months Ended September 30,   Nine Months Ended September 30,
        2024  2023     2024       2023  
    INTEREST INCOME                      
    Loans receivable, including fees $ 25,464   $  22,021   $ 73,266   $ 61,881  
    Securities   2,526     2,433     7,635     7,418  
    Other   497     54     2,194     156  
    Total Interest income   28,487     24,508     83,095     69,455  
                         
    INTEREST EXPENSE                    
    Deposits   10,553     7,017     31,349     17,119  
    Short-term borrowings   323     1,126     1,015     2,702  
    Other borrowings   1,680     1,326     5,165     2,860  
    Total Interest expense   12,556     9,469     37,529     22,681  
    NET INTEREST INCOME   15,931     15,039     45,566     46,774  
    PROVISION FOR CREDIT LOSSES   1,345   $ 882   $         1,069   $ (568 )
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   14,586     14,157     44,497     47,342  
                         
    OTHER INCOME                    
    Service charges and fees   1,517     1,527     4,364     4,192  
    Income from fiduciary activities   256     246     719     688  
    Net realized (losses) gains on sales of securities   –     –     –     (209 )
    Gains on sales of loans, net   103     18     145     27  
    Gains on sales of foreclosed real estate owned   –     13     32     13  
    Earnings and proceeds on life insurance policies   261     328     781     770  
    Other   158     174     467     520  
    Total other income   2,295     2,306     6,508     6,001  
                         
    OTHER EXPENSES                    
    Salaries and employee benefits   6,239     6,083     18,328     17,893  
    Occupancy, furniture and equipment   1,269     1,242     3,758     3,818  
    Data processing and related operations   1,162     876     3,208     2,465  
    Taxes, other than income   179     167     452     490  
    Professional fees   576     524     1,669     1,132  
    FDIC Insurance assessment   339     254     1,009     699  
    Foreclosed real estate   9     9     45     112  
    Amortization of intangibles   16     20     54     66  
    Other   2,242     2,101     6,683     5,974  
    Total other expenses   12,031     11,276     35,206     32,649  
                             
    INCOME BEFORE TAX   4,850     5,187     15,799     20,694  
    INCOME TAX EXPENSE   1,006     1,068     3,308     4,289  
    NET INCOME $ 3,844   $ 4,119   $ 12,491   $ 16,405  
                             
    Basic earnings per share $ 0.48   $ 0.51   $ 1.55   $ 2.03  
                             
    Diluted earnings per share $ 0.48   $ 0.51   $ 1.55   $ 2.03  
                   
    NORWOOD FINANCIAL CORP
    Financial Highlights (Unaudited)
    (dollars in thousands, except per share data)    		              
    For the Three Months Ended September 30   2024       2023  
    Net interest income $         15,931     $         15,039  
    Net income   3,844       4,119  
                   
    Net interest spread (fully taxable equivalent)   2.23 %     2.26 %
    Net interest margin (fully taxable equivalent)   2.99 %     2.92 %
    Return on average assets   0.68 %     0.76 %
    Return on average equity   8.09 %     9.33 %
    Return on average tangible equity   9.58 %     11.22 %
    Basic earnings per share $         0.48     $         0.51  
    Diluted earnings per share $         0.48     $         0.51  
                   
    For the Nine Months Ended September 30   2024       2023  
    Net interest income $         45,566     $         46,774  
    Net income   12,491       16,405  
                   
    Net interest spread (fully taxable equivalent)   2.12 %     2.56 %
    Net interest margin (fully taxable equivalent)   2.87 %     3.10 %
    Return on average assets   0.75 %     1.04 %
    Return on average equity   9.09 %     12.54 %
    Return on average tangible equity   10.82 %     15.08 %
    Basic earnings per share $         1.55     $         2.03  
    Diluted earnings per share $         1.55     $         2.03  
                   
    As of September 30   2024       2023  
    Total assets $         2,279,751     $         2,179,998  
    Total loans receivable   1,675,139       1,611,069  
    Allowance for credit losses   18,699       16,086  
    Total deposits   1,855,251       1,746,824  
    Stockholders’ equity   195,654       164,702  
    Trust assets under management   209,857       185,913  
                   
    Book value per share $         24.92     $         21.15  
    Tangible book value per share $         21.28     $         17.49  
    Equity to total assets   8.58 %     7.56 %
    Allowance to total loans receivable   1.12 %     1.00 %
    Nonperforming loans to total loans   0.47 %     0.65 %
    Nonperforming assets to total assets   0.35 %     0.50 %
     
    NORWOOD FINANCIAL CORP
    Consolidated Balance Sheets (unaudited)
    (dollars in thousands)
      September 30
    2024    		 June 30
    2024    		 March 31
    2024    		 December 31
    2023    		 September 30
    2023
    ASSETS          
    Cash and due from banks $         47,072   $         29,903   $         19,519   $         28,533   $         41,141  
    Interest-bearing deposits with banks    35,808     39,492     92,444     37,587     13,005  
    Cash and cash equivalents   82,880     69,395     111,963     66,120     54,146  
                                   
    Securities available for sale   396,891     397,578     398,374     406,259     380,499  
    Loans receivable   1,675,139     1,641,356     1,621,448     1,603,618     1,611,069  
    Less: Allowance for credit losses   18,699     17,807     18,020     18,968     16,086  
    Net loans receivable   1,656,440     1,623,549     1,603,428     1,584,650     1,594,983  
    Regulatory stock, at cost   6,329     6,443     6,545     7,318     8,843  
    Bank owned life insurance   46,382     46,121     45,869     46,439     46,197  
    Bank premises and equipment, net   18,503     18,264     18,057     17,838     17,254  
    Foreclosed real estate owned   0     0     97     97     290  
    Goodwill and other intangibles   29,433     29,449     29,468     29,487     29,506  
    Other assets   42,893     44,517     46,622     42,871     48,280  
    TOTAL ASSETS $         2,279,751   $         2,235,316   $         2,260,423   $         2,201,079   $         2,179,998  
               
    LIABILITIES          
    Deposits              
    Non-interest bearing demand $         420,967   $         391,849   $         383,362   $         399,545   $         430,242  
    Interest-bearing deposits   1,434,284     1,419,323     1,455,636     1,395,614     1,316,582  
    Total deposits   1,855,251     1,811,172     1,838,998     1,795,159     1,746,824  
    Borrowings   197,412     210,422     211,234     198,312     241,328  
    Other liabilities   31,434     31,534     28,978     26,538     27,144  
    TOTAL LIABILITIES   2,084,097     2,053,128     2,079,210     2,020,009     2,015,296  
                                   
    STOCKHOLDERS’ EQUITY   195,654     182,188     181,213     181,070     164,702  
                                   
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $         2,279,751   $         2,235,316   $         2,260,423   $         2,201,079   $         2,179,998  
                 
    NORWOOD FINANCIAL CORP
    Consolidated Statements of Income (unaudited)
    (dollars in thousands, except per share data)    		        
                 
        September 30
    2024    		 June 30
    2024    		 March 31
    2024    		 December 31
    2023    		 September 30
    2023
    Three months ended  
    INTEREST INCOME            
    Loans receivable, including fees $ 25,464   $ 24,121   $ 23,681   $ 23,328   $ 22,021  
    Securities   2,526     2,584     2,526     2,504     2,433  
    Other   497     966     731     253     54  
    Total interest income   28,487     27,671     26,938     26,085     24,508  
                                   
    INTEREST EXPENSE            
    Deposits   10,553     10,687     10,110     8,910     7,017  
    Borrowings   2,003     2,059     2,118     1,882     2,452  
    Total interest expense   12,556     12,746     12,228     10,792     9,469  
    NET INTEREST INCOME   15,931     14,925     14,710     15,293     15,039  
    (RELEASE OF) PROVISION FOR CREDIT LOSSES   1,345     347     (624 )    6,116     882  
    NET INTEREST INCOME AFTER (RELEASE OF)
    PROVISION FOR CREDIT LOSSES    		            
    14,586     14,578     15,334     9,177     14,157  
                 
    OTHER INCOME                              
    Service charges and fees   1,517     1,504     1,343     1,421     1,527  
    Income from fiduciary activities   256     225     238     210     246  
    Net realized (losses) gains on sales of securities   –     –     –     –     –  
    Gains on sales of loans, net   103     36     6     36     18  
    Gains on sales of foreclosed real estate owned   –     32     –     66     13  
    Earnings and proceeds on life insurance policies   261     253     268     242     328  
    Other   158     157     151     148     174  
    Total other income   2,295     2,207     2,006     2,123     2,306  
                                   
    OTHER EXPENSES            
    Salaries and employee benefits   6,239     5,954     6,135     5,672     6,083  
    Occupancy, furniture and equipment, net   1,269     1,229     1,261     1,265     1,242  
    Foreclosed real estate   9     15     21     17     9  
    FDIC insurance assessment   339     309     361     287     254  
    Other   4,175     3,937     3,954     3,608     3,688  
    Total other expenses   12,031     11,444     11,732     10,849     11,276  
                                   
    INCOME BEFORE TAX   4,850     5,341     5,608     451     5,187  
    INCOME TAX EXPENSE   1,006     1,128     1,175     96     1,068  
    NET INCOME $ 3,844   $ 4,213   $ 4,433   $ 355   $ 4,119  
                                   
    Basic earnings per share $ 0.48   $ 0.52   $ 0.55   $ 0.04   $ 0.51  
                                   
    Diluted earnings per share $ 0.48   $ 0.52   $ 0.55   $ 0.04   $ 0.51  
                                   
    Book Value per share $ 24.92   $ 23.26   $ 23.01   $ 22.99   $ 21.15  
    Tangible Book Value per share   21.28     19.62     19.38     19.36     17.49  
                                   
    Return on average assets (annualized)   0.68 %   0.75 %   0.80 %   0.06 %    0.76 %
    Return on average equity (annualized)   8.09 %   9.41 %    9.79 %    0.84 %    9.33 %
    Return on average tangible equity (annualized)   9.58 %   11.26 %    11.68 %    1.01 %    11.22 %
                                   
    Net interest spread (fte)   2.23 %   2.05 %    2.07 %    2.24 %    2.28 %
    Net interest margin (fte)   2.99 %   2.79 %    2.79 %    2.95 %    2.94 %
                                   
    Allowance for credit losses to total loans   1.12 %   1.08 %    1.11 %    1.18 %    1.00 %
    Net charge-offs to average loans (annualized)   0.08 %   0.13 %    0.08 %    0.79 %    0.59 %
    Nonperforming loans to total loans   0.47 %   0.47 %    0.23 %    0.48 %    0.65 %
    Nonperforming assets to total assets   0.35 %   0.34 %    0.17 %    0.35 %    0.50 %
    NORWOOD FINANCIAL CORP
    NET INTEREST MARGIN ANALYSIS
    (dollars in thousands)
      For the Quarter Ended
      September 30, 2024 For the Quarter Ended June 30, 2024 September 30, 2023
    Average
    Balance
    (2)    		 Interest
    (1) 
    		 Average
    Rate
    (3)    		 Average
    Balance
    (2)    		 Interest
    (1)    		 Average
    Rate
    (3)    		 Average
    Balance
    (2)    		 Interest
    (1) 
    		 Average
    Rate
     (3)
    Assets                      
    Interest-earning assets:                      
    Interest-bearing deposits with banks $ 36,221   $ 497   5.46 % $ 69,173   $ 967   5.62 % $ 3,675   $ 54   5.83 %
    Securities available for sale:                      
    Taxable   392,168     2,161   2.19     401,014     2,206   2.21     406,962     2,052   2.00  
    Tax-exempt (1)   67,563     461   2.71     69,126     477   2.78     70,219     483   2.73  
    Total securities available for sale (1)   459,731     2,622   2.27     470,140     2,683   2.30     477,181     2,535   2.11  
    Loans receivable (1) (4) (5)   1,651,921     25,575   6.16     1,629,283     24,220   5.98     1,589,474     22,104   5.52  
    Total interest-earning assets   2,147,873     28,694   5.31     2,168,596     27,870   5.17     2,070,330     24,693   4.73  
    Non-interest earning assets:                      
    Cash and due from banks   28,193           26,422           27,910      
    Allowance for credit losses   (17,944 )         (18,023 )         (17,262 )    
    Other assets   78,344           69,718           65,863      
    Total non-interest earning assets   88,593           78,117           76,511      
    Total Assets $ 2,236,466         $ 2,246,713         $ 2,146,841      
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
                           
    Interest-bearing demand and money market $ 461,897   $ 2,782   2.40   $ 450,918   $ 2,397   2.14   $ 439,255   $ 1,647   1.49  
    Savings   221,366     13   0.02     233,676     286   0.49     238,493     77   0.13  
    Time   734,235     7,758   4.20     755,224     8,004   4.26     611,607     5,293   3.43  
    Total interest-bearing deposits   1,417,498     10,553   2.96     1,439,818     10,687   2.99     1,289,355     7,017   2.16  
    Short-term borrowings   53,622     323   2.40     61,689     356   2.32     116,470     1,126   3.84  
    Other borrowings   146,357     1,680   4.57     149,442     1,703   4.58     116,700     1,326   4.51  
    Total interest-bearing liabilities   1,617,477     12,556   3.09     1,650,949     12,746   3.11     1,522,525     9,469   2.47  
    Non-interest bearing liabilities:                      
    Demand deposits   400,314           387,962           425,216      
    Other liabilities   29,540           28,308           23,876      
    Total non-interest bearing liabilities   429,854           416,270           449,092      
    Stockholders’ equity   189,135           179,494           175,224      
    Total Liabilities and Stockholders’ Equity $ 2,236,466         $ 2,246,713         $ 2,146,841      
    Net interest income/spread (tax equivalent basis)     16,138   2.23 %     15,124   2.06 %     15,224   2.26 %
    Tax-equivalent basis adjustment     (207 )         (199 )         (185 )  
    Net interest income   $ 15,931         $ 14,925         $ 15,039    
    Net interest margin (tax equivalent basis)     2.99 %     2.80 %     2.92 %
                             

    (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
    (2) Average balances have been calculated based on daily balances.
    (3) Annualized
    (4) Loan balances include non-accrual loans and are net of unearned income.
    (5) Loan yields include the effect of amortization of deferred fees, net of costs.

    The MIL Network –

  • MIL-OSI Economics: CBB Governor receives PM Fellowship Program candidate

    Source: Central Bank of Bahrain

    Published on 28 October 2024

    Manama, Kingdom of Bahrain – 28 October 2024 – HE Khalid Humaidan, Governor of the Central Bank of Bahrain, affirmed that the PM Fellowship Program reflects the Kingdom of Bahrain’s commitment to investing in its national workforce and engaging them in comprehensive development, under the leadership of His Majesty King Hamad bin Isa Al Khalifa and in line with the vision of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.

    HE the Governor received at his office Mr. Rashed Adel Kamal, the CBB employee selected as a candidate for the 10th intake of the Prime Minister’s Fellowship Program, and  congratulated him on his selection, wishing him ongoing success and benefit from the program’s opportunities.

    Mr. Kamal expressed his gratitude to HE the Governor for his continuous support for CBB employees in achieving their aspirations.

    Share this

    MIL OSI Economics –

  • MIL-OSI NGOs: Nigeria: Escalation of mob violence emboldens impunity

    Source: Amnesty International –

    • At least 555 victims of mob violence recorded over the last decade
    • Upsurge of blasphemy killings fueled by alleged incitement from clerics
    • Allegations of corruption and policing failures perpetuating violence

    The failure of the Nigerian authorities to protect lives has led to a growing escalation of mob violence over the last decade, as people increasingly take law into their hands and carry out so- called ‘jungle justice,’ said Amnesty International Nigeria in a new report. 

    Instantly Killed: How Law Enforcement failures exacerbate wave of mob violence in Nigeria documents how victims accused of theft, blasphemy, shoplifting and witchcraft are beaten, tortured and killed with impunity and suspected perpetrators almost always get away with it. 

    Between January 2012 to August 2023, Amnesty International recorded at least 555 victims of mob violence (how many killed), from 363 documented incidents across Nigeria. Over the period of this investigation 57 people were killed by violent mobs; 32 were burnt alive, 2 persons were buried alive, while 23 people were tortured to death.

    “The menace of mob violence is perhaps one of the biggest threats to the right to life in Nigeria. The fact that these killings have been happening for a long time, with few cases investigated and prosecuted, highlights the authorities’ shocking failure to uphold and fulfil their obligation to protect people from harm and violence,” said Isa Sanusi, Director Amnesty International Nigeria.

    “The failure of law enforcement agencies, especially the Nigeria Police Force, to prevent mob violence, investigate allegations of torture and killings, and bring suspected perpetrators to justice, is empowering mobs to kill. The problem is compounded by weak and corrupt legal institutions and systems.” 

    Isa Sanusi, Director Amnesty International Nigeria

    Amnesty International’s research details cases of victims of mob violence that include at least 13 women, six children, and two people with actual or perceived mental health illnesses and/or psycho-social or intellectual disabilities. Cases of mob violence were documented in each of Nigeria’s six geopolitical zones: South-South (82), South-East (43), South-West (98), North-Central (42), North-West (100), and North-East (26).

    In the southern parts of Nigeria, mob violence is mostly targeted at those accused of theft, of taking part in rituals or practising witchcraft. In northern Nigeria, it is mostly used against those accused of blasphemy and often endorsed by religious clerics. 

    Those with mental health conditions and psycho-social disabilities are consistently targeted by violent mobs that use their disabilities to make false accusations against victims and to justify lynching them. 

    “It is appalling that mob violence is gradually becoming the norm, often meted out in crowded areas, such as motor parks, market areas and busy roads. Victims were always tortured including by beating, stoning, or via the use of improvised weapons like sticks and metal rods,” said Isa Sanusi.

    Many of the victims of mob violence were targeted because of their social status, identities as members of religious or other minority groups. Other reasons for targeting victims include attempts to curtail the rights to freedom of expression, and freedom from discrimination due to gender or specific conditions, including against women, children, and people with psycho-social disabilities.

    MIL OSI NGO –

  • MIL-OSI Global: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

    Somaliland is due to hold a presidential election on 13 November 2024.

    The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

    Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

    Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

    Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

    I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

    Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

    Political landscape

    Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

    Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

    The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

    Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

    Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.



    Read more:
    Somaliland has been pursuing independence for 33 years. Expert explains the impact of the latest deal with Ethiopia

    Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

    However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

    This potential shift reflects an understanding that both regional and global dynamics are changing.

    Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

    KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

    KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

    Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

    Regional implications

    A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

    Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

    Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.



    Read more:
    Somaliland crisis: delayed elections and armed conflict threaten dream of statehood

    There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

    Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

    Risks that lie ahead

    There are some risks of instability regardless of who wins the election.

    The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

    There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

    After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

    Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

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

    – ref. Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa – https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

    MIL OSI – Global Reports –

  • MIL-OSI Video: President Biden Delivers Remarks at a Reception in Celebration of Diwali

    Source: United States of America – The White House (video statements)

    The White House

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

    MIL OSI Video –

  • MIL-OSI Video: Enlargement will remain a top priority in the Commission’s next mandate

    Source: European Commission (video statements)

    Title: Enlargement will remain a top priority in the Commission’s next mandate

    Description:
    Enlargement will remain a top priority in the European Commission’s next mandate.
    President Ursula von der Leyen has reaffirmed the EU’s commitments to the European future of our six Western Balkan partners during this year’s edition of the Western Balkans tour.

    https://www.youtube.com/watch?v=plJZfB5whmI

    MIL OSI Video –

  • MIL-OSI United Kingdom: Help create a fairer private rented sector in Westminster | Westminster City Council

    Source: City of Westminster

    Westminster City Council is inviting tenants, landlords, property agents and anyone with experience or an interest in the private rented housing sector to have their say on the council’s proposals to introduce a new property licensing scheme in parts of the city.

    The scheme, if approved, would apply to private rented homes that are occupied by a family or a maximum of two sharers. It is known as selective licensing.

    The private rented sector (PRS) continues to grow across the country and Westminster has the largest PRS in England. With the ongoing national housing crisis, an increased shortage of social housing and home ownership unobtainable for many, private rented housing is often the only viable option.

    In 2021, the council introduced a boroughwide additional houses in multiple occupation (HMO) licensing scheme to improve safety standards for tenants living in small HMOs. The council want to ensure the safety of more residents and are now proposing that privately rented homes of all types (not just HMOs) should be licensed in 15 wards across the borough. This will help the council to tackle poor housing conditions and antisocial behaviour in the PRS.

    Councillor Matt Noble, Cabinet Member for Regeneration and Renters, said:

    We know that most landlords and agents operating in Westminster provide homes that are safe, of a high standard and managed well. When properties are not safe and well managed, the impact upon the lives of tenants and the wider community can be detrimental. Sometimes this is because landlords are not aware of their responsibilities and sometimes this is because criminal landlords knowingly flout housing laws.

    “We want to ensure that all private rented properties are operating legally and, above all else, safe.

    “Before any decisions are made, we need the views of everyone in the borough, especially those that live in a private rented home.”

    Westminster City Council is consulting about a licensing scheme which, if it is introduced, could come into effect from spring 2026.

    The consultation runs until Sunday 19 January 2025, and everyone can share their views by visiting www.westminster.gov.uk/prs

    Paper copies will be available at libraries throughout the city and can be requested by emailing [email protected] or calling 020 7641 6161.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Giant Panda Naming Competition attracts overwhelming response and Giant Panda Painting Competition to conclude next Friday

    Source: Hong Kong Government special administrative region

         â€‹To welcome the two giant pandas gifted by the Central Government to the Hong Kong family, the Culture, Sports and Tourism Bureau (CSTB) announced the launch of the Giant Panda Naming Competition and Giant Panda Painting Competition on October 2. The submission period of the naming competition concluded yesterday (October 27). Over 22 600 submissions were received by the Ocean Park Corporation (Ocean Park), the co-organiser.
          
         A spokesperson for the CSTB said the overwhelming response received for the naming competition shows the public’s love for the giant pandas. 

         Submission period for the painting competition will conclude next Friday (November 8). The spokesperson encourages the public to continue to support and participate in the painting competition by capturing the adorable traits of the giant pandas through artwork. Details of the competition, including the terms and conditions, means for submission of entries, judging criteria and prizes, can be found at the Ocean Park’s dedicated website at https://www.oceanpark.com.hk/en/park-experience/giant-panda-campaign-2024/painting-competition-2024. 

         Results of the two competitions will be announced by the end of this year and winners will be notified individually by correspondence. 

         The two giant pandas have completed their one-month quarantine in the Ocean Park and are adopting to their new habitat. The CSTB will maintain close communication with experts from the Agriculture, Fisheries and Conservation Department and the Ocean Park, and, subject to the health and adaptation conditions of the giant pandas, arrange for them to meet the public by the end of this year.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Delegation of SPbGASU visited Lakhta Center

    Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Delegation of SPbGASU and representatives of the Leningrad Region Construction Committee: Alexander Glukhanov, Marina Malyutina, Roman Motylev, Anna Tsarenko, Andrey Nikulin, Evgeny Korolev, Olga Pastukh, Sergey Mikhailov, Svetlana Golovina, Alexander Dorozhkin, Galina Tokunova, Ekaterina Voznyak and Evgeny Enokaev

    A delegation from SPbGASU headed by First Vice-Rector Svetlana Golovina visited the Lakhta Center on October 22. The delegation included Vice-Rector for Educational Activities Sergey Mikhailov, Vice-Rector for Research Activities Evgeny Korolev, Vice-Rector for Youth Policy Marina Malyutina, Dean of the Faculty of Civil Engineering, Head of the Department of Technosphere Safety Andrey Nikulin, Deputy Dean of the Faculty of Civil Engineering for Research Work Olga Pastukh, Deputy Dean of the Faculty of Civil Engineering for Career Guidance Work Alexander Glukhanov, Deputy Dean of the Faculty of Civil Engineering for Educational Work Anna Tsarenko, Head of the Department of Construction Organization Roman Motylev, Dean of the Faculty of Economics and Management Galina Tokunova and Dean of the Faculty of Architecture Ekaterina Voznyak. The visit took place with the support of the Leningrad Region Construction Committee and personally the First Deputy Chairman of the Committee, Evgeny Enokaev, as well as the Deputy Chairman of the Industrial Construction Committee, Oleg Razgulyaev.

    Representatives of SPbGASU visited the tallest building in Europe, discussed its design features and visited the observation deck on the 83rd–86th floors of the tower, which offers a breathtaking view of St. Petersburg from a height of 365 m.

    The Lakhta Center complex includes public and business buildings: the Gazprom headquarters, including office space and a transformable conference hall with 390 seats, a multifunctional public and scientific and educational center with a planetarium, and much more.

    In 2024, as part of the Russia exhibition at VDNKh, the approved concept for the further development of the complex was presented to the general public, including the construction of two more high-rises, 555 and 703 m high. The construction of the second of them, symbolically referring to the year the city on the Neva was founded, is planned to be completed by the 330th anniversary of St. Petersburg.

    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 –

  • MIL-OSI Security: Grand Bay-Westfield — 18-year-old man arrested in connection with firearm-related incident

    Source: Royal Canadian Mounted Police

    An 18-year-old man from Grand Bay-Westfield, N.B., has been arrested following a firearm-related incident in Grand Bay-Westfield, N.B.

    On October 24, 2024, at approximately 5:25 p.m., members of the Grand Bay-Westfield RCMP responded to a complaint of a man with a firearm on River Valley Drive in Grand Bay-Westfield.

    When police arrived at the scene, they were able to quickly identify a person of interest. Shortly after, the 18-year-old man was arrested without incident near his parked vehicle. A firearm was also seized as part of the investigation.

    The man was later released on conditions pending a future court appearance.

    At the time, police believed the incident to have been isolated, and that there was no danger to the general public. No one was injured at the time of the incident.

    The investigation is ongoing.

    MIL Security OSI –

  • MIL-OSI: VERB Regains Nasdaq Listing Compliance

    Source: GlobeNewswire (MIL-OSI)

    LOS ALAMITOS, Calif. and LAS VEGAS, Oct. 28, 2024 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the company behind MARKET.live, a leading livestream social shopping platform, and GO FUND YOURSELF!, a TV show and innovative new platform disrupting the crowd funding industry, today announced that on October 23, 2024, the Company received a letter from the Nasdaq Stock Market stating that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Stock Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

    Separately, the Company today announces that it has begun an investigation of apparent price manipulation in the trading of its shares following the Company’s announcement of a stockholder approved reverse stock split.

    On October 4, 2024, the Company announced that its stockholders had voted to authorize its Board to implement a 1-for-200 reverse stock split in order to retain the Company’s Nasdaq listing and that the shares would begin trading on a split-adjusted basis on October 9, 2024.

    Prior to the foregoing announcement, the Company estimates that there were approximately 40,000 beneficial owners of the Company’s stock. Assuming every single shareholder was entitled to a round-up share, which is highly unlikely, that would mean the Company would issue 40,000 shares to address any stockholders left with a fractional share following the reverse split. However, post-split, certain recently identified brokerage firms and clearing houses have requested roundup shares totaling more than 260,000 shares of the Company’s common stock – notwithstanding the fact that the Company’s total public float immediately post-split was less than 800,000.

    Not coincidentally, the Company became aware of a significant increase in short positions in its stock at or around the same time – and around the same number of round-up shares as those requested by these brokerages and clearing houses.

    And VERB is not the only company who has been subject to this same apparent manipulation. The Company knows of at least two other companies who are experiencing the same thing. The Company’s management is in communication with leadership at other affected companies and is seeking to coordinate efforts while actively pursuing the engagement of securities fraud counsel to investigate the facts, determine if there has been illicit activity affecting the Company, and if so, moving aggressively to hold those responsible accountable through swift private legal action as well as through the intervention of securities regulators.

    “Do not underestimate our resolve to protect our company and our stockholders,” stated Rory J. Cutaia, VERB Chairman & CEO. “For those of you waiting to receive your 260,000 round-up shares, here’s some advice, don’t hold your breath.”

    About VERB Technology Company 
    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of ecommerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California and Philadelphia, PA. 

    FORWARD-LOOKING STATEMENTS  
    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations:
    investors@verb.tech

    The MIL Network –

  • MIL-OSI: Wearable Devices Regains Compliance with Nasdaq Minimum Bid Price Rule

    Source: GlobeNewswire (MIL-OSI)

    YOKNEAM ILLIT, ISRAEL, Oct. 28, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced that it has received a written notice from Nasdaq Stock Market LLC (“Nasdaq”), indicating that the Company has regained compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

    The Nasdaq staff made this determination of compliance after the closing bid price of the Company’s ordinary shares was at $1.00 per share or greater for the last 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearablesdevices@imsinvestorrelations.com

    The MIL Network –

  • MIL-OSI: Ozop Capital Partners, Inc. Enters Agreement with Empire Auto Protect

    Source: GlobeNewswire (MIL-OSI)

    Empire Auto Protect to White Label the Fully Charged VSC as EMPIRE PLUS

    Warwick, NY, Oct. 28, 2024 (GLOBE NEWSWIRE) — OZOP Capital Partners, Inc., a wholly owned subsidiary of Ozop Energy Solutions, Inc. (OZSC or the “Company”), announces the execution of a White Label Agreement with Empire Auto Protect, a leading provider of comprehensive protection and aftermarket products to the automotive industry.

    Under the agreement, Empire will white label the Royal Administration’s Fully Charged Vehicle Service Contract, incorporating their own branding as Empire Plus. OZOP Plus will be providing battery protection and will be ceded the battery portion of all premiums sold through Empire. Empire’s version of the Fully Charged VSC will offer the same enhanced features and benefits of the Fully Charged VSC to their extensive customer base through their well-established marketing programs.

    The benefits of this white-label agreement are that Empire can immediately go to market with their branded version of the Fully Charged VSC and will also use Royal Administration as the Third-Party Administrator (the “TPA”) for any claims. Royal provides their TPA services for processing claims through their claims center. This seamless integration of services ensures that consumers and dealerships will experience a smooth and efficient claims process, further enhancing their overall experience.

    Brian Conway, CEO of Ozop Plus stated, “This agreement opens new revenue opportunities for OZOP Plus, from Empire’s comprehensive national marketing network which sees a monthly average of 5,000 + vehicle service policies written nationwide. This expansion allows the Fully Charged VSC to be accessible to new and current EV owners in addition to our total of 7,000+ dealerships, consolidating the strengths of both Royal Administration, Ozop Plus, and Empire within the automotive industry.”

    Empire Auto Protect, a trusted name in the automotive market, boasts a remarkable 17-year track record of offering a wide variety of top-rated vehicle service protection plans. As they launch a new Electric Vehicle product, the company is equally enthusiastic about integrating the Fully Charged VSC into their existing portfolio. This move aims to fortify their position in the market and provide their customers with a comprehensive suite of offerings to protect and enhance their electric vehicles.

    Robin and Michael Isaac Kassin, CEO & CFO of Empire Auto Protect talked about the partnership with Ozop Plus: “With this collaboration, we’re leveraging Empire Auto Protect’s cutting-edge digital technology to meet the evolving needs of today’s drivers. We’re excited to lead the warranty sector into a new era of efficiency and accessibility. Through our partnership with OZOP Plus, we will become the leading provider for EV and hybrid vehicles for all automotive warranty needs. This partnership will give customers access to a large network of fully charged Vehicle Service Contracts, offering the best warranty options tailored to each consumer, giving all drivers the peace of mind they deserve.”

    About Ozop Energy Solutions.

    Ozop Energy Solutions (Ozop Energy Solutions (http://ozopenergy.com/) is the flagship company that oversees a wide variety of products in various stages of development in the renewable energy sector. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

    About Empire Auto Protect

    Empire Auto Protect is at the forefront of transforming the auto warranty landscape by integrating cutting-edge technology into every aspect of our services. Much like how Apple revolutionized consumer electronics and Tesla redefined automotive innovation, we are setting new standards in the warranty sector.

    Our advanced digital platforms streamline the warranty process, making it more efficient and user-friendly for customers. By harnessing data analytics and seamless online tools, we empower consumers with tailored warranty solutions that meet their unique needs. This commitment to innovation not only enhances customer experience but also positions Empire Auto Protect as the leading technology provider in the automotive warranty industry, driving it into a new digital age.

    https://empireautoprotect.com/

    About Automated Room Controls, Inc.

    Also known as ARC, Inc. its mission is to deliver cutting-edge technology that simplifies complex control needs, ensuring seamless integration and exceptional performance. We aim to lead the industry by continuously innovating and providing solutions that meet the evolving demands of our customers. Our vision is to make control systems smarter, more efficient, and more accessible to everyone.

    www.ARControl.com

    About Ozop Energy Systems, Inc.

    Ozop Energy Systems is a manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

    About Ozop Engineering and Design

    Ozop Engineering and Design engineers’ energy efficient, easy to install and use, digital lighting controls solutions for commercial buildings, campuses, and sports complexes throughout North America. Products include relays panels, controllers, occupancy/vacancy sensors, daylight sensors and wall switch stations. Ozop has a dedicated design team that produces system drawings and a technical support group for product questions and onsite system commissioning. Our mission is to be recognized for our deep understanding of power management systems and ability to provide the right solution for each facility.

    www.ozopengineering.com

    About Ozop Capital Partners

    Ozop Capital Partners, Inc. is a wholly owned subsidiary of the Company, and wholly owns EV Insurance Company, Inc. (“EVIC”). EVIC, DBA Ozop Plus is licensed as a captive insurer that reinsures. www.OzopPlus.com

    https://twitter.com/OzopEnergy

    https://www.facebook.com/OzopEnergy/

    Safe Harbor Statement

    “This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

    Investor Relations Contact – Ozop
    The Waypoint Refinery, LLC
    845-397-2956
    Visit our Discord:
    https://discord.gg/waypoint

    The MIL Network –

  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., Oct. 28, 2024 (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 $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.

    The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.

    Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)1 was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.

    “We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    September 30, 2024, Highlights:

    • Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.
    • Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.
    • The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.
    • In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.
    • Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.
    • Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.
    • Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.
    • Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.
    • The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
    • Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.
    • Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.
    • The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.

    Balance Sheet and Asset Quality

    Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.

    Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.

    Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 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 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.

    Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.

    The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.

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

    (in thousands, except ratios)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Loans, end of period $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  
    Allowance for credit losses – Loans $ 21,000     $ 21,178     $ 22,908     $ 22,973  
    ACL – Loans as a percentage of loans, end of period   1.47 %     1.48 %     1.57 %     1.59 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

      September 30, 2024
    and Three Months
    Ended    		   September 30, 2023
    and Three Months
    Ended    		   September 30, 2024
    and Nine Months
    Ended    		   September 30, 2023
    and Nine Months
    Ended
    ACL – Unfunded commitments – beginning of period $ 712     $ 1,544   $ 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   (252 )     27     (790 )     34
    ACL – Unfunded commitments – end of period $ 460     $ 1,571   $ 460     $ 1,571

    Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.

    Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.

    Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.

      (in thousands)
      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Special mention loan balances $ 11,047   $ 8,848   $ 13,737   $ 18,392   $ 20,043
    Substandard loan balances   21,202     14,420     14,733     19,596     16,171
    Criticized loans, end of period $ 32,249   $ 23,268   $ 28,470   $ 37,988   $ 36,214

    Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

    Deposit Portfolio Composition
    (in thousands)

      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Consumer deposits $ 844,808   $ 822,665   $ 827,290   $ 814,899   $ 794,970
    Commercial deposits   432,361     412,385     414,088     423,762     429,358
    Public deposits   176,844     187,698     202,175     182,172     163,734
    Brokered deposits   66,654     96,796     83,936     98,259     85,173
    Total deposits $ 1,520,667   $ 1,519,544   $ 1,527,489   $ 1,519,092   $ 1,473,235


    Deposit Composition
    (in thousands)

      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Non-interest-bearing demand deposits $ 256,840   $ 255,703   $ 248,537   $ 265,704   $ 275,790
    Interest-bearing demand deposits   346,971     353,477     361,278     343,276     336,962
    Savings accounts   169,096     170,946     177,595     176,548     183,702
    Money market accounts   366,067     370,164     387,879     374,055     312,689
    Certificate accounts   381,693     369,254     352,200     359,509     364,092
    Total deposits $ 1,520,667   $ 1,519,544     1,527,489   $ 1,519,092   $ 1,473,235

    At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.

    Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.

    Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.

    Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

    Review of Operations

    Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

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

      Three months ended
      September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 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 $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %   $ 11,747     2.69 %   $ 12,121     2.79 %
    Less accretion for PCD loans   (45 )   (0.01 )%     (62 )   (0.01 )%     (75 )   (0.02 )%     (37 )   (0.01 )%     (39 )   (0.01 )%
    Less scheduled accretion interest   (33 )   (0.01 )%     (32 )   (0.01 )%     (33 )   (0.01 )%     (33 )   (0.01 )%     (77 )   (0.02 )%
    Without loan purchase accretion $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %   $ 11,677     2.67 %   $ 12,005     2.76 %

    Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.

    Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.

    Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

    These financial results are preliminary until Form 10-Q is filed in November 2024.

    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)
     
      September 30, 2024
    (unaudited)    		   June 30, 2024
    (unaudited)    		   December 31, 2023
    (audited)    		   September 30, 2023
    (unaudited)
    Assets              
    Cash and cash equivalents $ 36,632     $ 36,886     $ 37,138     $ 32,532  
    Securities available for sale “AFS”   149,432       146,438       155,743       153,414  
    Securities held to maturity “HTM”   87,033       88,605       91,229       92,336  
    Equity investments   5,096       5,023       3,284       2,433  
    Other investments   12,311       13,878       15,725       15,109  
    Loans receivable   1,424,828       1,428,588       1,460,792       1,447,529  
    Allowance for credit losses   (21,000 )     (21,178 )     (22,908 )     (22,973 )
    Loans receivable, net   1,403,828       1,407,410       1,437,884       1,424,556  
    Loans held for sale   697       275       5,773       2,737  
    Mortgage servicing rights, net   3,696       3,731       3,865       3,944  
    Office properties and equipment, net   17,365       17,774       18,373       19,465  
    Accrued interest receivable   6,235       6,289       5,409       5,936  
    Intangible assets   1,158       1,336       1,694       1,873  
    Goodwill   31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net   1,572       1,662       1,795       1,046  
    Bank owned life insurance (“BOLI”)   25,901       25,708       25,647       25,467  
    Other assets   16,683       15,794       16,334       18,741  
    TOTAL ASSETS $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Liabilities and Stockholders’ Equity              
    Liabilities:              
    Deposits $ 1,520,667     $ 1,519,544     $ 1,519,092     $ 1,473,235  
    Federal Home Loan Bank (“FHLB”) advances   21,000       31,500       79,530       114,530  
    Other borrowings   61,548       61,498       67,465       67,407  
    Other liabilities   15,773       13,720       11,970       10,513  
    Total liabilities   1,618,988       1,626,262       1,678,057       1,665,685  
    Stockholders’ equity:              
    Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively   101       103       104       105  
    Additional paid-in capital   115,455       117,838       119,441       119,612  
    Retained earnings   78,438       75,501       71,117       67,424  
    Accumulated other comprehensive loss   (13,845 )     (17,397 )     (17,328 )     (21,739 )
    Total stockholders’ equity   180,149       176,045       173,334       165,402  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  

    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   Nine Months Ended
      September 30, 2024 (unaudited)   June 30, 2024 (unaudited)   September 30, 2023 (unaudited)   September 30, 2024 (unaudited)   September 30, 2023 (unaudited)
    Interest and dividend income:                  
    Interest and fees on loans $ 20,115     $ 19,921     $ 19,083     $ 60,204     $ 54,169
    Interest on investments   2,397       2,542       2,689       7,450       8,053
    Total interest and dividend income   22,512       22,463       21,772       67,654       62,222
    Interest expense:                  
    Interest on deposits   10,165       9,338       7,388       28,712       17,898
    Interest on FHLB borrowed funds   128       576       1,210       1,216       4,595
    Interest on other borrowed funds   934       973       1,053       2,960       3,127
    Total interest expense   11,227       10,887       9,651       32,888       25,620
    Net interest income before provision for credit losses   11,285       11,576       12,121       34,766       36,602
    (Negative) provision for credit losses   (400 )     (1,525 )     (325 )     (2,725 )     175
    Net interest income after provision for credit losses   11,685       13,101       12,446       37,491       36,427
    Non-interest income:                  
    Service charges on deposit accounts   513       490       491       1,474       1,464
    Interchange income   577       579       601       1,697       1,743
    Loan servicing income   643       526       611       1,751       1,679
    Gain on sale of loans   752       226       299       1,998       1,501
    Loan fees and service charges   165       309       140       704       308
    Net realized gains on debt securities   —       —       —       —       12
    Net (losses) gains on equity securities   (78 )     (658 )     116       (569 )     170
    Bank Owned Life Insurance (BOLI) death benefit   —       184       —       184       —
    Other   349       257       307       859       893
    Total non-interest income   2,921       1,913       2,565       8,098       7,770
    Non-interest expense:                  
    Compensation and related benefits   5,743       5,675       5,293       16,901       15,967
    Occupancy   1,242       1,333       1,335       3,942       4,117
    Data processing   1,665       1,525       1,536       4,787       4,440
    Amortization of intangible assets   178       179       179       536       576
    Mortgage servicing rights expense, net   163       116       150       427       456
    Advertising, marketing and public relations   225       186       185       575       472
    FDIC premium assessment   201       200       204       606       608
    Professional services   336       347       342       1,249       1,153
    Losses (gains) on repossessed assets, net   65       (18 )     100       47       62
    Other   603       756       645       2,427       2,085
    Total non-interest expense   10,421       10,299       9,969       31,497       29,936
    Income before provision for income taxes   4,185       4,715       5,042       14,092       14,261
    Provision for income taxes   899       1,040       2,544       3,043       4,895
    Net income attributable to common stockholders $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366
    Per share information:                  
    Basic earnings $ 0.32     $ 0.35     $ 0.24     $ 1.07     $ 0.89
    Diluted earnings $ 0.32     $ 0.35     $ 0.24     $ 1.07     $ 0.89
    Cash dividends paid $ —     $ —     $ —     $ 0.32     $ 0.29
    Book value per share at end of period $ 17.88     $ 17.10     $ 15.80     $ 17.88     $ 15.80
    Tangible book value per share at end of period (non-GAAP) $ 14.64     $ 13.91     $ 12.61     $ 14.64     $ 12.61

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

    (in thousands, except per share data)

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
                       
    GAAP pretax income $ 4,185   $ 4,715   $ 5,042   $ 14,092   $ 14,261
    Branch closure costs (1)   —     168     —     168     —
    Pretax income as adjusted (2) $ 4,185   $ 4,883   $ 5,042   $ 14,260   $ 14,261
    Provision for income tax on net income as adjusted (3)   899     1,077     2,544     3,079     4,895
    Net income as adjusted (non-GAAP) (2) $ 3,286   $ 3,806   $ 2,498   $ 11,181   $ 9,366
    GAAP diluted earnings per share, net of tax $ 0.32   $ 0.35   $ 0.24   $ 1.07   $ 0.89
    Branch closure costs, net of tax   —     0.01     —     0.01     —
    Diluted earnings per share, as adjusted, net of tax (non-GAAP) $ 0.32   $ 0.36   $ 0.24   $ 1.08   $ 0.89
                       
    Average diluted shares outstanding   10,204,195     10,373,089     10,470,098     10,339,802     10,474,685

    (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)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total Loans:              
    Commercial/Agricultural real estate:              
    Commercial real estate $ 730,459     $ 729,236     $ 750,531     $ 750,282  
    Agricultural real estate   76,043       78,248       83,350       84,558  
    Multi-family real estate   239,191       234,758       228,095       219,193  
    Construction and land development   87,875       87,898       110,941       109,799  
    C&I/Agricultural operating:              
    Commercial and industrial   119,619       127,386       121,666       121,033  
    Agricultural operating   27,550       27,409       25,691       24,552  
    Residential mortgage:              
    Residential mortgage   134,944       133,503       129,021       125,939  
    Purchased HELOC loans   2,932       2,915       2,880       2,881  
    Consumer installment:              
    Originated indirect paper   4,405       5,110       6,535       7,175  
    Other consumer   5,438       5,860       6,187       6,440  
    Gross loans $ 1,428,456     $ 1,432,323     $ 1,464,897     $ 1,451,852  
    Unearned net deferred fees and costs and loans in process   (2,703 )     (2,733 )     (2,900 )     (3,048 )
    Unamortized discount on acquired loans   (925 )     (1,002 )     (1,205 )     (1,275 )
    Total loans receivable $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

      September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Nonperforming assets:              
    Nonaccrual loans              
    Commercial real estate $ 4,778     $ 5,350     $ 10,359     $ 10,570  
    Agricultural real estate   6,193       382       391       469  
    Construction and land development   106       —       54       94  
    Commercial and industrial (“C&I”)   1,956       422       —       —  
    Agricultural operating   901       1,017       1,180       1,373  
    Residential mortgage   1,088       1,145       1,167       923  
    Consumer installment   20       36       33       27  
    Total nonaccrual loans $ 15,042     $ 8,352     $ 13,184     $ 13,456  
    Accruing loans past due 90 days or more   530       256       389       971  
    Total nonperforming loans (“NPLs”) at amortized cost   15,572       8,608       13,573       14,427  
    Foreclosed and repossessed assets, net   1,572       1,662       1,795       1,046  
    Total nonperforming assets (“NPAs”) $ 17,144     $ 10,270     $ 15,368     $ 15,473  
    Loans, end of period $ 1,424,828     $ 1,428,588     $ 1,460,792     $ 1,447,529  
    Total assets, end of period $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Ratios:              
    NPLs to total loans   1.09 %     0.60 %     0.93 %     1.00 %
    NPAs to total assets   0.95 %     0.57 %     0.83 %     0.85 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

      Three Months Ended
    September 30, 2024    		   Three Months Ended
    June 30, 2024    		   Three Months Ended
    September 30, 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 $ 25,187   $ 360   5.69 %   $ 18,894   $ 272   5.79 %   $ 21,298   $ 302   5.63 %
    Loans receivable   1,429,928     20,115   5.60 %     1,439,535     19,921   5.57 %     1,435,284     19,083   5.27 %
    Investment securities   236,960     1,966   3.30 %     238,147     2,012   3.40 %     252,226     2,119   3.33 %
    Other investments   12,553     71   2.25 %     13,051     258   7.95 %     15,511     268   6.85 %
    Total interest earning assets $ 1,704,628   $ 22,512   5.25 %   $ 1,709,627   $ 22,463   5.28 %   $ 1,724,319   $ 21,772   5.01 %
    Average interest-bearing liabilities:                                  
    Savings accounts $ 170,777   $ 450   1.05 %     174,259   $ 429   0.99 %   $ 199,279   $ 328   0.65 %
    Demand deposits   357,201     2,152   2.40 %     354,850   $ 2,023   2.29 %     354,073     1,863   2.09 %
    Money market accounts   381,369     3,126   3.26 %     377,346   $ 2,958   3.15 %     298,098     1,889   2.51 %
    CD’s   379,722     4,437   4.65 %     352,323   $ 3,928   4.48 %     358,238     3,308   3.66 %
    Total deposits $ 1,289,069   $ 10,165   3.14 %   $ 1,258,778   $ 9,338   2.98 %   $ 1,209,688   $ 7,388   2.42 %
    FHLB advances and other borrowings   80,338     1,062   5.26 %     121,967   $ 1,549   5.11 %     182,967     2,263   4.91 %
    Total interest-bearing liabilities $ 1,369,407   $ 11,227   3.26 %   $ 1,380,745   $ 10,887   3.17 %   $ 1,392,655   $ 9,651   2.75 %
    Net interest income     $ 11,285           $ 11,576           $ 12,121    
    Interest rate spread         1.99 %           2.11 %           2.26 %
    Net interest margin         2.63 %           2.72 %           2.79 %
    Average interest earning assets to average interest-bearing liabilities         1.24             1.24             1.24  
      Nine Months Ended
    September 30, 2024    		   Nine Months Ended
    September 30, 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 $ 19,073   $ 823   5.76 %   $ 19,066   $ 768   5.39 %
    Loans receivable   1,441,972     60,204   5.58 %     1,420,423     54,169   5.10 %
    Interest bearing deposits   —     —   — %     84     1   1.59 %
    Investment securities   240,054     6,038   3.36 %     261,507     6,505   3.33 %
    Other investments   12,983     589   6.06 %     16,447     779   6.33 %
    Total interest earning assets $ 1,714,082   $ 67,654   5.27 %   $ 1,717,527   $ 62,222   4.84 %
    Average interest-bearing liabilities:                      
    Savings accounts $ 173,946   $ 1,300   1.00 %   $ 208,446   $ 1,103   0.71 %
    Demand deposits   355,356     6,192   2.33 %     370,235     5,047   1.82 %
    Money market accounts   378,740     9,005   3.18 %     298,957     4,759   2.13 %
    CD’s   364,131     12,215   4.48 %     300,279     6,989   3.11 %
    Total deposits $ 1,272,173   $ 28,712   3.01 %   $ 1,177,917   $ 17,898   2.03 %
    FHLB advances and other borrowings   108,897     4,176   5.12 %     214,034     7,722   4.82 %
    Total interest-bearing liabilities $ 1,381,070   $ 32,888   3.18 %   $ 1,391,951   $ 25,620   2.46 %
    Net interest income     $ 34,766           $ 36,602    
    Interest rate spread         2.09 %           2.38 %
    Net interest margin         2.71 %           2.85 %
    Average interest earning assets to average interest bearing liabilities         1.24             1.23  


    Key Financial Metric Ratios:

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Ratios based on net income:                  
    Return on average assets (annualized) 0.72 %   0.81 %   0.54 %   0.81 %   0.68 %
    Return on average equity (annualized) 7.34 %   8.52 %   5.97 %   8.46 %   7.59 %
    Return on average tangible common equity4 (annualized) 9.38 %   10.92 %   7.74 %   10.78 %   9.91 %
    Efficiency ratio 72 %   72 %   67 %   71 %   66 %
    Net interest margin with loan purchase accretion 2.63 %   2.72 %   2.79 %   2.71 %   2.85 %
    Net interest margin without loan purchase accretion 2.61 %   2.70 %   2.76 %   2.69 %   2.82 %
    Ratios based on net income as adjusted (non-GAAP)                  
    Return on average assets as adjusted2 (annualized) 0.72 %   0.84 %   0.54 %   0.82 %   0.68 %
    Return on average equity as adjusted3 (annualized) 7.34 %   8.82 %   5.97 %   8.56 %   7.59 %


    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
           
    GAAP earnings after income taxes $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,286     $ 3,806     $ 2,498     $ 11,181     $ 9,366  
    Average assets $ 1,810,826     $ 1,815,693     $ 1,836,775     $ 1,822,106     $ 1,832,832  
    Return on average assets (annualized)   0.72 %     0.81 %     0.54 %     0.81 %     0.68 %
    Return on average assets as adjusted (non-GAAP) (annualized)   0.72 %     0.84 %     0.54 %     0.82 %     0.68 %

    (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   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    GAAP earnings after income taxes $ 3,286     $ 3,675     $ 2,498     $ 11,049     $ 9,366  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,286     $ 3,806     $ 2,498     $ 11,181     $ 9,366  
    Average equity $ 178,050     $ 173,462     $ 166,131     $ 174,436     $ 165,075  
    Return on average equity (annualized)   7.34 %     8.52 %     5.97 %     8.46 %     7.59 %
    Return on average equity as adjusted (non-GAAP) (annualized)   7.34 %     8.82 %     5.97 %     8.56 %     7.59 %

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


    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Non-interest expense (GAAP) $ 10,421     $ 10,299     $ 9,969     $ 31,497     $ 29,936  
    Less amortization of intangibles   (178 )     (179 )     (179 )     (536 )     (576 )
    Efficiency ratio numerator (GAAP) $ 10,243     $ 10,120     $ 9,790     $ 30,961     $ 29,360  
                       
    Non-interest income $ 2,921     $ 1,913     $ 2,565     $ 8,098     $ 7,770  
    Add back net losses on debt and equity securities   (78 )     (658 )     —       (569 )     —  
    Subtract net gains on debt and equity securities   —       —       116       —       182  
    Net interest income   11,285       11,576       12,121       34,766       36,602  
    Efficiency ratio denominator (GAAP) $ 14,284     $ 14,147     $ 14,570     $ 43,433     $ 44,190  
    Efficiency ratio (GAAP)   72 %     72 %     67 %     71 %     66 %


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

    (in thousands, except per share data)

    Tangible book value per share at end of period September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 173,334     $ 165,402  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,694 )     (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 140,142     $ 132,031  
    Ending common shares outstanding   10,074,136       10,297,341       10,440,591       10,468,091  
    Book value per share $ 17.88     $ 17.10     $ 16.60     $ 15.80  
    Tangible book value per share (non-GAAP) $ 14.64     $ 13.91     $ 13.42     $ 12.61  


    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 September 30, 2024   June 30, 2024   December 31, 2023   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 173,334     $ 165,402  
    Less: Goodwill   (31,498 )   $ (31,498 )     (31,498 )   $ (31,498 )
    Less: Intangible assets   (1,158 )   $ (1,336 )     (1,694 )   $ (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 140,142     $ 132,031  
    Total Assets $ 1,799,137     $ 1,802,307     $ 1,851,391     $ 1,831,087  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )   $ (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,694 )   $ (1,873 )
    Tangible Assets (non-GAAP) $ 1,766,481     $ 1,769,473     $ 1,818,199     $ 1,797,716  
    Total stockholders’ equity to total assets ratio   10.01 %     9.77 %     9.36 %     9.03 %
    Tangible common equity as a percent of tangible assets (non-GAAP)   8.35 %     8.09 %     7.71 %     7.34 %


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

    (in thousands, except ratios)

      Three Months Ended   Nine Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023   September 30, 2024   September 30, 2023
    Total stockholders’ equity $ 180,149     $ 176,045     $ 165,402     $ 180,149     $ 165,402  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (1,158 )     (1,336 )     (1,873 )     (1,158 )     (1,873 )
    Tangible common equity (non-GAAP) $ 147,493     $ 143,211     $ 132,031     $ 147,493     $ 132,031  
    Average tangible common equity (non-GAAP) $ 145,305     $ 140,539     $ 132,671     $ 141,512     $ 131,425  
    GAAP earnings after income taxes   3,286       3,675       2,498       11,049       9,366  
    Amortization of intangible assets, net of tax   140       140       89       374       378  
    Tangible net income $ 3,426     $ 3,815     $ 2,587     $ 11,423     $ 9,744  
    Return on average tangible common equity (annualized)   9.38 %     10.92 %     7.74 %     10.78 %     9.91 %


    1    Net 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 –

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.69 per Share for Q3 2024; Net Interest Margin and Tangible Book Value Increase; Asset Quality Improves

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported third quarter earnings ending September 30, 2024 of $0.69 per common share on net income of $2.9 million, compared to $0.56 per common share on net income of $2.3 million during the second quarter ending June 30, 2024, and $0.29 per common share on net income of $1.2 million during the third quarter ending September 30, 2023.

    PSB’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest margin increased 6 basis points; (2) slightly lower non-interest income; (3) lower non-interest expense due to the second quarter reflecting elevated severance expenses; and (4) the return of a $2.5 million non-performing loan to performing status and a corresponding release in specific reserves.

    “Over the past year, we have increased shareholders’ tangible book value per share 18.7% and paid $0.62 in dividends to our shareholders, up 12.7% from the 12 month period ended September 30, 2023. With the rapid rise in short term interest rates over the past couple of years coming to an apparent end, we expect our net interest margin to be stable and operating expenses to continue to be well managed and efficient. Additionally, as funds become available from investment and loan repayments and maturities, we expect the funds to be reinvested into higher yielding assets which should lessen the volatility in fair market value adjustments reflected in our tangible book value,” stated Scott Cattanach, President and CEO.

    September 30, 2024, Highlights:

    • Net interest income increased to $9.9 million for the quarter ended September 30, 2024, from $9.4 million for the quarter ended June 30, 2024, as increases in asset and loan yields outpaced the increases in funding costs.
    • Noninterest income decreased slightly to $1.8 million for the quarter ended September 30, 2024, compared to $1.9 million the prior quarter.
    • Noninterest expenses decreased during the quarter ended September 30, 2024, reflecting lower salary and benefit expenses. Included in salary and benefit expenses for the prior quarter were non-recurring expenses totaling approximately $404,000.
    • Tangible book value per common share increased $1.86 per share to $26.41 at September 30, 2024, compared to $24.55 one quarter earlier, and increased $4.16 per share, or 18.7%, compared to $22.25 at September 30, 2023. Additionally, PSB paid dividends totaling $0.62 per share over the past year. During the third quarter ended September 30, 2024, tangible book value per share was positively influenced by higher net income, intangible asset amortization, an increase in fair market value of investment securities and consistent stock repurchase activity.
    • Loans decreased $16.9 million in the third quarter ended September 30, 2024, to $1.06 billion largely due to not replacing certain out of market maturing loans. Allowance for credit losses increased to 1.18% of gross loans.
    • Non-performing assets declined to 0.71% of total assets at September 30, 2024 from 0.84% at June 30, 2024 as a $2.5 million loan returned to performing status.
    • Total deposits decreased $13.2 million during the quarter ended September 30, 2024 to $1.14 billion, with a large portion of the decrease attributable to a large overnight deposit held at June 30, 2024 which was withdrawn in early July.
    • Return on average tangible common equity was 10.96% for the quarter ended September 30, 2024, compared to 9.34% the prior quarter and 5.17% in the year ago quarter.

    Balance Sheet and Asset Quality Review

    Total assets decreased $9.7 million to $1.48 billion at September 30, 2024. Investment securities available for sale increased $9.7 million to $174.9 million at September 30, 2024, from $165.2 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $321 million at September 30, 2024, with an additional $343 million that could be raised in a short time frame from the brokered CDs market.

    Total loans receivable decreased $16.9 million to $1.06 billion at September 30, 2024, due primarily to lower commercial and construction lending. Commercial non-real estate loans decreased $9.1 million to $139.0 million at September 30, 2024, from $148.2 million one quarter earlier. Gross construction lending decreased $9.6 million to $61.0 million at September 30, 2024, from $70.5 million at June 30, 2024, while loans in process declined $3.6 million during the quarter ended September 30, 2024. Commercial real estate loans decreased $2.6 million to $541.6 million at September 30, 2024, from $544.2 million the prior quarter. Meanwhile, residential real estate loans increased slightly from the prior quarter to $341.3 million from $340.9 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 55.4% of gross loans followed by residential real estate loans at 31.4% of gross loans, commercial non-real estate loans at 12.8% and consumer loans at 0.4%.

    The allowance for credit losses increased slightly to 1.18% of gross loans at September 30, 2024, from 1.16% the prior quarter. Annualized net charge-offs to average loans were zero for the last five quarters. Non-performing assets totaled 0.71% of total assets at September 30, 2024, compared to 0.84% at June 30, 2024. During the quarter ended September 30, 2024, a loan totaling $2.5 million was returned to performing status, while a loan on a recreation facility totaling $3.3 million was added to nonaccrual status. Additionally, one loan relationship to an equipment dealership on nonaccrual status totaling $5.1 million at June 30, 2024 was paid down to $2.8 million at September 30, 2024 on sale of the equipment inventory. For the seventh consecutive quarter, the Bank did not own any foreclosed real estate.

    Total deposits decreased $13.2 million to $1.14 billion at September 30, 2024, from $1.15 billion at June 30, 2024. The decrease in deposits reflects a $13.1 million decrease in interest-bearing demand and savings deposits, a $19.7 million decrease in money market deposits partially offset by a $14.6 million increase in non-interest bearing deposits and a $5.4 million increase in retail and local time deposits. The decrease in money market deposits reflected a large deposit of $49 million on June 30, 2024 that was drawn down in early July 2024.

    At September 30, 2024, non-interest bearing demand deposits increased to 23.3% of total deposits from 21.6% the prior quarter, while interest-bearing demand and savings deposits decreased to 28.4% of deposits, compared to 29.3% at June 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at September 30, 2024, from 24.0% of total deposits at June 30, 2024.

    FHLB advances decreased to $181.3 million at September 30, 2024, compared to $184.9 million at June 30, 2024.

    Tangible stockholder equity as a percent of total tangible assets increased to 7.85% at September 30, 2024, compared to 7.32% at June 30, 2024, and 6.98% at September 30, 2023.

    Tangible net book value per common share increased $4.16, to $26.41, at September 30, 2024, compared to $22.25 one year earlier, an increase of 18.7% after dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased due to continued earnings, a fair market value increase in the investment portfolio which reduced unrealized losses reflected in accumulated other comprehensive income and amortization of intangible assets. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at September 30, 2024, compared to $20.5 million one quarter earlier.

    Operations Review

    Net interest income increased to $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the third quarter of 2023. Earning asset yields increased by 8 basis points to 5.29% during the third quarter of 2024 from 5.21% during the second quarter of 2024, while interest bearing deposit and borrowing costs increased 7 basis points to 3.13% compared to 3.06% during the second quarter of 2024.

    The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the third quarter of 2024 to 5.78% from 5.67% for the second quarter of 2024, up 11 basis points. Taxable security yields were 3.01% for the quarter ended September 30, 2024, compared to 3.02% for the quarter ended June 30, 2024, while tax-exempt security yields were 3.31% for the quarter ended September 30, 2024 compared to 3.33% the prior quarter.

    The cost of all deposits was 2.11% for the quarter ended September 30, 2024, compared to 2.11% the prior quarter, while the overall cost of funds increased 7 basis points from 3.06% to 3.13% during the same time period. Deposit costs for money market deposits decreased during the quarter ended September 30, 2024, to 2.69% from 2.72% the prior quarter. The cost of time deposits and FHLB advances continued to increase and were primarily responsible for the rise in the Bank’s cost of funds in the current quarter. The cost of time deposits increased to 4.04% for the third quarter ended September 30, 2024, from 3.97% the prior quarter. FHLB advance costs rose to 4.44% during the third quarter ended September 30, 2024, from 4.28% the prior quarter.

    Total noninterest income decreased slightly for the third quarter of 2024 to $1.84 million, from $1.91 million for the second quarter of 2024. Mortgage banking income remained at $433,000 in the September 30, 2024 quarter while various decreases in nominal revenue sources accounted for the slight decline in non-interest income during the third quarter ended September 30, 2024. At September 30, 2024, the Bank serviced $371 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses decreased to $8.2 million for the third quarter of 2024, compared to $8.4 million for the second quarter of 2024. The second quarter ended June 30, 2024, reflected higher salary and benefit expenses related to non-recurring costs. Relative to one year earlier, salary and benefit cost increased 5.7% to $4.8 million for the quarter ended September 30, 2024, compared to $4.5 million for the third quarter ended September 30, 2023.

    Taxes increased $183,000 during the third quarter to $593,000, from $410,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended September 30, 2024, was 16.6% compared to 14.4% for the second quarter ended June 30, 2024, and 63.8% for the third quarter ended September 30, 2023, when higher tax expenses were incurred to recognize the loss of certain deferred tax assets following a change in Wisconsin tax law that eliminated state taxes on certain qualified assets.

    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          
    September 30, June 30, and March 31, 2024, September 30, 2023, unaudited, December 31, 2023 derived from audited financial statements
               
      Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
    (dollars in thousands, except per share data)   2024     2024     2024     2023     2023  
               
    Assets          
               
    Cash and due from banks $ 23,554   $ 16,475   $ 13,340   $ 20,887   $ 12,881  
    Interest-bearing deposits   5,126     251     105     1,431     668  
    Federal funds sold   58,434     69,249     2,439     5,462     7,764  
               
    Cash and cash equivalents   87,114     85,975     15,884     27,780     21,313  
    Securities available for sale (at fair value)   174,911     165,177     165,566     164,024     160,883  
    Securities held to maturity (fair values of $82,389, $79,993, $81,234, $82,514 and        
      $75,236 respectively)   86,847     86,825     87,104     87,081     86,908  
    Equity securities   1,752     1,661     1,474     1,474     2,273  
    Loans held for sale   –     2,268     865     230     971  
    Loans receivable, net (allowance for credit losses of $12,598, $12,597, $12,494,        
     $12,302 and $12,267 respectively)   1,057,974     1,074,844     1,081,394     1,078,475     1,098,019  
    Accrued interest receivable   4,837     5,046     5,467     5,136     4,716  
    Foreclosed assets   –     –     –     –     –  
    Premises and equipment, net   14,065     14,048     13,427     13,098     13,242  
    Mortgage servicing rights, net   1,727     1,688     1,657     1,664     1,684  
    Federal Home Loan Bank stock (at cost)   8,825     8,825     7,006     6,373     6,373  
    Cash surrender value of bank-owned life insurance   24,565     24,401     24,242     24,085     23,931  
    Core deposit intangible   212     229     249     273     297  
    Goodwill   2,541     2,541     2,541     2,541     2,541  
    Other assets   10,598     12,111     11,682     11,866     14,094  
               
    TOTAL ASSETS $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100   $ 1,437,245  
               
    Liabilities          
               
    Non-interest-bearing deposits $ 265,078   $ 250,435   $ 247,608   $ 266,829   $ 288,765  
    Interest-bearing deposits   874,035     901,886     865,744     874,973     883,474  
               
       Total deposits   1,139,113     1,152,321     1,113,352     1,141,802     1,172,239  
               
    Federal Home Loan Bank advances   181,250     184,900     158,250     134,000     128,000  
    Other borrowings   6,128     5,775     8,096     8,058     5,660  
    Senior subordinated notes   4,779     4,778     4,776     4,774     4,772  
    Junior subordinated debentures   12,998     12,972     12,947     12,921     12,896  
    Allowance for credit losses on unfunded commitments   477     477     477     577     512  
    Accrued expenses and other liabilities   12,850     13,069     10,247     12,681     10,258  
               
       Total liabilities   1,357,595     1,374,292     1,308,145     1,314,813     1,334,337  
               
    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 – 4,105,594, 4,128,382, 4,147,649, 4,164,735 and          
         4,174,197 shares, respectively   1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital   8,567     8,527     8,466     8,460     8,421  
    Retained earnings   138,142     135,276     134,271     132,666     131,624  
    Accumulated other comprehensive income (loss), net of tax   (15,814 )   (20,503 )   (20,775 )   (20,689 )   (26,190 )
    Treasury stock, at cost – 1,385,204, 1,362,416, 1,343,149, 1,326,063 and          
      1,316,601 shares, respectively   (21,552 )   (20,983 )   (20,579 )   (20,180 )   (19,977 )
               
       Total stockholders’ equity   118,373     111,347     110,413     109,287     102,908  
               
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100   $ 1,437,245  
               
    PSB Holdings, Inc.                
    Consolidated Statements of Income                
                          Quarter Ended     Nine Months Ended
    (dollars in thousands, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,   September
    except per share data – unaudited) 2024 2024 2024   2023   2023   2024 2023
                     
    Interest and dividend income:                
       Loans, including fees $ 15,634 $ 15,433 $ 15,109   $ 14,888   $ 14,263   $ 46,176   $ 38,745  
       Securities:                
          Taxable   1,345   1,295   1,197     1,147     1,114     3,837     3,772  
          Tax-exempt   522   521   526     532     533     1,569     1,605  
       Other interest and dividends   699   265   343     320     238     1,307     531  
                     
             Total interest and dividend income   18,200   17,514   17,175     16,887     16,148     52,889     44,653  
                     
    Interest expense:                
       Deposits   5,905   5,838   6,082     5,526     4,817     17,825     11,467  
       FHLB advances   2,038   1,860   1,450     1,349     1,321     5,348     3,068  
       Other borrowings   57   58   60     54     51     175     161  
       Senior subordinated notes   59   58   59     59     59     176     179  
       Junior subordinated debentures   252   255   251     254     255     758     731  
                     
             Total interest expense   8,311   8,069   7,902     7,242     6,503     24,282     15,606  
                     
    Net interest income   9,889   9,445   9,273     9,645     9,645     28,607     29,047  
    Provision for credit losses   –   100   95     100     150     195     350  
                     
    Net interest income after provision for credit losses   9,889   9,345   9,178     9,545     9,495     28,412     28,697  
                     
    Noninterest income:                
       Service fees   367   350   336     360     349     1,053     1,088  
       Mortgage banking income   433   433   308     247     345     1,174     981  
       Investment and insurance sales commissions   230   222   121     100     158     573     810  
       Net loss on sale of securities   –   –   (495 )   (297 )   –     (495 )   (279 )
       Increase in cash surrender value of life insurance   165   159   157     154     155     481     461  
       Life insurance death benefit   –   –   –     –     –     –     533  
       Other noninterest income   648   742   617     540     675     2,007     2,022  
                     
             Total noninterest income   1,843   1,906   1,044     1,104     1,682     4,793     5,616  
                     
    Noninterest expense:                
       Salaries and employee benefits   4,771   5,167   5,123     4,244     4,514     15,061     14,404  
       Occupancy and facilities   757   733   721     675     689     2,211     2,086  
       Loss (gain) on foreclosed assets   1   –   –     1     –     1     (46 )
       Data processing and other office operations   1,104   1,047   1,022     1,001     953     3,173     2,784  
       Advertising and promotion   164   171   129     244     161     464     489  
       Core deposit intangible amortization   17   20   24     24     24     61     85  
       Other noninterest expenses   1,337   1,257   1,306     1,169     1,113     3,900     3,388  
                     
            Total noninterest expense   8,151   8,395   8,325     7,358     7,454     24,871     23,190  
                     
    Income before provision for income taxes   3,581   2,856   1,897     3,291     3,723     8,334     11,123  
    Provision for income taxes   593   410   169     878     2,374     1,172     3,967  
                     
    Net income $ 2,988 $ 2,446 $ 1,728   $ 2,413   $ 1,349   $ 7,162   $ 7,156  
    Preferred stock dividends declared $ 122 $ 122 $ 122   $ 122   $ 122   $ 366   $ 366  
                     
    Net income available to common shareholders $ 2,866 $ 2,324 $ 1,606   $ 2,291   $ 1,227   $ 6,796   $ 6,790  
    Basic earnings per common share $ 0.69 $ 0.56 $ 0.39   $ 0.55   $ 0.29   $ 1.64   $ 1.61  
    Diluted earnings per common share $ 0.69 $ 0.56 $ 0.39   $ 0.55   $ 0.29   $ 1.64   $ 1.61  
                     
    PSB Holdings, Inc.          
    Quarterly Financial Summary          
    (dollars in thousands, except per share data) Quarter ended
        Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
    Earnings and dividends:   2024     2024     2024     2023     2023  
                 
      Interest income $ 18,200   $ 17,514   $ 17,175   $ 16,887   $ 16,148  
      Interest expense $ 8,311   $ 8,069   $ 7,902   $ 7,242   $ 6,503  
      Net interest income $ 9,889   $ 9,445   $ 9,273   $ 9,645   $ 9,645  
      Provision for credit losses $ –   $ 100   $ 95   $ 100   $ 150  
      Other noninterest income $ 1,843   $ 1,906   $ 1,044   $ 1,104   $ 1,682  
      Other noninterest expense $ 8,151   $ 8,395   $ 8,325   $ 7,358   $ 7,454  
      Net income available to common shareholders $ 2,866   $ 2,324   $ 1,606   $ 2,291   $ 1,227  
                 
      Basic earnings per common share (3) $ 0.69   $ 0.56   $ 0.39   $ 0.55   $ 0.29  
      Diluted earnings per common share (3) $ 0.69   $ 0.56   $ 0.39   $ 0.55   $ 0.29  
      Dividends declared per common share (3) $ –   $ 0.32   $ –   $ 0.30   $ –  
      Tangible net book value per common share (4) $ 26.41   $ 24.55   $ 24.21   $ 23.84   $ 22.25  
                 
      Semi-annual dividend payout ratio n/a   33.60 % n/a   38.14 % n/a
      Average common shares outstanding   4,132,218     4,139,456     4,154,702     4,168,924     4,186,940  
                 
                 
    Balance sheet – average balances:          
      Loans receivable, net of allowances for credit loss $ 1,066,795   $ 1,088,013   $ 1,081,936   $ 1,081,851   $ 1,076,158  
      Assets $ 1,445,613   $ 1,433,749   $ 1,429,437   $ 1,424,240   $ 1,425,522  
      Deposits $ 1,110,854   $ 1,111,240   $ 1,138,010   $ 1,148,399   $ 1,149,624  
      Stockholders’ equity $ 114,458   $ 110,726   $ 109,473   $ 105,060   $ 105,745  
                 
                 
    Performance ratios:          
      Return on average assets (1)   0.82 %   0.69 %   0.49 %   0.67 %   0.38 %
      Return on average common stockholders’ equity (1)   10.63 %   9.03 %   6.32 %   9.29 %   4.94 %
      Return on average tangible common          
        stockholders’ equity (1)(4)   10.96 %   9.34 %   6.57 %   9.64 %   5.17 %
      Net loan charge-offs to average loans (1)   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
      Nonperforming loans to gross loans   0.97 %   1.15 %   1.08 %   0.54 %   0.55 %
      Nonperforming assets to total assets   0.71 %   0.84 %   0.83 %   0.42 %   0.42 %
      Allowance for credit losses to gross loans   1.18 %   1.16 %   1.14 %   1.13 %   1.10 %
      Nonperforming assets to tangible equity          
        plus the allowance for credit losses (4)   8.71 %   11.09 %   10.59 %   5.38 %   5.87 %
      Net interest rate margin (1)(2)   2.90 %   2.84 %   2.80 %   2.88 %   2.88 %
      Net interest rate spread (1)(2)   2.16 %   2.15 %   2.12 %   2.20 %   2.27 %
      Service fee revenue as a percent of          
        average demand deposits (1)   0.56 %   0.56 %   0.54 %   0.52 %   0.50 %
      Noninterest income as a percent          
        of gross revenue   9.20 %   9.81 %   5.73 %   6.14 %   9.43 %
      Efficiency ratio (2)   68.43 %   72.52 %   78.93 %   67.04 %   64.58 %
      Noninterest expenses to average assets (1)   2.24 %   2.35 %   2.34 %   2.05 %   2.07 %
      Average stockholders’ equity less accumulated          
        other comprehensive income (loss) to          
        average assets   9.06 %   9.03 %   8.98 %   8.88 %   9.00 %
      Tangible equity to tangible assets (4)   7.85 %   7.32 %   7.60 %   7.49 %   6.98 %
                 
    Stock price information:          
                 
      High $ 25.00   $ 21.40   $ 22.50   $ 22.30   $ 22.50  
      Low $ 20.30   $ 19.75   $ 20.05   $ 20.10   $ 20.35  
      Last trade value at quarter-end $ 25.00   $ 20.40   $ 21.25   $ 22.11   $ 21.15  
                 
    (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
            Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
    (dollars in thousands – unaudited)   2024     2024     2024     2023     2023  
                     
    Net income $ 2,988   $ 2,446   $ 1,728   $ 2,413   $ 1,349  
                     
    Other comprehensive income, net of tax:          
                     
      Unrealized gain (loss) on securities available        
        for sale   4,738     184     (615 )   5,278     (3,085 )
                     
      Reclassification adjustment for security          
        loss included in net income   –     –     391     280     –  
                     
      Accretion of unrealized loss included in net          
        income on securities available for sale          
        deferred tax adjustment for Wisconsin          
        Act 19   –     –     (35 )   –     –  
                     
      Amortization of unrealized loss included in net        
        income on securities available for sale          
        transferred to securities held to maturity   90     89     91     91     91  
                     
      Unrealized gain (loss) on interest rate swap   (101 )   39     123     (109 )   79  
                     
      Reclassification adjustment of interest rate          
        swap settlements included in earnings   (38 )   (40 )   (41 )   (39 )   (35 )
                     
                     
    Other comprehensive income (loss)   4,689     272     (86 )   5,501     (2,950 )
                     
    Comprehensive income (loss) $ 7,677   $ 2,718   $ 1,642   $ 7,914   $ (1,601 )
                     

       

    PSB Holdings, Inc.          
    Nonperforming Assets as of:          
      Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
               
    Nonaccrual loans (excluding restructured loans) $ 10,116   $ 12,184   $ 11,498   $ 5,596   $ 5,807  
    Nonaccrual restructured loans   25     28     30     34     42  
    Restructured loans not on nonaccrual   292     299     304     310     256  
    Accruing loans past due 90 days or more   –     –     –     –     –  
               
    Total nonperforming loans   10,433     12,511     11,832     5,940     6,105  
    Other real estate owned   –     –     –     –     –  
               
    Total nonperforming assets $ 10,433   $ 12,511   $ 11,832   $ 5,940   $ 6,105  
               
    Nonperforming loans as a % of gross loans receivable   0.97 %   1.15 %   1.08 %   0.54 %   0.55 %
    Total nonperforming assets as a % of total assets   0.71 %   0.84 %   0.83 %   0.42 %   0.42 %
    Allowance for credit losses as a % of nonperforming loans   120.75 %   100.69 %   105.59 %   207.10 %   200.93 %
               
    PSB Holdings, Inc.      
    Nonperforming Assets >= $500,000 net book value before specific reserves    
    At September 30, 2024      
    (dollars in thousands)      
        Gross Specific
    Collateral Description Asset Type Principal Reserves
           
    Real estate – Recreation Facility Nonaccrual $ 3,291   $ –  
    Real estate – Independent Auto Repair Nonaccrual   562     –  
    Real estate – Equipment Dealership Nonaccrual   2,808     660  
           
           
    Total listed nonperforming assets   $ 6,661   $ 660  
    Total bank wide nonperforming assets   $ 10,433   $ 1,220  
    Listed assets as a % of total nonperforming assets     64 %   54 %
           
    PSB Holding, Inc.          
    Loan Composition by Collateral Type          
    Quarter-ended (dollars in thousands) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
               
    Commercial:          
    Commercial and industrial $ 115,234   $ 125,508   $ 118,821   $ 117,207   $ 138,299  
    Agriculture   11,203     11,480     12,081     12,304     12,464  
    Municipal   12,596     11,190     28,842     31,530     27,186  
               
    Total Commercial   139,033     148,178     159,744     161,041     177,949  
               
    Commercial Real Estate:          
    Commercial real estate   541,577     544,171     546,257     536,209     539,488  
    Construction and development   60,952     70,540     63,375     81,701     86,456  
               
    Total Commercial Real Estate   602,529     614,711     609,632     617,910     625,944  
               
    Residential real estate:          
    Residential   269,954     270,944     274,300     274,453     274,632  
    Construction and development   34,655     36,129     34,158     33,960     33,141  
    HELOC   36,734     33,838     31,357     29,766     29,044  
               
    Total Residential Real Estate   341,343     340,911     339,815     338,179     336,817  
               
    Consumer installment   4,770     4,423     4,867     4,357     4,350  
               
    Subtotals – Gross loans   1,087,675     1,108,223     1,114,058     1,121,487     1,145,060  
    Loans in process of disbursement   (17,836 )   (21,484 )   (20,839 )   (31,359 )   (35,404 )
               
    Subtotals – Disbursed loans   1,069,839     1,086,739     1,093,219     1,090,128     1,109,656  
    Net deferred loan costs   733     702     669     649     630  
    Allowance for credit losses   (12,598 )   (12,597 )   (12,494 )   (12,302 )   (12,267 )
               
    Total loans receivable $ 1,057,974   $ 1,074,844   $ 1,081,394   $ 1,078,475   $ 1,098,019  
               
    PSB Holding, Inc.                            
    Selected Commercial Real Estate Loans by Purpose                    
      Sept 30,   June 30,   Mar 31,   Dec 31,   Sept 30,
     (dollars in thousands)   2024       2024       2024       2023       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 $ 140,307 14.7 %   $ 146,873 15.2 %   $ 142,001 14.4 %   $ 132,386 13.2 %   $ 133,466 13.3 %
    Industrial and Warehousing   86,818 9.1       86,025 8.9       85,409 8.6       83,817 8.3       88,906 8.9  
    Retail   33,020 3.5       34,846 3.6       33,177 3.4       35,419 3.5       35,281 3.5  
    Hotels   31,611 3.3       34,613 3.6       35,105 3.6       36,100 3.6       31,819 3.2  
    Office   6,378 0.7       6,518 0.7       6,655 0.7       6,701 0.7       6,746 0.7  
                                 
    (1) Percentage of commercial and commercial real estate portfolio and commitments.              
                   
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Insured and Collateralized Deposits September 30, June 30, March 31, December 31, September 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 210,534 18.6 % $ 202,343 17.5 % $ 199,076 17.8 % $ 197,571 17.3 % $ 209,133 17.9 %
    Interest-bearing demand and savings   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %   317,984 27.8 %   307,620 26.3 %
    Money market deposits   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %   142,887 12.5 %   135,910 11.4 %
    Retail and local time deposits <= $250   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %   144,738 12.4 %
                         
    Total core deposits   810,529 71.3 %   793,670 69.0 %   809,320 72.7 %   807,587 70.7 %   797,401 68.0 %
    Retail and local time deposits > $250   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %   23,000 2.0 %   22,750 1.9 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %   3,222 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %   88,614 7.6 %
                         
    Totals $ 891,434 78.4 % $ 873,988 76.0 % $ 897,809 80.7 % $ 904,077 79.1 % $ 911,987 77.8 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits September 30, June 30, March 31, December 31, September 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 54,544 4.7 % $ 48,092 4.1 % $ 48,532 4.4 % $ 69,258 6.1 % $ 79,632 6.8 %
    Interest-bearing demand and savings   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %   20,316 1.8 %   22,847 1.9 %
    Money market deposits   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %   124,518 10.9 %   133,653 11.4 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   230,350 20.1 %   258,720 22.3 %   193,833 17.4 %   214,092 18.8 %   236,132 20.1 %
    Retail and local time deposits > $250   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %   23,633 2.1 %   24,120 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 $ 247,679 21.6 % $ 278,333 24.0 % $ 215,543 19.3 % $ 237,725 20.9 % $ 260,252 22.2 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits September 30, June 30, March 31, December 31, September 30,
    (dollars in thousands)   2024     2024     2024     2023     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 % $ 266,829 23.4 % $ 288,765 24.7 %
    Interest-bearing demand and savings   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %   338,300 29.6 %   330,467 28.2 %
    Money market deposits   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %   267,405 23.4 %   269,563 22.8 %
    Retail and local time deposits <= $250   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %   144,738 12.4 %
                         
    Total core deposits   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %   1,021,679 89.5 %   1,033,533 88.1 %
    Retail and local time deposits > $250   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %   46,633 4.1 %   46,870 4.0 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %   3,222 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %   88,614 7.6 %
                         
    Totals $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 % $ 1,141,802 100.0 % $ 1,172,239 100.0 %
                         
    PSB Holdings, Inc.                      
    Average Balances ($000) and Interest Rates                  
    (dollars in thousands)                      
                           
      Quarter ended September 30, 2024   Quarter ended June 30, 2024   Quarter ended September 30, 2023
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
       Loans (1)(2) $ 1,079,393   $ 15,674 5.78 %   $ 1,100,518   $ 15,520 5.67 %   $ 1,088,137   $ 14,337 5.23 %
       Taxable securities   177,520     1,345 3.01 %     172,563     1,295 3.02 %     173,287     1,114 2.55 %
       Tax-exempt securities (2)   79,472     661 3.31 %     79,564     659 3.33 %     81,327     675 3.29 %
       FHLB stock   8,825     176 7.93 %     7,931     182 9.23 %     6,368     127 7.91 %
       Other   36,680     523 5.67 %     8,241     83 4.05 %     8,195     111 5.37 %
                           
       Total (2)   1,381,890     18,379 5.29 %     1,368,817     17,739 5.21 %     1,357,314     16,364 4.78 %
                           
    Non-interest-earning assets:                    
       Cash and due from banks   17,162           17,345           19,299      
       Premises and equipment,                    
          net   14,216           13,930           13,266      
       Cash surrender value ins   24,458           24,297           23,840      
       Other assets   20,485           21,865           23,782      
       Allowance for credit                      
          losses   (12,598 )         (12,505 )         (11,979 )    
                           
       Total $ 1,445,613     $ 1,433,749     $ 1,425,522  
                           
    Liabilities & stockholders’ equity                    
    Interest-bearing liabilities:                    
       Savings and demand                      
          deposits $ 323,841   $ 1,515 1.86 %   $ 331,740   $ 1,467 1.78 %   $ 335,214   $ 1,198 1.42 %
       Money market deposits   277,884     1,876 2.69 %     271,336     1,835 2.72 %     255,823     1,489 2.31 %
       Time deposits   247,296     2,514 4.04 %     257,006     2,536 3.97 %     279,971     2,130 3.02 %
       FHLB borrowings   182,414     2,038 4.44 %     174,596     1,860 4.28 %     134,386     1,321 3.90 %
       Other borrowings   6,702     57 3.38 %     6,870     58 3.40 %     5,681     51 3.56 %
     Senior sub. notes   4,779     59 4.91 %     4,777     58 4.88 %     4,772     59 4.91 %
       Junior sub. debentures   12,985     252 7.72 %     12,960     255 7.91 %     12,883     255 7.85 %
                           
       Total   1,055,901     8,311 3.13 %     1,059,285     8,069 3.06 %     1,028,730     6,503 2.51 %
                           
    Non-interest-bearing liabilities:                    
       Demand deposits   261,833           251,158           278,616      
       Other liabilities   13,421           12,580           12,431      
       Stockholders’ equity   114,458           110,726           105,745      
                           
       Total $ 1,445,613     $ 1,433,749     $ 1,425,522  
                           
    Net interest income   $ 10,068       $ 9,670       $ 9,861  
    Rate spread     2.16 %       2.15 %       2.27 %
    Net yield on interest-earning assets   2.90 %       2.84 %       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)              
        Nine months ended September 30, 2024   Nine months ended September 30, 2023
        Average   Yield/   Average   Yield/
        Balance Interest Rate   Balance Interest Rate
    Assets              
    Interest-earning assets:              
       Loans (1)(2) $ 1,091,366   $ 46,393 5.68 %   $ 1,025,955   $ 38,851 5.06 %
       Taxable securities   173,971     3,837 2.95 %     189,583     3,772 2.66 %
       Tax-exempt securities (2)   79,822     1,986 3.32 %     81,670     2,032 3.33 %
       FHLB stock   7,755     523 9.01 %     4,943     228 6.17 %
       Other   18,804     784 5.57 %     8,154     303 4.97 %
                     
       Total (2)   1,371,718     53,523 5.21 %     1,310,305     45,186 4.61 %
                     
    Non-interest-earning assets:              
       Cash and due from banks   17,291           17,403      
       Premises and equipment,              
          net   13,778           13,311      
       Cash surrender value ins   24,301           24,446      
       Other assets   21,146           23,364      
       Allowance for credit              
          losses   (12,496 )         (12,004 )    
                     
       Total $ 1,435,738     $ 1,376,825  
                     
    Liabilities & stockholders’ equity            
    Interest-bearing liabilities:              
       Savings and demand              
          deposits $ 335,317   $ 4,654 1.85 %   $ 350,928   $ 3,286 1.25 %
       Money market deposits   274,405     5,608 2.73 %     241,594     3,508 1.94 %
       Time deposits   256,287     7,563 3.94 %     257,639     4,673 2.43 %
       FHLB borrowings   166,703     5,348 4.29 %     110,460     3,068 3.71 %
       Other borrowings   7,373     175 3.17 %     7,082     161 3.04 %
       Senior sub. notes   4,778     176 4.92 %     4,965     179 4.82 %
       Junior sub. debentures   12,972     758 7.81 %     12,857     731 7.60 %
                     
       Total   1,057,835     24,282 3.07 %     985,525     15,606 2.12 %
                     
    Non-interest-bearing liabilities:            
       Demand deposits   254,134           273,699      
       Other liabilities   12,720           12,165      
       Stockholders’ equity   111,049           105,436      
                     
       Total $ 1,435,738     $ 1,376,825  
                     
    Net interest income   $ 29,241       $ 29,580  
    Rate spread     2.14 %       2.49 %
    Net yield on interest-earning assets   2.85 %       3.02 %
                     
    (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%.
                     

    The MIL Network –

  • MIL-OSI: Helport AI to Report Fiscal Year 2024 Financial Results on Thursday, October 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Management to Host Business Update Conference Call on Wednesday, November 6, 2024 at 5:30 pm ET

    SINGAPORE and SAN DIEGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport” or the “Company”), an AI technology company serving enterprise clients with intelligent products, solutions and a digital platform, will report financial results for its fiscal full year ended June 30, 2024, after the market close on Thursday, October 31, 2024.

    The Company will hold a Business Update Conference Call on Wednesday, November 6, 2024, at 5:30 p.m. Eastern time to discuss its financial results, recent consumption of its business combination and Nasdaq listing, ongoing initiatives and upcoming milestones.

    Guanghai Li, Chief Executive Officer, and Tao Ke, Chief Financial Officer, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

    To access the call, please use the following information:

    Date: Wednesday, November 6, 2024
    Time: 5:30 p.m. Eastern Time, 2:30 p.m. Pacific Time
    Toll-free dial-in number: 1-800-445-7795
    International dial-in number: 1-203-518-9848
    Conference ID (Required for Entry): HELPORT
       

    Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

    The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1695608&tp_key=0c8510f685 and via the investor relations section of the Company’s website here.

    A replay of the webcast will be available after 9:30 p.m. Eastern Time through February 6, 2025.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 11157509
       

    About Helport

    Helport AI (NASDAQ: HPAI) is a premier provider of AI-driven solutions, specializing in enhancing professional capabilities across industries. Focused on delivering measurable outcomes, Helport AI is transforming the way businesses operate by ensuring that professionals have the tools they need to succeed. The company serves enterprise-level customer contact services through intelligent products, solutions, and a digital platform, helping businesses optimize their operations and improve customer engagement. Our mission is to Empower everyone to work as an expert. For more information, please visit Helport’s website: https://ir.helport.ai/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, Helport’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on Helport’s current expectations and projections about future events that Helport believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Helport undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Helport believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and Helport cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in Helport’s registration statement and other filings with the U.S. Securities and Exchange Commission.

    Investor Relations Contact:
    Chris Tyson 
    Executive Vice President
    MZ North America
    Direct: 949-491-8235
    HPAI@mzgroup.us
    www.mzgroup.us

    The MIL Network –

  • MIL-OSI: AI & Technology Virtual Investor Conference Agenda Announced for October 31st

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series announced the agenda for the AI & Technology Virtual Investor Conference to be held October 31st.

    Individual investors, institutional investors, advisors, and analysts are invited to attend.

    REGISTER NOW AT: https://bit.ly/3BYlp8w

    It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1×1 meetings with management.

    “We’re looking forward to hosting the upcoming AI & Technology Virtual Investor Conference,” said Jason Paltrowitz, Executive Vice President at OTC Markets Group. “A group of innovative companies and executives will have the opportunity to elaborate on their business strategies and connect directly with an expanded investor base.”

    October 31st

    To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Media Contact: 
    OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

    Virtual Investor Conferences Contact:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: DBMM Group’s Digital Clarity to Present at the AI & Technology Virtual Investor Conference on October 31, 2024 at 12:30 pm

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Digital Brand Media & Marketing Group, Inc. (OTCPK: DBMM), and its flagship brand Digital Clarity, a fully integrated management consultancy, based in London and operating globally, focused on specializing in the optimal marketing of B2B tech companies, today confirmed that Reggie James, Chief Operating Officer and Director of DBMM, and Founder and Managing Director of Digital Clarity, the public company’s operating subsidiary and brand, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31, 2024.

    DATE: October 31, 2024
    TIME: 12:30 PM ET
    LINK: https://bit.ly/3ASgcyv
    Available for 1×1 meetings

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com

    Overview

    • The marketing consulting market is expected to increase by $3.83 billion in 2026, and the market’s growth momentum will accelerate at a CAGR of 4.75%. (Business Research Insight & Technavio Research). 
    • Global artificial intelligence (AI) in marketing market size was valued at $12.64 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 26.6% from 2023 to 2030. (Grand View Research, Inc.)
    • Digital Clarity sits at the intersection of 21st century marketing strategy, data, and AI. Currently utilizing third-party, AI tools, Digital Clarity is building out its marketing strategy framework augmented with AI integration to allow companies to communicate value to their customers, at scale. Digital Clarity’s innovative approaches as the digital market continues to evolve rapidly, will give both clients and DBMM competitive advantages in their marketplaces for all stakeholders.
    • DBMM is at an inflection point in its offering as a full services management consultancy and a perfect time to onboard for both clients and shareholders. 

    About DBMM GROUP

    Digital Brand Media & Marketing Group, Inc. (DBMM)  is a fully reporting  US public company that trades on the Over-the-Counter (OTC)  Market, with its headquarters in New York City and its 100%-owned/operating subsidiary and brand, Digital Clarity, in the UK. Digital Clarity operates globally.

    DBMM is listed on the OTC as a fully reporting SEC Company. The Company intends to Uplist to the OTCQB as soon as DBMM meets the required criteria. The ultimate, longer-term goal is for the Company to Uplist to NASDAQ when it meets the required criteria.

    Learn more at: 
    www.dbmmgroup.com
    www.digital-clarity.com 

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.


    CONTACTS:

    DBMM Group, Inc.

    Reggie James 
    Chief Operating Officer and Director of DBMM
    +1 646-722-2706
    Phone: +1 646-722-2706
    Email: info@dbmmgroup.com

    Virtual Investor Conferences 

    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group 
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Pineapple Subsidiary SUNation Announces Strategic Partnership With Radial Power to Expand Renewable Energy Solutions

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) —  SUNation, the New York-based subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy, backup power solutions, and system servicing, today announced a strategic partnership with Houston, Texas-based Radial Power, a key player within distributed energy and a provider of sustainability solutions for commercial and industrial real estate asset owners.

    This strategic partnership will harness the combined expertise of both companies to deliver innovative renewable energy solutions. It also marks a significant step in SUNation’s expansion beyond its traditional New York footprint, positioning the company for broader geographic growth.

    “The commercial and industrial space is booming, largely driven by the opportunities created by the Investment Recovery Act. Our partnership with SUNation enables us to scale quickly and efficiently,” said John Bates, CEO of Radial Power. “As SUNation has successfully completed many projects and with our internal pipeline in the hundreds of megawatts, we fully expect SUNation to grow alongside us as we execute on these projects.”

    About Pineapple Energy
    Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services.

    Forward Looking Statements 
    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances, including the Company’s expectations regarding its ability to effect the reverse stock split and regain compliance with Nasdaq’s continued listing standards. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

    Safe Harbor Statement
    Our prospects here at Pineapple Energy Inc. are subject to uncertainties and risks. This news release (video statement) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

    Contacts:

    Scott Maskin
    Interim Chief Executive Officer
    +1 (631) 823-7131
    scott.maskin@pineappleenergy.com

    Pineapple Investor Relations
    +1 (952) 996-1674
    IR@pineappleenergy.com

    The MIL Network –

  • MIL-OSI: cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-28%

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement no. 10/2024

    cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-28%

    Copenhagen, November 28, 2024

    cBrain (NASDAQ: CBRAIN) is executing its international growth plan with a financial goal of reaching total revenue of 350 million DKK in 2025. This goal is anchored in two primary revenue streams, referred to as “Base” and “Stepping stones”. 

    The “Base” stream aims to achieve annual revenue growth of 10-15% by strengthening and expanding existing operations and customer relationships. In parallel, the “Stepping Stones” initiative aims to lift annual revenue growth to 30%, by increasing contract values and winning larger international contracts.

    cBrain continues to execute its growth strategy, building a robust pipeline of major opportunities. This is facilitated by a growing number of international pilot projects that set the stage for significant “Stepping Stones” achievements.

    In early 2024, cBrain anticipated some of these opportunities, particularly in Germany and the U.S., to yield significant revenue in the second half of the year. cBrain remains highly active in these pursuits and has added further opportunities during the year.

    However, not unusually with larger government procurement, delays in decision making mean that cBrain estimates less than a 50% likelihood of substantial revenue from larger international projects materializing in Q4. Consequently, cBrain adjusts its 2024 revenue growth forecast to 10-15%, down from the initial estimate of 20-25%.

    In alignment with business planning, cBrain has earmarked financial investments to support “Stepping Stones” projects in Germany and the U.S. Since these projects have not yet materialized, these reserved funds have not been deployed. This provides a positive impact on earnings. cBrain, therefore, maintains its EBT (Earnings Before Tax) guidance at 24-30%.

    —

    Larger international projects are often structured so that F2 standard software licenses form the majority of the contract value. Due to financial standards for software revenue recognition, larger international orders may, as a result, introduce greater variability in revenue patterns over time.

    As cBrain is currently pursuing global opportunities across the USA, Europe, Africa, the UAE, and India, some of these opportunities may still materialize during the fourth quarter, with a positive affect on this year’s revenue.
    ​

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Company Announcement may be directed to

    Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

    Attachment

    The MIL Network –

  • MIL-OSI NGOs: Echoes from Darfur Sudan

    Source: Médecins Sans Frontières –

    One and a half years into the conflict in Sudan, refugees are still fleeing to eastern Chad in search for safety, where they arrive at camps in dire conditions. Access to clean water, sanitation and healthcare facilities is limited. We met Aziz, Youssef, Salwa, and Amina to hear their stories of fleeing the Darfur region of Sudan and survival in eastern Chad.

    Aziz Adam, displaced from West Darfur

    “My family is incomplete here. My mom, my dad, seven of us siblings- there’s nine of us in total. But the war separated us. Some of my family made it out of West Darfur, but the rest haven’t joined us yet. 

    We fled in a state of panic, terrified of the war. We didn’t have time to take anything with us, and some of us even arrived barefoot. 

    We walked 20 kilometres to get here, on foot. Along the way, we encountered the Rapid Support Forces who threatened us. Some of the young men traveling with us were accused of belonging to the Masalit tribe. They were arrested and killed. We thought we would die too. I couldn’t imagine we’d survive.

    The memories of fleeing stay with me. When I think about the tragedies, what pain we left behind, there’s no way I can go back.

    But I hear some people say they would rather return to the war in Sudan than endure the hell we face in the camp.

    I got here in July of last year, so it’s been almost a year, and now I’m 24 years old. Our situation is tragic. We left one difficult situation, only to find ourselves in an even worse one. 

    We lack the basic necessities for living— drinking water and food. It’s been four or five months in Iridimi camp since we last received any food aid. 

    Now, my family and I are desperate. We need education, healthcare, and a better future. But the reality we live in is bleak. I feel stuck, caught between Sudan, where the future is uncertain, and Chad, where I don’t belong.”

    Salwa Saleh, displaced from South Darfur

    “We used to live an urban life, but we’ve been displaced from our cities. It’s hard to accept living in a camp. And even some of my family members are still in Sudan. They always say they won’t leave because Sudan is their country. We all hope the war will end soon, we all want to return to our homeland.

    The war took us by surprise. We left in such a rush that we didn’t have time to take any of our important belongings or memories. I left behind so many beautiful things in Nyala. My children lost their father; now they are orphans. To get here we had to journey from Nyala to Tina, and that usually takes two days. But it took us four. We passed through areas of fighting between the Rapid Support Forces and the Sudanese Armed Forces. It was terrifying and exhausting.

    I’ve been in this camp for a year and two months. Living here, it’s like living in a house without walls or a fence. We still suffer from a lack of food, clean drinking water, proper education, hospitals, and medical care.

    Before the war, we would go to work and return home to our children. We could easily meet our needs. But since the war started, life has become much more difficult. I hope for the day when life returns to normal, when we find security and stability. When our children can go back to their schools.

    I hope for a better future for my children. When the war in Sudan ends, I dream of having the chance to travel, completing my education, learning new languages, and finding a job. I want to provide for my children and support my family.”

    Youssef Mohamed, displaced from North Darfur

    “I think constantly, which makes it hard to sleep. My family is far away, the war is ongoing, and every day brings news of more deaths. I have my wife and two children, a boy and a girl, but they are all in Kabkabiya, about 156 kilometres west of El Fasher.

    I’ve been here for about eight months, and I’m originally from North Darfur, 57 years old now. I came here to Iriba in east Chad coming from Adre, looking for work, but unfortunately, I couldn’t find a job. I left my family behind for this, so it’s difficult. My wife, my brothers, and sisters are scattered in different places. My children have been out of school for almost a year. They haven’t studied since last June. The war has destroyed everything.

    I’ve been living with diabetes for 12 years. Before the war, I would go to Khartoum for treatment. I was in Khartoum when the war broke out. I spent a month there, then moved to Gezira State for five months before heading to El Fasher. Along the way, I faced harassment, beatings, threats, and humiliation from the armed forces.

    As a diabetic, I need regular medical care, including eye, liver, and kidney tests every three months. But since coming here, I haven’t found any of these services. The treatment for diabetes is either too expensive or unavailable in Chad. I also need a specific diet, but here, things like vegetables and fruits are hard to find.

    Before the war, I had my own office in the market and was the principal of a school. I used to grow beans, sesame, and maize, but the war disrupted all of that.

    Educating my children is the most important thing for me now, but they are still in Kabkabiya, and I don’t know their fate. Sometimes there are airstrikes, and I worry they might be hit because the area is at war.
    My mother, brother, and sisters live in Shaqra, but even there, no place in Sudan is safe from the shells. I brought with me only a few photos of my children and family, as well as some teaching materials on flash drives.

    I hope to return to Sudan. I want my children to go to school, for my family to be stable, and for Sudan to be better than it was before.”

    Amina Suleiman, displaced from Central Darfur

    “The war started in Zalingei, where I’m from, on 15 April 2023- the same day it started in Khartoum. We kept hoping it would end, but it didn’t. What I witnessed in Zalingei and during our displacement will never leave me. The memories are etched in my mind, and they haunt our children too. They are playing with sticks, pretending they have weapons. Children are living with the trauma of war.

    In Sudan, we used to hide under beds to shield ourselves from the bombings. Those memories are painful, but here, we face even greater hardships. I’m 24 now, and I don’t know if I have a future. The children here, some are two or three years old, they deserve something better.

    I’ve been living in this camp for a year and a month, since 4 August 2023. Life here is hard. We’ve only received financial aid five times since we arrived. And food and water are scarce. We normally get them every two days, but even sometimes it’s after waiting four days.

    There are no jobs here, even for those of us who are educated. Our situation is critical. We’re also facing a health crisis. There is no health centre in the camp. We don’t have specialist doctors for heart or eye diseases, and many are suffering, including women needing obstetric care. In our previous camp, that health centre didn’t have medicines.

    We need psychological support. Many of us have lost family members to the war. People are missing, scattered across Sudan, or still in Darfur. The war has torn us apart, separating us from our loved ones. All of us here in the camp are missing someone.

    If I had the choice, I’d rather return to Sudan, even if it meant dying there. That would be better than dying in this camp.”

    MIL OSI NGO –

  • MIL-OSI NGOs: FIFA/Saudi Arabia: Global law firm’s flawed human rights assessment of Saudi Arabia’s World Cup 2034 bid raises ‘deep concern’

    Source: Amnesty International –

    AS&H Clifford Chance’s assessment contains no substantive discussion of Saudi’s extensive and relevant abuses

    11 human rights groups, football supporters and worker organisations join forces to voice deep concern

    ‘FIFA must insist on a proper assessment and meaningful human rights strategy or its flagship tournament will be tarnished by severe human rights violations’ – Steve Cockburn

    A flawed human rights assessment of Saudi Arabia’s FIFA 2034 World Cup bid by AS&H Clifford Chance – part of the global partnership of London-based law firm Clifford Chance – leaves the global firm at risk of being linked to abuses which result from the tournament, 11 organisations said today.

    AS&H Clifford Chance, which is based in Riyadh and sits within Clifford Chance’s integrated global partnership, produced an “independent human rights context assessment” that was published by FIFA and has helped pave the way for Saudi Arabia to be confirmed on 11 December as the 2034 hosts, as is widely expected to happen.

    The assessment contains no substantive discussion of extensive and relevant abuses in Saudi Arabia documented by multiple human rights organisations and UN bodies. It formed the basis of Saudi Arabia’s human rights strategy for the tournament, which Amnesty International described as a “whitewash”.

    The 11 organisations – which include a Saudi Arabian diaspora organisation, Gulf human rights groups, and labour organisations, as well as Football Supporters Europe, Amnesty and Human Rights Watch – wrote to Clifford Chance’s Global Managing Partner setting out in detail all of their concerns with the statement, and invited the authors to publish an updated report. The firm, which says that it works in partnership with “some of the world’s leading NGOs and civil society organisations”, said in response last week that it would be “inappropriate” to offer any further comment on the report and shared a link to publicly available company policies.

    Dire human rights record

    Saudi Arabia’s already dire human rights record has deteriorated under the de facto rule of Crown Prince Mohammed bin Salman, who has presided over a soaring number of mass executions, torture, enforced disappearance, severe restrictions on free expression, repression of women’s rights under the male guardianship system, LGBTI+ discrimination, and the killing of hundreds of migrants at the  Saudi Arabia-Yemen border. The country’s abusive Kafala (labour sponsorship) system, as well as the prohibition on trade unions and lack of enforcement of labour laws continues to lead to the widespread exploitation of migrant workers.

    The organisations have warned Clifford Chance that, through the production of its human rights assessment by AS&H Clifford Chance, there is a risk that the firm could be linked to potential adverse human rights impacts resulting from a Saudi Arabia-hosted tournament.

    In their memorandum to Clifford Chance the organisations set out and requested comment on three overarching concerns about the assessment. Taken together, these fatally undermine the report’s claim to provide an independent assessment of the human rights context in Saudi Arabia, relevant to the hosting and staging of the 2034 World Cup.

    • AS&H Clifford Chance agreed to a decision by FIFA and the Saudi Arabian Football Federation to effectively exclude analysis of Saudi Arabia’s record on multiple critical human rights such as freedom of expression, LGBTI+ discrimination, the prohibition of trade unions, or forced evictions – either because Saudi Arabia has not ratified the relevant treaties or because the Saudi Arabian Football Federation did not accept them as “applying”. Any assessment that does not recognise these as relevant human rights risks for a World Cup in Saudi Arabia cannot be considered credible.
    •  The assessment made highly selective use of the findings of UN bodies on Saudi Arabia, leaving out damaging judgements. For example, it fails to reference one UN body’s concern at receiving reports that “torture and other ill-treatment are commonly practised in prisons”, or another which notes that “women and girls who are victims of sexual abuse risk facing criminal proceedings if they press charges”. It does not mention that Saudi Arabia is currently facing a labour complaint at the UN brought by Building and Woodworkers International, an international trade union. No reports by UN Special Rapporteurs are included meaning, for example, there is no reference to the imposition of the death penalty in relation to the Crown Prince’s flagship giga-project NEOM, or the murder of Saudi Arabian journalist Jamal Khashoggi.
    • There is no evidence that AS&H Clifford Chance consulted external experts, such as people who might be affected by human rights abuses linked to the tournament, Saudi Arabian human rights experts or organisations, international human rights organisations, or trade unions. No work by such groups is referenced. The report, for example, ignores Amnesty’s 2024 91-page report ‘Playing a Dangerous Game? Human Rights Risks Linked to the 2030 and 2034 FIFA World Cups’.

    Amnesty has written to FIFA asking it to confirm on what basis the organisation agreed with the Saudi Arabian Football Federation to limit the scope of the rights assessment conducted by AS&H Clifford Chance. As of 25 October, FIFA had not responded.

    James Lynch, FairSquare co-director, said: 

    “It has been clear for more than a year now that FIFA is determined to remove all potential obstacles to make sure it can hand Saudi Arabia’s Crown Prince Mohammed bin Salman the 2034 World Cup. By producing a shockingly poor report, AS&H Clifford Chance, part of one of the world’s largest law firms that makes much of its human rights expertise, has helped to remove a key final stumbling block.”

    Julia Legner, Executive Director of ALQST for Human Rights, a Saudi Arabian diaspora organisation, said:

    “AS&H Clifford Chance had the chance to write a credible assessment of risks that are relevant to the 2034 World Cup. Instead, they have produced an artificially limited, misleading and overly positive perspective, that serves only to whitewash the reality of abuse and discrimination faced by Saudi Arabia’s citizens and residents.”

    Steve Cockburn, Amnesty International’s Head of Labour Rights and Sport, said:

    “The severe risks of hosting the 2034 World Cup in Saudi Arabia are clear and well-known – without huge reforms, critics will be arrested, women and LGBTI+ people will face discrimination, and workers will be exploited on a massive scale. It is incredible that AS&H Clifford Chance omitted such glaring risks from its assessment and scandalous that FIFA paved the way for them to do so. FIFA must now insist on a proper assessment and meaningful human rights strategy or its flagship tournament will inevitably be tarnished by severe human rights violations.”

    Martha Waithira, Equidem investigator, said:

    “As a former domestic worker in Saudi Arabia from Kenya, I know that women like me are often treated like slaves. Women especially face sexual and other gender abuse. I’m in regular contact with workers in horrific situations in Saudi Arabia. Now, the hundreds of thousands of people expected to arrive in Saudi Arabia to build stadiums and clean hotels ahead of the World Cup are at great risk of severe exploitation and even death. How can these realities have escaped AS&H Clifford Chance’s attention?”

    Stated commitments to human rights

    The ‘Independent Context Assessment Prepared for the Saudi Arabian Football Federation in relation to the FIFA World Cup 2034’ can be found on FIFA’s website. FIFA’s Human Rights Policy, adopted in 2017, outlines its responsibility to identify and address adverse human rights impacts of its operations, including taking adequate measures to prevent and mitigate human rights abuses.

    Clifford Chance is one of the world’s largest law firms. It has made multiple commitments concerning its human rights responsibilities, including in its company code. The firm states on its global website that its client base in Saudi Arabia, delivered “through AS&H Clifford Chance” includes “key Saudi Ministries and government-owned entities as well as a wide range of government owned, privately and publicly held Saudi and international businesses, listed companies and financial institutions.” These Saudi clients include the Public Investment Fund. AS&H Clifford Chance is a joint venture between Clifford Chance and AS&H that has been registered in Saudi Arabia since 2023. It is integrated within Clifford Chance’s global firm, “follows [the global firm’s] processes and practices”, and employs a number of Clifford Chance partners, including a “Senior Clifford Chance partner”. The Independent Context Assessment refers readers to the global Clifford Chance website.

    Full list of signatories:

    FairSquare

    ALQST for Human Rights

    Amnesty International

    The Army of Survivors

    Building and Woodworkers International

    Equidem

    Football Supporters Europe

    Gulf Centre for Human Rights

    Human Rights Watch

    Middle East Democracy Center

    Migrant-Rights.org

    MIL OSI NGO –

  • MIL-OSI Global: Michiganders or Michiganians? A linguist explains why the answer is clear

    Source: The Conversation – USA – By Robin Queen, Professor of Linguistics, English Language and Literatures and Germanic Languages and Literatures, University of Michigan

    Beloved Michigander Aidan Hutchinson is no silly goose. Nic Antaya/Getty Images

    Growing up in the late 1970s, my best friend was from Michigan. Early in our friendship I asked her what someone from Michigan is called. “Michigander,” she replied. I laughed and said, “You mean like a goose?” Her older sister then chimed in that it was being changed to Michiganian. Michigander is sexist, she said, since gander refers only to a male goose.

    I spent the next two decades never questioning, or particularly thinking about, Michiganian.

    Then, I moved to Michigan. In over 20 years living here, I’ve never heard anyone say Michiganian. People from Michigan call themselves Michiganders.

    Even though it may seem rather trivial, there is endless interest in the Michigander-Michiganian question. News articles about this topic pop up fairly regularly, inevitably stating that:

    1. Both terms are recognized.

    2. Abraham Lincoln coined “Michigander” in 1848 to insult Michigan Gov. Lewis Cass, implying he was silly, weak and unserious.

    3. Govs. James Blanchard, John Engler and Jennifer Granholm used “Michiganian,” while Govs. Rick Snyder and Gretchen Whitmer prefer “Michigander.”

    4. The debate about which term is correct is ongoing.

    For the most part, though, the debate seems long over. Many Michiganders haven’t heard of Michiganian, as a recent text thread with my 19-year-old neighbor illustrates:

    ‘It’s just Michigander.’
    Robin Queen, CC BY-SA

    Regardless of whether there is – or ever really has been – a debate, the pas de deux between Michigander and Michiganian has an unusual history and peculiar twists and turns.

    As a linguist who works on issues related to authority in language and linguistic justice, I like to investigate how terms come to be understood as correct, and on whose authority those determinations are made.

    In the case of Michiganian and Michigander, Michiganian appears in style guides, and Michigander is the term most frequently used by people from Michigan.

    Rooted in an insult

    While it’s true that Lincoln called Cass “the great Michigander” as an unambiguous insult, the term Michigander appeared in print as early as 1838.

    Despite not having coined the term, however, Lincoln did likely play a part in its popularization by using it to malign Cass.

    Google’s NGram, which tracks how often terms appear in a large collection of print sources, shows Michigander has been used more frequently in print than Michiganian since around 1845.

    Michigander has outperformed Michiganian in print for over 175 years.
    Google NGram

    No specific law designates the use of one term or the other, but the terms do appear in two Michigan laws.

    The first is in the Older Michiganians Act, which was passed in 1981.

    The second is tied to the Historical Markers Act. The original act, established in 1955, used the term Michigander, but an amendment to it in 2002 changed the term to Michiganian. In 2017, the act was updated and the moniker was changed back to Michigander.

    Interestingly, the federal government, in the form of the U.S. Government Publishing Office’s Style Manual, specifies Michiganian as the correct term. This represents a change from Michiganite, which was the term specified in the Style Manual from 1945 to 2000, likely as a match to terms such as Wisconsinite.

    It’s difficult to know the origins of Michigander prior to 1848, but Lincoln did likely coin the term Michigander as a blend of Michigan and gander, leading to the possibility for goose jokes and humor. While other states have unusual monikers – such as Hoosiers for Indiana – none involves an animal pun like gander.

    The humorous aspect of Michigander is what likely keeps the articles, Reddit threads and friendly banter going.

    In 1947, the American journalist and essayist H.L. Mencken wrote, “The chief objection to Michigander is that it inspires idiots to call a Michigan woman a Michigoose and a child a Michigosling, but the people of the State have got used to this …”

    Funny or sexist?

    Gander humor reigns when it comes to Michigander. But perhaps more importantly, Michigander provides a greater sense of belonging and identity than Michiganian, despite the fact that there are those who find Michiganian has more finesse.

    That sense of identity is evident in the many pairings of Michigander with other charming things that are a part of living in Michigan, such as using your hand to show where in the mitten-shaped state you are from.

    How Michiganders explain where they’re from.
    (WT-en) TVerBeek at English Wikivoyage, CC BY-SA

    Given that gander designates a male goose, Michigander does raise questions about sexism.

    The rise in the use of Michiganian along with the fall of Michigander from the late 1970s to the early 2000s occurred alongside broader recognition of sexism in different realms of social life. It corresponds with a variety of changes to the terms people had been using, such as chairman, waitress and fireman. In 2024, it is unremarkable to refer instead to a chair or chairperson, a server, or a firefighter.

    So, why hang on to Michigander?

    Given that Whitmer is a proud and consistent user of Michigander, the most likely answer is that people from Michigan don’t feel the term is exclusionary. As a colleague of mine, a Michigan-raised feminist activist in her 60s, told me, “Do we not have real issues of sexism in the vernacular? I never heard anyone use any other term growing up.”

    Michigan Gov. Gretchen Whitmer has no qualms with Michigander.
    GIPHY News

    Over the past several days, I’ve asked over two dozen people who were born and raised in Michigan what they call someone from Michigan. To a person, they have said Michigander. They range in age from 19-89, have different gender identities and racial affiliations, and have a wide range of professions and political orientations.

    Only one had ever heard anyone referred to as a Michiganian, while a third had never heard the term Michiganian at all.

    My results reflect other poll results about these terms. A clear majority choose Michigander.

    When the people of Michigan say they are Michiganders, it’s odd to insist that they are Michiganians. And even those few, such as The Detroit News, who prefer Michiganian acknowledge that Michigander is more broadly preferred.

    Ultimately the debate rests on whether it’s the people from Michigan or some other entity, such as the Government Publishing Office, that decides which term should be used. If we grant the people of Michigan the right to name themselves, the verdict is clear.

    Robin Queen 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. Michiganders or Michiganians? A linguist explains why the answer is clear – https://theconversation.com/michiganders-or-michiganians-a-linguist-explains-why-the-answer-is-clear-241664

    MIL OSI – Global Reports –

  • MIL-OSI Video: 10/16/24: Press Briefing by Press Secretary Karine Jean-Pierre

    Source: United States of America – The White House (video statements)

    The White House

    https://www.youtube.com/watch?v=q7Uys-DlUNA

    MIL OSI Video –

  • MIL-OSI Security: Defense News: Brothers Join Navy Nuclear Engineering Program

    Source: United States Navy

    LOVELAND, Colo. (Aug 28, 2024) — Brothers Jacob Wheeler, 17, and Mark Wheeler, 19, of Loveland enlisted in the U.S. Navy’s nuclear engineering program this summer through Navy Recruiting Station Fort Collins. The brothers joined the Delayed Entry Program within weeks of each other with Jacob enlisting in July and Mark in late August. While their parents are unaware that Mark has joined, the brothers plan to surprise them at graduation with help from their recruiter, Aviation Electronics Mate 2nd Class Erika Bravo.

    The Wheeler brothers, born in Greeley and raised in nearby Kersey, come from a family rooted in hard work. Their father, an electrician, and their grandfather, a farmer, instilled in them a strong work ethic and an appreciation for hands-on skills. Jacob initially joined with plans to become a Navy SEAL and persuaded his brother Mark to enlist in the Navy’s nuclear engineering program, primarily for the educational benefits.
    “I convinced him,” Jacob said, adding that the nuclear program offers not only strong pay but also the potential for a high-paying career after their service.Mark, who was not initially set on joining the Navy, became intrigued by the technical education offered through the nuclear program.
    “They’ll teach me calculus, thermodynamics and nuclear physics,” he said. “That sounds fantastic!”

    Both brothers are excited about the educational opportunities. While Mark admits he isn’t fond of traditional schooling, he looks forward to the fast-paced, targeted learning environment of the Navy.
    “I don’t enjoy going to school,” Mark said, “but I love learning. This job is more about the knowledge than the pay for me.”

    After completing boot camp at Recruit Training Command in Great Lakes, Illinois, the Wheeler brothers will attend Nuclear Power School in Charleston, South Carolina. The school, which lasts about two years, will train them to operate and maintain nuclear reactors aboard Navy submarines and aircraft carriers. Upon graduation, both Jacob and Mark will be promoted to E-4 and receive their contract bonuses.
    Although both will attend Nuclear Power School, the brothers are unsure if they will be stationed together after training.

    “There aren’t a lot of nukes in the Navy, so they need to spread us out,” Jacob said, though he remains hopeful they will attend school together, as he believes Mark would make a great tutor.
    The brothers are slated to ship out in November, before Thanksgiving. Their cousin, who lives in Chicago, has already warned them about the harsh winter weather in the Great Lakes, but the brothers are eager to take on the challenge. Jacob is especially excited about life aboard a Navy vessel. “It sounds fun!” he said.

    Looking beyond their service, Jacob is already considering his future.
    “If I still need more money after the Navy, I’m sure there are many opportunities for nuclear engineers,” he said.

    Jacob has long-term goals that include entrepreneurship and working with cars, while Mark is excited about the skills and experiences he’ll gain during his Navy career.
    The brothers’ family is mostly supportive, though their older sister isn’t thrilled that her roommates will be leaving. The brothers, who live with their older sister, also have younger siblings who don’t live with them. They see their Navy service as a way to set a good example for their younger siblings and feel proud of the path they are taking.

    Pets also play an important role in the Wheeler household. Mark’s cat, Katie, will stay with his fiancée while he’s away, while Jacob’s ball python and pit bull puppy will stay with family members until he completes his training. Both brothers are eager to reunite with their pets after graduating from Nuclear Power School.
    The Wheeler brothers are confident their decision to join the Navy’s nuclear engineering program will open doors to exciting careers, both during and after their time in uniform. As they prepare to embark on this journey, they do so with pride and a strong sense of family legacy.

    Navy Talent Acquisition Group Rocky Mountain encompasses Colorado, Wyoming, Utah and parts of Idaho, Nebraska and Kansas. It provides Navy recruiting services from more than 30 dispersed offices across the region.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Chancellor: “We will build a Britain where those who can work, will work”

    Source: United Kingdom – Executive Government & Departments

    Ahead of Budget later this week, the Chancellor pledges work and welfare overhaul so people who can work, do work.

    • £240 million Get Britain Working package to include work, skills and health support for disabled people and long-term sick.
    • Benefit reform to be accelerated from this autumn to give more people access to employment support.

    Ahead of the Budget, the Chancellor has unveiled a £240 million cash-injection to accelerate the rollout of local services to help people back into work and drive down inactivity.

    The intervention comes as stark figures show that the UK remains the only G7 country that has higher levels of economic inactivity now than before the pandemic, with 2.8 million people out of work due to long-term sickness, which is holding back productivity and stunting growth. 

    The funding is partly set to go towards boosting the rollout of Get Britain Working “trailblazers” in local areas, which will bring together and streamline work, health, and skills support to disabled people and those who are long term sick.

    These trailblazers will focus on reaching people who are not normally in touch with the system, by enabling local areas to help them access existing support in skills, education, employment, or health but also testing new early interventions targeted at the specific barriers they are facing to work.

    Recognising that poor health is a key driver of economic inactivity, these trailblazers will also ensure work and skills support is better integrated with the health service, to ensure people get the joined-up health and employment support they need to get back into work and stay in work.

    The government will also work in close partnership with mayors to develop these trailblazers, to ensure these local services are tailored to meet the unique employment and inactivity challenges in different areas.

    Benefit reform is also set to be accelerated this year, with 800,000 people on the old Employment and Support Allowance (ESA) benefit to be moved onto Universal Credit (UC) from this autumn instead of 2028.

    This move will bring more people into a modern benefit regime, continuing to ensure they are supported to look for and move into work. 

    It comes ahead of the Get Britain Working White Paper – set to be unveiled later in the Autumn – which will set out the government’s ambitious plans for reform to break down barriers to work.

    The reforms will be underpinned by an approach of high expectation and high support as well as a belief in mutual obligations: the responsibility to work if you can, backed up by proper support and real opportunities to get a decent job.

    Chancellor of the Exchequer, Rachel Reeves said:

    Due to years of economic neglect, the benefits bill is ballooning. We will build a Britain where people who can work, will work, turning the page on the recent rise in economic inactivity and decline and towards a future where people have good jobs and our benefits bill is under control.

    Work and Pensions Secretary, Liz Kendall said:

    Millions of people have been denied the opportunity to build a better life. This includes one-in-eight young people who have had their hopes of a brighter future dashed and written off before they’ve even begun.

    Through our Get Britain Working plan, we will ensure every young person is supported to find earnings or learning, while our new jobs and careers service will transform opportunity for all, as we deliver the fundamental reforms needed to tackle spiralling inactivity, grow the economy, and take our first steps to our ambitious 80 per cent employment rate.

    Unlocking barriers to work and tackling inactivity is at the heart of plans to improve living standards for everyone across the country and delivering on the central mission of driving growth.

    By creating more good jobs through investment, reforming employment support, fixing our NHS, making work pay through our Employment Rights Bill, and devolving power out of Westminster as set out in our forthcoming English Devolution White Paper, we will ensure many more people can benefit from the dignity and purpose that comes with work.

    These reforms will support more people into jobs alongside the Plan to Make Work Pay, that will make sure that those jobs provide security, a decent wage, and the genuine two-sided flexibility needed so people can thrive at work.

    This plan is central to the Government’s efforts to repair the damage done to the economy, fix its foundations, and rebuild Britain so it becomes a country of growth, not decline.

    Shevaun Haviland, Director General of the British Chambers of Commerce said:

    The high number of working age people who are economically inactive is a real and daily concern to employers. Many firms are struggling to fill job vacancies, and this is constraining their operations and profitability. 

    We welcome further cash investment into tackling economic activity. Businesses will be pleased to hear about plans to improve skills, health and employment support for people who want to work – alongside support for young people to start and build their careers.  

    It’s important these changes are delivered quickly to help firms develop thriving workforces, so they can grow and invest further in the years to come.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Could you provide an opportunity for a young person leaving care?

    Source: City of Plymouth

    Could you help change the life chances of a young person leaving care? If so, the Council would love to hear from you.

    We are asking businesses to consider offering a job opportunity to a care leaver. Compared with other young people locally, care leavers are around nine times more likely to not be in education, training or employment when they enter adulthood.

    Councillor Jemima Laing, Deputy Leader of the Council and Cabinet Member for Children’s Social Care, said; “Care leavers are our city’s young people, and we need to work together as a city to ensure they have a successful future.

    “Care leavers face significant challenges over and above those normally experienced by our children and young people, but with the right support they can succeed in managing the move to independent living and a career. Supportive employers can play a vital part in ensuring they have the same opportunities in life as other young people.

    “Over the last five years, on average we have 180 young people leaving care in Plymouth every year.

    “We are very keen to hear from local employers who are willing to give our care leavers a chance, who can offer an apprenticeship, or a work placement for a vulnerable child trying to navigate the difficult path of leaving care and moving to independent living.  We are asking for your help to ensure that our care leavers get the same opportunities in life as other young people.

    “Offering a care leaver a job opportunity will give businesses a chance to invest in young people who have bright ideas and shows that they are a supportive organisation willing to give young people a chance at starting a career.”

    If you are thinking of offering an apprenticeship, the government offers a bursary which is paid to the apprenticed care leaver after they have maintained their apprenticeship for 60 days. The bursary aims to support care leavers as they move from care into independent living and work.  

    The Council has developed a free pastoral leadership programme through On Course South West, for managers and employers that employ care experienced young people. These programmes can be personalised for your business with flexible delivery options. The flexible programme includes short courses on safeguarding, trauma informed practice and mental health awareness, visit: On Course South West

    As an approved apprenticeship training provider, the Council can offer support to businesses to develop an apprenticeship or supported apprenticeship programme, contact apprenticeships@plymouth.gov.uk for more information.

    For more information, visit: Care leavers | PLYMOUTH.GOV.UK

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Calling on garden waste customers in Plympton!!

    Source: City of Plymouth

    Unfortunately, due to internal issues we are unable to pick up garden waste collections in the Plympton Erle and Plympton Chaddlewood area tomorrow (Tuesday 29 October).

    But don’t worry – collections have been rescheduled for Friday!

    We are sorry for the inconvenience.

    See the below list of roads that are impacted:

    MIL OSI United Kingdom –