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  • MIL-OSI China: ​Themed Sci-fi awards highlight China’s nuclear exploration

    Source: China State Council Information Office 3

    The N Universe Science Fiction Awards, established by the China National Nuclear Corporation (CNNC), announced its winners on Oct. 19 in Chengdu, Sichuan province, promoting China’s atomic energy vision to domestic and international audiences.

    Pan Jianming, board secretary and spokesperson for the China National Nuclear Corporation, speaks at the N Universe Conference and Science Fiction Awards ceremony in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    CNNC Board Secretary and spokesperson Pan Jianming emphasized that nuclear science development relies on the support of popular science. Similarly, the growth of popular science needs input from nuclear science experts. He said that strong and efficient coordination between these two creates powerful results.

    “The N Universe is an important popular science brand created by CNNC,” Pan said. “Only with continuous technological innovation can science fiction truly shine, and promoting innovation helps turn these ideas into reality. This is why CNNC is hosting these nuclear science fiction awards.”

    The awards ceremony featured four major award categories: best sci-fi novel, best sci-fi novella, best sci-fi short story, and top 10 imaginative works. The novel category awarded one first prize, one second prize, and three third prizes. Both novella and short story categories named one grand award winner, one first prize winner, two second prize winners, and three third prize winners. Ten works were recognized in the imaginative category.

    Author Wang Jianhua secured first prize in the novel category for “The Observer Plan: Children of Eternity.” Wang praised the N Universe platform for supporting science fiction writers, calling the award a milestone in his career.

    Best science fiction novel winners pose with award presenters at the N Universe Science Fiction Awards ceremony in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    Wu Hong, who won the grand award in the best sci-fi short story category for “As Wished,” noted in her acceptance speech that China’s nuclear industry development provides a solid foundation for imagination.

    “In my heart, nuclear energy is mysterious and possesses infinite power. Nuclear technology can change China, the world, humanity, the future and the universe,” she said. “I firmly believe that the universal truth we seek — and humanity’s ultimate truth — might be found in the vast sea of stars, but it could also be discovered within the tiny atom.”

    The event coincided with the inaugural Tianwen Chinese Science Fiction Literature Contest award ceremony last weekend. Both events are part of this year’s Tianwen Program activities, which launched last year during the 81st World Science Fiction Convention (Worldcon) in Chengdu. More than 400 science fiction writers, industry insiders, collaborators and enthusiasts attended the N Universe activities.

    Since its debut in 2019, the N Universe Science Fiction Awards, now in its fourth edition, has attracted nearly 1,000 writers. It has become a prominent brand that educates the public to learn more about China’s nuclear industry and nuclear science. The fifth edition of the awards was launched during the Chengdu event.

    “Western nuclear science fiction has developed for over 60 years, and in China, I see a brand-new direction for development,” said Ben Yalow, co-chair of the 2023 Chengdu Worldcon and vice chairman of the Tianwen contest jury. He expressed deep appreciation for Chinese nuclear science fiction stories and noted how Chinese writers address the shared future of mankind and reflect on future energy sources in their works.

    At the N Universe Conference, the Beijing Institute of Technology Press launched a new book featuring award-winning works from the first three editions of the N Universe Science Fiction Awards. CNNC also signed a strategic cooperation agreement with the publisher.

    Fan Hongliang, editor-in-chief of the Beijing Institute of Technology Press, said that through science fiction, CNNC has demonstrated the broad prospects of nuclear science and technology, stimulating public interest in scientific exploration. He added that it has provided valuable inspiration for science fiction creators, fostering positive interaction between fictional works and real-world technology.

    Science fiction writers, experts and scientists participate in panel discussions at the N Universe Conference in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    The conference showcased not only authors but also prominent CNNC scientists and engineers, including Liu Weiping, Zhang Donghui, Huang Yanping and Zhong Wulu. They delivered keynote speeches and participated in themed panel sessions, offering attendees a deeper understanding of nuclear science and technology.

    Huang revealed that China has made significant breakthroughs in developing fourth-generation reactors, adding that establishing nuclear reactors on other planets could become a reality. He said the diverse applications of atomic energy await exploration by both technology professionals and science fiction writers.

    Hou Zhiming, executive vice chairman of the Sichuan Writers Association, said the N Universe brand bridges science fiction and reality, reflecting China’s cultural confidence in nuclear technology while attracting writers and enthusiasts worldwide.

    “This will inspire more people to engage in science fiction writing, collectively promoting the development of science fiction literature and exploring humanity’s unlimited possibilities,” Hou said.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by SCST at Hong Kong Fashion Fest Preview

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, at the Hong Kong Fashion Fest Preview today (October 24):
     
    Distinguished guests, friends from the fashion design industries and the media,
     
         Welcome to the preview for the Hong Kong Fashion Fest, our new brand for the Hong Kong Fashion Design Week, which is an initiative introduced by the Chief Executive in his Policy Address last year.
          
         Being a new flagship event, the Hong Kong Fashion Fest consolidates fashion design events, promotes Hong Kong’s fashion and textile design brands, and reaffirms Hong Kong’s position as a prime destination for hosting major cultural and creative events. The Cultural and Creative Industries Development Agency of my bureau has been closely engaging stakeholders in the past year to realise the idea.
          
         The first Hong Kong Fashion Fest will be held between November 20 and December 4, offering a variety of programmes, including a summit and a forum for high-level discussions on the development of the industry, fashion shows and exhibitions showcasing the work of local and overseas designers in haute couture fashion, workwear, evening wear and other types of clothing, and a cross-sector soiree.
          
         Not only will the Hong Kong Fashion Fest showcase the soft power of Hong Kong in fashion design, it will be a platform for local and international fashion designers and brands, and enhance collaboration of Hong Kong’s fashion design industries with the rest of the world. We envisage that the Hong Kong Fashion Fest will attract 150 000 participants from over 15 countries and regions. It will fully demonstrate Hong Kong’s role as the East-meets-West centre for international cultural exchange.
          
         The Hong Kong Fashion Fest will be an annual signature event signifying Hong Kong as Asia’s fashion design hub. I look forward to enjoying the wonderful programmes of the Hong Kong Fashion Fest with you. Thank you.

    (Please also refer to the Chinese portion of the speech.)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKSAR Government strongly condemns despicable attempts to exert pressure on judges

    Source: Hong Kong Government special administrative region

         The Hong Kong Special Administrative Region (HKSAR) Government today (October 24) strongly condemned recent attempts by some individuals overseas to exert improper pressure on non-permanent judge of the Court of Final Appeal Mr Patrick Anthony Keane, blatantly interfering with ongoing criminal proceedings in the HKSAR.

         A spokesman for the HKSAR Government said that any attempt by any organisation or individual to exert pressure on judges and judicial officers, and interfere with the criminal justice process by means of political power or any other means, is clearly a reprehensible act undermining the rule of law of the HKSAR and should be vehemently condemned.

         Hong Kong’s rule of law and independent judicial power are guaranteed under the Basic Law, which specifically provides that the judicial power, including that of final adjudication, vested with the HKSAR, is to be exercised by the Judiciary independently, free from any interference. The HKSAR Government fully supports the Judiciary in exercising its judicial power independently, safeguarding the due administration of justice and the rule of law.

         Regarding Lai Chee-ying’s case concerning the Hong Kong National Security Law, the HKSAR Government pointed out that as the relevant legal proceedings are still ongoing, it is inappropriate for any person to comment on the details of the case or exert improper interference. The HKSAR Government emphasised that all cases including the relevant case are handled strictly on the basis of evidence and in accordance with the law. All defendants will receive a fair trial strictly in accordance with laws applicable to Hong Kong and as protected by the Basic Law and the Hong Kong Bill of Rights.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Preview of Hong Kong Fashion Fest held today

    Source: Hong Kong Government special administrative region

         The Hong Kong Fashion Fest Preview took place at Asia Society Hong Kong Center today (October 24) to raise the curtain on the inaugural Hong Kong Fashion Design Week. The preview was officiated by the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, and representatives of the organisers of the events.
          
         Mr Yeung said, “Introduced by the Chief Executive in last year’s Policy Address, the Hong Kong Fashion Design Week will be organised to consolidate fashion design events for promoting Hong Kong’s fashion and textile design brands and reaffirming Hong Kong’s position as a prime destination for hosting major cultural and creative events. The Cultural and Creative Industries Development Agency of my Bureau has been closely engaging stakeholders over the past year to realise the idea. The first Hong Kong Fashion Fest will be held between November 20 and December 4 at various locations in Hong Kong. The Hong Kong Fashion Fest will be an annual signature event signifying Hong Kong as Asia’s fashion design hub.”
          
         The Hong Kong Fashion Fest will be a platform for local, Mainland and overseas fashion designers and brands, as well as industry leaders and players, to enhance collaboration within Hong Kong’s fashion design industries with the rest of the world in expanding market development. The Hong Kong Fashion Fest injects new elements to create synergy for different fashion design activities, enhancing the profile of local fashion design and showcasing the soft power of Hong Kong in fashion design.
          
         The Hong Kong Fashion Fest is set to take place in venues spanning various cultural landmarks and iconic design and fashion locations in Hong Kong. The event presents a full agenda of different fashion design happenings. It is anticipated that the Hong Kong Fashion Fest will attract over 150 000 participants from the fashion design industries and the public from over 15 countries or regions. Event details under the Hong Kong Fashion Fest is available in the annex.

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Man who funded terrorist fighter in Syria sentenced following a Met counter terrorism investigation

    Source: United Kingdom London Metropolitan Police

    A man who sent money to his nephew in Syria knowing it was to fund his terrorist activity has been sentenced for terrorism offences following an investigation by specialist officers from the Met’s Counter Terrorism Command.

    Through their investigation, detectives found that 46-year-old Farhad Mohammad arranged for $350.00 over two payments to be sent to his nephew, Idris Usman. However, the investigation uncovered that Usman was fighting in Syria at the time for the terrorist group Hay’at Tahrir al-Sham, which is a proscribed organisation in the UK.

    On 26 April, Mohammad was found guilty of two terrorism funding offences following a ten-day trial at the Old Bailey. He was sentenced on 23 October to a three year community order, 250 hours unpaid work, three month curfew between 9pm and 8am and a 30 day Rehabilitation Supervision Order.

    During the trial, counter terrorism investigators presented evidence showing Mohammad made two payments to his nephew in the space of three months between November 2017 and January 2018 with the knowledge that his nephew was fighting for an Islamist terrorist group in Syria at the time.

    One of the messages found by officers on Mohammad’s phone from his nephew in May 2017 read: “Uncle forgive me, God willing I am going to participate in a fighting, either I will stay alive or I become a martyr, it is up to God.”

    After initial enquiries were carried out by officers from the Eastern Region Special Operations Unit (ERSOU), the investigation was taken on by specialist investigators within the National Terrorist Financial Investigation Unit, which is based within the Met’s Counter Terrorism Command. Detectives identified that the money, which was sent between November 2017 and January 2018, was transferred via a third-party to Usman.

    As a result of meticulous investigative work, Counter Terrorism officers were able to prove that Mohammad was fully aware that the money he was sending was supporting his nephew’s terrorist activities.

    Another example of a message found by officers from Usman to Mohammad in June 2017, indicating he was aware of his terrorist activities read: “Uncle for the sake of God send me six and a half waraqa ($650), to buy a weapon, it is the one, which I like it, and may God reward you with good.” Also among the messages sent from Usman to his Uncle was an image sent in August 2017 showing Usman sat on a motorbike with a gun over his shoulder.

    Commander Dominic Murphy, who leads the Met’s Counter Terrorism Command, said: “Terrorist groups rely on financial support and funding to be able to operate. While Mohammad’s contributions may not have been vast sums, he was well aware his nephew wanted the money to purchase a firearm and to help fund his fighting in Syria.

    “Groups like Hay’at Tahrir al-Sham cause huge misery, terror and devastation. If you knowingly fund someone – family member or not – who is part of a group like that, then it is helping a terrorist organisation and it is something we take extremely seriously.”

    On 27 February 2018, Mohammad planned to travel to Turkey from London Stansted airport. However, before he boarded the flight, he was stopped by officers using powers under Schedule 7 of the Terrorism Act, 2000.

    Officers found he had over £4,000 of cash, and three mobile phones – all of which were seized and the contents downloaded by officers, with Mohammad subsequently arrested.

    Detectives recovered messaging app conversations and voice notes, which, after careful piecing together, officers were able to use to produce a timeline of detailing his conversations and fund transfers.

    Commander Murphy added: “The use of counter terrorism powers by officers at the airport was crucial in discovering how Mohammad was knowingly funding his nephew’s terrorist activities in Syria. And it was the specialist skills of officers within our National Terrorist Financial Investigation Unit which helped pinpoint the transactions that led to this prosecution.

    “Anyone who might be considering providing financial support to terrorists or terrorist organisations should think twice, as it is a serious offence and, as we’ve shown here, we will investigate those who are involved in this kind of activity.”

    Farhad Mohammad, 46, (21.10.1978) of Colchester, Essex was charged on 10 July 2023.

    He was found guilty on Friday 26 April 2024 of two counts of terrorist fundraising (contrary to section 17 of the Terrorism Act 2000), after a trial at the Old Bailey and was sentenced at the same court on 23 October. Mohammad was found not guilty on two other counts of terrorist fundraising – linked to alleged payments made in May and August 2017. The jury was unable to reach a verdict in respect of a fifth count of terrorist fundraising, relating to an alleged payment made in October 2017. This count will lie on file.

    The National Terrorist Financial Investigation Unit (NTFIU) is based within the Met’s Counter Terrorism Command and is comprised of specialist investigators, analysts and researchers who investigate suspicious financial activity where they believe it may have links to terrorism.

    Communities defeat terrorism, and information from the public is vital to counter terrorism investigations. If you see or hear something unusual or suspicious and think someone may be engaging in terrorist activity, trust your instincts and act by reporting it in confidence at www.gov.uk/ACT or call the anti-terrorist hotline on 0800 789 321.

    In an emergency, always dial 999.

    MIL Security OSI –

  • MIL-OSI: Montreux Capital Management Zug AG Acquires GC Partners Group, a Global Payments FX Provider

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 24, 2024 (GLOBE NEWSWIRE) — Montreux Capital Management Zug AG (“Montreux”) is pleased to announce the acquisition of GC Partners Group Ltd (“GC Partners”), a specialist financial services provider in the foreign exchange and payments market.

    The foreign exchange market is the largest and most liquid financial market in the world. With a daily trading volume exceeding $5 trillion, it is also the most actively traded market globally.

    GC Partners, a celebrated firm with 20 years of service, has established a strong reputation in the industry for its customer-centric financial solutions tailored to meet client needs. Through their global network of offices, last year they transacted over USD$12.5 billion in foreign currency, providing quick, reliable, and secure solutions to clients around the globe. With offices in the UK, Hong Kong, Dubai, the Netherlands, Portugal, and Spain, GC Partners has a global presence that will complement Montreux’s existing operations.

    “Through the acquisition, GC Partners will be able to accelerate their growth strategy, scale the business, and enhance their global payments infrastructure to complement their expertise in providing efficient and reliable solutions for over 150,000 clients to transfer money to more than 125 markets worldwide,” said Andrew Fundell, CEO of GC Partners.

    One of GC Partners’ key strengths lies in its advanced platform, featuring portals designed for private, corporate, and investment clients. These portals provide an efficient, secure, and adaptable way for clients to transact globally. By leveraging GC Partners’ cutting-edge technology and expertise, Montreux aims to enhance its own capabilities and deliver even greater value to clients.

    “We are pleased to announce the acquisition of GC Partners, a prominent player in the FX and payments market,” said Oliver Harris, CEO of Montreux. “This strategic move aligns with our vision to expand our presence in the financial services industry and positions us to capitalise on this growing market. Leveraging GC Partners’ expertise, we anticipate rapid global growth as we plan to treble the size of the business over the coming years.”

    Contact Information:
    GC Partners
    info@gcpartners.co
    https://www.gcpartners.co/

    The MIL Network –

  • MIL-OSI United Kingdom: Gaston sets the record straight on Commission questions about Michael McMonagle

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV MLA Timothy Gaston:

    “Both during and in the aftermath of yesterday’s disgraceful meeting of the Executive Office Committee, there have been suggestions that I have not explored issues related to the Michael McMonagle’s scandal with the Assembly Commission.

    “In the current session of the Assembly a total of 30 written questions have been submitted to the Commission by all MLAs – 19 of those are mine, almost two thirds of all questions.

    “A total of 25 questions have been asked by all MLAs on issues relating to the Michael McMonagle scandal. All but 7 of those were tabled by myself – over 70% of all questions on the issue.

    “The questions can call be read here.

    “Among the answers I have received is one revealing that just short of £110,000 of public money was paid by the Assembly to convicted child sex offender Michael McMonagle.

    “Other key questions – including whether the Commission will come to the Assembly chamber to answer questions on the issue remain unanswered. This was something I attempted to do by way of an urgent oral some weeks ago only for Alliance deputy speaker John Blair to reject the request. Telling, there are no questions in from any Alliance MLAs on these matters.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Companies House publishes first strategic intelligence assessment

    Source: United Kingdom – Executive Government & Departments

    Analysis aims to help agency’s understanding of the key threats and guide approach to tackling them  

    Companies House has today published its first ever strategic intelligence assessment as the agency steps up its work to help tackle economic crime. 

    The strategic intelligence assessment gives an in-depth analysis of the key threats Companies House faces. It’ll guide future prioritisation, decision making, risk identification and mitigation.

    The assessment will be followed by a new control strategy, which will outline recommendations and action plans.  

    As part of the Economic Crime and Corporate Transparency Act, the company registrars for England and Wales, Scotland and Northern Ireland now have new and enhanced powers.  

    These include the power to proactively share data with other government departments and law enforcement agencies. 

    In her foreword to the assessment, Companies House chief executive Louise Smyth said: 

    “I am pleased to introduce our first ever strategic intelligence assessment. This marks one of the major steps forward for the changes underway at Companies House.  

    “The assessment forms part of our work to more closely align to the National Intelligence Model and will underpin the work of our new and expanding Intelligence team.  

    “I’d like to thank our strategic partners for their valued insights, which have been used to shape our assessment and are helping us to continue our integration into the wider economic crime ecosystem.”

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Uganda commemorates the International Day for the Girl

    Source: United Kingdom – Executive Government & Departments

    Peace Harriet Elly from Bidi Bidi Refugee Settlement, anchors ‘Girls takeovers’ initiative at the British High Commission Kampala in partnership with Plan Uganda.

    Deputy British High Commissioner to Uganda, Tiffany Kirlew poses with Peace Harriet Elly and Alim Daudut both Girls rights champions from Bidi Bidi refugee settlement and Phoebe Kasoga, the Plan International Country Director at the International Day of the Girl event,

    ‘Girls takeovers’ is an initiative of Plan International where girls are supported to work with senior leaders, particularly women from a range of sectors. It is intended to inspire girls to pursue their career goals and life aspirations albeit persisting socio-cultural and economic structural barriers. These individually tailored takeovers are created to have lasting impact for both the participating young girls and senior leaders to continue championing gender equality in workplaces. British High Commission Kampala has partnered with Plan International Uganda to host one of the ‘Girls Takeovers’ organised this year.

    As she assumed office of the Deputy High Commissioner in Uganda, Peace noted that refugee girls and girls living in conflict and post conflict areas face multiple deprivations including personal insecurity, poverty, hunger, school dropout inextricably linked to gender based and sexual violence, forced and child marriages and high teenage pregnancy among others.

    Peace however was grateful for such interventions as one delivered by Plan International Uganda which emboldens young girls to stand up to abuses, provide peer support amongst themselves and pursue their dreams.

    Peace Elly who arrived in Uganda together with her family 11 years ago completed her senior six in 2023. She scored 11 points having offered mathematics, physics, entrepreneurship and Computer. She has hopes of joining university soon to pursue her dream of becoming Information Technology Expert. Peace is an active champion of girls’ rights in her community. She is one the beneficiaries of a project implemented by Plan International Uganda with funding from the global programme ‘Education cannot Wait’ focusing on quality, safe and inclusive education in refugee and host districts in Uganda. The programme is geared towards Improving equitable and inclusive access to relevant learning opportunities; strengthening systems for effective delivery; and improving quality of education and training. The UK contributes over 25% of the total budget of the ECW programme globally.

    Peace noted that taking over office of the Deputy British High Commissioner is one of the symbols that girls in conflict still have a chance to utilise respective spaces to speak up on issues affecting them and to create a better world such as addressing insecurity, lack of access safe education, health services, basic needs and stability. 

    She said:

    Conflict threatens our future, but it does not take away our resilience or our hope. Today I am privileged to hold the flag not only for myself but also for the millions of girls around the world who are experiencing the same hardships and to remind the world of our strength and potential to change the world.

    Tiffany Kirlew, the British Deputy High Commissioner said:

    It’s been a privilege spending the day with Peace, and for her to be inspired by the work that senior female diplomats do. My message to her and to other girls is, live your full potential, never let your situation or circumstance define you.  I am hopeful that this experience today will demonstrate that girls have the potential to be anything they want to be, and that roadblocks can just be a mindset.

    Peace called upon Government and agencies like British High Commission who are at the centre of driving humanitarian agenda to:

    • support young girls in every community, in the schools, families and anywhere to rise and speak up and defend their rights to achieve their dreams
    • create safe environments for girls and boys by educating parents on child development
    • provide quality education and life skills for girls

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: IOM Calls for Humanitarian Access and Increased Donor Support for Lebanon at Paris Conference

    Source: International Organization for Migration (IOM)

    Paris, 24 October – The International Organization for Migration (IOM) is calling on the international community to work urgently on restoring peace in Lebanon and mobilizing more resources to respond to the dire humanitarian crisis.  

    With over 2,000 deaths and more than 800,000 displaced, IOM warned participants at the International Conference in Support of Lebanon’s People and Sovereignty in Paris on Thursday that further deterioration of the humanitarian conditions will have dire consequences for civilians.  

    “Our message today is loud and clear. It is a message of solidarity with all people in Lebanon,” said IOM’s Deputy Director General for Operations, Ugochi Daniels. “We need to see concrete actions to end the hostilities, and we need the resources and the access to bring lifesaving aid to hundreds of thousands of civilians gravely affected by the ongoing fighting.”   

    The crisis has equally affected the Lebanese population, refugees, and migrants. Over a million people have become displaced or left the country, including Syrians who returned to Syria to seek safety. They all urgently require shelter, food, hygiene supplies, healthcare, protection, and psychosocial support.   

    IOM has launched an appeal for USD 32.4 million to cover the most urgent needs between now and December 2024, including essential relief, winterization support, healthcare, shelter, protection, psychosocial support, and displacement tracking.  

    It is part of a larger USD 426 million UN appeal, launched on the 1 October to respond to the needs by the end of the year.  

    Lebanon was already reeling from a protracted political and socio-economic crisis before the ongoing escalation, with more than 3.7 million people in need of humanitarian assistance.      

    IOM estimates that 180,000 migrants from nearly 100 countries were living in Lebanon prior to the crisis, mostly female domestic workers. Almost one in ten of them have been displaced by the conflict and most of them have been affected, including those who have not been displaced.    

    Since the beginning of October, IOM has received over 1,500 new requests from individuals seeking support to return to their countries of origin, bringing the total number requests to over 3,000 since late September. Additionally, several embassies have sought IOM’s assistance to evacuate over 18,000 of their citizens.   

     

    For more information, please contact:  

     

    In Beirut: Joelle Mhanna, jmhanna@iom.int  

    In Cairo: Joe Lowry, jlowry@iom.int  

    In Geneva: Kennedy Okoth, kokoth@iom.int  

     

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: SDEV to attend 2024 World Cities Day China Observance in Weihai

    Source: Hong Kong Government special administrative region

    SDEV to attend 2024 World Cities Day China Observance in Weihai
    SDEV to attend 2024 World Cities Day China Observance in Weihai
    ***************************************************************

         The Secretary for Development, Ms Bernadette Linn, will depart for Weihai in Shandong Province tomorrow (October 25) to attend the 2024 World Cities Day China Observance.     Upon her arrival, Ms Linn will attend a welcome dinner and cultural exchange activities. She will attend the opening ceremony of the 2024 World Cities Day China Observance and deliver a keynote speech at the Mayors’ Forum on Sustainable Development in Global Cities the following day (October 26).     The 2024 World Cities Day China Observance is organised by the Ministry of Housing and Urban-Rural Development, the United Nations Human Settlements Programme, the Shandong Provincial People’s Government and the Shanghai Municipal People’s Government. This year’s theme is “Build a People-oriented City and Share a Better Life”.     Ms Linn will return to Hong Kong on the evening of October 26. During her absence, the Under Secretary for Development, Mr David Lam, will be the Acting Secretary for Development.

     
    Ends/Thursday, October 24, 2024Issued at HKT 18:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: 16 arrests as police target migrant smuggling across the Sava River

    Source: Europol

    Using overcrowded boats, the suspects willingly put the lives and safety of the migrants at risk. After crossing the river, the migrants were clandestinely transported in various types of vehicles. Hiding them in passenger cars or the cargo areas of transport vehicles, the criminals would move the migrants towards Slovenia, Italy, Germany, and other EU countries. It is estimated that…

    MIL Security OSI –

  • MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    • Third quarter net income of $20.5 million;
    • Third quarter earnings per diluted common share of $0.68;
    • Annualized return on third quarter average assets of 0.98%;
    • Annualized return on third quarter average tangible common equity of 13.69%(1); and
    • Nonperforming assets remain low at 0.09% of total assets. 

    TYLER, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended September 30, 2024. Southside reported net income of $20.5 million for the three months ended September 30, 2024, an increase of $2.1 million, or 11.2%, compared to $18.4 million for the same period in 2023. Earnings per diluted common share increased $0.08, or 13.3%, to $0.68 for the three months ended September 30, 2024, from $0.60 for the same period in 2023. The annualized return on average shareholders’ equity for the three months ended September 30, 2024, was 10.13%, compared to 9.50% for the same period in 2023. The annualized return on average assets was 0.98% for the three months ended September 30, 2024, compared to 0.93% for the same period in 2023. 

    “Third quarter financial results were highlighted by a linked quarter $1.86 million increase in net interest income, a linked quarter eight basis point increase in our net interest margin to 2.95%, earnings per share of $0.68, a 13.69% return on average tangible equity(1), and continued strong asset quality,” stated Lee R. Gibson, Chief Executive Officer of Southside. “During the quarter we sold $28 million of lower yielding municipal securities, unwound the related fair value swaps and recorded a loss of $1.9 million. The proceeds were reinvested in higher yielding agency mortgage-backed securities. In addition, we recorded an impairment charge of $868,000 on the sale of approximately $10 million of available for sale (“AFS”) municipal securities and the unwind of the related fair value swaps on October 1.” 

    Operating Results for the Three Months Ended September 30, 2024 

    Net income was $20.5 million for the three months ended September 30, 2024, compared to $18.4 million for the same period in 2023, an increase of $2.1 million, or 11.2%. Earnings per diluted common share were $0.68 and $0.60 for the three months ended September 30, 2024 and 2023, respectively. The increase in net income was a result of the increase in net interest income and the decrease in provision for credit losses, partially offset by the decrease in noninterest income and increases in noninterest expense and income tax expense. Annualized returns on average assets and average shareholders’ equity for the three months ended September 30, 2024 were 0.98% and 10.13%, respectively, compared to 0.93% and 9.50%, respectively, for the three months ended September 30, 2023. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 53.94% and 51.90%, respectively, for the three months ended September 30, 2024, compared to 54.86% and 52.29%, respectively, for the three months ended September 30, 2023, and 54.90% and 52.71%, respectively, for the three months ended June 30, 2024. 

    Net interest income for the three months ended September 30, 2024 was $55.5 million, an increase of $2.2 million, or 4.1%, from the same period in 2023. The increase in net interest income was due to the increases in the average balance and the average yield of interest earning assets, partially offset by increases in the average rate paid on our interest bearing liabilities and average balance of our interest bearing liabilities. Linked quarter, net interest income increased $1.9 million, or 3.5%, compared to $53.6 million during the three months ended June 30, 2024, largely due to the increase in the average yield on our interest earning assets and the decrease in the average rate paid on our interest bearing liabilities, partially offset by the decrease in the average balance of interest earning assets. 

    Our net interest margin and tax-equivalent net interest margin(1) decreased to 2.82% and 2.95%, respectively, for the three months ended September 30, 2024, compared to 2.85% and 3.02%, respectively, for the same period in 2023. Linked quarter, net interest margin and tax-equivalent net interest margin(1) increased from 2.74% and 2.87%, respectively for the three months ended June 30, 2024. 

    Noninterest income was $8.2 million for the three months ended September 30, 2024, a decrease of $2.7 million, or 24.6%, compared to $10.8 million for the same period in 2023. The decrease was due to a net loss on sale of securities AFS and decreases in other noninterest income and deposit services income, partially offset by an increase in brokerage services income. On a linked quarter basis, noninterest income decreased $3.4 million, or 29.3%, compared to the three months ended June 30, 2024. The decrease was primarily due to an increase in net loss on sale of securities AFS and decreases in other noninterest income and bank owned life insurance income related to a $1.0 million death benefit realized in the second quarter of 2024. The decrease in other noninterest income for both periods was primarily due to an impairment charge of $868,000 on the sale of approximately $10 million of AFS municipal securities and the unwind of the related fair value swaps on October 1. 

    Noninterest expense increased $0.8 million, or 2.2%, to $36.3 million for the three months ended September 30, 2024, compared to $35.6 million for the same period in 2023, due to increases in salaries and employee benefits and software and data processing expense, partially offset by decreases in advertising, travel and entertainment expense, professional fees, net occupancy expense and amortization of intangibles. On a linked quarter basis, noninterest expense increased by $0.6 million, or 1.6%, compared to the three months ended June 30, 2024, due to increases in other noninterest expense, salaries and employee benefits expense and professional fees. 

    Income tax expense increased $1.3 million, or 40.7%, for the three months ended September 30, 2024, compared to the same period in 2023. On a linked quarter basis, income tax expense decreased $0.8 million, or 15.8%. Our effective tax rate (“ETR”) increased to 17.6% for the three months ended September 30, 2024, compared to 14.5% for the three months ended September 30, 2023, and increased slightly from 17.4% for the three months ended June 30, 2024. The higher ETR for the three months ended September 30, 2024 compared to the same period in 2023, was primarily due to a decrease in tax-exempt income as a percentage of pre-tax income. 

    Operating Results for the Nine Months Ended September 30, 2024 

    Net income was $66.7 million for the nine months ended September 30, 2024, compared to $69.4 million for the same period in 2023, a decrease of $2.7 million, or 3.8%. Earnings per diluted common share were $2.20 for the nine months ended September 30, 2024, compared to $2.24 for the same period in 2023, a decrease of 1.8%. The decrease in net income was primarily a result of the decrease in noninterest income and increases in noninterest expense and income tax expense, partially offset by the decrease in provision for credit losses and the increase in net interest income. Returns on average assets and average shareholders’ equity for the nine months ended September 30, 2024 were 1.06% and 11.19%, respectively, compared to 1.20% and 12.21%, respectively, for the nine months ended September 30, 2023. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 55.56% and 53.35%, respectively, for the nine months ended September 30, 2024, compared to 53.99% and 51.44%, respectively, for the nine months ended September 30, 2023. 

    Net interest income was $162.4 million for the nine months ended September 30, 2024, compared to $160.5 million for the same period in 2023, an increase of $1.9 million, or 1.2%, due to increases in the average balance and the average yield of interest earning assets, partially offset by increases in the average rate paid on our interest bearing liabilities and average balance of our interest bearing liabilities. 

    Our net interest margin and tax-equivalent net interest margin(1) were 2.76% and 2.90%, respectively, for the nine months ended September 30, 2024, compared to 2.95% and 3.13%, respectively, for the same period in 2023. 

    Noninterest income was $29.5 million for the nine months ended September 30, 2024, a decrease of $3.9 million, or 11.6%, compared to $33.3 million for the same period in 2023. The decrease was due to decreases in the net gain on sale of equity securities, other noninterest income and deposit services income and a loss on sale of loans, partially offset by a decrease in net loss on sale of securities AFS and an increase in brokerage services income. The decrease in other noninterest income was primarily due to an impairment charge of $868,000 on the sale of approximately $10 million of AFS municipal securities and the unwind of the related fair value swaps on October 1. 

    Noninterest expense was $109.0 million for the nine months ended September 30, 2024, compared to $105.4 million for the same period in 2023, an increase of $3.6 million, or 3.4%. The increase was primarily due to increases in salaries and employee benefits and software and data processing expense, partially offset by decreases in professional fees, net occupancy expense, advertising, travel and entertainment expense, and amortization of intangibles. 

    Income tax expense increased $2.0 million, or 16.3%, for the nine months ended September 30, 2024, compared to the same period in 2023. Our ETR was approximately 17.6% and 15.0% for the nine months ended September 30, 2024 and 2023, respectively. The higher ETR for the nine months ended September 30, 2024, as compared to the same period in 2023, was primarily due to a decrease in tax-exempt income as a percentage of pre-tax income. 

    Balance Sheet Data 

    At September 30, 2024, Southside had $8.36 billion in total assets, compared to $8.28 billion at December 31, 2023 and $7.97 billion at September 30, 2023. 

    Loans at September 30, 2024 were $4.58 billion, an increase of $157.4 million, or 3.6%, compared to $4.42 billion at September 30, 2023. Linked quarter, loans decreased $11.3 million, or 0.2%, due to decreases of $50.2 million in commercial real estate loans, $14.9 million in municipal loans, $2.4 million in loans to individuals and $1.0 million in commercial loans. These decreases were partially offset by increases of $39.8 million in construction loans and $17.4 million in 1-4 family residential loans. 

    Securities at September 30, 2024 were $2.70 billion, an increase of $53.4 million, or 2.0%, compared to $2.64 billion at September 30, 2023. Linked quarter, securities decreased $15.1 million, or 0.6%, from $2.71 billion at June 30, 2024. 

    Deposits at September 30, 2024 were $6.44 billion, an increase of $86.1 million, or 1.4%, compared to $6.35 billion at September 30, 2023. Linked quarter, deposits decreased $60.2 million, or 0.9%, from $6.50 billion at June 30, 2024. 

    At September 30, 2024, we had 179,214 total deposit accounts with an average balance of $32,000. Our estimated uninsured deposits were 35.9% as of September 30, 2024. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 19.2% as of September 30, 2024. Our noninterest bearing deposits represent approximately 21.4% of total deposits. Linked quarter, our cost of interest bearing deposits remained consistent at 3.01%. Linked quarter, our cost of total deposits decreased one basis point from 2.39% in the prior quarter to 2.38%. 

    Our cost of interest bearing deposits increased 83 basis points, from 2.16% for the nine months ended September 30, 2023, to 2.99% for the nine months ended September 30, 2024. Our cost of total deposits increased 75 basis points, from 1.62% for the nine months ended September 30, 2023, to 2.37% for the nine months ended September 30, 2024. 

    Capital Resources and Liquidity 

    Our capital ratios and contingent liquidity sources remain solid. During the third quarter ended September 30, 2024, we did not purchase any common stock pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. We have not purchased any common stock pursuant to the Stock Repurchase Plan subsequent to September 30, 2024. 

    As of September 30, 2024, our total available contingent liquidity, net of current outstanding borrowings, was $2.23 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit. 

    Asset Quality 

    Nonperforming assets at September 30, 2024 were $7.7 million, or 0.09% of total assets, an increase of $3.3 million, or 74.8%, compared to $4.4 million, or 0.05% of total assets, at September 30, 2023. Linked quarter, nonperforming assets increased $0.7 million, or 10.7%, from $6.9 million at June 30, 2024 due primarily to an increase of $1.1 million, or 18.7%, in nonaccrual loans, partially offset by decreases of $0.1 million in restructured loans and $0.3 million in other real estate owned. 

    The allowance for loan losses totaled $44.3 million, or 0.97% of total loans, at September 30, 2024, compared to $42.4 million, or 0.92% of total loans, at June 30, 2024. The increase in the allowance as a percentage of total assets was primarily due to the increased economic concerns forecasted in the CECL model specific to office and multifamily markets in metro areas. The allowance for loan losses was $41.8 million, or 0.94% of total loans, at September 30, 2023. 

    For the three months ended September 30, 2024, we recorded a provision for credit losses for loans of $2.3 million, compared to a provision of $6.3 million for the three months ended September 30, 2023, and a reversal of provision of $0.9 million for the three months ended June 30, 2024. Net charge-offs were $0.4 million for the three months ended September 30, 2024, compared to net charge-offs of $0.9 million and $0.3 million for the three months ended September 30, 2023 and June 30, 2024, respectively. Net charge-offs were $1.0 million for the nine months ended September 30, 2024, compared to net charge-offs of $1.5 million for the nine months ended September 30, 2023. 

    We recorded a provision for credit losses on off-balance-sheet credit exposures of $0.1 million for the three months ended September 30, 2024, compared to $0.6 million and $0.4 million for the three months ended September 30, 2023 and June 30, 2024, respectively. We recorded a reversal of provision for credit losses for off-balance-sheet credit exposures of $0.6 million for the nine months ended September 30, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the nine months ended September 30, 2023. The balance of the allowance for off-balance-sheet credit exposures was $3.3 million and $3.9 million at September 30, 2024 and 2023, respectively, and is included in other liabilities. 

    Dividend 

    Southside Bancshares, Inc. declared a third quarter cash dividend of $0.36 per share on August 8, 2024, which was paid on September 5, 2024, to all shareholders of record as of August 22, 2024. 

    _______________ 

    (1) Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

    Conference Call 

    Southside’s management team will host a conference call to discuss its third quarter ended September 30, 2024 financial results on Thursday, October 24, 2024 at 11:00 a.m. CDT. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events. 

    Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register.vevent.com/register/BIe280e5ecbf444a68a5836f1e27caa8a9 to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process. 

    For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call. 

    Non-GAAP Financial Measures 

    Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. 

    Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe this measure to be the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread. 

    Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio. 

    These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure. 

    Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables. 

    A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables. 

    About Southside Bancshares, Inc. 

    Southside Bancshares, Inc. is a bank holding company with approximately $8.36 billion in assets as of September 30, 2024, that owns 100% of Southside Bank. Southside Bank currently has 54 branches in Texas and operates a network of 73 ATMs/ITMs. 

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com. 

    Forward-Looking Statements 

    Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate increases, tax reform, inflation, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, labor shortages and changes in interest rates by the Federal Reserve. 

    Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Summary (Unaudited)
    (Dollars in thousands)
     
      As of
        2024       2023  
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    ASSETS                  
    Cash and due from banks $ 130,147     $ 114,283     $ 96,744     $ 122,021     $ 105,601  
    Interest earning deposits   333,825       272,469       307,257       391,719       106,094  
    Federal funds sold   22,325       65,244       65,372       46,770       114,128  
    Securities available for sale, at estimated fair value   1,408,437       1,405,944       1,405,221       1,296,294       1,335,560  
    Securities held to maturity, at net carrying value   1,288,403       1,305,975       1,306,898       1,307,053       1,307,886  
    Total securities   2,696,840       2,711,919       2,712,119       2,603,347       2,643,446  
    Federal Home Loan Bank stock, at cost   40,291       32,991       27,958       11,936       12,778  
    Loans held for sale   768       1,352       756       10,894       1,382  
    Loans   4,578,048       4,589,365       4,577,368       4,524,510       4,420,633  
    Less: Allowance for loan losses   (44,276 )     (42,407 )     (43,557 )     (42,674 )     (41,760 )
    Net loans   4,533,772       4,546,958       4,533,811       4,481,836       4,378,873  
    Premises & equipment, net   138,811       138,489       139,491       138,950       139,473  
    Goodwill   201,116       201,116       201,116       201,116       201,116  
    Other intangible assets, net   2,003       2,281       2,588       2,925       3,295  
    Bank owned life insurance   137,489       136,903       136,604       136,330       135,737  
    Other assets   124,876       133,697       130,047       137,070       130,545  
    Total assets $ 8,362,263     $ 8,357,702     $ 8,353,863     $ 8,284,914     $ 7,972,468  
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY                  
    Noninterest bearing deposits $ 1,377,022     $ 1,366,924     $ 1,358,827     $ 1,390,407     $ 1,431,285  
    Interest bearing deposits   5,058,680       5,129,008       5,186,933       5,159,274       4,918,286  
    Total deposits   6,435,702       6,495,932       6,545,760       6,549,681       6,349,571  
    Other borrowings and Federal Home Loan Bank borrowings   865,856       763,700       770,151       722,468       608,038  
    Subordinated notes, net of unamortized debt
    issuance costs    		   92,006       91,970       93,913       93,877       93,838  
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,273       60,272       60,271       60,270       60,269  
    Other liabilities   103,172       144,858       95,846       85,330       132,157  
    Total liabilities   7,557,009       7,556,732       7,565,941       7,511,626       7,243,873  
    Shareholders’ equity   805,254       800,970       787,922       773,288       728,595  
    Total liabilities and shareholders’ equity $ 8,362,263     $ 8,357,702     $ 8,353,863     $ 8,284,914     $ 7,972,468  
     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars and shares in thousands, except per share data)
     
      Three Months Ended
        2024       2023  
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    Income Statement:                  
    Total interest income $ 105,703     $ 104,186     $ 102,758     $ 98,939     $ 93,078  
    Total interest expense   50,239       50,578       49,410       44,454       39,805  
    Net interest income   55,464       53,608       53,348       54,485       53,273  
    Provision for (reversal of) credit losses   2,389       (485 )     58       2,281       6,987  
    Net interest income after provision for (reversal of) credit losses   53,075       54,093       53,290       52,204       46,286  
    Noninterest income                  
    Deposit services   6,199       6,157       5,985       6,305       6,479  
    Net gain (loss) on sale of securities available for sale   (1,929 )     (563 )     (18 )     (10,386 )     11  
    Gain (loss) on sale of loans   115       220       (436 )     178       96  
    Trust fees   1,628       1,456       1,336       1,431       1,522  
    Bank owned life insurance   857       1,767       784       2,602       790  
    Brokerage services   1,068       1,081       1,014       944       760  
    Other   233       1,439       1,059       1,427       1,178  
    Total noninterest income   8,171       11,557       9,724       2,501       10,836  
    Noninterest expense                  
    Salaries and employee benefits   22,233       21,984       23,113       21,152       21,241  
    Net occupancy   3,613       3,750       3,362       3,474       3,796  
    Advertising, travel & entertainment   734       795       950       1,127       1,062  
    ATM expense   412       368       325       318       358  
    Professional fees   1,206       1,075       1,154       1,315       1,472  
    Software and data processing   2,951       2,860       2,856       2,644       2,432  
    Communications   423       410       449       435       359  
    FDIC insurance   939       977       943       892       902  
    Amortization of intangibles   278       307       337       370       407  
    Other   3,543       3,239       3,392       3,456       3,524  
    Total noninterest expense   36,332       35,765       36,881       35,183       35,553  
    Income before income tax expense   24,914       29,885       26,133       19,522       21,569  
    Income tax expense   4,390       5,212       4,622       2,206       3,120  
    Net income $ 20,524     $ 24,673     $ 21,511     $ 17,316     $ 18,449  
                       
    Common Share Data:      
    Weighted-average basic shares outstanding   30,286       30,280       30,262       30,235       30,502  
    Weighted-average diluted shares outstanding   30,370       30,312       30,305       30,276       30,543  
    Common shares outstanding end of period   30,308       30,261       30,284       30,249       30,338  
    Earnings per common share                  
    Basic $ 0.68     $ 0.81     $ 0.71     $ 0.57     $ 0.60  
    Diluted   0.68       0.81       0.71       0.57       0.60  
    Book value per common share   26.57       26.47       26.02       25.56       24.02  
    Tangible book value per common share   19.87       19.75       19.29       18.82       17.28  
    Cash dividends paid per common share   0.36       0.36       0.36       0.37       0.35  
                       
    Selected Performance Ratios:                  
    Return on average assets   0.98 %     1.19 %     1.03 %     0.85 %     0.93 %
    Return on average shareholders’ equity   10.13       12.46       11.02       9.31       9.50  
    Return on average tangible common equity (1)   13.69       16.90       15.07       13.10       13.17  
    Average yield on earning assets (FTE) (1)   5.51       5.45       5.38       5.30       5.15  
    Average rate on interest bearing liabilities   3.28       3.32       3.22       3.04       2.84  
    Net interest margin (FTE) (1)   2.95       2.87       2.86       2.99       3.02  
    Net interest spread (FTE) (1)   2.23       2.13       2.16       2.26       2.31  
    Average earning assets to average interest bearing liabilities   128.51       128.62       127.71       131.65       133.24  
    Noninterest expense to average total assets   1.73       1.72       1.77       1.73       1.79  
    Efficiency ratio (FTE) (1)   51.90       52.71       55.54       50.86       52.29  

    (1)  Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
        2024       2023  
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    Nonperforming Assets: $ 7,656     $ 6,918     $ 7,979     $ 4,001     $ 4,381  
    Nonaccrual loans   7,254       6,110       7,709       3,889       4,316  
    Accruing loans past due more than 90 days   —       —       —       —       —  
    Restructured loans   —       145       151       13       15  
    Other real estate owned   388       648       119       99       50  
    Repossessed assets   14       15       —       —       —  
                       
    Asset Quality Ratios:                  
    Ratio of nonaccruing loans to:                  
    Total loans   0.16 %     0.13 %     0.17 %     0.09 %     0.10 %
    Ratio of nonperforming assets to:                  
    Total assets   0.09       0.08       0.10       0.05       0.05  
    Total loans   0.17       0.15       0.17       0.09       0.10  
    Total loans and OREO   0.17       0.15       0.17       0.09       0.10  
    Ratio of allowance for loan losses to:                  
    Nonaccruing loans   610.37       694.06       565.01       1,097.30       967.56  
    Nonperforming assets   578.32       613.00       545.90       1,066.58       953.21  
    Total loans   0.97       0.92       0.95       0.94       0.94  
    Net charge-offs (recoveries) to average loans outstanding   0.04       0.02       0.03       0.11       0.08  
                       
    Capital Ratios:                  
    Shareholders’ equity to total assets   9.63       9.58       9.43       9.33       9.14  
    Common equity tier 1 capital   13.07       12.72       12.43       12.28       12.27  
    Tier 1 risk-based capital   14.12       13.76       13.47       13.32       13.31  
    Total risk-based capital   16.59       16.16       15.92       15.73       15.71  
    Tier 1 leverage capital   9.61       9.40       9.22       9.39       9.61  
    Period end tangible equity to period end tangible assets (1)   7.38       7.33       7.17       7.04       6.75  
    Average shareholders’ equity to average total assets   9.67       9.52       9.35       9.13       9.76  

    (1)  Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
        2024       2023  
    Loan Portfolio Composition Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    Real Estate Loans:                  
    Construction $ 585,817     $ 546,040     $ 599,464     $ 789,744     $ 720,515  
    1-4 Family Residential   755,406       738,037       720,508       696,738       689,492  
    Commercial   2,422,612       2,472,771       2,413,345       2,168,451       2,117,306  
    Commercial Loans   358,854       359,807       358,053       366,893       385,816  
    Municipal Loans   402,041       416,986       427,225       441,168       441,512  
    Loans to Individuals   53,318       55,724       58,773       61,516       65,992  
    Total Loans $ 4,578,048     $ 4,589,365     $ 4,577,368     $ 4,524,510     $ 4,420,633  
                       
    Summary of Changes in Allowances:                  
    Allowance for Loan Losses                  
    Balance at beginning of period $ 42,407     $ 43,557     $ 42,674     $ 41,760     $ 36,303  
    Loans charged-off   (773 )     (721 )     (634 )     (1,572 )     (1,262 )
    Recoveries of loans charged-off   365       444       347       284       378  
    Net loans (charged-off) recovered   (408 )     (277 )     (287 )     (1,288 )     (884 )
    Provision for (reversal of) loan losses   2,277       (873 )     1,170       2,202       6,341  
    Balance at end of period $ 44,276     $ 42,407     $ 43,557     $ 42,674     $ 41,760  
                       
    Allowance for Off-Balance-Sheet Credit Exposures                  
    Balance at beginning of period $ 3,208     $ 2,820     $ 3,932     $ 3,853     $ 3,207  
    Provision for (reversal of) off-balance-sheet credit exposures   112       388       (1,112 )     79       646  
    Balance at end of period $ 3,320     $ 3,208     $ 2,820     $ 3,932     $ 3,853  
    Total Allowance for Credit Losses $ 47,596     $ 45,615     $ 46,377     $ 46,606     $ 45,613  
     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30,
        2024       2023  
    Income Statement:      
    Total interest income $ 312,647     $ 260,802  
    Total interest expense   150,227       100,260  
    Net interest income   162,420       160,542  
    Provision for (reversal of) credit losses   1,962       6,873  
    Net interest income after provision for (reversal of) credit losses   160,458       153,669  
    Noninterest income      
    Deposit services   18,341       19,192  
    Net gain (loss) on sale of securities available for sale   (2,510 )     (5,590 )
    Net gain on sale of equity securities   —       5,058  
    Gain (loss) on sale of loans   (101 )     385  
    Trust fees   4,420       4,479  
    Bank owned life insurance   3,408       3,221  
    Brokerage services   3,163       2,361  
    Other   2,731       4,227  
    Total noninterest income   29,452       33,333  
    Noninterest expense      
    Salaries and employee benefits   67,330       64,473  
    Net occupancy   10,725       11,220  
    Advertising, travel & entertainment   2,479       2,966  
    ATM expense   1,105       1,033  
    Professional fees   3,435       4,036  
    Software and data processing   8,667       6,751  
    Communications   1,282       1,034  
    FDIC insurance   2,859       2,666  
    Amortization of intangibles   922       1,327  
    Other   10,174       9,889  
    Total noninterest expense   108,978       105,395  
    Income before income tax expense   80,932       81,607  
    Income tax expense   14,224       12,231  
    Net income $ 66,708     $ 69,376  
    Common Share Data:      
    Weighted-average basic shares outstanding   30,276       30,862  
    Weighted-average diluted shares outstanding   30,332       30,916  
    Common shares outstanding end of period   30,308       30,338  
    Earnings per common share      
    Basic $ 2.20     $ 2.25  
    Diluted   2.20       2.24  
    Book value per common share   26.57       24.02  
    Tangible book value per common share   19.87       17.28  
    Cash dividends paid per common share   1.08       1.05  
           
    Selected Performance Ratios:      
    Return on average assets   1.06 %     1.20 %
    Return on average shareholders’ equity   11.19       12.21  
    Return on average tangible common equity (1)   15.20       16.98  
    Average yield on earning assets (FTE) (1)   5.45       4.97  
    Average rate on interest bearing liabilities   3.27       2.49  
    Net interest margin (FTE) (1)   2.90       3.13  
    Net interest spread (FTE) (1)   2.18       2.48  
    Average earning assets to average interest bearing liabilities   128.28       134.94  
    Noninterest expense to average total assets   1.74       1.84  
    Efficiency ratio (FTE) (1)   53.35       51.44  

    (1)  Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30,
        2024       2023  
    Nonperforming Assets: $ 7,656     $ 4,381  
    Nonaccrual loans   7,254       4,316  
    Accruing loans past due more than 90 days   —       —  
    Restructured loans   —       15  
    Other real estate owned   388       50  
    Repossessed assets   14       —  
           
    Asset Quality Ratios:      
    Ratio of nonaccruing loans to:      
    Total loans   0.16 %     0.10 %
    Ratio of nonperforming assets to:      
    Total assets   0.09       0.05  
    Total loans   0.17       0.10  
    Total loans and OREO   0.17       0.10  
    Ratio of allowance for loan losses to:      
    Nonaccruing loans   610.37       967.56  
    Nonperforming assets   578.32       953.21  
    Total loans   0.97       0.94  
    Net charge-offs (recoveries) to average loans outstanding   0.03       0.05  
           
    Capital Ratios:      
    Shareholders’ equity to total assets   9.63       9.14  
    Common equity tier 1 capital   13.07       12.27  
    Tier 1 risk-based capital   14.12       13.31  
    Total risk-based capital   16.59       15.71  
    Tier 1 leverage capital   9.61       9.61  
    Period end tangible equity to period end tangible assets (1)   7.38       6.75  
    Average shareholders’ equity to average total assets   9.51       9.81  

    (1) Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30,
    Loan Portfolio Composition   2024       2023  
    Real Estate Loans:      
    Construction $ 585,817     $ 720,515  
    1-4 Family Residential   755,406       689,492  
    Commercial   2,422,612       2,117,306  
    Commercial Loans   358,854       385,816  
    Municipal Loans   402,041       441,512  
    Loans to Individuals   53,318       65,992  
    Total Loans $ 4,578,048     $ 4,420,633  
           
    Summary of Changes in Allowances:      
    Allowance for Loan Losses      
    Balance at beginning of period $ 42,674     $ 36,515  
    Loans charged-off   (2,128 )     (2,632 )
    Recoveries of loans charged-off   1,156       1,170  
    Net loans (charged-off) recovered   (972 )     (1,462 )
    Provision for (reversal of) loan losses   2,574       6,707  
    Balance at end of period $ 44,276     $ 41,760  
           
    Allowance for Off-Balance-Sheet Credit Exposures      
    Balance at beginning of period $ 3,932     $ 3,687  
    Provision for (reversal of) off-balance-sheet credit exposures   (612 )     166  
    Balance at end of period $ 3,320     $ 3,853  
    Total Allowance for Credit Losses $ 47,596     $ 45,613  

    The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.  

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      September 30, 2024   June 30, 2024
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $ 4,613,028     $ 72,493   6.25 %   $ 4,595,980     $ 70,293   6.15 %
    Loans held for sale   871       11   5.02 %     1,489       24   6.48 %
    Securities:                      
    Taxable investment securities (2)   791,914       7,150   3.59 %     783,856       7,009   3.60 %
    Tax-exempt investment securities (2)   1,174,445       11,825   4.01 %     1,254,097       12,761   4.09 %
    Mortgage-backed and related securities (2)   886,325       11,976   5.38 %     830,504       11,084   5.37 %
    Total securities   2,852,684       30,951   4.32 %     2,868,457       30,854   4.33 %
    Federal Home Loan Bank stock, at cost, and equity investments   41,159       582   5.63 %     40,467       573   5.69 %
    Interest earning deposits   281,313       3,798   5.37 %     300,047       4,105   5.50 %
    Federal funds sold   33,971       488   5.71 %     75,479       1,021   5.44 %
    Total earning assets   7,823,026       108,323   5.51 %     7,881,919       106,870   5.45 %
    Cash and due from banks   100,578               110,102          
    Accrued interest and other assets   455,091               424,323          
    Less: Allowance for loan losses   (42,581 )             (43,738 )        
    Total assets $ 8,336,114             $ 8,372,606          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 598,116       1,490   0.99 %   $ 604,753       1,454   0.97 %
    Certificates of deposit   1,087,613       12,647   4.63 %     1,020,099       11,630   4.59 %
    Interest bearing demand accounts   3,409,911       24,395   2.85 %     3,513,068       25,382   2.91 %
    Total interest bearing deposits   5,095,640       38,532   3.01 %     5,137,920       38,466   3.01 %
    Federal Home Loan Bank borrowings   618,708       6,488   4.17 %     606,851       6,455   4.28 %
    Subordinated notes, net of unamortized debt issuance costs   91,988       937   4.05 %     92,017       936   4.09 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,273       1,180   7.79 %     60,271       1,171   7.81 %
    Repurchase agreements   83,297       899   4.29 %     88,007       955   4.36 %
    Other borrowings   137,482       2,203   6.37 %     143,169       2,595   7.29 %
    Total interest bearing liabilities   6,087,388       50,239   3.28 %     6,128,235       50,578   3.32 %
    Noninterest bearing deposits   1,344,165               1,346,274          
    Accrued expenses and other liabilities   98,331               101,399          
    Total liabilities   7,529,884               7,575,908          
    Shareholders’ equity   806,230               796,698          
    Total liabilities and shareholders’ equity $ 8,336,114             $ 8,372,606          
    Net interest income (FTE)     $ 58,084           $ 56,292    
    Net interest margin (FTE)         2.95 %           2.87 %
    Net interest spread (FTE)         2.23 %           2.13 %

    (1)  Interest on loans includes net fees on loans that are not material in amount.
    (2)  For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of September 30, 2024 and June 30, 2024, loans totaling $7.3 million and $6.1 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      March 31, 2024   December 31, 2023
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $ 4,559,602     $ 68,849   6.07 %   $ 4,473,618     $ 67,886   6.02 %
    Loans held for sale   8,834       18   0.82 %     1,858       27   5.77 %
    Securities:                      
    Taxable investment securities (2)   780,423       6,967   3.59 %     852,023       7,970   3.71 %
    Tax-exempt investment securities (2)   1,285,922       13,168   4.12 %     1,456,187       15,688   4.27 %
    Mortgage-backed and related securities (2)   764,713       10,119   5.32 %     581,548       6,865   4.68 %
    Total securities   2,831,058       30,254   4.30 %     2,889,758       30,523   4.19 %
    Federal Home Loan Bank stock, at cost, and equity investments   40,063       333   3.34 %     24,674       296   4.76 %
    Interest earning deposits   380,181       5,202   5.50 %     150,763       2,054   5.41 %
    Federal funds sold   62,599       838   5.38 %     93,149       1,286   5.48 %
    Total earning assets   7,882,337       105,494   5.38 %     7,633,820       102,072   5.30 %
    Cash and due from banks   114,379               110,380          
    Accrued interest and other assets   441,783               374,120          
    Less: Allowance for loan losses   (42,973 )             (41,822 )        
    Total assets $ 8,395,526             $ 8,076,498          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 604,529       1,424   0.95 %   $ 610,453       1,432   0.93 %
    Certificates of deposit   941,947       10,341   4.42 %     910,759       9,691   4.22 %
    Interest bearing demand accounts   3,634,936       26,433   2.92 %     3,469,120       24,498   2.80 %
    Total interest bearing deposits   5,181,412       38,198   2.97 %     4,990,332       35,621   2.83 %
    Federal Home Loan Bank borrowings   607,033       5,950   3.94 %     262,709       1,430   2.16 %
    Subordinated notes, net of unamortized debt issuance costs   93,895       956   4.10 %     93,859       965   4.08 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,270       1,175   7.84 %     60,269       1,195   7.87 %
    Repurchase agreements   92,177       967   4.22 %     96,622       1,008   4.14 %
    Other borrowings   137,287       2,164   6.34 %     294,683       4,235   5.70 %
    Total interest bearing liabilities   6,172,074       49,410   3.22 %     5,798,474       44,454   3.04 %
    Noninterest bearing deposits   1,338,384               1,424,961          
    Accrued expenses and other liabilities   100,014               115,388          
    Total liabilities   7,610,472               7,338,823          
    Shareholders’ equity   785,054               737,675          
    Total liabilities and shareholders’ equity $ 8,395,526             $ 8,076,498          
    Net interest income (FTE)     $ 56,084           $ 57,618    
    Net interest margin (FTE)         2.86 %           2.99 %
    Net interest spread (FTE)         2.16 %           2.26 %

    (1)   Interest on loans includes net fees on loans that are not material in amount.
    (2)   For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of March 31, 2024 and December 31, 2023, loans totaling $7.7 million and $3.9 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      September 30, 2023
      Average Balance   Interest   Average Yield/Rate
    ASSETS          
    Loans (1) $ 4,396,184     $ 64,758   5.84 %
    Loans held for sale   1,537       26   6.71 %
    Securities:          
    Taxable investment securities (2)   912,789       8,731   3.79 %
    Tax-exempt investment securities (2)   1,510,044       16,232   4.26 %
    Mortgage-backed and related securities (2)   442,908       4,426   3.96 %
    Total securities   2,865,741       29,389   4.07 %
    Federal Home Loan Bank stock, at cost, and equity investments   22,363       265   4.70 %
    Interest earning deposits   37,891       535   5.60 %
    Federal funds sold   94,441       1,253   5.26 %
    Total earning assets   7,418,157       96,226   5.15 %
    Cash and due from banks   106,348          
    Accrued interest and other assets   400,850          
    Less: Allowance for loan losses   (36,493 )        
    Total assets $ 7,888,862          
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Savings accounts $ 622,246       1,458   0.93 %
    Certificates of deposit   949,894       9,443   3.94 %
    Interest bearing demand accounts   3,189,048       20,050   2.49 %
    Total interest bearing deposits   4,761,188       30,951   2.58 %
    Federal Home Loan Bank borrowings   230,184       1,174   2.02 %
    Subordinated notes, net of unamortized debt issuance costs   93,817       962   4.07 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,268       1,178   7.75 %
    Repurchase agreements   104,070       1,048   4.00 %
    Other borrowings   317,913       4,492   5.61 %
    Total interest bearing liabilities   5,567,440       39,805   2.84 %
    Noninterest bearing deposits   1,441,738          
    Accrued expenses and other liabilities   109,490          
    Total liabilities   7,118,668          
    Shareholders’ equity   770,194          
    Total liabilities and shareholders’ equity $ 7,888,862          
    Net interest income (FTE)     $ 56,421    
    Net interest margin (FTE)         3.02 %
    Net interest spread (FTE)         2.31 %

    (1)   Interest on loans includes net fees on loans that are not material in amount.
    (2)   For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of September 30, 2023, loans totaling $4.3 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30, 2024   September 30, 2023
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $ 4,589,621     $ 211,635   6.16 %   $ 4,241,676     $ 179,545   5.66 %
    Loans held for sale   3,721       53   1.90 %     1,620       69   5.69 %
    Securities:                      
    Taxable investment securities (2)   785,422       21,126   3.59 %     843,846       23,216   3.68 %
    Tax-exempt investment securities (2)   1,237,884       37,754   4.07 %     1,587,656       48,880   4.12 %
    Mortgage-backed and related securities (2)   827,396       33,179   5.36 %     433,335       12,585   3.88 %
    Total securities   2,850,702       92,059   4.31 %     2,864,837       84,681   3.95 %
    Federal Home Loan Bank stock, at cost, and equity investments   40,565       1,488   4.90 %     25,071       889   4.74 %
    Interest earning deposits   320,371       13,105   5.46 %     60,623       2,310   5.09 %
    Federal funds sold   57,265       2,347   5.47 %     75,499       2,838   5.03 %
    Total earning assets   7,862,245       320,687   5.45 %     7,269,326       270,332   4.97 %
    Cash and due from banks   108,325               105,885          
    Accrued interest and other assets   440,340               406,160          
    Less: Allowance for loan losses   (43,096 )             (36,564 )        
    Total assets $ 8,367,814             $ 7,744,807          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 602,450       4,368   0.97 %   $ 645,415       4,201   0.87 %
    Certificates of deposit   1,016,812       34,618   4.55 %     845,851       21,215   3.35 %
    Interest bearing demand accounts   3,518,906       76,210   2.89 %     3,005,449       47,120   2.10 %
    Total interest bearing deposits   5,138,168       115,196   2.99 %     4,496,715       72,536   2.16 %
    Federal Home Loan Bank borrowings   610,893       18,893   4.13 %     281,260       5,347   2.54 %
    Subordinated notes, net of unamortized debt issuance costs   92,631       2,829   4.08 %     96,753       2,955   4.08 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,271       3,526   7.81 %     60,266       3,309   7.34 %
    Repurchase agreements   87,811       2,821   4.29 %     89,282       2,423   3.63 %
    Other borrowings   139,306       6,962   6.68 %     362,684       13,690   5.05 %
    Total interest bearing liabilities   6,129,080       150,227   3.27 %     5,386,960       100,260   2.49 %
    Noninterest bearing deposits   1,342,945               1,506,431          
    Accrued expenses and other liabilities   99,758               91,784          
    Total liabilities   7,571,783               6,985,175          
    Shareholders’ equity   796,031               759,632          
    Total liabilities and shareholders’ equity $ 8,367,814             $ 7,744,807          
    Net interest income (FTE)     $ 170,460           $ 170,072    
    Net interest margin (FTE)         2.90 %           3.13 %
    Net interest spread (FTE)         2.18 %           2.48 %

    (1)   Interest on loans includes net fees on loans that are not material in amount.
    (2)   For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of September 30, 2024 and 2023, loans totaling $7.3 million and $4.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

    The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented. 

     
    Southside Bancshares, Inc.
    Non-GAAP Reconciliation (Unaudited)
    (Dollars and shares in thousands, except per share data)
     
        Three Months Ended   Nine Months Ended
          2024       2023       2024       2023  
        Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Sep 30,   Sep 30,
    Reconciliation of return on average common equity to return on average tangible common equity:                            
    Net income   $ 20,524     $ 24,673     $ 21,511     $ 17,316     $ 18,449     $ 66,708     $ 69,376  
    After-tax amortization expense     220       243       266       292       322       728       1,048  
    Adjusted net income available to common shareholders   $ 20,744     $ 24,916     $ 21,777     $ 17,608     $ 18,771     $ 67,436     $ 70,424  
                                 
    Average shareholders’ equity   $ 806,230     $ 796,698     $ 785,054     $ 737,675     $ 770,194     $ 796,031     $ 759,632  
    Less: Average intangibles for the period     (203,288 )     (203,581 )     (203,910 )     (204,267 )     (204,658 )     (203,592 )     (205,096 )
    Average tangible shareholders’ equity   $ 602,942     $ 593,117     $ 581,144     $ 533,408     $ 565,536     $ 592,439     $ 554,536  
                                 
    Return on average tangible common equity     13.69 %     16.90 %     15.07 %     13.10 %     13.17 %     15.20 %     16.98 %
                                 
    Reconciliation of book value per share to tangible book value per share:                            
    Common equity at end of period   $ 805,254     $ 800,970     $ 787,922     $ 773,288     $ 728,595     $ 805,254     $ 728,595  
    Less: Intangible assets at end of period     (203,119 )     (203,397 )     (203,704 )     (204,041 )     (204,411 )     (203,119 )     (204,411 )
    Tangible common shareholders’ equity at end of period   $ 602,135     $ 597,573     $ 584,218     $ 569,247     $ 524,184     $ 602,135     $ 524,184  
                                 
    Total assets at end of period   $ 8,362,263     $ 8,357,702     $ 8,353,863     $ 8,284,914     $ 7,972,468     $ 8,362,263     $ 7,972,468  
    Less: Intangible assets at end of period     (203,119 )     (203,397 )     (203,704 )     (204,041 )     (204,411 )     (203,119 )     (204,411 )
    Tangible assets at end of period   $ 8,159,144     $ 8,154,305     $ 8,150,159     $ 8,080,873     $ 7,768,057     $ 8,159,144     $ 7,768,057  
                                 
    Period end tangible equity to period end tangible assets     7.38 %     7.33 %     7.17 %     7.04 %     6.75 %     7.38 %     6.75 %
                                 
    Common shares outstanding end of period     30,308       30,261       30,284       30,249       30,338       30,308       30,338  
    Tangible book value per common share   $ 19.87     $ 19.75     $ 19.29     $ 18.82     $ 17.28     $ 19.87     $ 17.28  
                                 
    Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):                            
    Net interest income (GAAP)   $ 55,464     $ 53,608     $ 53,348     $ 54,485     $ 53,273     $ 162,420     $ 160,542  
    Tax-equivalent adjustments:                            
    Loans     608       633       656       680       674       1,897       2,044  
    Tax-exempt investment securities     2,012       2,051       2,080       2,453       2,474       6,143       7,486  
    Net interest income (FTE) (1)     58,084       56,292       56,084       57,618       56,421       170,460       170,072  
    Noninterest income     8,171       11,557       9,724       2,501       10,836       29,452       33,333  
    Nonrecurring income (2)     2,797       (576 )     18       8,376       (11 )     2,239       (1,006 )
    Total revenue   $ 69,052     $ 67,273     $ 65,826     $ 68,495     $ 67,246     $ 202,151     $ 202,399  
                                                             
    Noninterest expense   $ 36,332     $ 35,765     $ 36,881     $ 35,183     $ 35,553     $ 108,978     $ 105,395  
    Pre-tax amortization expense     (278 )     (307 )     (337 )     (370 )     (407 )     (922 )     (1,327 )
    Nonrecurring expense (3)     (219 )     2       17       22       17       (200 )     56  
    Adjusted noninterest expense   $ 35,835     $ 35,460     $ 36,561     $ 34,835     $ 35,163     $ 107,856     $ 104,124  
                                                             
    Efficiency ratio     53.94 %     54.90 %     57.95 %     53.30 %     54.86 %     55.56 %     53.99 %
    Efficiency ratio (FTE) (1)     51.90 %     52.71 %     55.54 %     50.86 %     52.29 %     53.35 %     51.44 %
                                                             
    Average earning assets   $ 7,823,026     $ 7,881,919     $ 7,882,337     $ 7,633,820     $ 7,418,157     $ 7,862,245     $ 7,269,326  
                                                             
    Net interest margin     2.82 %     2.74 %     2.72 %     2.83 %     2.85 %     2.76 %     2.95 %
    Net interest margin (FTE) (1)     2.95 %     2.87 %     2.86 %     2.99 %     3.02 %     2.90 %     3.13 %
                                                             
    Net interest spread     2.10 %     2.00 %     2.02 %     2.10 %     2.14 %     2.04 %     2.31 %
    Net interest spread (FTE) (1)     2.23 %     2.13 %     2.16 %     2.26 %     2.31 %     2.18 %     2.48 %

    (1)   These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
    (2)   These adjustments may include net gain or loss on sale of securities available for sale, net gain on sale of equity securities, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
    (3)   These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

    The MIL Network –

  • MIL-OSI: Equifax Canada Champions Financial Inclusion for Newcomers to Canada with the Launch of Global Consumer Credit File

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Equifax Canada has launched the Global Consumer Credit File, an innovative solution designed to empower lenders to make more confident credit lending decisions for newcomers to Canada. The solution creates a calibrated credit score using newcomers’ credit histories from their countries of origin. The platform offers lenders and newcomers to Canada a seamless and secure means to access global credit data which is essential in obtaining services such as housing, credit cards, and mobile phone contracts.

    Immigration to Canada continues to grow, with the country on track to welcome 500,000 new immigrants annually by 2025. Many of these newcomers will arrive with credit histories that often go unseen by Canadian financial institutions. People who are new to Canada often have a thin credit file (generally defined as having 2 or less credit lines) with little to no credit history because their credit file from their country of origin may not carry over to Canada. Without a more robust credit file, newcomers may face greater challenges in navigating the Canadian financial economy such as accessing credit cards or mortgages with favourable rates or renting an apartment. Having a credit score allows newcomers to Canada to gain access to greater financial opportunities.

    Robust Credit Bureau data from around the world
    The Global Consumer Credit File allows newcomers to leverage their global credit profiles when they apply for the credit necessary to build their financial lives in Canada. It offers a seamless and secure way of connecting financial data within Equifax Consumer Credit bureaus worldwide to create a calibrated score and helping to give financial visibility to individuals who are new to Canada. With this trusted information, lenders can make more informed decisions and help to expand credit access for newcomers based in part upon information gained from their international credit histories. The Global Consumer Credit File will launch with credit information from India, with plans to expand the service for newcomers from Brazil, Argentina, and Chile over the coming months, and a future roadmap that includes 18 countries total.

    “At Equifax Canada, we are committed to supporting the Canadian financial ecosystem to help provide more inclusive financial opportunities that move people forward,” said Sue Hutchison, President and CEO of Equifax Canada. “Newcomers to Canada bring a wealth of talent and ambition to this country, and we are proud to play a role in helping them gain access to the credit they need to thrive. The Global Consumer Credit File allows us to empower these individuals from day one, helping them establish their financial roots and contribute to Canada’s vibrant economy.”

    Canada’s immigration strategy is a cornerstone of its economic growth. Equifax Canada is set to support this growth by providing lenders with access to trusted global data, expanding credit opportunities, and fostering a more inclusive financial landscape for all Canadians.

    “Financial inclusion is about more than just credit access,” added Hutchison. “It’s about creating opportunities for everyone to succeed and contribute to the economy. Equifax is proud to lead the charge in ensuring that newcomers have the tools they need to build a strong financial future here in Canada.”

    By reducing barriers to financial access, the Global Consumer Credit File can help newcomers to Canada realize their full potential from the moment they arrive, along with those already in Canada, ensuring that they can thrive both financially and personally.

    About Equifax
    At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

    Contact:

    Andrew Findlater
    SELECT Public Relations
    afindlater@selectpr.ca
    (647) 444-1197

    Angie Andich
    Equifax Canada Media Relations
    MediaRelationsCanada@equifax.com 

    The MIL Network –

  • MIL-OSI Economics: Rosneft Supports Project to Create Genomic Database of Arctic Organisms

    Source: Rosneft

    Headline: Rosneft Supports Project to Create Genomic Database of Arctic Organisms

    Rosneft, together with Innopraktika, a non-governmental development institute, and the Centre for Whole-Genome Sequencing, has launched a unique project to create a genomic database of living organisms in the Russian Arctic. This information is essential for long-term planning for the sustainable development of the region and the conservation of its fragile ecosystems.

    In the first phase, specialists in different taxonomic groups will analyse the biodiversity of the Arctic and select the most valuable species for study.

    Priority work includes the assembly of the complete polar bear genome, which will be carried out by staff from the Centre for Whole-Genome Sequencing. The high-performance computing cluster, one of the top 20 supercomputers in Russia, enables fast and high-quality processing of huge amounts of information and obtaining the most accurate data for subsequent interpretation.

    Specialists from Lomonosov Moscow State University and other leading research institutes in the country were also involved to create a roadmap for the new project and identify priority research areas. Using cutting-edge genetic technologies, scientists will study the mechanisms of speciation and the ability of Arctic animals to adapt to harsh environmental conditions, clarify the taxonomic status of individual species, and develop recommendations for monitoring the health of Arctic ecosystems.

    The new environmental initiative is part of Rosneft’s comprehensive research programme in the Russian Arctic. The Company’s Arctic Research Centre is carrying out the most ambitious programme of research in the region since Soviet times, with more than 50 major expeditions over the past 10 years and unprecedented geographical coverage of hydrometeorological, geological and biological research.

    Reference:

    The creation of genetic databases and whole-genome sequencing are designed to preserve genetic information to protect endangered species. Scientists are studying their evolution and characteristics, investigating the extent of anthropogenic impacts on ecosystems, and calculating ways to mitigate potential threats.

    In recent years, many projects have been launched to analyse genomic data (Bird 10,000 Genomes Project (B10K) in China, international mammalian genome analysis project Zoonomia Project, etc.), but this is the first initiative to study the genomes of organisms from the Russian Arctic.

    Rosneft
    Information Division
    September 11, 2024

    Keywords: Environmental news 2024

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN attends the 7th AMCA + China Meeting

    Source: ASEAN

    Secretary-General of ASEAN Dr. Kao Kim Hourn today attended the 7th AMCA + China Meeting held in Melaka, Malaysia. The meeting acknowledged the deepening cultural ties between ASEAN and China, with 2024-2025 designated as the ASEAN-China Years of People-to-People Exchanges. The meeting was also apprised of the implementation of joint initiatives especially in the areas of heritage preservation and human resource development under the ASEAN Plus China Cooperation Work Plan in Culture and the Arts (2022-2025).

    The post Secretary-General of ASEAN attends the 7th AMCA + China Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Video: European Commission President Ursula von der LEYEN Western Balkans tour (North Macedonia)

    Source: European Commission (video statements)

    Press conference with HE Hristijan Mickoski, Prime Minister of the Republic of North Macedonia

    Watch on the Audiovisual Portal of the European Commission:
    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=GSpeCM3gvME

    MIL OSI Video –

  • MIL-OSI Video: UK What is the government doing to prevent former prisoners from reoffending? | House of Lords

    Source: United Kingdom UK House of Lords (video statements)

    Members quizzed the government on it’s early prison release scheme in this highlight from the chamber. Watch for more.

    Read a transcript of this question https://hansard.parliament.uk/lords/2024-10-21/debates/D30123ED-386C-4BF8-9C41-671133BFB868/PrisonersEarlyReleaseScheme

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • Twitter: https://twitter.com/UKHouseofLords
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

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

    MIL OSI Video –

  • MIL-OSI USA: Governor Pillen Proclaims Mentorship in Nebraska Month, Recognizes Top Public Servant Mentors

    Source: US State of Nebraska

    . Organizations in attendance included 100 Black Men of Omaha, Big Brothers Big Sisters of Lincoln, Big Brothers Big Sisters of the Midlands, Kids Can, MentorNebraska, Partnership for Kids, TeamMates and Visionary Youth.

    After signing the proclamation, Gov. Pillen awarded specially designed mentorship challenge coins to 25 of the State of Nebraska’s top public servant youth mentors. Following the awarding of the challenge coin, each honoree received a photo with Gov. Jim Pillen, First Lady Suzanne Pillen and Miss Nebraska Raechel Warren.

    “One of the best things we can do for kids is ensure that they have a mentor in their life who will listen to them and provide guidance,“ said Gov. Pillen. “I am pleased to proclaim January as Mentoring Month in Nebraska and I am proud of the public servants being recognized today for their service as youth mentors.”

    Melissa Mayo, executive director of MENTORNebraska, emphasized that more than 2,500 Nebraska kids still need mentors. She encouraged Nebraskans to get involved with mentoring youth across the state.

    “National Mentoring Month is an opportunity to celebrate the powerful impact of mentoring and raise awareness about the critical need for mentors,” Mayo said. “The Governor’s Public Servant Youth Mentoring Program stands as a prime example of how dedicating just one hour a week of paid time off to mentor a young person can create lasting positive change throughout communities in Nebraska.”

    TeamMates Mentoring is one of the organizations participating in the public servant youth mentoring program. CEO DeMoine Adams of TeamMates spoke on the importance of expanding mentoring. “Life’s most persistent and urgent question is ‘what are you doing for others?’” he said.

    “We’re excited to celebrate Mentoring Month in Nebraska collectively with other mentoring organizations by celebrating the power of relationships, raising awareness around the importance of mentoring, and expanding the mentoring movement across the state of Nebraska,” said Adams. “We appreciate the state for supporting mentoring by allowing their employees to volunteer their time.”

    Christopher McCoy, executive director of 100 Black Men of Omaha, emphasized the importance of mentorship programs rooted in cultural sensitivity and community engagement. These programs help young people see their potential reflected in mentors who share their experience.

    “As we navigate an increasingly complex and polarizing world, the role of mentorship in shaping the future of our youth has never been more critical,” said McCoy. “National Mentoring Month provides a meaningful opportunity to unite in celebration of the powerful impact mentoring has on the lives of young people. When mentors actively engage with youth in their communities, they foster a sense of belonging, cultural pride, and a vision of what is possible. Mentoring is more than just guidance — it is a lifeline.”

    The State of Nebraska Public Servant Youth Mentoring program provides one hour of paid leave to public servants participating in an approved mentoring program. Public servants being recognized today mentored through 100 Black Men of Omaha, Big Brothers Big Sisters of the Midlands, Kids Can and TeamMates Mentoring.

    “The State of Nebraska is pleased to contribute to our local communities by offering this opportunity for public servants to mentor Nebraska youth,” said State Personnel Director Sean Davis. “We are working to expand the number of mentors in the program and look for even more to be recognized for their efforts next year.”

    The 25 public servants recognized with challenge coins, and their respective agencies:

    Courtney Brewer, Department of Health and Human Services

    Alison Kortefay, Department of Education

    Karen Krull Robart, Department of Health and Human Services

    Nicole Mercer, Nebraska Probation System

    Daniell Moore, Department of Health and Human Services

    Anissa Rasmussen, Department of Economic Development

    Leticia Torres, Department of Health and Human Services

    Jamie Adkins, Department of Health and Human Services

    Lucas Atkinson, Department of Health and Human Services

    Tiffany Bui, Department of Health and Human Services

    Trudy Clark, Department of Education

    Ami Dorant, Department of Health and Human Services

    Jadyn Gentleman, Department of Corrections

    Michele Janky, Department of Health and Human Services

    Crystal L’Heureux, Department of Health and Human Services

    Nicole Miller, Board of Parole

    Kayleigh Monzon, Department of Health and Human Services

    Kerrin Packard, Department of Health and Human Services

    Michelle Schmit Zwingman, Department of Education

    Macey Van Ackeren, Department of Corrections

    Ruth Walla, Department of Revenue

    Tylor Watts, Department of Health and Human Services

    Caitlyn Wensel, Nebraska State Patrol

    Brennan Young, Department of Corrections

    Paige Zamora, Nebraska Probation System

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Baby Week comes to York

    Source: City of York

    Published Wednesday, 23 October 2024

    Baby Week is coming to York for the first time this November (14 – 20 November).

    The national initiative celebrates services working with young families and raises awareness of the importance of early childhood.

    As a host city, York will celebrate the work of local maternity and early years services, helping to give every baby the best start in life.

    Organised by Raise York (York’s Family Hub Network) and local health services, parents and carers across the city will be able to find out more about the amazing range of services available to young children and their families. 

    Local events and activities include storytime and stay and play events, under 3’s gym class, a free online baby first aid course and a nearly new sale of children’s toys and clothes.

    Cllr Bob Webb, the council’s Executive Member for Children and Young People, said:

    We know that what happens during the first few months of a child’s life can shape their whole future, so helping parents and carers to nurture their baby’s development during this critical time is really important.

    “By becoming a host city for national Baby Week, we hope to showcase the wide variety of activities, local support and advice available for parents to be and new parents in York, as well as celebrating the amazing work health and early years professionals do across the city.”

    To find out more about what’s happening locally for Baby Week visit the Baby Week website.

    Organisers can add their own events to the programme by visiting the Baby Week website.

    For more information about support for children and families please visit the Raise York website.

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Government of Canada to make an announcement supporting official languages in the country

    Source: Government of Canada News

    Media advisory

    Québec, Quebec – The Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant, will announce a new partnership to increase our capacity to serve Canadians in both official languages.

    There will be a media availability following the announcement.

    Please note that all details are subject to change and all times are local.

    Date: October 25, 2024
    Time: 9:30 AM
    Location: Québec, Quebec

    Notes for media

    • Media wishing to attend this announcement are asked to confirm their participation by sending their full name and the name of the media organization they represent to Public Services and Procurement Canada Media Relations team to media@pwgsc-tpsgc.gc.ca by October 24, at 9:00 a.m.
    • Please include “RSVP for October 25, 2024 Quebec Press Conference” in the subject line of the email.
    • Event location details will be shared once media are registered.
    • Media attending the event are asked to arrive no later than 9:15 a.m.

    Contacts

    For information (media only):

    Mathis Denis
    Press Secretary and Senior Communications Advisor
    Office of the Honourable Jean-Yves Duclos
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    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General James Announces Convictions of Orange County Transportation Company Owners for Stealing More Than $2.1 Million from Medicaid

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today announced that the owners of DYD Universe, Inc. (DYD), a New York Medicaid-enrolled transportation company, have pleaded guilty for their roles in a scheme that stole more than $2.1 million from Medicaid and paid illegal kickbacks to Medicaid recipients. Damir Yuldashev, 64, his son Daler Yuldashev, 38, and Daler’s mother Nigina Iskandarova, 60, all of Monroe, New York, admitted that from April 2018 to March 2023, they stole more than $2.1 million from Medicaid by submitting fraudulent claims for services that they knowingly did not provide and toll charges that they knew were not incurred. The owners also admitted to paying illegal kickbacks to Medicaid recipients in exchange for providing DYD with their confidential Medicaid identification in order to carry out the scheme. As a result of the pleas, Damir Yuldashev will be sentenced to two to six years in prison and, along with Daler Yuldashev, must pay back over $2.1 million to Medicaid. Daler Yuldashev and Nigina Iskandarova will be sentenced to probation, and all three defendants will be permanently banned from being providers in all government-funded health programs. 

    “Stealing taxpayer funds that are meant to provide health care for low-income New Yorkers is unacceptable,” said Attorney General James. “Instead of providing vulnerable patients with the transportation services they needed to get them to their appointments, these individuals exploited Medicaid recipients to carry out their fraud. I will not tolerate schemes like these that damage our health care system, and my office will continue to go after fraudsters who steal from Medicaid.”  

    Medicaid recipients who lack access to transportation can use approved transportation providers to travel to and from covered medical services. These providers receive reimbursements from Medicaid for the rides they provide. From April 2018 to March 2023, Daler and Damir Yuldashev billed Medicaid for fictitious trips and added fake tolls to their trips to inflate their costs. DYD’s claims often added toll charges from $15 to as much as $50 when the trip did not actually incur any tolls at all. As a result of their scheme, DYD illegally overcharged Medicaid more than $2.1 million.

    To carry out their scheme, the defendants paid Medicaid recipients to sign up with DYD and use fake addresses or drive themselves to their appointments, allowing DYD to either inflate or submit entirely false claims for transportation to Medicaid. These payments were illegal and undermined the businesses of other transportation providers in the Hudson Valley. Some passengers were paid thousands of dollars each to take rides that allowed DYD to collect tens of thousands of dollars in fees per passenger.

    All three defendants pleaded guilty in Orange County Court in front of Judge Richard Guertin. Damir Yuldashev pleaded guilty to Grand Larceny in the First Degree, a class B felony. Daler Yuldashev pleaded guilty to Grand Larceny in the Third Degree, a class D felony. Nigina Iskandarova pleaded guilty to violating New York’s anti-kickback statute, Social Services Law section 366-d, a class E felony. DYD also pleaded guilty to Grand Larceny in the First Degree.

    Damir Yuldashev faces a sentence of two to six years in state prison. Daler Yuldashev and Nigina Iskandarova, both of whom played lesser roles in the scheme, will be sentenced to probation, with Daler Yuldashev required to perform at least 1,200 hours of community service. As part of their sentence, Damir and Daler Yuldashev must pay $2,127,624 to Medicaid in restitution for their crimes. If they fail to pay restitution as ordered by the Court at sentencing, Damir and Daler Yuldashev will be required to serve additional time in state prison. As a result of their convictions, each defendant is also permanently excluded from being a provider in all government-funded health programs, including Medicaid and Medicare.

    The Office of the Attorney General thanks the New York State Department of Health and the Office of the Medicaid Inspector General for their assistance in this investigation.

    This matter was investigated by Detectives Peter Olsen and Frank Bluszcz with assistance from Supervising Detective Jeffrey Pitts. The financial analysis was conducted by Principal Auditor-Investigators John Annunziata, Lora Pomponio, and Melissa Stoebling, and Senior Auditor-Investigator Christopher Giacoia. Legal Support Analyst Kelvin Caraballo provided paralegal assistance.

    The case was handled by Special Assistant Attorneys General Eva Urrutia and Robert Trudell, and the MFCU Pearl River Regional Office Regional Director Todd Pettigrew, with assistance from MFCU Chief of Criminal Investigations Thomas O’Hanlon and Deputy Chief of MFCU’s Civil Enforcement Division Konrad Payne.  Alee Scott is MFCU’s Chief of the Civil Enforcement Division. MFCU is led by Director Amy Held and Assistant Deputy Attorney General Paul J. Mahoney. The Division of Criminal Justice is led by Chief Deputy Attorney General José Maldonado under the oversight of First Deputy Attorney General Jennifer Levy.

    Reporting Medicaid Provider Fraud: MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.

    New York MFCU’s total funding for federal fiscal year (FY) 2025 is $70,502,916. Of that total, 75 percent, or $52,877,188, is awarded under a grant from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $17,625,728 for FY 2025, is funded by New York State.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Hochul Participates in Axios Fireside Chat

    Source: US State of New York

    Earlier today, Governor Kathy Hochul participated in Axios’ Fireside Chat with Dan Primack. Axios is an American news website based in Arlington, VA. It was founded in 2014 and launched the following year by former Politico journalists Jim VandeHei, Mike Allen and Roy Schwartz. Axios’ BFD is a half-day event where reporters will convene industry leaders to unpack their hyper-relevant news and trends. This event offers attendees an inside track into some of the biggest topics on investors’ minds.

    VIDEO of the event is available on YouTube here and available in TV quality (h.264. mp4) format here.

    AUDIO of the Governor’s remarks is available here.

    PHOTOS of the event are available on the Governor’s Flickr page.

    A rush transcript of the Governor’s remarks is available below:

    Dan Primack, Axios: As I’ve said a couple of times from this stage, we are a couple of weeks away from an election, so it felt apropos that we should have an actual politician on stage — not just somebody talking about politics. So please welcome the Governor of New York, Governor Kathy Hochul.

    Governor Hochul: An actual politician?

    Dan Primack, Axios: An actual politician. Sorry, is that offensive?

    Governor Hochul: I prefer an elected official. It sounds a little nicer, but if you have to call me a politician, I’ve been called worse.

    Dan Primack, Axios: Alright. So, governor, you’ve said — Governor’s Office says — but you’ve said you want to make New York the most business friendly state in the country. How do you gauge that? What’s your metric for that?

    Governor Hochul: Well, sometimes it’s not what you do, it’s what you stop from happening. Like a major tax increase on high net worth people that I was able to, you know, stop in its tracks last year. Because I’m not in the business of driving successful people out of our state, I want to bring them back to the State. And so, it’s also, it’s economic policies, it’s also saying that, you know, “We’re going to break down some barriers for you and we’ll be there with financial incentives.” And we’ll talk about Micron, I presume, but there’s no way Micron was going to build the nation’s largest semiconductor facility — $100 billion of investment, the largest in our history, with 50,000 jobs — if there weren’t incentives from the Biden-Harris Administration. But that just meant that all 50 states could compete. I had to win that war and put $10 billion on the table for that entire industry. So you have to have incentives in place, you have to go after the businesses you want, and now I’m going after the whole supply chain to support Micron and others who are coming. So, it’s very intentional. You don’t say, “We’re in New York. Everybody’s going to come,” because we’re in a competitive race and I’m a very competitive person. So I don’t want to lose that and I’ll do whatever I have to do to make sure people know that we are the place, and I’ll be judged by how many jobs we create. I’m starting off with 50,000 right there, so I’m already ahead of the game.

    We’ve also created more manufacturing jobs, stopping a 30 year decline in manufacturing. Now we’re talking about advanced manufacturing. So, we have the evidence to show that in the three years I’ve been governor, really putting the focus on this, we’re seeing results already.

    Dan Primack, Axios: How do you, you know — a big part of what you’re working on, and we’ve heard a bunch today about this Empire AI Initiative. And as part of this, you got about $275 million from the State and there’s another $150 million from the private sector. It’s an enormous amount of money. However, it’s also less than 10 percent, say of what OpenAI, a California company, raised in the private sector on its own just two weeks ago. Can companies in New York compete with what’s happening in Silicon Valley when you see — in AI — when you see the enormous amounts of money going into these companies?

    Governor Hochul: I’m not competing with the private sector to own AI. My view is — as I announced in my State of the State last January — that whoever owns this next chapter of AI for public good will own everything. So what we have —

    Dan Primack, Axios: What does that mean for public good?

    Governor Hochul: I will be very happy to tell you. I was just at the University of Buffalo two weeks ago with Marilyn Simons and Tom Secunda — the individuals who helped us innovate this, which no other state in the nation has entertained. I can tell you that Microsoft and OpenAI — they have amazing supercomputers dedicated to AI for their own profit; for the private sector. But we said, “We want to democratize AI, make it available to solve society’s problems, innovate new cancer therapies, help us predict weather better than we have been, so I know when that storm is coming and what I can do to prepare for it,” and all kinds of social problems that we can solve by being creative. So what I decided to do is put $275 million with the Legislature’s support — and that’s not always the easiest thing to do — then convince them to let go of that money and really take a leap of faith with me. But then the private sector raised $150 million — but we have university partners. This is what sets us apart. I have Cornell and NYU and RPI and Flight Iron Institute, Columbia, CUNY and SUNY schools all have bought into this, so they get a piece of the action. Their researchers, their students can use the power that I’ve created at a place called Buffalo, New York — where I’m from — and that is going to power the whole state’s research. And so nobody else touched this.

    Dan Primack, Axios: Are you — and you mentioned Buffalo, New York, and we were talking backstage — are you concerned about the power needs for this supercomputer and other AI projects in the State?

    Governor Hochul: Well, I picked Buffalo for a variety of reasons — and we just announced another supercomputer at the University of Albany — but because power is less expensive Upstate, It’s more plentiful; space is less expensive. So it’s all being used across the State. But as far as its home — I have Niagara Falls, which has been powering our state since since the original Tesla. So, we’ve been doing this since the turn of the last century.

    So, I’m always concerned about capacity though as we’re attracting more and more, you know, large data centers and the supply chain companies that are now rushing to New York. I mean, I’ve been bringing companies from all over the world to Upstate New York now because of this whole innovation ecosystem we’re creating. But I have to focus on — not just our wind and solar and hydro and geothermal — but we’re going to have to look at other sources as well and be real aggressive about it because the states that are leaning into the energy sources are the ones that’ll win the race and we cannot lose that.

    Dan Primack, Axios: From your perspective, what is the biggest mistake businesses make when dealing with New York State government?

    Governor Hochul: When they’re dealing with our state government they have to have more skin in the game, and I want them to be fostering our social goals. And let me explain why Micron was so attractive to us: I’m a mom. I used to work on Capitol Hill for Senator Moynihan a long time ago. When my kids were born, I had no child care, had to leave the workforce for a while. We talk to companies like Micron and we say, “We want a number of things from you. We’ll help you. We want you to provide child care on site.” A lot of companies would say, “I’m not sure.” I said, “Do you want to diversify your workforce? Would you like to get more women? Would you like to get young women? Would you like to have it be a family friendly place?” Guess what they’re building right now? A child care center on site. We want them to draw from the neighbors, the neighboring communities that are underserved — the City of Syracuse. We want you to put in workforce development programs. We’re literally changing the curriculum in nine counties around where Micron will go, working with our teachers union, to say, “We’re going to teach young people coding and other computer science skills while they’re still in grade school and high school.”

    So when Micron says, “Why would we come to Upstate New York?” You’re asking me to do all these things to further your social goal. But this is for your workforce. You’ll have a workforce that is not transitional. You’re not always going to have to be hiring someone. They’re not going to leave you after 18 months. They will stay. And that is part of the culture of Upstate New York, where I’m from, with the legacy industries, like the Bethlehem Steels — where my dad and grandpa worked — and Kodak and Bausch and Lomb. I say to them, “One of the drivers of why people should be coming to New York State is that we have a workforce that is brilliant. But also, they’ll stay with the company unlike what happens in other parts of the United States.”

    Dan Primack, Axios: Let me tie two things together. You talked about skin in the game and you’ve talked about Buffalo and Upstate New York. One of the biggest deals I guess you’ve done as Governor is getting the stadium financing deal done for your Buffalo Bills. I will say your Buffalo Bills.

    Governor Hochul: No, no. The only team that plays in New York.

    Dan Primack, Axios: Fair enough. The only team that plays in New York.

    Governor Hochul: Okay, and I love my other teams too, but just —

    Dan Primack, Axios: Fair. Look, I’m from Boston, I — good, yeah, slam the Jets and the Giants, I’m good with this.

    Governor Hochul: You want to go there? Okay. How are the Red Sox doing? How are the Red Sox doing?

    Dan Primack, Axios: We don’t waste our money. Okay, so we — let me just ask though — when you talked about skin in the game, the package for the new Bills stadium is the most public financing ever for a football stadium in the U.S. Why don’t the taxpayers of New York get some skin in the game themselves? Why was there talk about negotiating some actual equity for the State of New York in this team?

    Governor Hochul: Here’s what I’m going to explain to you: Look at the more recent data. This is not the largest subsidy for a team.

    Dan Primack, Axios: But it’s huge. Let’s just stipulate very big.

    Governor Hochul: Well, in proportion to the cost. And I was very smart when I negotiated this because I said, “There’s no cost escalation for the State.” So we’re in for $650 million of what’ll be well over a $2 billion stadium. The State of Tennessee kicked in a billion for their stadium. So we’re not in that league. But also, what happened was it wasn’t just waking up one day and — oh, let’s do a new stadium. They had a lease that expired. Other states were looking to recruit them. I know this for a fact. It’s a small market, the Buffalo Bills, there’s companies, states and cities that were luring them. I had to close the deal, because this is part of the identity of most of Upstate New York. Most of Upstate New York affiliates with this team, and this is important — an economic driver as well. We get a return on investment. After 17 years, I will have paid back that $650 million just in the income tax on salaries from the players.

    Dan Primack, Axios: In that amount of time, the value of the team could be five times what it is now, and it’s the owner of the team who’s going to get to benefit the most.

    Governor Hochul: Well, I’ve made sure that they are a Buffalo Bills team, not one of the other five cities that I was in competition with. Remember, I don’t lose anything — we don’t lose. This is an economic decision and the money will be paid back in 17 years, or perhaps sooner the way the salaries are going.

    Dan Primack, Axios: Let me ask something else about balancing because you’ve talked about balancing, which is obviously the New York City congestion tax, or the congestion fee, rather, which you decided to kill shortly before it went into impact. How do you balance economic needs of the City and of the State with your climate goal?

    Governor Hochul: Again, I’m going to correct a word here — kill versus pause.

    Dan Primack, Axios: Okay, indefinitely pause. Is that indefinite going to come off?

    Governor Hochul: I never used the word indefinitely. Those are people who are criticizing my decision to say that at this point — when we are dealing with escalating inflation, which was not even a factor — this is the first time in four years that inflation has really been a real burden for New Yorkers.

    Fifteen dollars to start out of the blue. All of a sudden, turn it on — it didn’t take into consideration how New Yorkers are struggling right now. So, I said we’re going to put this on a pause for now, because I also have many other energy goals and climate goals that I’m focused on, but that does not mean it is dead. I know how to kill something. I did not kill it.

    Dan Primack, Axios: You’ve said there’d be — I think you said, and correct me if I’m wrong — there’d be a replacement plan by year-end. Is that still on target?

    Governor Hochul: Yes. We have until the year-end.

    Dan Primack, Axios: You have until year-end. Do you expect that by year-end, there will be a replacement plan?

    Governor Hochul: I will have revealed, to the world, the strategy that we’ve been working on for a long time with the Legislature, which is also involved. I want to be clear on that. The Legislature is not in session right now, but that was a decision that was based on the fact that $15 is too much for New Yorkers right now. And, even London — that people tout and look at what they did in London — they started at €8 at the time and gradually, over time, went up to that, so there’s not a shock to the system.

    And, also, I’m focused on bringing the City back. People can work remotely, right? This wasn’t even an option when this congestion pricing was put in place in 2019. It wasn’t even an option. Of course you’re going to come to work. And it’s $3,800 more a year at $15.

    That’s a lot for a teacher, or a health care worker, or a delivery person coming in from Queens or a plumber coming into town. So, I’m just the kind of Governor that’s going to look at the impacts of decisions — who’s being hurt by this? Can they defend themselves? Do they have lobbyists? Do they have access to the editorial boards? No, these folks don’t. I was their voice, but I’m also saying, I am so vested in making sure that we achieve our climate goals because I believe in them.

    I grew up in a toxic environmental dump. The air was orange when I was growing up because of the smoke billowing out of the steel plant, which created 20,000 jobs, but nobody cared about the environmental impact. So, I’m going to make sure that New York continues to be nation leading and achieving our energy goals, our climate goals.

    Dan Primack, Axios: Do you feel the remote work or the hybrid work revolution — call it post-COVID — do you feel that’s changed Manhattan permanently?

    Governor Hochul: Yes. Yes, it has. But we can always reimagine Manhattan just like we did after 9/11 — and, I give Mayor Bloomberg a lot of credit for what he did during that era. When you look at this place, people did not live in lower Manhattan, they worked there but they never lived there. Now, it is a thriving 24/7 community.

    We can do that in Midtown as well, and I’m convinced of this — that we can take with the laws I had to change because you couldn’t convert commercial into residential without a change in the law that I was able to secure just a few months ago. Now developers can look at a commercial building in Midtown and say, “You know what? It’s only 30 percent full. I’m not sure people are coming back. Let’s convert it into housing.”

    Now I’ve got more affordability because I’ve created supply, which is everything.

    Dan Primack, Axios: You mentioned Mayor Bloomberg. Let me ask about a more recent, current mayor. Business people talk all the time about wanting certainty. They often do it for their own purposes. How is it problematic for New York City’s business particularly, to have a mayor who is under indictment?

    Governor Hochul: I speak to business leaders all day long, including this morning over a breakfast meeting. Some significant leaders. And I asked them that question: How are you feeling? And the answer was, “Well, three weeks ago, it was a hair on fire moment.” And I’ve stepped in to offer the stability to say, we’ll work with the Mayor to get through this because I come from a business family. I know uncertainty is paralyzing, but they are expressing to me that they now have confidence, there’s been changes in the administration.

    They know that I’m keeping an eye on this situation because I want the City — and I represent 8.3 million New York City residents as well. These are my constituents. We will make sure that their services are provided. They will not see a disruption in what they’re accustomed to getting because they deserve to have the best. And I’m watching all this.

    Dan Primack, Axios: You obviously originally were running mates, or you served under former Governor Cuomo. There’s lots of talk about him possibly running for mayor here. I’m not asking, obviously, who you would endorse. I’m asking, should voters consider him as a viable candidate if he chooses to run, given what happened in the past and some of the things you’ve said about what he did in the past?

    Governor Hochul: I’m not here to pass judgment on people right now. But I will say this: New Yorkers deserve people with integrity and accomplishments and who do things for the right reasons. Who will do it for the benefit of the people and not their own self-serving reasons. So I will be looking for people like that.

    Right now we have a mayor — we have an elected mayor of the City of New York. Everything could change or everything may not change. But we do know we have an election two weeks from now. Two weeks from now. And that is the one that we’re focused on, as well as my intensive, intensive work — not just for Kamala Harris.

    I just got back from seeing her in Michigan and we were in Pennsylvania, but here in New York, we have the opportunity to give President Kamala Harris a Democratic House Representatives. And I am laser focused on making sure Hakeem Jeffries, our very own New Yorker who knows our community and its needs and knows I’m going to need money for the MTA for example. Give me more money for public transit. That’s my number one ask. I have to make sure we pick up some seats in the Hudson Valley. And in Long Island, I just came in from Long Island just a little short time ago. And, you know, the polls are showing that areas that were written off, are now in place. So the world is going to change in two weeks.

    Dan Primack, Axios: Let me ask one quick final question because we are out of time. You have said you are, I think the term was “Not going anywhere.” Plan to run for reelection here. If Kamala Harris wins the White House and she calls you up, says, “Governor Hochul, we would like you to come down to D.C. and serve as secretary of X.” Are you going?

    Governor Hochul: I’m going to say this and you can quote me 1,000 times: “President Harris, I’m honored that you’d consider me to join your brand new administration — historic. I’m so excited about you, but I’m going to do better for you continuing as the Governor of New York because you’re going to need allies in our state houses to make sure that we continue the great partnership that I’ve had with the Biden Administration. And I’m not going anywhere.”

    Dan Primack, Axios: Governor. Thank you. Appreciate it

    MIL OSI USA News –

  • MIL-OSI Security: Kingston — UPDATE: Southwest Nova RCMP Major Crime Unit now leading investigation into fatal shooting in Kingston

    Source: Royal Canadian Mounted Police

    The Southwest Nova RCMP Major Crime Unit has taken over an investigation into a shooting in Kingston, where a man has since died.

    On March 6, 2023, at approximately 10:15 p.m., Kings District RCMP responded to multiple reports of shots fired in the Pleasant St. area in Kingston. RCMP officers located a 30-year-old man laying in a driveway on Pleasant St. He had suffered gunshot wounds and was transported to hospital by ambulance with life-threatening injuries. Four people were arrested later in the evening; however, all were later released without charge, pending further investigation.

    On September 30, 2024, the victim passed away in hospital and on October 1, the Nova Scotia Medical Examiners Office ruled the death a homicide. The investigation was subsequently taken over by the Southwest Nova Major Crime Unit.

    Over the last 20 months, the investigation was led by the Kings District RCMP General Investigation Section. Numerous search warrants were executed, evidence has been seized and witnesses have been interviewed. Persons of interest have been identified and investigators believe that the victim was targeted.

    The Southwest Nova RCMP Major Crime Unit is being supported by the Nova Scotia Medical Examiner’s Office, RCMP Forensic Identification Services, RCMP Digital Forensic Services and the Kings District RCMP General Investigation Section. Anyone with information is asked to call 902-365-3120. Should you wish to remain anonymous, contact Nova Scotia Crime Stoppers toll-free at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips App.

    News release from March 7, 2023: Kings District RCMP arrest four people in shooting

    MIL Security OSI –

  • MIL-OSI: AppFolio Unveils FolioSpace™ to Transform the Resident Experience and Help Customers Build Thriving Communities, Acquires LiveEasy to Accelerate its Vision

    Source: GlobeNewswire (MIL-OSI)

    FolioSpace gives AppFolio property management customers new ways to deliver exceptional value and experiences to their residents

    AppFolio acquires LiveEasy to integrate convenient moving and home services into FolioSpace

    SANTA BARBARA, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — AppFolio (NASDAQ: APPF), the technology leader powering the future of the real estate industry, today unveiled FolioSpace™, a next-generation resident experience that redefines how property managers and renters connect throughout the entire resident journey. FolioSpace will enable AppFolio’s 20,000 property management customers to create a unified and elevated experience for the millions of residents they serve — from application through renewal.

    To accelerate its resident vision, on October 22, 2024 AppFolio acquired all of the outstanding shares of LiveEasy, a concierge platform providing moving and home services. By vertically integrating LiveEasy and offering its services as part of FolioSpace Resident Onboarding, AppFolio will reduce the stress of moving, deliver increased convenience, and save renters time and money.

    FolioSpace: Reimagining How Property Managers Engage with Residents

    A recent AppFolio survey reveals residents expect timely communication, on-demand digital experiences, and support during the move-in process. However, traditional resident management approaches often fall short, limiting operational efficiency and resident satisfaction. Meeting these expectations is critical for property managers to gain an edge in an increasingly competitive market.

    FolioSpace reimagines how property managers engage with residents by bringing the entire resident journey into one application. By streamlining tasks and communication, FolioSpace replaces traditional manual processes with intuitive digital workflows, including:

    • Resident Application & Screening: A seamless application and approval process for applicants while providing property managers the data they need to select trusted residents and protect themselves from fraud.
    • Resident Onboarding: A configurable digital checklist to streamline leasing and welcome new residents, plus with LiveEasy, access to savings and dedicated support in setting up their utilities, internet and cable, and moving services.
    • Resident Services Marketplace: A collection of essential services to improve residents’ living experience, while also creating value for property managers.
    • Resident Inbox: A reimagined inbox gives residents a central location to communicate with their property managers for everything from maintenance requests to leasing questions. Property managers can use AppFolio Realm-X Messages, which leverages the power of genAI, to help them sort through, act on, and respond to routine resident communications.

    “We envision a world where living in communities feels magical and effortless, freeing people to thrive,” said Chris Womack, Chief Growth Officer of AppFolio. “By welcoming LiveEasy and enhancing AppFolio’s one powerful platform through FolioSpace, we are taking an important step on our journey of delivering exceptional value and experiences to our property management customers and the residents they serve.”

    “LiveEasy’s mission is to provide surprisingly simple moving and living experiences that combine technology and human touch for renters and homeowners,” said Venkatesh Ganapathy, CEO of LiveEasy. “With AppFolio’s commitment to innovation and expansive footprint, we believe this combination will propel that mission and enable us to exceed the expectations of both current and new customers.”

    For More Information

    • Learn more about FolioSpace
    • Register for FUTURE Conference next week in San Diego to attend sessions focused on the resident experience:
      • “The Resident Experience Revolution: Leveraging Tech to Enhance Engagement and Retention”
      • “First Impressions Count: Revolutionizing Resident Onboarding with Digital Excellence”
      • “Stand Out from the Competition: 2024 Renter Preferences Research Insights”
    • Watch the FUTURE opening mainstage event broadcast on LinkedIn Live on Tuesday, October 29 at 9:00am PT.

    The transition to FolioSpace will be seamless for existing users of AppFolio’s current Resident Portal, requiring no new download or account creation. AppFolio will proactively work with customers to jointly bring the new experience to residents.

    Additional Acquisition Information

    LiveEasy is the trade name of Move EZ, Inc., which AppFolio acquired via merger for approximately $80 million, subject to customary adjustments.

    About AppFolio

    AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

    About LiveEasy

    LiveEasy is the country’s most comprehensive home services platform. LiveEasy partners with a range of businesses, including property management, brokerage, mortgage, home inspection, insurance, and more. Its turnkey solution enables businesses to customize, brand, and embed home services solutions into their workflows so they can offer a true end-to-end moving and home services solution to renters and homeowners. For more information about LiveEasy, visit liveeasy.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future,” “predicts,” “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release include statements relating to the potential benefits and effect of the FolioSpace resident application and the acquisition of LiveEasy and their impact on AppFolio’s plans, objectives, expectations and capabilities.

    Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause AppFolio’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include AppFolio’s ability to successfully launch the FolioSpace resident application and integrate the LiveEasy business, AppFolio’s ability to implement its plans, objectives and expectations with respect to the FolioSpace resident application and the LiveEasy business, negative effects of the announcement of the FolioSpace resident application and/or the Live Easy acquisition on AppFolio’s business operations, operating results or share price, and unknown liabilities associated with the acquisition as well as those risks, uncertainties and other factors described in the section entitled “Risk Factors” in AppFolio’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 1, 2024, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in AppFolio’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in its other filings with the SEC. You should read this press release with the understanding that AppFolio’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

    AppFolio undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca49f9fd-edcc-4d48-b939-91518d73ceee

    The MIL Network –

  • MIL-OSI: Microsegmentation Trailblazer Illumio Achieves ISO 27001 Certification

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Illumio, Inc., the Zero Trust Segmentation (ZTS) company, today announced it has achieved ISO/IEC 27001:2022 (ISO 27001) certification. This certification represents Illumio’s continued commitment to meeting the highest levels of global security standards​. Certification was issued by Schellman Compliance LLC following an extensive audit of Illumio’s ZTS platform, which includes Illumio Core®, Illumio Endpoint®, Illumio CloudSecure® and Illumio for Microsoft Azure Firewall.

    “Illumio is committed to prioritizing data security for our customers, partners and suppliers. Achieving ISO certification right after our recent FedRAMP authorization exemplifies our ongoing commitment to excellence and security,” said Ben Verghese, Chief Technology Officer at Illumio. “By following a structured framework and constantly advancing our practices, we ensure sensitive data is well-protected, building continued trust and a safer tomorrow.”

    ISO 27001, from the International Organization for Standardization, is a globally recognized standard for the establishment and certification of an information security management system (ISMS). ISO 27001 certification shows that Illumio’s services align with internationally recognized best practices for information security management and security controls. ​Illumio extended their ISO 27001 certification to include the ISO/IEC 27701:2019 (ISO 27701) standard, demonstrating that the company’s services align with internationally recognized best practices for privacy information management system (PIMS) in the role of a personally identifiable information (PII) processor.

    Illumio is purpose-built to prevent lateral movement by attackers once they breach an organization. The Illumio ZTS platform enables organizations to identify security gaps in real-time and contain attacks across cloud, data center, and endpoint environments. Combined with the power of AI, the ZTS platform simplifies the creation of security policies and enhances segmentation controls, equipping teams to isolate breaches by reducing and restricting lateral movement either proactively or in response to an attack.

    To learn more about Illumio’s commitment to security, visit here for a complete list of certifications or read The Forrester Wave™: Microsegmentation Solutions, Q3 2024 report.

    About Illumio
    Illumio, the most comprehensive Zero Trust solution for ransomware and breach containment, protects organizations from cyber disasters and enables operational resilience without complexity. By visualizing traffic flows and automatically setting segmentation policies, the Illumio Zero Trust Segmentation Platform reduces unnecessary lateral movement across the multi-cloud and hybrid infrastructure, protecting critical resources and preventing the spread of cyberattacks. 

    Contact Information
    comms-team@illumio.com

    The MIL Network –

  • MIL-OSI: New Asia Holdings Inc (NAHD) Announces Shareholder Update

    Source: GlobeNewswire (MIL-OSI)

    Electra, Oct. 23, 2024 (GLOBE NEWSWIRE) — New Asia Holdings Inc./Olenox Corp. (NAHD” or the Company) (OTCQB: NAHD), announces a shareholder update.

    Corporate Developments

    The company continues to work on its consolidated audited financials and expects to be completed and filed by the end of November and is on target to complete and file them by then.

    New Asia has also been working in the background with its capital stock to meet the OTC market requirement of a 10% public float by reducing the outstanding shares.  The company was removed from OTCQB in mid-August for not having 10% of its stock in the public float. The company now meets those requirements and currently has 12.7 percent of its outstanding shares in the float.

    Olenox is a fully integrated energy company that produces responsible energy products both traditional and renewable.  Our continued focus on carbon footprint reduction and streamlined oil and gas production not only benefits the environment and local communities but also add value to Olenox bottom line.

    The company continues as well to work towards our green initiative to produce carbon-neutral products as well as integrate solar and other renewable technologies into our daily oil and gas production operations.

    Acquisitions

     

    On August 13th, 2024, New Asia announced it had purchased 162 miles of Texas pipeline from Taylor Consulting.  The company is currently looking to bring the pipeline back into production and working with the anchor customer to renew takeoff agreements.  An existing agreement is in place for 55,000 MCF per month and the company is looking at several other projects that could be attached to the pipeline including power generation and bitcoin mining operations.

    On August 8th, 2024, New Asia/Olenox announced that its wholly owned Olenox Kansas has been selected to operate 181 natural gas wells in the Bradshaw portion of the Giant Hugoton Field in Kansas.  The company continues to bring on production and is working towards the goal of having half the field in production by Q1 2025.   The company to date has brought back 32 wells into production and is now working on abandoning 3 wells to meet the contract requirements for the year.

    New Asia/Olenox continues to work on several other acquisitions and is in the final stages of purchase negotiations with 2 of the 4 currently under consideration.

    Technology

    Olenox continues to develop its technologies and is pushing its downhole tooling forward.  Modifications were needed for both the Plasma pulse tool and the ultra-sonic tool to meet industry standards in Texas and the company will begin to use the technology in our field in the coming months.

    About Olenox Corp.
    Olenox Corp.is a diversified energy company based in the state of Texas that currently operates three vertically integrated business units – Oil and Gas, Energy Services and Energy Technologies.

    • Oil and Gas: focuses on acquiring and optimizing underdeveloped oil and gas assets in Texas, Kansas and Oklahoma. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs. Olenox currently operates several oil and gas properties in Texas and Kansas.
    • Energy Services: This business unit supports Olenox’s overall exploration and production efforts with “well services” and “end of life reclamation.” Olenox Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This specialized equipment allows for faster “rig in” and “rig out” times. Overall, Olenox Energy Services’ equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
    • Energy Technologies: This business provides both R&D and existing technology to enable increased production in the field. Olenox flagship intellectual property is its downhole enhanced recovery plasma pulse tooling and ultrasonic cleaning tools.

    Each of Olenox’s three vertically integrated business units operate in tandem to help Olenox capture unique opportunities that often go untapped by the Company’s competitors.

    Safe Harbor Statement: Certain statements and information included in this release may constitute “forward-looking statements” as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management’s projections, estimates and expectations is contained in the Company’s SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.

    The MIL Network –

  • MIL-OSI: Sapphire Technologies and CCYS Partner to Drive Energy Efficiency in Asia’s Natural Gas Sector

    Source: GlobeNewswire (MIL-OSI)

    CERRITOS, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Sapphire Technologies, a developer of energy recovery systems for hydrogen and natural gas industrial applications, is expanding into new markets in Asia through a partnership with CCYS, a leading Chinese enterprise in green energy recovery. As carbon emissions are projected to peak in China by 2030, the partnership seeks to reverse that trajectory. Sapphire’s advanced FreeSpin® In-line Turboexpander technology will be integrated into key infrastructure projects. This cutting-edge technology captures and converts wasted pressure energy into clean electricity, improving the efficiency of natural gas use and supporting China’s broader emissions reduction objectives.

    BP projects that China’s natural gas consumption will rise to 550 billion cubic meters by 2030, up from approximately 395 billion cubic meters in 2023, increasing its global energy share from 6% to over 10%. If the available natural gas pressure in China (1.6-4.0 MPa) is fully utilized using Sapphire’s FreeSpin® In-line Turboexpander, it could recover 13 million MWh of pressure energy, enabling the installation of at least 1,517.7 MW of power generation capacity. This advancement would contribute to annual CO2 reductions of up to 12 million tons.

    “Our partnership with CCYS marks an exciting step forward for both companies as we work together to meet China’s growing demand for sustainable energy solutions,” said Freddie Sarhan, CEO of Sapphire Technologies. “By leveraging our turboexpander technology, we are expanding into new markets and helping enhance the efficiency of natural gas operations all while contributing to the country’s environmental goals.”

    “This partnership allows us to leverage Sapphire Technologies’ energy recovery systems to significantly improve the efficiency of our infrastructure projects,” said Changgang Guo, CEO of CCYS. “With this advanced technology, we are now able to capture and repurpose energy that would otherwise be wasted, directly supporting China’s transition to a greener, more sustainable energy landscape.”

    This partnership will initially focus on deploying Sapphire’s technology across multiple projects in China’s natural gas sector, including energy recovery systems at gas city gate stations, and LNG regasification facilities. Notable projects include those with Beijing Gas and Heating Engineering Design Institute, CNPC Lanzhou Petrochemical Equipment Company, and ENN Energy. Overall, this collaboration sets the stage for broader implementation of Sapphire’s solutions, helping drive China’s move toward a more energy-efficient future.

    About Sapphire Technologies
    Sapphire Technologies is driving global decarbonization through developing and manufacturing energy recovery systems that harness the power of gas expansion to produce reliable and clean electricity. Sapphire Technologies’ systems are designed to convert energy wasted in pressure reduction processes into electric power without interrupting operations. By recovering this wasted pressure energy, Sapphire Technologies helps customers maximize efficiencies, improve productivity, reduce carbon emissions, offset electrical costs and achieve substantial financial returns. For additional information visit: https://www.sapphiretechnologies.com. 

    About CCYS
    Over the past decade, CCYS has focused on the R&D, production, sales, and service of thermal insulation products. In 2023, the company expanded a new branch company, CCYS(Beijing), to focus on green energy recovery, leveraging advanced technologies in the Oil & Gas, hydrogen, air, and CO2 sectors. It now specializes in pressure energy recovery and waste heat recovery, continually enhancing the efficient closed-loop utilization of zero-carbon electricity and cooling energy across these areas to help meet the “China 3060” Carbon Peak/Neutral target. For additional information, please visit: http://www.ccysnh.com/

    Media Contact:
    Kite Hill PR
    Lara Schembri Sant
    lara@kitehillpr.com

    The MIL Network –

  • MIL-OSI: A majority of Canadian HR professionals cite workplace harassment as a growing concern, but 28% lack prevention policies

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced its new workplace study, “Canadian Culture Check: A report on the state of workplace harassment in Canada.” Compiled from a survey of over 1,000 HR professionals in Canada, the study assesses how organizations are approaching harassment prevention. Most notably, the survey revealed that while a majority of HR professionals (61%) feel workplace harassment is a growing issue in their organization, more than a quarter (28%) of organizations do not have a comprehensive workplace harassment prevention policy that meets all legal requirements.

    Canadian law requires that employers in all provinces and territories, along with federally regulated employers, provide harassment and workplace violence prevention training to all employees. However, the report reveals that the current programs and processes in place may not fully address the entire spectrum of government training mandates, putting organizations at compliance risk and perpetuating cultures of misconduct.

    “Effectively addressing workplace harassment requires a dual strategy of empowering employees to actively foster workplace respect and ensuring compliance with Canada’s provincial and federal requirements,” said Michael Johnson, Chief Strategy Officer at Traliant. “Our study identifies critical areas where Canadian HR professionals can enhance current harassment prevention programs to create lasting, impactful change on company culture.”

    The report uncovered additional gaps and potential liabilities in how Canadian HR professionals are approaching harassment prevention, including:

    • 26% of organizations are putting themselves at risk by not providing harassment prevention training to all employees and all levels.
    • 28% of Canadian HR professionals are not providing training to employees at a frequency of least every two years as recommended by case law.
    • 52% of respondents said their workplace harassment reporting processes were not clear or standardized, preventing employees from coming forward and allowing harassing behavior to continue and escalate.

    Casey Heck, Senior Vice President of Human Resources at Traliant, added, “With a heightened awareness of the need to address workplace harassment and violence, it’s crucial for HR professionals to effectively support all employees and managers with training to create a safe and positive work environment.”

    For complete survey findings and details, read the full report here.

    Methodology
    The independent market research firm Researchscape conducted this survey. Respondents were 1,000 HR professionals in Canada, from organizations ranging from 50 to 1,000+ employees. The survey was conducted in September 2024.

    About Traliant
    Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.

    Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment training, diversity training, code of conduct training, and many more.

    Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.

    Contact
    Reagan Bennet
    traliant@v2comms.com

    The MIL Network –

  • MIL-OSI: Usio to Host Third Quarter Fiscal 2024 Conference Call to Discuss Results and Provide Company Update on November 6, 2024

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq:USIO), a leading FinTech that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced it will release third quarter fiscal 2024 financial results for the period ended September 30, 2024, after the market closes on Wednesday, November 6, 2024.

    Usio’s management will host a conference call the same day, November 6, 2024, beginning at 4:30 p.m. Eastern time to review financial results and provide a business update. Following management’s formal remarks, there will be a question-and-answer session.

    To listen to the conference call, interested parties within the U.S. should call 1-844-883-3890. International callers should call 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at https://usio.com/events-2/.

    A replay of the call will be available approximately one hour after the end of the call through November 20, 2024. The replay can be accessed via the Company’s website or by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (international). The replay conference playback code is: 7062327.

    About Usio, Inc.

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

    Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

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

    Contact

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

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