NewzIntel.com

Category: KB

  • MIL-OSI New Zealand: SH2 recovery work at White Pine Bush

    Source: New Zealand Transport Agency

    Work has begun on one of the last recovery projects in the White Pine Bush area on State Highway 2 between Napier and Wairoa.

    Transport Rebuild East Coast (TREC) alliance crews, on behalf of NZ Transport Agency Waka Kotahi, have been working to restore access through the area after Cyclone Gabrielle caused extensive damage to the road and numerous sites alongside it.

    Tangoio Falls Reserve Underslip – Active

    Crews have started work just south of White Pine Bush above Tangoio Falls Reserve.

    There, Cyclone Gabrielle damaged two retaining walls on the steep slope: a small timber crib wall and a mortared rock wall. During the next few weeks, crews will be stabilising sections of the retaining walls with ground anchors and shotcrete.

    Much of this work will be done by workers abseiling, using the guardrails to abseil down to the site beneath the road. This site will be down to a single lane under a short stop/go until the work is finished, with the aim to have it back to two lanes for this Christmas.

    White Pine Bush Underslip – Active

    Crews have been working at a large retaining wall job since March this year. This new wall consists of 220 ground anchors and will be sprayed with concrete once testing is completed. This is expected to be finished before Christmas this year.

    Watch this video for more information about this site:

    White Pine Bush North – Complete

    Two-lane access was recently restored at another site, just north of the White Pine Bush carpark entrance.

    There, Cyclone Gabrielle floodwaters had scoured away the ground under the road shoulder, undermining the outside lane. The repair was a retaining wall and rock rip rap to stabilise the ground.

    With the site down to one lane while the repair was underway, TREC took the opportunity to work at nights to speed up delivery.

    The local contractors all had the capacity and people to work both day and night shifts. From start to finish, the wall was built in a month, halving the expected timeframe.

    TREC Hawke’s Bay Project Manager Chris Mahoney says work through the White Pine Bush section means this stretch of road is still down to one-lane.

    “We know it’s frustrating seeing those traffic lights, and having to wait. We know it’s been a frustrating time on this stretch of road since the cyclone and we want to reassure people we are working to restore two-lane access as quickly as possible through this area of State Highway 2.

    “It’s a priority to ensure disruption is minimised for vital sectors like farming, horticulture and tourism, to connect with local and export markets.

    “We are grateful to communities for their support, crews for their hard work and road users for their understanding. We know it hasn’t been easy with so many worksites in operation and we do want to reiterate our thanks to people for their patience,” says Mr Mahoney.

    Attached is a map of the worksites at White Pine Bush, Tangoio Falls Reserve Underslip infographic and a before and after of the repair at White Pine Bush North.

    View larger map [PDF, 1.5 MB]

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Development – Ōtaki Māori Racecourse housing development granted consent – EPA

    Source: Environmental Protection Authority

    An independent panel has approved resource consent, subject to conditions, for the Ōtaki Māori Racecourse housing development.
    Ōtaki Revisited Limited applied for resource consent under the COVID-19 Recovery (Fast-track Consenting) Act 2020.
    The project includes subdividing approximately 59.8 hectares of land to construct a housing development at 143 Rahui Road and 49 Te Roto Road in Ōtaki.
    The resource consent conditions are in the decision report on the page linked below.
    The decision comes 155 working days after the application was lodged with the Environmental Protection Authority.
    The Environmental Protection Authority is not involved in the decision-making. We provide procedural advice and administrative support to the panel convenor, Judge Laurie Newhook, and the expert consenting panel he appoints.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Greenpeace – Luxon strips local governments’ power to protect fresh water

    Source: Greenpeace

    Greenpeace says the Government’s move to remove local government power to protect fresh water is an underhanded overreach that undermines democracy and puts vital fresh water at risk.
    The Government has signalled that it will introduce an amendment to the Resource Management (Freshwater and Other Matters) Amendment Bill to prevent local councils from notifying their freshwater plans until the Government replaces the National Policy Statement on Freshwater Management.
    Greenpeace spokesperson Sinead Deighton-O’Flynn says, “The anti-nature Luxon Government is stripping control from local and district councils who want to protect lakes, rivers, and drinking water for generations to come.
    “Christopher Luxon’s government has declared war on nature, but that should not stop responsible local governments from putting in place their own protections to safeguard their constituents’ access to safe, healthy drinking water.
    “Rural communities are suffering the consequences of nitrate-contaminated drinking water, lakes and rivers across Aotearoa are unswimmable, and the state of freshwater is getting worse. We need more protection of fresh water, not less,” says Deighton-O’Flynn.
    “We know that everyone, no matter where they live or who they voted for, wants and deserves access to safe, healthy drinking water, but right now, central government is stripping away the rules that ensure drinking water quality through this bill – and now they’ve gone one step further.
    “It’s clear that this amendment is a reaction to regional and district councils pushing for more effective freshwater policies rather than bowing down to Luxon’s push to strip back water protections.”
    The Otago Regional Council has been in the news recently over criticism from Luxon’s government due to plans to continue with notifying their freshwater plan, with farming industry lobby group Federated Farmers calling on the Government to stop this from happening.
    “Luxon must keep his hands off the freshwater protections and allow local councils to set strong and ambitious freshwater protections that safeguard lakes, rivers, and drinking water,” says Deighton-O’Flynn.
    A Greenpeace petition calling on Luxon to keep his hands off freshwater protections has been signed by more than twenty thousand people. The Resource Management (Freshwater and Other Matters) Amendment Bill passed its second reading in Parliament last week, and is set to go through the Committee of the Whole House later today.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: First stage of works completed at Darling Downs Health Museum

    Source: Australian Ministers 1

    The $4.18 million project to transform the heritage listed Medical Superintendent’s House at Baillie Henderson Hospital into a museum has been completed, and now features medical and healthcare artefacts that tell the rich history of the Darling Downs Health Service.

    The Australian Government committed nearly $1.17 million to the project, with the Toowoomba Hospital Foundation contributing nearly $1.17 million, and the Health Sustaining Capital Program providing almost $1.85 million.

    The Museum of Health project is vital to preserving history of the Darling Downs region, and when fully complete, is estimated to attract 8,000 people annually and will serve as a hub for healthcare history, education, and community engagement.

    The museum’s collection is also arranged to tell the history of mental health developments at Baillie Henderson Hospital and aims to de-stigmatise the public’s understanding of those who suffer from a mental illness.

    Construction works included repairing damage to the heritage listed structure as well as building a new courtyard, amphitheatre and car park.

    Later stages of work will include the construction of a café, gift shop and open plan office space for the Toowoomba Hospital Foundation.

    Quotes attributable to Federal Assistant Minister for Regional Development and Senator for Queensland, Anthony Chisholm:

    “Informing the hundreds of museum visitors each year of the selfless service these frontline healthcare workers undertook will be a fitting tribute to their generous character, and the care they gave to this region’s most vulnerable. 

    “The Museum of Health will offer locals and tourists a great opportunity to discover and learn more about the intricate medical history of the Baillie Henderson Hospital and Darling Downs region, while also providing a place to preserve its historical healthcare artefacts.

    “This is yet another demonstration of the Albanese Government’s ongoing commitment to investing in local priority infrastructure and community projects that enhance regional centres like Toowoomba.”

    MIL OSI News –

  • MIL-OSI USA: Remarks as Prepared for Delivery by Dr. Liz Sherwood-Randall for the Eradicate Hate Global Summit | Pittsburgh,  PA

    US Senate News:

    Source: The White House
    Pittsburgh, Pennsylvania
    Thank you to each of the speakers, including the survivors, who preceded me. You are each both humbling and inspiring, and I am deeply grateful to have listened to what you have shared with us.
    It is an honor to be here with you at the fourth convening of the Eradicate Hate Global Summit.
    Thank you, Brette for your generous words — and thank you for taking on this vital leadership role. 
    The Summit has convened thousands of experts and developed multiple innovative approaches – including the “Up End Hate” campaign that empowers young people to prevent violence.  And that is just the most recent example of the impact this solutions-oriented Summit has delivered.    
    Sunday, October 27th, will mark the sixth anniversary of the horrific day when a white supremacist who hated Jews and immigrants went to the Tree of Life synagogue here in Pittsburgh and attacked the innocent human beings who were worshipping during morning Shabbat services.
    He murdered eleven people that day, robbing the world of their futures. 
    For each of them, their loved ones still grieve, and in solidarity we each can say:  May their memories be a blessing.
    The phrase is a resonant and powerful one. It invites us all not just to remember those we have lost, but to honor them by continuing to pursue justice and heal our broken world in their names.
    Looking at this week’s agenda and each of you in this room, remembering them is indeed proving to be a blessing, by motivating this hard work to translate ideas into action.
    In the aftermath of that terrible and tragic day, this community and this city have shown that an act of terror should and can unite us rather than divide us. In the Summit, you have shown the world how you have taken the emotions and prayers that arose and the actions you are undertaking and channeled them into meaningful deeds.
    It is in that spirit of moving from hope to action that I come to you today.
    I will speak to you about three topics: the threat we face now, the responses we are pursuing to address that threat, and the actions we are taking to reduce that threat in the future.
    First, we unfortunately have to acknowledge that current forms of domestic terrorism and hate have fueled a dynamic threat landscape that is even more daunting following the savage Hamas attack on Israel one year ago and its ongoing aftermath.
    These threats present a new set of challenges that we must do everything we can to prevent, to disrupt, and to prepare for if they cannot be stopped.  
    Indeed, the Biden-Harris Administration’s response to hate and domestic terrorism is outlined in a series of innovative strategies and implementation plans that harness the full force of the Federal government of the United States. 
    But critically, they depend on intensive, enduring cooperation with civic, religious, private sector and international partners like you to generate a comprehensive response.
    And although it may not feel that way every day, this model is delivering results. I am the first to admit that the challenges are immense, and even growing.  But I also fervently believe that combining our full strengths, we can come together to make a difference. 
    The Normalization of Hate and Violence
    Let me begin with the threat landscape: As the White House Homeland Security Advisor over the past four years, I have seen firsthand that a fundamental threat to our democracy is the normalization of hate-fueled violence.
    Domestic terrorist movements, including racially and ethnically motivated violent extremists, continue to advocate for widespread violence on the premise that it would lead to outcomes they seek, including chaos and societal collapse among other dystopian ends.
    These dark minds celebrate attacks in El Paso, Buffalo, Poway, Colorado Springs, Charleston, and yes, just east of here, in Squirrel Hill — as well as numerous attacks abroad that they ascribe to their twisted worldview.
    The proliferation of these ideologies online reflects this trend, and its purveyors are reaching a growing number of people, including teenagers and even younger children.
    And as this threat has evolved both in the United States and especially online, we have seen its “domestic” dimensions become increasingly global.
    Let me give you one example of what I mean.  On September 9th of this year, the Federal Bureau of Investigation and the Department of Justice arrested and charged two leaders of the Terrorgram Collective in the United States.
    These two individuals created a global community of white supremacists to communicate online with like-minded people, disseminate violent propaganda, and encourage physical attacks on minority communities and government officials.
    The amplification of hate online has corresponded with a growth in antisemitism and other forms of hate, particularly in the wake of the October 7th Hamas attacks. 
    By just one measure, between October 7th, 2023, and January 30th of this year, the FBI opened over three times more anti-Jewish hate crimes investigations than in the four months prior to the October 7th attacks. I will return to the meaningful outcomes from these investigations in a moment. 
    And October 7th has had ramifications beyond the rise in hate. We have observed terrorist groups from across the ideological spectrum seeking to exploit the attack for their own goals. Images and messaging emerging from the conflict are expanding the pool of individuals susceptible to mobilization to violent acts, and causing terrorist groups that previously disdained each other to form common cause.
    And these effects are likely to persist long after hostilities cease— and will interact with future flashpoints and activating events, which could drive terrorist attacks against the United States and Israel, as well as against Jewish, Muslim, Arab, and other communities.  
    And it is not just terrorist organizations that are of high concern. The behavior of lone actors can have significant ramifications, even when they do not commit mass violence.
    For example, in February 2024, a joint investigation between the FBI and Florida authorities led to the arrest of a 17-year-old for swatting—which is the practice of making false reports to 9-1-1 to induce a law enforcement response at a residence or workplace.
    Over a two-year span, this particular young person targeted a Florida mosque and hundreds of high schools, historically black colleges and universities, and even the homes of FBI agents.
    Swatting distracts and drains valuable law enforcement resources, exposes police to a potentially life-threatening response, and traumatizes citizens, including students and worshippers, who experience these events.
    And as if this wasn’t bad enough, it emerged that the young suspect was selling swatting as a service on Telegram— which is another way in which that platform is being exploited for dangerous purposes.
    Now, some look at today’s threat landscape and assume the worst, and conclude that there is little if anything that can be done to stop the growth of these threats. 
    But I am here today to tell you that, like all of you, we do not see it that way.    
    The Biden-Harris Administration’s Strategic Approach
    Clearly what I have described is not how we wish our world had evolved. But we have come together here to affirm that we are not powerless in the face of hate and violence.
    From day one, President Biden and Vice President Harris have pursued a rigorously calibrated, integrated approach to countering hate and domestic terrorism that is aligned with our values and complements our broader national security interests.
    This is built on their core belief that domestic terrorism and hate strike at the very foundation of our democracy.
    Indeed, President Biden decided to run for the White House back in 2017 after men with tiki torches emerged from the shadows in Charlottesville spewing the same Antisemitic bile we heard in Germany in the 1930s. 
    That’s why, on his first day in office, President Biden directed me to lead a 100-day comprehensive review of U.S. Government efforts to address domestic terrorism.  This resulted in the development and release of the first-ever National Strategy for Countering Domestic Terrorism in June of 2021.
    We went to work immediately on implementing that strategy.  And to complement it, recognizing how critical our partners beyond the Federal government would be to our success, in September of 2022, President Biden hosted the United We Stand Summit to mobilize communities to work with us in advancing an inclusive and bipartisan vision for a more united America and to push back against the growing normalization of hate in our society.
    In December of that year, Susan Rice – then the President’s Domestic Policy Advisor – and I launched an initiative to specifically tackle Antisemitism, Islamophobia and related forms of bias and discrimination.
    This led to our releasing, in May 2023, the first-ever U.S. National Strategy to Counter Antisemitism. And we have been working to develop a complementary strategy to address Islamophobia. 
    Importantly, our approach not only tackles the threats of today but prepares for emerging and future threats. 
    So I want to focus here on three key elements of the strategy: first, our efforts to hold accountable those who engage in hate-fueled violence and hate crimes; second, our efforts to protect vulnerable communities; and third, our efforts to prevent such acts from occurring in the first place.
    Accountability Measures
    Our Administration has prioritized the use of our legal authorities and tools to expand investigations and prosecutions. 
    As a result, from 2020 to 2022, the number of FBI domestic violent extremism and domestic terrorism investigations more than doubled to over 2,700. 
    In 2022, the Department of Justice also created a specific domestic terrorism unit within its National Security Division to handle these investigations and prosecutions.
    And a similar dynamic is occurring in our efforts to address hate crimes. The FBI has published and widely disseminated information about what constitutes a hate crime and how to report them, and reinforced this by conducting over 70 meetings with faith-based organizations since October 7th.
    These efforts, combined with the FBI’s tireless work to investigate every lead they receive, have delivered results.  Let me describe a few.  
    In November of 2023, a Tampa, Florida, resident was arrested by the FBI for allegedly leaving threatening voicemails at two Jewish organizations in New York.
    In January 2024, a Massachusetts man was arrested for threatening to kill members of the Jewish community and bomb places of worship.
    And just last month, the Department of Justice announced criminal charges against a Pakistani national arrested in Canada who was planning to travel to New York City to attack a Jewish Community Center on the anniversary of October 7th.
    Protection Measures
    We have also driven efforts to enhance the safety and security of Jewish and other communities targeted for hate and violence. For example, President Biden worked with Congress to secure an additional $400 million for the Department of Homeland Security’s (DHS’s) Nonprofit Security Grant Program in February of this year.
    This grant program funds security improvements and training for nonprofits and houses of worship, including campus organizations and community centers.
    For example, the same program paid to install cameras and boost other security measures in Congregation Beth Israel in Colleyville, Texas—actions that the congregation’s Rabbi credited with avoiding loss of life when a terrorist took hostages in the synagogue in January 2022. 
    We have also worked in partnership with a wide range of state and local leaders and non-governmental partners to help communities and institutions protect themselves against and prevent hate.
    As just one example, this past summer we provided 5,000 campus leaders all across the country with a detailed list of the federal resources available to help them establish safer and more secure learning environments for their students, faculty, and staff.  
    We sent Federal experts to campuses, hosted a variety of convenings to discuss challenges and identify solutions, and released updated toolkits to enhance their preparations for the new academic year that began in August.
    This effort is ongoing, and the fear and anxiety of those who feel threatened on campuses persists. But it is clear that the resources and toolkits we have shared align with the changes that many campuses have successfully implemented this Fall.  
    Prevention
    And this brings me to the third element of our response—the actions we are taking now to prevent hate-fueled violence and domestic terrorism in the future, before they occur. 
    We know that a complex process brings an individual to pursue targeted violence or terrorism. But we also know that there are behaviors and other signs that people see that are clues that an individual might be trending toward or contemplating an act of targeted violence or terrorism.   
    We have elevated the prevention of targeted violence and terrorism as a strategic priority for countering terrorism, antisemitism, and related forms of hate. 
    Our goal has been to build a prevention architecture that supports nation-wide state and local efforts to intervene and “offramp” individuals who appear to be moving toward committing acts of targeted violence and terrorism.
    At the Federal level, we have surged support to state and local behavioral Threat Assessment and Management, or “TAM” teams as we refer to them.
    For example, the FBI’s Behavioral Analysis Unit has embedded specifically trained agents who are called “threat management coordinators” in their field offices and is working to ensure that each of their field offices are participating in the local Threat Assessment and Management teams. Some of these coordinators are here with us today.   
    Likewise, the U.S. Secret Service’s National Threat Assessment Center recently released a six-step guide for state and local law enforcement about how they can most efficiently establish a TAM team that can assess and intervene with individuals identified as posing a risk of violence.
    And there is the DHS Center for Prevention Programs and Partnerships, which I know is well represented here in the room.  Among their many accomplishments, I want to highlight their work creating and curating the online Prevention Resource Finder, which you can Google at that name—literally a one-stop shop that lists all Federal resources available to help state and local governments prevent acts of targeted violence and terrorism. We recently expanded the website, and it now offers nearly 150 resources.
    It’s important to say again here that the Federal government cannot effectively tackle this metastatic challenge alone.
    Indeed, all of the evidence shows that prevention is most effective when led by our state and local partners, who are on the ground, embedded in our communities. This is especially true for TAM teams, which often operate at the county or municipal level.
    The good news is that we know state and local partners can do this quickly and successfully in partnership with Federal expertise and assistance. Let me give you an example.
    In the days and weeks following the appalling May 14th, 2022, domestic terrorist attack at the Tops Supermarket in Buffalo, the state of New York quickly reached out to the Federal Department of Homeland Security and other Federal agencies to explore how to expand existing partnerships and build a statewide prevention effort.
    To be clear, this was led by and implemented by the State of New York, but the Federal government offered substantial assistance to the State of New York.
    And by 2023, New York had launched a statewide targeted violence prevention strategy that included placing at least one TAM team in every county.
    Just two years after the Buffalo attack, New York had established TAM teams in forty-three counties and the City of New York.
    In May, New York noted that their TAM teams were collectively intervening in more than one thousand two hundred cases.
    And, more important, these TAM teams are saving lives, taking action with respect to certain individuals who were clearly planning acts of targeted violence.  
    This is critical, painstaking, lifesaving work, and I am encouraged to see that many more states are responding to our calls to move in this direction.
    This is progress, and if we persist, these efforts will reduce violence in our Homeland.  
    Closing
    In closing, I want to thank each of you for the work you do every day to prevent, to prepare, and to respond to this phenomenon that is tragically impacting so many of our communities and leaving families and neighborhoods devastated. 
    Your partnership with us is vital to stopping the normalization of hate-fueled violence that threatens our democracy. 
    Again, I want commend the work of this Summit. You are the embodiment of what I have spoken about today.  And there is a real feeling of solidarity in a group like this, and we can and must draw strength from one another.
    For a moment, I will take you back to another very dark time in our Nation’s history — the days and weeks after 9/11. Then I had very young children — and to focus them on the positive in a time of terror I would say to them, “look at all the helpers — there are so many people who are helping other people.”
    You are the helpers today, the doers, the healers in these times, and your work to scale up prevention efforts – and to mobilize the youth of our country to be a part of the solution to hate – are two of the numerous examples of how the agenda for the coming three days will build a stronger and safer America for all of us, and set an example for the world. 
    I salute you for all your commitment, your dedication, and everything you are doing — 
    And I will end where I began. While the threats are real and pernicious, we take inspiration from each other and from those we have lost.  
    May each of their memories be a blessing – and may our work together light the way to a brighter and more secure future.     

    MIL OSI USA News –

  • MIL-OSI USA: News 10/21/2024 Rebuttal to Big Tech’s Lies about KOSA

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    To: Interested Parties

    Date:   October 21, 2024

    Re: Rebuttal to Big Tech’s Lies About the Kids Online Safety Act

    KOSA Does Not Censor Speech Nor Impact the 1st Amendment

    • KOSA would not censor, limit, or remove any content from the internet and it does not give the FTC or state AGs the power to bring lawsuits over content or speech, no matter who it is from. This bill passes First Amendment scrutiny because it is content neutral.
    • Online platforms cannot be held liable for hosting or promoting conservative voices or pro-life views as a result of this bill. The legislation does not include any enforcement powers or obligations related to content or speech.
    • To be clear on Congress’s intent to protect speech, the bill includes an explicit statement that it does not expand or limit Section 230, which provides online platforms broad legal immunities for third-party content. Furthermore, the bill provides legal safeguards to protect users’ ability to view and search for the content that they choose to see.

    KOSA Does Not Increase The Authority of the Federal Government or FTC

    • It is important to note that there is no new rulemaking power for the FTC in KOSA nor any ability to create rules about content. KOSA gives the FTC clear direction from Congress about how to apply its existing enforcement authorities to protect kids online.
    • Claims that KOSA allows the FTC to decide what kids see online are blatant falsehoods circulated by tech companies trying to stop the bill from becoming law.

    What Does KOSA’s Duty of Care Actually Do?

    • The bill gives the FTC the ability to hold social media platforms accountable for their product designs – their own predatory business practices and deadly apps. This is the same responsibility and accountability that exists for almost every other industry in America
    • The duty of care simply states that online platforms cannot put products on the market that will cause specific harms to kids, such as suicide and sexual predation. Those harms are specified and defined by Congress, not the FTC.
    • Big Tech will be required to ensure their platforms are safe for kids by default, and not put the burden exclusively on parents. This will also ensure that the protections for kids keep up with changes in technology.

    KOSA Will Not Require Anyone To Upload ID

    • KOSA does not impose age verification requirements or require platforms to collect more data about users (government IDs or otherwise). In fact, the bill explicitly states that it does not require age gating, age verification, or the collection of additional data.

    KOSA Protects Churches, Blogs, and News Outlets 

    • KOSA covers commercial, online platforms such as social media, social networks, online video games, social messaging applications, and video streaming services, such as Instagram, TikTok, Snapchat, and Roblox.
    • Non-profit organizations, blogs, personal websites, news outlets, churches, broadband companies, etc. are not covered by KOSA. It would not impact the ability of kids to watch online sports, news, or a church sermon.

    KOSA Gives Parents A Seat At The Table

    • For decades, Big Tech lobbyists and their front groups have dominated the conversation, denying the suffering of American families. The Kids Online Safety Council is a place where parents have a seat across the table from big tech and they can raise the issues they are seeing with their kids. The Council has no rulemaking or enforcement power. 

    KOSA Uses The Same Methods Our Military Utilizes to Define “Mental Health Disorder”

    • For decades, the Diagnostic and Statistical Manual, Mental Disorders (DSM) has been used by Congress and states, as well as our military, the VA, and the Substance Abuse and Mental Health Services Administration.

    How Can Companies Know Who Is Under 17?

    • Online platforms have been required to provide legal protections to kids for more than two decades under the Children’s Online Privacy Protection Act (COPPA). Just as COPPA has not required age-gating or substantial burdens on business or privacy, neither will KOSA.
    • If an online platform truly doesn’t know the age of the user, then it does not face any obligation under the bill. It is not required online platforms collect more data to determine the user’s age.

     Click here to download the full memo. 

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Rubio Calls Leaks of Israel’s Plan “Treason”

    US Senate News:

    Source: United States Senator for Florida Marco Rubio

    ICYMI: Rubio Calls Leaks of Israel’s Plan “Treason”

    Oct 21, 2024 | Press Releases

    U.S. Senator Marco Rubio (R-FL) joined The Story with Martha MacCallum to discuss the leak of U.S. intelligence on Israel’s retaliation plans against Iran. See below for highlights, and watch the full interview on YouTube and Rumble.

    On the leak of U.S. intelligence on Israel’s retaliation plans against Iran: 

    “It’s a federal crime to leak that information. It’s also an act of treason. It’s aiding an enemy of the United States, a government in Iran that basically says, ‘Death to America, death to Israel’ every week. It’s their slogan…. 

    “Strategic leaks that have been designed to undermine American foreign policy and, in many cases, to help avowed enemies of the United States, that needs to stop, that needs to end. We need to know who did this, and they need to be punished.”

    MIL OSI USA News –

  • MIL-OSI USA: Rubio, Bilirakis, Colleagues Request Guidance on Debris Clean Up

    US Senate News:

    Source: United States Senator for Florida Marco Rubio

    Rubio, Bilirakis, Colleagues Request Guidance on Debris Clean Up

    Oct 21, 2024 | Press Releases

    Florida communities are trying to recover from the devastating impact of Hurricanes Helene and Milton. Given the unique nature of the back-to-back emergencies and the sheer volume of damage, it is vital to recovery that these communities have clear guidance on the Federal Emergency Management Agency’s (FEMA’s) debris clean up policy. 

    U.S. Senator Marco Rubio (R-FL), U.S. Representative Gus Bilirakis (R-FL), and members of the Florida delegation sent a letter to President Joe Biden requesting written guidance on debris clean up efforts.

    • “Many of these local governments need FEMA to implement precedented emergency policy flexibilities to facilitate a seamless federal response…. [W]e ask that you issue additional guidance for these hurricanes that will further help facilitate recovery efforts.”

    Click here for a full list of signers.  

    The full text of the letter is below. 

    Dear Mr. President:

    In the wake of Hurricanes Helene and Milton, several of Florida’s local governments are experiencing significant hardship as they seek to respond to the diverse needs of their constituents who are struggling to recover. Many of these local governments need FEMA to implement precedented emergency policy flexibilities to facilitate a seamless federal response.

    After major Disasters, FEMA may waive program requirements with respect to prior approval for debris removal demolition and waste disposal. It is our understanding that FEMA has previously issued disaster specific guidance to inform local communities on how they can remain in compliance with regulations and remain eligible for reimbursement while fully utilizing the program waivers that have been implemented.

    We acknowledge and appreciate FEMA’s letter dated October 13, 2024, which provided necessary flexibility and waivers from needing to identify which specific damage was caused by Hurricane Helene and which was caused by Hurricane Milton. In light of that letter, we ask that you issue additional guidance for these hurricanes that will further help facilitate recovery efforts. This specifically includes:

    1. Formalizing prior verbal confirmation with clear written guidance that FEMA will fully reimburse debris clean-up activities that took place between the two hurricanes in order to prevent loss of life and further destruction of property.
    2. Granting additional flexibility with respect to Post-Milton debris clean-up that will enable expedited clean-up efforts.

    Thank you for your attention to these important matters. We look forward to working with you on behalf of Floridians.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: FS continues to attend APEC Finance Ministers’ Meeting in Peru (with photos/video)

    Source: Hong Kong Government special administrative region

         â€‹The Financial Secretary, Mr Paul Chan, continued his attendance at the APEC Finance Ministers’ Meeting (FMM) in Lima, Peru, yesterday (October 21, Lima time).

         This year’s APEC FMM takes the theme of “Sustainable + Digital + Resilient = APEC.” During various discussions, Mr Chan spoke on topics including global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

         In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated Hong Kong’s firm support for rules-based free trade and multilateralism. As a “super connector,” Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

         In the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong’s functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects. Through financial innovation and cooperation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges. He also shared updates and experience on Hong Kong’s efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

         Mr Chan also participated in discussions on digital finance at the FMM, sharing Hong Kong’s experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies. He noted that Hong Kong’s robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

         At noon, Mr Chan attended a luncheon of the APEC Business Advisory Council, sharing Hong Kong’s experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favorable environment for micro, small and medium enterprises to embrace digital finance. He exchanged views with representatives and business leaders from other economies.

         During the FMM, Mr Chan also met with South Korea’s Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Mr Choi Sang-mok, and Vietnam’s Deputy Minister of Finance, Mr Vo Thanh Hung, to discuss strengthening cooperation and exchanging views on issues of mutual interest.

         In the evening, Mr Chan would depart Lima for New York, the United States, where he will attend the Bloomberg Global Regulatory Forum and deliver a speech today (October 22, New York time).               

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Rubio, Bilirakis, Colleagues Request Guidance on Debris Removal

    US Senate News:

    Source: United States Senator for Florida Marco Rubio

    Rubio, Bilirakis, Colleagues Request Guidance on Debris Removal

    Oct 21, 2024 | Press Releases

    Given the extraordinary nature of consecutive hurricanes and the sheer volume of damage in Florida communities, clear guidance on the Federal Emergency Management Agency’s (FEMA’s) debris removal policy is vital for the recovery of these communities. 

    U.S. Senator Marco Rubio (R-FL), U.S. Representative Gus Bilirakis (R-FL), and members of the Florida delegation sent a letter to President Joe Biden requesting written guidance on debris removal efforts.

    • “Many of these local governments need FEMA to implement precedented emergency policy flexibilities to facilitate a seamless federal response….[W]e ask that you issue additional guidance for these hurricanes that will further help facilitate recovery efforts.”

    Click here for a full list of signers.  

    The full text of the letter is below. 

    Dear Mr. President:

    In the wake of Hurricanes Helene and Milton, several of Florida’s local governments are experiencing significant hardship as they seek to respond to the diverse needs of their constituents who are struggling to recover. Many of these local governments need FEMA to implement precedented emergency policy flexibilities to facilitate a seamless federal response.

    After major Disasters, FEMA may waive program requirements with respect to prior approval for debris removal demolition and waste disposal. It is our understanding that FEMA has previously issued disaster specific guidance to inform local communities on how they can remain in compliance with regulations and remain eligible for reimbursement while fully utilizing the program waivers that have been implemented.

    We acknowledge and appreciate FEMA’s letter dated October 13, 2024, which provided necessary flexibility and waivers from needing to identify which specific damage was caused by Hurricane Helene and which was caused by Hurricane Milton. In light of that letter, we ask that you issue additional guidance for these hurricanes that will further help facilitate recovery efforts. This specifically includes:

    1. Formalizing prior verbal confirmation with clear written guidance that FEMA will fully reimburse debris clean-up activities that took place between the two hurricanes in order to prevent loss of life and further destruction of property.
    2. Granting additional flexibility with respect to Post-Milton debris clean-up that will enable expedited clean-up efforts.

    Thank you for your attention to these important matters. We look forward to working with you on behalf of Floridians.

    Sincerely,

    MIL OSI USA News –

  • MIL-Evening Report: From Ancient Rome to Persia, eunuchs often led armies and were powerbrokers of the ancient world

    Source: The Conversation (Au and NZ) – By Michael B. Charles, Associate Professor, Management Discipline, Faculty of Business, Arts and Law, Southern Cross University

    The person to the right of the haloed emperor is thought to be the eunuch Narses, a powerful Byzantine general. Bender235/Wikimedia

    When people think of eunuchs, someone like Lord Varys from Game of Thrones often springs to mind. Chubby, obsequious and a flatterer, he is involved in court intrigues and manipulates people and events behind the scenes.

    These traits oppose military prowess and valour endorsed by traditional models of masculinity across various times and cultures. According to those tropes, a eunuch’s weapon is the whisper, not the sword.

    In reality, not every eunuch in the ancient world was a servile, cloistered being. In fact, eunuchs sometimes led armies on campaign, and were entrusted with high-level administrative tasks.

    What was a eunuch?

    A eunuch was someone whose testicles had been deliberately crushed or excised.

    In Greek myth, Cronus (the father of Zeus) castrated his own father Uranus to overthrow his tyranny and become king of the Titans.

    Greek historians reported castration as war punishment, and persistently linked the castration of young boys to sexual slavery.

    The ancient Greek historian Herodotus stressed the demand for castrated boys at the court of the Persian kings. But the market for eunuchs was evidently larger than just the Persian court.

    The Romans replicated the Greeks’ negative view of eunuchs. They are often portrayed in Roman texts as being in the company of “bad” emperors such as the supposedly cruel and narcissistic Domitian – even though he forbade the practice of making eunuchs.

    The notion of the unmanly eunuch in antiquity was reinforced by Orientalist literature, which imagined ancient eunuchs in charge of something akin to a Turkish sultan’s harem. Unable to procreate, the eunuch is paradoxically surrounded by beautiful women, his in-between-ness granting him access to the psychological makeup of both genders.

    Orientalism drew inspiration from historical accounts written after the Greco-Persian wars, which the Greeks won in 449 BCE. These accounts were written in the shadow of Alexander the Great’s conquest of the Near East (including areas such as modern-day Iraq, Iran and Syria), which was followed by the Roman hegemony.

    Instead of critically evaluating the sources, colonial writers and their readers indulged in a world of fantasy where eunuchs offered a sensualised peek into the “secrets of the harem”.

    In fact, a deeper look at the historical record reveals that eunuchs often occupied positions of great military power and civil authority.

    Eunuchs as bodyguards, enforcers and governors

    Cyrus, the first Persian king (590–529 BCE), praised eunuchs for their reliability. He insisted that gelded men, like gelded horses, are easier to control. He believed they made up for their lack of physical strength with their loyalty.

    Cyrus may have owed his life to eunuchs, who played a role in saving him as a baby from a murderous plot by his grandfather.

    The Greek historian Herodotus also reports that eunuch-bodyguards tried to protect, albeit unsuccessfully, the man on the Persian throne just before Darius the Great took power in 522 BCE (Darius contended that this man was not a real king but an imposter).

    The historical record also mentions a Persian eunuch being in charge of a garrison at Gaza around 332 BCE.

    The Egyptian pharaoh Amasis, who reigned in the sixth century BCE, also relied on eunuchs to recover fugitive slaves.

    Eunuchs appeared in the courts of the Hittites and Assyrians (civilisations in modern-day Turkey and Iraq respectively) from the 13th century BCE.

    Assyrian kings often appointed eunuchs as provincial governors. The Assyrian king Shamshi-Adad V (who ruled Assyria 824–811 BCE) praised his chief eunuch Mutarris-Ashur as “clever and experienced in battle”. Mutarris-Ashur led the Assyrian army on a military campaign to the Nairi lands in the Armenian Highlands.

    King Ashurbanipal, who ruled the Neo-Assyrian Empire from 669 BCE to 631 BCE, sent his chief eunuch on missions against neighbouring Mannea (a kingdom in modern-day Iran) and the rebellious Gambulu tribe in ancient Babylonia.

    This Assyrian relief shows the head of a beardless royal attendant, possibly a eunuch. Eunuchs were key figures in the Assyrian court.
    The Metropolitan Museum of Art

    Bagoas the eunuch

    In the fourth century BCE, there was Bagoas, a Persian court eunuch who is sometimes conflated with a eunuch lover of Alexander the Great who had the same name. Bagoas became the second most important person in the Persian court, after the Persian king.

    Bagoas had served in Persian king Artaxerxes III’s campaign against Egypt, and rose to the rank of Chiliarch (the leader of the royal infantry guard).

    Bagoas developed a reputation as a kingmaker – he was instrumental in replacing Artaxerxes III with his son, Artaxerxes IV. He later poisoned Artaxerxes IV and installed as king Darius III, who was eventually defeated by Alexander the Great.

    Bagoas had plotted to replace Darius too, but Darius outsmarted him; he forced Bagoas to drink the poison the latter had prepared for Darius to drink.

    Eunuchs in Rome

    Despite the bias of the Greco-Roman sources, including their suspicion of eastern cults that involved eunuch priests, eunuchs were important in Roman imperial service.

    The emperor Claudius rewarded his eunuch Posides for his service during Rome’s invasion of Britain in 43 CE.

    In 399 CE, the eunuch Eutropius became a powerful consul in Rome’s eastern empire under the emperor Arcadius. Some Romans, however, attacked the appointment of a semivir (half man) as consul as an abomination.

    In early Christianity, the concept of becoming a eunuch for the kingdom of God acquired currency. According to some interpretations of the Bible, being a eunuch was connected to the virtues of chastity and celibacy.

    By the sixth century CE, Byzantine eunuchs found themselves in charge of large armies. (What we now call the Byzantine Empire, or the Eastern Roman Empire, was known by its people as the Roman Empire until 1453 CE).

    Narses was a eunuch and one of the Byzantine emperor Justinian’s great generals. He managed to recapture Italy, including Rome, from the Goths (a Germanic people who had invaded Italy).

    Narses, possibly an Armenian by birth, was no armchair general. At the battle of Mons Lactarius (552 or 553 CE), Narses fought on foot with his fellow soldiers against the Goths. He encouraged his men to hang on against a brave enemy.

    Despite the stereotypes, eunuchs clearly often played important roles in the ostensibly masculine world of strategic planning and combat.

    This plurality of masculinities in the ancient Mediterranean world remains relevant to modern society as it challenges notions of a simple gender binary.

    Eva Anagnostou-Laoutides receives funding from the Australian Research Council and the Gerda Henkel Foundation.

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

    – ref. From Ancient Rome to Persia, eunuchs often led armies and were powerbrokers of the ancient world – https://theconversation.com/from-ancient-rome-to-persia-eunuchs-often-led-armies-and-were-powerbrokers-of-the-ancient-world-235957

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Is it possible to have a fair jury trial anymore?

    Source: The Conversation (Au and NZ) – By Arlie Loughnan, Professor of Criminal Law, University of Sydney

    Shutterstock

    The decades-long mystery about what happened to 19-year-old Amber Haigh made it to court in New South Wales earlier this year. Those accused of murdering Haigh were found not guilty.

    Usually we don’t know precisely why someone was found guilty or not. But in this case, the reasons were given.

    This is because the trial was “judge alone”: a trial without a jury. This means the judge decides on the factual questions as well as the legal ones. And as judges are required to give reasons for their decisions, we learned what was behind the verdict, something usually hidden by the “black box” of the jury room.

    Judge alone trials are increasing in New South Wales. Moves are being made in some other Australian jurisdictions to increase access to judge alone trials.

    While it’s only possible to hold a judge alone trial in certain circumstances, and there are small numbers of such trials relative to other trials, some lawyers and judges think these trials have advantages over those with a jury.

    This is because jury trials face a lot of challenges. Some have pondered whether, in this media-saturated environment, there is such a thing as a fair jury trial. So what are these challenges, and where do they leave the time-honoured process?

    What happens in a jury trial?

    The criminal trial brings together knowledge of the facts that underpin the criminal charge. The task of the jury is to independently assess that knowledge as presented in the trial, and reach a conclusion about guilt to the criminal standard of proof: beyond reasonable doubt.

    Crucially, lay people provide legitimacy to this process, as individuals drawn from all walks of life are engaged in the decision-making around the guilt of the accused.

    The jury is therefore a fundamental part of our democracy.

    The changing trial

    For its legitimacy, the criminal trial traditionally relies on open justice, independent prosecutors and the lay jury (the “black box”), all overseen by the impartial umpire, the judge, and backed up by the appeal system.

    But these aspects of the criminal trial are being challenged by changes occurring inside and outside the courtroom.

    These challenges include high levels of media attention given to criminal justice matters.

    Another is the questioning about the way public prosecutors are using their discretion in bringing charges against individuals. This is happening in NSW, ACT and Victoria.

    There are also concerns about “junk science” being relied on Australian courtrooms. This is where unreliable or inaccurate expert evidence is introduced in trials.

    Some legal bodies are also demanding a post-appeal criminal cases review commission to prevent wrongful convictions.

    Added complexity

    It is not just juries that must come to grips with complex evidence in criminal matters. Judges and lawyers are also required to grasp intricate scientific evidence, understand new areas of expertise, and get across changing practices of validating expert knowledge.

    The difficulty of these tasks for judges and lawyers was on show in the two special inquiries into Kathleen Folbigg’s convictions for the murder of her children, held in 2019 and 2022–23. Rapid developments in genetic science, alongside other developments, came to cast doubt on the accuracy of Folbigg’s convictions. This was just a few years after the first inquiry concluded there was no reasonable doubt about her guilt.

    The challenges facing criminal trials are one dimension of much wider social and political dynamics. News and information is produced and consumed differently now. People have differing degrees of respect for scientific knowledge and expertise. Trust in authority and institutions is low.

    These factors come together in a perfect storm and pose existential questions about what criminal justice should look like now.

    What does the future look like?

    The future of criminal law and its institutions depends on their legitimacy. It’s legitimacy that gives courts the social license and power to proscribe conduct, prosecute crimes and authorise punishment. Juries are a vital piece of this picture.

    Amid the changing environment, there are things we can do to improve jury trials and in turn, safeguard and enhance their legitimacy.

    One is providing extremely careful instructions to juries to make sure jurors understand their tasks, and do not feel frustrated.

    Another is introducing higher and better standards for expert evidence. Experts testifying in court need firm guidance, especially on their use of industry jargon, to decrease chances of wrongful convictions.

    These sorts of changes might be coupled with changes in criminal laws, like enhancing laws of self-defence so they are more accessible to women in domestic violence situations.

    Together, this would help to future-proof criminal law, ready to meet the challenges of coming years and decades that we are yet to detect.

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

    – ref. Is it possible to have a fair jury trial anymore? – https://theconversation.com/is-it-possible-to-have-a-fair-jury-trial-anymore-239401

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What’s at stake in elections in Georgia and Moldova this week: a stark choice between Russia and the West

    Source: The Conversation (Au and NZ) – By Adam Simpson, Senior Lecturer, International Studies, University of South Australia

    Two former Soviet republics have important elections this week that will likely be pivotal in their respective journeys toward tighter integration with the West against the backdrop of rising Russian influence and the Ukraine war.

    What happens in Georgia and Moldova is being closely watched across the European Union and Moscow. Russia has invested heavily in trying to influence the outcomes of both elections. If it succeeds, this will be a cause of significant concern in other ex-Soviet states, as well as the West.

    Moldova takes a tentative step towards the EU

    On Sunday, Moldovans voted in the first round of their presidential election. A referendum was also on the ballot to amend the country’s Constitution to include an aspiration to join the EU.

    Pre-election polls had suggested the referendum would easily pass and the popular pro-EU president, Maia Sandu, would be re-elected.

    However, Russia launched a significant “propaganda blitz” ahead of the vote, including credible allegations of widespread vote buying, to undermine the electoral process.

    Sandu won the first round comfortably, with over 42% of the vote, though not by enough to avoid a run-off on November 3. The country’s pro-Russia parties are now likely to coalesce behind the second-place candidate in an attempt to oust her.

    The referendum, however, teetered on the edge of failure before narrowly passing by the tightest of margins.

    Though Moldova’s negotiations with the EU were certain to continue under Sandu regardless of the outcome, the result was nonetheless concerning. It demonstrates the strength of Russia’s influence operations to destabilise a nation seen as key to security on the eastern boundaries of the EU and NATO.

    Moldova has a 1,200-kilometre border with Ukraine in the east and borders Romania, an EU and NATO member, in the west.

    Polling suggests a majority of Moldovans condemned Russia’s invasion of Ukraine, but a significant minority retain pro-Russian views.

    Russia also has a history of interference in Moldova’s sovereignty.

    Moldova declared independence in 1991 during the dissolution of the Soviet Union but Transnistria, a small part of the country along the border with Ukraine, was taken over by separatists in a military operation backed by Russian troops.

    Following Russia’s full-scale invasion of Ukraine in 2022, the Parliamentary Assembly of the Council of Europe formally recognised Transnistria as Moldovan territory still occupied by Russia.

    What’s at stake in Georgia?

    On the day of Moldova’s vote, tens of thousands of pro-EU supporters staged a demonstration in Tblisi, Georgia’s capital, calling for their country to choose a pro-EU path in their own election

    The Georgian Dream party has been in power since 2012 and while it remains nominally pro-EU, it has gradually shifted towards a more pro-Russia stance.

    The Georgian Dream-dominated legislature recently passed an antidemocratic, Putinesque law that requires groups receiving at least 20% of their funding from overseas to register as “agents of foreign influence”. And earlier this month, it passed a sweeping anti-LGBTQ+ bill that bans same-sex marriages, adoption by same-sex couples and changing one’s gender on identity documents.

    The EU suspended Georgia’s accession process after the foreign agents law was passed and has recently cancelled €121 million (A$196 million) in funding due to “democratic backsliding”. This month, the European Parliament also overwhelmingly adopted a resolution calling for a freeze on EU funding to Georgia until its undemocratic laws are repealed.

    The opposition parties are now working together to try to remove Georgian Dream from power, support the re-election of the current pro-EU president and return the country to the road of rapid integration with the EU.

    Polls show support for joining the EU remains very high at nearly 80%. However, as the Moldovan election demonstrates, this may not necessarily be reflected in the vote on election day.



    Read more:
    ‘We do not want to be like Russia’: a first-hand account of Georgia’s fight for democracy

    Russian interference

    Russia has long meddled in its southern neighbour. After an invasion of Georgia in 2008, Russian troops supported two pro-Russian breakaway republics, South Ossetia and Abkhazia, as they had done in Transnistria.

    Russia has now established military bases in both regions, as well as a new naval base in Abkhazia to serve as a permanent base for parts of Russia’s Black Sea fleet.

    These incursions set the stage for Russia’s invasion of Crimea and eastern Ukraine in 2014. As the post-Soviet Baltic states have argued, the lack of an adequate response from the West to these invasions set the stage for Russia’s full-scale invasion of Ukraine.

    Georgians are understandably concerned that Russia may invade their country again. Polls suggest two-thirds of people support joining NATO.

    There are concerns that Saturday’s election could also be tainted. The Parliamentary Assembly of the Council of Europe issued a declaration earlier this month, saying there are “alarming reports” indicating the Russian-backed Georgian Dream party might be “preparing to steal” the election.

    The report accused the ruling party of a “massive intimidation campaign” against opposition candidates and their supporters, including physical attacks. It also said the Central Election Commission has apparently been brought under the control of Georgian Dream.

    The opposition and civil society groups claimed electoral fraud after the 2020 elections, which resulted in mass protests and a political crisis when the opposition boycotted parliament.

    Why these elections matter

    These elections in Georgia and Moldova are crucial for reinforcing democratic rights in vulnerable former Soviet states. Any outcome that shifts their trajectory towards Russia will likely result in increased repression of both minorities, including the LGTBQ+ community, and the political opposition.

    Wins by pro-Russian candidates and parties – legitimate or otherwise – will also drive greater military and economic integration with Russia. Despite popular support in both countries for joining NATO, wins by Russian-backed candidates will likewise undermine support for Ukraine in its war with Russia.

    While it looks like pro-EU results might have squeaked through in Moldova, the elections in Georgia are potentially more hazardous for European relations.

    The stakes in both elections could not be higher.

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

    – ref. What’s at stake in elections in Georgia and Moldova this week: a stark choice between Russia and the West – https://theconversation.com/whats-at-stake-in-elections-in-georgia-and-moldova-this-week-a-stark-choice-between-russia-and-the-west-240675

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Hispanic Heritage Month Profile: Lt. Galo Barrezueta

    Source: United States Navy (Medical)

    Naval Submarine Medical Research Laboratory (NSMRL) is proud to celebrate Hispanic Heritage Month and the accomplishments of our Hispanic Sailors and staff. This month, NSMRL is spotlighting Lt. Galo Barrezueta, deputy department head for the Operations Department.

    Barrezueta’s Navy story began in 2007, when he enlisted as a hospital corpsman shortly after graduating high school in New Jersey. He was searching for a career that would offer him the opportunity to be part of something bigger than himself.

    “I joined because I was searching for a better opportunity for me and my family,” said Barrezueta. “The Navy offered so many enticing opportunities. I wanted to be a part of that.”

    Over his 13 years as an enlisted Sailor, Barrezueta took advantage of many such opportunities. He started on a path towards hospital administration with a bachelor’s degree in 2012 and his first master’s degree in 2019. He briefly left the Navy in 2020, after being waitlisted for the Health Services Collegiate Program (HSCP), but only a few short months after separating, the Navy called him back to ask if he was still interested in becoming an officer.

    Barrezueta was thrilled to rejoin the Navy.

    “When I separated, I worked in the public sector at a clinic, which was fine, but wasn’t really the same,” said Barrezueta. “The comradery and the relationships I’d had in the Navy just weren’t there. It was a 9-5, and when five hit, everyone went home. There was no working together towards a mission, and no one was really willing to help each other. That was the main thing I missed about the military. The ability to work towards one goal and one mission.”

    Through the HSCP, Barrezueta received his second master’s degree in healthcare administration, and commissioned in 2022. He is excited to also join the Association of Hispanic Naval Officers (ANSO), an initiative founded in 1981 by Eduardo Hidalgo, the first Secretary of the Navy of Hispanic descent. ANSO is dedicated to supporting Hispanics and Latinos across all ranks and career milestones (recruitment, retention, promotion).

    “Influencing the next generation is key and that’s why I’m excited to join ANSO,” stated Barrezueta. “I’ve talked to many kids with similar backgrounds to mine, and sharing my experiences so they can be better prepared to take advantage of the opportunities the Navy offers. One of my childhood friends, for example, has a daughter who was going to enlist, but based on her grades and personality, I encouraged her to join the ROTC at her college, and now she’s going through that program and is doing great.”

    Barrezueta and his family moved to New Jersey from Ecuador when he was 10 years old, which has given him a deep appreciation for the Hispanic and American cultures, although he sometimes finds it difficult to explain how he embraces both.

    “I love having the opportunity to share both my cultures, Hispanic and American,” Barrezueta said. “Sometimes I have to explain why I do things differently, and it’s because I have such a different perspective, as someone from two distinct cultures. For example, I grew up loving football [soccer] in Ecuador, but after coming to the U.S., I am also obsessed with baseball. It’s easy for me to appreciate and enjoy both, but I often find myself having to explain why I love each, because if you didn’t grow up in that culture, you don’t understand.”

    To Barrezueta, it is important that the Navy continue celebrating Hispanic Heritage Month, as well as other diversity celebrations throughout each year.

    “Ultimately, our country is built on diversity, which is our biggest strength,” said Barrezueta. “I’ve had the opportunity to work with other Services, and you can see our strength when we go into other countries and we have people who speak those different languages and are able to communicate with the locals. Not just Hispanics, but all different cultures. It’s important that our Navy reflect the diversity of our country.”

    National Hispanic Heritage Month is a month-long celebration in the United States that honors the contributions and cultural heritage of Hispanic and Latino Americans. It is observed from September 15 to October 15. This year’s theme is “Pioneers of Change: Shaping the Future Together.”

    NSMRL, part of Naval Medical Research & Development, and based out of Groton, Connecticut, sustains the readiness and superiority of undersea warfighters through innovative health and performance research and works to lead the world in delivering science solutions to ensure undersea warrior dominance.

    MIL Security OSI –

  • MIL-OSI Economics: ADB to Help Improve Power Supply in West Bengal, India

    Source: Asia Development Bank

    MANILA, PHILIPPINES (22 October 2024) — The Asian Development Bank (ADB) has approved a $241.3 million loan to improve the distribution of power supply in West Bengal, India, which will help enhance people’s quality of life by ensuring they have access to reliable, quality, and sustainable power supply.

    “This ADB program is aligned with the government’s Revamped Distribution Sector Scheme, which aims to strengthen the operational efficiency of power distribution companies,” said ADB Principal Energy Specialist Roka Sanda. “Reliable and sustainable electricity distribution and service is essential to West Bengal’s growth and development.”

    The West Bengal Distribution System Strengthening Program will improve electricity distribution for 8.96 million consumers in seven districts in West Bengal. The program will replace low-tension overhead lines with aerial bundled cables, separate electricity feeders for agriculture and non-agriculture users, and develop an integrated information and operation management system for power supply quality, performance monitoring, and corporate financial management.

    The program will raise the operational efficiency of the West Bengal State Electricity Distribution Company Limited by building its capacity on asset and financial management, promotion and introduction of renewable energy, tariff rationalization, and on gender equity and social inclusion.

    ADB will help update relevant safety policies and manuals, while supplying health and safety equipment such as first aid kits and personal protective equipment. The program will contribute to awareness-building in communities, particularly on electrical safety, and train district technical and engineering staff on behavioral safety.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: New paths for clean energy in Asia-Pacific

    Source: Google

    The path to decarbonization — switching from the use of fossil fuels to renewable energy sources — cannot be treated as a one-size-fits all. Every area has its own energy landscape, geography and regulatory environment, meaning that electric decarbonization requires a tailored solution for each locale.

    In Asia-Pacific, the electricity grid and availability of clean energy resources can vary significantly from country to country. Our progress in the region to advance our 2030 goal for 24/7 carbon-free energy (CFE) has steadily been gaining momentum. Over the past year, we’ve announced long-term agreements for 275 megawatts of new clean energy generation capacity in the region, in addition to supporting the development of a 1 gigawatt pipeline of new solar capacity in Taiwan.

    Here are three ways we’re working to put more carbon-free energy onto our operated grids in Asia-Pacific.

    Challenges of local constraints

    In densely populated Japan, land for large-scale solar projects is limited. Here, we saw an opportunity to work with partners to develop a network of hundreds of small-scale solar plants on available plots of land across multiple prefectures. The energy aggregated from these small projects supports our data center, cloud region and office operations. This structure can serve as a model for other Asian markets facing similar land constraints.

    And in Singapore, where natural clean energy resources are limited, we worked with our industry partners to purchase power from a first-of-a-kind biomass power plant fueled by domestic waste resources and equipped with pilot technology to capture and use carbon dioxide. In land-constrained regions, ensuring high energy generation productivity is crucial. The annual electricity output from this project is approximately six times that of a comparably sized solar project in Singapore, delivering more power with less space.

    Partnerships for shared goals

    We know that we cannot achieve 24/7 CFE alone, and that industry collaboration is necessary for a sustainable digital future. In Australia and India, we’ve created unique contract structures involving multiple parties, expanding clean energy on each country’s grid and delivering carbon-free power to our cloud regions in Melbourne, Sydney, Mumbai and Delhi NCR.

    Our clean energy efforts also extend beyond our own operations. Through our partnership in Taiwan, we now have an opportunity to offer our semiconductor suppliers and manufacturers in the region a portion of this clean energy capacity so they, too, can advance their own sustainability goals. In turn, we’ll be able to reduce our Scope 3 emissions: the indirect emissions from our value chain.

    Policies for clean energy

    In tandem with our pursuit of new commercial solutions, we’re working to advance policies that promote cost-effective clean energy deployment and regional market integration. As a founding member of the Asia Clean Energy Coalition (ACEC), we’re uniting energy buyers, suppliers and policymakers to accelerate regional decarbonization efforts. ACEC supports regional interconnection through the ASEAN Power Grid, while advocating to expand clean energy supply and a broad portfolio of procurement options.

    As we continue driving progress on our 24/7 carbon-free goal, we’re proving that it’s possible to turn challenges into opportunities in Asia-Pacific and work together to power a cleaner future for everyone. To learn more, visit sustainability.google.

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 21, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 540,586.51 6.46 5.00-6.90
         I. Call Money 9,384.15 6.50 5.10-6.90
         II. Triparty Repo 373,248.65 6.46 6.30-6.85
         III. Market Repo 156,933.71 6.46 5.00-6.85
         IV. Repo in Corporate Bond 1,020.00 6.56 6.54-6.70
    B. Term Segment      
         I. Notice Money** 141.30 6.38 6.20-6.50
         II. Term Money@@ 567.50 – 6.65-6.95
         III. Triparty Repo 713.00 6.62 6.43-6.74
         IV. Market Repo 1,042.10 6.63 6.60-6.75
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 21/10/2024 1 Tue, 22/10/2024 18,597.00 6.75
    4. SDFΔ# Mon, 21/10/2024 1 Tue, 22/10/2024 88,775.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -70,178.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -9,310.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -79,488.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 21, 2024 992,200.52  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 21, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1349

    MIL OSI Economics –

  • MIL-OSI Economics: AIIB Commits EUR150 Million to Türkiye North Marmara Highway Project

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has signed a EUR150 million (approximately USD167 million) loan agreement to cofinance the North Marmara Highway Nakkaş-Başakşehir BOT Project.

    The Project – aimed at enhancing Istanbul’s east-west connectivity, improving road safety and reducing congestion – is being implemented under a build-operate-transfer arrangement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

    “AIIB’s participation in this project not only enhances Türkiye’s transport infrastructure but also supports our mission to advance green finance and sustainable development,” said Konstantin Limitovskiy, AIIB Vice President for Investment Clients Region 2 and Project and Corporate Finance, Global. “By reducing emissions, improving road safety and fostering cross-border connectivity, the North Marmara Highway exemplifies the kind of ‘infrastructure for tomorrow’ that will deliver long-term positive impacts for the region and beyond.”

    “We’re proud to set a new standard for transportation in Türkiye with the Nakkaş-Başakşehir Project,” said Erman Ilıcak, President of Rönesans Holding. “We wish to thank our consortium partners, under the leadership of Samsung C&T Corporation, for their confidence in us throughout this project and their investment in Türkiye. Not only will the highway drastically cut travel times for individuals and businesses in Istanbul – it will also take the country’s sustainable development to the next level. This is a highway of the future, built with people, society and the environment in mind – elements we hope to see replicated across global infrastructure projects moving forward.”

    “This project is expected to enhance economic cooperation between the two countries,” said Se Chul Oh, President and CEO of Samsung C&T. “Moreover, it holds a great significance as K-Team produces meaningful outcomes with the technique of a Korean builder and policy support from public organizations including Korean Expressway Corporation, KIND and PIS Fund. We will keep this momentum going to create additional cooperative opportunities in Turkey, CIS and Eastern European markets beyond the successful partnership with Rönesans.”

    AIIB’s EUR150 million contribution is part of a wider EUR1.04 billion senior debt financing package. The project is cofinanced by AIIB, the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank Group as anchor lenders, along with an international consortium of commercial banks and export credit agencies.

    Key components of the project include advanced tolling systems and sustainable construction techniques. The highway is expected to benefit commuters, businesses and logistics operators by reducing travel times and transportation costs, as well as improving access to Istanbul’s New Airport. AIIB has been involved in the project since 2020 in partnership with EBRD, ensuring compliance with environmental and social standards (including the Environmental and Social Impact Assessment and Resettlement Action Plan).

    This is AIIB’s second road infrastructure project in Türkiye and marks a significant milestone in AIIB’s engagement in the country’s transport sector. Earlier this year, the Bank approved a USD200 million loan under its Emergency Road Rehabilitation and Reconstruction Project to support the country’s recovery from the February 2023 earthquakes.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About Rönesans Holding

    Rönesans Holding, a Turkish conglomerate headquartered in Ankara, is the 53rd-largest international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, Rönesans has been operating successfully for 30 years in construction, energy, healthcare, real estate development and industrial investments.

    About Samsung C&T Corporation

    Samsung C&T Corporation is a South Korean construction and trading company since 1977. It’s a part of the larger Samsung Group. C&T stands for Construction and Trading, reflecting its diverse business portfolio. The company is involved in various sectors, including engineering and construction, trading and investment, fashion and resorts. Samsung C&T has played a significant role in the development of South Korea’s infrastructure and has expanded its global presence with projects worldwide. Samsung C&T is the 16th largest international contracting company globally. Currently operating in 26 countries, Samsung C&T has successfully completed 510 civil infrastructure projects worldwide, with 23 ongoing projects.

    MIL OSI Economics –

  • MIL-OSI Economics: Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Bank of America and RBC Capital Markets were the top mergers and acquisitions (M&A) financial advisers in the metals & mining sector during the Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Bank of America achieved the top position in terms of value by advising on $10.2 billion worth of deals. Meanwhile, RBC Capital Markets led in terms of volume by advising on a total of eight deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “RBC Capital Markets witnessed an improvement in the total volume of deals advised by it and consequently its ranking by volume took a significant leap from 51st position during Q1-Q3 2023 to the top position during Q1-Q3 2024.

    “Meanwhile, Bank of America went ahead from occupying the third position by value during Q1-Q3 2023 to top the chart during Q1-Q3 2024. Interestingly, despite registering a decline in the total value of deals advised by it, Bank of America was the only adviser to surpass the 10 billion deal value mark during Q1-Q3 2024.”

    BMO Capital Markets occupied the second position in terms of value, by advising on $9.8 billion worth of deals, followed by JP Morgan with $5.5 billion, Moelis & Company with $5.2 billion and Goldman Sachs with $4.9 billion.

    Meanwhile, BMO Capital Markets occupied the second position in terms of volume with seven deals, followed by Macquarie with seven deals, Cormark Securities with six deals and Bank of America with four deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top mergers and acquisitions (M&A) legal advisers in the metals & mining sector during Q1-Q3 2024 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Cravath Swaine & Moore achieved the top position in terms of value by advising on $9 billion worth of deals. Meanwhile, Fasken Martineau DuMoulin led in terms of volume by advising on a total of 19 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top advisers by value and volume during Q1-Q3 2023 and managed to retain their respective top positions during Q1-Q3 2024 as well. Despite both the firms registering decline in total value and volume, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023, they managed to maintain their top ranking.”

    Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $7.3 billion worth of deals, followed by Blake Cassels & Graydon with $7.1 billion, Stikeman Elliott with $6.6 billion and McCarthy Tetrault with $6.2 billion.

    Meanwhile, Cassels Brock & Blackwell occupied the second position in terms of volume with 17 deals, followed by McCarthy Tetrault with 13 deals, Blake Cassels & Graydon with 11 deals and Bennett Jones with nine deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Morgan Stanley and Stifel/KBW were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Morgan Stanley achieved the top position in terms of value by advising on $65 billion worth of deals. Meanwhile, Stifel/KBW led in terms of volume by advising on a total of 27 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Morgan Stanley and Stifel/KBW registered growth in the total value and volume of deals advised by them, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023. In fact, Morgan Stanley registered more than a five-fold jump in value of the deals it advised. Resultantly, its ranking by value improved from fifth position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Meanwhile, Stifel/KBW went ahead from occupying the seventh position by volume during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.”

    Barclays occupied the second position in terms of value, by advising on $49.2 billion worth of deals, followed by Goldman Sachs with $45.9 billion, JP Morgan with $43.6 billion and PJT Partners with $36.1 billion.

    Meanwhile, Goldman Sachs occupied the second position in terms of volume with 23 deals, followed by Piper Sandler with 23 deals, JP Morgan with 21 deals and Raymond James Financial with 21 deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the top position in terms of value by advising on $55.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 48 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and managed to retain its leadership position during Q1-Q3 2024 as well. Meanwhile, Wachtell, Lipton, Rosen & Katz registered a more than 10-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, its ranking by value also took a major leap from the 16th position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Seven of the eight deals advised by Wachtell, Lipton, Rosen & Katz during Q1-Q3 2024 were billion-dollar deals* including one mega deal valued at $35.3 billion. The involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register a massive jump in terms of value and its ranking by this metric.”

    Cravath Swaine & Moore occupied the second position in terms of value, by advising on $44.2 billion worth of deals, followed by Sullivan & Cromwell with $40.4 billion, Kirkland & Ellis with $38.3 billion and Paul, Weiss, Rifkind, Wharton & Garrison with $33.4 billion.

    Meanwhile, Alston & Bird occupied the second position in terms of volume with 26 deals, followed by Skadden, Arps, Slate, Meagher & Flom with 22 deals, Luse Gorman PC with 19 deals and White & Case with 18 deals.

    *≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI Reportage: To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans

    Source: BNZ statements

    BNZ says “To celebrate the BNZ Kāhu making women’s sporting history, it’s our shout.”

    Less than a week before women’s basketball season tips off, in a bid to increase access to the hotly contested Tauihi season, BNZ has announced that BNZ Kāhu fans attending home games in Auckland and Whangārei won’t have to pay for general admission tickets.

    Last week, the championship franchise revealed BNZ Kāhu’s all-female ownership team of Jo Caird, Jody Cameron, “Georgie” Paula George, Rachel Howard, and Dani Marshall, making New Zealand’s top women’s basketball team the first sports team in the world to be fully owned, managed, and coached by women.

    “The feedback we have been getting from across Aotearoa New Zealand has been extraordinary. Our mission is to celebrate and grow our passionate community of fans by making women’s sports more accessible and family-friendly,” says co-owner Jo Caird.

    “That all starts at home, where we want our fans to turn Eventfinda Stadium and Whangārei McKay Stadium Kensington into our fortresses. And what better way than a sold-out stadium stacked with screaming BNZ Kāhu fans,” says co-owner “Georgie” Paula George.

    Starting this Sunday, when BNZ Kāhu hosts Dunedin’s Southern Hoiho for the first game of the season, BNZ Kāhu fans will be “shouted” their tickets by the team’s naming sponsor, Bank of New Zealand.

    “We were already absolutely stoked to have BNZ as a key partner and supporter. And we were committed to welcoming overlooked communities and reimagining the possibilities. Turning that commitment into a reality is so much easier when you have partners like the team at BNZ who believe with you,” says co-owner Dani Marshall.

    “It’s an absolute no-brainer,” says BNZ’s Executive Corporate and Institutional Banking Penny Ford.

    “What better way to celebrate this groundbreaking team of leaders than by giving them and the brilliant players they support a home stadium filled with passionate fans – all season long,” she says.

    BNZ Kāhu fans who have already purchased general admission tickets will have the option to refund their purchase price or transfer that purchase into admission into a brand-new Kāhu Supporters Club.

    “Those early bird ticket holders will be some of our most passionate fans. We can’t wait to see them on Sunday,” says co-owner and coach Jody Cameron.

    • Sunday 6 October – BNZ Kāhu hosts Southern Hoiho at Eventfinda Stadium.
    • General Admission tickets to six BNZ Kāhu regular-season home games will be available for free at http://www.eventfinda.co.nz starting Tuesday 1 October.

    The post To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: BNZ offers support for Otago customers affected by severe rainfall  

    Source: BNZ statements

    BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

    Available immediately, the assistance package includes:  

    • Ability to review home lending facilities on a case-by-case basis. 
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

    “We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

    “We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

    With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

    “It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

    BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

    Customers can check whether their local BNZ branch is open here: http://www.bnz.co.nz/locations 

    The post BNZ offers support for Otago customers affected by severe rainfall   appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: BNZ launches new anti-scam tool to lock scammers out of online banking

    Source: BNZ statements

    BNZ is rolling out its latest anti-scam and fraud measure, launching an ‘online banking lock’ feature which gives customers the ability to disable all online banking activity and lock access to their online banking if they suspect a scammer has gained access to their accounts.

    “BNZ is continually looking for new ways to enhance protection for customers and combat criminal scammers,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

    “While anyone who thinks they’re being scammed should call their bank straight away, this new tool – available in the BNZ app – gives customers the ability to lock their online banking while they’re making the call, potentially speeding up the process to lock their accounts and shut scammers out,” says Kai Fong.

    Once the online account lock is activated, it disables all current internet banking and BNZ mobile account activity and locks all access.

    To prevent scammers from regaining access, customers will need to verify their identity at a BNZ branch to regain access to their accounts.

    Customers will still be able to use their cards online, instore and at ATMs while their account is locked, unless they have also chosen to block their card. To minimise disruption, scheduled payments, like rent or mortgage payments, will still go out as scheduled.

    Kai Fong says BNZ invests tens of millions of dollars every year in scam and fraud protection measures.

    “While there is no silver bullet in the fight against scammers, this is another tool in the anti-scam and fraud toolbox to help protect our customers. It’s just one of a number of new features, BNZ has introduced, including:

    • introducing a way for customers to verify their identity through the BNZ app when prompted by a BNZ staff member to confirm it is the bank calling
    • introducing additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.
    • deploying ID readers in branch to help identify fraudulent documents

    Kai Fong says customers also have a role to play in keeping themselves safe from scams and fraud:

    • keeping account details, passwords and pin numbers safe
    • never clicking on links or attachments sent by someone you don’t know or that seem out of character for someone you do know
    • keeping your computer and phone security software up to date
    • contacting your bank as soon as possible if you think you’ve been scammed

    Top tips to stay scam savvy – BNZ will never:

    • email or text you links to online banking and ask you to log in
    • send you a text message with a link to a website, or link to call us
    • ask you for information about your PIN number, bank account number, or password
    • ask you to verbally share the authentication codes sent to you by text or email, even with a BNZ staff member
    • ask you to transfer money to help catch a scammer or a bank employee who is scamming customers
    • send you a text message about account issues with a link to log in
    • ask you to download software to access your Internet Banking remotely
    • use international phone numbers to call or send you notifications.

    The post BNZ launches new anti-scam tool to lock scammers out of online banking appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: BNZ to provide Confirmation of Payee to customers in November

    Source: BNZ statements

    BNZ will be one of the first New Zealand banks to provide Confirmation of Payee when it rolls out the service at the end of November.

    “At BNZ we’re continuously looking for new ways to help protect customers from scammers,” says BNZ CEO Dan Huggins.

    “We’re pleased to be able to deliver Confirmation of Payee as quickly as possible after it becomes available in New Zealand, adding it to the suite of tools to help our customers be safer online.”

    BNZ’s other recent anti-scam features include:
    • An ‘online banking lock’ feature in the BNZ banking app which allows customers to disable all internet banking and BNZ mobile app activity and lock access to their accounts if they suspect a scammer has gained access to their online accounts.
    • Additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.

    Confirmation of Payee will provide BNZ customers with an extra level of assurance when making payments from one bank account to another within New Zealand.

    It will help customers be confident that they are paying who they think they are before the payment is made, which will help reduce payment errors and stop some instances of scams and fraud.

    From next week, BNZ will start contacting customers to let them know Confirmation of Payee is coming, what it is and how it will work.

    “BNZ invests tens of millions of dollars in scam, fraud and anti-money laundering protection each year. As always, we encourage our customers to get in touch with us straight away if they think they may be being scammed,” says Huggins.

     

    The post BNZ to provide Confirmation of Payee to customers in November appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-Evening Report: I have hay fever. How can I tell what I’m allergic to?

    Source: The Conversation (Au and NZ) – By Ryan Mead-Hunter, Senior lecturer, School of Population Health, Curtin University

    Kaboompics.com/Pexels

    When we think of spring we think of warming weather, birdsong and flowers. But for many people, this also means the return of their seasonal hay fever symptoms.

    Around 24% of Australians get hay fever, with sneezing, a runny or blocked nose, and itchy or watery eyes the most common symptoms. In severe cases, this may impact sleep and concentration, or be linked to increased frequency of sinus infections.

    The exact timing of the symptoms depends on your exposure to an allergen – the thing you’re allergic to. Those impacted by tree pollen (from plane trees or cypress pine, for example) may experience symptoms at different times of the year than those impacted by grass pollen (such as rye grass). This will also vary around the country.

    In Perth, for example, tree pollen (cypress pine) is generally present in August to October, while grass pollen counts tend to be highest in October to November. Other cities and regions may have longer pollen seasons, which may extend further into summer.

    Remind me, how does hay fever impact the body?

    What we know colloquially as hay fever is called allergic rhinitis. Exposure to a specific allergen (or allergens) triggers an immune response in the body. This leads to inflammation and swelling of the tissue lining the nasal passages in the nose.

    A range of allergens may trigger such a response: pollen (from trees, grass or weeds), dust mites, pet fur, dander, mould and some air pollutants.

    Those with allergies that are only present for part of the year, such as pollen, experience what we call seasonal hay fever, while those with allergies that may be present at any time, such as dust mites and pet dander, experience perennial hay fever.

    Getting a diagnosis

    Many people with hay fever self-manage their symptoms by limiting exposure to allergens and using over-the-counter antihistamines and steroid nasal sprays.

    But this may require assistance from your GP and confirmation that what you’re experiencing is hay fever. Your GP can assess your symptoms and medical history, provide a diagnosis, and help with treating and managing your symptoms.

    Your GP may also be able help you identify potential allergens, based on when you experience symptoms and the environments to which you’re exposed.

    If symptoms persist, your GP may suggest allergy testing. They may refer you to a specialist called an immunologist, to determine what particular allergen is causing your symptoms, using skin prick tests or blood tests. Tests typically involve controlled exposure to small quantities of suspected allergens.

    But note, there are a number of tests marketed online that are unproven and not recommended by reputable bodies.

    How else can I work out what I’m allergic to?

    For those with seasonal hay fever, resources are available to help manage exposures, based on the flowering seasons for common allergy-related species or through pollen forecasting services.

    The Australian Society of Clinical Immunology and Allergy provides a useful pollen guide for each species and when they’re most likely to cause symptoms, broken down for each state and territory.

    Pollen monitoring and forecasting services – such as Perth Pollen, Melbourne Pollen and Sydney Pollen, as well as for other cities – can help you plan outdoor activities.

    There are also associated phone apps for these services, which can give notifications when the pollen count is high. You can down load these apps (such as AirRater, Perth Pollen, Melbourne Pollen and Sydney Pollen) from your preferred app store.

    Apps such as AirRater also allow you to enter information about your symptoms, which can then be matched to the environmental conditions at the time (pollen count, temperature, smoke, and so on).

    Using statistical modelling, the app may be able to establish a link between symptoms and exposure. If a sufficiently high correlation is established, the app can send you notifications when the exposure risk is high. This may prompt you to limit outdoor activities and have any medication readily available.

    Further information about managing allergic rhinitis is available from healthdirect and Allergy and Anaphylaxis Australia

    Ryan Mead-Hunter receives funding from the Department of Water and Environmental Regulation (WA) and the NHMRC. He is part of the Perth Pollen team.

    – ref. I have hay fever. How can I tell what I’m allergic to? – https://theconversation.com/i-have-hay-fever-how-can-i-tell-what-im-allergic-to-240450

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: From Camilla to the ‘ugly’ Elizabeth of Austria: a problematic history of obsessing over royal women’s looks

    Source: The Conversation (Au and NZ) – By Darius von Guttner Sporzynski, Historian, Australian Catholic University

    Elizabeth of Austria and Casimir IV of Poland in the woodcut from the Łaski Statute. Archiwum Główne Akt Dawnych

    Throughout history, queens have often been judged on their looks. Beauty standards shaped early-modern queenship. Even today, royal women such as the UK royal family’s Camilla, Catherine and Meghan are scrutinised for their looks, while their male counterparts aren’t held to the same standard.

    One woman who faced particular scrutiny for her looks was Elizabeth of Austria (1436/37–1505). Known as the “mother of kings”, Elizabeth married Casimir IV of Poland and had 13 children, securing the Jagiellon dynasty’s future. Yet she is still remembered for her supposed lack of beauty.

    This obsession with her appearance overlooks what really mattered for queens in her time: fertility, motherhood, political alliances and dynastic stability.

    Beauty versus duty

    Elizabeth was a powerful queen consort of Poland who played a significant role in European politics. Yet for centuries, she has been chiefly labelled as unattractive. This narrative likely began as early as 50 years after her death, with commentators focusing on her supposed ugliness.

    But the foundation for these claims is shaky, at best. Medieval chroniclers, such as Jan Długosz, who documented the lives of Polish rulers and their families, made no mention of Elizabeth’s appearance.

    This omission is significant as Długosz often commented on the beauty, or lack thereof, of other royal women. The absence of such remarks in Elizabeth’s case suggests her physical appearance was not a matter of public concern during her lifetime.

    Later chroniclers such as Maciej of Miechów (1457–1523) and Marcin Bielski (1495–1575), who drew heavily from Długosz, also failed to comment on Elizabeth’s looks, further underscoring the lack of focus on her beauty.

    In 1548, Polish nobleman Andrzej Górka alleged in a rhetorical speech that King Casimir IV was disappointed by Elizabeth’s appearance and considered breaking off their engagement. Górka claimed the king expressed doubts about the impending marriage because of Elizabeth’s lack of beauty – and the only thing that persuaded him to wed was a sense of duty.

    However, Górka’s speech took place almost a century after the actual events. It was delivered in a political context where the goal was to influence Casimir’s grandson not to marry for love.

    This saga mirrors a well-known English story involving Henry VIII and Anne of Cleves. In 1540, Henry, eager to meet his new bride, rode in disguise to surprise her. The meeting didn’t go as planned. Henry’s disappointment in Anne’s appearance became notorious and the marriage was speedily annulled.

    Both of these stories reflect the pressure queens faced to meet idealistic beauty standards, often with serious consequences. Henry’s judgement of Anne based on her looks altered the course of their marriage and, by extension, future political alliances. His behaviour reinforced the idea that a queen’s worth was tied to her physical appearance, overshadowing her political or dynastic significance.

    Elizabeth as the ‘ugly queen’

    The primary role of a queen in early-modern Europe was to provide heirs and secure political alliances through marriage. Beauty was arguably not the most important factor.

    This 1454 painting depicts the marriage of Elizabeth of Austria to Casimir IV of Poland.
    Wikimedia

    Elizabeth of Austria’s marriage to Casimir IV of Poland was about strengthening ties between the Habsburg and Jagiellon dynasties, not about physical attraction. Of Elizabeth’s 13 children, several went on to become kings and queens across Europe. Her ancestry and status as a mother were the basis of her political influence – far more valuable than her looks.

    Around 1502, in anticipation of the birth of her grandchild, Elizabeth commissioned a treatise to provide practical advice on raising a future ruler. She believed a royal child should embody values, attitudes and behaviours befitting a future monarch.

    However, as history shows, the perception of a queen’s beauty could still end up influencing her legacy. While Elizabeth’s contemporaries didn’t seem to care about her appearance, later generations did.

    The myth of Elizabeth’s unattractiveness gained traction primarily after a 1973 investigation into the royal tombs at the Wawel Cathedral in Kraków. Skeletal remains identified as belonging to Elizabeth showed facial deformities, reinforcing the myth. However, there’s no solid proof these bones were even hers, and the findings have since been questioned.

    Nonetheless, the idea that a queen had to be beautiful to be politically capable took hold over time. Even though Elizabeth helped secure the future of one of Europe’s most powerful dynasties, her legacy is clouded by a narrative focused on her appearance.

    Royal beauty standards today

    Royal women in the 21st century continue to be haunted by the same narratives that plagued Anne of Cleves and Elizabeth of Austria. Queen Camilla, for instance, has been criticised for her looks throughout her public life, especially in comparison to the late Princess Diana.

    Kate Middleton and Meghan Markle also face intense media scrutiny over their appearance, with headlines dissecting everything from their fashion choices to their weight. Queen Mary of Denmark, Princess Charlene of Monaco and Queen Letizia of Spain face similar scrutiny.

    Sure, queens were and are aware of this. Many even weaponised beauty, ritual and fashion for their own gain. Cleopatra did this to hold onto power in ancient Egypt, and Marie Antoinette to protect herself from the hostile French court.

    A circa 1774 portrait of Marie Antoinette.
    Marie Antoinette, with her extravagant dresses, became as renowned for her fashion as her scandalous behaviour.
    British Museum, CC BY-NC-SA

    Elizabeth I’s reign in England gave rise to a concept of “Elizabethan beauty”, characterised by pale skin and rosy lips and cheeks. And the late Elizabeth II understood the need to dress the part.

    By reducing royal women to their looks – or framing them as fashion icons – we fail to reckon with their individual characters and influence in the world. Meanwhile, men such as King Charles, King Frederick of Denmark and King Felipe of Spain are more likely to be judged by their virility, actions and policies.

    Should beauty really matter when it comes to royal women? Shouldn’t we be more interested in their contributions to history, politics and society?

    It’s time to shift the conversation away from appearance and focus on what matters: the impact these women have on the world. Like their male counterparts, they are crucial figures in shaping history and politics, so we ought to think carefully about how we judge them.

    The Conversation

    Darius von Guttner Sporzynski receives funding from the National Science Centre, Poland as a partner investigator in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    Magdalena Biniaś-Szkopek receives funding from the National Science Centre, Poland, as the principal investigator in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    Robert Tomczak receives funding from the National Science Centre, Poland, as a post-doctoral fellow in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    – ref. From Camilla to the ‘ugly’ Elizabeth of Austria: a problematic history of obsessing over royal women’s looks – https://theconversation.com/from-camilla-to-the-ugly-elizabeth-of-austria-a-problematic-history-of-obsessing-over-royal-womens-looks-241674

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Universities – Conventional treatments just aren’t cutting it – Expert reaction to new draft guidelines on PFAS in Australia’s drinking water and importation ban – Flinders

    Source: Flinders University

    Dr Afrooz Bayat is an expert in systems and environmental engineering and has done research on waste and water treatment.

    “Starting in July 2025, the Federal Government will ban the production and importation of certain PFAS substances, including some everyday products. The National Health and Medical Council has also released draft guidelines on lower limits to four types of ‘forever chemicals’ in drinking water.

    “When PFAS chemicals get into the water, they can spread far and wide, contaminating many places, including South Australia and even Antarctica. This widespread issue calls for global action. Unfortunately, our current water treatment systems and home filters aren’t effective at removing PFAS because these chemicals are incredibly strong and dissolve easily in water.  

    “You’ll find PFAS in many everyday items like sunscreen, make-up, stain-resistant couches, and food packaging such as pizza boxes. This makes monitoring and reporting essential to identify contamination. However, many water utilities don’t regularly test for PFAS, so we need more testing, including more regular water testing, to keep track of these chemicals.

    “PFAS are linked with several health issues. There is evidence to support they cause issues that include increased cholesterol, levels low birth weight, thyroid disease, liver damage and kidney damage. There is also some evidence to suggest that PFAS may increase the risk of miscarriage, low birth rates and obesity.

    “The maximum allowable concentration of PFOS in drinking water is set at four drops per 20 Olympic-sized swimming pools (4.0 ppt) (WSAA, 2024) . Despite this, some guidelines for some PFAS chemicals are still much higher than international standards. For instance, the US has standards that are 50 times stricter than the new proposed standards in Australia.

    “To tackle these ‘forever chemicals’, we need more advanced engineering solutions, as conventional treatment methods just aren’t cutting it.”

    MIL OSI – Submitted News –

  • MIL-OSI: Sandy Spring Bancorp Reports Third Quarter Earnings of $16.2 Million

    Source: GlobeNewswire (MIL-OSI)

    OLNEY, Md., Oct. 21, 2024 (GLOBE NEWSWIRE) — Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, reported net income of $16.2 million ($0.36 per diluted common share) for the quarter ended September 30, 2024, compared to net income of $22.8 million ($0.51 per diluted common share) for the second quarter of 2024 and $20.7 million ($0.46 per diluted common share) for the third quarter of 2023.

    Current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the quarter ended June 30, 2024 and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. Core earnings exclude the after-tax impact of amortization of intangibles, investment securities gains or losses and other non-recurring or extraordinary items. The current quarter’s decline in net income and core earnings as compared to the linked quarter was driven by higher provision for credit losses combined with higher non-interest expense, partially offset by higher net interest income. The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023.

    “We have a solid capital position and are seeing ongoing success with our core deposit strategies and our wealth management lines of business,” said Daniel J. Schrider, Chair, President & CEO of Sandy Spring Bank. “Our wealth teams – Sandy Spring Trust, and our subsidiaries, West Financial and RPJ – have an expanding number of referrals from current clients and work closely with business owners from early growth through maturity. The success of our wealth teams’ approach is reflected in our strong fee income results.”

    Third Quarter Highlights

    • Total assets at September 30, 2024 increased by 3% to $14.4 billion compared to $14.0 billion at June 30, 2024.
    • Total loans remained level at $11.5 billion as of September 30, 2024 compared to June 30, 2024. During the current quarter, AD&C and commercial business loans and lines increased by $71.3 million and $19.4 million, respectively, while the commercial investor real estate segment declined by $64.9 million. Total residential mortgage and consumer loan portfolios remained relatively unchanged during this period.
    • Deposits increased by $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024, as interest-bearing deposits increased $425.8 million, while noninterest-bearing deposits declined $28.3 million. Strong growth in the interest-bearing deposit categories was mainly experienced within money market, time deposits and savings accounts, which grew by $185.2 million, $151.5 million, and $66.1 million, respectively, compared to the linked quarter. The decline in noninterest-bearing deposit categories was driven by lower balances in personal and small business checking accounts. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and represented 94% of total deposits as of September 30, 2024.
    • The ratio of non-performing loans to total loans was 1.09% at September 30, 2024 compared to 0.81% at June 30, 2024 and 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan that was placed on non-accrual status during the current period. Net charge-offs for the current quarter totaled $0.7 million.
    • Net interest income for the third quarter of 2024 grew $1.1 million or 1% compared to the previous quarter and decreased by $3.7 million or 4% compared to the third quarter of 2023. Compared to the previous quarter, interest income increased by $5.0 million, while interest expense increased by $3.9 million.
    • The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. During the current quarter, the net interest margin was negatively impacted by a reversal of previously accrued uncollected interest income on a single large AD&C loan placed on a non-accrual status. Compared to the linked quarter, the rate paid on interest-bearing liabilities increased seven basis points, while the yield on interest-earning assets increased three basis points.
    • Provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million in the previous quarter and $3.2 million in the prior year quarter. The current quarter’s provision expense is mainly attributable to higher individual reserves on collateral-dependent loans, primarily related to a single AD&C loan due to the borrower-specific circumstances, partially offset by lower qualitative adjustments due to the reduction in commercial investor real estate loans. In addition, during the current quarter, the provision for unfunded commitments was insignificant compared to a credit of $1.9 million from the previous quarter.
    • Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The quarter-over-quarter increase was mainly driven by higher wealth management income and other income, generated by higher credit-related fees, which was fully offset by lower income from bank owned life insurance due to a receipt of one-time mortality proceeds during the prior quarter.
    • Non-interest expense for the third quarter of 2024 increased by $4.8 million compared to the second quarter of 2024 and $0.5 million compared to the prior year quarter. The quarterly increase in non-interest expense was primarily due to higher salaries and benefits along with an increase in professional fees and services.
    • Return on average assets (“ROA”) for the quarter ended September 30, 2024 was 0.46% and return on average tangible common equity (“ROTCE”) was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27%, respectively, for the previous quarter and 0.78% and 9.51%, respectively, for the third quarter of 2023.
    • The GAAP efficiency ratio was 72.12% for the third quarter of 2024, compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The non-GAAP efficiency ratio was 69.06% for the third quarter of 2024 compared to 65.31% for the second quarter of 2024 and 60.91% for the prior year quarter. The increase in non-GAAP efficiency ratio (reflecting a decrease in efficiency) in the current quarter compared to the previous quarter was the result of higher non-interest expense in the current quarter.

    Balance Sheet and Credit Quality

    Total assets were $14.4 billion at September 30, 2024, as compared to $14.0 billion at June 30, 2024. At September 30, 2024, total loans remained stable at $11.5 billion compared to the previous quarter. During this period, the growth in AD&C and commercial business loans and lines of $71.3 million or 6% and $19.4 million or 1%, respectively, were mostly offset by the decline in commercial investor real estate loans of $64.9 million or 1%. Total residential mortgage and consumer loan portfolios remained relatively unchanged.

    Deposits increased $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024. During this period, noninterest-bearing deposits decreased $28.3 million or 1%, while interest-bearing deposits increased $425.8 million or 5%. The slight decline in noninterest-bearing deposit categories was driven by decreases in personal and small business checking accounts, partially offset by an increase in commercial checking accounts. Growth in interest-bearing deposits was seen across all product categories, but most notably in money market and time deposit accounts which grew $185.2 million or 7% and $151.5 million or 6% during the current quarter, respectively. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and remained at 94% of the total deposits as of September 30, 2024 compared to June 30, 2024, reflecting continued strength and stability of the core deposit base. Total uninsured deposits at September 30, 2024 were approximately 37% of total deposits.

    Total borrowings decreased $54.1 million or 6% at September 30, 2024 as compared to the previous quarter, primarily driven by a $50.0 million pay down of FHLB advances. At September 30, 2024, available unused sources of liquidity, which consist of available FHLB borrowings, fed funds, funds through the Federal Reserve Bank’s discount window, as well as excess cash and unpledged investment securities, totaled $6.3 billion or 146% of uninsured deposits.

    The tangible common equity to tangible assets ratio declined slightly to 8.83% at September 30, 2024, compared to 8.85% at June 30, 2024.

    At September 30, 2024, the Company had a total risk-based capital ratio of 15.53%, a common equity tier 1 risk-based capital ratio of 11.27%, a tier 1 risk-based capital ratio of 11.27%, and a tier 1 leverage ratio of 9.59%. These risk-based capital ratios compare to a total risk-based capital ratio of 15.49%, a common equity tier 1 risk-based capital ratio of 11.28%, a tier 1 risk-based capital ratio of 11.28%, and a tier 1 leverage ratio of 9.70% at June 30, 2024. All of these ratios remain well in excess of the mandated minimum regulatory requirements.

    Non-performing loans include non-accrual loans and accruing loans 90 days or more past due. At September 30, 2024, non-performing loans totaled $125.3 million, compared to $93.0 million at June 30, 2024 and $51.8 million at September 30, 2023. The non-performing loans to total loans ratio was 1.09% compared to 0.81% on a linked quarter basis. These levels of non-performing loans compare to 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan with the total outstanding principal balance of $28.0 million, which was placed on a non-accrual status during the current period. Total net charge-offs for the current quarter amounted to $0.7 million compared to $0.2 million for the second quarter of 2024 and $0.1 million for the third quarter of 2023.

    At September 30, 2024, the allowance for credit losses was $131.4 million or 1.14% of outstanding loans and 105% of non-performing loans, compared to $125.9 million or 1.10% of outstanding loans and 135% of non-performing loans at the end of the previous quarter and $123.4 million or 1.09% of outstanding loans and 238% of non-performing loans at the end of the third quarter of 2023. The increase in the allowance for the current quarter compared to the previous quarter mainly reflects higher individual reserves on collateral-dependent non-accrual loans, primarily driven by the aforementioned AD&C lending relationship, partially offset by lower qualitative adjustments as a result of declines in commercial investor real estate loans.

    Income Statement Review

    Quarterly Results

    Net income was $16.2 million ($0.36 per diluted common share) for the three months ended September 30, 2024 compared to $22.8 million ($0.51 per diluted common share) for the three months ended June 30, 2024 and $20.7 million ($0.46 per diluted common share) for the prior year quarter. The current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the previous quarter and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. The decreases in the current quarter’s net income and core earnings compared to the previous quarter were driven primarily by higher provision for credit losses and non-interest expense.

    Net interest income for the third quarter of 2024 increased $1.1 million or 1% compared to the previous quarter and declined $3.7 million or 4% compared to the third quarter of 2023. During the current quarter, interest income increased $5.0 million, while interest expense increased $3.9 million. The rising interest rate environment was primarily responsible for a $7.7 million year-over-year increase in interest income. This growth in interest income was more than offset by the $11.4 million year-over-year growth in interest expense as funding costs have also risen in response to the rising rate environment and significant competition for deposits.

    The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. The decrease in the net interest margin during the current quarter was a result of a seven basis point increase in the rate paid on interest-bearing liabilities, while the yield earned on interest-earning assets rose three basis points. The current quarter’s net interest margin was negatively impacted by approximately three basis points due to the reversal of previously accrued uncollected interest income on a single large AD&C loan placed on non-accrual status during the period. As compared to the prior year quarter, the yield on interest-earning assets increased 23 basis points while the rate paid on interest-bearing liabilities rose 39 basis points, resulting in net interest margin compression of 11 basis points. The rate and yield increases year-over-year were driven by the higher interest rate environment, competition for deposits in the market, and customer movement of excess funds out of noninterest-bearing accounts into higher yielding products.

    The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023. The provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million for the second quarter of 2024 and $3.2 million for the third quarter of 2023. The current quarter’s provision is mainly a reflection of higher individual reserves on collateral-dependent non-accrual loans, primarily associated with the provision on a single AD&C lending relationship based on the current fair value of the collateral, partially offset by lower qualitative adjustments driven by an overall reduction in commercial investor real estate loan portfolio. In addition, during the current quarter, the reserve for unfunded commitments remained relatively stable at $1.5 million.

    Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The current quarter’s increase in non-interest income as compared to the previous quarter was mainly driven by the $0.4 million increase in other income, generated by credit-related fees, and $0.3 million increase in wealth management income, due to the $352.1 million or 6% growth in assets under management quarter-over-quarter and the overall favorable market performance, offset by $0.5 million decrease in BOLI income, due to the receipt of one-time death proceeds in the prior quarter.

    Non-interest expense for the third quarter of 2024 increased $4.8 million or 7% compared to the second quarter of 2024 and $0.5 million or 1% compared to the third quarter of 2023. The quarter-over-quarter increase is predominantly attributable to the $3.2 million increase in salaries and benefits, due to the increase in employee incentive compensation coupled with the $1.6 million increase in professional fees and services, mostly due to a one-time contract negotiation fee. The prior year quarter included $8.2 million of pension settlement expense related to the termination of the Company’s pension plan. Excluding this item, non-interest expense for the third quarter of 2024 increased $8.6 million or 13% compared to the third quarter of 2023.

    For the third quarter of 2024, the GAAP efficiency ratio was 72.12% compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The GAAP efficiency ratio rose from the prior year quarter primarily as a result of the 1% increase in GAAP non-interest expense coupled with the 1% decline in GAAP revenue. The non-GAAP efficiency ratio was 69.06% for the current quarter as compared to 65.31% for the second quarter of 2024 and 60.91% for the third quarter of 2023. The increase in the non-GAAP efficiency ratio (reflecting a decrease in efficiency) from the third quarter of the prior year to the current year quarter was primarily the result of the 12% increase in adjusted non-interest expense.

    ROA for the quarter ended September 30, 2024 was 0.46% and ROTCE was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27% for the second quarter of 2024 and 0.78% and 9.51%, respectively, for the third quarter of 2023.

    Year-to-Date Results

    The Company recorded net income of $59.4 million for the nine months ended September 30, 2024 compared to net income of $96.7 million for the same period in the prior year. Core earnings were $64.3 million for the nine months ended September 30, 2024 compared to $107.2 million for the same period in the prior year. Year-to-date net income and core earnings declined as a result of lower net interest income in combination with higher provision for credit losses, which was partially offset by higher non-interest income.

    For the nine months ended September 30, 2024, net interest income decreased $31.8 million compared to the prior year as a result of the $61.1 million increase in interest expense, partially offset by the $29.3 million increase in interest income. The increase in interest expense was driven by the interest expense on deposits, primarily associated with savings and time deposit accounts. The net interest margin declined to 2.44% for the nine months ended September 30, 2024, compared to 2.75% for the prior year, primarily as a result of higher funding costs due to the elevated interest rate environment and market competition for deposits during the period.

    The provision for credit losses for the nine months ended September 30, 2024 was $9.7 million as compared to a credit of $14.1 million for 2023. The provision for the nine months ended September 30, 2024 was primarily due to an increase in individual reserves on collateral-dependent non-accrual loans, as well as adjustments applied to specific industries within the commercial real estate segment during the first quarter of 2024. The prior year’s credit to provision was mainly attributable to the improving regional forecasted unemployment rate observed during the first half of 2023, and the declining probability of economic recession.

    For the nine months ended September 30, 2024, non-interest income increased 14% to $57.7 million compared to $50.5 million for 2023. During the current year, wealth management income increased $3.7 million or 14%, as assets under management increased $1.0 billion or 19% year-over-year. In addition, BOLI mortality-related income and service charges on deposit accounts increased $1.3 million and $1.1 million, respectively.

    Non-interest expense increased to $209.0 million for the nine months ended September 30, 2024, compared to $207.9 million for 2023. The drivers of the increase in non-interest expense were the $4.0 million increase in professional fees and services, $2.7 increase in amortization of intangible assets, $1.8 million increase in FDIC expense, and $1.2 million increase in outside data services. These year-over-year increases were offset by the $9.2 million decrease in compensation and benefits, as the prior year period included $8.2 million pension termination expense and $1.9 million of severance related expenses associated with staffing adjustments.

    For the nine months ended September 30, 2024, the GAAP efficiency ratio was 69.98% compared to 64.29% for the same period in 2023. The non-GAAP efficiency ratio for the current year was 67.04% compared to 59.42% for the prior year. The growth in the current year’s GAAP and non-GAAP efficiency ratios compared to the prior year, indicating a decline in efficiency, was the result of the declines in GAAP and non-GAAP revenues combined with the growth in GAAP and non-GAAP non-interest expenses.

    Explanation of Non-GAAP Financial Measures

    This news release contains financial information and performance measures determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s management believes that the supplemental non-GAAP information provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following:

    • Tangible common equity and related measures are non-GAAP measures that exclude the impact of goodwill and other intangible assets.
    • The non-GAAP efficiency ratio excludes amortization of intangible assets, investment securities gains/(losses), severance expense, contingent payment expense, and includes tax-equivalent income.
    • Core earnings and the related measures of core earnings per diluted common share, core return on average assets and core return on average tangible common equity reflect net income exclusive of amortization of intangible assets, investment securities gains/(losses) and other non-recurring or extraordinary items, on a net of tax basis.
    • Pre-tax pre-provision net income excludes income tax expense and the provision (credit) for credit losses.

    These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please refer to the non-GAAP Reconciliation tables included with this release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    Conference Call Cancelled

    As a result of today’s announcement that the Company has entered into a merger agreement with Atlantic Union Bankshares Corporation, the Company has cancelled its conference call scheduled for 2:00 p.m. ET today to discuss the Company’s results for the third quarter of 2024.

    About Sandy Spring Bancorp, Inc.

    Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

    Source: Sandy Spring Bancorp, Inc.
    Code: SASR-E

    Forward-Looking Statements

    Sandy Spring Bancorp’s forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These risks and uncertainties include, but are not limited to, the risks identified in our quarterly and annual reports and the following: changes in general business and economic conditions nationally or in the markets that we serve; changes in consumer and business confidence, investor sentiment, or consumer spending or savings behavior; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; the impact of the interest rate environment on our business, financial condition and results of operations; the impact of compliance with changes in laws, regulations and regulatory interpretations, including changes in income taxes; changes in credit ratings assigned to us or our subsidiaries; the ability to realize benefits and cost savings from, and limit any unexpected liabilities associated with, any business combinations; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the impact of changes in accounting policies, including the introduction of new accounting standards; the impact of judicial or regulatory proceedings; the impact of fiscal and governmental policies of the United States federal government; the impact of health emergencies, epidemics or pandemics; the effects of climate change; and the impact of natural disasters, extreme weather events, military conflict, terrorism or other geopolitical events. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at http://www.sec.gov.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    FINANCIAL HIGHLIGHTS – UNAUDITED

        Three Months Ended
    September 30,    		       Nine Months Ended
    September 30,    		    
    (Dollars in thousands, except per share data)     2024       2023     %
    Change    		     2024       2023     %
    Change
    Results of operations:                        
    Net interest income   $ 81,412     $ 85,081     (4 )%   $ 241,040     $ 272,854     (12 )%
    Provision/ (credit) for credit losses     6,316       2,365     167 %     9,724       (14,116 )   N/M
    Non-interest income     19,715       17,391     13       57,669       50,518     14  
    Non-interest expense     72,937       72,471     1       209,047       207,912     1  
    Income before income tax expense     21,874       27,636     (21 )     79,938       129,576     (38 )
    Net income     16,209       20,746     (22 )     59,388       96,744     (39 )
                             
    Net income attributable to common shareholders   $ 16,205     $ 20,719     (22 )   $ 59,351     $ 96,552     (39 )
    Pre-tax pre-provision net income (1)   $ 28,190     $ 30,001     (6 )   $ 89,662     $ 115,460     (22 )
                             
    Return on average assets     0.46 %     0.58 %         0.56 %     0.92 %    
    Return on average common equity     4.01 %     5.35 %         4.99 %     8.50 %    
    Return on average tangible common equity (1)     5.88 %     7.42 %         7.17 %     11.67 %    
    Net interest margin     2.44 %     2.55 %         2.44 %     2.75 %    
    Efficiency ratio – GAAP basis (2)     72.12 %     70.72 %         69.98 %     64.29 %    
    Efficiency ratio – Non-GAAP basis (2)     69.06 %     60.91 %         67.04 %     59.42 %    
                             
    Per share data:                        
    Basic net income per common share   $ 0.36     $ 0.46     (22 )%   $ 1.32     $ 2.16     (39 )%
    Diluted net income per common share   $ 0.36     $ 0.46     (22 )   $ 1.31     $ 2.15     (39 )
    Weighted average diluted common shares     45,242,920       44,960,455     1       45,156,521       44,912,803     1  
    Dividends declared per share   $ 0.34     $ 0.34     —     $ 1.02     $ 1.02     —  
    Book value per common share   $ 36.10     $ 34.26     5     $ 36.10     $ 34.26     5  
    Tangible book value per common share (1)   $ 27.37     $ 25.80     6     $ 27.37     $ 25.80     6  
    Outstanding common shares     45,125,078       44,895,158     1       45,125,078       44,895,158     1  
                             
    Financial condition at period-end:                        
    Investment securities   $ 1,440,488     $ 1,392,078     3 %   $ 1,440,488     $ 1,392,078     3 %
    Loans     11,491,921       11,300,292     2       11,491,921       11,300,292     2  
    Assets     14,383,073       14,135,085     2       14,383,073       14,135,085     2  
    Deposits     11,737,694       11,151,012     5       11,737,694       11,151,012     5  
    Stockholders’ equity     1,628,837       1,537,914     6       1,628,837       1,537,914     6  
                             
    Capital ratios:                        
    Tier 1 leverage (3)     9.59 %     9.50 %         9.59 %     9.50 %    
    Common equity tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Total regulatory capital to risk-weighted assets (3)     15.53 %     14.85 %         15.53 %     14.85 %    
    Tangible common equity to tangible assets (4)     8.83 %     8.42 %         8.83 %     8.42 %    
    Average equity to average assets     11.37 %     10.92 %         11.32 %     10.84 %    
                             
    Credit quality ratios:                        
    Allowance for credit losses to loans     1.14 %     1.09 %         1.14 %     1.09 %    
    Non-performing loans to total loans     1.09 %     0.46 %         1.09 %     0.46 %    
    Non-performing assets to total assets     0.89 %     0.37 %         0.89 %     0.37 %    
    Allowance for credit losses to non-performing loans     104.92 %     238.32 %         104.92 %     238.32 %    
    Annualized net charge-offs/ (recoveries) to average loans (5)     0.03 %     — %         0.02 %     0.02 %    
    N/M – not meaningful
    (1) Represents a non-GAAP measure.
    (2) The efficiency ratio – GAAP basis is non-interest expense divided by net interest income plus non-interest income from the Condensed Consolidated Statements of Income. The traditional efficiency ratio – Non-GAAP basis excludes intangible asset amortization, pension settlement expense, severance expense and contingent payment expense from non-interest expense; and investment securities gains/ (losses) from non-interest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights.
    (3) Estimated ratio at September 30, 2024.
    (4) The tangible common equity to tangible assets ratio is a non-GAAP ratio that divides assets excluding goodwill and other intangible assets into stockholders’ equity after deducting goodwill and other intangible assets. See the Reconciliation Table included with these Financial Highlights.
    (5) Calculation utilizes average loans, excluding residential mortgage loans held-for-sale.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED (CONTINUED)
    OPERATING EARNINGS – METRICS

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Core earnings (non-GAAP):                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments (net of tax)(1):                
    Amortization of intangible assets     1,727       932       4,864       2,851  
    Severance expense     —       —       —       1,445  
    Pension settlement expense     —       6,088       —       6,088  
    Contingent payment expense     —       —       —       27  
    Core earnings (Non-GAAP)   $ 17,936     $ 27,766     $ 64,252     $ 107,155  
                     
    Core earnings per diluted common share (non-GAAP):                
    Weighted average common shares outstanding – diluted (GAAP)     45,242,920       44,960,455       45,156,521       44,912,803  
                     
    Earnings per diluted common share (GAAP)   $ 0.36     $ 0.46     $ 1.31     $ 2.15  
    Core earnings per diluted common share (non-GAAP)   $ 0.40     $ 0.62     $ 1.42     $ 2.39  
                     
    Core return on average assets (non-GAAP):                
    Average assets (GAAP)   $ 14,136,037     $ 14,086,342     $ 14,051,722     $ 14,043,925  
                     
    Return on average assets (GAAP)     0.46 %     0.58 %     0.56 %     0.92 %
    Core return on average assets (non-GAAP)     0.50 %     0.78 %     0.61 %     1.02 %
                     
    Return/ Core return on average tangible common equity (non-GAAP):                
    Net Income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus: Amortization of intangible assets (net of tax)     1,727       932       4,864       2,851  
    Net income before amortization of intangible assets   $ 17,936     $ 21,678     $ 64,252     $ 99,595  
                     
    Average total stockholders’ equity (GAAP)   $ 1,607,377     $ 1,538,553     $ 1,590,682     $ 1,522,153  
    Average goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Average other intangible assets, net     (30,679 )     (16,777 )     (29,940 )     (18,068 )
    Average tangible common equity (non-GAAP)   $ 1,213,262     $ 1,158,340     $ 1,197,306     $ 1,140,649  
                     
    Return on average tangible common equity (non-GAAP)     5.88 %     7.42 %     7.17 %     11.67 %
    Core return on average tangible common equity (non-GAAP)     5.88 %     9.51 %     7.17 %     12.56 %
    (1) Tax adjustments have been determined using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Pre-tax pre-provision net income:                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments:                
    Income tax expense     5,665       6,890       20,550       32,832  
    Provision/ (credit) for credit losses     6,316       2,365       9,724       (14,116 )
    Pre-tax pre-provision net income (non-GAAP)   $ 28,190     $ 30,001     $ 89,662     $ 115,460  
                     
    Efficiency ratio (GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
                     
    Efficiency ratio (GAAP)     72.12 %     70.72 %     69.98 %     64.29 %
                     
    Efficiency ratio (Non-GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
    Less non-GAAP adjustments:                
    Amortization of intangible assets     2,323       1,245       6,527       3,820  
    Severance expense     —       —       —       1,939  
    Pension settlement expense     —       8,157       —       8,157  
    Contingent payment expense     —       —       —       36  
    Non-interest expense – as adjusted   $ 70,614     $ 63,069     $ 202,520     $ 193,960  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
    Plus non-GAAP adjustment:                
    Tax-equivalent income     1,121       1,068       3,359       3,044  
    Less/ (plus) non-GAAP adjustment:                
    Investment securities gains/ (losses)     —       —       —       —  
    Net interest income plus non-interest income – as adjusted   $ 102,248     $ 103,540     $ 302,068     $ 326,416  
                     
    Efficiency ratio (Non-GAAP)     69.06 %     60.91 %     67.04 %     59.42 %
                     
    Tangible common equity ratio:                
    Total stockholders’ equity   $ 1,628,837     $ 1,537,914     $ 1,628,837     $ 1,537,914  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible common equity   $ 1,234,887     $ 1,158,443     $ 1,234,887     $ 1,158,443  
                     
    Total assets   $ 14,383,073     $ 14,135,085     $ 14,383,073     $ 14,135,085  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible assets   $ 13,989,123     $ 13,755,614     $ 13,989,123     $ 13,755,614  
                     
    Tangible common equity ratio     8.83 %     8.42 %     8.83 %     8.42 %
                     
    Outstanding common shares     45,125,078       44,895,158       45,125,078       44,895,158  
    Tangible book value per common share   $ 27.37     $ 25.80     $ 27.37     $ 25.80  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED

    (Dollars in thousands)   September 30,
    2024    		   December 31,
    2023
    Assets        
    Cash and due from banks   $ 109,583     $ 82,257  
    Federal funds sold     —       245  
    Interest-bearing deposits with banks     640,763       463,396  
    Cash and cash equivalents     750,346       545,898  
    Residential mortgage loans held for sale (at fair value)     21,489       10,836  
    SBA loans held for sale     425       —  
    Investments held-to-maturity (fair values of $189,853 and $200,411 at September 30, 2024 and December 31, 2023, respectively)     220,296       236,165  
    Investments available-for-sale (at fair value)     1,149,056       1,102,681  
    Other investments, at cost     71,136       75,607  
    Total loans     11,491,921       11,366,989  
    Less: allowance for credit losses – loans     (131,428 )     (120,865 )
    Net loans     11,360,493       11,246,124  
    Premises and equipment, net     57,249       59,490  
    Other real estate owned     3,265       —  
    Accrued interest receivable     45,162       46,583  
    Goodwill     363,436       363,436  
    Other intangible assets, net     30,514       28,301  
    Other assets     310,206       313,051  
    Total assets   $ 14,383,073     $ 14,028,172  
             
    Liabilities        
    Noninterest-bearing deposits   $ 2,903,063     $ 2,914,161  
    Interest-bearing deposits     8,834,631       8,082,377  
    Total deposits     11,737,694       10,996,538  
    Securities sold under retail repurchase agreements     70,767       75,032  
    Federal Reserve Bank borrowings     —       300,000  
    Advances from FHLB     450,000       550,000  
    Subordinated debt     371,251       370,803  
    Total borrowings     892,018       1,295,835  
    Accrued interest payable and other liabilities     124,524       147,657  
    Total liabilities     12,754,236       12,440,030  
             
    Stockholders’ equity        
    Common stock — par value $1.00; shares authorized 100,000,000; shares issued and outstanding 45,125,078 and 44,913,561 at September 30, 2024 and December 31, 2023, respectively.     45,125       44,914  
    Additional paid in capital     748,202       742,243  
    Retained earnings     911,411       898,316  
    Accumulated other comprehensive loss     (75,901 )     (97,331 )
    Total stockholders’ equity     1,628,837       1,588,142  
    Total liabilities and stockholders’ equity   $ 14,383,073     $ 14,028,172  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)     2024     2023     2024     2023  
    Interest income:                
    Interest and fees on loans   $ 154,339   $ 147,304   $ 456,309   $ 431,305  
    Interest on mortgage loans held for sale     364     238     801     697  
    Interest on SBA loans held for sale     2     —     2     —  
    Interest on deposits with banks     6,191     6,371     17,401     13,979  
    Interest and dividend income on investment securities:                
    Taxable     7,440     6,682     21,319     20,538  
    Tax-advantaged     1,762     1,811     5,385     5,376  
    Interest on federal funds sold     —     5     8     13  
    Total interest income     170,098     162,411     501,225     471,908  
    Interest expense:                
    Interest on deposits     79,287     63,102     227,062     155,215  
    Interest on retail repurchase agreements and federal funds purchased     452     4,082     4,890     10,377  
    Interest on advances from FHLB     5,001     6,200     16,394     21,623  
    Interest on subordinated debt     3,946     3,946     11,839     11,839  
    Total interest expense     88,686     77,330     260,185     199,054  
    Net interest income     81,412     85,081     241,040     272,854  
    Provision/ (credit) for credit losses     6,316     2,365     9,724     (14,116 )
    Net interest income after provision/ (credit) for credit losses     75,096     82,716     231,316     286,970  
    Non-interest income:                
    Service charges on deposit accounts     3,009     2,704     8,765     7,698  
    Mortgage banking activities     1,529     1,682     4,524     4,744  
    Wealth management income     10,738     9,391     31,151     27,414  
    Income from bank owned life insurance     1,307     845     4,283     3,003  
    Bank card fees     435     450     1,293     1,315  
    Other income     2,697     2,319     7,653     6,344  
    Total non-interest income     19,715     17,391     57,669     50,518  
    Non-interest expense:                
    Salaries and employee benefits     41,030     44,853     115,549     124,710  
    Occupancy expense of premises     4,657     4,609     14,278     14,220  
    Equipment expenses     3,841     3,811     11,672     11,688  
    Marketing     1,320     729     3,350     3,861  
    Outside data services     3,025     2,819     9,414     8,186  
    FDIC insurance     2,773     2,333     8,635     6,846  
    Amortization of intangible assets     2,323     1,245     6,527     3,820  
    Professional fees and services     6,577     4,509     16,403     12,354  
    Other expenses     7,391     7,563     23,219     22,227  
    Total non-interest expense     72,937     72,471     209,047     207,912  
    Income before income tax expense     21,874     27,636     79,938     129,576  
    Income tax expense     5,665     6,890     20,550     32,832  
    Net income   $ 16,209   $ 20,746   $ 59,388   $ 96,744  
                     
    Net income per share amounts:                
    Basic net income per common share   $ 0.36   $ 0.46   $ 1.32   $ 2.16  
    Diluted net income per common share   $ 0.36   $ 0.46   $ 1.31   $ 2.15  
    Dividends declared per share   $ 0.34   $ 0.34   $ 1.02   $ 1.02  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Profitability for the quarter:                            
    Tax-equivalent interest income   $ 171,219     $ 166,252     $ 167,113     $ 166,729     $ 163,479     $ 159,156     $ 152,317  
    Interest expense     88,686       84,828       86,671       83,920       77,330       67,679       54,045  
    Tax-equivalent net interest income     82,533       81,424       80,442       82,809       86,149       91,477       98,272  
    Tax-equivalent adjustment     1,121       1,139       1,099       1,113       1,068       1,006       970  
    Provision/ (credit) for credit losses     6,316       1,020       2,388       (3,445 )     2,365       5,055       (21,536 )
    Non-interest income     19,715       19,587       18,367       16,560       17,391       17,176       15,951  
    Non-interest expense     72,937       68,104       68,006       67,142       72,471       69,136       66,305  
    Income before income tax expense     21,874       30,748       27,316       34,559       27,636       33,456       68,484  
    Income tax expense     5,665       7,941       6,944       8,459       6,890       8,711       17,231  
    Net income   $ 16,209     $ 22,807     $ 20,372     $ 26,100     $ 20,746     $ 24,745     $ 51,253  
    GAAP financial performance:                            
    Return on average assets     0.46 %     0.66 %     0.58 %     0.73 %     0.58 %     0.70 %     1.49 %
    Return on average common equity     4.01 %     5.81 %     5.17 %     6.70 %     5.35 %     6.46 %     13.93 %
    Return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     7.42 %     8.93 %     19.10 %
    Net interest margin     2.44 %     2.46 %     2.41 %     2.45 %     2.55 %     2.73 %     2.99 %
    Efficiency ratio – GAAP basis     72.12 %     68.19 %     69.60 %     68.33 %     70.72 %     64.22 %     58.55 %
    Non-GAAP financial performance:                            
    Pre-tax pre-provision net income   $ 28,190     $ 31,768     $ 29,704     $ 31,114     $ 30,001     $ 38,511     $ 46,948  
    Core after-tax earnings   $ 17,936     $ 24,400     $ 21,916     $ 27,147     $ 27,766     $ 27,136     $ 52,253  
    Core return on average assets     0.50 %     0.70 %     0.63 %     0.76 %     0.78 %     0.77 %     1.52 %
    Core return on average common equity     4.44 %     6.21 %     5.56 %     6.97 %     7.16 %     7.09 %     14.20 %
    Core return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     9.51 %     9.43 %     19.11 %
    Core earnings per diluted common share   $ 0.40     $ 0.54     $ 0.49     $ 0.60     $ 0.62     $ 0.60     $ 1.16  
    Efficiency ratio – Non-GAAP basis     69.06 %     65.31 %     66.73 %     66.16 %     60.91 %     60.68 %     56.87 %
    Per share data:                      
    Net income attributable to common shareholders   $ 16,205     $ 22,800     $ 20,346     $ 26,066     $ 20,719     $ 24,712     $ 51,084  
    Basic net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Diluted net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Weighted average diluted common shares     45,242,920       45,145,214       45,086,471       45,009,574       44,960,455       44,888,759       44,872,582  
    Dividends declared per share   $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34  
    Non-interest income:                            
    Service charges on deposit accounts     3,009       2,939       2,817       2,749       2,704       2,606       2,388  
    Mortgage banking activities     1,529       1,621       1,374       792       1,682       1,817       1,245  
    Wealth management income     10,738       10,455       9,958       9,219       9,391       9,031       8,992  
    Income from bank owned life insurance     1,307       1,816       1,160       1,207       845       1,251       907  
    Bank card fees     435       445       413       454       450       447       418  
    Other income     2,697       2,311       2,645       2,139       2,319       2,024       2,001  
    Total non-interest income   $ 19,715     $ 19,587     $ 18,367     $ 16,560     $ 17,391     $ 17,176     $ 15,951  
    Non-interest expense:                            
    Salaries and employee benefits   $ 41,030     $ 37,821     $ 36,698     $ 35,482     $ 44,853     $ 40,931     $ 38,926  
    Occupancy expense of premises     4,657       4,805       4,816       4,558       4,609       4,764       4,847  
    Equipment expenses     3,841       3,868       3,963       3,987       3,811       3,760       4,117  
    Marketing     1,320       1,288       742       1,242       729       1,589       1,543  
    Outside data services     3,025       3,286       3,103       3,000       2,819       2,853       2,514  
    FDIC insurance     2,773       2,951       2,911       2,615       2,333       2,375       2,138  
    Amortization of intangible assets     2,323       2,135       2,069       1,403       1,245       1,269       1,306  
    Professional fees and services     6,577       4,946       4,880       5,628       4,509       4,161       3,684  
    Other expenses     7,391       7,004       8,824       9,227       7,563       7,434       7,230  
    Total non-interest expense   $ 72,937     $ 68,104     $ 68,006     $ 67,142     $ 72,471     $ 69,136     $ 66,305  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Balance sheets at quarter end:                        
    Commercial investor real estate loans   $ 4,868,467     $ 4,933,329     $ 4,997,879     $ 5,104,425     $ 5,137,694     $ 5,131,210     $ 5,167,456  
    Commercial owner-occupied real estate loans     1,737,327       1,747,708       1,741,113       1,755,235       1,760,384       1,770,135       1,769,928  
    Commercial AD&C loans     1,255,609       1,184,296       1,090,259       988,967       938,673       1,045,742       1,046,665  
    Commercial business loans     1,620,926       1,601,510       1,509,592       1,504,880       1,454,709       1,423,614       1,437,478  
    Residential mortgage loans     1,529,786       1,521,890       1,511,624       1,474,521       1,432,051       1,385,743       1,328,524  
    Residential construction loans     53,639       78,027       97,685       121,419       160,345       190,690       223,456  
    Consumer loans     426,167       417,161       416,132       417,542       416,436       422,505       421,734  
    Total loans     11,491,921       11,483,921       11,364,284       11,366,989       11,300,292       11,369,639       11,395,241  
    Allowance for credit losses – loans     (131,428 )     (125,863 )     (123,096 )     (120,865 )     (123,360 )     (120,287 )     (117,613 )
    Residential mortgage loans held for sale     21,489       18,961       16,627       10,836       19,235       21,476       16,262  
    SBA loans held for sale     425       —       —       —       —       —       —  
    Investment securities     1,440,488       1,401,511       1,405,490       1,414,453       1,392,078       1,463,554       1,528,336  
    Total assets     14,383,073       14,008,343       13,888,133       14,028,172       14,135,085       13,994,545       14,129,007  
    Noninterest-bearing demand deposits     2,903,063       2,931,405       2,817,928       2,914,161       3,013,905       3,079,896       3,228,678  
    Total deposits     11,737,694       11,340,228       11,227,200       10,996,538       11,151,012       10,958,922       11,075,991  
    Customer repurchase agreements     70,767       75,038       71,529       75,032       66,581       74,510       47,627  
    Total stockholders’ equity     1,628,837       1,599,004       1,589,364       1,588,142       1,537,914       1,539,032       1,536,865  
    Quarterly average balance sheets:                        
    Commercial investor real estate loans   $ 4,874,003     $ 4,964,406     $ 5,057,334     $ 5,125,028     $ 5,125,459     $ 5,146,632     $ 5,136,204  
    Commercial owner-occupied real estate loans     1,741,663       1,734,106       1,746,042       1,755,048       1,769,717       1,773,039       1,769,680  
    Commercial AD&C loans     1,253,035       1,133,506       1,030,763       960,646       995,682       1,057,205       1,082,791  
    Commercial business loans     1,579,001       1,551,798       1,508,336       1,433,035       1,442,518       1,441,489       1,444,588  
    Residential mortgage loans     1,526,445       1,518,748       1,491,277       1,451,614       1,406,929       1,353,809       1,307,761  
    Residential construction loans     64,684       86,638       110,456       142,325       174,204       211,590       223,313  
    Consumer loans     421,003       417,206       417,539       419,299       421,189       423,306       424,122  
    Total loans     11,459,834       11,406,408       11,361,747       11,286,995       11,335,698       11,407,070       11,388,459  
    Residential mortgage loans held for sale     19,889       14,497       8,142       10,132       13,714       17,480       8,324  
    SBA loans held for sale     65       —       —       —       —       —       —  
    Investment securities     1,531,378       1,538,624       1,536,127       1,544,173       1,589,342       1,639,324       1,679,593  
    Interest-earning assets     13,474,697       13,292,995       13,411,810       13,462,583       13,444,117       13,423,589       13,316,165  
    Total assets     14,136,037       13,956,261       14,061,935       14,090,423       14,086,342       14,094,653       13,949,276  
    Noninterest-bearing demand deposits     2,783,906       2,790,620       2,730,295       2,958,254       3,041,101       3,137,971       3,480,433  
    Total deposits     11,483,524       11,245,476       11,086,145       11,089,587       11,076,724       10,928,038       11,049,991  
    Customer repurchase agreements     63,436       62,161       72,836       66,622       67,298       58,382       60,626  
    Total interest-bearing liabilities     9,600,905       9,441,015       9,583,074       9,418,666       9,332,617       9,257,652       8,806,720  
    Total stockholders’ equity     1,607,377       1,579,582       1,584,902       1,546,312       1,538,553       1,535,465       1,491,929  
    Financial measures:                            
    Average equity to average assets     11.37 %     11.32 %     11.27 %     10.97 %     10.92 %     10.89 %     10.70 %
    Average investment securities to average earning assets     11.36 %     11.57 %     11.45 %     11.47 %     11.82 %     12.21 %     12.61 %
    Average loans to average earning assets     85.05 %     85.81 %     84.71 %     83.84 %     84.32 %     84.98 %     85.52 %
    Loans to assets     79.90 %     81.98 %     81.83 %     81.03 %     79.94 %     81.24 %     80.65 %
    Loans to deposits     97.91 %     101.27 %     101.22 %     103.37 %     101.34 %     103.75 %     102.88 %
    Assets under management   $ 6,567,752     $ 6,215,697     $ 6,165,509     $ 5,999,520     $ 5,536,499     $ 5,742,888     $ 5,477,560  
    Capital measures:                            
    Tier 1 leverage (1)     9.59 %     9.70 %     9.56 %     9.51 %     9.50 %     9.42 %     9.44 %
    Common equity tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Total regulatory capital to risk-weighted assets (1)     15.53 %     15.49 %     15.05 %     14.92 %     14.85 %     14.60 %     14.43 %
    Book value per common share   $ 36.10     $ 35.45     $ 35.37     $ 35.36     $ 34.26     $ 34.31     $ 34.37  
    Outstanding common shares     45,125,078       45,109,671       44,940,147       44,913,561       44,895,158       44,862,369       44,712,497  

    (1) Estimated ratio at September 30, 2024.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    LOAN PORTFOLIO QUALITY DETAIL – UNAUDITED

          2024     2023
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31,
    Non-performing assets:                            
    Loans 90 days past due:                            
    Commercial real estate:                            
    Commercial investor real estate   $ —   $ —   $ —   $ —   $ —   $ —   $ 215
    Commercial owner-occupied real estate     —     —     —     —     —     —     —
    Commercial AD&C     —     —     —     —     —     —     —
    Commercial business     —     —     20     20     415     29     3,002
    Residential real estate:                            
    Residential mortgage     399     338     340     342     —     692     352
    Residential construction     —     —     —     —     —     —     —
    Consumer     —     —     —     —     —     —     —
    Total loans 90 days past due     399     338     360     362     415     721     3,569
    Non-accrual loans:                            
    Commercial real estate:                            
    Commercial investor real estate     57,578     55,498     55,579     58,658     20,108     20,381     15,451
    Commercial owner-occupied real estate     9,639     9,403     4,394     4,640     4,744     4,846     4,949
    Commercial AD&C     31,816     2,127     556     1,259     1,422     569     —
    Commercial business     9,044     8,455     7,164     10,051     9,671     9,393     9,443
    Residential real estate:                            
    Residential mortgage     11,996     12,228     11,835     12,332     10,766     10,153     8,935
    Residential construction     539     539     542     443     449     —     —
    Consumer     4,258     4,400     4,011     4,102     4,187     3,396     4,900
    Total non-accrual loans     124,870     92,650     84,081     91,485     51,347     48,738     43,678
    Total non-performing loans     125,269     92,988     84,441     91,847     51,762     49,459     47,247
    Other real estate owned (OREO)     3,265     2,700     2,700     —     261     611     645
    Total non-performing assets   $ 128,534   $ 95,688   $ 87,141   $ 91,847   $ 52,023   $ 50,070   $ 47,892
        For the Quarter Ended,
    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		   June 30,
    2023    		   March 31,
    2023
    Analysis of non-accrual loan activity:                            
    Balance at beginning of period   $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678     $ 34,782  
    Non-accrual balances transferred to OREO     (565 )     —       (2,700 )     —       —       —       —  
    Non-accrual balances charged-off     (787 )     —       (1,550 )     —       (183 )     (2,049 )     (126 )
    Net payments or draws     (3,095 )     (1,427 )     (4,017 )     (7,619 )     (1,545 )     (1,654 )     (10,212 )
    Loans placed on non-accrual     36,667       10,038       1,490       47,920       4,967       9,276       19,714  
    Non-accrual loans brought current     —       (42 )     (627 )     (163 )     (630 )     (513 )     (480 )
    Balance at end of period   $ 124,870     $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678  
                                 
    Analysis of allowance for credit losses – loans:                            
    Balance at beginning of period   $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613     $ 136,242  
    Provision/ (credit) for credit losses – loans     6,310       2,961       3,331       (2,574 )     3,171       4,454       (18,945 )
    Less loans charged-off, net of recoveries:                            
    Commercial real estate:                            
    Commercial investor real estate     397       (3 )     (2 )     (3 )     (3 )     (14 )     (5 )
    Commercial owner-occupied real estate     (27 )     (27 )     (27 )     (27 )     (25 )     (27 )     (26 )
    Commercial AD&C     111       (23 )     (283 )     —       —       —       —  
    Commercial business     250       (28 )     1,550       (105 )     15       363       (127 )
    Residential real estate:                            
    Residential mortgage     (35 )     39       (6 )     (6 )     (4 )     35       21  
    Residential construction     —       —       —       —       —       —       —  
    Consumer     49       236       (132 )     62       115       1,423       (179 )
    Net charge-offs/ (recoveries)     745       194       1,100       (79 )     98       1,780       (316 )
    Balance at the end of period   $ 131,428     $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613  
                                 
    Asset quality ratios:                            
    Non-performing loans to total loans     1.09 %     0.81 %     0.74 %     0.81 %     0.46 %     0.44 %     0.41 %
    Non-performing assets to total assets     0.89 %     0.68 %     0.63 %     0.65 %     0.37 %     0.36 %     0.34 %
    Allowance for credit losses to loans     1.14 %     1.10 %     1.08 %     1.06 %     1.09 %     1.06 %     1.03 %
    Allowance for credit losses to non-performing loans     104.92 %     135.35 %     145.78 %     131.59 %     238.32 %     243.21 %     248.93 %
    Annualized net charge-offs/ (recoveries) to average loans     0.03 %     0.01 %     0.04 %     — %     — %     0.06 %   (0.01 )%

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Three Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate    		   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,874,003     $ 58,133   4.74 %   $ 5,125,459     $ 60,482   4.68 %
    Commercial owner-occupied real estate loans     1,741,663       21,609   4.94       1,769,717       20,865   4.68  
    Commercial AD&C loans     1,253,035       24,553   7.80       995,682       20,503   8.17  
    Commercial business loans     1,579,001       26,953   6.79       1,442,518       23,343   6.42  
    Total commercial loans     9,447,702       131,248   5.53       9,333,376       125,193   5.32  
    Residential mortgage loans     1,526,445       14,223   3.73       1,406,929       12,550   3.57  
    Residential construction loans     64,684       876   5.39       174,204       1,680   3.83  
    Consumer loans     421,003       8,653   8.18       421,189       8,491   8.00  
    Total residential and consumer loans     2,012,132       23,752   4.71       2,002,322       22,721   4.52  
    Total loans (2)     11,459,834       155,000   5.38       11,335,698       147,914   5.18  
    Residential mortgage loans held for sale     19,889       364   7.32       13,714       238   6.93  
    SBA loans held for sale     65       2   11.28       —       —   —  
    Taxable securities     1,197,301       7,440   2.49       1,239,564       6,682   2.16  
    Tax-advantaged securities     334,077       2,222   2.66       349,778       2,269   2.59  
    Total investment securities (3)     1,531,378       9,662   2.52       1,589,342       8,951   2.25  
    Interest-bearing deposits with banks     463,531       6,191   5.31       505,017       6,371   5.00  
    Federal funds sold     —       —   —       346       5   5.38  
    Total interest-earning assets     13,474,697       171,219   5.06       13,444,117       163,479   4.83  
                             
    Less: allowance for credit losses – loans     (125,962 )             (122,348 )        
    Cash and due from banks     82,172               93,354          
    Premises and equipment, net     58,035               71,956          
    Other assets     647,095               599,263          
    Total assets   $ 14,136,037             $ 14,086,342          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,427,739     $ 6,256   1.74 %   $ 1,419,934     $ 4,229   1.18 %
    Regular savings deposits     1,718,475       15,341   3.55       861,634       5,571   2.57  
    Money market savings deposits     3,018,799       28,999   3.82       2,866,744       25,122   3.48  
    Time deposits     2,534,605       28,691   4.50       2,887,311       28,180   3.87  
    Total interest-bearing deposits     8,699,618       79,287   3.63       8,035,623       63,102   3.12  
    Repurchase agreements     63,436       334   2.09       67,298       356   2.10  
    Federal funds purchased and Federal Reserve Bank borrowings     8,543       118   5.53       300,435       3,726   4.92  
    Advances from FHLB     458,152       5,001   4.34       558,696       6,200   4.40  
    Subordinated debt     371,156       3,946   4.25       370,565       3,946   4.26  
    Total borrowings     901,287       9,399   4.15       1,296,994       14,228   4.35  
    Total interest-bearing liabilities     9,600,905       88,686   3.68       9,332,617       77,330   3.29  
                             
    Noninterest-bearing demand deposits     2,783,906               3,041,101          
    Other liabilities     143,849               174,071          
    Stockholders’ equity     1,607,377               1,538,553          
    Total liabilities and stockholders’ equity   $ 14,136,037             $ 14,086,342          
                             
    Tax-equivalent net interest income and spread       $ 82,533   1.38 %       $ 86,149   1.54 %
    Less: tax-equivalent adjustment         1,121             1,068    
    Net interest income       $ 81,412           $ 85,081    
                             
    Interest income/earning assets           5.06 %           4.83 %
    Interest expense/earning assets           2.62             2.28  
    Net interest margin           2.44 %           2.55 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.1 million and $1.1 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Nine Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate    		   Average
    Balances    		   Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,964,914     $ 176,504   4.75 %   $ 5,136,059     $ 177,067   4.61 %
    Commercial owner-occupied real estate loans     1,740,608       63,090   4.84       1,770,812       61,038   4.61  
    Commercial AD&C loans     1,139,517       68,779   8.06       1,044,907       61,005   7.81  
    Commercial business loans     1,546,498       79,026   6.83       1,442,858       68,258   6.33  
    Total commercial loans     9,391,537       387,399   5.51       9,394,636       367,368   5.23  
    Residential mortgage loans     1,512,209       41,968   3.70       1,356,530       35,925   3.53  
    Residential construction loans     87,177       3,208   4.92       202,856       5,302   3.49  
    Consumer loans     418,591       25,693   8.20       422,861       24,403   7.72  
    Total residential and consumer loans     2,017,977       70,869   4.69       1,982,247       65,630   4.42  
    Total loans (2)     11,409,514       458,268   5.36       11,376,883       432,998   5.09  
    Residential mortgage loans held for sale     14,197       801   7.52       13,192       697   7.04  
    SBA loans held for sale     22       2   11.28       —       —   —  
    Taxable securities     1,195,481       21,319   2.38       1,275,407       20,538   2.15  
    Tax-advantaged securities     339,881       6,785   2.66       360,348       6,727   2.49  
    Total investment securities (3)     1,535,362       28,104   2.44       1,635,755       27,265   2.22  
    Interest-bearing deposits with banks     434,083       17,401   5.35       368,829       13,979   5.07  
    Federal funds sold     288       8   3.79       433       13   4.00  
    Total interest-earning assets     13,393,466       504,584   5.03       13,395,092       474,952   4.74  
                             
    Less: allowance for credit losses – loans     (122,971 )             (125,558 )        
    Cash and due from banks     83,265               94,960          
    Premises and equipment, net     59,124               70,130          
    Other assets     638,838               609,301          
    Total assets   $ 14,051,722             $ 14,043,925          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,467,517     $ 18,858   1.72 %   $ 1,413,876     $ 10,465   0.99 %
    Regular savings deposits     1,602,997       42,597   3.55       660,211       7,831   1.59  
    Money market savings deposits     2,847,006       79,190   3.72       3,067,810       68,976   3.01  
    Time deposits     2,586,639       86,417   4.46       2,658,225       67,943   3.42  
    Total interest-bearing deposits     8,504,159       227,062   3.57       7,800,122       155,215   2.66  
    Repurchase agreements     66,134       1,043   2.11       62,126       561   1.21  
    Federal funds purchased and Federal Reserve Bank borrowings     99,303       3,847   5.17       264,580       9,816   4.96  
    Advances from FHLB     501,277       16,394   4.37       637,015       21,623   4.54  
    Subordinated debt     371,009       11,839   4.25       370,412       11,839   4.26  
    Total borrowings     1,037,723       33,123   4.26       1,334,133       43,839   4.39  
    Total interest-bearing liabilities     9,541,882       260,185   3.64       9,134,255       199,054   2.91  
                             
    Noninterest-bearing demand deposits     2,768,331               3,218,226          
    Other liabilities     150,827               169,291          
    Stockholders’ equity     1,590,682               1,522,153          
    Total liabilities and stockholders’ equity   $ 14,051,722             $ 14,043,925          
                             
    Tax-equivalent net interest income and spread       $ 244,399   1.39 %       $ 275,898   1.83 %
    Less: tax-equivalent adjustment         3,359             3,044    
    Net interest income       $ 241,040           $ 272,854    
                             
    Interest income/earning assets           5.03 %           4.74 %
    Interest expense/earning assets           2.59             1.99  
    Net interest margin           2.44 %           2.75 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $3.4 million and $3.0 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    The MIL Network –