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Category: KB

  • MIL-OSI United Kingdom: Central Library hosts breast cancer information event

    Source: City of Wolverhampton

    It takes place on Thursday (24 October) from 10.30am to 12pm in aid of Breast Cancer Now and in partnership with AgeUK. People are invited to come along for a cuppa, a cake and to find out more about support services in the local area. They can also wear something pink and make a donation for charity.

    Meanwhile, staff from the City of Wolverhampton Council’s Public Health team and the Black Country Integrated Care Board will be at Asda, Wolverhampton, next Monday between 10am and 3pm, to talk to people about the importance of breast screening and of routinely checking their breasts for any changes.

    Statistics show that around 1 in 7 women in the UK will be diagnosed with breast cancer at some point in their lives, making it the most common cancer in the UK. It leads to around 11,500 deaths each year – but the NHS breast screening programme is helping to reduce breast cancer mortality by around 20% in women who are regularly screened.

    Anyone registered with a GP as female will be invited for NHS breast screening every 3 years between the ages of 50 and 71. Those over 71 can request screening. If you have not been invited for breast screening by the time you are 53 but think you should have been, please contact the Dudley, Wolverhampton and South West Staffordshire Breast Screening Service – for more details.

    As well as screening, the NHS recommends that people check their breasts once a month. This will help with what is normal for your body therefore it will be easier to detect any changes that may need further examination from a health professional. For help, visit Check your breasts. You can also sign up to a monthly text reminder to check with Breast Cancer UK.

    John Denley, Wolverhampton’s Director of Public Health, said: “Cancer screening and routinely checking your breasts for any changes is essential for early detection, which is critical in improving treatment outcomes and survival rates.  

    “Early stage cancers are often more treatable and have a better prognosis than those detected at a later stage, and almost all women diagnosed with breast cancer at the earliest possible stage in England survive their disease for at least 5 years after diagnosis.

    “Screening can also identify precancerous conditions that can be treated before they develop into cancer, further reducing the risk of cancer development. By catching cancer early, screening programmes can reduce the overall burden of cancer, decrease healthcare costs, and improve the quality of life for patients.

    “If you have any questions or concerns, or simply fancy having a chat with experts while enjoying some free refreshments, please come along to our coffee morning and information session at Central Library on Thursday, or pop into Asda next Monday.”

    For more information about breast cancer in women please visit Breast cancer in women.    

    Though rare, men can also get breast cancer – for more information, please visit Breast cancer in men.

    For more information, resources and support, visit Living with breast cancer.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: PM launches ‘Karmayogi Saptah’ – National Learning Week

    Source: Government of India (2)

    PM launches ‘Karmayogi Saptah’ – National Learning Week

    New learnings during the National Learning Week will help in achieving our goal of Viksit Bharat by 2047: PM

    PM stresses on the need for innovative thinking and following a citizen-centric approach

    PM urges Civil services training institutions to communicate, learn from each other and adopt global best practices

    Successfully utilising Artificial Intelligence to drive progress for Aspirational India could lead to transformative change: PM

    Posted On: 19 OCT 2024 6:57PM by PIB Delhi

    Prime Minister Shri Narendra Modi launched the ‘Karmayogi Saptah’ – National Learning Week at Dr Ambedkar International Centre in New Delhi today. 

    Addressing the gathering, the Prime Minister said that through Mission Karmayogi our goal is to create human resources that would become the driving force of our country’s development. Expressing his satisfaction at the progress made, the Prime Minister added that if we keep working with this passion, no one can stop the country from progressing.  He underlined that the new learnings and experiences during the National Learning Week will provide strength and help in improving working systems which will help us achieve our goal of Viksit Bharat by 2047.

    Prime Minister discussed the steps taken to change the mindset of the government over the last ten years, whose impact is being felt by people today. He said this has become possible due to the efforts of the people working in the government and through the impact of steps like Mission Karmayogi.

    Prime Minister emphasized that while the world views Artificial Intelligence (AI) as an opportunity, for India, it presents both a challenge and an opportunity. He spoke about two AIs, one being the Artificial Intelligence and the other, Aspirational India. Prime Minister stressed the importance of balancing both and said that if we successfully utilise Artificial Intelligence to drive progress for Aspirational India, it could lead to transformative change.

    Prime Minister also said that information equality has become a norm due to the impact of the digital revolution and social media. With AI, information processing is also becoming equally easy making citizenry informed and empowering them to keep a tab on all of the activities of the government. So, the civil servants need to keep themselves abreast with latest technological developments so as to meet the rising standards, wherein Mission Karmayogi can prove to be of help.

    He stressed on the need for innovative thinking and following a citizen-centric approach. He mentioned seeking help from startups, research agencies and youngsters for getting new ideas. He urged the departments to have a system of feedback mechanisms.

    Prime Minister lauded the iGOT platform and said that more than 40 lakh government employees have registered on the platform. Over 1400 courses are available and more than 1.5 crore certificates of completion in various courses have been received by the officers.

    Prime Minister noted that the Civil Services training Institutions have been  a victim of working in silos. He said that we have tried to increase partnerships and collaborations among them. He urged the training institutions to establish proper channels of communication, to learn from each other, discuss and adopt global best practices and inculcate a whole-of-government approach.

    Mission Karmayogi was launched in September 2020 envisioning a future-ready civil service rooted in Indian ethos, with a global perspective. National Learning Week (NLW) will provide fresh impetus towards individual and organisational capacity development for Civil Servants creating a “One Government” message and aligning everyone with national goals and promoting lifelong learning.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India leading the standards development process at global level: India’s candidates elected in leadership positions in all 10 Study Groups (SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T)

    Source: Government of India

    Ministry of Communications

    India leading the standards development process at global level: India’s candidates elected in leadership positions in all 10 Study Groups (SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T)

    India increases its leadership positions in ITU-T to 11 positions in WTSA-2024 from 7 positions in WTSA-2022

    Study Groups are technical grouping of experts responsible for developing international standards for telecommunications technologies

    Posted On: 19 OCT 2024 6:38PM by PIB Delhi

    Keeping in view India’s vision of being a technology leader and leading the standards development process at global level, India’s candidates were elected in leadership positions in all 10 Study Groups(SG) of International Telecommunication Unions’ (ITU) Standardization Sector (ITU-T).

    While India retained Chair position in one group, it secured Vice-Chair positions in all other 9 Study Groups and the SCV Committee, thereby increasing its leadership positions in ITU-T from 7 in WTSA-2022 to 11 positions in WTSA-2024.

    India is currently hosting the International Telecommunication Unions’ (ITU) World Telecommunication Standardization Assembly (WTSA) 2024 at Bharat Mandapam, New Delhi. It was inaugurated by the Prime Minister on 15th October and will continue till 24th October 2024. It is for the first time that WTSA is being conducted in the Asia-Pacific region and it would set the direction of standardization activities ITU-T and its work for the next four years (2024-2028). This year’s WTSA-24 witnesses more than 3700 delegates from over 160 countries, the highest ever for any WTSA assembly.

    The ongoing discussions at WTSA focus on promoting standardization activities on emerging technologies and developing new ITU-T Resolutions on topics such as Digital Public Infrastructure, Artificial Intelligence, post-quantum cryptography, Metaverse, Over-the-top (OTT) services, Sustainable Digital transformation, etc., which would be pivotal in shaping the future of technology and ensuring a connected, secure, and inclusive digital world. The existing ITU-T Resolutions are also being updated. Once the roadmap is set during the WTSA-24, the standardization activities would be taken up by the various ITU-T Study Groups in the form of development of Standards and Technical reports. The work of ITU-T will be carried out through its 10 Study Groups.

    Leadership positions: During the WTSA-24, participating countries elected leadership positions of the various Study Groups. India has significantly strengthened its position in the global telecommunication landscape, securing key leadership roles in all the ITU-T Study Groups. In the ongoing WTSA-24, India has garnered 11 leadership positions, including 1 Chair position for ITU-T SG 11 and 10 vice chair-positions as detailed below:

    S. N.

    Study Group

    Leadership Position

    Chair/Vice-Chair

    1

    SG2: Operational aspects

    Vice-Chair

    Premjit Lal, DDG(IR), DoT

    2

    SG3: Economic & policy issues

    Vice-Chair

    Sathish Kumar MC, Deputy Administrator, USOF

    3

    SG5: Environment, EMF & circular economy

    Vice-Chair

    Neha Upadhyay, Director, TEC

    4

    SGC [Merger of SG9: Broadband cable & TV and SG16: Multimedia & digital technologies]

    Vice-Chair

    Avinash Agarwal, DDG, TEC

    5

    SG11: Protocols, testing & combating counterfeiting

    Chair

    Tejpal Singh, Advisor, TRAI

    6

    SG12: Performance, QoS & QoE

    Vice-Chair

    Abdul Kayum, Advisor, TRAI

    7

    SG13: Future networks

    Vice-Chair

    Abhijan Bhattacharyya, TCS

    8

    SG15: Transport, access & home

    Vice-Chair

    Sudipta Bhaumik, STL

    9

    SG17: Security

    Vice-Chair

    Preetika Singh, Director, TEC

    10

    SG20: IoT, smart cities & communities

    Vice-Chair

    Ravi A Robert Jerard, CMD, BSNL

    11

    SCV [Standardization Committee for Vocabulary]

    Vice-Chair

    Hemendra K Sharma, DDG(Media), DoT

     

    This is a recognition of the contributions of these experts in development of global standards and a major milestone in India’s Standardisation Journey.

    About Study Groups

    Study Groups are technical grouping of experts who work for developing international standards for telecommunications technologies based on the technical inputs received from members of ITU. Chairs and Vice Chairs of these Study Groups are elected from the ITU members during the WTSA. Area of work for the Study Groups (SGs) are as below :

    SG2: Operational aspects

    • Deployment of numbering, naming, addressing and identification (NNAI) requirements and resource assignment,
    • operational and management aspects of networks

    SG3: Economic & policy issues

    Studying international telecommunication/ICT policy and economic issues and tariff and accounting matters (including costing principles and methodologies), with a view to informing the development of enabling regulatory models and frameworks.

    SG5: Environment, EMF & circular economy

    Electromagnetic fields (EMF), environment, climate action, sustainable digitalization, and the circular economy.

    SGC [Merger of SG9: Broadband cable & TV and SG16: Multimedia & digital technologies]

    • Use of telecommunication systems in the distribution of television and sound programs supporting advanced capabilities such as ultra-high definition and high-dynamic range, 3D, virtual reality, augmented reality and multiview.

     

    • Ubiquitous multimedia applications, multimedia capabilities, multimedia services and multimedia applications for existing and future networks.

    SG11: Protocols, testing & combating counterfeiting

    • signalling and protocols
    • establishing test specifications, conformance and interoperability testing for all types of networks, technologies and services that are the subject of study and standardization by all ITU-T study groups​
    • combating counterfeiting of ICT devices
    • combating the use of stolen ICT devices

    SG12: Performance, QoS & QoE

    Development of international standards (ITU-T Recommendations) on performance, quality of service (QoS) and quality of experience (QoE). This work spans the full spectrum of terminals, networks and services, ranging from speech over fixed circuit-switched networks to multimedia applications over mobile and packet-based networks.

    SG13: Future networks

    Future computing, including cloud computing and data handling in ICT networks. This work covers network capabilities and technologies to support data utilization, exchange, sharing, and data quality assessment. It also covers computing-aware networking as well as end-to-end awareness, control and management of future computing, including cloud, cloud security and data handling.

    SG15: Transport, access & home

    Development of standards for the optical transport network, access network and home network infrastructures, systems, equipment, optical fibres and cables and the related installation, maintenance, management, test, instrumentation and measurement techniques, and control plane technologies to enable the evolution toward intelligent transport networks.

    SG17: Security

    Cybersecurity, security management, security architectures and frameworks, countering spam, identity management, the protection of personally identifiable information, operational aspects of data protection, open identity trust framework; and quantum-based security; and Child Online Protection.

    SG20: IoT, smart cities & communities

    Coordinated deployment of IoT and address IoT implementation challenges related to interoperability, big data, and architectural frameworks and requirements for supporting various IoT systems. SG20 standards that set the requirements for IoT deployment also help smart cities and communities to improve the efficiency of IoT systems and smart city platforms, break down data silos, facilitate seamless data sharing among various verticals, and enhance data processing and management capacity.

    ​​​​​​​​​​​​​​​​​​​​​ SCV [Standardization Committee for Vocabulary]

    To address the need for a harmonized understanding of all terms and definitions used in standardization.

     

    About TSAG [Telecommunication Standardization Advisory Group]: TSAG acts as an advisory body and plays a crucial role in providing strategic guidance and oversight to the ITU’s standardization activities. It is called on to resolve coordination issues among the study groups, to expand electronic working methods for the ITU-T and to provide advice and procedures on relationships with other standards bodies.

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    SB/DP/ARJ

                    

    (Release ID: 2066369)

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Report for the G20 on tokenisation highlights the opportunities, risks and future considerations for central banks

    Source: Bank for International Settlements

    • Tokenisation could have implications for the future of finance and the role of central banks in payments, monetary policy and financial stability.
    • While tokenisation could offer numerous benefits for the financial system and broader economy, costs and risks also need to be considered.
    • BIS report highlights four key considerations for central banks: private sector initiatives; trade-offs between different types of settlement assets; sound regulation, supervision and oversight for tokenisation; and the impact on monetary policy implementation.

    Tokenisation of money could have implications for the role of central banks in payments, monetary policy and financial stability, according to a report to the G20 published today by the Bank for International Settlements (BIS).

    Tokenisation in the context of money and other assets: concepts and implications for central banks, which was prepared by the BIS, including the BIS Committee on Payment and Market Infrastructures (CPMI), examined tokenisation – the generation and recording of digital representations of traditional assets on a programmable platform. 

    The report also looked at global challenges in the regulated payments sector and focused on the possible benefits of tokenisation in addressing existing frictions in financial markets. It considered potential benefits of some of the innovative solutions involving new use cases and functions that are currently being explored around the world. 

    It notes that, while the potential benefits of tokenisation, such as cheaper and speedier transactions, have attracted interest, the costs and risks need to be considered. 

    They may also affect how pre- and post-trade functions are executed for money and other assets. In addition, ensuring appropriate governance and legal frameworks, credit and liquidity risks, as well as custody and operational risks will also require focus. 

    The report also highlights that risks may materialise in a different manner to the challenges faced by conventional market infrastructures. Tokenisation arrangements provide platform-based intermediation for financial assets that may lead to changes in how financial markets operate and are structured. 

    In this context, the report focuses on four key considerations for central banks:

    • responding to ongoing private sector tokenisation initiatives; for example, whether to foster interoperability in the case of fragmenting markets;
    • assessing the trade-offs and the appropriate balance between different types of settlement assets in token arrangements;
    • Identifying, monitoring and assessing tokenisation arrangements that may need to be subject to sound regulation, supervision, and oversight; and
    • assessing the potential impact of token arrangements on monetary policy implementation, for example through changes in the structure of regulated markets or the demand for central bank versus other types of money. 

    Tokenisation has significant potential to improve the safety and efficiency of the financial system. Central banks along with the private sector must continue to explore novel technologies and develop solutions that are fit for purpose for the future financial system. However, tokenisation also poses economic, legal and technical challenges that must be addressed if it is to fulfil its potential. The BIS is committed to exploring aspects of these challenges through its analysis and Innovation Hub projects in the years ahead.

    Agustín Carstens, General Manager of the BIS

    As with existing payment, clearing and settlement systems, the potential capacity of token arrangements to improve financial system safety and efficiency will require sound governance and risk management. The well known risks of existing systems apply, but these risks may materialise in different ways due to the effects of token arrangements on market structure.  As follow-up to this report, the CPMI will continue its exploration of the topic, including the impact of innovation on the role of central bank money.

    Fabio Panetta, Governor, Bank of Italy and Chair, CPMI

    MIL OSI Economics –

  • MIL-OSI Russia: The General Physical Training Day brought together more than 2,000 first-year students and students of the NSU Specialized Scientific Center

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    As part of the Sports Festival of Friendship “Together We Are Strong!” another mass physical education event was held – “General Physical Training Day” among first-year students and students of the NSU SUNC.

    The festival received support from the All-Russian “Movement of the First” in the competition of project activities aimed at organizing leisure, education and development of youth, and the Department of Physical Education of NSU actively involves students and schoolchildren in various sports competitions.

    More than 2,000 people demonstrated their physical fitness in two exercises: young men did pull-ups and long jumps from a standing position, while young women also jumped and performed an abdominal exercise – lifting the body from a lying position to a sitting position in 1 minute.

    The winners among first-year students were:

    Abdominal exercise

    1st place – Anastasia Smirnova (IIR), result 63 2nd place – Alina Mordasova (GI), result 61 3rd place – Sofia Volkova (IFP), result 59

    Long jump from the spot 1st place — Ksenia Popova (FF), result 2252nd place — Anna Zubareva (FIT), result 220 3rd place — Irina Katsuk (FIT), Elizaveta Merkina and Polina Gnedenko (EF), result 205

    Among the guys, the leaders were:

    Pull-ups 1st place — Nikolay Morev (FEN), result 33 2nd place — Sergey Budyakov (IFP), result 26 2nd place — Mikhail Koshkin (IIR), result 26

    Long jump from the spot 1st place — Vladislav Kazarin (MMF), result 300 2nd place — Kirill Mulduyanov (MMF), result 290 3rd place — Alexey Koltyugin (GGF), result 285

    Students of the NSU SUNC showed the following results:

    Pull-up, boys 1st place – Gleb Markus, result 24, class 10-2 2nd place – Alexander Kornilov, result 23, class 11-1 3rd place – Arseniy Sadovsky, result 22, class 11-10

    Long jump from the spot, boys

    1st place — Alexander Kornilov, result 285, class 11-1 2nd place — Roman Desyatkin, result 280, class 11-1 3rd place — Gleb Markus, result 272, class 10-2

    1-Minute Press, Girls: 1st place — Arina Landl, result 52, class 10-2 1st place — Tatyana Vyshegorodtseva, result 52, class 10-7 3rd place — Sofia Belokopytova, result 50, class 10-6

    Standing long jump: 1st place – Anna Shcherbakova, result 215, class 9-3 2nd place – Arina Landl, result 210, class 10-2 2nd place – Diana Chun, result 210, class 11-2

    Congratulations to all winners and prize winners!

    The event was held with grant support#Movementsfirst#GrantsFirst #MovementsFirst

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.nsu.ru/n/media/nevs/sports-physical department/day-ofp-gathered-over-2000-first-year-and-students-sunts-nsu/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: CMPDI Conducts National Seminar on ‘Mineral Exploration & Water Resource Management: Recent Trends’

    Source: Government of India

    Posted On: 19 OCT 2024 6:26PM by PIB Delhi

    Central Mine Planning and Design Institute (CMPDI) in association with Society of Geo-Scientists Jharkhand (SGSJ) organised a National Seminar today on ‘Mineral Exploration & Water Resource Management: Recent Trends’ with special focus on the state of Jharkhand. CMD, CMPDI, Shri Manoj Kumar inaugurated the One-day National Seminar. This seminar aims to address pressing issues related to Strategic & Critical Mineral Resources and Water Resource Management, encompassing both surface and groundwater. The seminar featured a series of technical sessions, including oral presentations based on submitted abstracts and keynote addresses from experts in the field, both from within and outside the organization.

     

    Additional Secretary, Ministry of Coal, Smt. Rupinder Brar, the Chief guest of the seminar addressed the audience through Video conference (VC). At the outset, Smt.  Brar congratulated CMPDI and said that seminar topic is more contemporary as we need a lot research, ideas on how to do sustainable mining and Water Resource Management during mineral exploration. Smt. Brar also appreciated the seminar subjects and said that this seminar will add value to the ecosystem of mining and the outcome and best practices emerge out of this seminar will be incorporated and implemented in the field of mining. 

    CMD, CMPDI and Patron of the seminar Shri Manoj Kumar, said that, “It is a matter of pride for CMPDI for hosting the National Seminar on a theme “Mineral Exploration & Water Resource Management: Recent trends” which shows the efforts of CMPDI towards achieving its vision of ‘To be a market leader in an expanding earth resource sector and allied professional activities.’ Today’s seminar will be a great opportunity for discussion on mineral wealth of Jharkhand as well as innovative approach for adoption of advanced technique for exploration of mineral wealth situated in the country and Groundwater management through recent trends and techniques’, he added.

     

     

    Total 22 papers (including 6 key-notes) were presented in this seminar and about 300 delegates from GSI, NTPC, SAIL, MECL, Ranchi University, Central University of Jharkhand, IIT-ISM Dhanabad etc. attended the seminar. ADG operations, Jharkhand Police, Shri Sanjay A. Lathkar; Director (Technical/P&D), CMPDI, Shri Ajay Kumar; Director (Technical/ES), CMPDI, Shri Satish Jha, other senior officials and employees of CMPDI were present on the occasion.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Video: First Lady Jill Biden Unveils the New White House Public Tour

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

    First Lady Jill Biden hosts an event to unveil a new enhanced, educational White House public tour for visitors.

    The White House

    https://www.youtube.com/watch?v=eu1wRm1eb_E

    MIL OSI Video –

  • MIL-OSI Asia-Pac: PM to visit Varanasi on 20th October

    Source: Government of India

    PM to visit Varanasi on 20th October

    PM to inaugurate and lay foundation stone of multiple airport projects worth over Rs 6,100 crore

    PM to inaugurate RJ Sankara Eye Hospital

    PM to also inaugurate multiple development initiatives in Varanasi

    Posted On: 19 OCT 2024 5:40PM by PIB Delhi

    Prime Minister Shri Narendra Modi will visit Varanasi on 20th October. At around 2 PM he will inaugurate RJ Sankara Eye Hospital. Thereafter, at around 4:15 PM, he will inaugurate and lay the foundation stone of multiple development  projects in Varanasi.

    Prime Minister will inaugurate the RJ Sankara Eye Hospital. The hospital will offer comprehensive consultations and treatments for various eye conditions. Prime Minister will also address the gathering on the occasion.

    In line with his commitment to boost connectivity, Prime Minister will lay the foundation stone for expansion of airport runway and construction of a new terminal building and allied works of Lal Bahadur Shastri International Airport, Varanasi worth around Rs 2870 crore. He will also lay the foundation stone of New Civil Enclave at Agra airport worth more than Rs 570 crore, at Darbhanga airport worth around Rs 910 crore and at Bagdogra airport worth around Rs 1550 crore.

    Prime Minister will inaugurate new terminal buildings of Rewa Airport, Maa Mahamaya Airport, Ambikapur and Sarsawa Airport worth over Rs 220 crore. The combined passenger handling capacity of these airports will increase to more than 2.3 crore passengers annually. The designs of these airports are influenced and derived from the common elements of heritage structures of the region.

    In line with his vision to provide top-quality infrastructure for sports, Prime Minister will inaugurate Phases 2 and 3 of redevelopment of Varanasi Sports Complex worth over Rs 210 crore under Khelo India scheme and the Smart City Mission. The project aims to create a state-of-the-art sports complex featuring a National Centre of Excellence, players’ hostels, sports science centre, practice fields for various sports, indoor shooting ranges, combat sports arenas among others. He will also inaugurate 100-bed girls’ and boys’ hostels and a public pavilion at Dr. Bhimrao Ambedkar Sports Stadium, Lalpur.

    Prime Minister will inaugurate tourism development works of Buddhism related areas in Sarnath.These enhancements include the construction of pedestrian-friendly streets, new sewer lines and upgraded drainage system, organised vending zone with modern designer vending carts to promote local handicraft vendors, among others.

    Prime Minister will also inaugurate multiple other initiatives like tourism development works at Banasur Temple and Gurudham Temple,  beautification and redevelopment of parks etc.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Video: President Biden and the First Lady Deliver Remarks at a National Arts and Humanities Reception

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

    The White House

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

    MIL OSI Video –

  • MIL-OSI Europe: AMERICA/USA – US Presidential election: Trump and Harris’ positions on abortion

    Source: Agenzia Fides – MIL OSI

    Washington (Agenzia Fides) – “Both are against life – the one who throws out migrants and the one who kills children”. “I cannot decide. I am not American and I will not go to vote there. But let it be clear: sending migrants away, denying them the ability to work and refusing them hospitality is a sin, and it is grave.” Abortion, on the other hand, means “killing a human being. Whether you like the word or not, it is murder”. This was Pope Francis’ response to a question about the moral dilemmas posed to American Catholic voters about who to vote for in the upcoming US presidential elections. On abortion and immigration, Donald Trump and Kamala Harris seem to hold opposing positions: the former is against abortion and supports draconian measures against illegal immigrants, the latter is for abortion and a policy of greater openness towards immigrants. But is this really the case? To understand the subject of the current abortion debate in the United States, it is necessary to take a step back. On June 24, 2022, the Federal Supreme Court overturned the 1973 Roe vs. Wade decision, which stated that the U.S. Constitution recognizes the right to abortion even in the absence of health problems of the woman or fetus and in the absence of circumstances other than the woman’s free choice. The 2022 ruling de facto rejected the right to abortion at the federal level and returned the issue to state legislatures. Trump, on the one hand, cites the fact that he appointed three Supreme Court justices who were part of the majority of the court that voted in 2022 to abolish the constitutional right to abortion, and on the other hand, he says he wants to leave the decision on this to individual states. “My view is now that we have abortion where everybody wanted it from a legal standpoint, the states will determine by vote or legislation, or perhaps both, and whatever they decide must be the law of the land”, he said. In the controversy with the Democratic candidate, who accused him during the September 10 TV debate that Trump would “sign a national abortion ban” if re-elected, the former president responded: “That’s a lie. I’m not signing a ban, and there’s no reason to sign a ban, because we’ve gotten what everybody wanted, Democrats, Republicans and everybody else, and every legal scholar wanted it to be brought back into the states.” When asked by moderator Linsey Davis whether he would veto a national ban, he replied: “I don’t have to,” but did not say that he would veto a national abortion ban if it were passed by Congress. But then he stressed, “Everyone knows that I would not support a federal ban on abortion under any circumstances, and I would even veto it because it is up to the states to decide based on the will of their voters.” Trump also wrote this in an all-caps message posted on social media when his vice presidential candidate JD Vance (R-Ohio) was asked about the issue during the vice presidential debate. The former president, meanwhile, also criticized some of the state’s more restrictive abortion laws, particularly Florida’s six-week clause, and said he favors exceptions in cases of rape, incest or when the mother’s life is in danger. Trump called the Florida ban a “terrible thing and a terrible mistake.” In an interview with NBC News in September, he reiterated that six weeks is “too short” and said he would “vote that we need more than six weeks.” Because of these comments, Trump was criticized by the most conservative part of his electorate for supporting a referendum to approve an amendment to Florida’s constitution, scheduled for November. The constitutional amendment proposed by Florida’s reproductive rights advocates does not specify the number of weeks within which an abortion can be performed, but provides that access to abortion in the state is available until the fetus is viable, i.e., approximately 23-25 weeks of pregnancy. Trump quickly backtracked, saying he would vote “no” on the abortion amendment, meaning that if it is rejected in November, Florida’s six-week ban would remain in place. Trump’s wife has since publicly stated that she supports women’s freedom of choice. “Without a doubt, there is no room for compromise when it comes to this essential right that all women possess from birth, individual freedom. What does ‘my body, my choice’ really mean?” she said in a video posted on social media. Democratic candidate Kamala Harris said at a campaign event in Savannah that her fight was “a fight for the future and it is a fight for freedom, like the freedom of a woman to make decisions about her own body and not have her government tell her what to do.” On her campaign website, Harris promises that if elected president, she will “never allow a national abortion ban to become law.” And “when Congress passes a bill to restore reproductive freedom nationwide, she will sign it”. Specifically, she supports the passage by Congress of a federal law to protect abortion rights, to counteract the Supreme Court’s 2022 decision that overturned the historic Roe v. Wade ruling recognizing the constitutional right to abortion. (L.M.) (Agenzia Fides, 21/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI Europe: OSCE conference commemorates 25th anniversary of Turkmenistan’s accession to the Aarhus Convention

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE conference commemorates 25th anniversary of Turkmenistan’s accession to the Aarhus Convention

    Participants discuss the role of the Aarhus Centre in promoting the Aarhus Convention during an OSCE-organized conference dedicated to the 25th anniversary of Turkmenistan’s accession to the Aarhus Convention, Ashgabat, 21 October 2024, OSCE (OSCE) Photo details

    On 21 October 2024, the OSCE Centre in Ashgabat hosted a conference dedicated to the 25th anniversary since Turkmenistan acceded to the Aarhus Convention, a key UN document on access to environmental information, public participation in decision-making and access to justice in environmental matters.
    The conference brought together representatives of the Aarhus Centre in Turkmenistan and public organizations, national environmental experts and governmental officials from relevant ministries and agencies.
    “As we celebrate this significant anniversary, I am pleased to highlight that Turkmenistan was the first Central Asian state to ratify the Aarhus Convention and commit to implementing provisions of this unprecedented environmental agreement,” said Olivera Zurovac-Kuzman
    , Economic and Environmental Officer at the OSCE Centre in Ashgabat.
    The event presented the draft National Report on the Implementation of the Aarhus Convention in Turkmenistan and its provisions and discussed the main areas of Aarhus Centre’s activities.
    A representative from the Aarhus Convention Secretariat, UNECE, focused on the role of the Aarhus Convention in promoting the principles of good environmental governance and sustainable development.
    Representatives of the Aarhus Centre in Turkmenistan reflected on the role of the Aarhus Centre in promoting the Aarhus Convention and the main areas of their activities emphasizing the importance of their work aimed at promoting sustainable water management. Experiences of organizing environmental campaigns were also shared.
    “We highly value our long-standing co-operation with the Aarhus Centre, hosted by the public organization ”Tebigy Kuwwat”,  in supporting Turkmenistan in the implementation of the Aarhus Convention and promoting access to information, public participation and access to justice in environmental matters,” added Zurovac-Kuzman.

    MIL OSI Europe News –

  • MIL-OSI Europe: OSCE Mission to BiH Organised Training on Good and Proactive Criminal Investigations

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE Mission to BiH Organised Training on Good and Proactive Criminal Investigations

    Training on Good and Proactive Criminal Investigations organized in Mostar by the OSCE Mission to Bosnia and Herzegovina (OSCE) Photo details

    The OSCE Mission to Bosnia and Herzegovina (Mission), in cooperation with the Cantonal Prosecutor’s Office of Hercegovina Neretva Canton (HNC), organized a training for the police officials of the HNC Ministry of Interior on “Good and Pro-active Investigations”. The training aimed to enhance the quality of criminal investigations and foster stronger cooperation, coordination and communication between police officials and prosecutors.
    The training, which brought together 30 police officials from the three police administrations in HNC, delivered through three core components: a) the role of the police in proactive investigations and evidence collection; b) duties and responsibilities of police investigators in ensuring the legality of evidence; and c) a practical case-study focusing on building knowledge and skills concerning responses to prosecutorial instructions and court orders during investigations. This practical component was designed to enable police officials to engage in hands-on exercises, learning from both exemplary and deficient practices in crime scene investigations.
    The Mission is committed to supporting the professional development of law enforcement agencies across the country, with the aim of improving the overall quality of investigations and ensuring that police actions align with relevant domestic and international standards and are delivered in such a way to ensure effective responses to crime in Bosnia and Herzegovina.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: CIC calls on Dr. Jitendra Singh, Minister of State for Personnel, Public Grievances & Pensions

    Source: Government of India

    CIC calls on Dr. Jitendra Singh, Minister of State for Personnel, Public Grievances & Pensions

    100% RTI disposal rate in first 6 months of current financial year

    Posted On: 19 OCT 2024 5:25PM by PIB Delhi

    Chief Information Commissioner of India Shri Heeralal Samariya called on Dr. Jitendra Singh, Minister of State for Personnel, Public Grievances & Pensions today.

    During the meeting, Shri Samariya informed the Minister that Central Information Commission has achieved 100% disposal rate of RTIs during the first six months of the current financial year. Dr Jitendra Singh lauded the Central Information Commission on this achievement.

     

    The Minister applauded the office of Chief Information Commission for consistently using Artificial Intelligence for study, analysis and pattern of RTIs and also checking credentials of RTI applicants.

    Chief Information Commissioner also apprised the Minister of the consistent use of hybrid mode, – physical cum video conferencing, introduced in the office of CIC for hearing and disposal of RTI appeals. The Commissioner informed the Minister that the disposal of RTI applications during the Covid 19 pandemic period was more due to the use of online mode and modern technologies.

    He further informed that now the RTI applications can also be filed with the help of mobile App. “New technologies have been introduced, leading to the speedy disposal of pending applications. Awareness camps are also being organised to spread awareness about the RTI Act” the Commissioner submitted.

    The Union Minister said that it was during the Modi Government that a 24-hour portal service was introduced for e-filing of the RTI applications at any time of the day or night and from any part of the country or abroad. Similarly during Prime Minister Shri Narendra Modi’s tenure, the office of Central Information Commissioner was shifted to its own exclusive office complex, he added.

    Dr Jitendra Singh reiterated that the role of the Central Information Commission is important to live up to PM Modi’s vision of transparency and citizen participation in the functioning of the government.

    *****

    NKK/AG/GS

     

    (Release ID: 2066339) Visitor Counter : 44

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

    Source: Government of India

    Shri Dharmendra Pradhan embarks on 7-Day tour to strengthen education ties with Singapore and Australia

    Education Minister to meet Singapore’s Prime Minister, Deputy Prime Minister and senior leaders

    Education Minister to meet his Australian Counterpart to foster collaboration and synergy in critical areas of mutual interest in education

    Shri Dharmendra Pradhan will address Australian International Education Conference

    Posted On: 19 OCT 2024 4:45PM by PIB Delhi

    In a significant move to enhance bilateral cooperation in the education sector, Union Minister for Education Shri Dharmendra Pradhan will visit Singapore and Australia from 20 to 26 October 2024. The visit is expected to foster collaboration, participation, and synergy in critical areas of mutual interest in education.

    During the two day visit in Singapore, Shri Dharmendra Pradhan will address the members of Indian diaspora on 20th October 2024. The next day, Shri Dharmendra Pradhan will meet the Prime Minister of Singapore, H.E. Lawrence Wong; Deputy Prime Minister, H.E. Gan Kim Yong; Education Minister, H.E. – Chan Chun Sing; and Foreign Minister H.E. Vivian Balakrishnan. Shri Pradhan will visit the National University of Singapore ranked No.1 in Asia. He will also visit a local secondary school to discuss the scope of syllabus integration, keeping AI in focus. He will meet academicians, eminent representatives from alumni of IITs and IIMs and engage in discussions related to the education ecosystem of both countries.

    During the 3-day visit to Australia, on 23rd October 2024, the Minister, in Melbourne, will meet Hon. Jason Clare MP, Minister for Education. Shri Pradhan will also deliver the Plenary address at the Australian International Education Conference. The Minister will be visiting the South Melbourne Primary School which is known for integrated approaches to learning.

    He will visit ‘Discovery to Device’ at RMIT University which is a unique centre for MedTech prototyping and manufacturing. The visit will explore collaborative approaches to the commercialisation of medical technologies and role of industry-academia linkages in driving innovation..

    Shri Pradhan will meet Hon. Jacinta Allan MP, Premiere of Victoria along with Australian Education Minister Hon Jason Clare MP. He will also visit Monash University to observe their Innovation Lab and Centre for Nano-fabrication.During his stay in Melbourne, Shri Pradhan will also interact with senior academics of Indian origin.

    To explore opportunities for partnerships in educating early childhood education workforces, Shri Pradhan will visit Auburn Long Day Child Care Centre in Sydney on 24th October 2024. The Minister will interact with the representatives of the Innovative Research Universities (IRU) and will attend the 2nd Australia India Education and Skills Council.

    On 25th October 2024, he will visit the Granville South Creative and Performing Arts High School.Shri Pradhan will visit the site of the Macquarie Park Innovation District (MPID). As home to over 180 multinational companies, MPID facilitates the practical application of research across telecommunications, digital industries, medical technology and pharmaceuticals for economic benefit.

    Later in the day, Shri Pradhan will interact with Indian research students hosted by the Group of Eight, Australia’s most research intensive universities.

    Shri Pradhan will visit the UNSW Energy Institute and the Trailblazer for Recycling and Clean Energy (TraCE) at the Tyree Energy Technologies Building, Kensington. Here, he will observe real-world examples of practical research applications with commercial impact through the UNSW Energy Institute, which brings together world-leading researchers and the energy industry.

    He will also visit UTS Moore Park Sports and Exercise Precinct to explore cooperation in sports education and sports research. UTS’s Moore Park Precinct is a state-of-the-art teaching, research and sporting facility.

    *****

    MV/AK

    (Release ID: 2066326) Visitor Counter : 39

    MIL OSI Asia Pacific News –

  • MIL-OSI: Marquette National Corporation Declares a Dividend of $0.28 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.28 per share. The dividend will be payable on January 2, 2025 to shareholders of record on December 20, 2024. As of September 30, 2024, Marquette National Corporation had 4,372,352 shares issued and outstanding.  

    Marquette National Corporation is a diversified bank holding company with total assets of approximately $2.20 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com.

    Special Note Concerning Forward-Looking Statements
    This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including the effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the significant rate increases by the Federal Reserve since 2022); (vi) increased competition in the financial services sector (including from non-bank competitors such as credit unions and “fintech” companies) and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; (xi) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xii) fluctuations in the value of securities held in our securities portfolio; (xiii) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xiv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xv) the level of non-performing assets on our balance sheets; (xvi) interruptions involving our information technology and communications systems or third-party servicers; (xvii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xviii) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

    For more information:
    Patrick Hunt
    EVP & CFO
    708-364-9019
    phunt@emarquettebank.com

    The MIL Network –

  • MIL-OSI: HBT Financial, Inc. Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Highlights

    • Net income of $18.2 million, or $0.57 per diluted share; return on average assets (“ROAA”) of 1.44%; return on average stockholders’ equity (“ROAE”) of 13.81%; and return on average tangible common equity (“ROATCE”)(1) of 16.25%
    • Adjusted net income(1) of $19.2 million; or $0.61 per diluted share; adjusted ROAA(1) of 1.53%; adjusted ROAE(1) of 14.62%; and adjusted ROATCE(1) of 17.20%
    • Asset quality remained strong with nonperforming assets to total assets of 0.17% and net charge-offs to average loans of 0.07%, on an annualized basis
    • Net interest margin and net interest margin (tax-equivalent basis)(1) expanded to 3.98% and 4.03%, respectively

    BLOOMINGTON, Ill., Oct. 21, 2024 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024. This compares to net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024, and net income of $19.7 million, or $0.62 diluted earnings per share, for the third quarter of 2023.

    J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “In the third quarter, we continued our consistently solid financial performance with net income of $18.2 million, adjusted net income(1) of $19.2 million, adjusted ROAA(1) of 1.53% and adjusted ROATCE(1) of 17.20%. We have also seen tangible equity continue to build, with tangible book value per share increasing 23.3% over the last year. Our net interest margin (tax-equivalent basis)(1) increased 3 basis points to 4.03% while funding costs remained modest, increasing 5 basis points to 1.47%. Our asset quality remains strong with net charge-offs at 0.07% of average loans on an annualized basis during the quarter and nonperforming assets to total assets at 0.17%. We have not seen any significant signs of stress in our loan portfolio, but we continue to monitor the portfolio closely. Noninterest income remained consistent and noninterest expense of $31.3 million was up only 2.1% when compared to the third quarter of 2023, as we remain focused on operational efficiency while continuing to invest in our business. Lastly, all capital ratios had solid increases and can support future organic growth or acquisitions.”
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Adjusted Net Income

    In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024. This compares to adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024, and adjusted net income of $20.3 million, or $0.63 adjusted diluted earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

    Net Interest Income and Net Interest Margin

    Net interest income for the third quarter of 2024 was $47.7 million, an increase of 1.5% from $47.0 million for the second quarter of 2024. The increase was primarily attributable to improved loan yields which were mostly offset by an increase in funding costs.

    Relative to the third quarter of 2023, net interest income decreased 1.1% from $48.3 million. The decrease was primarily attributable to higher funding costs which were partially offset by higher asset yields and an increase in interest-earning assets.

    Net interest margin for the third quarter of 2024 was 3.98%, compared to 3.95% for the second quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the third quarter of 2024 was 4.03%, compared to 4.00% for the second quarter of 2024. Higher yields on interest-earning assets, which increased by 7 basis points to 5.35%, were mostly offset by an increase in funding costs, with the cost of funds increasing by 5 basis points to 1.47%.

    Relative to the third quarter of 2023, net interest margin decreased 9 basis points from 4.07% and net interest margin (tax-equivalent basis)(1) decreased 10 basis points from 4.13%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $8.7 million, a decrease from $9.6 million for the second quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the MSR fair value adjustment was a $0.2 million increase in service charge income and a $0.2 million increase in other noninterest income, primarily attributable to swap fee income.

    Relative to the third quarter of 2023, noninterest income decreased 8.3% from $9.5 million. The decrease was primarily attributable to the $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results, partially offset by the absence of $0.8 million in realized losses on the sale of securities included in the third quarter 2023 results.

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $31.3 million, a 2.7% increase from $30.5 million for the second quarter of 2024. The increase was primarily attributable to a $0.5 million increase in occupancy expense, driven in part by a seasonal increase in planned building maintenance expenses, and a $0.4 million increase in marketing and customer relations expense.

    Relative to the third quarter of 2023, noninterest expense increased 2.1% from $30.7 million. The increase was primarily attributable to a $0.7 million increase in salaries and a $0.4 million increase in employee benefits. Partially offsetting these increases was a $0.3 million decrease in marketing and customer relations expense.

    On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the nine months ended September 30, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.

    (dollars in thousands)     Nine Months Ended
    September 30, 2023    		  
         
    PROVISION FOR CREDIT LOSSES   $ 5,924  
    NONINTEREST EXPENSE    
    Salaries     3,584  
    Furniture and equipment     39  
    Data processing     2,031  
    Marketing and customer relations     24  
    Loan collection and servicing     125  
    Legal fees and other noninterest expense     1,964  
    Total noninterest expense     7,767  
    Total acquisition-related expenses   $ 13,691  
     

    Loan Portfolio

    Total loans outstanding, before allowance for credit losses, were $3.37 billion at September 30, 2024, compared with $3.39 billion at June 30, 2024, and $3.34 billion at September 30, 2023. The $15.7 million decrease from June 30, 2024 was primarily attributable to several larger commercial real estate loan payoffs due to the sale of the property and a couple of larger one-to-four family residential loan payoffs. These decreases were partially offset by increased line usage and term originations in our agricultural and farmland portfolio.

    Deposits

    Total deposits were $4.28 billion at September 30, 2024, compared with $4.32 billion at June 30, 2024, and $4.20 billion at September 30, 2023. The $38.0 million decrease from June 30, 2024 was primarily attributable to lower balances maintained in retail accounts and a $18.3 million decrease in escrow balances related to seasonal tax payments, partially offset by increases in public funds and business accounts. Additionally, we continue to see a shift towards higher cost deposit products, with decreases in noninterest-bearing deposits, interest-bearing demand, and savings balances being partially offset by an increase in money market and time deposit balances.

    Asset Quality

    Nonperforming loans totaled $8.2 million, or 0.24% of total loans, at September 30, 2024, compared with $8.4 million, or 0.25% of total loans, at June 30, 2024, and $6.7 million, or 0.20% of total loans, at September 30, 2023. Additionally, of the $8.2 million of nonperforming loans held as of September 30, 2024, $2.0 million is either wholly or partially guaranteed by the U.S. government. The $0.2 million decrease in nonperforming loans from June 30, 2024 was primarily attributable to the payoff of $0.1 million in nonaccrual agricultural and farmland loans.

    The Company recorded a provision for credit losses of $0.6 million for the third quarter of 2024. The provision for credit losses primarily reflects a $1.2 million increase in required reserves resulting from changes in economic forecasts; a $0.2 million increase in required reserves resulting from qualitative factor changes; a $0.6 million decrease in required reserves driven by decreased loan balances and changes within the loan portfolio; and a $0.2 million decrease in specific reserves.

    The Company had net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2023. During the third quarter of 2024, net charge-offs were primarily recognized in the commercial and industrial category which had $0.7 million of net charge-offs.

    The Company’s allowance for credit losses was 1.22% of total loans and 499% of nonperforming loans at September 30, 2024, compared with 1.21% of total loans and 484% of nonperforming loans at June 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.1 million as of September 30, 2024, compared with $4.3 million as of June 30, 2024.

    Capital

    As of September 30, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

        September 30, 2024   For Capital
    Adequacy Purposes
    With Capital
    Conservation Buffer
             
    Total capital to risk-weighted assets   16.54 %   10.50 %
    Tier 1 capital to risk-weighted assets   14.48     8.50  
    Common equity tier 1 capital ratio   13.15     7.00  
    Tier 1 leverage ratio   11.16     4.00  
                 

    The ratio of tangible common equity to tangible assets(1) increased to 9.35% as of September 30, 2024, from 8.74% as of June 30, 2024, and tangible book value per share(1) increased by $0.91 to $14.55 as of September 30, 2024, when compared to June 30, 2024.

    During the third quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of September 30, 2024, the Company had $10.6 million remaining under the stock repurchase program.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    About HBT Financial, Inc.

    HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of September 30, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 billion.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

    CONTACT:
    Peter Chapman
    HBTIR@hbtbank.com
    (309) 664-4556

    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
        As of or for the Three Months Ended   Nine Months Ended September 30,
    (dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
    Interest and dividend income   $ 64,117     $ 62,824     $ 59,041     $ 188,902     $ 167,588  
    Interest expense     16,384       15,796       10,762       47,453       23,600  
    Net interest income     47,733       47,028       48,279       141,449       143,988  
    Provision for credit losses     603       1,176       480       2,306       6,460  
    Net interest income after provision for credit losses     47,130       45,852       47,799       139,143       137,528  
    Noninterest income     8,705       9,610       9,490       23,941       26,841  
    Noninterest expense     31,322       30,509       30,671       93,099       100,577  
    Income before income tax expense     24,513       24,953       26,618       69,985       63,792  
    Income tax expense     6,333       6,883       6,903       18,477       16,396  
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
                         
    Earnings per share – Diluted   $ 0.57     $ 0.57     $ 0.62     $ 1.62     $ 1.49  
                         
    Adjusted net income (1)   $ 19,244     $ 18,139     $ 20,279     $ 55,456     $ 58,910  
    Adjusted earnings per share – Diluted (1)     0.61       0.57       0.63       1.75       1.86  
                         
    Book value per share   $ 17.04     $ 16.14     $ 14.36          
    Tangible book value per share (1)     14.55       13.64       11.80          
                         
    Shares of common stock outstanding     31,559,366       31,559,366       31,774,140          
    Weighted average shares of common stock outstanding     31,559,366       31,579,457       31,829,250       31,600,442       31,598,650  
                         
    SUMMARY RATIOS                    
    Net interest margin *     3.98 %     3.95 %     4.07 %     3.96 %     4.14 %
    Net interest margin (tax-equivalent basis) * (1)(2)     4.03       4.00       4.13       4.01       4.20  
                         
    Efficiency ratio     54.24 %     52.61 %     51.85 %     55.00 %     57.73 %
    Efficiency ratio (tax-equivalent basis) (1)(2)     53.71       52.10       51.25       54.45       57.04  
                         
    Loan to deposit ratio     78.72 %     78.39 %     79.63 %        
                         
    Return on average assets *     1.44 %     1.45 %     1.58 %     1.37 %     1.29 %
    Return on average stockholders’ equity *     13.81       14.48       17.02       13.58       14.22  
    Return on average tangible common equity * (1)     16.25       17.21       20.70       16.11       17.17  
                         
    Adjusted return on average assets * (1)     1.53 %     1.45 %     1.62 %     1.48 %     1.61 %
    Adjusted return on average stockholders’ equity * (1)     14.62       14.54       17.51       14.62       17.68  
    Adjusted return on average tangible common equity * (1)     17.20       17.27       21.29       17.34       21.34  
                         
    CAPITAL                    
    Total capital to risk-weighted assets     16.54 %     16.01 %     15.09 %        
    Tier 1 capital to risk-weighted assets     14.48       13.98       13.18          
    Common equity tier 1 capital ratio     13.15       12.66       11.88          
    Tier 1 leverage ratio     11.16       10.83       10.34          
    Total stockholders’ equity to total assets     10.77       10.18       9.14          
    Tangible common equity to tangible assets (1)     9.35       8.74       7.64          
                         
    ASSET QUALITY                    
    Net charge-offs (recoveries) to average loans *     0.07 %     0.08 %     (0.01) %     0.04 %     (0.01) %
    Allowance for credit losses to loans, before allowance for credit losses     1.22       1.21       1.16          
    Nonperforming loans to loans, before allowance for credit losses     0.24       0.25       0.20          
    Nonperforming assets to total assets     0.17       0.17       0.16          
                                             
    *   Annualized measure.
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Statements of Income
     
      Three Months Ended   Nine Months Ended September 30,
    (dollars in thousands, except per share data) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
    INTEREST AND DIVIDEND INCOME                  
    Loans, including fees:                  
    Taxable $ 53,650     $ 52,177     $ 49, 640     $ 157,753     $ 138,948  
    Federally tax exempt   1,133       1,097       1,072       3,324       3,064  
    Debt Securities:                  
    Taxable   6,453       6,315       6,402       18,972       19,460  
    Federally tax exempt   502       521       978       1,620       3,337  
    Interest-bearing deposits in bank   2,230       2,570       714       6,752       2,234  
    Other interest and dividend income   149       144       235       481       545  
    Total interest and dividend income   64,117       62,824       59,041       188,902       167,588  
    INTEREST EXPENSE                  
    Deposits   14,649       14,133       7,211       42,375       13,908  
    Securities sold under agreements to repurchase   134       129       35       415       107  
    Borrowings   119       121       2,108       365       5,594  
    Subordinated notes   470       469       470       1,409       1,409  
    Junior subordinated debentures issued to capital trusts   1,012       944       938       2,889       2,582  
    Total interest expense   16,384       15,796       10,762       47,453       23,600  
    Net interest income   47,733       47,028       48,279       141,449       143,988  
    PROVISION FOR CREDIT LOSSES   603       1,176       480       2,306       6,460  
    Net interest income after provision for credit losses   47,130       45,852       47,799       139,143       137,528  
    NONINTEREST INCOME                  
    Card income   2,753       2,885       2,763       8,254       8,326  
    Wealth management fees   2,670       2,623       2,381       7,840       6,998  
    Service charges on deposit accounts   2,081       1,902       2,040       5,852       5,830  
    Mortgage servicing   1,113       1,111       1,169       3,279       3,522  
    Mortgage servicing rights fair value adjustment   (1,488 )     (97 )     23       (1,505 )     (460 )
    Gains on sale of mortgage loans   461       443       476       1,202       1,125  
    Realized gains (losses) on sales of securities   —       —       (813 )     (3,382 )     (1,820 )
    Unrealized gains (losses) on equity securities   136       (96 )     (46 )     24       (61 )
    Gains (losses) on foreclosed assets   (44 )     (28 )     550       15       443  
    Gains (losses) on other assets   (2 )     —       52       (637 )     161  
    Income on bank owned life insurance   170       166       153       500       415  
    Other noninterest income   855       701       742       2,499       2,362  
    Total noninterest income   8,705       9,610       9,490       23,941       26,841  
    NONINTEREST EXPENSE                  
    Salaries   16,325       16,364       15,644       49,346       51,715  
    Employee benefits   2,997       2,860       2,616       8,662       7,658  
    Occupancy of bank premises   2,695       2,243       2,573       7,520       7,460  
    Furniture and equipment   446       548       667       1,544       2,135  
    Data processing   2,640       2,606       2,581       8,171       9,787  
    Marketing and customer relations   1,380       996       1,679       3,372       3,874  
    Amortization of intangible assets   710       710       720       2,130       1,950  
    FDIC insurance   572       565       512       1,697       1,705  
    Loan collection and servicing   476       475       345       1,403       971  
    Foreclosed assets   19       10       76       78       234  
    Other noninterest expense   3,062       3,132       3,258       9,176       13,088  
    Total noninterest expense   31,322       30,509       30,671       93,099       100,577  
    INCOME BEFORE INCOME TAX EXPENSE   24,513       24,953       26,618       69,985       63,792  
    INCOME TAX EXPENSE   6,333       6,883       6,903       18,477       16,396  
    NET INCOME $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
                       
    EARNINGS PER SHARE – BASIC $ 0.58     $ 0.57     $ 0.62     $ 1.63     $ 1.50  
    EARNINGS PER SHARE – DILUTED $ 0.57     $ 0.57     $ 0.62     $ 1.62     $ 1.49  
    WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,579,457       31,829,250       31,600,442       31,598,650  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Balance Sheets
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    ASSETS          
    Cash and due from banks $ 26,776     $ 22,604     $ 24,757  
    Interest-bearing deposits with banks   152,895       172,636       87,156  
    Cash and cash equivalents   179,671       195,240       111,913  
               
    Interest-bearing time deposits with banks   —       520       500  
    Debt securities available-for-sale, at fair value   710,303       669,055       753,163  
    Debt securities held-to-maturity   505,075       512,549       527,144  
    Equity securities with readily determinable fair value   3,364       3,228       3,106  
    Equity securities with no readily determinable fair value   2,638       2,613       2,300  
    Restricted stock, at cost   5,086       5,086       11,165  
    Loans held for sale   2,959       858       3,563  
               
    Loans, before allowance for credit losses   3,369,830       3,385,483       3,342,786  
    Allowance for credit losses   (40,966 )     (40,806 )     (38,863 )
    Loans, net of allowance for credit losses   3,328,864       3,344,677       3,303,923  
               
    Bank owned life insurance   24,405       24,235       23,747  
    Bank premises and equipment, net   65,919       65,711       64,713  
    Bank premises held for sale   317       317       35  
    Foreclosed assets   376       320       1,519  
    Goodwill   59,820       59,820       59,820  
    Intangible assets, net   18,552       19,262       21,402  
    Mortgage servicing rights, at fair value   17,496       18,984       20,156  
    Investments in unconsolidated subsidiaries   1,614       1,614       1,614  
    Accrued interest receivable   24,160       22,425       23,447  
    Other assets   40,109       59,685       58,538  
    Total assets $ 4,990,728     $ 5,006,199     $ 4,991,768  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 1,008,359     $ 1,045,697     $ 1,086,877  
    Interest-bearing   3,272,341       3,272,996       3,111,191  
    Total deposits   4,280,700       4,318,693       4,198,068  
               
    Securities sold under agreements to repurchase   29,029       29,330       28,900  
    Federal Home Loan Bank advances   13,435       13,734       177,650  
    Subordinated notes   39,533       39,514       39,454  
    Junior subordinated debentures issued to capital trusts   52,834       52,819       52,774  
    Other liabilities   37,535       42,640       38,671  
    Total liabilities   4,453,066       4,496,730       4,535,517  
               
    Stockholders’ Equity          
    Common stock   328       328       327  
    Surplus   296,810       296,430       295,483  
    Retained earnings   302,532       290,386       256,050  
    Accumulated other comprehensive income (loss)   (38,989 )     (54,656 )     (78,432 )
    Treasury stock at cost   (23,019 )     (23,019 )     (17,177 )
    Total stockholders’ equity   537,662       509,469       456,251  
    Total liabilities and stockholders’ equity $ 4,990,728     $ 5,006,199     $ 4,991,768  
    SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,559,366       31,774,140  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
               
    LOANS          
    Commercial and industrial $ 395,598   $ 400,276   $ 386,933  
    Commercial real estate – owner occupied   288,838     289,992     297,242  
    Commercial real estate – non-owner occupied   889,188     889,193     901,929  
    Construction and land development   359,151     365,371     371,158  
    Multi-family   432,712     429,951     388,742  
    One-to-four family residential   472,040     484,335     488,655  
    Agricultural and farmland   297,102     285,822     275,239  
    Municipal, consumer, and other   235,201     240,543     232,888  
    Total loans $ 3,369,830   $ 3,385,483   $ 3,342,786  
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
               
    DEPOSITS          
    Noninterest-bearing deposits $ 1,008,359   $ 1,045,697   $ 1,086,877  
    Interest-bearing deposits:          
    Interest-bearing demand   1,076,445     1,094,797     1,134,721  
    Money market   795,150     769,386     673,780  
    Savings   566,783     582,752     623,083  
    Time   803,964     796,069     564,634  
    Brokered   29,999     29,992     114,973  
    Total interest-bearing deposits   3,272,341     3,272,996     3,111,191  
    Total deposits $ 4,280,700   $ 4,318,693   $ 4,198,068  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands) Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *
                                       
    ASSETS                                  
    Loans $ 3,379,299     $ 54,783   6.45 %   $ 3,374,058     $ 53,274   6.35 %   $ 3,296,703     $ 50,712   6.10 %
    Debt Securities   1,191,642       6,955   2.32       1,187,795       6,836   2.31       1,317,603       7,380   2.22  
    Deposits with banks   185,870       2,230   4.77       211,117       2,570   4.90       77,595       714   3.65  
    Other   12,660       149   4.68       12,588       144   4.60       16,430       235   5.68  
    Total interest-earning assets   4,769,471     $ 64,117   5.35 %     4,785,558     $ 62,824   5.28 %     4,708,331     $ 59,041   4.97 %
    Allowance for credit losses   (40,780 )             (40,814 )             (38,317 )        
    Noninterest-earning assets   278,030               283,103               294,818          
    Total assets $ 5,006,721             $ 5,027,847             $ 4,964,832          
                                       
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                  
    Liabilities                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand $ 1,085,609     $ 1,408   0.52 %   $ 1,123,592     $ 1,429   0.51 %   $ 1,160,654     $ 761   0.26 %
    Money market   800,651       4,726   2.35       788,744       4,670   2.38       682,772       2,026   1.18  
    Savings   573,077       396   0.27       592,312       393   0.27       639,384       249   0.15  
    Time   804,379       7,702   3.81       763,507       7,117   3.75       519,683       3,275   2.50  
    Brokered   29,996       417   5.54       38,213       524   5.51       66,776       900   5.34  
    Total interest-bearing deposits   3,293,712       14,649   1.77       3,306,368       14,133   1.72       3,069,269       7,211   0.93  
    Securities sold under agreements to repurchase   29,426       134   1.80       30,440       129   1.70       33,807       35   0.41  
    Borrowings   13,691       119   3.47       13,466       121   3.60       157,908       2,108   5.30  
    Subordinated notes   39,524       470   4.73       39,504       469   4.78       39,444       470   4.72  
    Junior subordinated debentures issued to capital trusts   52,827       1,012   7.63       52,812       944   7.18       52,767       938   7.05  
    Total interest-bearing liabilities   3,429,180     $ 16,384   1.90 %     3,442,590     $ 15,796   1.85 %     3,353,195     $ 10,762   1.27 %
    Noninterest-bearing deposits   1,013,893               1,043,614               1,105,472          
    Noninterest-bearing liabilities   39,903               39,806               46,564          
    Total liabilities   4,482,976               4,526,010               4,505,231          
    Stockholders’ Equity   523,745               501,837               459,601          
    Total liabilities and stockholders’ equity $ 5,006,721             $ 5,027,847             $ 4,964,832          
                                       
    Net interest income/Net interest margin (1)     $ 47,733   3.98 %       $ 47,028   3.95 %       $ 48,279   4.07 %
    Tax-equivalent adjustment (2)       552   0.05           553   0.05           675   0.06  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)    		     $ 48,285   4.03 %       $ 47,581   4.00 %       $ 48,954   4.13 %
    Net interest rate spread (4)         3.45 %           3.43 %           3.70 %
    Net interest-earning assets (5) $ 1,340,291             $ 1,342,968             $ 1,355,136          
    Ratio of interest-earning assets to interest-bearing liabilities   1.39               1.39               1.40          
    Cost of total deposits         1.35 %           1.31 %           0.69 %
    Cost of funds         1.47             1.42             0.96  
                                                               
    *   Annualized measure.
    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Nine Months Ended
      September 30, 2024   September 30, 2023
    (dollars in thousands) Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *
                           
    ASSETS                      
    Loans $ 3,374,875     $ 161,077   6.38 %   $ 3,183,641     $ 142,012   5.96 %
    Debt Securities   1,197,772       20,592   2.30       1,366,298       22,797   2.23  
    Deposits with banks   188,087       6,752   4.80       84,720       2,234   3.53  
    Other   12,744       481   5.04       15,334       545   4.75  
    Total interest-earning assets   4,773,478     $ 188,902   5.29 %     4,649,993     $ 167,588   4.82 %
    Allowance for credit losses   (40,611 )             (37,053 )        
    Noninterest-earning assets   279,789               289,843          
    Total assets $ 5,012,656             $ 4,902,783          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Liabilities                      
    Interest-bearing deposits:                      
    Interest-bearing demand $ 1,112,198     $ 4,148   0.50 %   $ 1,204,937     $ 1,902   0.21 %
    Money market   800,693       14,193   2.37       664,036       4,467   0.90  
    Savings   592,134       1,232   0.28       678,495       616   0.12  
    Time   744,349       20,744   3.72       441,760       6,011   1.82  
    Brokered   50,046       2,058   5.49       22,987       912   5.30  
    Total interest-bearing deposits   3,299,420       42,375   1.72       3,012,215       13,908   0.62  
    Securities sold under agreements to repurchase   30,769       415   1.80       35,844       107   0.40  
    Borrowings   13,387       365   3.64       148,443       5,594   5.04  
    Subordinated notes   39,504       1,409   4.76       39,424       1,409   4.78  
    Junior subordinated debentures issued to capital trusts   52,812       2,889   7.31       51,054       2,582   6.76  
    Total interest-bearing liabilities   3,435,892     $ 47,453   1.84 %     3,286,980     $ 23,600   0.96 %
    Noninterest-bearing deposits   1,031,239               1,123,917          
    Noninterest-bearing liabilities   38,943               46,310          
    Total liabilities   4,506,074               4,457,207          
    Stockholders’ Equity   506,582               445,576          
    Total liabilities and stockholders’ equity $ 5,012,656               4,902,783          
                           
    Net interest income/Net interest margin (1)     $ 141,449   3.96 %       $ 143,988   4.14 %
    Tax-equivalent adjustment (2)       1,680   0.05           2,092   0.06  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)    		     $ 143,129   4.01 %       $ 146,080   4.20 %
    Net interest rate spread (4)         3.45 %           3.86 %
    Net interest-earning assets (5) $ 1,337,586             $ 1,363,013          
    Ratio of interest-earning assets to interest-bearing liabilities   1.39               1.41          
    Cost of total deposits         1.31 %           0.45 %
    Cost of funds         1.42             0.72  
                               
    *   Annualized measure.
    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
               
    NONPERFORMING ASSETS          
    Nonaccrual $ 8,200     $ 8,425     $ 6,678  
    Past due 90 days or more, still accruing   5       7       —  
    Total nonperforming loans   8,205       8,432       6,678  
    Foreclosed assets   376       320       1,519  
    Total nonperforming assets $ 8,581     $ 8,752     $ 8,197  
               
    Nonperforming loans that are wholly or partially guaranteed by the U.S. Government $ 2,046     $ 2,132     $ 1,968  
               
    Allowance for credit losses $ 40,966     $ 40,806     $ 38,863  
    Loans, before allowance for credit losses   3,369,830       3,385,483       3,342,786  
               
    CREDIT QUALITY RATIOS          
    Allowance for credit losses to loans, before allowance for credit losses   1.22 %     1.21 %     1.16 %
    Allowance for credit losses to nonaccrual loans   499.59       484.34       581.96  
    Allowance for credit losses to nonperforming loans   499.28       483.94       581.96  
    Nonaccrual loans to loans, before allowance for credit losses   0.24       0.25       0.20  
    Nonperforming loans to loans, before allowance for credit losses   0.24       0.25       0.20  
    Nonperforming assets to total assets   0.17       0.17       0.16  
    Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets   0.25       0.26       0.25  
                           
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                       
    ALLOWANCE FOR CREDIT LOSSES                  
    Beginning balance $ 40,806     $ 40,815     $ 37,814     $ 40,048     $ 25,333  
    Adoption of ASC 326   —       —       —       —       6,983  
    PCD allowance established in acquisition   —       —       —       —       1,247  
    Provision for credit losses   746       677       983       1,983       5,004  
    Charge-offs   (1,101 )     (870 )     (412 )     (2,198 )     (733 )
    Recoveries   515       184       478       1,133       1,029  
    Ending balance $ 40,966     $ 40,806     $ 38,863     $ 40,966     $ 38,863  
                       
    Net charge-offs (recoveries) $ 586     $ 686     $ (66 )   $ 1,065     $ (296 )
    Average loans   3,379,299       3,374,058       3,296,703       3,374,875       3,183,641  
                       
    Net charge-offs (recoveries) to average loans *   0.07 %     0.08 %     (0.01) %     0.04 %     (0.01) %
                                   
    *   Annualized measure.                              
                                   
      Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024     2023  
                       
    PROVISION FOR CREDIT LOSSES                  
    Loans (1) $ 746     $ 677   $ 983     $ 1,983   $ 5,004  
    Unfunded lending-related commitments (1)   (143 )     499     297       323     1,456  
    Debt securities   —       —     (800 )     —     —  
    Total provision for credit losses $ 603     $ 1,176   $ 480     $ 2,306   $ 6,460  
                                       
    (1)   Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
                                       
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Net Income and Adjusted Return on Average Assets
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
    Adjustments:                    
    Acquisition expenses (1)     —       —       —       —       (13,691 )
    Gains (losses) on closed branch premises     —       —       —       (635 )     75  
    Realized gains (losses) on sales of securities     —       —       (813 )     (3,382 )     (1,820 )
    Mortgage servicing rights fair value adjustment     (1,488 )     (97 )     23       (1,505 )     (460 )
    Total adjustments     (1,488 )     (97 )     (790 )     (5,522 )     (15,896 )
    Tax effect of adjustments (2)     424       28       226       1,574       4,382  
    Total adjustments after tax effect     (1,064 )     (69 )     (564 )     (3,948 )     (11,514 )
    Adjusted net income   $ 19,244     $ 18,139     $ 20,279     $ 55,456     $ 58,910  
                         
    Average assets   $ 5,006,721     $ 5,027,847     $ 4,964,832     $ 5,012,656     $ 4,902,783  
                         
    Return on average assets *     1.44 %     1.45 %     1.58 %     1.37 %     1.29 %
    Adjusted return on average assets *     1.53       1.45       1.62       1.48       1.61  
                                             
    *   Annualized measure.
    (1)   Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
    (2)   Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Earnings Per Share — Basic and Diluted
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands, except per share amounts)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024     2023  
                         
    Numerator:                    
    Net income   $ 18,180   $ 18,070   $ 19,715     $ 51,508   $ 47,396  
    Earnings allocated to participating securities (1)     —     —     (10 )     —     (26 )
    Numerator for earnings per share – basic and diluted   $ 18,180   $ 18,070   $ 19,705     $ 51,508   $ 47,370  
                         
    Adjusted net income   $ 19,244   $ 18,139   $ 20,279     $ 55,456   $ 58,910  
    Earnings allocated to participating securities (1)     —     —     (10 )     —     (33 )
    Numerator for adjusted earnings per share – basic and diluted   $ 19,244   $ 18,139   $ 20,269     $ 55,456   $ 58,877  
                         
    Denominator:                    
    Weighted average common shares outstanding     31,559,366     31,579,457     31,829,250       31,600,442     31,598,650  
    Dilutive effect of outstanding restricted stock units     118,180     87,354     137,187       115,266     102,574  
    Weighted average common shares outstanding, including all dilutive potential shares     31,677,546     31,666,811     31,966,437       31,715,708     31,701,224  
                         
    Earnings per share – Basic   $ 0.58   $ 0.57   $ 0.62     $ 1.63   $ 1.50  
    Earnings per share – Diluted   $ 0.57   $ 0.57   $ 0.62     $ 1.62   $ 1.49  
                         
    Adjusted earnings per share – Basic   $ 0.61   $ 0.57   $ 0.64     $ 1.75   $ 1.86  
    Adjusted earnings per share – Diluted   $ 0.61   $ 0.57   $ 0.63     $ 1.75   $ 1.86  
                                       
    (1)    The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
     
    Reconciliation of Non-GAAP Financial Measures –
    Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Net interest income (tax-equivalent basis)                    
    Net interest income   $ 47,733     $ 47,028     $ 48,279     $ 141,449     $ 143,988  
    Tax-equivalent adjustment (1)     552       553       675       1,680       2,092  
    Net interest income (tax-equivalent basis) (1)   $ 48,285     $ 47,581     $ 48,954     $ 143,129     $ 146,080  
                         
    Net interest margin (tax-equivalent basis)                    
    Net interest margin *     3.98 %     3.95 %     4.07 %     3.96 %     4.14 %
    Tax-equivalent adjustment * (1)     0.05       0.05       0.06       0.05       0.06  
    Net interest margin (tax-equivalent basis) * (1)     4.03 %     4.00 %     4.13 %     4.01 %     4.20 %
                         
    Average interest-earning assets   $ 4,769,471     $ 4,785,558     $ 4,708,331     $ 4,773,478     $ 4,649,993  
                                             
    *   Annualized measure.
    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Efficiency Ratio (Tax-equivalent Basis)
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Efficiency ratio (tax-equivalent basis)                    
    Total noninterest expense   $ 31,322     $ 30,509     $ 30,671     $ 93,099     $ 100,577  
    Less: amortization of intangible assets     710       710       720       2,130       1,950  
    Noninterest expense excluding amortization of intangible assets   $ 30,612     $ 29,799     $ 29,951     $ 90,969     $ 98,627  
                         
    Net interest income   $ 47,733     $ 47,028     $ 48,279     $ 141,449     $ 143,988  
    Total noninterest income     8,705       9,610       9,490       23,941       26,841  
    Operating revenue     56,438       56,638       57,769       165,390       170,829  
    Tax-equivalent adjustment (1)     552       553       675       1,680       2,092  
    Operating revenue (tax-equivalent basis) (1)   $ 56,990     $ 57,191     $ 58,444     $ 167,070     $ 172,921  
                         
    Efficiency ratio     54.24 %     52.61 %     51.85 %     55.00 %     57.73 %
    Efficiency ratio (tax-equivalent basis) (1)     53.71       52.10       51.25       54.45       57.04  
                                             
    (1)    On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
    (dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
                 
    Tangible Common Equity            
    Total stockholders’ equity   $ 537,662     $ 509,469     $ 456,251  
    Less: Goodwill     59,820       59,820       59,820  
    Less: Intangible assets, net     18,552       19,262       21,402  
    Tangible common equity   $ 459,290     $ 430,387     $ 375,029  
                 
    Tangible Assets            
    Total assets   $ 4,990,728     $ 5,006,199     $ 4,991,768  
    Less: Goodwill     59,820       59,820       59,820  
    Less: Intangible assets, net     18,552       19,262       21,402  
    Tangible assets   $ 4,912,356     $ 4,927,117     $ 4,910,546  
                 
    Total stockholders’ equity to total assets     10.77 %     10.18 %     9.14 %
    Tangible common equity to tangible assets     9.35       8.74       7.64  
                 
    Shares of common stock outstanding     31,559,366       31,559,366       31,774,140  
                 
    Book value per share   $ 17.04     $ 16.14     $ 14.36  
    Tangible book value per share     14.55       13.64       11.80  
                             
    Reconciliation of Non-GAAP Financial Measures –
    Return on Average Tangible Common Equity,
    Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity
             
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		     2024       2023  
                         
    Average Tangible Common Equity                    
    Total stockholders’ equity   $ 523,745     $ 501,837     $ 459,601     $ 506,582     $ 445,576  
    Less: Goodwill     59,820       59,820       59,875       59,820       56,406  
    Less: Intangible assets, net     18,892       19,605       21,793       19,607       20,005  
    Average tangible common equity   $ 445,033     $ 422,412     $ 377,933     $ 427,155     $ 369,165  
                         
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
    Adjusted net income     19,244       18,139       20,279       55,456       58,910  
                         
    Return on average stockholders’ equity *     13.81 %     14.48 %     17.02 %     13.58 %     14.22 %
    Return on average tangible common equity *     16.25       17.21       20.70       16.11       17.17  
                         
    Adjusted return on average stockholders’ equity *     14.62 %     14.54 %     17.51 %     14.62 %     17.68 %
    Adjusted return on average tangible common equity *     17.20       17.27       21.29       17.34       21.34  
                                             
    *   Annualized measure.
     

    The MIL Network –

  • MIL-OSI: Stilwell Will Vote in Favor of Proposal to Sell IF Bancorp

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Stilwell Activist Investments, L.P. (together with its affiliates, “Stilwell”), one of the largest stockholders of IF Bancorp, Inc. (“IROQ” or the “Company”) (NASDAQ: IROQ), today issued the following statement in connection with the Company’s upcoming annual meeting of stockholders scheduled to be held on November 25, 2024 (the “Annual Meeting”), at which stockholders will vote on a number of matters, including Stilwell’s non-binding proposal requesting a sale of the Company (the “Proposal”), submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended:

    IF Bancorp – Chronically Disappointing.

    Based on chronic underperformance and the likelihood of continued underperformance, we intend to vote FOR the Proposal, copied directly below, at the upcoming Annual Meeting.

    Proposal: RESOLVED, that the stockholders of IF Bancorp, Inc. (the “Company” or “IROQ”) hereby recommend that the Board of Directors take all necessary steps to promptly effectuate a sale of the Company.

    As set forth in our Supporting Statement included in IROQ’s proxy statement filed with the Securities and Exchange Commission on October 16, 2024, we believe that the returns on the Company’s assets have been subpar for many years and that IROQ stockholders would be best served if the Company and its assets were sold at the earliest opportunity for the highest price available.

    Although our proposal is non-binding, we believe it provides a referendum for IROQ stockholders to express their views on the status quo and that it would be incumbent upon the Board of Directors to seriously consider such views if a majority of stockholders support this Proposal at the Annual Meeting.

    Investor Contact:
    Megan Parisi
    (787) 985-2194
    mparisi@stilwellgroup.com

    PLEASE NOTE: THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. STILWELL IS NOT ASKING FOR YOUR PROXY CARD AND CANNOT AND WILL NOT ACCEPT PROXY CARDS IF SENT. STILWELL IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

    The MIL Network –

  • MIL-OSI: FishWar Officially Powered by Sei: Elevating the GameFi Experience

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Oct. 21, 2024 (GLOBE NEWSWIRE) — FishWar, an innovative Web3 gaming platform that has captivated over a million players worldwide, is proud to announce its official integration with Sei the first parallelized EVM blockchain. This marks a significant milestone in FishWar’s journey to revolutionize the GameFi space by enhancing gameplay, scalability, and overall user experience.

    Sei, renowned for its lightning-fast execution and scalability, brings the combined advantages of Ethereum and Solana to FishWar. As the fastest parallel blockchain, Sei enhances FishWar’s infrastructure, delivering faster transactions, lower fees, and a seamless gaming experience for its ever-growing community.

    Key Benefits of the Integration:

    • Enhanced Performance: With Sei’s parallelized EVM, FishWar players will experience faster, more efficient transactions, ensuring smooth gameplay during PVP tournaments, PVE battles, and in-game purchases.
    • Scalable Infrastructure: Sei’s ability to process up to 12,500 transactions per second means FishWar is well-equipped to handle its growing user base, which now exceeds 1 million players.
    • Lower Fees: Sei keeps transaction costs minimal, allowing players to fully immerse in FishWar without the concern of high fees, making the game accessible to all.

    This integration bolsters FishWar’s commitment to providing an immersive Web3 gaming experience where players build armies, compete in strategic battles, and earn valuable $FISHW tokens. With Sei’s robust blockchain technology, FishWar is poised to deliver an even faster, smoother, and more thrilling adventure in its post-apocalyptic ocean world.

    “We are thrilled to officially power FishWar with Sei. This integration allows us to offer faster, more reliable gameplay to our users while leveraging Sei’s advanced blockchain technology. With this, FishWar is well-positioned to lead the next generation of Web3 gaming,” said Alan Wang, CEO of FishWar.

    About Sei

    Sei is a Layer 1 that combines the advantages of Ethereum and Solana: the dominant development standard of Ethereum with the performance of Solana. The V2 update for Sei makes it the first parallelized EVM. Serving as a new scaling approach for the Ethereum ecosystem while achieving even faster speeds than Solana. Sei launched its mainnet in 2022 and has a growing ecosystem with key teams from Ethereum, Solana, Polygon, Arbitrum, and others deploying. The team is backed by Multicoin, Jump, Coinbase Ventures, and many more.

    Website | X (Former Twitter) | Discord | Telegram

    About FishWar

    FishWar is an innovative Web3 game set in a post-apocalyptic ocean, where players dive into intense battles, strategic gameplay, and real-time PVP tournaments. FishWar merges the thrilling world of GameFi with the evolving realms of Web3, offering an immersive gaming experience for players to earn rewards while building their armies.

    Website | X (Former Twitter) | Discord | Telegram

    Media contact

    Brand: FishWar

    Contact: Media team

    Email: support@fishwar.io

    Website: https://fishwar.io

    The MIL Network –

  • MIL-OSI: Onity Group Announces Proposed Offering of $475 Million of Senior Notes Due 2029

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Oct. 21, 2024 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity”), a leading non-bank mortgage servicer and originator, today announced that PHH Escrow Issuer LLC (“Escrow Issuer”), a wholly-owned special purpose subsidiary of PHH Corporation (“PHH”), plans to offer $475 million aggregate principal amount of Senior Notes due 2029 (the “Notes”), subject to market and other conditions.

    The Notes will initially be issued by Escrow Issuer. The net proceeds from the sale of the Notes, together with additional cash from Onity, are expected to be placed into escrow pending the satisfaction of certain conditions, including, but not limited to, the consummation of the recently announced sale by Onity of its 15% ownership interest in MSR Asset Vehicle LLC to certain funds affiliated with Oaktree Capital Management, L.P. (the “MAV Sale”). Upon satisfaction of the escrow conditions, the escrowed proceeds will be released to PHH Corporation, and at that time PHH Corporation, along with Onity and certain subsidiaries of PHH, will enter into a supplement to the indenture governing the Notes pursuant to which PHH will become a co-issuer of the Notes and Onity and such subsidiaries will become guarantors of the Notes.

    Upon their release from escrow, the net proceeds from the offering will be used, together with the net proceeds from the MAV Sale and cash on hand, to redeem all of PHH Mortgage Corporation’s outstanding 7.875% Senior Notes due 2026 and all of Onity’s outstanding 12.00%/13.25% Senior Second Lien Notes due 2027.

    The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction.

    The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or sale of, any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the offering of the senior notes by PHH and the use of proceeds therefrom. We cannot provide any assurance that these events will occur. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, the fact that the size of the offering could change or that the offering could be terminated; or if the Notes are issued and sold, that the conditions to the release of the escrowed funds from escrow, including the consummation of the MAV Sale, will not occur. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    For Further Information Contact:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: Karolinska Development’s portfolio company SVF Vaccines announces positive data from a phase 1 study of its universal Covid-19 vaccine

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN, October 21, 2024. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company SVF Vaccines, has presented positive clinical safety and immunogenicity data from a clinical phase 1 study of the universal Covid-19 vaccine candidate, SVF-002.

    SVF Vaccines develops SVF-002, a DNA vaccine designed to engage a broad neutralizing response directed against the spike protein of SARS-CoV-2, the virus that causes Covid-19, but has also been designed to induce a T-cell response that is capable of eliminating cells in which the virus is present. SVF-002 has now been evaluated in a double-blind, first-in-human clinical study. The results were presented today at the annual meeting of the International Society for Vaccines in Seoul, South Korea, by the principal investigator of the study, Professor Soo Aleman, Senior Physician and Section Manager at the Medical Unit for Infectious Diseases, Karolinska University Hospital.

    The results showed that the vaccine candidate was safe and well-tolerated and that the higher dose boosted neutralizing antibodies to the spike protein and provided unique T-cell responses against highly conserved components of the virus, the membrane protein and the nucleoprotein, which may entail better protection even if the virus changes. The study was run by the OpenCorona consortium in collaboration with the Karolinska University Hospital in Stockholm, Sweden. The study enrolled healthy individuals who had previously received three doses of an mRNA-based Covid-19 vaccine.

    “SVF Vaccine is developing a portfolio of therapeutic and prophylactic vaccines that potentially can both prevent disease and cure infected patients. The positive results in the clinical phase 1 study are an important achievement that validates SVF Vaccines development platform,” says Viktor Drvota, CEO of Karolinska Development.

    Karolinska Development’s ownership in SVF Vaccines amounts to 34%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patient’s lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit http://www.karolinskadevelopment.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Renegade IDO to Debut on DeFi.Gold Launchpad, Bridging TradFi with Crypto

    Source: GlobeNewswire (MIL-OSI)

    Cayman Islands, Oct. 21, 2024 (GLOBE NEWSWIRE) — – DG Labs Ltd., a leader in decentralized finance (DeFi), announces the upcoming Initial DEX Offering (IDO) on the DeFi.Gold launchpad, featuring Renegade, a financial platform that integrates traditional banking services with advanced cryptocurrency solutions. This partnership aligns with DeFi.Gold’s mission to bridge decentralized finance and traditional financial systems, providing users with greater control, transparency, and empowerment in their financial decisions. Renegade offers an all-in-one platform designed to unify traditional finance and decentralized assets. The platform enables users to seamlessly manage fiat, cryptocurrencies, and other financial products in a single interface, redefining how individuals engage with their finances. Key features of Renegade:

    • All-in-One Financial App: Manage both traditional and cryptocurrency assets through a single, unified platform, streamlining financial management like never before
    • Crypto Exchange and Wallet Services: Buy, sell, and securely store crypto assets with integrated exchange and wallet functionalities, ensuring a smooth and secure user experience
    • Visa Card Integration: Renegade offers a Visa card linked to user accounts, allowing users to spend both fiat and cryptocurrency funds in everyday transactions worldwide
    • Reward System: Users can design personalized reward cards by selecting a ‘squad’ – a monthly subscription model – earning points through RNG staking or completing squad missions for additional rewards
    • AI-Driven Portfolio Management: Advanced AI tools provide precise analysis and automated rebalancing of cryptocurrency portfolios, ensuring optimal performance with minimal effort

    The Renegade crowd sale is set to launch on November 11, 2024. Early participants can secure exclusive discounts by joining the waitlist at renegade.defi.gold. Mona Coyle, CEO of DG Labs Ltd., commented: “We’re proud to partner with Renegade, a company that truly understands the intersection of traditional finance and crypto. This IDO marks a significant step in our mission to provide access to innovative financial solutions that empower users.” Mike Hunt, CEO of Renegade, added: “Our platform is built to redefine how people manage their finances, giving them the tools to navigate between fiat and crypto seamlessly. We’re thrilled to launch with the support of DG Labs and DeFi.Gold and look forward to ushering in a new era of financial freedom.” Expanding the DeFi.Gold Ecosystem In addition to the Renegade IDO, DG Labs is excited to announce that three more IDOs will be launching on the DeFi.Gold platform before the end of 2024. One of these projects is an innovative game that will feature Flurbo and Schmeckle Runes – digital assets previously launched by DeFi.Gold. These Runes will be redeemable for in-game currency and governance tokens, with listings scheduled for Q1 2025. The game will also be the first project on the DeFi.Gold launchpad to be offered via auction, marking a unique milestone in community-driven engagement. For more information on DeFi.Gold’s launchpad and its features, visit http://www.DeFi.Gold.com.
    -ENDS- About DeFi.Gold: DeFi.Gold is pioneering DeFi with the first non-custodial DEX, launchpad, and NFT marketplace built on Bitcoin’s secure infrastructure. By leveraging Bitcoin’s Layer 1 (L1) and the Lightning Network, DeFi.Gold offers enhanced scalability, efficiency, and advanced features. The platform supports trading of assets like Jettons, ERC20 tokens, Runes, RGB, Taproot Assets, and more across Bitcoin, Stacks, TON, and Ethereum. DeFi.Gold NFT marketplace will provide liquidity for creators and collectors, integrating seamlessly with popular web wallets and enabling fast, low-cost transactions. The $DGOLD token powers community-led innovation on the Bitcoin blockchain. Contact:
    Aroma Kumar
    Account Manager
    aroma@lunapr.io
    http://www.lunapr.io

    The MIL Network –

  • MIL-OSI Security: “NATO will defend Allied interests in the Arctic” says Chair of NATO Military Committee

    Source: NATO

    On 19 October 2024, the Chair of the NATO Military Committee, Admiral Rob Bauer attended the 11th edition of the Arctic Circle Assembly. While in Iceland, he also met with the Chief of Defence, Mr Jonas G. Allansson, former President of Iceland Mr Ólafur Ragnar Grímsson, Chairman of the Arctic Circle Assembly and Michael Sfraga, newly appointed US ambassador-at-large for the Arctic.

    In his keynote speech for the Arctic Circle Assembly, Admiral Bauer expressed his concerns about Russia’s continued military build-up in the Arctic and the growing (military) cooperation between China and Russia, also in the Arctic region. “NATO will defend its interests in the Arctic. We have a responsibility to protect all our Allies, including the seven here in this region. And we want to uphold the international rules-based order, which includes freedom of navigation,” Admiral Bauer said. He underscored NATO’s strong posture in the High North based on new defence plans, major exercises and build-up of Joint Force Command Norfolk to ensure NATO’s deterrence and defence for the whole of the North Atlantic.  Admiral Bauer also praised closer Nordic Defence Cooperation: “The historic accession of Sweden and Finland makes NATO stronger, also in the High North. And Nordic Allies are investing deeply in their capabilities and equipment”. 

    Sitting down with the Icelandic Chief of Defence, Mr Jonas Allansson, Admiral Bauer reiterated the key role Iceland plays as a NATO Ally. “Iceland continues to be strategically important because of its location and by operating crucial NATO air defence and surveillance systems. Iceland also hosts Allied Air Policing and key exercises,” Admiral Bauer stated, adding that Iceland is one of 13 Allies involved in the NORTHLINK initiative that was launched during the Defence Ministerial Meeting on 17-18 October 2024. This initiative will help develop a secure, resilient and reliable multinational Arctic satellite communications capability. Admiral Bauer also welcomed Iceland’s long-term support to Ukraine.

    Meeting with Mr Ólafur Ragnar Grímsson, Admiral Bauer praised the Arctic Circle Assembly for being a key venue to address global challenges, including the security implications of climate change. “Reduction in sea ice due to climate change means that new shipping routes come into play in the Arctic, making them economically and militarily significant,” Admiral Bauer said. 

    In his meeting with the US Ambassador-at-Large for Arctic Affairs, Michael Sfraga, Admiral Bauer discussed the role of the United States as an Artic ally, both on the diplomatic front and also militarily, as Pentagon published an updated Arctic Strategy in July this year.

    Read the speech at the Arctic Circle Assembly.

    MIL Security OSI –

  • MIL-OSI Security: Shaken but not Stirred at NMRTU Bangor

    Source: United States Navy (Medical)

    The announcement came suddenly.

    Just as abruptly came the reaction.

    Navy Medicine Readiness Training Unit Bangor staff rapidly responded to a [mock] earthquake, Oct. 17, 2024.

    The exercise scenario – held in conjunction with Commander Naval Installations Command Citadel Rumble and Operation Dynamo 2024 – provided the opportunity for the branch health clinic to test a handful of objectives which are considered crucial during any actual seismic event.

    According to Hospital Corpsman 2nd Class Jesse Hamby, radiology technologist assigned to the clinic, the clinic’s major goals to accomplish during the exercise were met.

    “Our objectives were to drop, cover and hold; evacuated everyone, have 100 percent accountability; triage all patients appropriately, and communicate with each other throughout the drill,” explained Hamby.

    With the clinic located on Naval Base Kitsap Bangor, the medical and dental staff provide direct healthcare to the Sailors and Marines stationed on the sprawling compound, a sizable part of the third largest fleet concentration in the U.S. The base is also nestled – as is the rest of the greater Puget Sound region – in a locale with a number of active fault zones with routine seismic activity. There have been over 70 minor earthquakes over the last several weeks.

    “This is the first time we’ve done this in a number of years. But it is something we need to do in case it does happen. Overall, we did really well. Actually, better than expected,” said Senior Chief Hospital Corpsman Randy Fugere, NMRTU Bangor leading chief petty officer, adding that communication effort amongst staff all during the exercise was prompt, as was handling the flow of those injured needing medical care. “Communication, sharing information, is always huge and important during an event like this.”

    The 2001 Nisqually earthquake – with an epicenter approximately 55 miles south of NMRTU Bangor parent command, Naval Hospital Bremerton – measured a strong 6.8 magnitude and shook the entire Puget Sound region as the Juan de Fuca Plate shifted deeper into the earth. That upheaval invoked NHB to become the first Navy Medicine military treatment facility to become seismic retrofitted in 2007 to withstand future sizable earthquakes.

    Annual exercises such as Citadel Rumble and Operation Dynamo 2024 are held to prepare personnel to effectively respond when another sizable quake does take place, because seismologists have long contended it’s just a matter of if, not when.

    NMRTU Bangor is ready.

    MIL Security OSI –

  • MIL-OSI USA: Four new petroleum liquids pipelines have been completed in the United States since 2023

    Source: US Energy Information Administration

    In-brief analysis

    October 21, 2024

    Since 2023, pipeline companies have completed four new petroleum liquids pipeline projects in the United States—three crude oil pipeline projects and one hydrocarbon gas liquids (HGL) project—according to our recently updated Liquids Pipeline Projects Database. No new petroleum product pipeline projects were completed during this period. Petroleum product pipelines carry gasoline, diesel, jet fuel, and other refinery products.

    The completed projects are as follows:

    • South Bend Pipeline is a 150,000-barrel-per-day (b/d) pipeline developed by Bridger Pipeline, LLC, that transports crude oil about 137 miles from Johnsons Corner, North Dakota, to Baker, Montana. It was completed in 2023.
    • Keystone Port Neches Link is a 630,000-b/d pipeline developed by Port Neches Link, LLC, a joint venture of TC Energy and Motiva Enterprises, that begins at the Sunoco Logistics terminal in Nederland and ends at Motiva’s terminal in Port Neches (both in Texas). The pipeline is approximately five miles in length and was completed in 2023. The Motiva section is a 30-inch diameter pipe, and the TC Energy section is 36-inch diameter pipe.
    • Borger Express Pipeline is a 90,000-b/d pipeline developed by Navigator Energy Service that transports crude oil about 195 miles from Major County, Oklahoma, to Hutchinson County, Texas. It was completed in 2023.
    • Seminole Red Pipeline was converted by Enterprise Products Partners from a crude oil pipeline back to an HGL pipeline while it builds Bahia Pipeline, another HGL pipeline project that will also service the Permian Basin. Seminole Red Pipeline was originally an HGL pipeline before it was converted to a 210,000-b/d crude oil pipeline in 2019. The conversion back to HGL was completed in 2024.

    Our Liquids Pipeline Projects Database contains information about projects at various stages of construction. Currently, 9 projects have been announced, and 10 projects are under construction. Since we launched the database in 2010, 231 projects have been completed, and 17 projects have been permanently canceled.

    Our Liquids Pipeline Projects Database compiles information on more than 270 future, ongoing, and past liquids pipeline projects in the United States. These pipelines carry crude oil, HGL, and petroleum products. Our database contains project types, start dates, capacity, mileage, geographic information, and project status. We track expanded, reversed, converted, and new pipeline projects.

    Some projects are connected to each other and may carry the same fuels to their final destinations. As a result, adding together the capacity of all projects would result in overestimating or double-counting some pipeline capacity.

    The Liquids Pipeline Projects Database complements our natural gas pipeline projects database. We update our Liquids Pipeline Projects Database based on the best available information from pipeline company websites, trade press reports, and government documents, such as U.S. Department of State permits for border crossings. We update the database twice each year. The data reflect reported plans and do not reflect our assumptions on the likelihood or timing of project completion.

    Principal contributor: Jim O’Sullivan

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: The 2nd National Lighthouse Festival began with ‘Lighthouse Tourism Conclave 2024’

    Source: Government of India

    The 2nd National Lighthouse Festival began with ‘Lighthouse Tourism Conclave 2024’

    Lighthouse Tourism Conclave 2024 highlighted opportunities for Heritage and Preservation

    Odisha’s five heritage lighthouses among Key attractions, drawing Over 10 Lakh Visitors in 2024-25

    In line with vision to unlock the immense potential of India’s maritime heritage, MoPSW has embarked on a transformative journey to revitalize our historic lighthouses Shri Shantanu Thakur, MoS, MoPSW

    These majestic structures, which have long guided mariners, are now evolving into centres of tourism, culture, and learning: Shri Shantanu Thakur, MoS, MoPSW

    Posted On: 19 OCT 2024 4:39PM by PIB Delhi

    On the day one of 2nd National Lighthouse Festival , Ministry of Ports, Shipping, and Waterways (MoPSW) hosted the Lighthouse Tourism Conclave 2024 today in Puri, with over 100 participants, including government officials, tourism experts, and conservationists, in attendance. The event aimed to explore the vast potential of lighthouse tourism and strategies for preserving these maritime structures, blending tourism development with heritage conservation.

    The conclave was graced by dignitaries, including Shri Sambit Patra, Hon’ble MP from Puri; Shri Suresh Gopi, Hon’ble Minister of State for Petroleum, Natural Gas & Tourism; and Smt. Pravati Parida, Hon’ble Deputy Chief Minister of Odisha. Following the traditional lighting of the ceremonial lamp, the Hon’ble Minister of State for Ports, Shipping & Waterways, Shri Shantanu Thakur, delivered the keynote address, where he emphasized the importance of developing lighthouse tourism as a means to boost local economies and preserve India’s rich maritime heritage.

    ”In line with our vision to unlock the immense potential of India’s maritime heritage, the Ministry of Ports, Shipping, and Waterways has embarked on a transformative journey to revitalize our historic lighthouses. These majestic structures, which have long guided mariners, are now evolving into centres of tourism, culture, and learning. With the development of 75 iconic lighthouses across the nation, we are not only preserving history but also creating vibrant spaces for recreation and community engagement”.

    He warmly invited all visitors to explore these landmarks and experience the unique blend of heritage and modernity they offer.

    A detailed presentation by the Directorate General of Lighthouses and Lightships (DGL) showcased the current status and future prospects of lighthouse tourism in India, highlighting various initiatives underway. With an investment of ₹60 crore, 75 iconic lighthouses across 9 coastal states and 1 union territory have been developed under the visionary leadership of the Hon’ble Prime Minister. Each lighthouse has become a beacon of both heritage and recreation, with modern amenities such as museums, amphitheaters, children’s parks, and more. In Odisha, five lighthouses—Gopalpur, Puri, Chandrabhaga, Paradip, and False Point—have been developed as part of this initiative to promote lighthouse tourism.

    In the fiscal year 2023-24 alone, the 75 dedicated lighthouses attracted an impressive 16 lakh visitors. As of September 2024, the current fiscal year 2024-25 has already welcomed more than 10 lakh visitors. These developments have also resulted in job creation, with 150 direct and 500 indirect employment opportunities emerging in nearby hotels, restaurants, tour operators, transportation services, and local shops and artisans.

    The presentation was followed by two engaging panel sessions. The first session, moderated by Gaurav Nagar, focused on “Lighthouse Tourism and Heritage.” Speakers, including Kapil Mohan (AIS Retd.), Debasis Mishra, and renowned photographer Dinesh Khanna, discussed the cultural and economic significance of lighthouses and the untapped potential in leveraging them as tourist destinations. The second session, also moderated by Gaurav Nagar, concentrated on “Preservation and Conservation of Lighthouses.” Experts such as Raja Parija, Capt. Devabrat Mishra, and Sangeeta Thakur deliberated on sustainable preservation techniques, balancing heritage conservation with the growing demand for tourism.

    This interactive dialogue encouraged collaboration among key industry players to strengthen lighthouse tourism in India.

    Through this conclave, the Ministry of Ports, Shipping, and Waterways aims to raise awareness about the unique blend of history and tourism that lighthouses represent, and how their preservation is essential for future generations. The event sets the stage for upcoming initiatives and collaboration in the lighthouse tourism sector.

    Note: Later in the evening, the Lighthouse Tourism Festival at Talabania Ground, Puri, will witness a grand cultural celebration. The festivities will begin with the invocation dance, Ganesh Vandana, followed by a captivating medley of traditional Assamese performances, showcasing the rich cultural heritage of Assam. To conclude the evening, renowned singer Papon will enthrall the audience with a special celebrity performance, adding a melodious touch to the celebration of India’s maritime heritage and lighthouse tourism. The event promises to be a blend of tradition, art, and entertainment, bringing people together in a vibrant cultural showcase.

    ********

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Agriculture Contributes $4 Billion to CT Economy, Report Shows

    Source: US State of Connecticut

    A new report highlights the economic contributions of Connecticut’s agricultural sector, including $4 billion to the state economy and providing 31,000 jobs.

    “The numbers are significant and it’s important to recognize [agriculture’s] proper placement in the state economy,” says Rigoberto Lopez, professor of agricultural and resource economics.

    The report was a collaborative effort between the College of Agriculture, Health and Natural Resources (CAHNR), the Connecticut Department of Agriculture, Farm Credit East, and the Connecticut Center for Economic Analysis (CCEA). Authors include Lopez; Tessa Getchis, aquaculture extension specialist for Connecticut Sea Grant and UConn Extension; Danielle Duquette ‘24 (CAHNR); Christopher Laughton, director of knowledge exchange at Farm Credit East; Peter Gunter, senior research fellow at CCEA; and Fred Carstensen, director of CCEA and UConn professor of finance.

    “Even in a relatively small, fairly urban state, agriculture contributes approximately $4 billion to the economy, and supports 31,000 jobs, on and off the farm,” Laughton says. “In addition, agriculture provides significant ecosystem services and preserves the state’s working landscape – contributions that can’t be readily quantified. No matter how you measure it – agriculture matters to Connecticut.”

    The report demonstrates that, despite challenges posed by climate change and the COVID-19 pandemic, the agriculture sector continues to grow.

    “This economic impact report serves as a vital benchmark, revealing the profound significance of agriculture – not just as a source of sustenance, but as a cornerstone of economic vitality, community resilience, and sustainable growth,” says Agriculture Commissioner Bryan P. Hurlburt. “Building upon strong partnerships and collaboration, this data serve as a compass, guiding our programs and services at the agency to create a runway for future success through innovative solutions and the diversification of agriculture.”

    The fastest-growing industries in Connecticut are its greenhouse operations and value-added products, like dairy and meat processing.

    Connecticut does not compete with large agricultural states, like those in the Midwest, in terms of big crops like wheat or corn. Instead, most of the state’s agriculture focuses on what are considered “specialty crops” by the FDA like vegetables, fruit, and melons, as well as ornamental crops.

    The state also has a robust aquatic farming industry which contributed $33.5 million and 500 jobs in 2022 according to the report.

    “The industry produces a wide spectrum of products including oysters, clams, fish, kelp, aquatic plants, and corals, among others,” Getchis says. “Connecticut has a long history of shellfish production dating back centuries and is in fact today one of the leading producers on the U.S. East Coast.”

    While the report highlights the economic benefits of the agricultural sector for the state, Lopez emphasizes it does not capture all the benefits the industry provides to the state including social factors. For example, farms in the state provide residents with access to local foods and events like farmer’s markets provide spaces for communities to gather.

    “Residents can play an important role in preserving and supporting agriculture in Connecticut,” Lopez says.

    At a recent press event to unveil the report, UConn officials underscored the value of the impact report and UConn’s role in helping Connecticut’s agricultural sectors to grow.

    “Agriculture is part of the past, present, and future of Connecticut and its flagship university, UConn,” says CAHNR Dean Indrajeet Chaubey. “We’re committed to fueling the state’s economic engine, supporting agricultural industries, and preparing future leaders through specialized academic programs.”

    This work relates to CAHNR’s Strategic Vision area focused on Ensuring a Vibrant and Sustainable Agricultural Industry and Food Supply.

    Follow UConn CAHNR on social media

    MIL OSI USA News –

  • MIL-OSI: Neuroscience for Crisis Negotiators at S.W.A.T. Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Dr. Henry Mahncke, CEO of Posit Science, which makes the brain training app BrainHQ, will address the 24th Annual Crisis Negotiations Conference of the National Tactical Officers Association, on Tuesday, October 29, 2024 in Chandler, Arizona.

    Dr. Mahncke will discuss how brain health issues of the person-in-crisis can create obstacles to a successful negotiation, and how negotiators who understand these issues (and optimize their own brain performance) can guide negotiations to a successful conclusion.

    “We now do considerable work with SWAT, law enforcement, and emergency response,” observed Dr. Mahncke. “Crisis negotiation draws on a large number of cognitive skills, which we’ve shown — across many studies and field trials — can be systematically improved. Those cognitive skills include attention, speed of processing, memory, and decision-making, but we’ve learned there are many others, including both general and momentary alertness, inhibitory response, emotional recognition, multiple object tracking, peripheral vision, initiation of movement recognition, divided attention, and rule switching.”

    “Managing crisis negotiations is incredibly cognitively demanding,” Dr. Mahncke continued. “It demands mastery of divided attention and rule shifting, as you prioritize and re-prioritize continuously incoming information. It’s both art and science, and we are honored to be asked to present the latest neuroscience related to this field. Our goal is to help officers be relaxed and ready to address the crises with peak cognitive skills and abilities.”

    During his two-hour workshop, Dr. Mahncke will share an overview of how certain cognitive abilities — shown to be systematically improvable — relate to crisis negotiation and management, including data from recent studies and field trials, learnings from interviews, findings regarding the impact of BrainHQ exercises on stress, anxiety, fatigue, confidence and control, as well as some hands-on time with BrainHQ. Conference registrants will have access to the cognitive exercises throughout the conference.

    BrainHQ exercises have shown benefits in hundreds of studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by elite athletes and teams, special forces, the military, and other organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

    Contact: media@brainhq.com

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister Sh. Nitin Gadkari inaugurates two-day conference “Latest Emerging Trends and Technologies in Road and Bridge Construction” in Bhopal

    Source: Government of India

    Union Minister Sh. Nitin Gadkari inaugurates two-day conference “Latest Emerging Trends and Technologies in Road and Bridge Construction” in Bhopal

    Sh. Gadkari says Infrastructure as Key to National Development

    Posted On: 19 OCT 2024 4:32PM by PIB Delhi

    Union Minister for Road Transport and Highways, Shri Nitin Gadkari, highlighted the pivotal role of infrastructure in national development, emphasizing that an improved transport system opens new doors for economic growth and creates employment opportunities. The Minister was addressing the inaugural session of a two-day conference on “Latest Emerging Trends and Technologies in Road and Bridge Construction,” organized by the Madhya Pradesh Public Works Department and the Indian Road Congress, held in Bhopal.

    Shri Gadkari reiterated that infrastructure development remains a top priority for Prime Minister Shri Narendra Modi, as this sector not only drives progress but also lays the blueprint for India’s future. He emphasized key objectives such as ensuring uncompromising quality, reducing road accidents, protecting the environment, and resolving on-ground challenges, which he believes can only be achieved through collective efforts across all levels.

    Addressing the importance of rural road development, Shri Gadkari advocated for the adoption of a “waste to wealth” policy, which promotes the use of waste materials in road construction, yielding both financial and environmental benefits.

    Madhya Pradesh Chief Minister, Dr. Mohan Yadav, in his address, noted that the conference will bring new momentum to the state’s infrastructure development, significantly contributing to the success of various construction projects.

    The two-day conference features multiple technical sessions where experts from across the country will deliberate on innovative technologies, construction materials, and the challenges in the Engineering, Procurement, and Construction (EPC) agreement process. An exhibition showcasing the latest machinery and technologies used in road and bridge construction has also been organized as part of the event.


    ***

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Tackling Food Insecurity: Cultural Food Guide

    Source: US State of Connecticut

    [embedded content]

    The Cultural Food Guide, developed by the UConn Rudd Center for Food Policy and Health, offers food banks and food pantries a tool fight food insecurity by ensuring a respectful, productive, and positive experience for vulnerable populations in their communities. (Video by UConn)

    MIL OSI USA News –

  • MIL-OSI: Preferred Bank Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank (“the Bank”) reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provision for credit losses and an increase in noninterest income. The decrease from the prior quarter was due to an increase in noninterest expense of $2.4 million, an increase in the provision for credit losses of $700,000 partially offset by an increase in net interest income of $2.7 million. Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.95%
    • Return on beginning equity of 18.37%
    • Net interest margin (NIM) expanded to 4.10%
    • Total loans increased by $143 million or 2.6% for the quarter
    • Efficiency ratio was 30.6%

    Li Yu, Chairman and CEO, commented, “I am pleased to report our third quarter 2024 net income was $33.4 million or $2.46 a share. Highlights of the quarter include the successful reduction of $21.2 million in non-performing loans, with no charge-offs. Interest recovery related to this was $800,000. Criticized loans, however, have increased but we believe it may be temporary in nature. Separately, the OREO property is currently in escrow, scheduled to close later this month. The valuation allowance we recorded of $1.7 million is included in the quarter’s non-interest expense.

    Loan demand was strong this quarter. We had a net increase of $143 million, or 2.6% on a linked quarter basis. The September’s rate cut seems to have spurred borrower interest in general. Deposits for the quarter had a very small decrease, as we have been careful in monitoring our deposit costs.

    At September 30, 2024, Preferred Bank’s loan portfolio was 26% fixed rate loans and 74% floating rate loans with floor rates for most of them. We believe it is well-balanced with the sensitivity of our deposits. However, the time certificates of deposits do have a cost adjustment pattern of slower reduction in the beginning but increasing gradually.”

    Results of Operations

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $68.8 million for the third quarter of 2024. This was a decrease from the $73.0 million recorded in the same quarter last year and an increase over the $66.1 million posted in the second quarter of 2024. A higher cost of deposits was to blame for the decrease in net interest income versus the prior year and a curing of a nonaccrual loan in the third quarter of 2024 was the reason for the increase in net interest income over the second quarter of 2024. A loan that was placed into nonaccrual status in the second quarter of 2024 was paid down significantly and the interest was brought current in the third quarter of 2024. This interest recovery of $800,000 helped to increase the Bank’s net interest margin to 4.10% for the quarter from 3.96% in the prior quarter. This compares to a margin of 4.39% one year ago. Also very importantly, the Bank’s total interest expense decreased for the first time since the first quarter of 2022. This was the result of the Bank’s efforts to replace higher cost brokered MMDA accounts with traditional brokered CD’s which carry a lower coupon. This is why, during this quarter, there is a fairly sizeable decrease in money market accounts and a corresponding increase in certificates of deposit.

    Noninterest Income. For the third quarter of 2024, noninterest income was $3.5 million compared with $3.0 million for the same quarter last year and compared to $3.4 million for the second quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fees which increased by $210,000 and other income partially offset by a decrease in gains on sales of SBA loans of $263,000. In comparing to the same quarter last year; LC fee income was up by $547,000 partially offset by a decrease in service charges of $192,000.

    Noninterest Expense. Total noninterest expense was $22.1 million for the third quarter of 2024 compared to $19.7 million for the second quarter of 2024 and compared to the $19.0 million recorded in the same period last year. The primary reason for the increase from the prior year and over the prior quarter was the $1.7 million valuation allowance recorded this quarter on the Bank’s other real estate owned (OREO) property. In comparing to the prior quarter; personnel expense increased by $581,000 and occupancy expense increased by $167,000. This was partially offset by a decrease in promotion expense of $162,000. In comparing to same quarter last year; personnel expense was up by $517,000, occupancy expense was up by $320,000 and professional services was up by $393,000. The increase in professional services expense was due to increased legal costs which were associated with a number of nonperforming loans. For the quarter ended September 30, 2024, the Bank’s efficiency ratio was 30.6%, higher than the 28.3% posted last quarter and higher than the 25.04% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $13.6 million for the third quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at September 30, 2024 were $5.57 billion, an increase of $298.1 million from the total of $5.27 billion as of December 31, 2023. Total deposits decreased during the quarter by $11 million but still increased year-to-date to $5.87 billion, up $158.4 million from the $5.71 billion as of December 31, 2023. Total assets were $6.87 billion, an increase of $213.3 million over the total of $6.66 billion as of December 31, 2023.

    Asset Quality

    Non-accrual loans as of September 30, 2024, was $19.4 million, a decrease of $21.2 million from $40.6 million on June 30, 2024. There were no charge-offs related to the reduction. Interest recoveries were $800,000 for this quarter

    The increase in total criticized loans of $161.2 for the quarter was largely due to the downgrade of a relationship with seven real estate related loans. These seven loans totaling $182.1 were secured by retail or multifamily properties that have late payment irregularities. At September 30, 2024, four of the seven loans totaling $86.5 million have been brought current and are expected to be out of criticized status in the fourth quarter. The three loans that have not been brought to current have a combined weighted average LTV of 64% and DCR of 0.98. All these loans have adequate guarantor support. Combined amount outstanding for these three loans is $95.6 million.

    Allowance for Credit Losses

    The provision for credit losses for the third quarter of 2024 was $3.2 million compared to $2.5 million last quarter and compared to $3.5 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.36% of loans as compared to 1.34% in the prior quarter.

    Capitalization

    As of September 30, 2024, the Bank’s leverage ratio was 11.28%, the common equity tier 1 capital ratio was 11.66% and the total capital ratio stood at 15.06%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s third quarter 2024 financial results will be held this afternoon, October 21, 2024 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at http://www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through November 4, 2024; the passcode is 7955778.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
    shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at http://www.preferredbank.com.

    AT THE COMPANY:
    Edward J. Czajka
    Executive Vice President
    Chief Financial Officer
    (213) 891-1188    		 AT FINANCIAL PROFILES:
    Jeffrey Haas
    General Information
    (310) 622-8240
    PFBC@finprofiles.com
       

    Financial Tables to Follow

    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
                         
                         
              For the Quarter Ended
              September 30,   June 30,   September 30,  
                2024     2024     2023  
    Interest income:              
      Loans, including fees   $ 114,112   $ 109,451   $ 106,695  
      Investment securities     15,032     17,552     18,556  
      Fed funds sold     280     291     278  
        Total interest income     129,424     127,294     125,529  
                         
    Interest expense:              
      Interest-bearing demand     23,211     24,205     20,257  
      Savings     84     79     67  
      Time certificates     35,956     35,578     29,369  
      FHLB borrowings     –     –     1,557  
      Subordinated debt     1,325     1,325     1,325  
        Total interest expense     60,576     61,187     52,575  
        Net interest income     68,848     66,107     72,954  
    Provision for credit losses     3,200     2,500     3,500  
        Net interest income after provision for              
          credit losses     65,648     63,607     69,454  
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     747     819     939  
      Letters of credit fee income     1,959     1,749     1,412  
      BOLI income     108     105     103  
      Net gain on sale of loans     91     353     21  
      Other income     554     378     497  
        Total noninterest income     3,459     3,404     2,972  
                         
    Noninterest expense:              
      Salary and employee benefits     13,525     12,944     13,008  
      Net occupancy expense     1,883     1,716     1,563  
      Business development and promotion expense     241     403     193  
      Professional services     1,816     1,832     1,423  
      Office supplies and equipment expense     435     477     395  
      Loss on sale of OREO, valuation allowance and related expense     1,915     29     140  
      Other       2,274     2,296     2,287  
        Total noninterest expense     22,089     19,697     19,009  
        Income before provision for income taxes     47,018     47,314     53,417  
    Income tax expense     13,635     13,722     15,225  
        Net income   $ 33,383   $ 33,592   $ 38,192  
                         
    Income per share available to common shareholders              
        Basic   $ 2.50   $ 2.51   $ 2.74  
        Diluted   $ 2.46   $ 2.48   $ 2.71  
                         
    Weighted-average common shares outstanding              
        Basic     13,327,848     13,362,522     13,925,994  
        Diluted     13,544,273     13,548,400     14,105,915  
                         
    Cash dividends per common share   $ 0.70   $ 0.70   $ 0.55  
                         
    PREFERRED BANK  
    Condensed Consolidated Statements of Operations  
    (unaudited)  
    (in thousands, except for net income per share and shares)  
                         
                         
              For the Nine Months Ended      
              September 30,   September 30,   Change  
                2024     2023     %  
    Interest income:              
      Loans, including fees   $ 333,543   $ 304,796     9.4  
      Investment securities     48,841     47,454     2.9  
      Fed funds sold     854     774     10.4  
        Total interest income     383,238     353,024     8.6  
                         
    Interest expense:              
      Interest-bearing demand     69,706     53,701     29.8  
      Savings     238     153     55.6  
      Time certificates     105,864     71,399     48.3  
      FHLB borrowings     –     3,819     -100.0 %
      Subordinated debt     3,975     3,975     0.0  
        Total interest expense     179,783     133,046     35.1  
        Net interest income     203,455     219,978     -7.5 %
    Provision for credit losses     10,100     6,500     55.4  
        Net interest income after provision for credit losses     193,355     213,478     -9.4 %
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     2,411     2,477     -2.7 %
      Letters of credit fee income     5,211     4,312     20.8 %
      BOLI income     318     307     3.3 %
      Net loss on called and sale of investment securities     –     (4,117 )   -100.0 %
      Net gain on sale of loans     547     547     -0.1 %
      Other income     1,441     1,481     -2.7 %
        Total noninterest income     9,928     5,007     98.3 %
                         
    Noninterest expense:              
      Salary and employee benefits     40,369     39,256     2.8 %
      Net occupancy expense     5,310     4,513     17.7 %
      Business development and promotion expense     910     498     82.7 %
      Professional services     5,105     3,915     30.4 %
      Office supplies and equipment expense     1,385     1,197     15.7 %
      Loss on sale of OREO, valuation allowance and related expense     2,079     3,050     -31.8 %
      Other       6,656     6,332     5.1 %
        Total noninterest expense     61,814     58,761     5.2 %
        Income before provision for income taxes     141,469     159,724     -11.4 %
    Income tax expense     41,028     45,523     -9.9 %
        Net income   $ 100,441   $ 114,201     -12.0 %
                         
    Income per share available to common shareholders              
        Basic   $ 7.50   $ 8.01     -6.4 %
        Diluted   $ 7.39   $ 7.92     -6.7 %
                         
    Weighted-average common shares outstanding              
        Basic     13,399,487     14,257,005     -6.0 %
        Diluted     13,587,820     14,418,939     -5.8 %
                         
    Dividends per share   $ 2.10   $ 1.65     27.3 %
                         
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
                   
                   
            September 30,   December 31,  
              2024       2023    
            (Unaudited)   (Audited)  
    Assets        
    Cash and due from banks $ 782,394     $ 890,852    
    Fed funds sold   22,600       20,000    
      Cash and cash equivalents   804,994       910,852    
                   
    Securities held-to-maturity, at amortized cost   20,311       21,171    
    Securities available-for-sale, at fair value   337,363       313,842    
                   
    Loans held for sale, at lower of cost or fair value   225       360    
                   
    Loans   5,571,579       5,273,498    
      Less allowance for credit losses   (76,051 )     (78,355 )  
      Less amortized deferred loan fees, net   (10,414 )     (11,079 )  
      Loans, net   5,485,114       5,184,064    
                   
    Other real estate owned and repossessed assets   15,082       16,716    
    Customers’ liability on acceptances   –       315    
    Bank furniture and fixtures, net   9,195       9,694    
    Bank-owned life insurance   10,364       10,632    
    Accrued interest receivable   35,562       33,892    
    Investment in affordable housing partnerships   58,009       65,276    
    Federal Home Loan Bank stock, at cost   15,000       15,000    
    Deferred tax assets   46,209       48,991    
    Income tax receivable   1,013       2,391    
    Operating lease right-of-use assets   30,489       22,050    
    Other assets   3,414       4,030    
      Total assets $ 6,872,344     $ 6,659,276    
                   
    Liabilities and Shareholders’ Equity        
    Deposits:        
      Noninterest bearing demand deposits $ 682,859     $ 786,995    
      Interest bearing deposits:   1,994,288       2,075,156    
        Savings   29,793       29,167    
        Time certificates of $250,000 or more   1,478,500       1,317,862    
        Other time certificates   1,682,324       1,500,162    
        Total deposits   5,867,764       5,709,342    
                   
    Acceptances outstanding   –       315    
    Subordinated debt issuance, net   148,410       148,232    
    Commitments to fund investment in affordable housing partnerships   23,617       30,824    
    Operating lease liabilities   26,730       19,766    
    Accrued interest payable   16,001       16,124    
    Other liabilities   39,705       39,568    
      Total liabilities   6,122,227       5,964,171    
                   
    Shareholders’ equity   750,117       695,105    
      Total liabilities and shareholders’ equity $ 6,872,344     $ 6,659,276    
                   
    Book value per common share $ 56.54     $ 50.54    
    Number of common shares outstanding   13,267,852       13,753,246    
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                     
                     
                     
            For the Quarter Ended
                     
            September 30, June 30, March 31, December 31, September 30,
              2024     2024     2024     2023     2023  
    Unaudited historical quarterly operations data:          
      Interest income $ 129,424   $ 127,294   $ 126,520   $ 124,964   $ 125,529  
      Interest expense   60,576     61,187     58,020     55,568     52,575  
        Interest income before provision for credit losses   68,848     66,107     68,500     69,396     72,954  
      Provision for credit losses   3,200     2,500     4,400     3,500     3,500  
      Noninterest income   3,459     3,404     3,065     2,106     2,972  
      Noninterest expense   22,089     19,697     20,028     17,873     19,009  
      Income tax expense   13,635     13,722     13,671     14,290     15,225  
        Net income $ 33,383   $ 33,592   $ 33,466   $ 35,839   $ 38,192  
                     
      Earnings per share          
        Basic $ 2.50   $ 2.51   $ 2.48   $ 2.63   $ 2.74  
        Diluted $ 2.46   $ 2.48   $ 2.44   $ 2.60   $ 2.71  
                     
    Ratios for the period:          
      Return on average assets   1.95 %   1.97 %   2.00 %   2.15 %   2.25 %
      Return on beginning equity   18.37 %   19.44 %   19.36 %   21.21 %   22.66 %
      Net interest margin (Fully-taxable equivalent)   4.10 %   3.96 %   4.19 %   4.24 %   4.39 %
      Noninterest expense to average assets   1.29 %   1.15 %   1.20 %   1.07 %   1.12 %
      Efficiency ratio   30.55 %   28.34 %   27.99 %   25.00 %   25.04 %
      Net charge-offs (recoveries) to average loans (annualized)   -0.00 %   0.68 %   0.26 %   -0.00 %   0.01 %
                     
    Ratios as of period end:          
      Tangible common equity ratio   10.92 %   10.55 %   10.35 %   10.43 %   10.10 %
      Tier 1 leverage capital ratio   11.28 %   10.89 %   10.80 %   10.85 %   10.46 %
      Common equity tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Total risk-based capital ratio   15.06 %   14.93 %   15.08 %   15.18 %   15.32 %
      Allowances for credit losses to loans at end of period   1.36 %   1.34 %   1.49 %   1.49 %   1.46 %
      Allowance for credit losses to non-performing loans 3.92x 1.79x 4.33x 2.73x 3.86x
                     
    Average balances:          
      Total securities $ 356,590   $ 353,357   $ 348,961   $ 349,863   $ 368,968  
      Total loans   5,458,613     5,320,360     5,263,562     5,126,918     5,086,241  
      Total earning assets   6,684,766     6,728,498     6,585,853     6,499,469     6,597,557  
      Total assets   6,817,979     6,863,829     6,718,018     6,627,349     6,719,859  
      Total time certificate of deposits   2,874,985     2,884,259     2,852,860     2,767,385     2,680,854  
      Total interest bearing deposits   5,124,245     5,203,034     5,004,834     4,906,947     4,800,227  
      Total deposits   5,828,227     5,901,976     5,761,488     5,689,713     5,654,350  
      Total interest bearing liabilities   5,272,617     5,351,347     5,153,089     5,055,143     5,069,014  
      Total equity   747,222     715,190     704,996     683,141     678,020  
                     
    PREFERRED BANK  
    Selected Consolidated Financial Information  
    (unaudited)  
    (in thousands, except for ratios)  
                   
                   
                   
            For the Nine Months Ended  
            September 30,   September 30,  
              2024       2023    
                   
      Interest income $ 383,238     $ 353,024    
      Interest expense   179,783       133,046    
        Interest income before provision for credit losses   203,455       219,978    
      Provision for credit losses   10,100       6,500    
      Noninterest income   9,928       5,007    
      Noninterest expense   61,814       58,761    
      Income tax expense   41,028       45,523    
        Net income $ 100,441     $ 114,201    
                   
      Earnings per share        
        Basic $ 7.50     $ 8.01    
        Diluted $ 7.39     $ 7.92    
                   
    Ratios for the period:        
      Return on average assets   1.97 %     2.33 %  
      Return on beginning equity   19.30 %     24.22 %  
      Net interest margin (Fully-taxable equivalent)   4.08 %     4.58 %  
      Noninterest expense to average assets   1.21 %     1.20 %  
      Efficiency ratio   28.97 %     26.12 %  
      Net charge-off (recoveries) to average loans   0.31 %     0.00 %  
                   
    Average balances:        
      Total securities $ 352,982     $ 402,971    
      Total loans   5,347,918       5,048,452    
      Total earning assets   6,666,439       5,047,971    
      Total assets   6,800,008       6,436,889    
      Total time certificate of deposits   2,870,717       6,560,955    
      Total interest bearing deposits   5,110,755       2,504,426    
      Total deposits   5,830,555       4,602,039    
      Total interest bearing liabilities   5,259,068       5,539,223    
      Total equity   722,560       4,851,214    
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
                             
                             
            As of
                             
            September 30,   June 30,   March 31,   December 31,   September 30,
              2024       2024       2024       2023       2023  
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 804,994     $ 917,677     $ 936,600     $ 910,852     $ 1,021,108  
      Securities held-to-maturity, at amortized cost   20,311       20,605       20,904       21,171       21,474  
      Securities available-for-sale, at fair value   337,363       331,909       333,411       313,842       335,608  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 753,453     $ 732,251     $ 724,101     $ 688,058     $ 663,021  
          Real estate—Commercial   2,882,506       2,833,430       2,777,608       2,760,761       2,688,148  
          Total Real Estate – Mortgage   3,635,959       3,565,681       3,501,709       3,448,819       3,351,169  
        Real estate – Construction:                  
          R/E Construction — Residential   274,214       238,062       236,596       246,201       226,482  
          R/E Construction — Commercial   290,308       247,582       213,727       179,775       164,666  
          Total real estate construction loans   564,522       485,644       450,323       425,976       391,148  
        Commercial and industrial   1,365,550       1,369,617       1,369,529       1,394,871       1,377,675  
        SBA   5,649       5,463       3,914       3,469       2,424  
        Consumer and others   124       118       379       363       285  
          Gross loans   5,571,804       5,428,600       5,325,854       5,273,498       5,128,242  
      Allowance for credit losses on loans   (76,051 )     (72,848 )     (79,311 )     (78,355 )     (74,849 )
      Net deferred loan fees   (10,414 )     (10,502 )     (10,460 )     (11,079 )     (10,240 )
        Net loans, excluding loans held for sale $ 5,485,339     $ 5,345,250     $ 5,236,083     $ 5,184,064     $ 5,043,153  
      Loans held for sale $ 225     $ 955     $ 605     $ 360     $ –  
        Net loans $ 5,485,564     $ 5,346,205     $ 5,236,688     $ 5,184,424     $ 5,043,153  
                             
      Other real estate owned and repossessed assets $ 15,082     $ 16,716     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,009       60,432       62,854       65,276       54,679  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   136,021       138,036       134,040       131,995       124,793  
        Total assets $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 682,859     $ 675,767     $ 709,767     $ 786,995     $ 838,300  
        Interest bearing demand   1,994,288       2,326,214       2,159,948       2,075,156       2,091,384  
        Savings   29,793       28,251       29,261       29,167       30,427  
        Time certificates of $250,000 or more   1,478,500       1,406,149       1,349,927       1,317,862       1,283,461  
        Other time certificates   1,682,324       1,442,381       1,552,805       1,500,162       1,439,699  
        Total deposits $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342     $ 5,683,271  
                             
      Acceptances outstanding $ –     $ –     $ –     $ 315     $ 103  
      Subordinated debt issuance, net   148,410       148,351       148,292       148,232       148,173  
      Commitments to fund investment in affordable housing partnerships       23,617       27,946       29,647       30,824       20,824  
      Other liabilities   82,436       68,394       77,008       75,458       109,651  
        Total liabilities $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171     $ 5,962,022  
                             
    Equity:                    
      Net common stock, no par value $ 109,928     $ 113,509     $ 115,915     $ 134,534     $ 143,584  
      Retained earnings   664,808       640,675       616,417       592,325       566,027  
      Accumulated other comprehensive income   (24,619 )     (31,057 )     (32,774 )     (31,754 )     (39,103 )
        Total shareholders’ equity $ 750,117     $ 723,127     $ 699,558     $ 695,105     $ 670,508  
        Total liabilities and shareholders’ equity $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (Unaudited)
                               
                           
          Three months ended September 30,   Three months ended June 30,   Three months ended September 30,
            2024       2024       2023  
            Interest Average     Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
      Loans (1,2) $ 5,459,842   $ 114,112 8.31 %   $ 5,324,410   $ 109,451 8.27 %   $ 5,086,302   $ 106,695 8.32 %
      Investment securities (3)   356,590     3,610 4.03 %     353,357     3,652 4.16 %     368,968     3,422 3.68 %
      Federal funds sold   20,164     280 5.52 %     20,866     291 5.61 %     20,111     278 5.48 %
      Other earning assets   848,170     11,521 5.40 %     1,029,865     13,999 5.47 %     1,122,176     15,235 5.39 %
        Total interest earning assets   6,684,766     129,523 7.71 %     6,728,498     127,393 7.61 %     6,597,557     125,630 7.55 %
      Deferred loan fees, net   (10,248 )         (10,459 )         (10,071 )    
      Allowance for credit losses on loans   (72,899 )         (79,119 )         (71,503 )    
    Noninterest earning assets:                      
      Cash and due from banks   10,826           10,626           12,101      
      Bank furniture and fixtures   9,419           9,787           8,814      
      Right of use assets   22,496           22,886           21,491      
      Other assets   173,619           181,610           161,470      
        Total assets $ 6,817,979         $ 6,863,829         $ 6,719,859      
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
      Deposits:                      
        Interest bearing demand and savings $ 2,249,260   $ 23,295 4.12 %   $ 2,318,775   $ 24,284 4.21 %   $ 2,119,373   $ 20,324 3.80 %
        TCD $250K or more   1,412,073     17,866 5.03 %     1,379,116     17,295 5.04 %     1,251,397     14,085 4.47 %
        Other time certificates   1,462,912     18,090 4.92 %     1,505,143     18,283 4.89 %     1,429,457     15,284 4.24 %
        Total interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     –     – 0.00 %     120,652     1,557 5.12 %
    Subordinated debt, net   148,372     1,325 3.55 %     148,313     1,325 3.59 %     148,135     1,325 3.55 %
        Total interest bearing liabilities   5,272,617     60,576 4.57 %     5,351,347     61,187 4.60 %     5,069,014     52,575 4.11 %
    Noninterest bearing liabilities:                      
      Demand deposits   703,982           698,942           854,123      
      Lease liability   18,882           19,828           19,759      
      Other liabilities   75,276           78,522           98,943      
        Total liabilities   6,070,757           6,148,639           6,041,839      
    Shareholders’ equity   747,222           715,190           678,020      
        Total liabilities and shareholders’ equity $ 6,817,979         $ 6,863,829         $ 6,719,859      
    Net interest income   $ 68,947       $ 66,206       $ 73,055  
    Net interest spread     3.14 %       3.02 %       3.44 %
    Net interest margin     4.10 %       3.96 %       4.39 %
                               
    Cost of Deposits:                      
      Noninterest bearing demand deposits $ 703,982         $ 698,942         $ 854,123      
      Interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
        Total Deposits $ 5,828,227   $ 59,251 4.04 %   $ 5,901,976   $ 59,862 4.08 %   $ 5,654,350   $ 49,693 3.49 %
                               
    (1) Includes non-accrual loans and loans held for sale                    
    (2) Net loan fee income of $991,000, $1.1 million and $1.3 million for the quarter ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis                  
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (Unaudited)
                       
                       
          Nine Months ended September 30,
            2024
    		       2023  
            Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
      Loans (1,2) $ 5,350,465   $ 333,543 8.33 %   $ 5,048,452   $ 304,796 8.07 %
      Investment securities (3)   352,982     10,691 4.05 %     402,971     11,125 3.69 %
      Federal funds sold   20,472     854 5.57 %     20,111     774 5.14 %
      Other earning assets   942,520     38,448 5.45 %     965,355     36,633 5.07 %
        Total interest earning assets   6,666,439     383,536 7.68 %     6,436,889     353,328 7.34 %
      Deferred loan fees, net   (10,466 )         (10,142 )    
      Allowance for credit losses on loans   (76,775 )         (69,653 )    
    Noninterest earning assets:              
      Cash and due from banks   10,693           11,912      
      Bank furniture and fixtures   9,762           8,931      
      Right of use assets   22,462           21,780      
      Other assets   177,893           161,238      
        Total assets $ 6,800,008         $ 6,560,955      
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
      Deposits:              
        Interest bearing demand/ savings $ 2,240,038   $ 69,944 4.17 %   $ 2,097,613   $ 53,854 3.43 %
        TCD $250K or more   1,377,621     51,662 5.01 %     1,258,870     37,600 3.99 %
        Other time certificates   1,493,096     54,202 4.85 %     1,245,556     33,798 3.63 %
        Total interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
    Advance from Federal Home Loan Bank   –     – 0.00 %     101,099     3,819 5.05 %
    Subordinated debt, net   148,313     3,975 3.58 %     148,076     3,975 3.59 %
        Total interest bearing liabilities   5,259,068     179,783 4.57 %     4,851,214     133,046 3.67 %
    Noninterest bearing liabilities:              
      Demand deposits   719,800           937,184      
      Lease liability   19,401           20,482      
      Other liabilities   79,179           83,213      
        Total liabilities   6,077,448           5,892,093      
    Shareholders’ equity   722,560           668,862      
        Total liabilities and shareholders’ equity $ 6,800,008         $ 6,560,955      
    Net interest income   $ 203,753       $ 220,282  
    Net interest spread     3.12 %       3.67 %
    Net interest margin     4.08 %       4.58 %
                       
    Cost of Deposits:              
      Noninterest bearing demand deposits $ 719,800         $ 937,184      
      Interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
        Total Deposits $ 5,830,555   $ 175,808 4.03 %   $ 5,539,223   $ 125,252 3.02 %
                       
    (1) Includes non-accrual loans and loans held for sale              
    (2) Net loan fee income of $3.4 million and $3.2 million for the year ended September 30, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis            
    PREFERRED BANK  
    Loan and Credit Quality Information  
                     
    Allowance For Credit Losses History  
              Nine Months Ended Year ended  
              September 30, 2024   December 31, 2023  
              (Dollars in 000’s)  
    Allowance For Credit Losses          
    Balance at Beginning of Period   $ 78,355     $ 68,472    
      Charge-Offs          
        Commercial & Industrial     12,409       124    
        Mini-perm Real Estate     –       –    
        Total Charge-Offs     12,409       124    
                     
      Recoveries          
        Commercial & Industrial     5       7    
        Mini-perm Real Estate     –       –    
        Total Recoveries     5       7    
                     
      Net Charge-Offs     12,404       117    
      Provision for Credit Losses:     10,100       10,000    
    Balance at End of Period   $ 76,051     $ 78,355    
                     
    Average Loans Held for Investment   $ 5,347,918     $ 5,067,870    
    Loans Held for Investment at End of Period   $ 5,571,579     $ 5,273,498    
    Net Charge-Offs to Average Loans     0.31 %     0.00 %  
    Allowances for Credit Losses to Loans at End of Period     1.36 %     1.49 %  
                     

    The MIL Network –