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MIL-OSI: Lloyds Bank PLC: 2024 Q3 Interim Management Statement

Source: GlobeNewswire (MIL-OSI)

LONDON, Oct. 23, 2024 (GLOBE NEWSWIRE) —

Lloyds Bank plc
Q3 2024 Interim Management Statement
23 October 2024

Member of the Lloyds Banking Group

FINANCIAL REVIEW

Income statement

The Group’s profit before tax for the first nine months of 2024 was £3,927 million, 27 per cent lower than the same period in 2023. This was driven by lower net interest income and higher operating expenses, partly offset by a lower impairment charge. Profit after tax was £2,727 million (nine months to 30 September 2023 £3,975 million).

Total income for the first nine months of 2024 was £12,613 million, a decrease of 8 per cent on the same period in 2023. Within this, net interest income of £9,378 million was 10 per cent lower on the prior year, driven by a lower margin. The lower margin reflected anticipated headwinds due to deposit churn and asset margin compression, particularly in the mortgage book as it refinances in a lower margin environment. These factors were partially offset by benefits from higher structural hedge earnings as balances are reinvested in the higher rate environment.

Other income amounted to £3,235 million in the nine months to 30 September 2024 compared to £3,268 million in the same period in 2023, with improved UK Motor Finance performance, reflecting growth following the acquisition of Tusker in the first quarter of 2023, increased fleet size and higher average rental value, partially offset by the impact of changes to commission arrangements with Scottish Widows.

Operating expenses of £8,392 million were 13 per cent higher than in the prior year. This includes the impacts of higher operating lease depreciation, largely as a result of fleet growth, the depreciation of higher value vehicles and declines in used electric car prices, alongside higher ongoing strategic investment, accelerated severance charges and inflationary pressure. It also includes c.£0.1 billion relating to the sector-wide change in the charging approach for the Bank of England Levy taken in the first quarter. In the nine months to 30 September 2024, the Group recognised remediation costs of £118 million (nine months to 30 September 2023: £127 million), largely in relation to pre-existing programmes, with no further charges in respect of the FCA review of historical motor finance commission arrangements. The FCA confirmed in September 2024 its intention to set out next steps in its review in May 2025, including its assessment of the outcome of the Judicial Review and Court of Appeal decisions involving other market participants; the Group will assess the impact, if any, of these decisions.

The impairment charge was £294 million compared with a £881 million charge in the nine months to 30 September 2023. The decrease reflects a larger credit from improvements to the Group’s economic outlook in the first half of the year, notably house price growth and through changes to the severe downside scenario methodology. The charge also benefitted from strong portfolio performance, a large debt sale write-back, and a release in Commercial Banking from loss rates used in the model. Asset quality remains strong with resilient credit performance.

Balance sheet

Total assets were £4,207 million higher at £609,612 million at 30 September 2024 compared to £605,405 million at 31 December 2023. Financial assets at amortised cost were £15,406 million higher at £503,477 million compared to £488,071 million at 31 December 2023 with increases in reverse repurchase agreements of £11,128 million and loans and advances to customers of £7,355 million, partly offset by a reduction in loans and advances to banks of £2,919 million. The increase in reverse repurchase agreements and the decrease in cash and balances at central banks by £17,984 million to £39,925 million reflected a change in the mix of liquidity holdings. The increase in loans and advances to customers included growth in UK mortgages, UK Retail unsecured loans, credit cards and the European retail business, partly offset by government-backed lending repayments in Commercial Banking. Financial assets at fair value through other comprehensive income were £5,032 million higher reflecting a change in the mix of liquidity holdings. Other assets increased by £1,864 million to £28,925 million, driven by higher settlement balances and higher operating lease assets reflecting continued motor finance growth.

Total liabilities were £4,390 million higher at £569,364 million compared to £564,974 million at 31 December 2023. Customer deposits at £446,311 million have increased by £4,358 million since the end of 2023, driven by inflows to limited withdrawal and fixed term savings products, partly offset by a reduction in current account balances and an expected significant outflow in Commercial Banking. In addition, repurchase agreements at £41,370 million have increased by £3,668 million since the end of 2023. Debt securities in issue at amortised cost decreased by £7,369 million to £45,080 million at 30 September 2024. Amounts due to fellow Lloyds Banking Group undertakings increased by £1,510 million to £4,442 million at 30 September 2024. Other liabilities increased by £3,042 million to £12,926 million, driven by higher settlement balances.

Total equity was £40,248 million at 30 September 2024 was broadly stable compared to £40,431 million at 31 December 2023, with the profit for the period largely offset by interim dividends of £3.4 billion, pension revaluations and movements in the cash flow hedging reserve.

FINANCIAL REVIEW (continued)

Capital

The Group’s common equity tier 1 (CET1) capital ratio reduced to 13.6 per cent at 30 September 2024 (31 December 2023: 14.4 per cent). This largely reflected profit for the period, offset by the payment of interim ordinary dividends, the accrual for foreseeable ordinary dividends and an increase in risk-weighted assets.

The Group’s total capital ratio reduced to 19.8 per cent (31 December 2023: 20.5 per cent). The issuance of AT1 and Tier 2 capital instruments was more than offset by the reduction in CET1 capital, the reduction in eligible provisions recognised through Tier 2 capital, the impact of regulatory amortisation and foreign exchange on Tier 2 capital instruments and the increase in risk-weighted assets.

Risk-weighted assets have increased by £2,350 million to £184,910 million at 30 September 2024 (31 December 2023: £182,560 million). This reflects the impact of Retail lending growth, Retail secured CRD IV model updates and other movements, partly offset by optimisation including capital efficient securitisation activity.

The Group’s UK leverage ratio reduced to 5.3 per cent (31 December 2023: 5.6 per cent). This reflected both the reduction in the total tier 1 capital position and an increase in the leverage exposure measure, principally related to the increase in securities financing transactions and other balance sheet movements.


CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)

	Nine months ended 30 Sep 2024 £m		Nine months ended 30 Sep 2023 £m

Net interest income	9,378		10,432
Other income	3,235		3,268
Total income	12,613		13,700
Operating expenses	(8,392	)	(7,457	)
Impairment	(294	)	(881	)
Profit before tax	3,927		5,362
Tax expense	(1,200	)	(1,387	)
Profit for the period	2,727		3,975

Profit attributable to ordinary shareholders	2,454		3,708
Profit attributable to other equity holders	256		249
Profit attributable to equity holders	2,710		3,957
Profit attributable to non-controlling interests	17		18
Profit for the period	2,727		3,975


CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

	At 30 Sep 2024 £m	At 31 Dec 2023 £m

Assets
Cash and balances at central banks	39,925	57,909
Financial assets at fair value through profit or loss	1,990	1,862
Derivative financial instruments	2,926	3,165
Loans and advances to banks	5,891	8,810
Loans and advances to customers	440,479	433,124
Reverse repurchase agreements	43,879	32,751
Debt securities	12,569	12,546
Due from fellow Lloyds Banking Group undertakings	659	840
Financial assets at amortised cost	503,477	488,071
Financial assets at fair value through other comprehensive income	32,369	27,337
Other assets	28,925	27,061
Total assets	609,612	605,405

Liabilities
Deposits from banks	3,474	3,557
Customer deposits	446,311	441,953
Repurchase agreements	41,370	37,702
Due to fellow Lloyds Banking Group undertakings	4,442	2,932
Financial liabilities at fair value through profit or loss	4,964	5,255
Derivative financial instruments	3,583	4,307
Debt securities in issue at amortised cost	45,080	52,449
Other liabilities	12,926	9,884
Subordinated liabilities	7,214	6,935
Total liabilities	569,364	564,974

Equity
Share capital	1,574	1,574
Share premium account	600	600
Other reserves	2,904	2,395
Retained profits	29,667	30,786
Ordinary shareholders’ equity	34,745	35,355
Other equity instruments	5,428	5,018
Non-controlling interests	75	58
Total equity	40,248	40,431
Total equity and liabilities	609,612	605,405

ADDITIONAL FINANCIAL INFORMATION

1. Basis of presentation

This release covers the results of Lloyds Bank plc together with its subsidiaries (the Group) for the nine months ended 30 September 2024.

Accounting policies

The accounting policies are consistent with those applied by the Group in its 2023 Annual Report and Accounts

2. Capital

The Group’s Q3 2024 Interim Pillar 3 Disclosures can be found at http://www.lloydsbankinggroup.com/investors/financial-downloads.html.

3. UK economic assumptions

Base case and MES economic assumptions

The Group’s base case scenario is for a slow expansion in GDP and a modest rise in the unemployment rate alongside small gains in residential and commercial property prices. Following a reduction in inflationary pressures, cuts in UK Bank Rate are expected to continue during 2024 and 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.

The Group has taken into account the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables as of the third quarter of 2024. Actuals for this period, or restatements of past data, may have since emerged prior to publication and have not been included, including specifically in the Quarterly National Accounts release of 30 September 2024. The Group’s approach to generating alternative economic scenarios is set out in detail in note 19 to the financial statements for the year ended 31 December 2023. For September 2024, the Group continues to judge it appropriate to include a non-modelled severe downside scenario for ECL calculations as explained in note 12 of the Group’s 2024 Half-Year news release.

UK economic assumptions – base case scenario by quarter

Key quarterly assumptions made by the Group in the base case scenario are shown below. Gross domestic product is presented quarter-on-quarter. House price growth, commercial real estate price growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.

At 30 September 2024	First quarter 2024 %		Second quarter 2024 %		Third quarter 2024 %		Fourth quarter 2024 %	First quarter 2025 %	Second quarter 2025 %	Third quarter 2025 %	Fourth quarter 2025 %

Gross domestic product	0.7		0.6		0.3		0.3	0.3	0.3	0.4	0.4
Unemployment rate	4.3		4.2		4.3		4.5	4.6	4.7	4.8	4.8
House price growth	0.4		1.8		5.3		3.1	3.2	3.6	2.4	2.0
Commercial real estate price growth	(5.3	)	(4.7	)	(2.5	)	0.3	1.4	1.9	1.6	1.7
UK Bank Rate	5.25		5.25		5.00		4.75	4.50	4.25	4.00	4.00
CPI inflation	3.5		2.1		2.1		2.7	2.4	2.9	2.7	2.3

ADDITIONAL FINANCIAL INFORMATION (continued)

3. UK economic assumptions (continued)

UK economic assumptions – scenarios by year

Key annual assumptions made by the Group are shown below. Gross domestic product and CPI inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices within the period. Unemployment rate and UK Bank Rate are averages for the period.

At 30 September 2024

2024
%

2025
%

2026
%

2027
%

2028
%

2024-2028
average
%

Upside

Gross domestic product

1.2

2.4

1.9

1.5

1.4

1.7

Unemployment rate

4.2

3.3

2.8

2.7

2.8

3.1

House price growth

3.5

4.6

7.1

6.4

5.1

5.3

Commercial real estate price growth

1.6

9.0

4.2

1.8

0.7

3.4

UK Bank Rate

5.06

5.08

5.16

5.34

5.58

5.24

CPI inflation

2.6

2.7

2.4

2.8

2.7

Base case

Gross domestic product

1.1

1.3

1.5

1.4

Unemployment rate

4.3

4.7

4.5

House price growth

3.1

2.0

1.0

1.5

2.1

2.0

Commercial real estate price growth

0.3

1.7

2.1

0.7

0.3

1.0

UK Bank Rate

5.06

4.19

3.63

3.50

3.98

CPI inflation

2.6

2.1

2.2

2.1

2.3

Downside

Gross domestic product

1.0

(0.3

)

0.4

1.3

1.5

0.8

Unemployment rate

4.4

6.5

7.3

7.1

6.5

House price growth

2.9

(0.2

)

(6.1

)

(5.8

)

(2.9

)

(2.5

)

Commercial real estate price growth

(0.7

)

(6.2

)

(1.7

)

(1.9

)

(1.9

)

(2.5

)

UK Bank Rate

5.06

3.11

1.48

0.96

0.65

2.25

CPI inflation

2.6

1.9

1.5

1.1

2.0

Severe downside

Gross domestic product

0.9

(2.0

)

(0.1

)

1.1

1.4

0.2

Unemployment rate

4.6

8.6

9.9

9.7

8.5

House price growth

2.3

(2.5

)

(13.5

)

(12.6

)

(8.3

)

(7.1

)

Commercial real estate price growth

(2.7

)

(16.5

)

(6.5

)

(6.5

)

(5.1

)

(7.6

)

UK Bank Rate – modelled

5.06

1.83

0.23

0.06

0.02

1.44

UK Bank Rate – adjusted¹

5.13

3.67

2.55

2.16

1.88

3.08

CPI inflation – modelled

2.6

1.5

0.7

0.1

1.5

CPI inflation – adjusted¹

2.6

3.5

1.8

1.3

0.9

2.0

Probability-weighted

Gross domestic product

1.1

0.8

1.1

1.4

1.2

Unemployment rate

4.3

5.2

5.4

5.3

5.1

House price growth

3.1

1.7

(0.7

)

(0.6

)

0.5

0.8

Commercial real estate price growth

0.1

(0.3

)

0.7

(0.5

)

(0.8

)

(0.1

)

UK Bank Rate – modelled

5.06

3.90

3.10

2.95

2.92

3.59

UK Bank Rate – adjusted¹

5.07

4.08

3.33

3.15

3.11

3.75

CPI inflation – modelled

2.6

2.0

1.8

2.2

CPI inflation – adjusted¹

2.6

2.7

2.1

1.9

2.3

¹ The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks to the Group’s base case view in an economic environment where the risks of supply and demand shocks are seen as more balanced.

ADDITIONAL FINANCIAL INFORMATION (continued)

4. Loans and advances to customers and expected credit loss allowance

At 30 September 2024

Stage 1
£m

Stage 2
£m

Stage 3
£m

POCI
£m

Total
£m

Stage 2
as % of
total

Stage 3
as % of
total

Loans and advances to customers

UK mortgages

271,138

28,389

4,545

6,949

311,021

9.1

1.5

Credit cards

13,429

2,620

262

–

16,311

16.1

1.6

Loans and overdrafts

8,839

1,374

173

–

10,386

13.2

1.7

UK Motor Finance

14,390

2,314

119

–

16,823

13.8

0.7

Other

16,702

513

150

–

17,365

3.0

0.9

Retail

324,498

35,210

5,249

6,949

371,906

9.5

1.4

Small and Medium Businesses

26,393

3,430

1,303

–

31,126

11.0

4.2

Corporate and Institutional Banking

37,564

2,306

637

–

40,507

5.7

1.6

Commercial Banking

63,957

5,736

1,940

–

71,633

8.0

2.7

Other¹

260

–

260

–

Total gross lending

388,715

40,946

7,189

6,949

443,799

9.2

1.6

ECL allowance on drawn balances

(764

)

(1,228

)

(1,106

)

(222

)

(3,320

)

Net balance sheet carrying value

387,951

39,718

6,083

6,727

440,479

Customer related ECL allowance (drawn and undrawn)

UK mortgages

86

321

339

222

968

Credit cards

207

351

129

–

687

Loans and overdrafts

170

242

111

–

523

UK Motor Finance²

169

105

68

–

342

Other

15

18

42

–

75

Retail

647

1,037

689

222

2,595

Small and Medium Businesses

138

190

160

–

488

Corporate and Institutional Banking

126

125

259

–

510

Commercial Banking

264

315

419

–

998

Other

–

Total

911

1,352

1,108

222

3,593

Customer related ECL allowance (drawn and undrawn) as a percentage of loans and advances to customers

UK mortgages

–

1.1

7.5

3.2

0.3

Credit cards

1.5

13.4

49.2

–

4.2

Loans and overdrafts

1.9

17.6

64.2

–

5.0

UK Motor Finance

1.2

4.5

57.1

–

2.0

Other

0.1

3.5

28.0

–

0.4

Retail

0.2

2.9

13.1

3.2

0.7

Small and Medium Businesses

0.5

5.5

12.3

–

1.6

Corporate and Institutional Banking

0.3

5.4

40.7

–

1.3

Commercial Banking

0.4

5.5

21.6

–

1.4

Other

–

Total

0.2

3.3

15.4

3.2

0.8

¹ Contains central fair value hedge accounting adjustments.

² UK Motor Finance includes £170 million relating to provisions against residual values of vehicles subject to finance leases.

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; tightening of monetary policy in jurisdictions in which the Lloyds Bank Group operates; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at http://www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

CONTACTS

For further information please contact:

INVESTORS AND ANALYSTS

Douglas Radcliffe
Group Investor Relations Director
020 7356 1571
douglas.radcliffe@lloydsbanking.com

Nora Thoden
Director of Investor Relations – ESG
020 7356 2334
nora.thoden@lloydsbanking.com

Tom Grantham
Investor Relations Senior Manager
07851 440 091
thomas.grantham@lloydsbanking.com

Sarah Robson
Investor Relations Senior Manager
07494 513 983
sarah.robson2@lloydsbanking.com

CORPORATE AFFAIRS

Grant Ringshaw
External Relations Director
020 7356 2362
grant.ringshaw@lloydsbanking.com

Matt Smith
Head of Media Relations
07788 352 487
matt.smith@lloydsbanking.com

Copies of this News Release may be obtained from:
Investor Relations, Lloyds Banking Group plc, 25 Gresham Street, London EC2V 7HN
The statement can also be found on the Group’s website – http://www.lloydsbankinggroup.com

Registered office: Lloyds Bank plc, 25 Gresham Street, London EC2V 7HN
Registered in England No. 2065

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit http://www.rns.com.

The MIL Network –

January 24, 2025

MIL-OSI China: 2024 WSTDF opens in Beijing

Source: China State Council Information Office 2

The 2024 World Science and Technology Development Forum commenced in Beijing on Oct. 22, 2024. [Photo courtesy of the China Association for Science and Technology]
The 2024 World Science and Technology Development Forum (WSTDF), hosted by the China Association for Science and Technology (CAST), commenced in Beijing on Oct. 22. Focusing on the theme of “Science and Technology for the Future,” the forum seeks to advance the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, harness international expertise for high-quality development, foster cross-cultural scientific exchanges, and tackle global challenges through innovation and technological solutions.
He Junke, executive vice chairman of WSTDF 2024 and executive president of CAST, presided over the opening remarks session and the release of the forum’s achievements. Wan Gang, chairman of WSTDF 2024 and president of CAST, delivered the opening speech. In his address, Wan presented four proposals, namely, deepening global opening up and cooperation in basic research; continuing to promote the healthy development of artificial intelligence; supporting young scientific talents in their innovation and creation; and strengthening global science and technology governance through opening up and collaboration.
Wan Gang emphasized the need for all parties involved to share insights and collective wisdom to achieve mutual benefit in a spirit of unity and cooperation and with an open, inclusive mindset. He called for joint efforts in creating global technological solutions to sustainable development and building a community with a shared future for mankind.
Following the opening, participants visited an exhibition honoring Liu Hui, who lived from A.D. 225-295 and is regarded as one of the founders of classical Chinese mathematical theories.
The main activities of the forum in Beijing will run until Oct. 24, featuring six major thematic sessions and three roundtable dialogues, along with several cultural exchange events. Over 350 guests from 33 countries and regions will engage in discussions at the forum. Among them are 14 Nobel, Turing andLasker Award winners, 27 heads of international science and technology organizations, 41 academicians from home and abroad, and over 200 experts and scholars from renowned universities, research institutions and enterprises. The forum is set to conclude in Beijing on Oct. 30.
Initiated by CAST in 2019, the WSTDF has played a positive role in promoting people-to-people exchanges in science and technology, broadening channels for international collaboration, and fostering greater openness, trust and cooperation.

MIL OSI China News –

January 24, 2025

MIL-OSI United Kingdom: Crime news: procurement process for 2025 Standard Crime Contract

Source: United Kingdom – Executive Government & Departments

The second stage of the procurement process opens for delivery of criminal legal aid services from Wednesday 1 October 2025.

Stage 2 of the crime procurement process is now open. It closes on 30 April 2025. Tenders submitted in this stage will have contracts commence on 1 October 2025 and will be able to join the duty rotas from January 2026.

If you have submitted a bid in Stage 1 you should not tender Stage 2. Anyone who tendered in Stage 1 will be notified of the outcome in mid-December 2024.

Tenders received after Thursday 1 May 2025 will be opened on the 1st working day of each month following their submission commencing from 1 July 2025 and, where successful, the contract will commence no later than three months after processing began.

How do I tender?

Tenders must be submitted using the LAA’s eTendering system.

For full details of the procurement process please read the Application Guide which is available at Crime Contract 2025 Tender – GOV.UK (www.gov.uk)

Published 23 October 2024

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI Europe: Nordic statement on the draft legal bills in the Knesset related to UNRWA

Source: Government of Sweden

The Nordic countries are deeply concerned by the recent introduction of draft legal bills in the Knesset that, if adopted, would prevent the UNRWA from continuing its operations in the West Bank, including East Jerusalem, and Gaza. Effectively, UNRWA would no longer be able to exercise its core tasks as stipulated by UN General Assembly Resolution 302 (IV) of 8 December 1949, that is “to carry out […] direct relief and works programmes” for the millions of Palestine refugees living in these areas. It is from this and subsequent UN resolutions that UNRWA’s mandate is derived, and as its parent organ, it is only the General Assembly that can define the UNRWA mandate.

UNRWA is at present the most centrally placed humanitarian organisation responding to the needs of Palestine refugees in the Middle East. UNRWA provides education for more than half a million children and adolescents, health services covering millions of patient visits annually and social safety net support for the most vulnerable refugees along with an emergency response programme. In the midst of an ongoing catastrophic humanitarian situation in Gaza, a halt to any of the organisation’s activities would have devastating consequences for the hundreds of thousands of civilians served by UNRWA. The consequential vacuum in services and humanitarian aid for Palestine refugees in Gaza, and the West Bank, including East Jerusalem, may well further destabilise the situation in these areas, in Israel and in the region as a whole, and may fundamentally jeopardize the prospects for a two-state solution.

Following serious allegations directed towards some workers of the Agency, we welcome the prompt follow-up action initiated by the United Nations Secretary-General and the UNRWA Commissioner General, and we expect its continued implementation.

Considering the above, the proposed draft legal bills that restrict UNRWA’s continued operations may entail the violation of Israel’s obligations under international law, including international humanitarian law, and the legally binding provisional measures ordered by the International Court of Justice.

The Nordic countries reaffirm their unwavering commitment to the United Nations and international law, including international humanitarian law. The latter requires all parties to conflicts to ensure that affected populations receive the necessary humanitarian aid to live under adequate material conditions, as well as to ensure the safety of humanitarian workers. It is on this basis that the Nordic countries call for the proposed legal bills to be reconsidered and strongly urge Israel to ensure continued and unhindered humanitarian access for UNRWA to the Palestine refugees that it was set up to serve.

Lars Løkke Rasmussen, Minister for Foreign Affairs of Denmark
Elina Valtonen, Minister for Foreign Affairs of Finland
Thórdís Kolbrún Reykfjörd Gylfadóttir, Minister for Foreign Affairs of Iceland
Espen Barth Eide, Minister for Foreign Affairs of Norway
Maria Malmer Stenergard, Minister for Foreign Affairs of Sweden

MIL OSI Europe News –

January 24, 2025

MIL-OSI Europe: VATICAN/GENERAL AUDIENCE – Pope Francis: marriage needs the support of the Holy Spirit

Source: Agenzia Fides – MIL OSI

Wednesday, 23 October 2024

Vatican Media

Vatican City (Agenzia Fides) – “Never place a finger, never intervene, between husband and wife, says an Italian proverb. Yet, there is in fact a ‘finger’ to be placed between husband and wife, the ‘finger of God’: the Holy Spirit!”, said Pope Francis this morning, despite the heavy autumn rain, when he returned to St. Peter’s Square for the traditional Wednesday general Audience.The Pope thus continued the cycle of catechisms on the Holy Spirit and today he discussed the action of the third person of the Trinity in the sacrament of marriage.Pope Francis quotes the Fathers of the Church in this regard, in particular Saint Augustine, whose reflections start from the revelation that “God is love”, as we read in the New Testament. Love, said the Pope, presupposes “someone who loves; someone who is loved – and love itself that unites the two. In the Trinity, the Father is, the one who loves, the source and the beginning of everything; the Son is the one who is loved, and the Holy Spirit is the love that unites them”. “The God of Christians is therefore a ‘unique’ but not a solitary God; he is a unity of communion and love.”“What does the Holy Spirit have to do with marriage?” asks Pope Francis. “Very much, perhaps the essential thing, and I will now try to explain why! Christian marriage is the sacrament of the mutual gift of man and woman. This is how it was intended by the Creator. The human couple is therefore the first and most fundamental realization of the communion of love that is the Trinity”. The spouses too, the Pope stresses, “should form a first person plural, a ‘we’; they should face each other as ‘I’ and ‘you’ and appear to the rest of the world, including their children, as ‘we’. How much children need this unity of parents! How much the children of parents who separate suffer, how much they suffer!””However, in order to respond to this vocation,” Pope Francis continued, “marriage needs the support of the One who is the gift, or rather the gift par excellence.””Where the Holy Spirit enters, the capacity to give oneself is reborn.” “No one claims that such a union is an easy goal to achieve, least of all in today’s world. But this is the truth of things as the Creator intended them, and therefore lies in their nature,” the Pope said. “This is not a pious illusion: it is what the Holy Spirit has done in so many marriages – namely when spouses have decided to invoke him.” “It would therefore not be bad not only to give future married couples legal, psychological and moral information, but also to deepen the “spiritual” preparation of the engaged couple for marriage,” the Pope concluded.After the catechesis, Pope Francis addressed those present with two appeals. The first is addressed to all the faithful: “The month of October invites us to renew our active collaboration in the mission of the Church. Be missionaries of the Gospel everywhere, offering the spiritual support of prayer and your concrete help to those who strive to bring it to those who do not yet know it”.The second is for peace: “Let us pray for peace. Today I received the latest statistics on the victims of the war in Ukraine: It is terrible! War is irreconcilable; war is a defeat from the start.” And “Let us not forget Myanmar, let us not forget Palestine, which suffers inhuman attacks, let us not forget Israel and let us not forget all the nations at war. One number should frighten us: the most profitable investments today are the weapons factories. They make money from death. Let us pray for peace,” is the Pope’s appeal. (F.B.) (Agenzia Fides, 23/10/2024)
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MIL OSI Europe News –

January 24, 2025

MIL-OSI Europe: AMERICA/ECUADOR – Appointment of vicar apostolic of Napo

Source: Agenzia Fides – MIL OSI

Wednesday, 23 October 2024

Vatican City (Agenzia Fides) – The Holy Father has appointed Bishop Celmo Lazzari, C.S.I., until now vicar apostolic of San Miguel de Sucumbíos, as vicar apostolic of the apostolic vicariate of Napo, Ecuador.Bishop Celmo Lazzari, C.S.I., was born on 16 June 1956 in Garibaldi, in the diocese of Caxias do Sul. He carried out his studies in philosophy and theology in Londrina, Brazil.He gave his perpetual vows on 9 January 1982, and was ordained a priest on 18 December 1982.He has held the following offices: director of the religious community of Ana Rech and rector of the minor seminary of the Josephites, Caxias do Sul (1982-1987), master of Josephite Philosophers, Caxias do Sul (1988-1989), master of Josephite Theologians, Porto Alegre (1990-1994), vicar (1992-1994) and provincial superior (1994-2000) of the Josephite Fathers in Brazil, counsellor general of the Congregation and head of the Josephite Missions, Rome (2000-2006), vicar general of the Congregation, Rome (2006-2010), vicar apostolic of Napo (2010-2013), and since 2013, vicar apostolic of San Miguel de Sucumbíos. (E.G.) (Agenzia Fides, 23/10/2024)
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MIL OSI Europe News –

January 24, 2025

MIL-OSI Europe: AMERICA/ECUADOR – Appointment of vicar apostolic of San Miguel de Sucumbíos

Source: Agenzia Fides – MIL OSI

Wednesday, 23 October 2024

Vatican City (Agenzia Fides) – The Holy Father has appointed the Reverend Moacir Goulart de Figueredo, M.S.C., until now superior of the order of the Missionaries of the Sacred Heart in the province of Curitiba, as vicar apostolic of San Miguel de Sucumbíos, Ecuador.Msgr. Moacir Goulart de Figueredo, M.S.C., was born on 30 September 1965 in Salto do Lontra, PR, in Brazil. He carried out his studies in philosophy at the Universidade São Franciscodi São Paulo and in theology at the Nossa Senhora da Assuncão University, where he was awarded a licentiate in missiology.He gave his perpetual vows on 2 February 1990 and was ordained a priest on 16 November 1991.He has held the following offices: formator and provincial vicar in São Paulo (1990-1996), missionary in Ecuador and parish vicar in Chunchi, province of Chimborazo and diocese of Riobamba (1996-2001), provincial superior in Curitiba, PR, Brazil, and parish vicar (2001-2007), formator in Ecuador and parish vicar in Quito (2007-2016), assessor of the Ecuadorian Conference of Religious (2007-2016), formator of candidates of the Missionaries of the Sacred Heart of Jesus (2007-2016), archdiocesan director of the Pontifical Mission Societies (2010-2015), executive secretary of the Centro Misionero Nacional of the Ecuadorian Episcopal Conference (2015-2018), and parish priest of the Good Shepherd in Turubamba in Quito (2016-2022). Since 2022 he has served as provincial superior in Curitiba, PR, Brazil. (E.G.) (Agenzia Fides, 23/10/2024)
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MIL OSI Europe News –

January 24, 2025

MIL-OSI: United Community Banks, Inc. Reports Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

GREENVILLE, S.C. , Oct. 23, 2024 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the 2024 third quarter of $47.3 million and pre-tax, pre-provision income of $74.2 million. The result included the previously announced strategic decision to sell $318 million in manufactured housing loans, which negatively impacted the quarter by $21.4 million after-tax, or $0.18 per share. Diluted earnings per share of $0.38 for the quarter represented a decrease of $0.01, or 3%, from the third quarter a year ago and a decrease of $0.16, or 30%, from the second quarter of 2024.

On an operating basis, United’s diluted earnings per share of $0.57 was up 27% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and a lower provision for credit losses. The $0.57 result includes a $9.9 million Hurricane Helene related loan loss provision to increase the reserve on $383 million of loans in nine North Carolina counties impacted by the hurricane to 3.5% of loans.

United’s return on assets was 0.67%, or 1.01% on an operating basis. Return on common equity was 5.20% and return on tangible common equity on an operating basis was 11.17%. On a pre-tax, pre-provision basis, operating return on assets was 1.50% for the quarter. At quarter-end, tangible common equity to tangible assets was 8.93%, up 15 basis points from the second quarter of 2024.

Chairman and CEO Lynn Harton stated, “We continue to focus on growth and the third quarter saw the return of modest loan and strong deposit growth. Excluding the sale of our manufactured housing portfolio, announced in early September, loan balances were up 1.5% annualized. Customer deposits, which exclude brokered deposits, were up $262 million, or 5% annualized. Our balance sheet remains highly liquid and our internal capital generation rate is running well in excess of our current capital needs. We maintained robust capital ratios with our preliminary CET1 moving to 13.1% and we opportunistically redeemed $8 million of relatively expensive Trust Preferred securities. The increase in liquidity and capital place us in a great position to take advantage of growth opportunities as we move into 2025.”

Mr. Harton continued, “We elected to sell our manufactured housing loan book, a business that was part of our Reliant Bancorp, Inc. acquisition in January of 2022, as a natural conclusion of our exit from the business, as we ceased originating loans in the third quarter of 2023. The transaction reduces our risk profile and allows us to allocate capital to other growth opportunities.”

United’s net interest margin decreased four basis points to 3.33% from the second quarter. The average yield on United’s interest-earning assets was down four basis points to 5.55%, while its cost of interest-bearing liabilities decreased two basis points, leading to the four-basis point reduction in net interest margin. Net charge-offs were $23.7 million, or 0.52% of average loans, during the quarter, up 26 basis points compared to the second quarter of 2024 due to transaction-related losses resulting from the sale of our manufactured housing portfolio. NPAs were 42 basis points relative to total assets, down one basis point from the second quarter.

Mr. Harton concluded, “We are pleased with our operating performance this quarter, but we were also reminded this quarter of the importance of community. Many of our employees, customers, and communities have been impacted by the recent hurricanes. We are actively involved in the recovery process through volunteer hours and financial support and will be ready to lead the rebuilding process, when and as needed. Many thanks to our employees throughout the company that have responded, in sometimes heroic ways, to support each other and our customers.”

Third Quarter 2024 Financial Highlights:

Net income of $47.3 million and pre-tax, pre-provision income of $74.2 million
EPS down 3% compared to third quarter 2023 on a GAAP basis and up 27% on an operating basis; compared to second quarter 2024, EPS down 30% on a GAAP basis and down 2% on an operating basis
The GAAP results were impacted by the decision to sell the manufactured housing loan book at a $21.4 million after-tax loss, or $0.18, approximately one year after making the strategic decision to cease originations
Return on assets of 0.67%, or 1.01% on an operating basis
Pre-tax, pre-provision return on assets of 1.50% on an operating basis
Return on common equity of 5.20%
Return on tangible common equity of 11.17% on an operating basis
A provision for credit losses of $14.4 million, which includes $9.9 million to establish a special reserve for expected credit losses from Hurricane Helene
Net charge-offs of $23.7 million, or 52 basis points as a percent of average loans, which included $11.0 million, or 24 basis points, of transaction-related losses from the sale of our manufactured housing portfolio
Nonperforming assets of 0.42% of total assets, down one basis point compared to June 30, 2024
Loan production of $1.2 billion
Customer deposits were up $262 million from the second quarter, with most of the growth in NOW and money market deposits
Net interest margin of 3.33% decreased by four basis points from the second quarter mostly due to lower purchased loan accretion, the sale of our manufactured housing portfolio, and changing composition of our earning assets and interest-bearing liabilities
Mortgage closings of $239 million compared to $211 million a year ago; mortgage rate locks of $306 million compared to $304 million a year ago
Noninterest income was down $28.5 million on a linked quarter basis with $27.2 million due to losses from the sale of manufactured housing loans. The remaining decrease was primarily driven by the mark on our mortgage servicing rights asset.
Noninterest expenses decreased by $4.0 million compared to the second quarter on a GAAP basis and were up $0.3 million on an operating basis
Efficiency ratio of 65.5%, or 57.4% on an operating basis
Maintained robust capital ratios with preliminary CET1 increasing to 13.1% and opportunistically redeemed $8 million of relatively expensive Trust Preferred securities
Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

Conference Call
United will hold a conference call on Wednesday, October 23, 2024 at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10193157/fd9f74293a. Those without internet access or unable to pre-register may dial in by calling 1-866-777-2509. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, http://www.ucbi.com.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(In thousands, except per share data)
	2024									2023						Third Quarter 2024- 2023 Change		For the Nine Months Ended September 30,						YTD 2024- 2023 Change
		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter		Third Quarter 2024- 2023 Change			2024			2023		YTD 2024- 2023 Change
INCOME SUMMARY
Interest revenue	$	349,086		$	346,965		$	336,728		$	338,698		$	323,147				$	1,032,779		$	898,409
Interest expense	139,900			138,265			137,579			135,245			120,591					415,744			284,097
Net interest revenue	209,186			208,700			199,149			203,453			202,556			3	%	617,035			614,312			—	%
Provision for credit losses	14,428			12,235			12,899			14,626			30,268					39,562			74,804
Noninterest income	8,091			36,556			39,587			(23,090		)	31,977			(75	)	84,234			98,573			(15	)
Total revenue	202,849			233,021			225,837			165,737			204,265			(1	)	661,707			638,081			4
Noninterest expenses	143,065			147,044			145,002			154,587			144,474			(1	)	435,111			416,686			4
Income before income tax expense	59,784			85,977			80,835			11,150			59,791			—		226,596			221,395			2
Income tax expense	12,437			19,362			18,204			(2,940		)	11,925			4		50,003			47,941			4
Net income	47,347			66,615			62,631			14,090			47,866			(1	)	176,593			173,454			2
Non-operating items	29,385			6,493			2,187			67,450			9,168					38,065			21,444
Income tax benefit of non-operating items	(6,276		)	(1,462		)	(493		)	(16,714		)	(2,000		)			(8,231		)	(4,775		)
Net income – operating⁽¹⁾	$	70,456		$	71,646		$	64,325		$	64,826		$	55,034		28		$	206,427		$	190,123		9
Pre-tax pre-provision income⁽⁵⁾	$	74,212		$	98,212		$	93,734		$	25,776		$	90,059		(18	)	$	266,158		$	296,199		(10	)
PERFORMANCE MEASURES
Per common share:
Diluted net income – GAAP	$	0.38		$	0.54		$	0.51		$	0.11		$	0.39		(3	)	$	1.43		$	1.44		(1	)
Diluted net income – operating⁽¹⁾	0.57			0.58			0.52			0.53			0.45			27		1.67			1.58			6
Cash dividends declared	0.24			0.23			0.23			0.23			0.23			4		0.70			0.69			1
Book value	27.68			27.18			26.83			26.52			25.87			7		27.68			25.87			7
Tangible book value⁽³⁾	19.66			19.13			18.71			18.39			17.70			11		19.66			17.70			11
Key performance ratios:
Return on common equity – GAAP⁽²⁾⁽⁴⁾	5.20		%	7.53		%	7.14		%	1.44		%	5.32		%			6.61		%	6.69		%
Return on common equity – operating^(1)(2)(4)	7.82			8.12			7.34			7.27			6.14					7.76			7.35
Return on tangible common equity – operating^(1)(2)(3)(4)	11.17			11.68			10.68			10.58			9.03					11.18			10.65
Return on assets – GAAP⁽⁴⁾	0.67			0.97			0.90			0.18			0.68					0.85			0.86
Return on assets – operating⁽¹⁾⁽⁴⁾	1.01			1.04			0.93			0.92			0.79					0.99			0.95
Return on assets – pre-tax pre-provision – operating^(1)(4)(5)	1.50			1.54			1.40			1.33			1.44					1.48			1.60
Net interest margin (fully taxable equivalent)⁽⁴⁾	3.33			3.37			3.20			3.19			3.24					3.30			3.41
Efficiency ratio – GAAP	65.51			59.70			60.47			66.33			61.32					61.76			58.06
Efficiency ratio – operating⁽¹⁾	57.37			57.06			59.15			59.57			57.43					57.84			55.07
Equity to total assets	12.45			12.35			12.06			11.95			11.85					12.45			11.85
Tangible common equity to tangible assets⁽³⁾	8.93			8.78			8.49			8.36			8.18					8.93			8.18
ASSET QUALITY
Nonperforming assets (“NPAs”)	$	114,960		$	116,722		$	107,230		$	92,877		$	90,883		26		$	114,960		$	90,883		26
Allowance for credit losses – loans	205,290			213,022			210,934			208,071			201,557			2		205,290			201,557			2
Allowance for credit losses – total	215,517			224,740			224,119			224,128			219,624			(2	)	215,517			219,624			(2	)
Net charge-offs	23,651			11,614			12,908			10,122			26,638					48,173			42,121
Allowance for credit losses – loans to loans	1.14		%	1.17		%	1.15		%	1.14		%	1.11		%			1.14		%	1.11		%
Allowance for credit losses – total to loans	1.20			1.23			1.22			1.22			1.21					1.20			1.21
Net charge-offs to average loans⁽⁴⁾	0.52			0.26			0.28			0.22			0.59					0.35			0.32
NPAs to total assets	0.42			0.43			0.39			0.34			0.34					0.42			0.34
AT PERIOD END ($ in millions)
Loans	$	17,964		$	18,211		$	18,375		$	18,319		$	18,203		(1	)	$	17,964		$	18,203		(1	)
Investment securities	6,425			6,038			5,859			5,822			5,701			13		6,425			5,701			13
Total assets	27,373			27,057			27,365			27,297			26,869			2		27,373			26,869			2
Deposits	23,253			22,982			23,332			23,311			22,858			2		23,253			22,858			2
Shareholders’ equity	3,407			3,343			3,300			3,262			3,184			7		3,407			3,184			7
Common shares outstanding (thousands)	119,283			119,175			119,137			119,010			118,976			—		119,283			118,976			—

⁽¹⁾Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. ⁽²⁾ Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). ⁽³⁾ Excludes effect of acquisition related intangibles and associated amortization. ⁽⁴⁾ Annualized. ⁽⁵⁾ Excludes income tax expense and provision for credit losses.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
*(in thousands, except per share data)*
	2024									2023						For the Nine Months Ended September 30,
		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2024			2023

Noninterest income reconciliation
Noninterest income (GAAP)	$	8,091		$	36,556		$	39,587		$	(23,090	)	$	31,977		$	84,234		$	98,573
Loss on sale of manufactured housing loans	27,209			—			—			—			—			27,209			—
Gain on lease termination	—			—			(2,400		)	—			—			(2,400		)	—
Bond portfolio restructuring loss	—			—			—			51,689			—			—			—
Noninterest income – operating	$	35,300		$	36,556		$	37,187		$	28,599		$	31,977		$	109,043		$	98,573

Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	143,065		$	147,044		$	145,002		$	154,587		$	144,474		$	435,111		$	416,686
Loss on FinTrust (goodwill impairment)	—			(5,100		)	—			—			—			(5,100		)	—
FDIC special assessment	—			764			(2,500		)	(9,995		)	—			(1,736		)	—
Merger-related and other charges	(2,176		)	(2,157		)	(2,087		)	(5,766		)	(9,168		)	(6,420		)	(21,444		)
Noninterest expenses – operating	$	140,889		$	140,551		$	140,415		$	138,826		$	135,306		$	421,855		$	395,242

Net income to operating income reconciliation
Net income (GAAP)	$	47,347		$	66,615		$	62,631		$	14,090		$	47,866		$	176,593		$	173,454
Loss on sale of manufactured housing loans	27,209			—			—			—			—			27,209			—
Bond portfolio restructuring loss	—			—			—			51,689			—			—			—
Gain on lease termination	—			—			(2,400		)	—			—			(2,400		)	—
Loss on FinTrust (goodwill impairment)	—			5,100			—			—			—			5,100			—
FDIC special assessment	—			(764		)	2,500			9,995			—			1,736			—
Merger-related and other charges	2,176			2,157			2,087			5,766			9,168			6,420			21,444
Income tax benefit of non-operating items	(6,276		)	(1,462		)	(493		)	(16,714		)	(2,000		)	(8,231		)	(4,775		)
Net income – operating	$	70,456		$	71,646		$	64,325		$	64,826		$	55,034		$	206,427		$	190,123

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	47,347		$	66,615		$	62,631		$	14,090		$	47,866		$	176,593		$	173,454
Income tax expense	12,437			19,362			18,204			(2,940		)	11,925			50,003			47,941
Provision for credit losses	14,428			12,235			12,899			14,626			30,268			39,562			74,804
Pre-tax pre-provision income	$	74,212		$	98,212		$	93,734		$	25,776		$	90,059		$	266,158		$	296,199

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.38		$	0.54		$	0.51		$	0.11		$	0.39		$	1.43		$	1.44
Loss on sale of manufactured housing loans	0.18			—			—			—			—			0.18			—
Bond portfolio restructuring loss	—			—			—			0.32			—			—			—
Gain on lease termination	—			—			(0.02		)	—			—			(0.02		)	—
Loss on FinTrust (goodwill impairment)	—			0.03			—			—			—			0.03			—
FDIC special assessment	—			—			0.02			0.06			—			0.01			—
Merger-related and other charges	0.01			0.01			0.01			0.04			0.06			0.04			0.14
Diluted income per common share – operating	$	0.57		$	0.58		$	0.52		$	0.53		$	0.45		$	1.67		$	1.58

Book value per common share reconciliation
Book value per common share (GAAP)	$	27.68		$	27.18		$	26.83		$	26.52		$	25.87		$	27.68		$	25.87
Effect of goodwill and other intangibles	(8.02		)	(8.05		)	(8.12		)	(8.13		)	(8.17		)	(8.02		)	(8.17		)
Tangible book value per common share	$	19.66		$	19.13		$	18.71		$	18.39		$	17.70		$	19.66		$	17.70

Return on tangible common equity reconciliation
Return on common equity (GAAP)	5.20		%	7.53		%	7.14		%	1.44		%	5.32		%	6.61		%	6.69		%
Loss on sale of manufactured housing loans	2.43			—			—			—			—			0.82			—
Bond portfolio restructuring loss	—			—			—			4.47			—			—			—
Gain on lease termination	—			—			(0.22		)	—			—			(0.07		)	—
Loss on FinTrust (goodwill impairment)	—			0.46			—			—			—			0.16			—
FDIC special assessment	—			(0.07		)	0.23			0.86			—			0.05			—
Merger-related and other charges	0.19			0.20			0.19			0.50			0.82			0.19			0.66
Return on common equity – operating	7.82			8.12			7.34			7.27			6.14			7.76			7.35
Effect of goodwill and other intangibles	3.35			3.56			3.34			3.31			2.89			3.42			3.30
Return on tangible common equity – operating	11.17		%	11.68		%	10.68		%	10.58		%	9.03		%	11.18		%	10.65		%

Return on assets reconciliation
Return on assets (GAAP)	0.67		%	0.97		%	0.90		%	0.18		%	0.68		%	0.85		%	0.86		%
Loss on sale of manufactured housing loans	0.31			—			—			—			—			0.10			—
Bond portfolio restructuring loss	—			—			—			0.57			—			—			—
Gain on lease termination	—			—			(0.03		)	—			—			(0.01		)	—
Loss on FinTrust (goodwill impairment)	—			0.06			—			—			—			0.02			—
FDIC special assessment	—			(0.01		)	0.03			0.11			—			0.01			—
Merger-related and other charges	0.03			0.02			0.03			0.06			0.11			0.02			0.09
Return on assets – operating	1.01		%	1.04		%	0.93		%	0.92		%	0.79		%	0.99		%	0.95		%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)	0.67		%	0.97		%	0.90		%	0.18		%	0.68		%	0.85		%	0.86		%
Income tax (benefit) expense	0.19			0.29			0.27			(0.04		)	0.18			0.25			0.25
Provision for credit losses	0.21			0.18			0.19			0.21			0.45			0.19			0.38
Loss on sale of manufactured housing loans	0.40			—			—			—			—			0.13			—
Bond portfolio restructuring loss	—			—			—			0.75			—			—			—
Gain on lease termination	—			—			(0.04		)	—			—			(0.01		)	—
Loss on FinTrust (goodwill impairment)	—			0.08			—			—			—			0.03			—
FDIC special assessment	—			(0.01		)	0.04			0.15			—			0.01			—
Merger-related and other charges	0.03			0.03			0.04			0.08			0.13			0.03			0.11
Return on assets – pre-tax pre-provision – operating	1.50		%	1.54		%	1.40		%	1.33		%	1.44		%	1.48		%	1.60		%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)	65.51		%	59.70		%	60.47		%	66.33		%	61.32		%	61.76		%	58.06		%
Loss on sale of manufactured housing loans	(7.15		)	—			—			—			—			(2.25		)	—
Gain on lease termination	—			—			0.60			—			—			0.21			—
Loss on FinTrust (goodwill impairment)	—			(2.07		)	—			—			—			(0.73		)	—
FDIC special assessment	—			0.31			(1.05		)	(4.29		)	—			(0.24		)	—
Merger-related and other charges	(0.99		)	(0.88		)	(0.87		)	(2.47		)	(3.89		)	(0.91		)	(2.99		)
Efficiency ratio – operating	57.37		%	57.06		%	59.15		%	59.57		%	57.43		%	57.84		%	55.07		%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)	12.45		%	12.35		%	12.06		%	11.95		%	11.85		%	12.45		%	11.85		%
Effect of goodwill and other intangibles	(3.20		)	(3.24		)	(3.25		)	(3.27		)	(3.33		)	(3.20		)	(3.33		)
Effect of preferred equity	(0.32		)	(0.33		)	(0.32		)	(0.32		)	(0.34		)	(0.32		)	(0.34		)
Tangible common equity to tangible assets	8.93		%	8.78		%	8.49		%	8.36		%	8.18		%	8.93		%	8.18		%

UNITED COMMUNITY BANKS, INC.
Loan Portfolio Composition at Period-End
	2024							2023					Linked Quarter Change			Year over Year Change
(in millions)		Third Quarter		Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,323	$	3,297		$	3,310	$	3,264	$	3,279	$	26		$	44
Income producing commercial RE		4,259		4,058			4,206		4,264		4,130	201			129
Commercial & industrial		2,313		2,299			2,405		2,411		2,504	14			(191		)
Commercial construction		1,785		2,014			1,936		1,860		1,850	(229		)	(65		)
Equipment financing		1,603		1,581			1,544		1,541		1,534	22			69
Total commercial		13,283		13,249			13,401		13,340		13,297	34			(14		)
Residential mortgage		3,263		3,266			3,240		3,199		3,043	(3		)	220
Home equity		1,015		985			969		959		941	30			74
Residential construction		189		211			257		302		399	(22		)	(210		)
Manufactured housing		2		321			328		336		343	(319		)	(341		)
Consumer		188		183			180		181		180	5			8
Other		24		(4	)		—		2	—		28			24
Total loans	$	17,964	$	18,211		$	18,375	$	18,319	$	18,203	$	(247	)	$	(239	)

LOANS BY MARKET
Georgia	$	4,470	$	4,411		$	4,356	$	4,357	$	4,321	$	59		$	149
South Carolina		2,782		2,779			2,804		2,780		2,801	3			(19		)
North Carolina		2,586		2,591			2,566		2,492		2,445	(5		)	141
Tennessee		1,848		2,144			2,209		2,244		2,314	(296		)	(466		)
Florida		2,423		2,407			2,443		2,442		2,318	16			105
Alabama		996		1,021			1,068		1,082		1,070	(25		)	(74		)
Commercial Banking Solutions		2,859		2,858			2,929		2,922		2,934	1			(75		)
Total loans	$	17,964	$	18,211		$	18,375	$	18,319	$	18,203	$	(247	)	$	(239	)

UNITED COMMUNITY BANKS, INC.
Credit Quality
(in thousands)
		2024
	Third Quarter		Second Quarter		First Quarter
NONACCRUAL LOANS
Owner occupied RE	$	7,783	$	4,820	$	2,310
Income producing RE		31,222		34,285		29,186
Commercial & industrial		28,856		17,335		20,134
Commercial construction		7,356		6,854		1,862
Equipment financing		9,123		8,341		8,829
Total commercial		84,340		71,635		62,321
Residential mortgage		21,851		18,473		16,569
Home equity		4,111		3,779		4,984
Residential construction		118		163		1,244
Manufactured housing		1,808		20,356		19,797
Consumer		152		72		54
Total nonaccrual loans		112,380		114,478		104,969
OREO and repossessed assets		2,580		2,244		2,261
Total NPAs	$	114,960	$	116,722	$	107,230

		2024
	Third Quarter					Second Quarter						First Quarter
(in thousands)	Net Charge- Offs			Net Charge- Offs to Average Loans⁽¹⁾		Net Charge- Offs			Net Charge- Offs to Average Loans⁽¹⁾			Net Charge- Offs			Net Charge- Offs to Average Loans⁽¹⁾
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY
Owner occupied RE	$	(184	)	(0.02	)%	$	163			0.02	%	$	202			0.02	%
Income producing RE		1,409		0.13			2,968			0.29			205			0.02
Commercial & industrial		4,577		0.79			1,281			0.22			3,906			0.65
Commercial construction		36		0.01			(48	)		(0.01	)		20			—
Equipment financing		5,268		1.32			5,502			1.42			6,362			1.66
Total commercial		11,106		0.33			9,866			0.30			10,695			0.32
Residential mortgage		32		—			(107	)		(0.01	)		(16	)		—
Home equity		36		0.01			(27	)		(0.01	)		(54	)		(0.02	)
Residential construction		111		0.22			26			0.04			119			0.17
Manufactured housing		11,556		28.51			1,150			1.43			1,569			1.90
Consumer		810		1.74			706			1.57			595			1.33
Total	$	23,651		0.52		$	11,614			0.26		$	12,908			0.28

⁽¹⁾Annualized.

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)	September 30, 2024			December 31, 2023
ASSETS
Cash and due from banks	$	202,644		$	200,781
Interest-bearing deposits in banks		537,395			803,094
Cash and cash equivalents		740,039			1,003,875
Debt securities available-for-sale		4,023,455			3,331,084
Debt securities held-to-maturity (fair value $2,060,729 and $2,095,620, respectively)		2,401,877			2,490,848
Loans held for sale		49,800			33,008
Loans and leases held for investment		17,964,099			18,318,755
Allowance for credit losses – loans and leases		(205,290	)		(208,071	)
Loans and leases, net		17,758,809			18,110,684
Premises and equipment, net		396,696			378,421
Bank owned life insurance		345,703			345,371
Goodwill and other intangible assets, net		975,117			990,087
Other assets		681,636			613,873
Total assets	$	27,373,132		$	27,297,251
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,222,518		$	6,534,307
NOW and interest-bearing demand		5,951,900			6,155,193
Money market		6,301,956			5,600,587
Savings		1,113,168			1,207,807
Time		3,490,399			3,649,498
Brokered		173,161			163,219
Total deposits		23,253,102			23,310,611
Long-term debt		316,363			324,823
Accrued expenses and other liabilities		396,987			400,292
Total liabilities		23,966,452			24,035,726
Shareholders’ equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference		88,266			88,266
Common stock, $1 par value; 200,000,000 shares authorized, 119,282,762 and 119,010,319 shares issued and outstanding, respectively		119,283			119,010
Common stock issuable; 588,296 and 620,108 shares, respectively		12,661			13,110
Capital surplus		2,707,266			2,699,112
Retained earnings		668,965			581,219
Accumulated other comprehensive loss		(189,761	)		(239,192	)
Total shareholders’ equity		3,406,680			3,261,525
Total liabilities and shareholders’ equity	$	27,373,132		$	27,297,251

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)
	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)		2024			2023		2024			2023
Interest revenue:
Loans, including fees	$	291,574		$	273,781	$	867,152		$	760,696
Investment securities, including tax exempt of $1,713, $1,722, $5,133 and $5,563, respectively		52,997			44,729		149,496			125,775
Deposits in banks and short-term investments		4,515			4,637		16,131			11,938
Total interest revenue		349,086			323,147		1,032,779			898,409

Interest expense:
Deposits:
NOW and interest-bearing demand		43,401			35,613		133,522			80,809
Money market		56,874			46,884		160,883			105,430
Savings		672			868		2,065			2,108
Time		35,202			33,368		107,925			75,464
Deposits		136,149			116,733		404,395			263,811
Short-term borrowings		27			189		87			3,186
Federal Home Loan Bank advances		—			—		—			5,761
Long-term debt		3,724			3,669		11,262			11,339
Total interest expense		139,900			120,591		415,744			284,097
Net interest revenue		209,186			202,556		617,035			614,312
Provision for credit losses		14,428			30,268		39,562			74,804
Net interest revenue after provision for credit losses		194,758			172,288		577,473			539,508

Noninterest income:
Service charges and fees		10,488			10,315		30,372			28,791
Mortgage loan gains and other related fees		3,520			6,159		17,830			17,264
Wealth management fees		6,338			6,451		19,037			17,775
Net (losses) gains from sales of other loans		(25,700	)		2,688		(22,867	)		6,909
Lending and loan servicing fees		3,512			2,985		11,050			9,979
Securities losses, net		—			—		—			(1,644	)
Other		9,933			3,379		28,812			19,499
Total noninterest income		8,091			31,977		84,234			98,573
Total revenue		202,849			204,265		661,707			638,081

Noninterest expenses:
Salaries and employee benefits		83,533			81,173		254,336			236,121
Communications and equipment		12,626			10,902		36,534			31,654
Occupancy		11,311			10,941		33,466			31,024
Advertising and public relations		2,041			2,251		6,401			6,914
Postage, printing and supplies		2,477			2,386		7,376			7,305
Professional fees		6,432			7,006		18,464			19,670
Lending and loan servicing expense		2,227			2,697		6,068			7,546
Outside services – electronic banking		4,433			2,561		10,163			8,646
FDIC assessments and other regulatory charges		5,003			4,314		17,036			12,457
Amortization of intangibles		3,528			4,171		11,209			11,120
Merger-related and other charges		2,176			9,168		6,420			21,444
Other		7,278			6,904		27,638			22,785
Total noninterest expenses		143,065			144,474		435,111			416,686
Income before income taxes		59,784			59,791		226,596			221,395
Income tax expense		12,437			11,925		50,003			47,941
Net income		47,347			47,866		176,593			173,454
Preferred stock dividends, net of discount on repurchases		1,573			832		4,719			4,270
Earnings allocated to participating securities		272			259		988			939
Net income available to common shareholders	$	45,502		$	46,775	$	170,886		$	168,245

Net income per common share:
Basic	$	0.38		$	0.39	$	1.43		$	1.44
Diluted		0.38			0.39		1.43			1.44
Weighted average common shares outstanding:
Basic		119,818			119,506		119,736			116,925
Diluted		119,952			119,624		119,827			117,084

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,
		2024								2023
*(dollars in thousands, fully taxable equivalent (FTE))*	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)⁽¹⁾⁽²⁾	$	18,051,741		$	291,164		6.42	%	$	18,055,402		$	273,800		6.02	%
Taxable securities⁽³⁾		6,182,164			51,284		3.32			5,933,708			43,007		2.90
Tax-exempt securities (FTE)⁽¹⁾⁽³⁾		361,359			2,292		2.54			368,148			2,313		2.51
Federal funds sold and other interest-earning assets		505,792			5,440		4.28			538,039			5,093		3.76
Total interest-earning assets (FTE)		25,101,056			350,180		5.55			24,895,297			324,213		5.17

Noninterest-earning assets:
Allowance for credit losses		(215,008	)							(209,472	)
Cash and due from banks		206,995								225,831
Premises and equipment		399,262								367,217
Other assets⁽³⁾		1,615,468								1,568,824
Total assets	$	27,107,773							$	26,847,697

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	5,797,845			43,401		2.98		$	5,285,513			35,613		2.67
Money market		6,342,455			56,874		3.57			5,622,355			46,884		3.31
Savings		1,126,774			672		0.24			1,301,047			868		0.26
Time		3,465,980			34,560		3.97			3,473,191			31,072		3.55
Brokered time deposits		50,364			642		5.07			209,119			2,296		4.36
Total interest-bearing deposits		16,783,418			136,149		3.23			15,891,225			116,733		2.91
Federal funds purchased and other borrowings		1,899			27		5.66			44,164			189		1.70
Federal Home Loan Bank advances		11			—		—			—			—		—
Long-term debt		323,544			3,724		4.58			324,770			3,669		4.48
Total borrowed funds		325,454			3,751		4.59			368,934			3,858		4.15
Total interest-bearing liabilities		17,108,872			139,900		3.25			16,260,159			120,591		2.94

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,239,926								6,916,272
Other liabilities		391,574								435,592
Total liabilities		23,740,372								23,612,023
Shareholders’ equity		3,367,401								3,235,674
Total liabilities and shareholders’ equity	$	27,107,773							$	26,847,697

Net interest revenue (FTE)				$	210,280							$	203,622
Net interest-rate spread (FTE)							2.30	%							2.23	%
Net interest margin (FTE)⁽⁴⁾							3.33	%							3.24	%

⁽¹⁾ Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $1.09 million and $1.07 million, respectively, for the three months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
⁽²⁾ Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
⁽³⁾ Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $295 million in 2024 and $430 million in 2023 are included in other assets for purposes of this presentation.
⁽⁴⁾ Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Nine Months Ended September 30,
		2024								2023
*(dollars in thousands, fully taxable equivalent (FTE))*	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)⁽¹⁾⁽²⁾	$	18,187,790		$	866,502		6.36	%	$	17,377,210		$	760,802		5.85	%
Taxable securities⁽³⁾		5,988,368			144,363		3.21			5,982,615			120,212		2.68
Tax-exempt securities (FTE)⁽¹⁾⁽³⁾		363,692			6,876		2.52			386,499			7,470		2.58
Federal funds sold and other interest-earning assets		559,786			18,256		4.36			490,703			13,103		3.57
Total interest-earning assets (FTE)		25,099,636			1,035,997		5.51			24,237,027			901,587		4.97

Non-interest-earning assets:
Allowance for loan losses		(214,372	)							(186,428	)
Cash and due from banks		210,982								249,411
Premises and equipment		392,561								347,514
Other assets⁽³⁾		1,613,118								1,518,503
Total assets	$	27,101,925							$	26,166,027

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	5,913,566			133,522		3.02		$	4,891,214			80,809		2.21
Money market		6,092,649			160,883		3.53			5,349,265			105,430		2.64
Savings		1,159,982			2,065		0.24			1,341,033			2,108		0.21
Time		3,535,343			106,199		4.01			2,936,873			65,856		3.00
Brokered time deposits		50,343			1,726		4.58			280,293			9,608		4.58
Total interest-bearing deposits		16,751,883			404,395		3.22			14,798,678			263,811		2.38
Federal funds purchased and other borrowings		2,001			87		5.81			98,884			3,186		4.31
Federal Home Loan Bank advances		5			—		—			166,355			5,761		4.63
Long-term debt		324,414			11,262		4.64			324,737			11,339		4.67
Total borrowed funds		326,420			11,349		4.64			589,976			20,286		4.60
Total interest-bearing liabilities		17,078,303			415,744		3.25			15,388,654			284,097		2.47

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,306,919								7,226,096
Other liabilities		394,323								393,048
Total liabilities		23,779,545								23,007,798
Shareholders’ equity		3,322,380								3,158,229
Total liabilities and shareholders’ equity	$	27,101,925							$	26,166,027

Net interest revenue (FTE)				$	620,253							$	617,490
Net interest-rate spread (FTE)							2.26	%							2.50	%
Net interest margin (FTE)⁽⁴⁾							3.30	%							3.41	%

⁽¹⁾ Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $3.22 million and $3.18 million, respectively, for the nine months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
⁽²⁾Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
⁽³⁾ Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $320 million in 2024 and $413 million in 2023 are included in other assets for purposes of this presentation.
⁽⁴⁾ Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.

About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of September 30, 2024, United Community Banks, Inc. had $27.4 billion in assets, 202 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2023, United was named by American Banker as one of the “Best Banks to Work For” for the seventh consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

Non-GAAP Financial Measures
This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

Caution About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

United qualifies all forward-looking statements by these cautionary statements.

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com

The MIL Network –

January 24, 2025

MIL-OSI: Stock Yards Bancorp Reports Third Quarter Earnings of $29.4 Million or $1.00 Per Diluted Share

Source: GlobeNewswire (MIL-OSI)

LOUISVILLE, Ky., Oct. 23, 2024 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today reported earnings of $29.4 million, or $1.00 per diluted share, for the third quarter ended September 30, 2024. This compares to net income of $27.1 million, or $0.92 per diluted share, for the third quarter of 2023. Continued strong loan growth and net interest margin expansion fueled third quarter operating results.



(dollar amounts in thousands, except per share data)	3Q24			2Q24			3Q23
Net income	$	29,360		$	27,598		$	27,092
Net income per share, diluted		1.00			0.94			0.92

Net interest income	$	64,979		$	62,022		$	61,315
Provision for credit losses⁽¹⁾		4,325			1,300			2,775
Non-interest income		24,797			23,655			22,896
Non-interest expenses		48,452			49,109			46,702

Net interest margin		3.33	%		3.26	%		3.34	%
Efficiency ratio⁽²⁾		53.92	%		57.26	%		55.38	%
Tangible common equity to tangible assets⁽³⁾		8.79	%		8.42	%		7.69	%
Annualized return on average assets⁽⁴⁾		1.39	%		1.35	%		1.38	%
Annualized return on average equity⁽⁴⁾		12.83	%		12.64	%		13.26	%

“Stock Yards delivered the best third quarter in our history, highlighted by strong loan demand and production, solid contributions from our non-interest income revenue sources and linked quarter net interest margin expansion,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “Total loans increased $661 million, or 12%, over the last 12 months, with $207 million of growth generated during the third quarter. We experienced growth within all loan categories and across all markets. Deposit balances expanded $323 million, or 5%, over the past 12 months, with balances growing $157 million, or 2%, during the third quarter. Deposit growth was also spread across all markets, enhanced by strategic time deposit marketing efforts. We continue to focus on organic growth, while avoiding brokered deposits and improving our funding position, which is contributing meaningfully to our net interest margin expansion.”

“Non-interest revenue once again contributed to our strong operating results for the third quarter of 2024, led by expansion in several categories,” Hillebrand continued. “Treasury management fees continued to benefit from customer base growth and increased transaction volume. WM&T income was boosted by estate fees and solid market conditions. In addition, mortgage, brokerage and card income all posted meaningful contributions. As previously mentioned, we are encouraged by our net interest margin improvement and prospects for continued expansion. Third quarter net interest margin expanded seven basis points on the linked quarter, boosted by substantial loan growth, higher interest earning asset yields and a moderating cost of funds expansion.”

As of September 30, 2024, the Company had $8.44 billion in assets, $6.28 billion in loans and $6.73 billion in total deposits. The Company’s combined enterprise, which encompasses 72 branch offices across three contiguous states, will continue to benefit from a diversified geographic footprint.

Key factors contributing to the third quarter of 2024 results included:

Total loans increased $661 million, or 12%, over the last 12 months, while growing $207 million, or 3%, on the linked quarter. Broad based loan growth during the quarter included increases in all markets and across all loan categories, with Construction Land & Development (CL&D) growth of $88 million posting the largest gain. The yield earned on loans increased to 6.17% for the third quarter of 2024, benefiting primarily from significant average loan balance growth.
Deposit balances expanded $323 million, or 5%, over the last 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts declined $207 million, or 12%, while interest-bearing deposits grew $530 million, or 11%, led by time deposit growth. On the linked quarter, total deposits expanded $157 million, or 2%. Non-interest-bearing demand accounts increased $26 million, or 2%, while total interest-bearing deposit accounts increased $131 million, or 3%.
Net interest income increased $3.7 million, or 6%, for the third quarter of 2024 compared to the third quarter a year ago, with net interest margin compressing one basis point to 3.33%. On the linked quarter, net interest income increased $3.0 million, or 5%, while net interest margin expanded 7 basis points to 3.33%.
Provision for credit loss expense⁽¹⁾ of $4.3 million was recorded for the third quarter of 2024, primarily attributed to strong loan growth and deterioration within the Federal Reserve Bank’s unemployment rate forecast used in the CECL allowance model. Traditional credit quality statistics remained strong for the quarter.
Non-interest income increased $1.9 million, or 8%, over the third quarter of 2023. WM&T income expanded $901,000, or 9%, to $10.9 million, with strong estate fees and improved market conditions more than offsetting a decline in net new business expansion. Treasury management fees grew $304,000, or 12%, over the last 12 months to a record $2.9 million. Card income increased $213,000, or 4% over the third quarter of 2023 consistent with increased transaction volume. Other non-interest income increased $315,000 over the third quarter of 2023, mainly due to increased swap fees collected.
Total non-interest expenses increased $1.8 million, or 4%, during the third quarter of 2024 compared to the third quarter of 2023, and decreased $657,000, or 1%, on the linked quarter. Overall, non-interest expenses continued to track closely to management expectations.
Tangible common equity per share⁽³⁾ was $24.58 on September 30, 2024, compared to $23.22 on June 30, 2024, and $20.17 on September 30, 2023.

Hillebrand concluded, “In September, we were one of only 30 banks in the U.S. to be named a “Sm-All Star” in Piper Sandler’s annual list of top-performing small-cap banks and thrifts in its “Class of 2024.” This elite annual list reflects the top banks in the industry across various metrics including growth, profitability, credit quality and capital strength. We are honored to be recognized by Piper Sandler as one of the top performing community banks in the nation, a testament to the solid foundation we have built to generate long term growth. Being named to this prestigious group is a noteworthy recognition of the hard work and dedication of the entire Stock Yards team.” Stock Yards Bancorp has been named to Piper Sandler’s Sm-All Stars list six times in 2008, 2011, 2019, 2020, 2022 and 2024.

Results of Operations – Third Quarter 2024, Compared with Third Quarter 2023

Net interest income, the Company’s largest source of revenue, increased by $3.7 million, or 6%, to $65.0 million. Strong organic loan growth and correlating interest income expansion contributed to net interest income growth.

Total interest income increased by $16.8 million, or 19%, to $105.7 million.
- Interest income and fees on loans increased $17.5 million, or 22%, over the prior year quarter. Consistent with the $688 million, or 13%, increase in average loans and interest rate expansion, the average quarterly yield earned on loans increased 51 basis points over the past 12 months to 6.17%.
- Interest income on securities decreased $1.1 million, or 13%, compared to the third quarter of 2023. While average securities balances have declined $235 million, or 14%, over the past 12 months, the rate earned on securities improved three basis points to 2.07%. Over the past 12 months, cash flows from investment portfolio maturities and pay downs have been utilized to fund loan growth and in lieu of redeployment into the portfolio.
- Interest income on overnight funds increased $306,000, or 19%, consistent with the $24 million quarter over prior year quarter average balance increase.
Total interest expense increased $13.1 million, or 48%, to $40.7 million, as the cost of interest-bearing liabilities increased 68 basis points to 2.84%. For the sixth consecutive linked quarter end, the pace of expansion of total interest-bearing liability costs has slowed.
- Interest expense on deposits increased $12.6 million over the past 12 months, as the overall cost of interest- bearing deposits increased to 2.68% in the third quarter of 2024 from 1.88% in the third quarter of 2023. Interest expense expansion was spread over most deposit categories, with time deposits and money market interest expense expanding the most at $5.5 million and $4.1 million, respectively.
- Interest expense on Federal Home Loan Bank (FHLB) advances increased $292,000, or 6%, with the cost of funds declining 37 basis points to 4.49%. Consistent with third quarter investment securities maturities, the Bank relied less on overnight advances during the third quarter of 2024.

For the third quarter of 2024, consistent with strong loan growth, a deterioration in unemployment rate projections and a slight increase in net charge-offs, offset by a reduction in specific reserves and other factors within the CECL allowance model, the Company recorded provision expense ⁽¹⁾ of $4.3 million for loans. In addition, no provision expense for off balance sheet exposures was recorded. For the third quarter of 2023, the Company recorded $2.3 million in provision expense for loans and $475,000 of provision expense for off balance sheet exposures associated with expansion of C&LD and Commercial & Industrial (C&I) lines of credit.

Non-interest income increased $1.9 million, or 8%, to $24.8 million compared to the third quarter of 2023.

WM&T income ended the third quarter of 2024 at $10.9 million, increasing $901,000, or 9%, over the third quarter of 2023. Despite positive equity market performance and strong estate fee revenue, WM&T income was muted by negative net new business.
Compared to the third quarter of 2023, treasury management fees increased $304,000, or 12%, to a record $2.9 million. The consistent treasury management growth has been driven by strong transaction volume, organic growth, modified fee schedules, strong foreign exchange income and new product sales.
Card income increased $213,000, or 4%, over the third quarter of 2023. Credit card interchange income and annual merchant incentives drove credit card income to a record $1.7 million. In addition, debit card income also posted growth over the prior period.
Other non-interest income, which includes swap fees, letter of credit fees and OREO activity, increased by $315,000. While swap fee income was strong in the third quarter of 2024, the Company’s Insurance Captive, which was not renewed in 2024, contributed approximately $302,000 to other non-interest income in the third quarter of 2023.

Non-interest expenses, which tracked closely with management expectations, increased $1.8 million, or 4%, compared to the third quarter of 2023, to $48.5 million.

Compensation and benefits expense increased $2.3 million, or 9%, compared to the third quarter of 2023, consistent with annual merit-based increases and increased bonus levels, partially offset by lower health insurance claims.
Technology and communication expenses, which include computer software amortization, equipment depreciation and expenditures related to investments in technology needed to maintain and improve the quality of customer delivery channels, information security and internal resources, increased $264,000, or 6%, consistent with software upgrades and increased compliance-related expense.
Card processing expense increased $208,000, or 13%. Debit card interchange expense increased $103,000 while credit card expense increased $105,000, consistent with transaction growth and fraud mitigation efforts.
Amortization of investments in tax credit partnerships declined $323,000 compared to the third quarter of 2023. Effective January 1, 2024, the Bank adopted ASU 2023-02 and began booking tax credit amortization expense for all income tax credit projects as a component of tax expense via the proportional amortization method.
Other non-interest expenses declined $831,000, or 31%, compared to the third quarter of 2023, primarily due to modifications made to the corporate credit card reward program and significant declines in check and card losses, as well as the Company’s strategic decision to exit its Insurance Captive, which contributed $275,000 in expense to the third quarter of 2023.

Financial Condition – September 30, 2024, Compared with September 30, 2023

Total assets increased $534 million, or 7%, year over year to $8.44 billion.

Total loans increased $661 million, or 12%, to $6.28 billion, with growth spread across all categories and markets. Total line of credit usage ended at 43.2% as of September 30, 2024, compared to 38.8% as of September 30, 2023, boosted by increased CL&D and C&I line usage. C&I line of credit usage expanded to 31.8% as of period end.

Total investment securities decreased $229 million, or 16%, year over year. The overall portfolio yield was 2.07% for the third quarter of 2024, compared to 2.04% for the third quarter of 2023. Over the past 12 months, cash flows from the investment portfolio have been utilized to fund loan growth and provide liquidity in lieu of redeployment.

Total deposits increased $323 million, or 5%, over the past 12 months, with the deposit mix continuing to shift from non-interest bearing and low interest-bearing deposits into higher cost deposits. Non-interest-bearing demand accounts declined $207 million, or 12%, while interest-bearing deposits grew $530 million, or 11%, led by $313 million of time deposit growth and $174 million of growth in money market balances.

Non-performing loans totaled $17 million, or 0.27% of total loans outstanding on September 30, 2024, compared to $17 million, or 0.31% of total loans outstanding on September 30, 2023. The ratio of allowance for credit losses to loans ended at 1.36% on September 30, 2024, compared to 1.39% on September 30, 2023.

As of September 30, 2024, the Company continued to be “well-capitalized,” the highest regulatory capital rating for financial institutions, with all capital ratios experiencing meaningful growth. Total equity to assets⁽³⁾ was 11.07% and the tangible common equity ratio⁽³⁾ was 8.79% on September 30, 2024, compared to 10.21% and 7.69% on September 30, 2023, respectively.

In August 2024, the board of directors increased the quarterly cash dividend to $0.31 per common share. The dividend was paid October 1, 2024, to shareholders of record as of September 16, 2024.

No shares have been purchased since 2020, and approximately 741,000 shares remain eligible for repurchase under the current buy-back plan, which expires in May 2025.

Results of Operations – Third Quarter 2024, Compared with Second Quarter 2024

Net interest margin improved seven basis points on the linked quarter to 3.33%, boosted by strong loan growth, higher interest earning asset yields and a slow-down in cost of funds expansion.

Net interest income increased $3.0 million, or 5%, over the prior quarter to $65.0 million.

Total interest income increased $5.4 million, or 5%.
- Interest income, including fees, on loans increased $5.7 million, or 6%. Average loans increased $201 million, or 3%, and the corresponding yield earned increased 11 basis points to 6.17%.
Total interest expense increased $2.5 million, or 6%.
- Interest expense on deposits increased $2.4 million, or 8%, led by a $76 million increase in average interest-bearing deposits concentrated within the time and money market categories.

The Company recorded $4.3 million in provision for credit losses on loans⁽¹⁾ and no credit loss expense for off-balance sheet exposures during the third quarter of 2024. During the second quarter of 2024, the Company recorded $1.3 million in provision for credit losses, which included a $1.1 million provision for credit losses on loans and $225,000 of credit loss expense for off-balance sheet exposures.

Non-interest income increased $1.1 million, or 5%, on the linked quarter, with increases in nearly every category.

Non-interest expenses decreased $657,000 to $48.5 million, as increases in compensation expense were more than offset by decreases in employee benefits, marketing and business development and technology and communication expenses.

Financial Condition – September 30, 2024, Compared with June 30, 2024

Total assets increased $122 million, or 1%, on the linked quarter to $8.44 billion.

Total loans expanded $207 million, or 3%, on the linked quarter, led by increases in nearly every loan category. Total line of credit usage was 43.2% as of September 30, 2024, compared to 41.1% as of June 30, 2024. C&I line of credit usage totaled 31.8% as of September 30, 2024, compared to 30.8% as of June 30, 2024.

Total deposits increased $157 million, or 2%, on the linked quarter. Non-interest-bearing demand accounts increased $26 million, or 2%, while total interest-bearing deposit accounts increased $131 million, or 3%. Time deposits increased by $119 million and money market balances increased by $82 million on the linked quarter.

About the Company

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $8.44 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The Nasdaq Stock Market under the symbol “SYBT.”

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company’s management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its banking subsidiary operates; competition for the Company’s customers from other providers of financial services; changes in, or forecasts of, future political and economic conditions, inflation and efforts to control it; government legislation and regulation, which change and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company’s customers; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. Refer to Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.


Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release
(In thousands unless otherwise noted)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Income Statement Data	2024			2023			2024			2023

Net interest income, fully tax equivalent (5)	$	65,064		$	61,437		$	187,344		$	185,757
Interest income:
Loans	$	95,689		$	78,234		$	271,547		$	219,329
Federal funds sold and interest bearing due from banks	(1,946		)	(1,640		)	(6,199		)	(4,885		)
Mortgage loans held for sale	47			55			152			173
Federal Home Loan Bank stock	663			499			1,601			939
Investment securities	7,377			8,497			23,072			26,129
Total interest income	105,722			88,925			302,571			251,455
Interest expense:
Deposits	33,997			21,360			97,486			51,940
Securities sold under agreements to repurchase	937			597			2,639			1,429
Federal funds purchased	120			157			395			504
Federal Home Loan Bank advances	5,209			4,917			13,469			10,613
Subordinated debentures	480			579			1,511			1,653
Total interest expense	40,743			27,610			115,500			66,139
Net interest income	64,979			61,315			187,071			185,316
Provision for credit losses (1)	4,325			2,775			7,050			7,750
Net interest income after provision for credit losses	60,654			58,540			180,021			177,566
Non-interest income:
Wealth management and trust services	10,931			10,030			32,497			29,703
Deposit service charges	2,314			2,272			6,630			6,622
Debit and credit card income	5,083			4,870			14,688			14,064
Treasury management fees	2,939			2,635			8,389			7,502
Mortgage banking income	1,112			814			3,077			2,882
Net investment product sales commissions and fees	915			791			2,580			2,345
Bank owned life insurance	634			569			1,817			1,677
Gain (loss) on sale of premises and equipment	(59		)	302			(39		)	75
Other	928			613			2,084			2,933
Total non-interest income	24,797			22,896			71,723			67,803
Non-interest expenses:
Compensation	25,534			23,379			74,389			67,382
Employee benefits	4,629			4,508			15,591			14,622
Net occupancy and equipment	3,775			3,821			11,264			11,234
Technology and communication	4,500			4,236			14,463			12,706
Debit and credit card processing	1,845			1,637			5,402			4,762
Marketing and business development	1,438			1,357			4,109			4,236
Postage, printing and supplies	901			938			2,740			2,701
Legal and professional	968			1,049			3,268			2,665
FDIC insurance	1,095			937			3,368			2,851
Capital and deposit based taxes	825			629			2,128			1,875
Intangible amortization	1,052			1,167			3,155			3,519
Amortization of investments in tax credit partnerships	–			323			–			970
Other	1,890			2,721			6,645			8,293
Total non-interest expenses	48,452			46,702			146,522			137,816
Income before income tax expense	36,999			34,734			105,222			107,553
Income tax expense	7,639			7,642			22,377			23,749
Net income	$	29,360		$	27,092		$	82,845		$	83,804

Net income per share – Basic	$	1.00		$	0.93		$	2.83		$	2.87
Net income per share – Diluted	1.00			0.92			2.82			2.86
Cash dividend declared per share	0.31			0.30			0.91			0.88

Weighted average shares – Basic	29,299			29,223			29,277			29,208
Weighted average shares – Diluted	29,445			29,336			29,396			29,347

							September 30,
Balance Sheet Data							2024			2023

Investment securities							$	1,236,744		$	1,465,463
Loans							6,278,133			5,617,084
Allowance for credit losses on loans							85,343			78,075
Total assets							8,437,280			7,903,430
Non-interest bearing deposits							1,508,203			1,714,918
Interest bearing deposits							5,217,870			4,687,889
Federal Home Loan Bank advances							325,000			350,000
Accumulated other comprehensive income (loss)							(75,273		)	(127,905		)
Stockholders’ equity							934,094			806,918

Total shares outstanding							29,414			29,323
Book value per share (3)							$	31.76		$	27.52
Tangible common equity per share (3)							24.58			20.17
Market value per share							61.99			39.29

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Average Balance Sheet Data	2024			2023			2024			2023

Federal funds sold and interest bearing due from banks	$	148,818		$	124,653		$	153,755		$	132,421
Mortgage loans held for sale	4,862			7,112			5,230			7,333
Investment securities	1,424,815			1,659,888			1,498,092			1,710,838
Federal Home Loan Bank stock	31,193			27,290			27,364			22,663
Loans	6,174,309			5,486,262			5,986,366			5,337,493
Total interest earning assets	7,783,997			7,305,205			7,670,807			7,210,748
Total assets	8,384,605			7,805,154			8,262,017			7,660,658
Non-interest bearing deposits	1,510,515			1,731,724			1,508,947			1,796,586
Interest bearing deposits	5,047,771			4,509,411			5,026,185			4,468,160
Total deposits	6,558,286			6,241,135			6,535,132			6,264,746
Securities sold under agreements to repurchase	156,865			127,063			156,392			120,740
Federal funds purchased	8,480			11,776			9,585			13,857
Federal Home Loan Bank advances	461,141			401,630			392,609			305,220
Subordinated debentures	26,806			26,606			26,802			26,508
Total interest bearing liabilities	5,701,063			5,076,486			5,611,573			4,934,485
Accumulated other comprehensive income (loss)	(88,362		)	(112,329		)	(94,560		)	(107,374		)
Total stockholders’ equity	910,274			810,710			883,267			796,172

Performance Ratios
Annualized return on average assets (4)	1.39		%	1.38		%	1.34		%	1.46		%
Annualized return on average equity (4)	12.83		%	13.26		%	12.53		%	14.07		%
Net interest margin, fully tax equivalent	3.33		%	3.34		%	3.26		%	3.44		%
Non-interest income to total revenue, fully tax equivalent	27.59		%	27.15		%	27.69		%	26.74		%
Efficiency ratio, fully tax equivalent (2)	53.92		%	55.38		%	56.56		%	54.35		%

Capital Ratios
Total stockholders’ equity to total assets (3)							11.07		%	10.21		%
Tangible common equity to tangible assets (3)							8.79		%	7.69		%
Average stockholders’ equity to average assets							10.69		%	10.39		%
Total risk-based capital							12.73		%	12.71		%
Common equity tier 1 risk-based capital							11.16		%	11.17		%
Tier 1 risk-based capital							11.52		%	11.57		%
Leverage							10.05		%	9.80		%

Loan Segmentation
Commercial real estate – non-owner occupied							$	1,686,448		$	1,508,615
Commercial real estate – owner occupied							949,538			945,122
Commercial and industrial							1,379,293			1,251,027
Residential real estate – owner occupied							783,337			696,162
Residential real estate – non-owner occupied							381,051			350,386
Construction and land development							674,918			480,120
Home equity lines of credit							236,819			203,184
Consumer							143,684			143,703
Leases							16,760			14,710
Credit cards							26,285			24,055
Total loans and leases							$	6,278,133		$	5,617,084

Asset Quality Data
Non-accrual loans							$	16,288		$	17,227
Modifications to borrowers experiencing financial difficulty							–			–
Loans past due 90 days or more and still accruing							870			1
Total non-performing loans							17,158			17,228
Other real estate owned							10			427
Total non-performing assets							$	17,168		$	17,655
Non-performing loans to total loans							0.27		%	0.31		%
Non-performing assets to total assets							0.20		%	0.22		%
Allowance for credit losses on loans to total loans							1.36		%	1.39		%
Allowance for credit losses on loans to average loans							1.43		%	1.46		%
Allowance for credit losses on loans to non-performing loans							497		%	453		%
Net (charge-offs) recoveries	$	(1,137	)	$	(1,935	)	$	(606	)	$	(2,156	)
Net (charge-offs) recoveries to average loans (6)	-0.02		%	-0.04		%	-0.01		%	-0.04		%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Quarterly Comparison
Income Statement Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Net interest income, fully tax equivalent (5)	$	65,064		$	62,113		$	60,167		$	62,112		$	61,437
Net interest income	$	64,979		$	62,022		$	60,070		$	62,016		$	61,315
Provision for credit losses (1)	4,325			1,300			1,425			6,046			2,775
Net interest income after provision for credit losses	60,654			60,722			58,645			55,970			58,540
Non-interest income:
Wealth management and trust services	10,931			10,795			10,771			10,099			10,030
Deposit service charges	2,314			2,180			2,136			2,244			2,272
Debit and credit card income	5,083			4,923			4,682			5,374			4,870
Treasury management fees	2,939			2,825			2,625			2,531			2,635
Mortgage banking income	1,112			1,017			948			823			814
Loss on sale of securities	–			–			–			(44		)	–
Net investment product sales commissions and fees	915			800			865			860			791
Bank owned life insurance	634			595			588			576			569
Gain (loss) on sale of premises and equipment	(59		)	20			–			(105		)	302
Other	928			500			656			2,059			613
Total non-interest income	24,797			23,655			23,271			24,417			22,896
Non-interest expenses:
Compensation	25,534			24,634			24,221			24,494			23,379
Employee benefits	4,629			5,086			5,876			3,829			4,508
Net occupancy and equipment	3,775			3,819			3,670			5,150			3,821
Technology and communication	4,500			4,894			5,069			4,612			4,236
Debit and credit card processing	1,845			1,811			1,746			1,719			1,637
Marketing and business development	1,438			1,596			1,075			1,754			1,357
Postage, printing and supplies	901			913			926			903			938
Legal and professional	968			1,185			1,115			1,293			1,049
FDIC insurance	1,095			1,161			1,112			1,060			937
Capital and deposit based taxes	825			673			630			601			629
Intangible amortization	1,052			1,051			1,052			1,167			1,167
Amortization of investments in tax credit partnerships	–			–			–			324			323
Other	1,890			2,286			2,469			3,107			2,721
Total non-interest expenses	48,452			49,109			48,961			50,013			46,702
Income before income tax expense	36,999			35,268			32,955			30,374			34,734
Income tax expense	7,639			7,670			7,068			6,430			7,642
Net income	$	29,360		$	27,598		$	25,887		$	23,944		$	27,092


Net income per share – Basic	$	1.00		$	0.94		$	0.89		$	0.82		$	0.93
Net income per share – Diluted	1.00			0.94			0.88			0.82			0.92
Cash dividend declared per share	0.31			0.30			0.30			0.30			0.30

Weighted average shares – Basic	29,299			29,283			29,250			29,226			29,223
Weighted average shares – Diluted	29,445			29,383			29,361			29,331			29,336

	Quarterly Comparison
Balance Sheet Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Cash and due from banks	$	108,825		$	85,441		$	71,676		$	94,466		$	79,538
Federal funds sold and interest bearing due from banks	144,241			118,910			88,547			171,493			113,499
Mortgage loans held for sale	4,822			6,438			6,462			6,056			6,535
Investment securities	1,236,744			1,342,354			1,379,212			1,471,016			1,465,453
Federal Home Loan Bank stock	29,419			31,462			24,675			16,236			26,241
Loans	6,278,133			6,070,963			5,849,715			5,771,038			5,617,084
Allowance for credit losses on loans	85,343			82,155			80,897			79,374			78,075
Goodwill	194,074			194,074			194,074			194,074			194,074
Total assets	8,437,280			8,315,325			8,123,128			8,170,102			7,903,430
Non-interest bearing deposits	1,508,203			1,482,514			1,481,217			1,548,624			1,714,918
Interest bearing deposits	5,217,870			5,086,724			5,127,863			5,122,124			4,687,889
Securities sold under agreements to repurchase	149,852			152,948			162,528			152,991			113,894
Federal funds purchased	6,442			10,029			9,961			12,852			11,518
Federal Home Loan Bank advances	325,000			400,000			200,000			200,000			350,000
Subordinated debentures	26,806			26,806			26,806			26,740			26,641
Accumulated other comprehensive income (loss)	(75,273		)	(94,980		)	(95,054		)	(92,798		)	(127,905		)
Stockholders’ equity	934,094			894,535			874,711			858,103			806,918

Total shares outstanding	29,414			29,388			29,393			29,329			29,323
Book value per share (3)	31.76			$	30.44		$	29.76		$	29.26		$	27.52
Tangible common equity per share (3)	24.58			23.22			22.50			21.95			20.17
Market value per share	61.99			49.67			48.91			51.49			39.29

Capital Ratios
Total stockholders’ equity to total assets (3)	11.07		%	10.76		%	10.77		%	10.50		%	10.21		%
Tangible common equity to tangible assets (3)	8.79		%	8.42		%	8.36		%	8.09		%	7.69		%
Average stockholders’ equity to average assets	10.86		%	10.65		%	10.56		%	10.07		%	10.39		%
Total risk-based capital	12.73		%	12.62		%	12.69		%	12.56		%	12.71		%
Common equity tier 1 risk-based capital	11.16		%	11.07		%	11.11		%	11.04		%	11.17		%
Tier 1 risk-based capital	11.52		%	11.43		%	11.49		%	11.43		%	11.57		%
Leverage	10.05		%	9.95		%	9.82		%	9.62		%	9.80		%

Stock Yards Bancorp, Inc. Financial Information (unaudited)
Third Quarter 2024 Earnings Release

	Quarterly Comparison
Average Balance Sheet Data	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23

Federal funds sold and interest bearing due from banks	$	148,818		$	158,512		$	153,990		$	258,950		$	124,653
Mortgage loans held for sale	4,862			6,204			4,629			5,305			7,112
Investment securities	1,424,815			1,491,865			1,578,401			1,618,799			1,659,888
Federal Home Loan Bank stock	31,193			29,735			21,121			20,519			27,290
Loans	6,174,309			5,973,801			5,808,924			5,676,193			5,486,262
Total interest earning assets	7,783,997			7,660,117			7,567,065			7,579,766			7,305,205
Total assets	8,384,605			8,246,735			8,153,364			8,116,569			7,805,154
Non-interest bearing deposits	1,510,515			1,515,708			1,500,602			1,663,962			1,731,724
Interest bearing deposits	5,047,771			4,971,804			5,058,743			5,025,240			4,509,411
Total deposits	6,558,286			6,487,512			6,559,345			6,689,202			6,241,135
Securities sold under agreement to repurchase	156,865			147,327			164,979			130,148			127,063
Federal funds purchased	8,480			10,127			10,161			13,606			11,776
Federal Home Loan Bank advances	461,141			441,484			274,451			205,435			401,630
Subordinated debentures	26,806			26,806			26,794			26,706			26,606
Total interest bearing liabilities	5,701,063			5,597,548			5,535,128			5,401,135			5,076,486
Accumulated other comprehensive income (loss)	(88,362		)	(99,640		)	(95,747		)	(125,843		)	(112,329		)
Total stockholders’ equity	910,274			878,233			861,029			817,682			810,710

Performance Ratios
Annualized return on average assets (4)	1.39		%	1.35		%	1.28		%	1.17		%	1.38		%
Annualized return on average equity (4)	12.83		%	12.64		%	12.09		%	11.62		%	13.26		%
Net interest margin, fully tax equivalent	3.33		%	3.26		%	3.20		%	3.25		%	3.34		%
Non-interest income to total revenue, fully tax equivalent	27.59		%	27.58		%	27.89		%	28.22		%	27.15		%
Efficiency ratio, fully tax equivalent (2)	53.92		%	57.26		%	58.68		%	57.80		%	55.38		%

Loans Segmentation
Commercial real estate – non-owner occupied	$	1,686,448		$	1,652,614		$	1,609,483		$	1,561,689		$	1,508,615
Commercial real estate – owner occupied	949,538			943,013			931,973			907,424			945,122
Commercial and industrial	1,379,293			1,356,970			1,293,696			1,307,128			1,251,027
Residential real estate – owner occupied	783,337			749,870			723,234			708,893			696,162
Residential real estate – non-owner occupied	381,051			365,846			360,958			358,715			350,386
Construction and land development	674,918			586,820			532,183			531,324			480,120
Home equity lines of credit	236,819			223,304			212,443			211,390			203,184
Consumer	143,684			151,221			145,022			145,340			143,703
Leases	16,760			17,258			16,619			15,503			14,710
Credit cards	26,285			24,047			24,104			23,632			24,055
Total loans and leases	$	6,278,133		$	6,070,963		$	5,849,715		$	5,771,038		$	5,617,084

Asset Quality Data
Non-accrual loans	$	16,288		$	17,371		$	13,984		$	19,058		$	17,227
Modifications to borrowers experiencing financial difficulty	–			–			–			–			–
Loans past due 90 days or more and still accruing	870			186			106			110			1
Total non-performing loans	17,158			17,557			14,090			19,168			17,228
Other real estate owned	10			10			10			10			427
Total non-performing assets	$	17,168		$	17,567		$	14,100		$	19,178		$	17,655
Non-performing loans to total loans	0.27		%	0.29		%	0.24		%	0.33		%	0.31		%
Non-performing assets to total assets	0.20		%	0.21		%	0.17		%	0.23		%	0.22		%
Allowance for credit losses on loans to total loans	1.36		%	1.35		%	1.38		%	1.38		%	1.39		%
Allowance for credit losses on loans to average loans	1.38		%	1.38		%	1.39		%	1.40		%	1.42		%
Allowance for credit losses on loans to non-performing loans	497		%	468		%	574		%	414		%	453		%
Net (charge-offs) recoveries	$	(1,137	)	$	183		$	348		$	(4,472	)	$	(1,935	)
Net (charge-offs) recoveries to average loans (6)	-0.02		%	0.00		%	0.01		%	-0.08		%	-0.04		%

Other Information
Total WM&T assets under management (in millions)	$	7,317		$	7,479		$	7,496		$	7,160		$	6,670
Full-time equivalent employees	1,068			1,051			1,062			1,075			1,056

(1) – Detail of Provision for credit losses follows:
	Quarterly Comparison
(in thousands)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Provision for credit losses – loans	$	4,325		$	1,075		$	1,175		$	5,771		$	2,300
Provision for credit losses – off balance sheet exposures	–			225			250			275			475
Total provision for credit losses	$	4,325		$	1,300		$	1,425		$	6,046		$	2,775

(2) – The efficiency ratio, a non-GAAP measure, equals total non-interest expenses divided by the sum of net interest income (FTE) and non-interest income.
	Quarterly Comparison
(Dollars in thousands)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Total non-interest expenses (a)	$	48,452		$	49,109		$	48,961		$	50,013		$	46,702

Total net interest income, fully tax equivalent	$	65,064		$	62,113		$	60,167		$	62,112		$	61,437
Total non-interest income	24,797			23,655			23,271			24,417			22,896
Total revenue – Non-GAAP (b)	89,861			85,768			83,438			86,529			84,333

Efficiency ratio – Non-GAAP (a/b)	53.92		%	57.26		%	58.68		%	57.80		%	55.38		%

(3) – The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. Bancorp provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy:
	Quarterly Comparison
(In thousands, except per share data)	9-30-24			6-30-24			3-31-24			12-31-23			9-30-23
Total stockholders’ equity – GAAP (a)	$	934,094		$	894,535		$	874,711		$	858,103		$	806,918
Less: Goodwill	(194,074		)	(194,074		)	(194,074		)	(194,074		)	(194,074		)
Less: Core deposit and other intangibles	(17,149		)	(18,201		)	(19,252		)	(20,304		)	(21,471		)
Tangible common equity – Non-GAAP (c)	$	722,871		$	682,260		$	661,385		$	643,725		$	591,373

Total assets – GAAP (b)	$	8,437,280		$	8,315,325		$	8,123,128		$	8,170,102		$	7,903,430
Less: Goodwill	(194,074		)	(194,074		)	(194,074		)	(194,074		)	(194,074		)
Less: Core deposit and other intangibles	(17,149		)	(18,201		)	(19,252		)	(20,304		)	(21,471		)
Tangible assets – Non-GAAP (d)	$	8,226,057		$	8,103,050		$	7,909,802		$	7,955,724		$	7,687,885

Total stockholders’ equity to total assets – GAAP (a/b)	11.07		%	10.76		%	10.77		%	10.50		%	10.21		%
Tangible common equity to tangible assets – Non-GAAP (c/d)	8.79		%	8.42		%	8.36		%	8.09		%	7.69		%

Total shares outstanding (e)	29,414			29,388			29,393			29,329			29,323

Book value per share – GAAP (a/e)	$	31.76		$	30.44		$	29.76		$	29.26		$	27.52
Tangible common equity per share – Non-GAAP (c/e)	24.58			23.22			22.50			21.95			20.17

(4) – Return on average assets equals net income divided by total average assets, annualized to reflect a full year return on average assets. Similarly, return on average equity equals net income divided by total average equity, annualized to reflect a full year return on average equity.

(5) – Interest income on a FTE basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.

(6) – Quarterly net (charge-offs) recoveries to average loans ratios are not annualized.

Contact:	T. Clay Stinnett
	Executive Vice President,
	Treasurer and Chief Financial Officer
	(502) 625-0890

The MIL Network –

January 24, 2025

MIL-OSI: TC Energy provides results of Series 9 Shares conversion elections

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 23, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that 1,297,203 of its 18,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) have been elected for conversion on a one-for-one basis into floating rate Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares) effective on Oct. 30, 2024. As a result, on Oct. 30, 2024, TC Energy will have 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares issued and outstanding. The Series 9 Shares and Series 10 Shares will be listed on the Toronto Stock Exchange under the symbols TRP.PR.E and TRP.PR.L, respectively.

About TC Energy
We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at http://www.sedarplus.ca and with the U.S. Securities and Exchange Commission at http://www.sec.gov.

-30-

Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

PDF available: http://ml.globenewswire.com/Resource/Download/8176a791-9dfe-4ecf-857e-4d3bc758dbf6

The MIL Network –

January 24, 2025

MIL-OSI Video: Press Briefing by Press Secretary Karine Jean-Pierre

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

The White House

https://www.youtube.com/watch?v=OYLje2eubuU

MIL OSI Video –

January 24, 2025

MIL-OSI United Kingdom: Firm shut down for falsely offering ‘early resolution’ to IVA debt solutions

Source: United Kingdom – Executive Government & Departments

Firm offered advice on early resolution to customers’ IVA debt solutions despite not being licensed to provide financial or debt advice

McKenzie Jones Associates charged fees to help end customers’ IVAs early
The company promised full refunds if IVAs did not reach an early solution – but investigators found no evidence that refunds were made
Investigation found the firm had taken almost £55,000 in fees for this service, but a lack of company records prevented its full financial position from being uncovered

A company which claimed to help customers reach an early resolution to their Individual Voluntary Arrangements (IVAs), but instead exposed them to the risk of their debt solution failing, has been closed down.

McKenzie Jones Associates, which was last registered to an address in Kent Road, Formby, near Liverpool, was wound up at the High Court in Manchester on 22 October 2024.

The company sent unsolicited letters to people who had an IVA, which led to offers to help secure an early resolution to the debt solution for a fee.

IVAs are legally-binding agreements with creditors to pay all or part of a person’s debts, and usually last about five years.

Sales staff for the company told customers it would refund the fee if it did not achieve an early resolution of their IVAs.

The company also falsely advised customers that their IVA supervisors – the Insolvency Practitioners administering their debt solutions – must place the IVAs on hold and suggested that customers should refuse to speak to their IVA supervisors if they contacted them.

However McKenzie Jones Associates was not registered with the Financial Conduct Authority to provide debt advice, and their advice exposed customers to the risk of their IVAs failing.

David Usher, Chief Investigator at the Insolvency Service, said

McKenzie Jones Associates took advantage of people in debt to offer them a solution that was unlikely to work and gave advice which jeopardised the success of their IVAs.

The Insolvency Service has powers to remove companies that operate against the public interest.

We will shut down businesses that prey on people facing tough times and protect the public from further financial harm.

The company generated custom by sending letters to people listed on the Individual Insolvency Register, inviting them to call a freephone number to discuss ‘financially beneficial information’.

Those who responded were offered help to encourage their IVA Supervisors to propose an early resolution of the IVA, known as a ‘Paid to Date’ solution, to their creditors.

Sales staff for McKenzie Jones Associates advised customers that they would use ‘new government legislation’ to help them exit their IVA. But investigators found this ‘legislation’ was in fact guidance for Insolvency Practitioners on specific considerations for recommending a Paid to Date solution.

One customer was told that she would be debt free in six months if she used the company’s services.

But in reality the likelihood of such an early resolution was very low.

The firm typically charged a £450 fee, paid over six instalments of £75.

Their customer records showed 424 files related to Paid to Date, and investigators found that the company had received at least £54,900 from clients under the Paid to Date scheme, but had made no provision to pay refunds.

None of the customers who responded to the investigation had benefited from the services offered by the company or received a refund.

And as the firm’s directors failed to maintain or hand over all the company’s books, investigators were unable to establish the true financial position of the company, including the full amount it had received under the scheme, or the amount McKenzie Jones Associates had refunded – if any – to clients.

They were also unable to verify the accuracy of accounts filed for the periods ending 31 December 2020 and 31 December 2021, or confirm whether receipts of £128,996 and payments from £129,046 in McKenzie Jones Associates’ bank accounts were legitimate business transactions.

McKenzie Jones Associates ceased trading in April 2023.

The Official Receiver was appointed by the court as liquidator of the company. All enquiries concerning the affairs of McKenzie Jones Associates should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.

Further Information

McKenzie Jones Associates (company number 12367274)
The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here
Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available here.
For information on what is expected in an IVA see: What am I expected to do when I’m in an IVA? – Insolvency Service (blog.gov.uk)
For further information on IVAs, see: What you need to know about Individual Voluntary Arrangements (IVAs) – Insolvency Service (blog.gov.uk)

Published 23 October 2024

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI Russia: The government will continue to monitor the situation with butter prices

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister Dmitry Patrushev reported this during a meeting he held with the participation of dairy producers and processors, representatives of large retail chains and interested departments. As noted, imports from a number of countries were intensified to stabilize prices.

“However, this should not cancel the task of systematically increasing production. The dairy industry is a socially significant area of the agro-industrial complex. Understanding this, the Government has been providing producers and processors with a whole range of state support measures for several years now,” Dmitry Patrushev emphasized.

This includes preferential working capital and investment lending, preferential leasing, and there are measures within the framework of the unified subsidy. Thus, the Government is doing its utmost to prevent a slowdown in the production of raw materials and processed products.

The Deputy Prime Minister also noted that oil is subject to mandatory labeling. This ensures its full traceability – right up to the moment of purchase. This makes it possible to monitor the entire pricing chain.

Following the meeting, interested departments were given a number of instructions to stabilize prices for butter on the domestic market.

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

MIL OSI Russia News –

January 24, 2025

MIL-OSI Asia-Pac: First dinosaur fossils found in HK

Source: Hong Kong Information Services

Dinosaur fossils initially confirmed to be dated to the Cretaceous period were discovered for the first time on Port Island in the Hong Kong UNESCO Global Geopark in the northeastern waters of Hong Kong, the Development Bureau (DEVB) today announced.

The bureau also today signed a framework agreement with the Institute of Vertebrate Paleontology & Paleoanthropology (IVPP) of the Chinese Academy of Sciences to conduct scientific research, specimen management and identification, training, and exchanges in the fields of palaeontology, palaeoanthropology and palaeolithic sites.

Witnessed by Secretary for Development Bernadette Linn, the Framework Agreement on Deepening Exchange & Collaboration regarding Stratigraphy, Palaeontology & Prehistoric Sites was signed by the DEVB’s Commissioner for Heritage Ivanhoe Chang and IVPP Vice Director Liu Jun, with the study of dinosaur fossils discovered on Port Island as the inaugural project under the framework agreement.

Ms Linn said the discovery is of great significance and provides new evidence for research on palaeoecology in Hong Kong.

In March, the DEVB’s Antiquities & Monuments Office (AMO) was informed by the Agriculture, Fisheries & Conservation Department (AFCD) that the sedimentary rock on Port Island might contain suspected vertebrate fossils.

The DEVB then commissioned experts from the IVPP to come to Hong Kong to conduct field investigations, study fossil specimens, recommend management plans and discuss follow-up actions.

Experts from the IVPP and officers from the DEVB, the AMO and the AFCD conducted site visits to Port Island to collect specimens which contain suspected vertebrate fossils.

After taking a preliminary osteohistological analysis of specimens by the IVPP experts, the specimens have been identified as large aged dinosaur bone fossils.

Thereafter, IVPP experts prepared specimens containing dinosaur bone fossils, and it was initially confirmed that the fossils dated to the Cretaceous period about 145 million to 66 million years ago. Further studies will have to be conducted to confirm the species of the dinosaur.

The AMO, the AFCD and the IVPP will jointly take forward the study of dinosaur fossils, including excavation of the fossils on Port Island and preparation of the fossils.

They will also collaborate with universities in Hong Kong and other places to conduct scientific research, and construct the story of dinosaurs in Hong Kong.

The AMO will hold talks tomorrow afternoon at the Heritage Discovery Centre, where experts from the IVPP will talk about dinosaurs in China and relevant research. Participants will have the chance to preview the dinosaur fossils afterwards.

The dinosaur fossils will be on public display at the centre from Friday. In addition, the temporary workshop and exhibition space being built at the centre is expected to open by the end of this year for the public to observe the experts’ preparation work and the fossils prepared.

The Government will also devise plans for the long-term display of the fossils to enhance the public’s interest and knowledge in palaeontology.

To facilitate future investigations, excavations and research on Port Island, the Director of Agriculture, Fisheries & Conservation announced the closure of the entire area of Port Island within Plover Cove (Extension) Country Park from today until further notice. Patrols have been arranged together with Marine Police.

During the closure, no person shall land or enter Port Island, except for approved experts and relevant personnel. Offenders are liable on conviction to a maximum fine of $2,000 and imprisonment for three months.

MIL OSI Asia Pacific News –

January 24, 2025

MIL-OSI USA: Market dynamics vary at key natural gas pricing hubs

Source: US Energy Information Administration

In-brief analysis

October 23, 2024

Data source: U.S. Energy Information Administration
Note: $/MMBtu=dollars per million British thermal units

Pricing hubs provide transactional flexibility to buyers and sellers in the natural gas industry. The integrated North American market has close to 200 pricing hubs, which vary by size, location, type, liquidity, and age. Pricing hubs convey market information and make it easier for buyers and sellers to arrange natural gas deals in physical and financial markets across many time periods: intra-day, daily, weekly, balance-of-month, monthly, seasonally, and annually. Changes in prices at natural gas hubs tend to be reflected in movements in prices at nearby power market hubs or zones. A mix of private price reporting agencies and exchanges offer services and platforms to help buyers, sellers, and market observers obtain pricing information. Pricing hubs are dynamic; new ones are established or are retired based on market conditions and consumer preferences.

Prices can vary substantially at hubs based on many factors: geographic location, unique or seasonal weather conditions, proximity to energy supplies, prevalence of constraints or bottlenecks, access to substitutes, and infrastructure availability.

We examine several key pricing hubs below to better understand regional natural gas pricing.

A closer look at key pricing hubs around the United States

South Central region
Henry Hub in Erath, Louisiana, has many features that make it an important pricing benchmark: pipeline interconnectivity, proximity to storage and production, access to diverse markets, and lots of buyers and sellers of natural gas, especially with growing export markets for natural gas. Henry Hub is the delivery location for natural gas futures contracts transacted on the New York Mercantile Exchange (NYMEX) that go to physical settlement. Most natural gas at U.S. trading hubs is priced relative to Henry Hub, which is also an increasingly relevant benchmark for global liquefied natural gas (LNG) purchases, as U.S. exports increase and as Henry Hub price indexation is used to price deliveries at U.S. export terminals.

The Houston Ship Channel (HSC) is in southeastern Texas in the Port of Houston, surrounded by numerous natural gas and processing plants along the Gulf Coast. The HSC market is diverse, providing price transparency and liquidity for exports markets, industrial and process gas uses, and power generation. Production from the nearby Eagle Ford shale formation accounted for about 6% of total marketed natural gas in the United States last year. Growing LNG exports and related facilities that process the hydrocarbon gas liquids present in natural gas in this region have also further increased the significance of this hub, as have increased natural gas exports via pipeline to Mexico.

The Waha natural gas pricing hub is in West Texas near Permian Basin production activities and helps natural gas market participants get a sense of pricing in West Texas and southeastern New Mexico. The Permian Basin produced 19% of total U.S. natural gas in 2023, with most coming from associated gas from crude oil wells. Because natural gas production in the Permian Basin has increased more rapidly than natural gas pipeline takeaway capacity, Waha prices are typically lower than those at other hubs, sometimes turning negative.

Pacific region
SoCal Citygate is the major natural gas pricing hub in Southern California in the Los Angeles Basin, with substantial natural gas consumption by the various local sectors, averaging about 2.5 billion cubic feet per day (Bcf/d) in 2023. SoCal Citygate prices reflect the price of moving natural gas from diverse nearby basins and Mexico into the Los Angeles metro area’s distribution system. Prices also include the cost of transporting natural gas from the California border to the distribution system in the greater Los Angeles Basin. SoCal Citygate traded at prices that were historically low for this hub through the first eight months of 2024, due to milder winter conditions, increased solar generation, more natural gas in storage, and increased hydroelectric power generation.

Opal is a key natural gas pricing hub in southwestern Wyoming. The Kern River Gas Transmission pipeline, which is connected to the Opal Hub, is the only interstate pipeline that delivers natural gas directly from the Rocky Mountain region to Southern California. This pipeline receives about 25% of the Rocky Mountain’s natural gas supply, and its deliveries account for approximately 25% of California’s natural gas demand, according to pipeline owner BHE. Operations at Opal’s large nearby processing plant often influence price volatility.

Northwest Sumas is the key pricing hub along the British Columbia-Washington border for natural gas in the Pacific Northwest, providing customers in the Pacific Northwest with natural gas supply diversity. Sumas prices reflect market conditions in the Pacific Northwest, such as the state of the regional hydroelectric market, natural gas storage availability, space heating needs, upstream gas conditions in British Columbia, and increasing power burn.

Midwest region
At Chicago Citygate in Illinois, seven major interstate pipelines transporting natural gas from Canada, the Southwest, and the Gulf of Mexico converge. Chicago Citygate, the primary pricing hub for end users in Chicago and parts of the upper Midwest, is linked to three pipelines that transport natural gas from Henry Hub, increasing the linkage of prices between the two hubs. This market is also close to storage, and abundant infrastructure helps to moderate seasonal and daily price volatility at this hub.

Northeast region (defined as New York, New England, and Pennsylvania)
Algonquin Citygate is an important pricing hub in the northeastern United States, and prices at this hub reflect natural gas market dynamics in Boston, Massachusetts, and elsewhere in New England. New England relies heavily on natural gas for heating in the winter months, but supplies are constrained by the region’s limited natural gas pipeline capacity and changing fuel mix. Price volatility at Algonquin Citygate is typically related to these periods of peak demand.

Transco Zone 6 NY is a key pricing hub primarily serving New York City. Named after the Transcontinental Gas Pipe Line Company, Transco is the main pipeline serving the U.S. eastern seaboard. Price volatility at Transco Zone 6 NY tends to be reflected in locational marginal prices in the New York Independent System Operator’s zones in New York City (Zone J) and Long Island (Zone I). Historically, disruptions or constraints along this long-distance pipeline quickly affected prices, but recently, production in the Appalachian Basin has muted those effects. Competing needs for deliveries along the Transco network can contribute to higher prices at Transco Zone 6 NY, especially in the winter.

Eastern Gas South (formerly Dominion South) serves as a pricing hub in the mid-Atlantic and is one of the most important trading hubs in the United States. In addition to being a key point of liquidity for buyers and sellers of Appalachian natural gas, this benchmark has undergone substantial growth in production over the past decade, accounting for 29%, or 37.7 Bcf/d, of gross natural gas production in the United States last year. Prices in this area tend to be discounted to the Henry Hub price because of regional productivity, supply surpassing local demand, and transportation of natural gas supply out of Appalachia being constrained by takeaway pipeline capacity.

We provide the locations of major hubs in our U.S. Energy Atlas geospatial application in the Natural Gas Infrastructure and Resources layer.

Principal contributors: Andrew Iraola, Chris Peterson

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: A Long, Long Time Ago, in Galaxies Near and Far

Source: US State of Connecticut

Until now, space exploration has been dominated by two categories of missions – flagship missions, like the James Webb and Hubble Space Telescopes, and smaller-scale missions – with little in between.

Cara Battersby is an associate professor of physics at UConn.

But a “happy medium” can help fill in the gaps of information gleaned from these two mission types. Recognizing this, NASA’s Probe Explorers program recently selected two probe designs to receive $5 million funding for development over the next 12 months. The two designs will then compete to receive $1 billion funding to get off the ground – literally – and launch in 2032.

One of these probe concepts, PRIMA (PRobe far-Infrared Mission for Astrophysics), has been developed by an international team including UConn physics associate professor Cara Battersby, who leads one of the project’s key science objectives.

If selected for launch, it will use far-infrared sensing technology to illuminate the secrets of the universe, helping scientists understand our own and surrounding galaxies.

Uncovering Galactic Secrets in Hidden Wavelengths

“This observatory is designed to fill this enormous gap in wavelength coverage between the mid-infrared all the way to the submillimeter,” Battersby says.

The James Webb telescope can “see” in the mid-infrared range of electromagnetic radiation, while the ALMA telescope in Chile can “see” in the submillimeter range. Everything in between is known as the “far infrared” range. This frequency of radiation isn’t visible to the human eye, or even from Earth itself, Battersby points out.

“The Earth’s atmosphere completely absorbs this wavelength of light that comes from interstellar space – distant galaxies, forming planets,” she says. “So there’s really no existing or planned telescope that can cover this wavelength gap. The fact that NASA is supporting the next phase for this mission is really exciting, and the science that it enables it is breathtaking.”

In space, PRIMA would use this wavelength range to understand the time period between “cosmic dawn” and “cosmic noon,” which encompasses the first era of galaxy formation and the peak of cosmic star formation in the universe. It would also uncover new data to explain how planets and their atmospheres develop. Battersby herself is leading the star and planet formation group on the PRIMA team.

In other words, PRIMA would provide the entire astronomy community with critical insights from this key wavelength range that can help us understand our cosmic origins: from the formation of stars and planets to the buildup of elements and the evolution of galaxies over cosmic time.

Battersby compares the current state of astrophysics to looking at a crowd of people and attempting to guess their ages, without knowing much about human development. If you didn’t have background knowledge – that children are generally shorter than adults, for instance – it would be impossible.

But if, instead, you understand that people generally get taller as they mature, and that there are exceptions (some people are always very short; some are tall from a young age), you can start to sort people visually and make educated guesses about how old they are.

Likewise, if you understand what distinguishes an older galaxy from a younger one, you can start to piece together the story of how space took shape over billions of years.

“We see these pictures of populations of galaxies, and we don’t know what they were like when they first formed and how they grew. What controls how big a galaxy can get or how many stars it can form? Does it make a really big black hole or really small black hole?” Battersby says. “In order make sense of the data, you need to uncover pictures of the galaxies when they were young and follow them as they grow. Only then can you put the timeline together.”

Cara Battersby (right) and graduate student Rachel Lee (left) at the Max Planck Institute for Astronomy, in Heidelberg, Germany. (Courtesy of Cara Battersby)

Enriching Scientific Community on Earth

In addition to the sheer scientific advancement potential, Battersby is excited about PRIMA’s ability to enrich the entire astronomy community – and provide UConn students with some truly once-in-a-lifetime research opportunities.

“A large percentage of the time the observatory is actually operating will be devoted to the astronomy community,” she says. “They can put in proposals to do their favorite science [with PRIMA]. We actually had a community call for proposals, and we had about 70 people write papers about what they would like to do with the telescope – so there’s a ton of community interest.”

And if PRIMA is selected to launch, that means Battersby’s students at UConn will have a chance to get involved with this historic project. In fact, one of her graduate students, Rachel Lee, is already nearing publication on a paper exploring some potential applications for PRIMA.

“I’m really excited about what this opportunity will mean for students at UConn moving forward, because there will be a chance to make meaningful impacts on this mission that has a very good likelihood of going into space,” she says. “That’s really unique. I certainly never had that opportunity as a student. Working on this is one of the coolest things I’ve done in my career, and now that’s something that UConn students could have a chance to do – they could be part of this whole team.”

PRIMA’s principal investigator is Jason Glenn of the NASA Goddard Space Flight Center.

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: Research Assesses Assets and Challenges for North Hartford Food Environment

Source: US State of Connecticut

Links between eating a balanced diet and overall health are well-established. But for people living in “food swamps” these healthy options just aren’t readily available.

A new study in the Journal of Human Behavior in the Social Environment highlights the lived experiences of women of color living in a food swamp in North Hartford, and both the challenges and opportunities for accessing healthy food in their neighborhood.

The study was a collaboration between the UConn Department of Allied Health Sciences, the Rudd Center for Food Policy and Health, the UConn School of Medicine, and North Hartford community members.

Food swamps are areas characterized by an oversaturation of fast food and other highly processed food options. They also have a lack of grocery stores with fresh produce.

“Food swamps are areas where residents don’t have access to fresh, healthy foods,” says Curtis Antrum, lead author of the study and graduate assistant. “Instead, they are surrounded by establishments like fast food or corner stores. People of color in poorer neighborhoods are disproportionately impacted by food swamps.”

The researchers used a method known as Photovoice for this study. This research method involves study participants taking photos, in this case, of the food environment in their neighborhood, and adding voice notes narrating their experience.

This method empowers participants to engage in citizen science by sharing more detailed and personal information with the researchers.

“Photovoice actually prompts a focus on action,” says Kristen Cooksey Stowers, assistant professor in the Department of Allied Health Sciences and senior author on the paper. “Not just engaging lived experience and documenting problems and health inequities, but also keeping the dedication to engage lived experience and community voice when you are carving out and evaluating solutions.”

From these accounts, the researchers identified some key themes in the challenges participants face, such as a lack of access to grocery stores; advertising and marketing that push “junk” food; lack of transportation to access healthier options; unaffordability of fresh produce; the impact of junk food on their children’s school performance; the prominence of alcoholic beverages over health alternatives; and the quality of fresh food at their local stores.

“Anyone paying attention knows that North Hartford residents have been impacted by degradation and segregation; however, through the Photovoice approach, our lived experiences within this food swamp are urgent and impossible to ignore,” Mary Holter, a member of the Community Action Task Force (CATF).

Curtis Antrum and Kristen Cooksey Stowers at the Gallery Walk for the Invest Health Hartford Team. (Jason Sheldon/UConn Photo)

Participants did identify positive aspects of their food environment as well, such as the availability of culturally relevant foods for the city’s large Caribbean and Hispanic populations, like plantains and yucca. However, participants note that this does not fully meet their needs in the absence of other produce.

The paper concludes by highlighting the assets the community already has and how these can be bolstered by policy changes and increased funding.

“The message that we heard from [community members] was that they want more investment in our community assets,” Cooksey Stowers says.

This paper reflects the overarching aim of Cooksey Stowers’ lab, the Health Equity Lab for the People (HELP), in shifting the field away from a negative framing of problems, but instead places the focus on solutions.

Cooksey Stowers’ lab hopes to change this by empowering community members to have their voices heard by researchers and policy makers.

“It’s very important from a personal level that we can reach them where they are, so they can participate actively and see the results,” Antrum says.

The team plans to replicate this pilot study with a larger sample that includes men and women and will look at the impact of poor nutritional health on students’ educational outcomes. The team has also looked at how policies create food swamps. For example, in Hartford, corner stores and other non-grocery establishments that sell food were coded as grocery stores, giving policy makers an inaccurate picture of food access across the city.

“The Photovoice Project is being shared in multiple venues, and as the saying goes, a picture is worth a thousand words. But in this case, the voice and lived experience of residents are captured alongside the photos, substantiating a more compelling case for the change that is required to move the needle towards health equity,” says Angela Harris of Phillips Metropolitan CME Church.

Working with community partners, Cooksey Stowers successfully lobbied to have the definition updated to require “grocery stores” sell a certain percentage of fresh foods and a square footage requirement in 2022.

“That was a barrier to change,” Cooksey Stowers says. “Because as we were presenting data to folks outside of Hartford trying to recruit a supermarket operator, trying to get state-level support, on paper they were seeing that there were grocery stores there.”

Other policies can help restrict new fast-food establishments from opening while encouraging community-owned health-promoting businesses like cafes and restaurants with healthy options and fitness establishments. They presented this policy proposal to Hartford policy makers at the end of September.

“They are envisioning a health-topia, not an area that is filled with dialysis treatments,” Cooksey Stowers says. “They want to focus on prevention, not just treatment.”

“To make a real impact, we need sustainable investment and policy changes to turn food deserts and swamps into spaces that promote health, equity, and opportunity,” says Denise Holter, CATF chair. “This isn’t just about access to healthy, affordable food—it’s about ensuring dignity, choice, and a brighter future for everyone.”

This work relates to CAHNR’s Strategic Vision area focused on Promoting Diversity, Equity, Inclusion, and Justice and Enhancing Health and Well-Being Locally, Nationally, and Globally.

Follow UConn CAHNR on social media

MIL OSI USA News –

January 24, 2025

MIL-OSI USA: Electric, Hybrid Buses Coming to UConn as Next Generation of Clean Transit

Source: US State of Connecticut

For more than 100 years, Storrs students have been able hop on buses of varying kinds – from a 1920s jalopy to today’s sleekly designed “Ice Bus” – on their way to their classes, residence halls, and activities around campus.

While UConn Storrs has grown and even the school’s name has evolved, one thing has remained the same: The buses have been powered by fossil fuels, which has been the standard technology for decades in mass transit around the world.

But that’s about to change. As the State of Connecticut pursues more clean energy options, it is providing two new battery electric buses to the Windham Regional Transit District (WRTD), which operates UConn’s bus system, for use on the Storrs campus starting in the spring semester.

The electric buses produce no tailpipe emissions and provide all the features that today’s students need for a comfortable and productive ride. Those amenities include three-position bicycle racks, phone charging ports, comfortable silica cushion seats, on-board electronic information displays, and other features envisioned in the Customer Experience Action Plan of the Connecticut Department of Transportation (CTDOT).

The new buses are part of a larger initiative by CTDOT and state Department of Energy & Environmental Protection (DEEP) in partnership with transit providers to transition from diesel to zero-emissions models under an executive order that Gov. Ned Lamont issued in 2021.

The new 32-seat electric buses fit ideally into UConn’s clean-energy transportation vision, which is part of the broader plan to attain carbon neutrality on campus by 2030. Some of the related initiatives in the works include installing a hydrogen fuel dispenser at Storrs next spring; replacing 24 aging utility fleet vehicles with hydrogen-fueled models; and adding nine hybrid buses, which are currently on order.

Many more electric vehicle charging stations are also being added at Storrs, UConn Health, and other locations statewide. Like the hydrogen fuel station, they will be accessible for public use.

“Transportation is a critical piece in the puzzle at UConn as we work toward carbon neutrality by 2030 and the goal of net carbon zero by 2040,” says Stan Nolan, UConn’s interim associate vice president for facilities operations, which include transportation and fleet services.

“Transitioning our University vehicles to models that operate on more sustainable fuel sources will significantly enhance our progress, along with providing amenities like the charging stations to support and encourage others to adopt green-friendly transportation in our community,” he says.

All told, the University’s fleet vehicles are driven a combined total of about 2,000 miles per day on and around its campuses. About three-quarters of them run on gasoline or diesel fuel, but that percentage is decreasing as vehicles reach the end of their serviceable lives and many are being replaced with clean-energy vehicles.

President Radenka Maric, an internationally recognized expert in clean energy technology, says the impact of transitioning UConn’s fleet to green-energy sources will be an important step in the work toward carbon neutrality.

It also establishes UConn and the State of Connecticut as a partnership model for other states to emulate and underscores ideals of UConn’s Strategic Plan, in which the wellness of people and the planet – starting right on its campuses – are among the six top focus areas.

The two electric buses are expected to be added to the Storrs routes in the spring semester once the charging infrastructure is installed and ready for use at the WRTD bus garage.

The electric buses can run for about 150 to 180 miles per charge in winter, and about 200 to 220 miles per charge in summer. That range is ideal for a location like the Storrs campus, where the buses are constantly circulating on a typical day and the per-charge mileage is expected to be on the higher side since they will travel on flat topography at low speeds, officials say.

They will be around the same size as the current buses, most of which are seven or eight years old. Many of those buses will be taken off the road in coming years as they reach the end of their service life, with more clean-energy vehicles envisioned in their place.

The two new electric buses will include UConn’s logo and other recognizable branding, along with a white noise sound for safety to ensure pedestrians can hear the bus even if they are wearing headphones, ear buds, or other clothes and gear.

The new buses also will include the current audio warnings that are broadcast to indicate to people nearby whenever a bus is turning.

The two new electric buses being deployed at Storrs are part of the State of Connecticut’s initiative to electrify at least 30% of the medium and heavy-duty transit fleet statewide by 2030, and 100% by 2035.

Of the 50 new buses being delivered this year, 34 have been deployed across the various CTtransit divisions in addition to 11 already operating in the Hamden and Stamford areas from the 2022 Electric Bus Pilot program.

“Transitioning our fleet from older diesel models to newer zero-emission buses reduces greenhouse gas emissions and harmful air pollution,” says Benjamin Limmer, CTDOT’s Bureau Chief of Public Transportation. “These state-of-the-art buses are quieter, provide a smoother ride, and offer additional amenities that today’s riders deserve. We’re excited to see them running on the Storrs campus this spring.”

Though UConn is moving into a new generation of clean energy mass transit, bus service at Storrs dates back to the days when it was still the Connecticut Agricultural College.

A news story from a 1921 version of the Connecticut Campus student paper includes a colorful description of transportation options in previous years, including a 25-passenger Kissel car that often lost its front wheel on Route 195’s Spring Hill and a faster but short-lived Studebaker.

One of the most famous – or infamous, some would say – was an old Pierce-Arrow they jokingly called the “Black Maria,” a common nickname for police vehicles.

“Students will remember a good many times when they gave vent to their feelings because of Maria’s mulish behavior,” the newspaper wrote in an April 1921 profile of the driver, who transported students three times daily between Willimantic and the campus.

The idea of a 32-seat passenger bus would have been inconceivable to students then.

In fact, electricity had only arrived on campus starting in 1906 – and only in the chapel, library, and dining hall, not the dorms. Now, almost 120 years later, the two new electric buses and nine new hybrid buses represent the next generation of transportation at UConn.

“UConn has always worked to ensure that its campuses are provided with the most modern, user-friendly, and socially responsible transportation options available. The addition of the new electric buses fits perfectly into that mission,” says Andy Kelly, UConn’s associate director of logistics in its facilities operations division.

MIL OSI USA News –

January 24, 2025

MIL-OSI Security: EUR 91 million worth of counterfeit and substandard food seized in Europe-wide operation

Source: Europol

OPSON XIII results:11 criminal networks dismantled,104 arrest warrants issued,184 search warrants issued,278 persons reported to judicial authorities,5 821 checks and inspections performed.In total, goods valued at over EUR 91 million were taken off the market.Food fraud, the counterfeiting of food and beverages, and the abuse of geographical indications constitutes a significant and serious crime area which needs to be tackled…

MIL Security OSI –

January 24, 2025

MIL-OSI: Form 8.3 – [KEYWORDS STUDIOS PLC – 22 10 2024] – (CGWL)

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	KEYWORDS STUDIOS PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22 OCTOBER 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p ORDINARY
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	1,339,669	1.5930
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	1,339,669	1.5930

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p ORDINARY	SALE	1,500	2446.04p
1p ORDINARY	PURCHASE	700	2447.958p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
NONE

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
NONE

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
NONE

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	23 OCTOBER 2024
Contact name:	MARK ELLIOTT
Telephone number:	01253 376539

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

The MIL Network –

January 24, 2025

MIL-OSI: Form 8.3 – [LEARNING TECHNOLOGIES GROUP PLC – 22 10 2024] – (CGWL)

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	LEARNING TECHNOLOGIES GROUP PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22 OCTOBER 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	0.375p ORDINARY
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	10,077,533	1.2721
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	10,077,533	1.2721

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
0.375p ORDINARY	PURCHASE	85	93.155p
0.375p ORDINARY	PURCHASE	19,000	93.7068p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
NONE

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
NONE

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
NONE

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	23 OCTOBER 2024
Contact name:	MARK ELLIOTT
Telephone number:	01253 376539

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

The MIL Network –

January 24, 2025

MIL-OSI: Southern Michigan Bancorp, Inc. Announces Third Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

COLDWATER, Mich., Oct. 23, 2024 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced third quarter net income of $2,586,000, or $0.57 per share, compared to net income of $2,767,000, or $0.61 per share, for the third quarter of 2023. For the first nine months of 2024, Southern earned $7,751,000 or $1.70 per share, compared with $8,468,000 or $1.86 per share, for the same nine-month period one year ago.

John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “For the first time, our bank has surpassed $1.5 billion in total assets, a significant milestone that reflects our ongoing growth and expansion across all markets. While our earnings continue to be impacted by the current interest rate environment, we remain encouraged by the strength of our core deposits and our ability to maintain asset quality. Our focus on disciplined growth strategies has positioned us well, even amid challenges. As we navigate the shifting economic landscape, we are confident in our capacity to sustain momentum and further strengthen our balance sheet.”

As of September 30, 2024, total loans and deposits grew during the first nine months totaling $1.084 billion and $1.266 billion, respectively.

The allowance for credit losses totaled $12,363,000, or 1.14% of loans on September 30, 2024. Net loan charge-offs totaled $20,000 for the first nine months of 2024, compared to net charge-offs of 7,000 for the first nine months of 2023. Non-performing loans as a percentage of total loans were 0.08% on September 30, 2024 compared to 0.09% on December 31, 2023.

The annualized return on average assets for the nine-month periods ended September 30, 2024 and September 30, 2023 was 0.70% and 0.84% respectively. The annualized return on average equity was 10.18% for the first nine months of 2024 compared to 12.42% for the first nine months of 2023. The tax equivalent net interest margin for the nine-month periods ending September 30, 2024 and 2023 was 2.94% and 3.18%, respectively.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 offices within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties providing a broad range of consumer, business and wealth management services throughout the region.

This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as “expected,” “begin,” and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management’s determination of the provision and allowance for credit losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned, mortgage servicing rights and the fair value of investment securities, involves judgments that are inherently forward-looking. The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.


SOUTHERN MICHIGAN BANCORP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share data)
	September 30, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	121,022		$	71,620
Federal funds sold		264			1,468
Securities available for sale, at fair value		160,771			169,740
Securities held-to-maturity, at amortized cost		60,129			61,600
Loans held-for-sale		871			169
Loans, net of allowance for credit losses of $12,363 – 2024, $11,697 – 2023		1,071,234			1,024,720
Premises and equipment, net		23,406			23,114
Net cash surrender value of life insurance		22,970			22,472
Goodwill		13,422			13,422
Other intangible assets, net		120			147
Other assets		36,314			26,323
TOTAL ASSETS	$	1,510,523		$	1,414,795

LIABILITIES
Deposits:
Non-interest bearing	$	219,072		$	226,178
Interest bearing		1,047,024			931,793
Total deposits		1,266,096			1,157,971

Securities sold under agreements to repurchase and overnight borrowings		1,688			1,738
Accrued expenses and other liabilities		17,996			15,703
Other borrowings		82,900			106,900
Subordinated debentures		34,705			34,653
Total liabilities		1,403,385			1,316,965

SHAREHOLDERS’ EQUITY
Preferred stock, 100,000 shares authorized; none issued or outstanding		–			–
Common stock, $2.50 par value:
Authorized – 10,000,000 shares
Issued and outstanding – 4,563,995 shares in 2024, 4,533,637 shares in 2023		11,406			11,330
Additional paid-in capital		13,225			13,126
Retained earnings		95,498			89,808
Accumulated other comprehensive loss		(12,991	)		(16,434	)
Total shareholders’ equity		107,138			97,830
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,510,523		$	1,414,795


Southern Michigan Bancorp, Inc. condensed consolidated statements of income (unaudited)
(In thousands, except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income:
Loans, including fees	$	16,444	$	14,563	$	47,748	$	39,579
Federal funds sold and balances with banks		1,313		786		3,630		2,360
Securities:
Taxable		1,465		1,567		4,512		4,655
Tax-exempt		309		315		904		961
Total interest income		19,531		17,231		56,794		47,555

Interest expense:
Deposits		7,567		5,777		21,655		14,516
Other		1,571		1,519		4,701		3,389
Total interest expense		9,138		7,296		26,356		17,905
Net interest income		10,393		9,935		30,438		29,650
Provision for credit losses		425		25		661		950
Net interest income after provision for credit losses		9,968		9,910		29,777		28,700

Non-interest income:
Service charges on deposit accounts		439		422		1,270		1,248
Trust fees		741		629		2,041		1,787
Net gains on loan sales		181		71		419		186
Earnings on life insurance assets		169		157		498		456
ATM and debit card fee income		465		452		1,356		1,339
Other		177		197		608		644
Total non-interest income		2,172		1,928		6,192		5,660

Non-interest expense:
Salaries and employee benefits		5,528		5,356		16,154		14,751
Occupancy, net		519		429		1,515		1,397
Equipment		400		404		1,233		1,063
Professional and outside services		530		443		1,575		1,473
Software maintenance		626		568		1,817		1,639
ATM expenses		229		195		629		602
Printing, postage, and supplies		124		97		413		318
Telecommunication expenses		75		88		240		268
Other		972		869		2,958		2,525
Total non-interest expense		9,003		8,449		26,534		24,036
INCOME BEFORE INCOME TAXES		3,137		3,389		9,435		10,324
Federal income tax provision		551		622		1,684		1,856
NET INCOME	$	2,586	$	2,767	$	7,751	$	8,468

Basic Earnings Per Common Share	$	0.57	$	0.61	$	1.70	$	1.86
Diluted Earnings Per Common Share		0.57		0.61		1.70		1.86
Dividends Declared Per Common Share		0.15		0.14		0.45		0.42

The MIL Network –

January 24, 2025

MIL-OSI Economics: Galaxy AI to Support 20 Languages by End of 2024

Source: Samsung

Samsung Electronics Co., Ltd. today announced the upcoming expansion of four new languages for Galaxy AI1: Turkish, Dutch, Swedish and Romanian. Existing supported languages will also expand to cover additional dialects in traditional Chinese and Portuguese (Europe). This expanded support will begin rolling out from the end of October.
Galaxy AI currently supports 16 languages2, and by the end of the year that number will go up to 20 with these new additions. This update means even more users will be able to lower language barriers and step into a larger world with the power of Galaxy AI. The new languages and dialects will be available for download as language packs from the Settings app of compatible Galaxy devices.
For more information about Galaxy AI, please visit: Samsung Newsroom, Samsungmobilepress.com or Samsung.com.

1 Galaxy AI features by Samsung will be provided for free until the end of 2025 on supported Samsung Galaxy devices.
2 Supported languages include Arabic, Chinese (China mainland, Hong Kong), English (Australia, India, United Kingdom, United States), French (Canada, France), German, Hindi, Indonesian, Italian, Japanese, Korean, Polish, Portuguese (Brazil), Russian, Spanish (Mexico, Spain, United States), Thai and Vietnamese.

MIL OSI Economics –

January 24, 2025

MIL-OSI United Kingdom: Traders see almost £10,000 worth of fake Paddington Bear goods seized ahead of half-term film release | Westminster City Council

Source: City of Westminster

Almost £10,000 worth of counterfeit Paddington Bear merchandise was seized by Westminster City Council’s Trading Standards during raids along Oxford Street.

Just days away from the release of the latest film in the Paddington series, officers targeted nine shops along Oxford Street and Central London seizing £9,500 worth of unofficial merchandise. Some of the items seized included t-shirts, tote bags, fridge magnets and even shot glasses – all emblazoned with the image of Westminster’s famous furry character.

Supporting the council’s officers were representatives from Surelock, acting on behalf of Paddington & Co. They helped to identify products that displayed trademarks and copyrighted material without the permission of the owner. This represented criminal breaches of the Trade Marks Act 1994 and Copyright, Designs and Patents Act 1988.

When it comes to protecting Westminster’s consumers the council provides more than the bear necessities. This latest sting is part of a wider operation by the council targeting unscrupulous businesses on Europe’s premier shopping destination that continue to sell counterfeit goods or American candy or snacks containing banned ingredients.

Ron Harrison, Managing Director of Surelock said:

We are extremely grateful to the team, carrying out enforcement action at so many premises in one day, it was unprecedented, everyone worked very hard.”

Leader of Westminster City Council, Cllr Adam Hug said:

Trying to con shoppers in Westminster with fake Paddington goods is bear-faced cheek we won’t stand for.

“Our job is to ensure shoppers get what they pay for. Big retail names are making a welcome return to Oxford Street and rogue traders have been a blemish on the area for too long.

“People trying to fleece Paddington fans have felt the long-arm of the paw, and so will anyone who tries to rip off customers in Westminster.”

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI United Kingdom: Play your part in a greener, more resilient Plymouth

Source: City of Plymouth

From Monday 4 to Friday 8 November, in celebration of Green Careers Week, the Skills team at Plymouth City Council are inviting local people to take part in activities that will inspire them to get involved in developing the city’s green economy.

Students, career changers, job seekers, or anyone simply interested in the transition to a more sustainable and green economy can sign up to attend free sessions that aim to inspire local people to contribute to a sustainable future, while also exploring the range of green careers available in Plymouth.

Councillor Tom Briars-Delve, Cabinet Member for Environment and Climate Change, said: “Whether you’re interested in renewable energy, conservation, or sustainable construction, taking part in these Green Careers Week activities can help you to find out how your skills can play a part in a greener, more resilient Plymouth.

“There’s a fantastic line-up of activities with organisations including MVV Plymouth, Fugro, Marine Biological Association, Plymouth Sound National Marine Park, Poole Farm, Secure Forests, the University of Plymouth, Plymouth City Bus and Southwest Highways, and it’s a great chance for people to find out more about the career opportunities that are out there.

“Join us to discover how various sectors in our city are contributing to a sustainable future and explore the range of green careers available!”

Click here to view the programme and for details on Green Careers Week with Skills Launchpad Plymouth.

If you are interested in participating in Green Careers Week, please click here to sign up. You can also email skillslaunchpad@plymouth.gov.uk

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI United Kingdom: Esplanade resurfacing during October half term23 October 2024 The Government of Jersey will be carrying out essential highway maintenance on the eastbound carriageway of the Esplanade from 26 October to 3 November 2024. The Esplanade and Victoria Avenue will remain… Read more

Source: Channel Islands – Jersey

23 October 2024

The Government of Jersey will be carrying out essential highway maintenance on the eastbound carriageway of the Esplanade from 26 October to 3 November 2024.

The Esplanade and Victoria Avenue will remain open in both directions during the work, with a contraflow to ensure there are two lanes for each direction.

Signed diversions will also be in place, which will be especially important if you have an appointment at the General Hospital. Drivers approaching from the east will need to use Castle Street to get to Patriotic Street Car Park, while those coming from the west will need to use Cheapside/Gloucester Street to access Kensington Place/Patriotic Street.

We are sorry for any inconvenience caused. The work is much needed as some sections were last improved more than 20 years ago.

More details on diversions and working times are detailed on gov.je/roadworks.

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI United Kingdom: Rick Witter’s namesake gritter unveiled!

Source: City of York

City of York Council is introducing its new fleet of gritters ahead of the winter season, with one named as Rick Gritter (after Rick Witter, Shed Seven).

The lead singer from the local band Shed Seven has been chosen in recognition of their achievements in the last year.

Cllr Pete Kilbane, Deputy Leader of City of York Council, said:

We’ve got a couple of new gritters this year, so this is a fantastic opportunity mark a hometown tribute to Rick and the band in recognition of their achievements.

“Our gritting season officially starts in November, with some ‘dry runs’ taking place this month. So, you’ll start to see Rick Gritter on the streets of York soon!”

Here’s how the council is helping residents, visitors and businesses during the winter months:

Gritting

The council has stockpiled 3,000 tonnes of road salt (as per national reserves allow), which is stored in its salt barn at Hazel Court depot.

On average, crews spread around 6,000 tonnes of road salt per season, over 75-80 road treatments (gritter runs). The council has a full crew of staff for its gritters, for the whole season.

Each season, crews treat eight routes across the highway, covering 226miles (365km) of York’s road network, including 13.6miles (22km) of priority footpaths and off road cycle network, and when resources allow, 36miles (58km) of cycle network.

Salt bins in wards

Around 180 salt bins, amounting to approximately 36tonnes of salt in total, are located across the city in prominent places such as near slopes or shopping areas. To locate salt bins, or report them empty visit the council website.

Cycle/walking network

Small tractors will be used to grit 11miles (18km) of York’s cycle/walking network to help keep people safer in winter conditions.

Popular cycle routes, including Scarborough Bridge and other off road bridges too, are included.

Off road cycle networks are often difficult to grit or salt because cycles don’t have the same weight or action as a vehicle tyre. Effective gritting works by vehicles driving over the grit with their tyres which beds the grit into the snow and ice.

Whilst cars or heavy vehicles generally follow the same tyre path. Cycle tyres are much thinner and therefore these typical treatments are less effective.

Snow wardens

The council runs a snow warden scheme, which supports around 200 volunteers and is encouraging more people to join. Volunteers receive training, equipment and insurance cover. They choose where and when to keep pavements free of ice and snow and make a real difference to their neighbourhoods. Find out more online.

For more information about gritting in York, visit the winter page on the council website, or follow Facebook, X, Instagram.

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI United Kingdom: Are Londoners’ voices heard in transport planning?

Source: Mayor of London

Who is using London’s transport, and what is being done to make sure their needs are taken into account in planning services?

Tomorrow, the London Assembly Transport Committee looks at demographic trends in people using different services, and examines what is being done to provide accessible and inclusive transport options for Londoners.

The meeting will focus on the needs of women, children and young adults, and people in low-income households. The Committee has also launched a call for evidence, which is open to transport planners, campaign and advocacy groups with expertise on the needs of Londoners from a broad range of demographics.

Members will ask what more, or alternative, accessibility and inclusion measures Transport for London (TfL) could consider to improve its services, and ask how TfL engages with different groups as it plans and designs our transport system.

The Committee will also hear from Members of some of TfL’s advisory groups, to understand whether they are consulted with and listened to in the transport planning process, and on decisions affecting the services they use.

Guests include:

Panel 1: 2pm – 3.30pm

Dr Emily Barker, Research and Learning Officer, 4in10
Gideon Salutin, Senior Researcher, Social Market Foundation
Dr Liz Hind, Senior Local Partnerships and Training Officer, Women’s Budget Group
Dr Sara Reis, Deputy Director and Head of Research and Policy, Women’s Budget Group

Panel 2: 3.45pm – 4.45pm

James Lee, City Bridge Foundation, TfL’s Independent Disability Advisory Group Board Member
Lauren Price, TfL’s Youth Panel Member
Callum Shakespeare, Whizz Kidz, TfL’s Inclusive Transport Forum Member

The meeting will take place on Thursday 24 October from 2pm, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

Media and members of the public are invited to attend.

The meeting can also be viewed LIVE or later via webcast or YouTube.

Follow us @LondonAssembly.

MIL OSI United Kingdom –

January 24, 2025

MIL-OSI Russia: Visit of the SPbPU delegation to Minsk: scientific events and prospects for cooperation

Translation. Region: Russian Federation –

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

The Polytechnic delegation visited the capital of Belarus, Minsk. Our university was represented by Acting Director of the PhysMech Institute Alexey Filimonov, Advisor to the Rector’s Office Vadim Korablyov, and Associate Professor of the Higher School of Engineering Physics Vyacheslav Bondarenko. The program of the trip included discussion of cooperation prospects and participation in scientific events.

The visit began with a working meeting at the Presidium of the National Academy of Sciences of Belarus. It is headed by the Head of the Department of Aerospace Activities of the NAS, Academician Pyotr Vityaz. During the discussion, in which the Director of the Institute of Applied Physics of the NAS, Professor Mikhail Kheifets, also took an active part, the scientists considered a number of promising areas for joint research. In particular, they discussed plans to prepare materials for the Union State program in the areas of “Life Sciences” and “Materials Science”.

After that, the SPbPU delegation visited the VII International Scientific Conference “Modeling of Synthesis and Destruction of Materials”, where issues of deepening cooperation in this extremely important applied area of research were considered. Colleagues emphasized the seriousness of the publication activity of the Union State countries and agreed to strengthen it. The Belarusian side proposed to conduct an economic analysis and make a decision on expanding the composition of the founders of the highly rated journal “Nonlinear Phenomena in Complex Systems”.

Polytechnicians took part in the XI International Scientific Conference “Materials and Structures of Modern Electronics”, which is traditionally held at the Physics Department of the Belarusian State University. Specialists present to the scientific community the main results of experimental and theoretical research in the field of semiconductor physics, condensed matter and nanotechnology. More than 50 oral reports were heard at the conference.

The team of polytechnics presented two reports. The first report “Natural size effect in heterocontacts” is devoted to obtaining information about the nature of the electronic properties of the surface of semiconductors and contact structures. Our scientists showed the results of a study of the natural size effect in semiconductor heterocontacts during the distribution of space charge on point and extended linear defects, which is extremely relevant in debugging the technology of manufacturing modern electronic devices on heterojunctions.

The second report, written in collaboration with colleagues from the A. A. Baikov Institute of Metallurgy and Materials Science of the Russian Academy of Sciences, was called “Magnetostriction anomalies and magnetocaloric effect of rare-earth Laves phases based on cobalt.” It presented the results of comprehensive studies of the structure and magnetic properties of practically significant rare-earth alloys, as well as the study of anomalies in the area of phase transitions using various techniques.

On the sidelines of the conference, several working meetings were held with the Director of the B. I. Stepanov Institute of Physics of the National Academy of Sciences of Belarus, Academician S. V. Gaponenko, Deputy Head of the State Center “Belmicroanalysis”, Corresponding Member of the National Academy of Sciences of Belarus V. A. Pilipenko, Foreign Member of the Russian Academy of Sciences, Academician N. A. Poklonsky, Dean of the Instrument-Making Faculty of the Belarusian National Technical University A. I. Svistun and Professors of the Belarusian State University of Informatics and Radioelectronics A. G. Smirnov and G. G. Gorokh.

The outcome of these meetings was a decision to prepare a large, comprehensive interdisciplinary application within the framework of the Union State research program.

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

MIL OSI Russia News –

January 24, 2025

MIL-OSI Russia: Marat Khusnullin took part in the XXV International Housing Congress

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held within the framework of the XXV International Housing Congress

October 23, 2024

Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held within the framework of the XXV International Housing Congress

October 23, 2024

Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held within the framework of the XXV International Housing Congress

October 23, 2024

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Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held within the framework of the XXV International Housing Congress

Deputy Prime Minister Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held as part of the XXV International Housing Congress.

“This year we are completing the national project “Housing and Urban Environment”, and quite successfully, having exceeded all plans. If we take analytics from 1991, the rate of housing commissioning has exceeded – in terms of per capita – the Soviet Union. I consider this our common great achievement. Another achievement is that we have promoted the mortgage market. Today, the mortgage portfolio amounts to 27 trillion rubles. Mortgages today make up 10% of GDP. Considering that the share five years ago was at the level of 2-3%, such a jump in five years is a breakthrough. At present, the mortgage sector remains a serious issue, which we are dealing with in a comprehensive manner. We also have mortgage programs in new and Far Eastern regions, programs for the IT sector and rural mortgages,” said Marat Khusnullin.

As the Deputy Prime Minister noted, the provision of citizens with housing in the amount of 29 square meters per person has also increased by now. At the same time, according to the President’s instruction, this criterion will be gradually increased to 33 square meters by 2030 and to 36–37 square meters by 2036.

According to the Deputy Prime Minister, the formation of a new national project, “Infrastructure for Life,” is also nearing completion. According to plans, it will allow for a more comprehensive approach to all issues, linking social, transport, and engineering infrastructure, as well as housing development and job creation.

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

MIL OSI Russia News –

January 24, 2025

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Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held within the framework of the XXV International Housing Congress

Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held within the framework of the XXV International Housing Congress

Marat Khusnullin took part in the plenary session “Strategy for the Development of the Real Estate Market”, which was held within the framework of the XXV International Housing Congress