Machine Learning – Page 611

MIL-OSI Submissions: Russia-Ukraine Conflict – 3-year mark of war in Ukraine: Here’s the Data

Source: Physicians for Human Rights (PHR)

Approaching the three-year mark since Russia’s full-scale invasion of Ukraine on February 24, Physicians for Human Rights (PHR) and its Ukrainian partners share new data, resources, and experts available for interview to support your team’s coverage of this upcoming milestone.

PHR and partners have systematically documented attacks on health in Ukraine through a database and interactive map (attacksonhealthukraine.org).

A staggering 1582 attacks on health care facilities, workers, and infrastructure have been perpetrated since February 2022. We are currently analyzing recent attacks and will again update the map ahead of the three-year mark – if you would like a preview of the upcoming data release please let us know.

Additionally: a first-of-its-kind report published last month by PHR and Truth Hounds details how Russia’s widespread and systematic attacks on Ukraine’s energy grid have harmed health care workers and endangered patients.

92% of 2,261 Ukrainian health care workers we surveyed report experiencing power outages at their health care facility due to attacks on energy infrastructure. The report documents how Russia’s assault on Ukraine’s energy infrastructure led to interrupted or delayed surgeries, forcing surgeons to operate in darkness illuminated only by flashlights; failures in life support systems; discontinued flow of water to hospitals; diagnostic and treatment equipment becoming unusable; patients experiencing panic attacks and cardiac arrhythmia due to lack of power; impeded maternal care service delivery; and other impacts on health care provision.

Previously, a case study by PHR and partners documented how Russian authorities have systematically sought to target Ukraine’s health care system to cement their control over the civilian population in Ukrainian territories under occupation.

PHR and our medical and human rights partners across Ukraine have conducted a wide range of research and advocacy since the full-scale invasion began, from attacks on health care to supporting survivors of conflict-related sexual violence in Ukraine. PHR experts routinely brief policymakers across Ukraine, US, Europe, and the UN system on human rights in the country.

PHR experts are available as sources for your reporting on Ukraine and the upcoming three-year mark. This includes Uliana Poltavets, who leads PHR’s Ukraine work from Kyiv and has co-authored all publications noted above. Poltavets can share insights about efforts to hold Putin and Russian military officials accountable for war crimes; the impacts of attacks on the energy grid and hospitals; and the need for sustained international support for Ukraine.

In addition to Poltavets, PHR has a wide network of Ukrainian and international clinicians, researchers, and advocates with whom we can also connect you to support your reporting. This includes Roman Koval, head of research at the Ukrainian organization Truth Hounds, and PHR health and human rights researcher Dr. Houssam al-Nahhas, a Syrian physician who researches attacks on health care (and who himself survived attacks on health care by the Assad government).

MIL OSI – Submitted News –

January 29, 2025

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported a net loss of $21.2 million, or $0.21 per basic and diluted share, for the quarter ended December 31, 2024, as compared to net income of $6.6 million, or $0.06 per basic and diluted share, for the quarter ended December 31, 2023. The net loss for the quarter ended December 31, 2024 reflected lower non-interest income mainly due to the previously disclosed balance sheet repositioning transaction. As part of the Company’s strategy to improve future earnings and expand its net interest margin, the Company sold $352.3 million of debt securities available for sale during the fourth quarter of 2024, and the proceeds from the sale were used to fund loan growth of $72.9 million, purchase $78.1 million of higher yielding debt securities and prepay $170.0 million of higher cost borrowings. This balance sheet repositioning transaction resulted in a pre-tax loss on the sale of securities and extinguishment of debt of $37.9 million. The quarter ended December 31, 2024 results also reflected a higher provision for credit losses, partially offset by higher net interest income, mainly due to an increase in interest income, lower non-interest expense and lower income tax expense. For the quarter ended December 31, 2024, the Company reported core net income of $11.4 million, an increase of $1.3 million, or 12.4%, compared to core net income of $10.1 million for the quarter ended December 31, 2023. The benefit of the balance sheet repositioning transaction was modest during the fourth quarter, as the settlement of the transaction occurred late in the quarter. (Refer to “Reconciliation of GAAP to Non-GAAP Financial Measures” for a reconciliation of GAAP net income to core net income.)

For the year ended December 31, 2024, the Company reported a net loss of $11.7 million, or $0.11 per basic and diluted share, as compared to net income of $36.1 million, or $0.35 per basic and diluted share, for the year ended December 31, 2023. The year ended December 31, 2024 reflected lower net interest income, mainly due to an increase in interest expense, higher provision for credit losses and lower non-interest income due to loss on securities transactions resulting from the balance sheet repositioning transaction described above, partially offset by lower non-interest expense and lower income tax expense. Non-interest income for the year ended December 31, 2024 included a $34.6 million loss on the sale of securities and non-interest expense included a $3.4 million loss on extinguishment of debt.

Thomas J. Kemly, President and Chief Executive Officer commented: “The Company maintained a strong balance sheet and capital position, which will allow us to benefit from an improving operating environment. Additionally, our fourth quarter repositioning strategy should result in improved future earnings and net interest margin. We will continue to examine and implement prudent strategies that we believe will build a foundation for the future success of the Company and increased profitability.”

Results of Operations for the Three Months Ended December 31, 2024 and December 31, 2023

A net loss of $21.2 million was recorded for the quarter ended December 31, 2024, a decrease of $27.8 million, compared to net income of $6.6 million for the quarter ended December 31, 2023. The decrease in net income was primarily attributable to a $35.0 million decrease in non-interest income, and a $1.7 million increase in provision for credit losses, partially offset by a $1.1 million increase in net interest income, a $1.4 million decrease in non-interest expense, and a $6.4 million decrease in income tax expense.

Net interest income was $46.4 million for the quarter ended December 31, 2024, an increase of $1.1 million, or 2.4%, from $45.3 million for the quarter ended December 31, 2023. The increase in net interest income was primarily attributable to a $6.1 million increase in interest income partially offset by a $5.0 million increase in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields. Market interest rates increased 100 basis points throughout the 2023 period and were subsequently reduced 100 basis points during the last four months of 2024. The increase in interest expense on deposits was driven by the higher rate environment coupled with intense competition for deposits in the market and the repricing of existing deposits into higher cost products throughout the majority of the 2024 fiscal year. However, during the fourth quarter, competitive pressures eased, and deposits became easier to attract, resulting in a reduced cost of deposits. The decrease in interest expense on borrowings was also impacted by the lower interest rates for new borrowings, along with a decrease in the average balance of borrowings. Prepayment penalties, which are included in interest income on loans, totaled $84,000 for the quarter ended December 31, 2024, compared to $419,000 for the quarter ended December 31, 2023.

The average yield on loans for the quarter ended December 31, 2024 increased 22 basis points to 4.88%, as compared to 4.66% for the quarter ended December 31, 2023, as interest income was influenced by the interest rate increases that occurred in 2023 and loan growth. The average yield on securities for the quarter ended December 31, 2024 increased 41 basis points to 2.99%, as compared to 2.58% for the quarter ended December 31, 2023, as new securities purchased during 2024 were at higher interest rates. The average yield on other interest-earning assets for the quarter ended December 31, 2024 increased 36 basis points to 6.00%, as compared to 5.64% for the quarter ended December 31, 2023, due to an increase in the average balance of higher yielding Federal Home Loan Bank stock, as compared to average cash balances, which decreased in the 2024 period.

Total interest expense was $67.2 million for the quarter ended December 31, 2024, an increase of $5.0 million, or 8.0%, from $62.2 million for the quarter ended December 31, 2023. The increase in interest expense was primarily attributable to a 37 basis point increase in the average cost of interest-bearing deposits, coupled with an increase in the average balance of interest-bearing deposits, partially offset by a 31 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $8.5 million or 19.6%, and interest expense on borrowings decreased $3.5 million, or 18.8%.

The Company’s net interest margin for the quarter ended December 31, 2024 increased 3 basis points to 1.88%, when compared to 1.85% for the quarter ended December 31, 2023. The weighted average yield on interest-earning assets increased 22 basis points to 4.61% for the quarter ended December 31, 2024 as compared to 4.39% for the quarter ended December 31, 2023. The average cost of interest-bearing liabilities increased 20 basis points to 3.38% for the quarter ended December 31, 2024 as compared to 3.18% for the quarter ended December 31, 2023. The net interest margin increased for the quarter ended December 31, 2024, as the increase in the average yield on interest-earning assets slightly outweighed the average cost of interest-bearing liabilities.

The provision for credit losses for the quarter ended December 31, 2024 was $2.9 million, an increase of $1.7 million, from $1.2 million for the quarter ended December 31, 2023. The increase in the allowance for credit losses for loans was primarily due to net charge-offs totaling $1.4 million and an increase in loan performance qualitative factors.

Non-interest income was $(23.7) million for the quarter ended December 31, 2024, a decrease of $35.0 million, or 310.8%, from $11.2 million for the quarter ended December 31, 2023. The decrease was primarily attributable to the loss on securities transactions of $34.6 million resulting from the balance sheet repositioning transaction and a decrease in bank-owned life insurance income of $2.4 million, attributable to death benefits in 2023, partially offset by a $1.7 million increase in the fair value of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association preferred stock included in equity securities.

Non-interest expense was $46.6 million for the quarter ended December 31, 2024, a decrease of $1.4 million, or 2.9%, from $48.0 million for the quarter ended December 31, 2023. The decrease was primarily attributable to a decrease in compensation and employee benefits expense of $1.9 million and a decrease in federal deposit insurance premiums of $3.2 million, partially offset by an increase in loss on the extinguishment of debt of $3.1 million. The decrease in compensation and employee benefits expense was the result of lower incentive compensation and a workforce reduction related to cost cutting strategies implemented during 2023 and 2024. The decrease in federal deposit insurance premiums was due to the 2023 quarter including a one-time Federal Deposit Insurance Corporation special assessment recorded in December 2023. During the quarter ended December 31, 2024, the Company prepaid $200.0 million in FHLB borrowings, inclusive of the $170.0 million as part of a balance sheet repositioning transaction which resulted in a $3.4 million loss on the extinguishment of debt.

Income tax benefit was $5.5 million for the quarter ended December 31, 2024, a decrease of $6.4 million, as compared to income tax expense of $865,000 for the quarter ended December 31, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 20.7% and 11.6% for the quarters ended December 31, 2024 and 2023, respectively.

Results of Operations for the Years Ended December 31, 2024 and December 31, 2023

A net loss of $11.7 million was recorded for the year ended December 31, 2024, a decrease of $47.7 million, compared to net income of $36.1 million for the year ended December 31, 2023. The decrease in net income was primarily attributable to a $27.9 million decrease in net interest income, a $9.7 million increase in provision for credit losses and a $25.5 million decrease in non-interest income, partially offset by a $1.1 million decrease in non-interest expense, and a $14.2 million decrease in income tax expense.

Net interest income was $178.0 million for the year ended December 31, 2024, a decrease of $27.9 million, or 13.5%, from $205.9 million for the year ended December 31, 2023. The decrease in net interest income was primarily attributable to an $84.3 million increase in interest expense on deposits and borrowings, partially offset by a $56.4 million increase in interest income. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields due to market interest rate increases in 2023. The increase in interest expense on deposits and borrowings was driven by these same rate increases coupled with intense competition for deposits in the market and the repricing of existing deposits into higher cost products along with higher balances. The increase in interest expense on borrowings was also impacted by the increase in interest rates for new borrowings along with an increase in the average balance of borrowings. Prepayment penalties, which are included in interest income on loans, totaled $960,000 for the year ended December 31, 2024, compared to $817,000 for the year ended December 31, 2023.

The average yield on loans for the year ended December 31, 2024 increased 46 basis points to 4.90%, as compared to 4.44% for the year ended December 31, 2023, as interest income increased due to rising rates and loan growth. The average yield on securities for the year ended December 31, 2024 increased 40 basis points to 2.86%, as compared to 2.46% for the year ended December 31, 2023 as $124.6 million of higher yielding securities were purchased, and a number of adjustable rate securities tied to various indexes continued to reprice higher during the year. The average yield on other interest-earning assets for the year ended December 31, 2024 increased 73 basis points to 6.27%, as compared to 5.54% for the year ended December 31, 2023, due to the rise in interest rates, as noted above.

Total interest expense was $273.4 million for the year ended December 31, 2024, an increase of $84.3 million, or 44.6%, from $189.1 million for the year ended December 31, 2023. The increase in interest expense was primarily attributable to a 109 basis point increase in the average cost of interest-bearing deposits and an increase in the average balance of deposits, coupled with an increase in interest on borrowings of $7.1 million due to an 11 basis point increase in the cost of total borrowings and an increase in the average balance of borrowings.

The Company’s net interest margin for the year ended December 31, 2024 decreased 34 basis points to 1.82%, when compared to 2.16% for the year ended December 31, 2023. The weighted average yield on interest-earning assets for the year ended December 31, 2024 increased 47 basis points to 4.61%, as compared to 4.14% for the year ended December 31, 2023. The average cost of interest-bearing liabilities increased 92 basis points to 3.44% for the year ended December 31, 2024 as compared to 2.52% for the year ended December 31, 2023. The increase in yields for the year ended December 31, 2024 was due to the impact of market rate increases between periods, with rates decreasing just prior to the fourth quarter of 2024. The net interest margin decreased for the year ended December 31, 2024, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets.

The provision for credit losses for the year ended December 31, 2024 was $14.5 million, an increase of $9.7 million, from $4.8 million for the year ended December 31, 2023. The increase in provision for credit losses during the year was primarily due to net charge-offs totaling $9.6 million and an increase in loan performance qualitative factors.

Non-interest income was $1.9 million for the year ended December 31, 2024, a decrease of $25.5 million, or 93.1%, from $27.4 million for the year ended December 31, 2023. The decrease was primarily attributable to an increase in the loss on securities transactions of $25.0 million, and a decrease in bank-owned life insurance income of $2.8 million, attributable to death benefits in 2023, partially offset by a $1.9 million increase in the fair value of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association preferred stock included in equity securities.

Non-interest expense was $181.3 million for the year ended December 31, 2024, a decrease of $1.1 million, or 0.6%, from $182.4 million for the year ended December 31, 2023. The decrease was primarily attributable to a decrease in compensation and employee benefits expense of $11.4 million, partially offset by an increase in professional fee of $4.3 million, an increase in merger-related expenses of $1.1 million and an increase in loss on extinguishment of debt of $3.1 million, resulting primarily from the repositioning transaction, and an increase in other non-interest expense of $2.0 million. The decrease in compensation and employee benefits expense was the result of lower incentive compensation and a workforce reduction related to cost cutting strategies implemented during 2023 and 2024. The increase in professional fees was primarily related to an increase in legal, regulatory and compliance-related costs while the increase in other non-interest expense related to swap transactions. During the quarter ended December 31, 2024, the Company prepaid $170.0 million of FHLB borrowings as part of the previously discussed balance sheet repositioning transaction which resulted in a $3.3 million loss on the extinguishment of debt.

Income tax benefit was $4.3 million for the year ended December 31, 2024, a decrease of $14.2 million, as compared to income tax expense of $10.0 million for the year ended December 31, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 26.8% and 21.6% for the years ended December 31, 2024 and 2023, respectively.

Balance Sheet Summary

Total assets decreased $170.1 million, or 1.6%, to $10.5 billion at December 31, 2024 as compared to $10.6 billion at December 31, 2023. The decrease in total assets was primarily attributable to a decrease in cash and cash equivalents of $134.0 million, a decrease in debt securities available for sale of $67.6 million, and a decrease in Federal Home Loan Bank stock of $20.6 million, partially offset by an increase in loans receivable, net, of $37.5 million and an increase in other assets of $15.6 million.

Cash and cash equivalents decreased $134.0 million, or 31.7%, to $289.2 million at December 31, 2024 from $423.2 million at December 31, 2023. The decrease was primarily attributable to purchases of securities of $446.2 million, a decrease in borrowings of $448.1 million, and repurchases of common stock under our stock repurchase program of $5.9 million, partially offset by proceeds from the sale of securities of $321.2 million, principal repayments on securities of $185.6 million, and repayments on loans receivable, and an increase in total deposits of $249.6 million.

Debt securities available for sale decreased $67.6 million, or 6.2%, to $1.0 billion at December 31, 2024 from $1.1 billion at December 31, 2023. The decrease was attributable to sales of securities with an amortized cost of $357.1 million which resulted in a realized loss of $35.9 million, and repayments on securities of $140.5 million, which was partially offset by purchases of securities of $404.7 million and a decrease in the gross unrealized loss on securities of $34.9 million. The Company sold predominantly fixed rate, low-yielding debt securities and used the proceeds to repay high costing borrowings and purchase higher-yielding debt securities to improve future net interest rate margin.

Loans receivable, net, increased $37.5 million, or 0.5%, to $7.9 billion at December 31, 2024 from $7.8 billion at December 31, 2023. Multifamily loans, construction loans, and commercial business loans increased $51.5 million, $30.5 million, and $89.0 million, respectively, partially offset by decreases in one-to-four family real estate loans, commercial real estate loans and home equity loans and advances of $81.9 million, $37.2 million and $7.6 million, respectively. The allowance for credit losses for loans increased $4.9 million to $60.0 million at December 31, 2024 from $55.1 million at December 31, 2023. During the year ended December 31, 2024, the increase in the allowance for credit losses for loans was primarily due to net charge-offs of $9.6 million and an increase in loan performance qualitative factors.

Federal Home Loan Bank stock decreased $20.6 million, or 25.5%, to $60.4 million at December 31, 2024 from $81.0 million at December 31, 2023. The decrease was due to the redemption of stock required upon repaying FHLB borrowings.

Other assets increased $15.6 million, or 5.1%, to $324.0 million at December 31, 2024 from $308.4 million at December 31, 2023, primarily due to a $14.3 million increase in the Company’s pension plan balance, as the return on plan assets outpaced the growth in the plan’s obligations.

Total liabilities decreased $210.1 million, or 2.2%, to $9.4 billion at December 31, 2024 from $9.6 billion at December 31, 2023. The decrease was primarily attributable to a decrease in borrowings of $448.1 million, or 29.3%, partially offset by an increase in total deposits of $249.6 million, or 3.2%. The $448.1 million decrease in borrowings was primarily driven by a net decrease in long-term borrowings of $170.0 million, coupled with a decrease in short-term borrowings of $237.8 million. The decrease in long-term borrowings was mainly attributable to the prepayment of $170.0 million of long-term borrowings as part of the balance sheet repositioning transaction as described above. The increase in total deposits primarily consisted of increases in non-interest-bearing and interest-bearing demand deposits and certificates of deposit of $669,000, $54.8 million, and $255.8 million, respectively, partially offset by decreases in money market and savings and club accounts of $13.8 million and $47.8 million, respectively.

Total stockholders’ equity increased $40.0 million, or 3.8%, to $1.1 billion at December 31, 2024 from $1.0 billion at December 31, 2023. The increase in total stockholders’ equity was primarily attributable to the recognition of $8.0 million in stock based compensation expense and an increase of $48.2 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes. These increases were partially offset by a net loss of $11.7 million, and the repurchase of 365,116 shares of common stock at a cost of approximately $5.9 million, or $16.14 per share, under our stock repurchase program. Repurchases have been paused in order to retain capital.

Asset Quality

The Company’s non-performing loans at December 31, 2024 totaled $21.7 million, or 0.28% of total gross loans, as compared to $12.6 million, or 0.16% of total gross loans, at December 31, 2023. The $9.1 million increase in non-performing loans was primarily attributable to an increase in non-performing commercial business loans of $3.3 million and an increase in non-performing one-to-four family real estate loans of $5.6 million. The increase in non-performing commercial business loans primarily consists of two loans totaling $6.4 million at December 31, 2024, partially offset by the charge-off of a $3.7 million loan to a technology company during 2024. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 17 non-performing loans at December 31, 2023 to 32 loans at December 31, 2024. Non-performing assets as a percentage of total assets totaled 0.22% at December 31, 2024 as compared to 0.12% at December 31, 2023.

For the quarter ended December 31, 2024, net charge-offs totaled $1.4 million, as compared to $173,000 in net charge-offs recorded for the quarter ended December 31, 2023. For the year ended December 31, 2024, net charge-offs totaled $9.6 million, as compared to $2.5 million in net charge-offs recorded for the year ended December 31, 2023. Net charge-offs for the year ended December 31, 2024 included charge-offs related to 17 commercial business loans totaling $9.2 million. Recoveries on previously charged-off loans for the quarter ended December 31, 2024, and the year ended December 31, 2024, totaled approximately $88,000 and $1.4 million, respectively.

The Company’s allowance for credit losses on loans was $60.0 million, or 0.76% of total gross loans, at December 31, 2024, compared to $55.1 million, or 0.70% of total gross loans, at December 31, 2023. The increase in the allowance for credit losses for loans was primarily due to net charge-offs of $9.6 million and an increase in loan performance qualitative factors.

Additional Liquidity, Loan, and Deposit Information

The Company services a diverse retail and commercial deposit base through its 69 branches. With over 215,000 accounts, the average deposit account balance was approximately $38,000 at December 31, 2024.

Deposit balances are summarized as follows:

	At December 31, 2024				At September 30, 2024
	Balance		Weighted Average Rate		Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,438,030	—	%	$	1,406,152	—	%
Interest-bearing demand		2,021,312	2.19			1,980,298	2.41
Money market accounts		1,241,691	2.82			1,239,204	2.92
Savings and club deposits		652,501	0.75			649,858	0.79
Certificates of deposit		2,742,615	4.24			2,682,547	4.45
Total deposits	$	8,096,149	2.47	%	$	7,958,059	2.62	%

The Company continues to maintain strong liquidity and capital positions. The Company had no outstanding borrowings from the Federal Reserve Discount Window at December 31, 2024. As of December 31, 2024, the Company had immediate access to approximately $2.7 billion of funding, with additional unpledged loan collateral available to pledge is approximately $2.1 billion.

At December 31, 2024, the Company’s non-performing commercial real estate loans totaled $2.9 million, or 0.04%, of the total loans receivable loan portfolio balance.

The following table presents multifamily real estate, owner occupied commercial real estate, and the components of investor owned commercial real estate loans included in the real estate loan portfolio.

	At December 31, 2024
	(Dollars in thousands)
	Balance		% of Gross Loans		Weighted Average Loan to Value Ratio		Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,460,641	18.4	%	58.0	%	1.59	x

Owner Occupied Commercial Real Estate	$	688,341	8.7	%	53.3	%	2.22	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	506,544	6.4	%	51.6	%	1.50	x
Mixed Use		214,148	2.7		57.3		1.58
Industrial / Warehouse		383,585	4.8		54.7		1.69
Non-Medical Office		193,569	2.4		50.8		1.65
Medical Office		120,381	1.5		58.5		1.46
Single Purpose		96,907	1.2		52.3		3.13
Other		136,408	1.7		47.8		1.76
Total	$	1,651,542	20.9	%	53.2	%	1.69

Total Multifamily and Commercial Real Estate Loans	$	3,800,524	48.0	%	55.1	%	1.75	x

At December 31, 2024, the Company had less than $1.0 million in loan exposure to office or rent stabilized multifamily loans in New York City.

Annual Meeting of Stockholders

On January 28, 2025, the Company also announced that its annual meeting of stockholders will be held on June 5, 2025.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward-Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics,, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In thousands)

	December 31,
		2024		2023
Assets	(Unaudited)
Cash and due from banks	$	289,113	$	423,140
Short-term investments		110		109
Total cash and cash equivalents		289,223		423,249

Debt securities available for sale, at fair value		1,025,946		1,093,557
Debt securities held to maturity, at amortized cost (fair value of $350,153, and $357,177 at December 31, 2024 and 2023, respectively)		392,840		401,154
Equity securities, at fair value		6,673		4,079
Federal Home Loan Bank stock		60,387		81,022

Loans receivable		7,916,928		7,874,537
Less: allowance for credit losses		59,958		55,096
Loans receivable, net		7,856,970		7,819,441

Accrued interest receivable		40,383		39,345
Office properties and equipment, net		81,772		83,577
Bank-owned life insurance		274,908		268,362
Goodwill and intangible assets		121,008		123,350
Other real estate owned		1,334		—
Other assets		324,049		308,432
Total assets	$	10,475,493	$	10,645,568

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	8,096,149	$	7,846,556
Borrowings		1,080,600		1,528,695
Advance payments by borrowers for taxes and insurance		45,453		43,509
Accrued expenses and other liabilities		172,915		186,473
Total liabilities		9,395,117		9,605,233

Stockholders’ equity:
Total stockholders’ equity		1,080,376		1,040,335
Total liabilities and stockholders’ equity	$	10,475,493	$	10,645,568

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share data)

	Three Months Ended December 31,					Year Ended December 31,
		2024			2023		2024			2023
Interest income:	(Unaudited)					(Unaudited)
Loans receivable	$	96,202		$	91,744	$	382,266		$	343,770
Debt securities available for sale and equity securities		9,793			7,077		36,411			28,120
Debt securities held to maturity		2,479			2,370		9,966			9,708
Federal funds and interest-earning deposits		3,309			4,828		15,181			8,188
Federal Home Loan Bank stock dividends		1,843			1,531		7,602			5,192
Total interest income		113,626			107,550		451,426			394,978
Interest expense:
Deposits		51,943			43,429		202,383			125,162
Borrowings		15,256			18,782		71,061			63,940
Total interest expense		67,199			62,211		273,444			189,102

Net interest income		46,427			45,339		177,982			205,876

Provision for credit losses		2,876			1,155		14,451			4,787

Net interest income after provision for credit losses		43,551			44,184		163,531			201,089

Non-interest income:
Demand deposit account fees		1,809			1,330		6,507			5,145
Bank-owned life insurance		2,066			4,456		7,319			10,126
Title insurance fees		570			560		2,505			2,400
Loan fees and service charges		1,193			1,144		4,483			4,510
Loss on securities transactions		(34,595	)		—		(35,851	)		(10,847	)
Change in fair value of equity securities		2,169			446		2,594			695
Gain on sale of loans		81			154		906			1,214
Other non-interest income		2,991			3,159		13,431			14,136
Total non-interest income		(23,716	)		11,249		1,894			27,379

Non-interest expense:
Compensation and employee benefits		26,579			28,463		109,489			120,846
Occupancy		5,861			5,590		23,482			22,927
Federal deposit insurance premiums		1,829			5,015		7,581			8,639
Advertising		457			498		2,510			2,805
Professional fees		2,567			3,083		14,164			9,824
Data processing and software expenses		3,572			4,154		15,578			15,039
Merger-related expenses		928			326		1,665			606
Loss on extinguishment of debt		3,447			300		3,447			300
Other non-interest expense		1,356			570		3,419			1,431
Total non-interest expense		46,596			47,999		181,335			182,417

(Loss) income before income tax (benefit) expense		(26,761	)		7,434		(15,910	)		46,051

Income tax (benefit) expense		(5,538	)		865		(4,257	)		9,965

Net (loss) income	$	(21,223	)	$	6,569	$	(11,653	)	$	36,086

(Loss) earnings per share-basic	$	(0.21	)	$	0.06	$	(0.11	)	$	0.35
(Loss) earnings per share-diluted	$	(0.21	)	$	0.06	$	(0.11	)	$	0.35
Weighted average shares outstanding-basic		101,686,108			101,656,890		101,676,758			102,656,388
Weighted average shares outstanding-diluted		101,945,750			101,817,194		101,839,507			102,894,969

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Average Balances/Yields

	For the Three Months Ended December 31,
		2024							2023
	Average Balance			Interest and Dividends		Yield / Cost		Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,839,416		$	96,202	4.88	%	$	7,816,272		$	91,744	4.66	%
Securities		1,635,028			12,272	2.99	%		1,453,863			9,447	2.58	%
Other interest-earning assets		341,393			5,152	6.00	%		447,369			6,359	5.64	%
Total interest-earning assets		9,815,837			113,626	4.61	%		9,717,504			107,550	4.39	%
Non-interest-earning assets		874,522							854,857
Total assets	$	10,690,359						$	10,572,361

Interest-bearing liabilities:
Interest-bearing demand	$	2,027,003		$	13,686	2.69	%	$	2,000,406		$	12,308	2.44	%
Money market accounts		1,235,421			7,630	2.46	%		1,119,290			8,962	3.18	%
Savings and club deposits		649,686			1,209	0.74	%		714,664			846	0.47	%
Certificates of deposit		2,696,740			29,418	4.34	%		2,416,773			21,313	3.50	%
Total interest-bearing deposits		6,608,850			51,943	3.13	%		6,251,133			43,429	2.76	%
FHLB advances		1,298,686			15,102	4.63	%		1,494,794			18,592	4.93	%
Notes payable		—			—	—	%		916			23	9.96	%
Junior subordinated debentures		7,036			154	8.71	%		7,013			167	9.45	%
Total borrowings		1,305,722			15,256	4.65	%		1,502,723			18,782	4.96	%
Total interest-bearing liabilities		7,914,572		$	67,199	3.38	%		7,753,856		$	62,211	3.18	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,460,125							1,441,005
Other non-interest-bearing liabilities		241,582							247,545
Total liabilities		9,616,279							9,442,406
Total stockholders’ equity		1,074,080							1,129,955
Total liabilities and stockholders’ equity	$	10,690,359						$	10,572,361

Net interest income				$	46,427						$	45,339
Interest rate spread						1.23	%						1.21	%
Net interest-earning assets	$	1,901,265						$	1,963,648
Net interest margin						1.88	%						1.85	%
Ratio of interest-earning assets to interest-bearing liabilities		124.02	%						125.32	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Average Balances/Yields

	For the Years Ended December 31,
		2024							2023
	Average Balance			Interest and Dividends		Yield / Cost		Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,801,939		$	382,266	4.90	%	$	7,748,096		$	343,770	4.44	%
Securities		1,622,519			46,377	2.86	%		1,540,726			37,828	2.46	%
Other interest-earning assets		363,370			22,783	6.27	%		241,520			13,380	5.54	%
Total interest-earning assets		9,787,828		$	451,426	4.61	%		9,530,342		$	394,978	4.14	%
Non-interest-earning assets		865,684							840,215
Total assets	$	10,653,512						$	10,370,557

Interest-bearing liabilities:
Interest-bearing demand	$	1,986,215		$	55,360	2.79	%	$	2,183,333		$	37,774	1.73	%
Money market accounts		1,235,495			32,977	2.67	%		951,174			24,296	2.55	%
Savings and club deposits		667,836			5,130	0.77	%		793,303			2,231	0.28	%
Certificates of deposit		2,587,360			108,916	4.21	%		2,229,042			60,861	2.73	%
Total interest-bearing deposits		6,476,906			202,383	3.12	%		6,156,852			125,162	2.03	%
FHLB advances		1,454,674			70,418	4.84	%		1,315,401			62,398	4.74	%
Notes payable		—			—	—	%		22,780			918	4.03	%
Junior subordinated debentures		7,023			640	9.11	%		7,054			624	8.85	%
Other borrowings		55			3	5.45	%		—			—	—	%
Total borrowings		1,461,752			71,061	4.86	%		1,345,235			63,940	4.75	%
Total interest-bearing liabilities		7,938,658		$	273,444	3.44	%		7,502,087		$	189,102	2.52	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,420,104							1,539,354
Other non-interest-bearing liabilities		242,290							231,018
Total liabilities		9,601,052							9,272,459
Total stockholders’ equity		1,052,460							1,098,098
Total liabilities and stockholders’ equity	$	10,653,512						$	10,370,557

Net interest income				$	177,982						$	205,876
Interest rate spread						1.17	%						1.62	%
Net interest-earning assets	$	1,849,170						$	2,028,255
Net interest margin						1.82	%						2.16	%
Ratio of interest-earning assets to interest-bearing liabilities		123.29	%						127.04	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Yield on interest-earning assets:
Loans	4.88	%	5.00	%	4.93	%	4.79	%	4.66	%
Securities	2.99		2.90		2.89		2.65		2.58
Other interest-earning assets	6.00		6.72		6.30		6.06		5.64
Total interest-earning assets	4.61	%	4.70	%	4.64	%	4.50	%	4.39	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits	3.13	%	3.21	%	3.14	%	3.02	%	2.76	%
Total borrowings	4.65		4.87		4.92		4.98		4.96
Total interest-earning liabilities	3.38	%	3.52	%	3.49	%	3.38	%	3.18	%

Interest rate spread	1.23	%	1.18	%	1.15	%	1.12	%	1.21	%
Net interest margin	1.88	%	1.84	%	1.81	%	1.75	%	1.85	%

Ratio of interest-earning assets to interest-bearing liabilities	124.02	%	123.06	%	123.03	%	123.06	%	125.32	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Selected Financial Highlights

	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023

SELECTED FINANCIAL RATIOS⁽¹⁾:
Return on average assets	(0.79	)%	0.23	%	0.17	%	(0.04	)%	0.25	%
Core return on average assets	0.42	%	0.23	%	0.20	%	0.02	%	0.38	%
Return on average equity	(7.86	)%	2.32	%	1.77	%	(0.45	)%	2.31	%
Core return on average equity	4.09	%	2.29	%	2.06	%	0.18	%	3.56	%
Core return on average tangible equity	4.74	%	2.58	%	2.34	%	0.20	%	3.99	%
Interest rate spread	1.23	%	1.18	%	1.15	%	1.12	%	1.21	%
Net interest margin	1.88	%	1.84	%	1.81	%	1.75	%	1.85	%
Non-interest income to average assets	(0.88	)%	0.33	%	0.35	%	0.28	%	0.42	%
Non-interest expense to average assets	1.73	%	1.60	%	1.74	%	1.74	%	1.80	%
Efficiency ratio	205.17	%	78.95	%	86.83	%	91.96	%	84.82	%
Core efficiency ratio	73.68	%	79.14	%	85.34	%	88.39	%	76.93	%
Average interest-earning assets to average interest-bearing liabilities	124.02	%	123.06	%	123.03	%	123.06	%	125.32	%
Net charge-offs to average outstanding loans	0.07	%	0.14	%	0.03	%	0.26	%	0.01	%

^{(1) Ratios are annualized when appropriate.}

ASSET QUALITY:
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(Dollars in thousands)

Non-accrual loans	$	21,701		$	28,014		$	25,281		$	22,935		$	12,618
90+ and still accruing		—			—			—			—			—
Non-performing loans		21,701			28,014			25,281			22,935			12,618
Real estate owned		1,334			1,974			1,974			—			—
Total non-performing assets	$	23,035		$	29,988		$	27,255		$	22,935		$	12,618

Non-performing loans to total gross loans		0.28	%		0.36	%		0.33	%		0.30	%		0.16	%
Non-performing assets to total assets		0.22	%		0.28	%		0.25	%		0.22	%		0.12	%
Allowance for credit losses on loans (“ACL”)	$	59,958		$	58,495		$	57,062		$	55,401		$	55,096
ACL to total non-performing loans		276.29	%		208.81	%		225.71	%		241.56	%		436.65	%
ACL to gross loans		0.76	%		0.75	%		0.73	%		0.71	%		0.70	%

LOAN DATA:
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(In thousands)
Real estate loans:
One-to-four family	$	2,710,937		$	2,737,190		$	2,764,177		$	2,778,932		$	2,792,833
Multifamily		1,460,641			1,399,000			1,409,316			1,429,369			1,409,187
Commercial real estate		2,339,883			2,312,759			2,316,252			2,318,178			2,377,077
Construction		473,573			510,439			462,880			437,566			443,094
Commercial business loans		622,000			586,447			554,768			538,260			533,041
Consumer loans:
Home equity loans and advances		259,009			261,041			260,427			260,786			266,632
Other consumer loans		3,404			2,877			2,689			2,601			2,801
Total gross loans		7,869,447			7,809,753			7,770,509			7,765,692			7,824,665
Purchased credit deteriorated loans		11,686			11,795			12,150			14,945			15,089
Net deferred loan costs, fees and purchased premiums and discounts		35,795			35,642			36,352			34,992			34,783
Allowance for credit losses		(59,958	)		(58,495	)		(57,062	)		(55,401	)		(55,096	)
Loans receivable, net	$	7,856,970		$	7,798,695		$	7,761,949		$	7,760,228		$	7,819,441

CAPITAL RATIOS:
	December 31,
	2024⁽¹⁾		2023
Company:
Total capital (to risk-weighted assets)	14.20	%	14.08	%
Tier 1 capital (to risk-weighted assets)	13.40	%	13.32	%
Common equity tier 1 capital (to risk-weighted assets)	13.31	%	13.23	%
Tier 1 capital (to adjusted total assets)	10.02	%	10.04	%

Columbia Bank:
Total capital (to risk-weighted assets)	14.41	%	14.02	%
Tier 1 capital (to risk-weighted assets)	13.56	%	13.22	%
Common equity tier 1 capital (to risk-weighted assets)	13.56	%	13.22	%
Tier 1 capital (to adjusted total assets)	9.64	%	9.48	%

^{(1) Estimated ratios at December 31, 2024.}

Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	December 31,
		2024			2023
	(Dollars in thousands)
Total stockholders’ equity	$	1,080,376		$	1,040,335
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(8,964	)		(11,155	)
Total tangible stockholders’ equity	$	960,697		$	918,465

Shares outstanding		104,759,185			104,918,905

Book value per share	$	10.31		$	9.92
Tangible book value per share	$	9.17		$	8.75

Reconciliation of Core Net Income
	Three Months Ended December 31,					Years Ended December 31,
		2024			2023		2024			2023
	(In thousands)
Net (loss) income	$	(21,223	)	$	6,569	$	(11,653	)	$	36,086
Add: loss on securities transactions, net of tax		28,952			—		30,082			9,249
Add: FDIC special assessment, net of tax		—			3,009		385			3,009
Add: severance expense from reduction in workforce, net of tax		—			—		67			1,390
Add: merger-related expenses, net of tax		777			288		1,468			529
Add: loss on extinguishment of debt, net of tax		2,885			265		2,885			265
Add: litigation expenses, net of tax		—			—		—			262
Core net income	$	11,391		$	10,131	$	23,234		$	50,790

Return on Average Assets
	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
	(Dollars in thousands)
Net (loss) income	$	(21,223	)	$	6,569		$	(11,653	)	$	36,086

Average assets	$	10,690,359		$	10,572,361		$	10,653,512		$	10,370,557

Return on average assets		(0.79	)%		0.25	%		(0.11	)%		0.35	%

Core net income	$	11,391		$	10,131		$	23,234		$	50,790

Core return on average assets		0.42	%		0.38	%		0.22	%		0.49	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
	(Dollars in thousands)
Total average stockholders’ equity	$	1,074,080		$	1,129,955		$	1,052,460		$	1,098,098
Add: loss on securities transactions, net of tax		28,952			—			30,082			9,249
Add: FDIC special assessment, net of tax		—			3,009			385			3,009
Add: severance expense from reduction in workforce, net of tax		—			—			67			1,390
Add: merger-related expenses, net of tax		777			288			1,468			529
Add: loss on extinguishment of debt, net of tax		2,885			265			2,885			265
Add: litigation expenses, net of tax		—			—			—			262
Core average stockholders’ equity	$	1,106,694		$	1,133,517		$	1,087,347		$	1,112,802

Return on average equity		(7.86	)%		2.31	%		(1.11	)%		3.29	%

Core return on core average equity		4.09	%		3.56	%		2.14	%		4.56	%

Return on Average Tangible Equity
	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
	(Dollars in thousands)
Total average stockholders’ equity	$	1,074,080		$	1,129,955		$	1,052,460		$	1,098,098
Less: average goodwill		(110,715	)		(110,715	)		(110,715	)		(110,715	)
Less: average core deposit intangible		(9,311	)		(11,524	)		(10,119	)		(12,398	)
Total average tangible stockholders’ equity	$	954,054		$	1,007,716		$	931,626		$	974,985

Core return on average tangible equity		4.74	%		3.99	%		2.49	%		5.21	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
	(Dollars in thousands)
Net interest income	$	46,427		$	45,339		$	177,982		$	205,876
Non-interest income		(23,716	)		11,249			1,894			27,379
Total income	$	22,711		$	56,588		$	179,876		$	233,255

Non-interest expense	$	46,596		$	47,999		$	181,335		$	182,417

Efficiency ratio		205.17	%		84.82	%		100.81	%		78.20	%

Non-interest income	$	(23,716	)	$	11,249		$	1,894		$	27,379
Add: loss on securities transactions		34,595			—			35,851			10,847
Core non-interest income	$	10,879		$	11,249		$	37,745		$	38,226

Non-interest expense	$	46,596		$	47,999		$	181,335		$	182,417
Less: FDIC special assessment		—			(3,840	)		(439	)		(3,840	)
Less: severance expense from reduction in workforce		—			—			(74	)		(1,605	)
Less: merger-related expenses		(928	)		(326	)		(1,665	)		(606	)
Less: loss on extinguishment of debt		(3,447	)		(300	)		(3,447	)		(300	)
Less: litigation expenses		—			—			—			(317	)
Core non-interest expense	$	42,221		$	43,533		$	175,710		$	175,749

Core efficiency ratio		73.68	%		76.93	%		81.45	%		72.00	%

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

The MIL Network –

January 29, 2025

MIL-OSI: Synaptics Accelerates Edge AI Strategy with New Broadcom Agreement

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Synaptics^® Incorporated (Nasdaq: SYNA) announced it has accelerated its Edge AI strategy by signing a definitive licensing agreement with Broadcom that includes Wi-Fi^® 8, ultra-wideband (UWB), Wi-Fi 7, advanced Bluetooth^®, and next-generation GPS/GNSS products and technology for IoT and Android™ ecosystem.

Strategic benefits:

Accelerates Edge AI strategy: Solidifies Synaptics’ leadership position for end-to-end AI Internet of Things (IoT) connectivity and expands our ability to service the Android™ ecosystem.

Solidifies Synaptics’ Veros™ wireless product roadmap for next 5+ years: Adds Wi-Fi 8 combo, UWB, GPS/GNSS, as well as Wi-Fi 7 combo products.

Increases addressable market: Expands serviceable wireless market to include augmented and virtual reality (AR/VR) platforms, Android™ smartphones, and consumer audio.

Strengthens wireless team: Establishes one of the largest and most highly qualified teams in cutting-edge wireless research and development.

Accretive to financials: Expected to add $40+ million in annualized sales and to be immediately accretive to non-GAAP EPS.

“Our wireless technology and capabilities are cornerstones of our success in IoT markets,” said Michael Hurlston, President and CEO of Synaptics. “We are now developing this expertise to enable ecosystems with centralized control and seamless connectivity to a rapidly growing array of Edge AI devices. Our platform history, proven track record, and strategy uniquely position us to integrate Broadcom’s technology and fully deliver on the potential of IoT connectivity.”

Key technology focus and growth:

Wi-Fi 8: Reinforces and builds on Synaptics’ field-proven Wi-Fi/Bluetooth combo solutions for the IoT, including Wi-Fi 7. The rapid incorporation of Wi-Fi 8 gives us first-mover advantage in new markets such as automotive and positions Synaptics among the leaders deploying this technology for AR/VR and Android™ smartphones.
UWB: Allows Synaptics to participate in a growing market for precise location tracking and complements our market-leading Wi-Fi combo connectivity.
GPS/GNSS: Synaptics is already among the leaders in GPS/GNSS for the IoT. The widely acclaimed SYN4778 is a prime example. Next-generation devices will build upon this success through lower power, greater accuracy, reduced system-level cost and complexity, and more functionality. These enhancements will allow Synaptics to further penetrate markets such as wearables, navigation devices, and asset trackers.

The all-cash transaction is expected to close on January 30, 2025.

Synaptics will provide further details on the transaction at its scheduled fiscal Q2 2025 investor conference call on February 6^th, 2025.

About Synaptics Incorporated
Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X, and Facebook, or visit www.synaptics.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that the Company or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations or various assumptions. Our expectations and assumptions are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including risks related to our ability to consummate and realize anticipated benefits from the transaction and our ability to grow sales and expand into the serviceable wireless market as expected, and other risks as identified in the “Risk Factors,” “Management’ Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q; and other risks as identified from time to time in our Securities and Exchange Commission reports. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.
For further information, please contact:

Investor Relations
Munjal Shah
Synaptics
+1-408-518-7639
munjal.shah@synaptics.com

Media Contact
Patrick Mannion
Synaptics
+1-631-678-1015
patrick.mannion@synaptics.com

The MIL Network –

January 29, 2025

MIL-OSI: Enterprise Bancorp, Inc. Announces Fourth Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

Filed by Enterprise Bancorp, Inc.
pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934

Subject Company: Enterprise Bancorp, Inc.
SEC File No.: 001-33912
Date: January 28, 2025

LOWELL, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — Enterprise Bancorp, Inc. (“Enterprise”) (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended December 31, 2024. Net income amounted to $10.7 million, or $0.86 per diluted common share, for the three months ended December 31, 2024, compared to $10.0 million, or $0.80 per diluted common share, for the three months ended September 30, 2024 and $7.9 million, or $0.64 per diluted common share, for the three months ended December 31, 2023.

On December 9, 2024, Enterprise and Enterprise Bank announced the signing of a definitive merger agreement with Independent Bank Corp. (“Independent”) and its wholly owned subsidiary, Rockland Trust Company (“Rockland Trust”), pursuant to which Enterprise will merge with and into Independent and Enterprise Bank will merge into Rockland Trust. The proposed merger is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals and approval of Enterprise shareholders. No vote of Independent Bank Corp. shareholders is required.

Selected financial results at or for the quarter ended December 31, 2024, compared to September 30, 2024, were as follows:

The returns on average assets and average equity were 0.89% and 11.82%, respectively.
Tax-equivalent net interest margin (non-GAAP) (“net interest margin”) was 3.29%, an increase of 7 basis points.
Total loans amounted to $3.98 billion, an increase of 3.2%.
Total deposits were relatively unchanged and amounted to $4.19 billion.
Wealth assets under management and administration amounted to $1.54 billion, an increase of 1.4%.

Chief Executive Officer Steven Larochelle commented, “As we continue to work toward the upcoming completion of the proposed merger with Rockland Trust, I am pleased to announce that our team continued to deliver strong results in the fourth quarter. Loan growth was once again robust at 3.2% for the quarter while operating results were positively impacted by margin expansion as we benefited from the impact of Federal Reserve Bank interest rate cuts coupled with the flattening of the yield curve.”

Executive Chairman & Founder George Duncan stated, “The news of our anticipated merger with Rockland Trust has been well received by our shareholders, customers and communities. The planning of our integration with them is going well and the anticipated synergies and cultural alignment of our two banks are being confirmed.”

Mr. Duncan added, “I congratulate Steve, and the whole team, for another very successful quarter and year. This was our third straight year of 12% loan growth, and I believe this is a testament to our relationship-based sales and service culture partnered with our strong commitment to community outreach and involvement.”

Net Interest Income

Net interest income for the three months ended December 31, 2024, amounted to $38.5 million, an increase of $2.0 million, or 5%, compared to the three months ended December 31, 2023. The increase was due primarily to an increase in loan interest income of $7.8 million, partially offset by an increase in deposit interest expense of $3.7 million and a decrease in income on other interest-earning assets of $1.5 million.

The increase in interest income during the fourth quarter of 2024, compared to the prior year quarter, was due primarily to loan growth and higher loan yields, while the increase in interest expense during the period was attributed primarily to an increase in certificates of deposit balances and higher market rates on deposits.

Net Interest Margin

Net interest margin for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, amounted to 3.29%, 3.22% and 3.29%, respectively.

Three months ended – December 31, 2024, compared to December 31, 2023

Net interest margin was positively impacted by loan growth and an increase in loan yields, offset by increases in average funding liabilities and funding costs as well as a decrease in the average balance of other interest-earning assets.

The increase in interest-earning asset yields of 27 basis points was due primarily to loan repricing and originations at higher interest rates while the increase in funding costs of 29 basis points was driven by higher market rates and growth in certificate of deposit balances.

Three months ended – December 31, 2024, compared to September 30, 2024

The increase in net interest margin was due primarily to loan growth and a decrease in funding costs, partially offset by decreases in interest-earning asset yields and the average balance of other interest-earning assets.

The decreases in funding costs of 10 basis points and interest-earning asset yields of 3 basis points were driven primarily by the 100 basis point reduction in the federal funds rate from September 2024 through December 2024. In addition, the decrease in other interest-earning assets resulted mainly from funding loan growth during the period.

Provision for Credit Losses

The provision for credit losses for the three-month periods ended December 31, 2024 and December 31, 2023, are presented below:

	Three months ended						Increase / (Decrease)
(Dollars in thousands)	December 31, 2024			December 31, 2023			Increase / (Decrease)
Provision for credit losses on loans – collectively evaluated	$	1,939		$	1,132		$	807
Provision for credit losses on loans – individually evaluated		(1,874	)		(27	)		(1,847	)
Provision for credit losses on loans		65			1,105			(1,040	)

Provision for unfunded commitments		(171	)		1,388			(1,559	)

Provision for credit losses	$	(106	)	$	2,493		$	(2,599	)

The decrease in the provision for credit losses of $2.6 million was due to net decreases in reserves on individually evaluated loans of $1.8 million and unfunded commitments of $1.6 million, partially offset by an increase in reserves on collectively evaluated loans of $807 thousand which was due primarily to loan growth.

The decrease in reserves on individually evaluated loans was due primarily to two commercial relationships that experienced improvement in their collateral valuation during the period and the decrease in reserves for unfunded commitments resulted primarily by a decrease in off-balance sheet commitments that required a reserve.

Non-Interest Income

Non-interest income for the three months ended December 31, 2024, amounted to $5.6 million, an increase of $69 thousand, or 1%, compared to the three months ended December 31, 2023. The increase was due primarily to increases in wealth management fees, income on bank-owned life insurance and other income, partially offset by a decrease in gains on equity securities.

Non-Interest Expense

Non-interest expense for the three months ended December 31, 2024, amounted to $29.8 million, an increase of $1.6 million, or 6%, compared to the three months ended December 31, 2023. The increase was due primarily to increases in salaries and employee benefits expense of $808 thousand and merger-related expenses of $1.1 million.

Income Taxes

The effective tax rate for the three months ended December 31, 2024, amounted to 25.4%, compared to 30.3% for the three months ended December 31, 2023. The decrease was due primarily to annual book to tax return adjustments in the prior year quarter.

Balance Sheet

Total assets amounted to $4.83 billion at December 31, 2024, compared to $4.47 billion at December 31, 2023, an increase of 8%.

Total investment securities at fair value amounted to $593.6 million at December 31, 2024, compared to $668.2 million at December 31, 2023. The decrease of 11% during the year ended December 31, 2024, was largely attributable to principal pay-downs, calls and maturities. In addition, unrealized losses on debt securities amounted to $101.8 million at December 31, 2024, compared to $102.9 million at December 31, 2023, a decrease of 1%.

Total loans amounted to $3.98 billion at December 31, 2024, compared to $3.57 billion at December 31, 2023. The increase of 12% during the year ended December 31, 2024, was due primarily to increases in commercial real estate and construction loans of $203.1 million and $94.9 million, respectively.

Total deposits amounted to $4.19 billion at December 31, 2024, compared to $3.98 billion at December 31, 2023. The increase of 5% during the year ended December 31, 2024, was due primarily to increases in money market and certificate of deposit balances of $51.5 million and $164.1 million, respectively.

Total borrowed funds amounted to $153.1 million at December 31, 2024, compared to $25.8 million at December 31, 2023. The increase of $127.4 million during the year ended December 31, 2024, the majority of which occurred at the end of December, resulted primarily from an increase in short-term advances used to support strong loan growth. Average borrowed funds during the fourth quarter of 2024 amounted to $37.8 million.

Total shareholders’ equity amounted to $360.7 million at December 31, 2024, compared to $329.1 million at December 31, 2023. The increase of 10% during the year ended December 31, 2024, was due primarily to an increase in retained earnings of $26.9 million.

Credit Quality

Selected credit quality metrics at December 31, 2024, compared to December 31, 2023, were as follows:

The allowance for credit losses (“ACL”) for loans amounted to $63.5 million, or 1.59% of total loans, compared to $59.0 million, or 1.65% of total loans. The decrease in the ACL for loans to total loan ratio was due primarily to a decrease in reserves on individually evaluated loans and a decrease in qualitative factors within our ACL model.
The reserve for unfunded commitments (included in other liabilities) amounted to $4.4 million, compared to $7.1 million. The decrease was driven primarily by a decrease in off-balance sheet commitments that required a reserve.
Non-performing loans amounted to $26.7 million, or 0.67% of total loans, compared to $11.4 million, or 0.32% of total loans. The increase resulted primarily from two individually evaluated commercial construction loans which were placed on non-accrual.

Net charge-offs for the year ended December 31, 2024, amounted to $206 thousand, or 0.01% of average total loans, compared to $105 thousand, or 0.00% of average total loans, for the year ended December 31, 2023.

Wealth Management

Wealth assets under management and administration, which are not carried as assets on the Company’s consolidated balance sheets, amounted to $1.54 billion at December 31, 2024, an increase of $215.8 million, or 16%, compared to December 31, 2023, and resulted primarily from an increase in market values.

About Enterprise Bancorp, Inc.

Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 141 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, the Company offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. The Company’s headquarters and Enterprise Bank’s main office are located at 222 Merrimack Street in Lowell, Massachusetts. The Company’s primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham.

Forward-Looking Statements

This earnings release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “upcoming,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms or expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties, and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, (i) disruption from the proposed merger with Independent; (ii) the risk that the proposed merger with Independent may not be completed in a timely manner or at all; (iii) the occurrence of any event, change, or other circumstances that could give rise to the termination of the proposed merger with Independent, including under circumstances that would require Enterprise to pay a termination fee; (iv) the failure to obtain necessary shareholder or regulatory approvals for the proposed merger with Independent; (v) the ability to successfully integrate the combined business; (vi) the possibility that the amount of the costs, fees, expenses, and charges related to the proposed merger with Independent may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities; (vii) the failure of the conditions to the proposed merger with Independent to be satisfied; (viii) reputational risk and the reaction of the parties’ customers to the proposed merger with Independent; (xi) the risk of potential litigation or regulatory action related to the proposed merger with Independent; (x) the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; (xi) potential recession in the United States and our market areas; (xii) the impacts related to or resulting from uncertainty in the banking industry as a whole; (xiii) increased competition for deposits and related changes in deposit customer behavior; (xiv) the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; (xv) the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; (xvi) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; (xvii) increases in unemployment rates in the United States and our market areas; (xviii) declines in commercial real estate values and prices; (xix) uncertainty regarding United States fiscal debt, deficit and budget matters; (xx) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (xxi) severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; (xxii) competition and market expansion opportunities; (xxiii) changes in non-interest expenditures or in the anticipated benefits of such expenditures; (xxiv) changes in tax laws; (xxv) the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; (xxvi) potential increased costs related to the impacts of climate change; and (xxvii) current or future litigation, regulatory examinations or other legal and/or regulatory actions. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. For more information about these factors, please see our reports filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statements contained in this earnings release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

ENTERPRISE BANCORP, INC.
Consolidated Balance Sheets
(unaudited)

(Dollars in thousands, except per share data)	December 31, 2024			December 31, 2023
Assets
Cash and cash equivalents:
Cash and due from banks	$	42,689		$	37,443
Interest-earning deposits with banks		41,152			19,149
Total cash and cash equivalents		83,841			56,592
Investments:
Debt securities at fair value (amortized cost of $685,766 and $763,981, respectively)		583,930			661,113
Equity securities at fair value		9,665			7,058
Total investment securities at fair value		593,595			668,171
Federal Home Loan Bank stock		7,093			2,402
Loans held for sale		520			200
Loans:
Total loans		3,982,898			3,567,631
Allowance for credit losses		(63,498	)		(58,995	)
Net loans		3,919,400			3,508,636
Premises and equipment, net		42,444			44,931
Lease right-of-use asset		24,126			24,820
Accrued interest receivable		20,553			19,233
Deferred income taxes, net		49,096			49,166
Bank-owned life insurance		67,421			65,455
Prepaid income taxes		2,583			1,589
Prepaid expenses and other assets		11,398			19,183
Goodwill		5,656			5,656
Total assets	$	4,827,726		$	4,466,034
Liabilities and Shareholders‘Equity
Liabilities
Deposits	$	4,187,698		$	3,977,521
Borrowed funds		153,136			25,768
Subordinated debt		59,815			59,498
Lease liability		23,849			24,441
Accrued expenses and other liabilities		33,425			45,011
Accrued interest payable		9,055			4,678
Total liabilities		4,466,978			4,136,917
Commitments and Contingencies
Shareholders‘Equity
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued		—			—
Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,447,308 and 12,272,674 shares issued and outstanding, respectively.		124			123
Additional paid-in capital		111,295			107,377
Retained earnings		328,243			301,380
Accumulated other comprehensive loss		(78,914	)		(79,763	)
Total shareholders’ equity		360,748			329,117
Total liabilities and shareholders’ equity	$	4,827,726		$	4,466,034

ENTERPRISE BANCORP, INC.
Consolidated Statements of Income
(unaudited)

	Three months ended								Year ended
(Dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			December 31, 2023		December 31, 2024			December 31, 2023
Interest and dividend income:
Other interest-earning assets	$	833		$	2,497		$	2,350	$	6,199		$	9,943
Investment securities		3,881			3,835			4,219		15,693			18,575
Loans and loans held for sale		54,528			53,809			46,680		208,378			172,535
Total interest and dividend income		59,242			60,141			53,249		230,270			201,053
Interest expense:
Deposits		19,488			20,581			15,821		76,513			44,389
Borrowed funds		394			674			43		2,426			113
Subordinated debt		867			866			867		3,467			3,467
Total interest expense		20,749			22,121			16,731		82,406			47,969
Net interest income		38,493			38,020			36,518		147,864			153,084
Provision for credit losses		(106	)		1,332			2,493		1,985			9,249
Net interest income after provision for credit losses		38,599			36,688			34,025		145,879			143,835
Non-interest income:
Wealth management fees		2,043			2,025			1,797		7,888			6,730
Deposit and interchange fees		2,240			2,282			2,145		8,875			8,475
Income on bank-owned life insurance, net		522			518			314		2,001			1,264
Net losses on sales of debt securities		—			(2	)		—		(2	)		(2,419	)
Net gains on sales of loans		33			57			—		156			34
Net (losses) gains on equity securities		(30	)		604			674		1,140			666
Other income		808			656			617		2,821			2,859
Total non-interest income		5,616			6,140			5,547		22,879			17,609
Non-interest expense:
Salaries and employee benefits		19,276			20,097			18,468		78,224			72,283
Occupancy and equipment expenses		2,364			2,438			2,283		9,667			9,722
Technology and telecommunications expenses		2,687			2,618			2,719		10,708			10,656
Advertising and public relations expenses		609			559			709		2,585			2,786
Audit, legal and other professional fees		460			569			788		2,474			2,945
Deposit insurance premiums		950			900			768		3,571			2,712
Supplies and postage expenses		242			261			245		980			998
Merger-related expenses		1,137			—			—		1,137			—
Other operating expenses		2,117			1,911			2,244		7,786			8,097
Total non-interest expense		29,842			29,353			28,224		117,132			110,199
Income before income taxes		14,373			13,475			11,348		51,626			51,245
Provision for income taxes		3,646			3,488			3,441		12,893			13,187
Net income	$	10,727		$	9,987		$	7,907	$	38,733		$	38,058

Basic earnings per common share	$	0.86		$	0.80		$	0.64	$	3.13		$	3.11
Diluted earnings per common share	$	0.86		$	0.80		$	0.64	$	3.12		$	3.11

Basic weighted average common shares outstanding		12,433,895			12,428,543			12,261,918		12,386,669			12,223,626
Diluted weighted average common shares outstanding		12,460,063			12,438,160			12,276,769		12,398,062			12,244,036

ENTERPRISE BANCORP, INC.
Selected Consolidated Financial Data and Ratios
(unaudited)

	At or for the three months ended
(Dollars in thousands, except per share data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Balance Sheet Data
Total cash and cash equivalents	$	83,841		$	88,632		$	199,719		$	147,834		$	56,592
Total investment securities at fair value		593,595			631,975			636,838			652,026			668,171
Total loans		3,982,898			3,858,940			3,768,649			3,654,322			3,567,631
Allowance for credit losses		(63,498	)		(63,654	)		(61,999	)		(60,741	)		(58,995	)
Total assets		4,827,726			4,742,809			4,773,681			4,624,015			4,466,034
Total deposits		4,187,698			4,189,461			4,248,801			4,106,119			3,977,521
Borrowed funds		153,136			59,949			61,785			63,246			25,768
Subordinated debt		59,815			59,736			59,657			59,577			59,498
Total shareholders’ equity		360,748			368,109			340,441			333,439			329,117
Total liabilities and shareholders’ equity		4,827,726			4,742,809			4,773,681			4,624,015			4,466,034

Wealth Management
Wealth assets under management	$	1,230,014		$	1,212,076		$	1,129,147		$	1,105,036		$	1,077,761
Wealth assets under administration	$	305,930		$	302,891		$	267,529		$	268,074		$	242,338

Shareholders’ Equity Ratios
Book value per common share	$	28.98		$	29.62		$	27.40		$	26.94		$	26.82
Dividends paid per common share	$	0.24		$	0.24		$	0.24		$	0.24		$	0.23

Regulatory Capital Ratios
Total capital to risk weighted assets		13.06	%		13.07	%		13.07	%		13.20	%		13.12	%
Tier 1 capital to risk weighted assets⁽¹⁾		10.38	%		10.36	%		10.34	%		10.43	%		10.34	%
Tier 1 capital to average assets		8.94	%		8.68	%		8.76	%		8.85	%		8.74	%

Credit Quality Data
Non-performing loans	$	26,687		$	25,946		$	17,731		$	18,527		$	11,414
Non-performing loans to total loans		0.67	%		0.67	%		0.47	%		0.51	%		0.32	%
Non-performing assets to total assets		0.55	%		0.55	%		0.37	%		0.40	%		0.26	%
ACL for loans to total loans		1.59	%		1.65	%		1.65	%		1.66	%		1.65	%
Net charge-offs (recoveries)	$	221		$	(7	)	$	(130	)	$	122		$	15

Income Statement Data
Net interest income	$	38,493		$	38,020		$	36,161		$	35,190		$	36,518
Provision for credit losses		(106	)		1,332			137			622			2,493
Total non-interest income		5,616			6,140			5,628			5,495			5,547
Total non-interest expense		29,842			29,353			29,029			28,908			28,224
Income before income taxes		14,373			13,475			12,623			11,155			11,348
Provision for income taxes		3,646			3,488			3,111			2,648			3,441
Net income	$	10,727		$	9,987		$	9,512		$	8,507		$	7,907

Income Statement Ratios
Diluted earnings per common share	$	0.86		$	0.80		$	0.77		$	0.69		$	0.64
Return on average total assets		0.89	%		0.82	%		0.82	%		0.75	%		0.69	%
Return on average shareholders’ equity		11.82	%		11.20	%		11.55	%		10.47	%		10.21	%
Net interest margin (tax-equivalent)⁽²⁾		3.29	%		3.22	%		3.19	%		3.20	%		3.29	%

(1) Ratio also represents common equity tier 1 capital to risk weighted assets as of the periods presented.
(2) Tax-equivalent net interest margin is net interest income adjusted for the tax-equivalent effect associated with tax-exempt loan and investment income, expressed as a percentage of average interest-earning assets.

ENTERPRISE BANCORP, INC.
Consolidated Loan and Deposit Data
(unaudited)

Major classifications of loans at the dates indicated were as follows:

(Dollars in thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Commercial real estate owner-occupied	$	704,634		$	660,063		$	660,478		$	635,420		$	619,302
Commercial real estate non owner-occupied		1,563,201			1,579,827			1,544,386			1,524,174			1,445,435
Commercial and industrial		479,821			415,642			426,976			417,604			430,749
Commercial construction		679,969			674,434			622,094			583,711			585,113
Total commercial loans		3,427,625			3,329,966			3,253,934			3,160,909			3,080,599

Residential mortgages		443,096			424,030			413,323			400,093			393,142
Home equity loans and lines		103,858			95,982			93,220			85,144			85,375
Consumer		8,319			8,962			8,172			8,176			8,515
Total retail loans		555,273			528,974			514,715			493,413			487,032
Total loans		3,982,898			3,858,940			3,768,649			3,654,322			3,567,631

ACL for loans		(63,498	)		(63,654	)		(61,999	)		(60,741	)		(58,995	)
Net loans	$	3,919,400		$	3,795,286		$	3,706,650		$	3,593,581		$	3,508,636

Deposits are summarized at the periods indicated were as follows:

(Dollars in thousands)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Non-interest checking	$	1,077,998	$	1,064,424	$	1,041,771	$	1,038,887	$	1,061,009
Interest-bearing checking		699,671		682,050		788,822		730,819		697,632
Savings		270,367		279,824		294,566		285,090		294,865
Money market		1,454,443		1,488,437		1,504,551		1,469,181		1,402,939
CDs $250,000 or less		377,958		375,055		358,149		337,367		295,789
CDs greater than $250,000		307,261		299,671		260,942		244,775		225,287
Deposits	$	4,187,698	$	4,189,461	$	4,248,801	$	4,106,119	$	3,977,521

ENTERPRISE BANCORP, INC.
Consolidated Average Balance Sheets and Yields (tax-equivalent basis)
(unaudited)

The following table presents the Company’s average balance sheets, net interest income and average rates for the periods indicated:

	Three months ended December 31, 2024						Three months ended September 30, 2024						Three months ended December 31, 2023
(Dollars in thousands)	Average Balance		Interest⁽¹⁾		Average Yield⁽¹⁾		Average Balance		Interest⁽¹⁾		Average Yield⁽¹⁾		Average Balance		Interest⁽¹⁾		Average Yield⁽¹⁾
Assets:
Other interest-earning assets⁽²⁾	$	68,224	$	833	4.85	%	$	181,465	$	2,497	5.48	%	$	172,167	$	2,350	5.42	%
Investment securities⁽³⁾(tax-equivalent)		704,629		3,985	2.26	%		731,815		3,945	2.16	%		799,093		4,345	2.17	%
Loans and loans held for sale⁽⁴⁾(tax-equivalent)		3,911,386		54,673	5.56	%		3,813,800		53,956	5.63	%		3,467,945		46,824	5.36	%
Total interest-earnings assets (tax-equivalent)		4,684,239		59,491	5.06	%		4,727,080		60,398	5.09	%		4,439,205		53,519	4.79	%
Other assets		101,952						104,284						78,102
Total assets	$	4,786,191					$	4,831,364					$	4,517,307

Liabilities and stockholders’ equity:
Non-interest checking	$	1,106,823		—			$	1,069,130		—			$	1,145,254	$	—
Interest checking, savings and money market		2,471,854		11,728	1.89	%		2,574,439		13,017	2.01	%		2,437,142		10,786	1.76	%
CDs		683,248		7,760	4.52	%		651,614		7,564	4.62	%		500,286		5,035	3.99	%
Total deposits		4,261,925		19,488	1.82	%		4,295,183		20,581	1.91	%		4,082,682		15,821	1.54	%
Borrowed funds		37,812		394	4.15	%		61,232		674	4.38	%		7,572		43	2.24	%
Subordinated debt⁽⁵⁾		59,768		867	5.80	%		59,689		866	5.81	%		59,451		867	5.83	%
Total funding liabilities		4,359,505		20,749	1.89	%		4,416,104		22,121	1.99	%		4,149,705		16,731	1.60	%
Other liabilities		65,720						60,524						60,376
Total liabilities		4,425,225						4,476,628						4,210,081
Stockholders’ equity		360,966						354,736						307,226
Total liabilities and stockholders’ equity	$	4,786,191					$	4,831,364					$	4,517,307

Net interest-rate spread (tax-equivalent)					3.17	%					3.10	%					3.19	%
Net interest income (tax-equivalent)				38,742						38,277						36,788
Net interest margin (tax-equivalent)					3.29	%					3.22	%					3.29	%
Less tax-equivalent adjustment				249						257						270
Net interest income			$	38,493					$	38,020					$	36,518
Net interest margin					3.27	%					3.20	%					3.27	%

(1) Average yields and interest income are presented on a tax-equivalent basis, calculated using a U.S. federal income tax rate of 21% for each period presented, based on tax-equivalent adjustments associated with tax-exempt loans and investments interest income.
(2) Average other interest-earning assets include interest-earning deposits with banks, federal funds sold and Federal Home Loan Bank stock.
(3) Average investment securities are presented at average amortized cost.
(4) Average loans and loans held for sale are presented at average amortized cost and include non-accrual loans.
(5) Subordinated debt is net of average deferred debt issuance costs.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Independent and Enterprise, the expected timing of completion of the proposed transaction, and other statements that are not historical facts. Such statements reflect the current views of Independent Bank Corp. (“Independent”) and Enterprise Bancorp, Inc. (“Enterprise”) with respect to future events and financial performance, and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs, expectations, plans, predictions, forecasts, objectives, assumptions or future events or performance, are forward-looking statements. Forward-looking statements often, but not always, may be identified by words such as expect, anticipate, believe, intend, potential, estimate, plan, target, goal, or similar words or expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Independent and Enterprise caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Independent’s and Enterprise’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: (1) changes in general economic, political, or industry conditions; (2) uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; (3) volatility and disruptions in global capital and credit markets; (4) movements in interest rates; (5) the resurgence of elevated levels of inflation or inflationary pressures in the United States and the Enterprise and Independent market areas; (6) increased competition in the markets of Independent and Enterprise; (7) success, impact, and timing of business strategies of Independent and Enterprise; (8) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; (9) the expected impact of the proposed transaction between Enterprise and Independent on the combined entities’ operations, financial condition, and financial results; (10) the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); (11) the failure to obtain Enterprise shareholder approval or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all or other delays in completing the proposed transaction; (12) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (13) the outcome of any legal proceedings that may be instituted against Independent or Enterprise; (14) the possibility that the anticipated benefits of the proposed transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Independent and Enterprise do business; (15) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (16) diversion of management’s attention from ongoing business operations and opportunities; (17) potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (18) the dilution caused by Independent’s issuance of additional shares of its capital stock in connection with the proposed transaction; (19) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and (20) other factors that may affect the future results of Independent and Enterprise.

Additional factors that could cause results to differ materially from those described above can be found in Independent’s Annual Report on Form 10-K for the year ended December 31, 2023 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of such reports, as well as in subsequent SEC filings, each of which is on file with the U.S. Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Independent’s website, www.rocklandtrust.com, under the heading “SEC Filings” and in other documents Independent files with the SEC, and in Enterprise’s Annual Report on Form 10-K for the year ended December 31, 2023 and in its subsequent Quarterly Reports on Form 10-Q, including in the respective “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of such reports, as well as in subsequent SEC filings, each of which is on file with and available in the “Investor Relations” section of Enterprise’s website, enterprisebancorp.q4ir.com, under the heading “SEC Filings” and in other documents Enterprise files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Independent nor Enterprise assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. All forward-looking statements, express or implied, included in the document are qualified in their entirety by this cautionary statement.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This communication is being made with respect to the proposed transaction involving Independent and Enterprise. This material is not a solicitation of any vote or approval of the Enterprise shareholders and is not a substitute for the proxy statement/prospectus or any other documents that Independent and Enterprise may send to their respective shareholders in connection with the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

In connection with the proposed transaction between Independent and Enterprise, Independent has filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that includes a proxy statement for a special meeting of Enterprise’s shareholders to approve the proposed transaction and that also constitutes a prospectus for the Independent common stock that will be issued in the proposed transaction, as well as other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS AND SHAREHOLDERS OF INDEPENDENT AND ENTERPRISE ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Enterprise will mail the proxy statement/prospectus to its shareholders. Shareholders are also urged to carefully review and consider Independent’s and Enterprise’s public filings with the SEC, including, but not limited to, their respective proxy statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of the Registration Statement and of the proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about Independent and Enterprise, can be obtained, free of charge, as they become available at the SEC’s website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Independent Investor Relations, 288 Union Street, Rockland, Massachusetts 02370, telephone (774) 363-9872 or to Enterprise Bancorp, Inc., 222 Merrimack Street, Lowell, MA 01852, Attention: Corporate Secretary, telephone (978) 656-5578.

PARTICIPANTS IN THE SOLICITATION

Independent, Enterprise, and certain of their respective directors, executive officers and employees may, under the SEC’s rules, be deemed to be participants in the solicitation of proxies from the shareholders of Enterprise in connection with the proposed transaction. Information regarding Independent’s directors and executive officers is available in its definitive proxy statement relating to its 2024 Annual Meeting of Shareholders, which was filed with the SEC on March 28, 2024, and its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 28, 2024, and other documents filed by Independent with the SEC. Information regarding Enterprise’s directors and executive officers is available in its definitive proxy statement relating to its 2024 Annual Meeting of Shareholders, which was filed with the SEC on April 3, 2024, and its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 8, 2024 and other documents filed by Enterprise with the SEC. Other information regarding the persons who may, under the SEC’s rules, be deemed to be participants in the proxy solicitation of Enterprise’s shareholders in connection with the proposed transaction, and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus regarding the proposed transaction and other relevant materials filed with the SEC when they become available, which may be obtained free of charge as described in the preceding paragraph.

Contact Info: Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578

The MIL Network –

January 29, 2025

MIL-OSI: BlackLine Announces Date for Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Jan. 28, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL) announced today that it will release financial results for the fourth quarter and full year ended December 31, 2024 after market close on Tuesday, February 11, 2025 followed by a conference call hosted by management at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast and replay will be accessible on BlackLine’s investor relations website at https://investors.blackline.com/. To access the conference call by phone, please register here, and dial-in details will be provided. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

About BlackLine

BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

For more information, please visit blackline.com.

Investor Relations Contact:
Matt Humphries, CFA
matt.humphries@blackline.com

The MIL Network –

January 29, 2025

MIL-OSI USA: Idaho Congressional Delegation Introduces Legislation to Protect Access to Local Post Offices

US Senate News:

Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–At a time when the United States Postal Service (USPS) is under strain due to a lack of carriers and supply shortages, Idaho communities have reported struggles in conveying needs to the USPS and have experienced sudden and surprising post office closures. U.S. Senators Mike Crapo and Jim Risch and Representatives Russ Fulcher and Mike Simpson (all R-Idaho) introduced legislation in both the U.S. Senate and House of Representatives to improve access to local USPS post offices. The Mandating Advisable and Informed Locations and Solutions (MAILS) Act would require more community input before relocating a post office as well as encourage recommendations from municipalities to request additional post offices.
“Post offices remain a valued part of our communities and a respected means of sending goods and messages,” said Crapo. “The communities, especially rural towns across Idaho, that rely on local post offices must continue to have access to prompt, reliable and efficient service responsive to their needs.”
“Many communities in Idaho lack access or have waited years for a physical post office,” said Risch. “The MAILS Act ensures USPS considers the needs of Idahoans who rely on the postal service when they apply for new postal facilities.”
“Idahoans understand all too well how the closure of local post offices can create significant hardships for both residents and businesses,” said Fulcher. “Whether it’s to receive medications, business documents, or to stay connected with loved ones, millions depend on reliable and accessible mail delivery—regardless of how rural their neighborhood is. That is why I introduced the MAILS Act alongside my Idaho congressional colleagues to ensure community voices are considered before changes are made to the postal system and to provide a pathway for local governments to advocate for the services their residents need.”
“As Idaho’s population continues to grow, it’s essential that public services keep up with the demand,” said Simpson. “The MAILS Act creates a significant opportunity for community members to have their voices heard regarding local postal service needs. I’m proud to cosponsor this legislation, which will enhance the efficiency and transparency of the United States Postal Service, ensuring it better serves the people who rely on it every day.”
U.S. Senator Brian Schatz (D-Hawaii) is also a co-sponsor in the Senate.
“In Hawai‘i, where many residents live in rural or remote areas, the Postal Service is a lifeline for everything from essential goods to staying connected with loved ones,” said Schatz. “Our bill ensures that people in Hawai‘i and across the country have a voice in decisions about keeping post offices in their communities.”
The Idaho Congressional Delegation has been active in working with a number of Idaho communities and the Postal Service to resolve issues with access to postal operations. The City of Meridian is requesting USPS establish a new post office in the city, but USPS could not delineate the process for requesting a new post office. Likewise, Idaho communities in Deary and Viola were notified local post offices were closing without community input, creating difficulties and inconveniences for residents and businesses traveling long distances to obtain mail, some including needed medications.
Text of the bill is available here.

MIL OSI USA News –

January 29, 2025

MIL-OSI New Zealand: Kauri dieback: clean bill of health for Hūnua Ranges

Source: Auckland Council

A Te Ngāherehere o Kohukohunui / Hūnua Ranges Kauri Population Health Monitoring Survey just published, has revealed no detectable signs of kauri dieback (P. agathidicida) in the Hūnua Ranges.

The health monitoring survey, the first for the Hūnua Ranges, was carried out between March and November 2023. It was designed to establish the health of kauri, including whether the pathogen might be present in the ranges and collected comprehensive data on 561 kauri trees.

The survey was a collaborative effort between Auckland Council, the Department of Conservation, and ngā iwi mana whenua o Te Ngāherehere o Kohukohunui – Ngāi Tai ki Tāmaki, Ngāti Tamaoho, Ngāti Whanaunga, and Ngāti Tamaterā.

Results indicate a robustly healthy kauri population, with over 95 per cent of trees surveyed in excellent health – a much higher rate than the 55 per cent of sites observed in the 2021 Waitākere survey.

Furthermore, over 92 per cent of surveyed sites showed the presence of healthy seedlings or saplings, indicating strong regeneration and a healthy ecosystem. Importantly, the survey found no evidence of kauri dieback within the study area.

Chair of the Policy and Planning Committee Councillor Richard Hills says Auckland Council has made significant investment into both kauri protection and surveillance since 2018 and the report shows these efforts are paying off.

“The kauri dieback pathogen has been detected in most regions where kauri grows in New Zealand, so to have 97 to 99.9 per cent confidence the Hūnua Ranges area is dieback free, is remarkable,” says Councillor Hills.

“As a popular destination, recreational activity in the Hūnua Ranges is high and the results demonstrate the importance the community places on protecting this special area and supporting the council in its efforts to keep kauri healthy and thriving.

“The assurance this report affords us is critical for ongoing forest management and underscores the necessity for proactive conservation efforts and community engagement to preserve the health of the Hūnua Ranges and all of our precious forests.”

Auckland Council’s Principal Biosecurity Advisor, Dr Sarah Killick says protecting kauri from the threat of dieback is paramount to ensuring the specie’s survival.

“The findings of this survey provide a baseline for monitoring kauri health and will guide future prevention strategies to safeguard this precious ecosystem.”

The survey’s risk assessment highlighted areas most vulnerable to pathogen introduction.

A similar survey in the Waitākere Ranges in 2022 indicated kauri dieback was strongly associated with historical and recent soil disturbances. In areas where it occurred, kauri appeared to be more prone to poor health and vulnerable to disease.

Evidence indicates soil and forest disturbances are introduction pathways for kauri dieback, emphasising the importance of preventing soil movement as key to protecting the health of this forest.

Enhanced AI and machine learning tools have helped map kauri, building on the successes of similar efforts in the Waitākere Ranges.

Dr Killick says ongoing monitoring will be critical to track changes in kauri health over time, considering factors such as land use, environmental management, and climate change.

The survey will continue to be carried out every five years.

Read the 2023 Hūnua Ranges Kauri Population Health Monitoring Report here

MIL OSI New Zealand News –

January 29, 2025

MIL-OSI Australia: Doorstop – Jerrabomberra

Source: Australian Ministers for Education

KRISTY McBAIN, MINISTER FOR REGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: It’s a pleasure today to welcome Minister Jason Clare to Goodstart Jerrabomberra where 90 places a day are filled, and we have a wait list. Jerrabomberra is the heart of the Queanbeyan region, it’s fast growing, and this childcare centre is one of many that have benefitted from the Albanese Labor Government’s Cheaper Childcare plan.

We know families right across our region have benefitted from this, and it’s so great to be able to introduce Minister Clare to the wonderful staff here, the wonderful centre manager and State manager and the wonderful kids that come here each and every day to enjoy this beautiful centre.

JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, Kristy. It’s absolutely fantastic to be with you here at Jerrabomberra at the Goodstart Centre here. You are an absolutely fantastic Member of Parliament, and we are so lucky to have as part of the Albanese Labor Government and this community is lucky to have you as their Labor Member.

When we were elected two and a half years ago, childcare costs had sky rocketed, childcare costs under the Liberals went up by 49 per cent over just under a decade, and that was double the OECD average.

We’ve cut the cost of childcare now for more than a million Australian families. In the first 15 months of our Cheaper Childcare laws this has meant that for an average family on about 120 grand a year combined income with one child in early education or care saved them about 2,700 bucks, and that’s real money that’s making a real difference for families right across the country.

And when we were elected two and a half years ago childcare workers were leaving the sector in droves, that’s the truth of it, and we’re now starting to see that turn around. Data that’s been released today shows that vacancy rates in the childcare sector are down 22 per cent, and at Goodstart, where we are today, all of their centres across the country, we’re seeing job applications now jump by 35 per cent, and expressions of interest jump by 50 to 60 per cent. Vacancy rates at Goodstart Centres are down by a massive 28 per cent.

So that’s fantastic news. It shows that when you pay people more, more people want to do the job, and there aren’t many jobs that are more important than the work that our early educators do, getting young people ready for school.

If we win the next election, the next big thing that we need to do is build more centres where they don’t exist at the moment and help to make sure that more young people get the chance that the children we’ve met here today get, help young people who can’t get into early education and care now, either because there’s no centre in their town, or because they can’t get access to the subsidy through no fault of their own.

And that’s why if we win the next election, we’ll set up a $1 billion fund to build more centres in the outer suburbs and in the regions where they don’t exist at the moment, and implement a three day guarantee, to guarantee that every child who needs it will get access to three days a week of government supported early education and care.

Why? To make sure that more children are ready to start school, because the evidence is, that if children spend more time in early education and care in centres like this, they’re more likely to start school ready to learn.

And just while talking about school, last week the Prime Minister announced that South Australia and Victoria have become the fifth and sixth States to sign up to our public school funding and reform agreement, the Better and Fairer Schools Agreement, that’s along with WA, Tassie, ACT, the Northern Territory and of course now South Australia and Victoria.

On the weekend, teachers backed this agreement, on the weekend principals backed this agreement, and now today the Business Council of Australia backed this agreement. This is real funding, to fix the funding of our public schools, and it’s not a blank cheque, it’s tied to real reform; things like phonics checks in Year 1 and numeracy checks in Year 1 to identify children who might already be falling behind, and then using that funding to make sure that children who do fall behind catch up early, because we know that children who catch up early are more likely to go on and finish high school.

So, it’s backed by teachers, backed by principals, backed by the business community. The only people that are against it are Peter Dutton and the Liberal Party, they’re against cutting the cost of childcare for Australian parents, they’re against pay rises for childcare workers, they’re against building more childcare centres where they don’t exist, and they’re against fixing the funding of our public schools and tying that funding to evidence based teaching and real reform to help more young children to catch up, keep up and finish high school.

Happy to take some questions.

JOURNALIST: When do you expect that Queensland and New South Wales will sign on to that school agreement?

CLARE: I won’t give you a date, but negotiations are going well.

JOURNALIST: Fresh polling is showing that it’s really tight. Are your cost-of-living measures cutting through with the voters?

CLARE: We know that Australians are doing it tough, a lot of Australians are doing it tough, that’s why creating a million jobs is really important, that’s why cutting inflation by more than half is really important, that’s why boosting real wages is really important as well.

We’re making progress, there’s more work to do, but the evidence that came out on the weekend shows that if Peter Dutton had been the Prime Minister of Australia for the last 12 months, Australian families would be over $7,000 worse off.

Why? Well, because he was against the tax cuts that delivered a lot of support for Australian families, he’s against cheaper childcare, he’s against cutting the cost of medicine, he’s against lifting real wages, he’s against cutting the cost of people’s energy bills through that $300 rebate, and when you add all that up, it means that Aussie families would be thousands and thousands of dollars, $7,200, worse off under Peter Dutton.

JOURNALIST: On the School Agreement, so New South Wales and Queensland you would assume are trying to get more than 25 per cent. Are you open to that?

CLARE: Don’t assume that. But I’m not going to negotiate through the media. What’s important here is that we fix the funding of our public schools, and we tie that to the sort of reforms that are going to help make sure that more kids that fall behind can catch up and keep up and finish high school.

Private schools, non government schools are funded at the level that David Gonski said they should be at, public schools aren’t, and this agreement is about fixing that, but also tying that to real targets and real reforms.

The current agreement doesn’t do that. There aren’t any real targets, there aren’t any real reforms. I want to make sure that we fix the funding of our schools and tie it to the sort of reforms that we know work. I want this money to get results.

At the moment in public schools, over the course of say, you know, the last eight years or so, we’ve seen the percentage of kids finishing high school drop from 83 per cent to 73 per cent. Just think about that for a second. That’s happening at a time where it’s more important to finish school than it was when we were little.

We’ve got to turn that around if we’re going to make sure that more people get a chance to go to TAFE and university and get the jobs that are being created today. That’s why this funding is important, but that’s why the reforms that it’s linked to are just as important.

JOURNALIST: The States that signed on to it earlier, are they now pushing for 25 per cent as well, and will you grant that?

CLARE: I’ve already spoken to those States, and we will offer to them the same deal, which is we’ll lift our offer from 20 to 25 if they get rid of that 4 per cent which is usually aligned to things like capital depreciation costs. So, we’re having great conversations with states like WA and Tassie.

JOURNALIST: Is there a willingness though to go above 25 per cent for the two states that have paid off, and then does that open up the chance for increased funding for other states?

CLARE: No. That’s why when I answered your previous question, I said don’t assume that the States are asking for more than 25 per cent. What the states have been asking for, for the last 12 months is that we increase our offer from 20 to 25 per cent, and we said, “Yeah, we’ll do that, but we need you to chip in as well”.

It’s always been my view that the Commonwealth’s got to chip in and the states have to chip in as well. That’s why we’re saying to the states, if we can lift our funding from 20 to 25 per cent, let’s get rid of that other 4 per cent, which is used for things like capital depreciation that don’t actually go to real funding for schools at the moment.

JOURNALIST: Is the absolute cap 25?

CLARE: Well, again, I’m not going to go into the details of the conversation, but we’re not talking beyond 25.

JOURNALIST: How exactly are you going to address high rates of absenteeism due to bullying or mental health issues, do you actually have a stepped plan in place for the next school year?

CLARE: Yep. This is a complicated thing. There is absolutely no place for bullying in our schools. That’s why the work that we’re doing in putting together a National Bullying Action Plan with the states is so critical, so important; that’s why getting rid of mobile phones in schools is so important; that’s why the ban on access to social media for young people under the age of 16 is so important as well.

We know fundamentally that children are less likely to be at school if they’re suffering from bullying or they’re suffering from mental health challenges. And young people with mental health challenges, by the time they’re in Year 9 are about a year and a half to two years behind the rest of the class, and less likely to finish school.

And so the sort of things that we want to tie this funding to are early intervention when children are young at primary school to make sure that they keep up and catch up, but also more investment in things like mental health workers and paediatric nursing support in our schools.

That investment in health is not just about health, it has real education outcomes as well.

JOURNALIST: Donald Trump overnight said that sorry, a couple of days ago said that he proposed “cleaning” unquote “cleaning out Gaza and resettling Palestinians”. What is the Government’s response to that?

CLARE: The Government’s position for a very, very long time, I think since December of 2023, has been to call for a ceasefire in Gaza, and we’re glad that that has finally happened. We want to see an end to the killing in the Middle East, we want to see trucks come in with food and with medicine and with aid. We want to see the hostages returned.

JOURNALIST: And what about resettling Palestinians though? What is your response directly to that suggestion that they should be moved to Jordan or Egypt?

CLARE: The position of the Australian Government, which I think is still the position of the Opposition as well is that we believe in a two-state solution, two countries living side by side, two peoples living side by side in two nations where people can live in safety and security without having to go through checkpoints or fear that their lives will be taken from them the next day.

JOURNALIST: Just on that language though, you know, “cleaning out”, do you think that’s triggering language or insensitive language?

CLARE: Repeating my previous answer, we want two peoples able to be live side by side in safety and security.

JOURNALIST: Do you have a set price tag on the number of those professional healthcare workers you want in schools?

CLARE: No, there’s no set number, but this investment in South Australia’s an extra billion dollars over the next 10 years, in Victoria it’s an extra two and a half billion dollars over the next 10 years.

The agreements that we’re striking with the states are all going to be slightly different depending on the needs in those states, but it’s designed to invest in real practical reforms that we know are going to get the results that we need.

Just to add to what we’re talking about here, we’re talking about fixing the funding of our public schools. Now one in 10 children at the moment, when they sit for their NAPLAN tests in third grade, are identified as being below the national average, so one in 10 sorry, below the national minimum standard, so one in 10. But amongst children from poor families, from really disadvantaged backgrounds, it’s one in three, and most of those children go to public schools.

So our public schools are the places that do the real heavy lifting where the challenge is three times as big, and they’re the ones that were underfunded at the moment. We want to fix that funding and tie that funding to help those children to catch up and keep up and finish high school.

JOURNALIST: On that pay rise for early educators, do you know how many centres have used that as an excuse to immediately increase their fees by 4.4 per cent?

CLARE: Here’s the thing, they can’t, because a condition of getting the funding for the pay rise is they can’t increase their fees by more than 4 per cent.

JOURNALIST: Yeah. That’s why I’m asking how many have increased their fees to that 4.4?

CLARE: I suspect that most centres will increase their fees somewhere between zero and up to that 4 per cent over the next 12 months. The key thing is they can’t go beyond that, and that’s a big part of this deal. Number one, we want to make sure that the money goes to the worker, not the centre, and number two, in order to get that funding, they cannot increase their fees by more than 4 per cent.

JOURNALIST: Do you know how many though have hit that cap?

CLARE: It’s too early to give you that number.

JOURNALIST: This billion-dollar strategy for outer suburbs and regional areas, do you have any hotspots, any, you know, regional areas that you’re concerned about that don’t have enough facilities?

CLARE: You can look at data that shows where there are what’s called sometimes “childcare deserts” right across the country. This fund is designed to help to make sure that we build centres where they’re needed most, and in particular, if you look at the Productivity Commission report released last year it talks to this, it’s the outer suburbs, and it’s in Regional Australia.

Just talking to the team at Goodstart here is the only childcare centre in Jerra that provides full service from six week old children right through to four year olds.

JOURNALIST: I did just want to ask you about – there was evidence at a Parliamentary Committee last week about an online meeting of ANU to delete the Nazi salute. The investigation to my understanding is that they found that that wasn’t the case. What else do you think was happening there?

CLARE: I make the general point, whether it’s at ANU or whether it’s at QUT that there is absolutely no place for the poison of antisemitism in our universities or anywhere in this country or anywhere in the world.

There is a commemoration that’s just happened of the 80th Anniversary of the Holocaust and Auschwitz. You know, in the lifetime of our grandparents we’ve all seen the true terror of what antisemitism can wreak and there is no place for it, and that’s why I’ve made it very clear to every university leader in the country that they must enforce their Codes of Conduct, and that includes saying that directly to the Vice Chancellor of QUT.

JOURNALIST: Do you believe though that it was appropriate that an ANU student who went on radio said that terrorist designated organisation, Hamas [indistinct] unconditional support was able to overturn her expulsion on appeal. You’ve just spoken about the poison of antisemitism; we have a growing issue in Australia. Is that an appropriate thing to do?

CLARE: No.

JOURNALIST: Are we any closer to a governance review what’s the latest with the university governance review?

CLARE: Yeah, last week we announced the members of the panel that will be responsible for implementing that review.

JOURNALIST: Are you confident with the members of that panel?

CLARE: I am.

JOURNALIST: And then I might just Ms McBain something if that’s okay.

CLARE: Sure.

JOURNALIST: [Indistinct] would like to see councils auctioning off properties. What do you think of this decision?

McBAIN: Look, every Council has the opportunity to take action when someone doesn’t pay rates for a period of time. My understanding, and it was a unanimous decision of Queanbeyan-Palerang Council to take this route, is that these rates have been unpaid for more than five years. A lot of those properties that attempted to make contact by door knocking them, letter boxing them, serving them, there’s been no contact made with any of those individuals for a variety of reasons. It is an avenue open to them, but as I said, it’s a unanimous decision of Queanbeyan-Palerang Council to take this action, which I’m sure that hasn’t been done lightly either.

JOURNALIST: Are you concerned about the financial stability of councils if they are having to resort to methods like this just to try and stay out of debt?

McBAIN: Look, I think when you look at it, it’s about a million dollars in unpaid rates that they are going to attempt to recruit through auction. I don’t think this goes anywhere near dealing with some of the ongoing issues that councils have, but what we’ve done since we’ve been in government, you know, there’s been more collaboration with local councils than in any time before that.

I’ve personally met with over 250 councils either in their communities or in Canberra or at a Local Government Association conference. We have doubled Roads to Recovery funding and that means regional councils across the country have now more money than ever before to deal with road issues.

Across Eden Monaro that’s $26.3 million extra for our local councils resulting in over $65 million for roads alone. We’ve increased road black spot funding, we’ve created the new safer local road and infrastructure program, $200 million a year, you know, we’ve been really putting our shoulder to the wheel making a difference for local councils, and just last week I was able to announce $27.2 million for Marulan Sewer Treatment Plant, you know, which is something that Council had called from but hadn’t been supported in getting.

So, the Albanese Government takes seriously the priorities of local councils and local communities and we’ve been delivering for all of them.

JOURNALIST: Thank you.

MIL OSI News –

January 29, 2025

MIL-OSI: Heartland BancCorp Earns $5.7 Million, or $2.63 Per Diluted Share, in the Fourth Quarter of 2024, and a Record $20.3 Million, or $9.75 Per Diluted Share, for the Year

Source: GlobeNewswire (MIL-OSI)

WHITEHALL, Ohio, Jan. 28, 2025 (GLOBE NEWSWIRE) — Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN), parent company of Heartland Bank (“Bank”), today reported net income increased 7.2% to $5.7 million, or $2.63 per diluted share, in the fourth quarter of 2024, compared to $5.3 million, or $2.61 per diluted share, in the fourth quarter of 2023, and increased 28.0% compared to $4.4 million, or $2.12 per diluted share, in the preceding quarter. For the year 2024, net income increased 3.8% to a record $20.3 million, or $9.75 per diluted share, compared to $19.5 million, or $9.62 per diluted share, in 2023.

On July 29, 2024, Heartland announced that it had entered into a definitive merger agreement with German American Bancorp (“German American”). Upon completion of the transaction, Heartland’s subsidiary bank, Heartland Bank, will be merged into German American’s subsidiary bank, German American Bank, and operate under a co-branded name within the Ohio markets.

With the shareholders of Heartland and German American having each approved the Merger at special meetings held on November 19, 2024, Heartland and German American anticipate that the Merger will become effective as of February 1, 2025, subject to satisfaction of certain customary closing conditions contained in the Merger Agreement.

“Heartland produced strong net income for the fourth quarter, and record net income for the year, as we continue to deliver value to our clients and expand our market outreach,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Our record earnings in 2024 were fueled by moderate loan growth and strong deposit growth generated in our Columbus and Greater Cincinnati market footprint, and our future growth opportunities will only be enhanced by our pending merger with German American. This strategic partnership allows us to partner with another like-minded, larger community bank that enables us to continue our strong brand and growth trajectory within the markets we serve. Strategically and culturally, Heartland and German American are exceptionally well-aligned with a strong commitment to the community banking business model. That model is centered on delivering an exceptional customer experience and the willingness to invest in local communities that Ohio has come to know and love from Heartland. I would like to thank our dedicated team of associates for all they do to support our loyal clients and communities as we look forward to continued success in 2025.”

Fourth Quarter 2024 Financial Highlights (at or for the three months ended December 31, 2024)

Net income was $5.7 million, or $2.63 per diluted share, compared to $5.3 million, or $2.61 per diluted share, in the fourth quarter of 2023.
Heartland recorded no provision for credit losses during the fourth quarter of 2024, compared to $550,000 for the fourth quarter a year ago.
Net interest margin was 3.19%, compared to 3.27% in the preceding quarter and 3.49% in the fourth quarter a year ago.
Fourth quarter revenues (net interest income plus noninterest income) were $18.5 million, compared to $18.6 million in the fourth quarter a year ago.
Annualized return on average assets was 1.14%, compared to 1.13% in the fourth quarter of 2023.
Annualized return on average tangible common equity was 13.90%, compared to 15.05% in the fourth quarter a year ago.
Net loans increased $5.6 million during the quarter to $1.54 billion at December 31, 2024, compared to three months earlier.
Demand deposits increased 2.8% during the quarter to $443.8 million, compared to $431.6 million three months earlier.
Credit quality remains strong with nonperforming loans to gross loans of 0.54% and nonperforming assets to total assets of 0.43% at December 31, 2024.
Tangible book value was $80.02 per share at December 31, 2024, compared to $74.23 per share a year ago.
Paid a quarterly cash dividend of $0.759 per share on December 30, 2024.

2024 Full Year Financial Highlights (at or for the twelve months ended December 31, 2024)

Net income for 2024 increased 3.8% to a record $20.3 million, compared to $19.5 million in 2023.
Net interest margin was 3.28% for the year, compared to 3.62% for 2023.
Annualized return on average assets was 1.06% for 2024, compared to 1.09% for 2023.
Annualized return on average tangible equity was 13.02% for 2024, compared to 14.15% for 2023.
Net loans increased $10.2 million year-over-year to $1.54 billion, compared to $1.53 billion a year ago.
Total deposits increased $108.1 million, or 6.6%, to $1.75 billion, compared to $1.64 billion a year ago.

Balance Sheet Review
Assets
Total assets increased 4.7% to $1.97 billion at December 31, 2024, compared to $1.88 billion a year earlier, and increased 1.6% compared to three months earlier. Heartland’s loan-to-deposit ratio was 88.0% at December 31, 2024, compared to 90.0% at September 30, 2024, and 93.2% at December 31, 2023.

Securities increased 5.3% to $222.4 million at December 31, 2024, compared to $211.1 million a year earlier, and decreased 3.3% compared to $229.9 million three months earlier. Securities comprise 11.3% of total assets at December 31, 2024, compared to 11.8% three months earlier and 11.2% a year ago.

Average earning assets increased to $1.87 billion in the fourth quarter of 2024, compared to $1.82 billion in the third quarter of 2024, and $1.75 billion in the fourth quarter of 2023. The average yield on interest-earning assets was 5.82% in the fourth quarter of 2024, down 13 basis points from 5.95% in the preceding quarter, and up 11 basis points from 5.71% in the fourth quarter a year ago.

Loan Portfolio
“Loan growth was muted during the fourth quarter, as we remain disciplined with new loan pricing amid stiff competition in our markets,” said Ben Babcanec, EVP and Chief Operating Officer.

Net loans totaled $1.54 billion at December 31, 2024, and increased modestly compared to $1.53 billion at September 30, 2024, and $1.52 billion at December 31, 2023. Commercial loans increased 7.8% from year ago levels to $186.2 million and comprise 11.9% of the total loan portfolio at December 31, 2024. Owner occupied commercial real estate loans (CRE) decreased 7.5% to $273.8 million at December 31, 2024, compared to a year ago, and comprise 17.6% of the total loan portfolio. Nonowner occupied CRE loans increased modestly to $503.2 million, compared to a year ago, and comprise 32.3% of the total loan portfolio at December 31, 2024. 1-4 family residential real estate loans increased 1.0% from year-ago levels to $513.2 million and represent 32.9% of total loans. Home equity loans increased 25.9% from year-ago levels to $65.1 million and represent 4.2% of total loans, while consumer loans decreased 5.6% from year-ago levels to $17.9 million and represent 1.1% of the total loan portfolio at December 31, 2024.

Deposits
Total deposits were $1.75 billion at December 31, 2024, a $45.0 million, or 2.6% increase, compared to $1.71 billion at September 30, 2024, and a $108.1 million, or 6.6% increase, compared to $1.64 billion at December 31, 2023. “Average deposits increased $61.6 million, or 3.6%, to $1.75 billion in the fourth quarter of 2024 compared to the preceding quarter, with good growth in all deposit categories,” said Babcanec.

At December 31, 2024, noninterest bearing demand deposit accounts decreased 9.0% compared to a year ago and represent 25.3% of total deposits; savings, NOW and money market accounts remained relatively unchanged compared to a year ago and represent 40.7% of total deposits; and CDs increased 33.8% compared to a year ago and comprise 33.9% of total deposits. The average cost of deposits was 2.73% in the fourth quarter of 2024, compared to 2.75% in the third quarter of 2024 and 2.21% in the fourth quarter of 2023.

Shareholders’ Equity
Shareholders’ equity was $175.4 million at December 31, 2024, compared to $175.9 million three months earlier and increased 7.9% compared to $162.5 million a year earlier. At December 31, 2024, Heartland’s tangible book value was $80.02 per share compared to $80.61 at September 30, 2024, and $74.23 at December 31, 2023.

Heartland continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with tangible equity to tangible assets of 8.30% at December 31, 2024, compared to 8.46% at September 30, 2024, and 8.00% at December 31, 2023.

Operating Results
In the fourth quarter of 2024, Heartland generated a ROAA of 1.14% and a ROATCE of 13.90%, compared to 0.91% and 11.10%, respectively, in the third quarter of 2024 and 1.13% and 15.05%, respectively, in the fourth quarter a year ago.

Net Interest Income/Net Interest Margin
Net interest income, before the provision for credit losses, decreased 2.5% to $15.0 million in the fourth quarter of 2024, compared to $15.4 million in the fourth quarter a year ago, and increased modestly compared to $14.9 million in the preceding quarter. For the year ended December 31, 2024, net interest income decreased 2.4% to $59.6 million, compared to $61.0 million in 2023.

Total revenues (net interest income, before the provision for credit losses, plus noninterest income) were $18.5 million in the fourth quarter of 2024, a 1.0% decrease compared to $18.6 million in the fourth quarter a year ago, and a 2.8% increase compared to $18.0 million in the preceding quarter. For the year 2024, total revenues were $72.4 million, compared to $73.5 million in 2023.

Heartland’s net interest margin was 3.19% in the fourth quarter of 2024, compared to 3.27% in the preceding quarter and 3.49% in the fourth quarter of 2023.

“The interest rate reductions during the third and fourth quarters of 2024 put temporary pressure on our net interest margin due to a lag in the maturity and downward repricing of some higher cost deposits,” said Carrie Almendinger, EVP and Chief Financial Officer.

Provision for Credit Losses
Due to strong credit quality, minimal net loan charge-offs, modest loan growth and economic forecast improvements within the CECL model, Heartland recorded no provision for credit losses in the fourth quarter of 2024. This compared to no provision for credit losses in the third quarter of 2024 and a $550,000 provision for credit losses in the fourth quarter of 2023.

Noninterest Income
Noninterest income increased 7.9% to $3.5 million in the fourth quarter of 2024, compared to $3.2 million in the fourth quarter a year ago, and increased 14.7% compared to $3.0 million in the preceding quarter. “Higher title insurance income and increases in income from life insurance contributed to gains in noninterest income during the fourth quarter,” said Almendinger.

Gains on sale of loans and originated mortgage servicing rights decreased 16.1% to $616,000 in the fourth quarter of 2024, compared to $734,000 in the fourth quarter a year ago, and decreased 10.6% compared to $689,000 in the preceding quarter. For the year 2024, noninterest income increased 3.1% to $12.8 million, compared to $12.4 million in 2023.

Noninterest Expense
Noninterest expense was $11.6 million during the fourth quarter of 2024, compared to $12.4 million in the preceding quarter and $11.6 million in the fourth quarter a year ago. Salary and employee benefits expense, the largest component of noninterest expense, was $6.8 million in the fourth quarter of 2024, compared to $7.2 million in the preceding quarter and $7.4 million in the fourth quarter of 2023. For the year 2024, noninterest expense totaled $47.5 million, compared to $47.1 million in 2023.

One-time merger related expenses totaled $278,000 in the fourth quarter of 2024 and $671,000 in the third quarter of 2024.

The efficiency ratio for the fourth quarter of 2024 was 62.7%, compared to 69.1% for the preceding quarter and 62.5% for the fourth quarter of 2023.

Income Tax Provision
In the fourth quarter of 2024, Heartland recorded $1.2 million in state and federal income tax expense for an effective tax rate of 17.7%, compared to $1.1 million, or 20.2%, in the third quarter of 2024 and $1.1 million, or 17.7%, in the fourth quarter a year ago.

Credit Quality
“Our credit quality metrics continue to remain stable, despite an increase in nonaccrual loans during the quarter,” said McComb. “Overall, we are seeing minimal signs of stress in the loan portfolio, and we hold strong collateral positions with all our loans.”

At December 31, 2024, the allowance for credit losses plus unfunded commitment liability (ACL + UCL) was $19.0 million, or 1.22% of total loans, compared to $19.1 million, or 1.23% of total loans, at September 30, 2024, and $19.4 million, or 1.25% of total loans, a year ago. As of December 31, 2024, the ACL represented 367% of nonaccrual loans, compared to 949% three months earlier and 1,106% one year earlier.

Nonaccrual loans were $4.9 million at December 31, 2024, compared to $1.9 million at September 30, 2024, and $1.6 million at December 31, 2023. At December 31, 2024, nonaccrual loans totaled 12 loans with an average balance of approximately $406,000. There was $3.6 million in loans past due 90 days and still accruing at December 31, 2024, compared to $5,000 at September 30, 2024, and $468,000 at December 31, 2023. Net loan charge-offs totaled $71,000 at December 31, 2024, compared to $32,000 in net loan recoveries at September 30, 2024, and $318,000 in net loan charge-offs at December 31, 2023.

There was no other real estate owned (“OREO”) and other nonperforming assets on the books at December 31, 2024. This compared to OREO of $30,000 at September 30, 2024, and $10,000 at December 31, 2023. Nonperforming assets (NPAs), consisting of nonperforming loans and loans past due 90 days or more, were $8.4 million, or 0.43% of total assets, at December 31, 2024, compared to $1.9 million, or 0.10%, at September 30, 2024, and $2.1 million, or 0.11% of total assets, at December 31, 2023.

About Heartland BancCorp
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 20 full-service banking offices and TransCounty Title Agency, LLC. Heartland Bank, founded in 1911, provides full-service commercial, small business and consumer banking services; professional financial planning services; and other financial products and services. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the OTC Markets (OTCQX) under the symbol HLAN. Learn more about Heartland Bank at Heartland.Bank.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) Heartland’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of Heartland’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Heartland. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of the following factors, among others: (1) the assumptions and estimates used by Heartland’s management include both assumptions as to certain business decisions that are subject to change and, in many respects, subjective judgment, and thus is susceptible to multiple interpretations and periodic revisions based on actual experience and business developments, and thus, may not be realized; (2) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Heartland is engaged; (3) changes in the interest rate environment may adversely affect net interest income; (4) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (5) competition from other financial services companies in Heartland’s markets could adversely affect operations; and (6) the current economic slowdown could adversely affect credit quality and loan originations.

Heartland cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements are expressly qualified in their entirety by the cautionary statements above. Heartland does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Additional Information
Communications in this press release do not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed merger will be submitted to both the German American and Heartland shareholders for their consideration. In connection with the proposed merger, German American will file a Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”) that will include a joint proxy statement for German American and Heartland and a prospectus for German American and other relevant documents concerning the proposed merger. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE CORRESPONDING JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS TO THOSE DOCUMENTS, AS THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain a copy of the joint proxy statement/prospectus once filed, as well as other filings containing information about German American, without charge, at the SEC’s website (http://www.sec.gov) or by accessing German American’s website (http://www.germanamerican.com) under the tab “Investor Relations” and then under the heading “Financial Information”. Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Bradley C. Arnett, Investor Relations, German American Bancorp, Inc., 711 Main Street, Box 810, Jasper, Indiana 47546, telephone 812-482-1314 or to Jennifer Eckert, Investor Relations, Heartland BancCorp, 430 North Hamilton Road, Whitehall, Ohio 43213, telephone 614-337-4600.

German American and Heartland and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of German American and Heartland in connection with the proposed merger. Information about the directors and executive officers of German American is set forth in the proxy statement for German American’s 2024 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 21, 2024, which information has been updated by German American from time to time in subsequent filings with the SEC. Information about the directors and executive officers of Heartland will be set forth in the joint proxy statement/prospectus relating to the proposed merger. Additional information about the interests of those participants and other persons who may be deemed participants in the transaction may also be obtained by reading the joint proxy statement/prospectus relating to the proposed merger when it becomes available. Free copies of this document may be obtained as described above.


Heartland BancCorp
Quarterly Financial Summary

		Three Months Ended
Earnings and dividends:		Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
	Interest income	$	27,334		$	27,233		$	26,190		$	25,626		$	25,195
	Interest expense		12,334			12,288			11,408			10,764			9,807
	Net interest income		15,000			14,945			14,782			14,862			15,388
	Provision for credit losses		–			–			–			–			550
	Noninterest income		3,470			3,026			3,212			3,119			3,217
	Noninterest expense		11,580			12,420			11,753			11,775			11,632
	Provision for income taxes		1,222			1,123			1,154			1,124			1,135
	Net income		5,668			4,428			5,087			5,082			5,288

Share data:
	Basic earnings per share	$	2.80		$	2.19		$	2.52		$	2.52		$	2.62
	Diluted earnings per share		2.63			2.12			2.50			2.51			2.61
	Dividends declared per share		0.76			0.76			0.76			0.76			0.76
	Book value per share		86.31			86.95			83.19			81.28			80.66
	Tangible book value per share		80.02			80.61			76.81			74.88			74.23

	Common shares outstanding, 20,000,000 authorized		2,123,355			2,113,153			2,106,879			2,105,737			2,105,737
	Treasury shares		(90,612	)		(90,612	)		(90,612	)		(90,612	)		(90,612	)
	Common shares, net		2,032,743			2,022,541			2,016,267			2,015,125			2,015,125
	Average common shares outstanding, net		2,024,267			2,018,442			2,015,627			2,015,125			2,015,125

Balance sheet – average balances:
	Loans receivable, net	$	1,541,814		$	1,533,219		$	1,524,818		$	1,519,946		$	1,520,331
	Earning assets		1,869,509			1,820,509			1,795,555			1,776,073			1,749,160
	Goodwill & intangible assets		12,805			12,846			12,888			12,934			12,982
	Total assets		1,974,165			1,926,237			1,899,413			1,878,171			1,854,191
	Demand deposits		442,599			423,555			437,524			453,581			476,992
	Deposits		1,751,452			1,689,877			1,670,394			1,639,911			1,622,335
	Borrowings		29,508			47,792			47,225			58,938			60,857
	Shareholders’ equity		175,050			171,562			164,744			163,283			152,393

Ratios:
	Return on average assets		1.14	%		0.91	%		1.08	%		1.09	%		1.13	%
	Return on average equity		12.88	%		10.27	%		12.42	%		12.52	%		13.77	%
	Return on average tangible common equity		13.90	%		11.10	%		13.47	%		13.59	%		15.05	%
	Yield on earning assets		5.82	%		5.95	%		5.87	%		5.80	%		5.71	%
	Cost of deposits		2.73	%		2.75	%		2.61	%		2.45	%		2.21	%
	Cost of funds		2.76	%		2.81	%		2.67	%		2.55	%		2.31	%
	Net interest margin		3.19	%		3.27	%		3.31	%		3.37	%		3.49	%
	Efficiency ratio		62.70	%		69.11	%		65.33	%		65.49	%		62.52	%

Asset quality:
	Net loan charge-offs to average loans		0.02	%		-0.01	%		0.08	%		0.01	%		0.08	%
	Nonperforming loans to gross loans		0.54	%		0.12	%		0.13	%		0.13	%		0.13	%
	Nonperforming assets to total assets		0.43	%		0.10	%		0.11	%		0.10	%		0.11	%
	Allowance for credit losses to gross loans		1.15	%		1.15	%		1.15	%		1.17	%		1.16	%
	ACL + UCL to gross loans		1.22	%		1.23	%		1.23	%		1.27	%		1.25	%

Heartland BancCorp
Consolidated Balance Sheets


Assets		Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
	Cash and due from	$	15,783		$	35,186		$	14,292		$	18,314		$	16,750
	Interest bearing deposits		87,077			32,585			31,419			15,717			19,932
	Interest bearing time deposits		–			–			–			–			–
	Available-for-sale securities		222,351			229,907			233,270			222,609			211,130
	Held-to-maturity securities		0			0			0			0			0

	Loans held for sale		1,462			2,854			2,855			2,210			1,145

	Commercial		186,156			183,739			179,961			166,413			172,658
	CRE (Owner occupied)		273,764			287,261			291,107			293,542			295,996
	CRE (Non Owner occupied)		503,223			489,483			495,466			489,709			501,056
	1-4 Family		513,223			510,587			504,959			507,374			508,826
	Home Equity		65,098			63,184			59,011			54,178			51,697
	Consumer		17,902			19,436			18,916			18,859			18,974
	Allowance for credit losses		(17,902	)		(17,845	)		(17,813	)		(17,897	)		(17,928	)
	Net Loans		1,541,464			1,535,845			1,531,607			1,512,178			1,531,279

	Premises and equipment		32,115			32,548			33,039			33,298			33,649
	Nonmarketable equity securities		6,949			6,946			6,943			6,941			6,866
	Mortgage servicing rights, net		3,638			3,545			3,473			3,384			3,373
	Foreclosed assets held for sale		0			30			0			0			10
	Goodwill		12,388			12,388			12,388			12,388			12,388
	Intangible Assets		392			433			475			517			565
	Deferred income taxes		7,375			6,007			7,213			6,662			7,087
	Life insurance assets		20,614			20,809			20,675			20,545			20,315
	Accrued interest receivable and other assets		20,128			21,520			22,483			22,429			18,661
	Total assets	$	1,971,736		$	1,940,603		$	1,920,132		$	1,877,192		$	1,883,150

Liabilities and Shareholders’ Equity
Liabilities
	Deposits
	Demand	$	443,754		$	431,582		$	414,829		$	419,864		$	487,631
	Saving, NOW and money market		713,060			686,221			673,674			705,942			711,198
	Time		593,876			587,927			556,690			502,848			443,772
	Total deposits		1,750,690			1,705,730			1,645,193			1,628,654			1,642,601
	Repurchase agreements		4,975			5,590			6,295			4,472			4,583
	FHLB Advances		0			10,000			59,000			38,000			31,000
	Subordinated debt		24,076			24,065			24,055			24,044			24,034
	Interest payable and other liabilities		16,555			19,352			17,849			18,228			18,400
	Total liabilities		1,796,296			1,764,737			1,752,392			1,713,398			1,720,618

Shareholders’ Equity
	Common stock, without par value		64,986			63,899			63,002			62,797			62,725
	Retained earnings		134,193			130,069			127,174			123,617			120,064
	Accumulated other comprehensive income (expense)		(18,745	)		(13,108	)		(17,442	)		(17,626	)		(15,263	)
	Treasury stock at Cost, Common		(4,994	)		(4,994	)		(4,994	)		(4,994	)		(4,994	)
	Total shareholders’ equity		175,440			175,866			167,740			163,794			162,532
	Total liabilities and shareholders’ equity	$	1,971,736		$	1,940,603		$	1,920,132		$	1,877,192		$	1,883,150

Heartland BancCorp
Consolidated Statements of Income

		Three Months Ended
Interest Income		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023
	Loans	$	23,943	$	24,194	$	23,381	$	23,015	$	22,850
	Securities
	Taxable		1,756		1,870		1,744		1,637		1,374
	Tax-exempt		683		686		677		657		629
	Other		952		483		388		317		342
	Total interest income		27,334		27,233		26,190		25,626		25,195
Interest Expense
	Deposits		12,005		11,687		10,832		10,006		9,017
	Borrowings		329		601		576		758		790
	Total interest expense		12,334		12,288		11,408		10,764		9,807
Net Interest Income			15,000		14,945		14,782		14,862		15,388
Provision for Credit Losses			–		–		–		–		550
Net Interest Income After Provision for Credit Losses			15,000		14,945		14,782		14,862		14,838
Noninterest income
	Service charges		977		1,005		1,011		952		1,002
	Gains on sale of loans and originated MSR		616		689		645		518		734
	Loan servicing fees, net		370		416		396		494		354
	Title insurance income		292		120		231		210		214
	Increase in cash value of life insurance		637		134		130		230		175
	Other		578		662		799		715		738
	Total noninterest income		3,470		3,026		3,212		3,119		3,217
Noninterest Expense
	Salaries and employee benefits		6,764		7,181		7,064		7,300		7,430
	Net occupancy and equipment expense		1,079		1,133		1,145		1,106		1,052
	Software and data processing fees		1,187		1,230		1,158		1,156		1,163
	Professional fees		702		1,125		496		233		242
	Marketing expense		228		213		303		310		320
	State financial institution tax		327		292		293		292		260
	FDIC insurance premiums		229		214		234		284		299
	Other		1,064		1,032		1,060		1,094		866
	Total noninterest expense		11,580		12,420		11,753		11,775		11,632
Income before Income Tax			6,890		5,551		6,241		6,206		6,423
Provision for Income Taxes			1,222		1,123		1,154		1,124		1,135
Net Income		$	5,668	$	4,428	$	5,087	$	5,082	$	5,288
Basic Earnings Per Share		$	2.80	$	2.19	$	2.52	$	2.52	$	2.62
Diluted Earnings Per Share		$	2.63	$	2.12	$	2.50	$	2.51	$	2.61

Heartland BancCorp
Consolidated Statements of Income

		Twelve Months Ended
Interest Income		Dec. 31, 2024		Dec. 31, 2023
	Loans	$	94,533	$	84,424
	Securities		–
	Taxable		7,007		4,320
	Tax-exempt		2,703		2,442
	Other		2,140		1,200
	Total interest income		106,383		92,386
Interest Expense			–
	Deposits		44,530		28,690
	Borrowings		2,264		2,662
	Total interest expense		46,794		31,352
Net Interest Income			59,589		61,034
Provision for Credit Losses			–		2,600
Net Interest Income After Provision for Credit Losses			59,589		58,434
Noninterest income
	Service charges		3,945		4,012
	Gains on sale of loans and originated MSR		2,468		2,372
	Loan servicing fees, net		1,676		1,530
	Title insurance income		853		892
	Increase in cash value of life insurance		1,131		526
	Other		2,754		3,108
	Total noninterest income		12,827		12,440
Noninterest Expense
	Salaries and employee benefits		28,309		29,558
	Net occupancy and equipment expense		4,463		4,231
	Software and data processing fees		4,731		4,462
	Professional fees		2,556		1,021
	Marketing expense		1,054		1,199
	State financial institution tax		1,204		1,039
	FDIC insurance premiums		961		1,166
	Other		4,250		4,376
	Total noninterest expense		47,528		47,052
Income before Income Tax			24,888		23,822
Provision for Income Taxes			4,623		4,306
Net Income		$	20,265	$	19,516
Basic Earnings Per Share		$	10.04	$	9.69
Diluted Earnings Per Share		$	9.75	$	9.62

Heartland BancCorp
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands except per share amounts)(Unaudited)

Asset Quality Ratios and Data:
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Nonaccrual loans (excluding restructured loans)	$	4,872		$	1,881		$	1,569		$	1,817		$	1,621
Nonaccrual restructured loans		–			–			–			–			–
Loans past due 90 days and still accruing		3,559			5			513			149			468
Total non-performing loans		8,431			1,886			2,082			1,966			2,089

OREO and other non-performing assets		–			30			–			–			10
Total non-performing assets	$	8,431		$	1,916		$	2,082		$	1,966		$	2,099

Nonperforming loans to gross loans		0.54	%		0.12	%		0.13	%		0.13	%		0.13	%
Nonperforming assets to total assets		0.43	%		0.10	%		0.11	%		0.10	%		0.11	%
Allowance for credit losses to gross loans		1.15	%		1.15	%		1.15	%		1.17	%		1.16	%
Unfunded commitment liability to gross loans		0.07	%		0.08	%		0.08	%		0.10	%		0.09	%
ACL + UCL to gross loans		1.22	%		1.23	%		1.23	%		1.27	%		1.25	%

Contact:	G. Scott McComb, Chairman, President & CEO
	Heartland BancCorp 614-337-4600

The MIL Network –

January 29, 2025

MIL-OSI: Micron Announces Investor Event

Source: GlobeNewswire (MIL-OSI)

BOISE, Idaho, Jan. 28, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) announced today that company executives will participate at the Wolfe Research Auto, Auto Tech and Semiconductor Conference in New York, New York on Wednesday, February 12, at 6:50 a.m. Mountain time.

Live webcasts and subsequent replays of presentations can be accessed from Micron’s Investor Relations website at investors.micron.com/.

About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Media Relations Contact
Mark Plungy
Micron Technology, Inc.
+1 (408) 203-2910
mplungy@micron.com

Micron Investor Relations Contact
Satya Kumar
Micron Technology, Inc.
+1 (408) 450-6199
satyakumar@micron.com

The MIL Network –

January 29, 2025

MIL-OSI USA: January 28th, 2025 Heinrich: Trump’s Blockade on Federal Funding Pummels New Mexicans and American Economy

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
Published: January 28th, 2025

WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, is condemning President Trump’s unlawful direction to unilaterally blockade all federal grant funding.
“Our economy, our healthcare system, our schools, our law enforcement and fire departments, our newborns, our elders, our veterans – everyone, everywhere in New Mexico. President Trump is attempting to shove all of this over a cliff,” said Heinrich. “In New Mexico alone, Trump’s blockade on federal funding will make it impossible for thousands to pay rent on February 1st, force tens of thousands of New Mexico students to drop out of college without Pell Grant funding, close hundreds of preschool programs across the state, deprive 7 out of 10 New Mexico children their daily lunch, and cut off federal Medicaid reimbursement – impacting 7 out of 10 nursing home residents, 55% of newborn births, and all health care providers in our state.”
Heinrich continued, “Trump is clearly willing to pummel New Mexicans and the American economy for his twisted and deranged agenda and fragile ego. But the Constitution is clear: the president cannot override, delay, or rescind Congress’s funding laws. We passed these laws to help working families get ahead and put food on the table and create jobs New Mexicans can build their families around. I will fight like hell to undo this brazen, barbaric blockade from this wannabe dictator and his weird billionaire lackeys.”
The Constitution explicitly gives Congress, not the president, the power of the purse. The president does not have the power to override spending laws that Congress has passed and the president has signed into law. Article I, Section 9, Clause 7 of the Constitution says: “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” Fact sheets from the Senate and House Appropriations Committees detailing how presidents lack power to unilaterally override congressional spending laws and deny enacted funding to communities can be found here and here.
Examples of the impacts of this funding blockade:
PUBLIC SAFETY: Grants for law enforcement and homeland security activities will cease to go out the door, undermining public safety in every state and territory.
DISASTER RELIEF: Public assistance and hazard mitigation grants from the Disaster Relief Fund (DRF) to state, tribal, territorial, and local governments and non-profits to help communities quickly respond to, recover from, and prepare for major disasters will be halted—right as so many communities are struggling after severe natural disasters, including Roswell flooding and Ruidoso fires and severe storms and wildfires in Florida, Georgia, North Carolina, and California.
INFRASTRUCTURE PROJECTS: All federally-funded transportation projects across the country—roads, bridges, public transit, and more—will be halted, including projects already under construction.
COMBATTING THE FENTANYL CRISIS: Funding for communities to address the substance use disorder crisis and combat the fentanyl crisis will be cut off.
988 SUICIDE AND CRISIS LIFELINE: Funding for the 988 Suicide and Crisis Lifeline, as well as grants for mental health services, will be cut off.
MEDICAL RESEARCH: There will be immediate pauses on all funding for critical health research, including research on cancer, Alzheimer’s disease, and diabetes, as well as clinical trials at the NIH Clinical Center and all across the country—disrupting lifesaving and often time-sensitive research.
EMERGENCY PREPAREDNESS: Critical preparedness and response capability funding used to prepare for disasters, public health emergencies, and chemical, biological, radiological, or nuclear events will be frozen.
FIREFIGHTING: Grants to support firefighters across the country will be halted—this includes grants that help states and localities purchase essential firefighting equipment.
HEAD START: Funding for Head Start programs that provide comprehensive early childhood education for more than 800,000 kids and their families will be cut off. Teachers and staff would not get paid and programs may not be able to stay open.
CHILD CARE: Child care programs across the country will not be able to access the funding they rely on to keep their doors open.
K-12 SCHOOLS: Federal funding for our K-12 schools will be halted. School districts may not be able to access key formula grant funding including Title I, IDEA, Impact Aid, and Career and Technical Education, which would pose tremendous financial burdens on schools in the middle of the school year.
HIGHER EDUCATION AND JOB TRAINING: Millions of students relying on Pell grants, federal student loans, and federal work study will have their plans to pursue postsecondary education and further their careers thrown into chaos as federal financial aid disbursements are paused.
HEALTH SERVICES: Federal funding for community health centers that provide health care for over 30 million Americans will be immediately frozen, creating chaos for patients trying get their prescriptions, a regular checkup, and more.
SMALL BUSINESSES: The Small Business Administration will have to halt loans to small businesses—including those in disaster ravaged communities in North Carolina, Texas, and Florida.
VETERANS CARE: Federal grants to help veterans in rural areas access health care and grants to help veterans get other critical services, including suicide prevention resources, transition assistance, and housing for homeless veterans, will be cut off.
NUTRITION ASSISTANCE: Millions of American families and children who rely on nutrition assistance programs like SNAP, WIC, and school lunch programs will be left hungry as funding is cut off and non-profits who provide additional assistance lose federal funding.
TRIBES: Funding to Tribes for basic government services like health care, public safety, law enforcement, Tribal schools, housing, and food assistance will be halted.
PREVENTING VIOLENCE AGAINST WOMEN: All Violence Against Women Act (VAWA) grants, as well as funding for victims assistance and state and local police, will be cut off.
U.S. COMPETITIVENESS: Existing grants to support research for AI and quantum computing will be halted and any new grant funding would be paused—undermining U.S. innovation and competitiveness with China and putting American jobs at risk.
ENERGY JOBS: Grants for critical energy projects nationwide will be cut off—halting billions of dollars in investment nationwide and jeopardizing good-paying American jobs. The Department of Energy Loan Program Office will halt loans in 28 states, impacting hundreds of thousands construction and operations jobs.
FOOD INSPECTIONS: Some states will have to take on the full financial burden of ensuring the nation’s meat supply is safe if federal cooperative agreements for meat inspection are halted.
SUPPORT FOR SERVICE MEMBERS: Support for a host of Department of Defense financial assistance and grant programs supporting service members and their families will be halted, including the Fisher House, Impact Aid, community noise mitigation, ROTC language training, STEM programs, and the USO.
WEAKENS MILITARY READINESS: Grants and other assistance appropriated to strengthen military effectiveness and defense capacity will be halted, including Defense Production Act support for the defense industrial base, basic research grants necessary to advance key technologies, and small business support to strengthen supply chains.
AMERICANS OVERSEAS: Programs that track and combat the spread of infectious diseases, create business opportunities for American companies in emerging markets, combat terrorism, and counter the influence of China, Russia, and Iran—and efforts to ensure the safety and security of Americans implementing these programs—are all suspended and could be terminated.
An extensive list of potentially impacted federal programs can be found here.

MIL OSI USA News –

January 29, 2025

MIL-OSI: Discount Doctor to Visit United Kingdom in Support of Investment Trusts

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — David Schachter, Senior Vice President of GAMCO Investors, Inc., will visit the United Kingdom to convey support for the British investment trust industry.

With over 40 years of experience exclusively with retail, long term, closed-end fund investors, Mr. Schachter, a most senior and experienced veteran of the U.S. Closed End Fund industry, was recently given the title of Discount Doctor by the Trustees of The GAMCO Natural Resources, Gold & Income Trust (GNT), which trades on the NYSE.

Mr. Schachter said, “The way I see it, the United States owes a debt to the British Investment Trust Industry, which helped build our railroads in the 1800s. Last week in his inauguration speech, President Trump spoke of America’s achievements stating, ‘In America, the impossible is what we do best…Together they laid down the railroads …and triumphed over every single challenge that they faced.’”

During the 19^th century, capital was raised through closed-end funds. These funds helped build the railroads, which linked the American continent from sea to sea and led to the nation’s economic success.

Today, in the early 21^st century, closed-end funds are being threatened for elimination by hedged activists for short-term and short-sighted value extraction.

“Closed-end funds are a metaphor for long-term, patient capital, but they also represent freedom for investors who, in a sector where mass redemptions could force portfolio managers to sell, is an essential ability to those who may not want to be herded into selling.”

Mr. Schachter plans to visit the offices of the Association of Investment Companies (AIC) and speak with the press and interested U.K. investors.

He remarked that recent activism is emblematic of short-termism and notes activist claims of being aligned with “Mom and Pop” investors as being absurd. “When it comes to activism, the playing field isn’t level at all…unlike Mom and Pop, sophisticated activists are hedged on a fund’s underlying portfolio.” Schachter commented, “As the Discount Doctor, it is critical to cure the ill without killing the patient in the process.”

Financial professionals and investors are invited to contact Mr. Schachter directly at (914) 921-5057 or (800) GABELLI.

Gabelli Funds, LLC is the adviser to thirteen closed-end funds which trade on the NYSE: Gabelli Equity Trust (NYSE: GAB), Gabelli Convertible & Income Securities Fund (NYSE: GCV), Gabelli Multimedia Trust (NYSE: GGT), Gabelli Utility Trust (NYSE: GUT), Gabelli Dividend & Income Trust (NYSE: GDV), Gabelli Global Utility & Income Trust (NYSE American: GLU), GAMCO Global Gold Natural Resources & Income Trust (NYSE American: GGN), The GDL Fund (NYSE: GDL), Gabelli Healthcare & Wellness^R^X Trust (NYSE: GRX), GAMCO Natural Resources, Gold & Income Trust (NYSE: GNT), Gabelli Global Small and Mid-Cap Value Trust (NYSE: GGZ), Bancroft Fund (NYSE American: BCV) and Ellsworth Growth & Income Fund (NYSE American: ECF). As of December 31, 2024, the thirteen Gabelli closed-end funds had total assets of $7.3 billion.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. For more information regarding the Funds, call:

David Schachter
(914) 921-5057

A Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in a Fund.

The MIL Network –

January 29, 2025

MIL-OSI Global: Commerce oversees everything from weather and salmon to trade and census − here are 3 challenges awaiting new secretary

Source: The Conversation – USA – By Linda J. Bilmes, Daniel Patrick Moynihan Senior Lecturer in Public Policy and Public Finance, Harvard Kennedy School

Howard Lutnick, left, is President Donald Trump’s nominee to run the Commerce Department. AP Photo/Evan Vucci

The U.S. secretary of commerce oversees the smallest but arguably most complex of all Cabinet-level departments.

Established as a distinct entity in 1913, it has evolved into a sprawling organization with 13 bureaus spanning a wide variety of critical areas that include weather forecasting, conducting the census, estimating gross domestic product, managing fisheries, promoting U.S. exports, setting standards for new technology and allocating radio frequency spectrum. It is even home to one of America’s eight uniformed military services, the NOAA Commissioned Officer Corps with its own fleet of ships, aircraft and 321 commissioned officers. Its main mission is to monitor oceans, waterways and the atmosphere in support of the National Oceanographic and Atmospheric Administration.

As a result, there is no other Cabinet position that has to engage with lawmakers in Congress across so many disparate technical issues, committees and stakeholders. This medley reflects both the historical evolution of the U.S. economy and a degree of political happenstance.

I served at the Commerce Department in several roles, including as chief financial officer and assistant secretary for administration, management and budget, and have watched several administrations attempt to craft an overarching strategic narrative around this diverse set of missions.

Besides the difficult job of formulating a unifying strategy for the department’s many activities, I believe there are three specific challenges in particular that await the next secretary, a position that requires Senate confirmation.

The Commerce Department manages salmon as part of its National Marine Fisheries Service.
AP Photo/Manuel Valdes

Commerce: A sprawling bureauocracy

From its earliest days, the Commerce Department has collected trade statistics, overseen lighthouses and issued patents and trademarks. But since then, its portfolio has expanded significantly.

In 1970, NOAA was placed inside Commerce, partly as a result of a feud between President Richard Nixon and his interior secretary, Wally Hickel, over the Vietnam War. NOAA now accounts for more than half the department’s US$11 billion budget and has created some peculiar departmental overlaps.

As President Barack Obama joked in his 2011 State of the Union speech, “The Interior Department is in charge of salmon while they’re in freshwater, but the Commerce Department handles them when they’re in saltwater.”

While the joke wasn’t quite accurate – a division of Commerce manages salmon in both fresh and saltwater, though Interior does restore their habitat – it does reflect some odd situations. For example, when it comes to sea turtles, Interior oversees their nests on shore, whereas Commerce protects them in the open sea.

Due to the department’s broad interests, the commerce secretary has a role in nearly every important issue facing the country.

He or she needs to be a quick study who is able to multitask, respond to congressional inquiries on a myriad of topics, as well as manage a 50,000-strong workforce including economists, scientists, statisticians, meteorologists and other experts.

One example of the caliber of experts Commerce oversees is the National Institute for Standards and Technology, which does cutting-edge research in bioscience, artificial intelligence, materials science and industrial measurement standards. The institute currently has five Nobel laureates in physics and chemistry on its staff and is on the front lines on cybersecurity and national defense.

While it’s unclear how Trump nominee Howard Lutnick plans to unify Commerce’s work, the previous secretary, Gina Raimondo, outlined five strategic goals for her department, including driving U.S. global competitiveness, using data to find new opportunities and modernizing its services and capabilities.

The Senate Committee on Commerce, Science and Transportation is holding a hearing on Jan. 29, 2025, to consider Lutnick’s nomination.

Challenge No. 1: Another census is just around the corner

The incoming secretary’s biggest challenge will be the decennial census due on April 1, 2030.

The census counts every person living in the U.S. and five U.S. territories. Census data is used to apportion the number of seats each state has in the House of Representatives and to adjust or redraw electoral districts, as well as to apportion federal funding allotted to each district. Consequently, the census receives huge attention in Congress. It will be an especially hot topic because the data collected in the 2020 census had errors due to the pandemic.

Conducting the census is highly labor intensive and takes many years of planning and preparation, which ramp up now.

The Commerce Department must hire 500,000 temporary workers, open local offices and run large-scale field tests, award billions of dollars in contracts, and work with every state, local, county and tribal government in the country to map where people live. This includes dorms, homeless shelters, nursing homes, prisons, oil rigs, boats, tents, hospitals and mobile homes as well as houses and apartments.

The Census Bureau says it began planning for 2030 as far back as 2019 and is preparing to do a test census in 2026.

Trump administration policies, such as ongoing efforts to round up and deport undocumented migrants, will make it even more challenging to count immigrants and other historically hard-to-reach groups. During his first term, President Donald Trump sought to prevent unauthorized immigrants from being counted at all – but ran out of time.

A NOAA crew on a reconnaissance flight into the eye of Hurricane Milton in October 2024.
Sim Aberson/NOAA via AP

Challenge No. 2: NOAA on the front lines of climate change fight

Second, NOAA is likely to be in the political crosshairs, due to its role as a global leader in studying oceans, climate and coastal ecosystems.

It tracks rising sea levels, ocean acidification and extreme weather events, and forecasts their impact on fisheries, shipping, marine protected areas and habitats. It also runs the National Weather Service and issues severe storm warnings. These and many other NOAA activities are vital to monitoring the pace of climate change and helping Americans adapt.

NOAA’s mission and its budget are sure to be scrutinized by the Trump administration, which has already reversed a variety of policies meant to slow the pace of climate change. Trump himself has called climate change a “hoax.” That and policy proposals that seek to break up or privatize NOAA suggest many of NOAA’s climate-related activities could be under threat.

Challenge No. 3: The patent problem

A third challenge the incoming secretary will face is an ongoing crisis at the Patent and Trademark Office.

Unlike most federal agencies, the Patent and Trademark Office is funded by user fees collected from applicants rather than from tax revenue. This is supposed to make it more efficient and easier to hire staff quickly, but the model is under stress due to a shortage of patent examiners with skills in assessing science, technology, engineering and math applications. The agency currently has a backlog of over 800,000 unexamined patent applications – near an all-time high.

The backlog is likely to continue to grow as artificial intelligence and other state-of-the-art technologies accelerate the discovery cycle, but the slow process of patent approval – two years on average – can throw a wrench in it.

Patents and trademarks are critical to U.S. competitiveness because they reward innovation and discovery and help inventors attract investors.

The Trump administration’s broad federal hiring freeze is likely to worsen the Patent and Trademark Office’s staffing issues, while the back-to-office mandate may make it harder to recruit patent examiners, who often work remotely.

On top of this, Elon Musk, whose companies hold large numbers of patents and who already holds tremendous sway in the Trump administration, says “patents are for the weak” and compared them with landmines in warfare. “They don’t actually help advance things,” he said. “They just stop others from following you.”

In addition to these three areas, Commerce’s roles in international trade, telecommunications, industrial security and other matters could also become epicenters of any global crisis.

This all adds up to an uncomfortable mix of political and operational challenges for the next secretary.

This story is part of a series of profiles explaining Cabinet and high-level administration positions.

Linda J. Bilmes is affiliated with the Harvard Kennedy School. She served as Deputy Assistant Secretary of the US Department of Commerce from 1997-1998 and as CFO and Assistant Secretary for Management, Budget and Administration from 1999-2001.

– ref. Commerce oversees everything from weather and salmon to trade and census − here are 3 challenges awaiting new secretary – https://theconversation.com/commerce-oversees-everything-from-weather-and-salmon-to-trade-and-census-here-are-3-challenges-awaiting-new-secretary-248087

MIL OSI – Global Reports –

January 29, 2025

MIL-OSI NGOs: Attacks on reproductive health will have devastating consequences worldwide story Jan 28, 2025

Source: Doctors Without Borders –

“There are deadly consequences anytime access to sexual and reproductive health care is restricted,” said MSF USA CEO Avril Benoît. “In the countries where MSF works, our staff see the lifesaving impact of comprehensive sexual and reproductive health services—and we have seen patients who have died or suffered life-altering injuries because they were denied access to care. In emergency cases where urgent care is needed, delays in access to safe abortion care pose substantial risks to patients’ health and wellbeing. While MSF stands committed to ensuring people have access to essential medical services, we can’t do it alone. Across the world, we work closely with other health providers who are now essentially banned from doing their jobs and providing patients with essential information, referrals, and direct services.”

An MSF nurse holds medication for an abortion with pills. A safe abortion with pills is over 95% effective and is extremely safe, with less than a 1% chance of severe complications. The risk of death from a safe abortion is lower than from an injection of penicillin or from carrying a pregnancy to term. | Mozambique 2023 © Miora Rajaonary

Far-reaching and harmful consequences for any person who can become pregnant

The Geneva Consensus Declaration is a non-binding political statement which asserts that country governments have no obligation to facilitate abortion care. The Geneva Consensus Declaration purposefully distorts the meaning of international agreements on health and human rights in support of this position to rationalize restrictions on patient-centered sexual and reproductive health services. The consequences of the Global Gag Rule and influence of the Geneva Consensus Declaration will be far-reaching and harmful for any person who can become pregnant, including people seeking health care in crisis- and conflict-affected settings, like those in which MSF operates.

MSF does not accept US government funding and its programs are not directly affected by the Global Gag Rule. However, MSF health care providers have seen firsthand how policies impeding access to sexual and reproductive health services harm patients and communities globally.

When safe abortion care is not accessible, it increases the likelihood that individuals will seek out unsafe abortion methods, one of the leading causes of maternal death and injury worldwide. The risk of unsafe abortion is elevated in humanitarian settings where it’s even harder for people to access medical services. In 2023, MSF provided more than 31,000 consultations for post-abortion care, most of which were due to complications related to unsafe abortion. With the reinstatement of the Global Gag Rule, MSF expects these already troubling numbers to increase.

“The reinstatement of the Global Gag Rule will have devastating consequences for health,” said Rachel Milkovich, global health policy specialist at MSF USA. “It means that people around the world will have fewer points of service for their sexual and reproductive health needs, fewer safe places to talk about their medical options, and fewer providers to go to for help during medical emergencies. Health care providers should not be forced to navigate political considerations and complexities before providing patients with essential and lifesaving sexual and reproductive health services.”

About the Global Gag Rule

In 2017, President Trump expanded the Global Gag Rule to all US global health assistance, affecting an estimated $12 billion, including more than 1,300 global health grants in more than 70 countries. Previously, the policy only applied to US assistance for family planning and reproductive health. The expanded policy impacted projects related to HIV/AIDS, maternal and child health, malaria, nutrition, sexual and gender-based violence, tuberculosis, and other health programs. The Global Gag Rule exacerbates the harm of the Helms Amendment, which prohibits all US-funded organizations from using US foreign assistance to fund abortion-related services.

When the Global Gag Rule was last in place, from 2017 to 2021, health advocates reported widespread clinic closures, termination of mobile outreach programs, loss of integrated health programs, weakened health advocacy coalitions, and fractured referral networks. Even four years after the policy’s rescindment, organizations are still trying to rebuild programs lost due to the Global Gag Rule.

The Global Gag Rule puts organizations in an impossible position. Either they must comply with the policy to receive US government funding—restricting the provision of sexual and reproductive health services and information to the communities they serve—or decide not to comply and lose access to significant financial support, which many organizations rely on to operate. Those unable to access alternative funding may be forced to cut staff or services. Some may be forced to close their programs altogether. In either scenario, patients lose access to vital health services.

The Global Gag Rule has been repeatedly reinstated or rescinded for the last 40 years, according to the will of the administration in power. It is not feasible or sustainable for organizations to constantly adjust their services each time there is a change in the US government’s political priorities.

To stop the pervasive harm caused by the Global Gag Rule, MSF USA is calling for a permanent end to the policy. MSF USA supports the Global Health, Empowerment, and Rights (Global HER) Act, which would permanently repeal the Global Gag Rule, and preserve access to safe abortion care.

MIL OSI NGO –

January 29, 2025

MIL-OSI Asia-Pac: Winners of Avinya’25 And Vasudha Startup Challenges Announced At “Energize India” Conclave

Source: Government of India (2)

Posted On: 28 JAN 2025 8:10PM by PIB Delhi

Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, today announced the winners of two prestigious startup challenges – Avinya’25 and Vasudha – at a special ceremony held at ONGC headquarters.

The announcement came at the conclusion of “Energize India: Catalyzing Growth Through Startup Innovation”, a high-powered conclave that brought together energy sector veterans, investors, and innovators.

The winners of Avinya’25, India’s premier energy startup competition, was UrjanovaC Pvt Ltd. The runners up were Breathe ESG Private Limited, AgriVijay, Apeiro Energy and UGreen Technology.

For Vasudha, the global startup challenge in upstream oil and gas sector, the winner was Latin Energy Partners Inc., Paraguay and the runner up was Ultrasound Process Consulting LLC, USA

These winning startups emerged from an intensely competitive field – Avinya’25 received 173 applications from across India, while Vasudha attracted global participation in crucial areas including seismic data interpretation, AI applications, and carbon capture technologies.

The winners of the Hackathon were also announced with IIT (ISM) – Dhanbad emerging as the winner and IIT-Guwahati as the runner up.

Addressing the occasion, Minister Shri Hardeep Singh Puri highlighted the pivotal role of PSUs under the Ministry of Petroleum & Natural Gas in fostering innovation through a Rs. 547.35 crore startup fund. Supporting 303 startups with Rs. 286.36 crore, these efforts propel India’s vibrant ecosystem of over 110 unicorns, creating transformative growth and jobs.

Speaking on the diversification of energy supply sources, Shri Puri noted that India had already embarked on this path. “Earlier, we used to import from 27 countries; now we are sourcing from 39, with discussions underway with a few more,” he said. He emphasized that diversification provides strategic advantages by ensuring a broader geographical spread. “Our imports are guided by fundamental, self-evident principles: we will source energy from wherever it is available at the right price,” he added.

Regarding the target of achieving 20% ethanol blending, Shri Puri highlighted that India has already reached at 19% blending. Expressing confidence in surpassing the target ahead of schedule, he revealed that discussions have begun on developing a roadmap beyond 20 percent blending.

The day-long “Energize India” conclave featured thought-provoking panel discussions on identifying opportunities in the energy sector, leveraging emerging technologies, and accessing capital for energy startups. Industry leaders shared insights on how startups can contribute to India’s energy transition while maintaining the delicate balance between security, accessibility, affordability, and sustainability.

Speaking at a panel discussion, Shri Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas said, “Fossil fuel is not going anywhere in India for the next 25 years. We have several terrabytes of seismic data on our open waters earmarked for exploration. I urge our bright sparks to think about developing solutions to mine through the data and contribute to hydrocarbon exploration efforts.”

Shri S.C.L. Das, Secretary, Ministry of Micro, Small & Medium Enterprises, stated during the panel discussion alongside Shri Pankaj Jain, “We are trying to develop a system whereby we assess the maturity level of different startups so that the Ministry can cater to their needs in terms of regulatory compliance or access to capital, in collaboration with other central ministries, state governments and local governments.”

The winning startups will receive prominent exposure at India Energy Week 2025, where they will showcase their innovations to over 70,000 energy professionals from 120 countries. The winners will join fourteen public sector undertaking (PSU) startups in a special startup pavilion at IEW 2025, demonstrating the breadth of innovation in India’s energy sector.

These startup challenges are part of India Energy Week 2025, scheduled to be held in New Delhi from February 11-14, 2025. The event has grown significantly from its previous editions in Bangalore and Goa, and will feature over 700 exhibiting companies, 500 speakers, and more than 6,000 delegates.

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MN

(Release ID: 2097144) Visitor Counter : 56

MIL OSI Asia Pacific News –

January 29, 2025

MIL-OSI Asia-Pac: Future Ready: India’s Digital Economy to Contribute One-Fifth of National Income by 2029-30

Source: Government of India

Posted On: 28 JAN 2025 7:23PM by PIB Delhi

The Indian economy has been digitalising at a remarkable pace over the last decade. Quantifying and understanding the role of the digital economy in driving economic growth, employment, and sustainable development are essential for both policymakers and the private sector. According to the State of India’s Digital Economy Report 2024, India is the third largest digitalised country in the world in terms of economy-wide digitalization, and 12th among the G20 countries in the level of digitalisation of individual users.

India’s digital economy is expected to grow almost twice as fast as the overall economy, contributing to nearly one-fifth of national income by 2029-30. This means that, in less than six-years, the share of digital economy will become larger than that of agriculture or manufacturing in the country. In the short run, the highest growth is likely to come from the growth of digital intermediaries and platforms, followed by higher digital diffusion and digitalisation of the rest of the economy. This will eventually lower the share of digitally enabling ICT industries in the digital economy.

India’s digital economy has emerged as a significant contributor to its economic growth, accounting for 11.74% of the GDP (INR 31.64 lakh crore or USD 402 billion) in 2022-23. Employing 14.67 million workers (2.55% of the workforce), the digital economy is nearly five times more productive than the rest of the economy. The digitally enabling industries such as ICT services and manufacturing of electronic components, computers, and communication equipment, which form the core, contributed 7.83% of GVA (Gross Value Added), while digital platforms and intermediaries added another 2% of GVA. Furthermore, digitalisation in traditional sectors like BFSI, retail, and education added 2% of GVA, showcasing the pervasive impact of digital transformation. Projections indicate the digital economy’s share will grow to 20% of GVA by 2029-30, outpacing agriculture and manufacturing. Key growth drivers include the rapid adoption of AI, cloud services, and the rise of global capability centers (GCCs), with India hosting 55% of the world’s GCCs. GCCs are offshore centres established by multinational corporations to provide a variety of services to their parent organisations, including R&D, IT support, and business process management.

India’s progress in digital advancements

Source: ESTIMATION AND MEASUREMENT OF INDIA’S DIGITAL ECONOMY REPORT, January 2025 (Page 15)

Digitalisation of traditional sectors

The primary survey and stakeholder discussions highlighted interesting facts about how different sectors are digitalising and their contribution to the revenue generated by firms. Not all aspects of businesses are digitalising uniformly. For example, retail sales are digitalising much more than wholesale sales. Firms are also investing in digital methods for customer acquisition and business development. Chatbots and AI applications are fairly commonplace.

In the BFSI sector, over 95% of banking payment transactions are digital, but revenue-generating activities like loans and investments remain largely offline, with financial services less digitalised overall.
Retail is shifting to omni-channel models, with e-tailers adding physical stores, while AI chatbots and digital inventory tools enhance efficiency.
Education has begun adopting offline, online, and hybrid models, with most institutions favoring hybrid approaches
Hospitality and logistics are embracing AI, metaverse, and digital tools, with large firms fully digitalising operations, while smaller players lag behind.

The Way Forward

By 2030, India’s digital economy is projected to contribute nearly one-fifth of the country’s overall economy, outpacing the growth of traditional sectors. Over the past decade, digital-enabling industries have grown at 17.3%, significantly higher than the 11.8% growth rate of the economy as a whole. Digital platforms, in particular, have expanded rapidly, with an anticipated growth rate of approximately 30% in the coming years. In 2022-23, the digital economy accounted for 14.67 million workers, or 2.55% of India’s workforce, with the majority of these jobs (58.07%) in the digital-enabling industry. Though the workforce is predominantly male, digital platforms have contributed to increasing job opportunities for women, especially in sectors where mobility and safety concerns were previously barriers.

India’s digital economy is a key driver of both economic growth and employment, with an increasing role in empowering women in the workforce and creating new opportunities across various sectors. The rapid expansion of digital platforms signals an ongoing transformation that is set to shape the future of work in India.

References:

https://pib.gov.in/PressReleasePage.aspx?PRID=2095260

https://www.meity.gov.in/writereaddata/files/Report_Estimation_Measurement.pdf

Click here to see in PDF:

Santosh Kumar/ Sarla Meena/ Kritika Rane

(Release ID: 2097125) Visitor Counter : 74

MIL OSI Asia Pacific News –

January 29, 2025

MIL-OSI Asia-Pac: Tripura becomes first North East State to sign MoU with Bhashini for Multi-lingual Governance

Source: Government of India (2)

Posted On: 28 JAN 2025 4:12PM by PIB Delhi

The Government of Tripura, has signed a MOU agreement with Digital India Bhashini Division (DIBD) of the Ministry of Electronics and Information Technology (MeitY), Government of India, under the esteem guidance of Hon’ble Chief Minister Prof. Dr. Manik Saha, marking a significant milestone in the state’s efforts to increase the usage of the rich regional languages of Tripura and to facilitate citizen’s digital participation by using these languages in governance.

The MOU signing ceremony was held at Pragna Bhavan in Agartala, during a State Level Workshop- ‘Bhashini Rajyam” which was inaugurated by Shri Pranajit Singha Roy, Hon’ble IT Minister of Tripura, in presence of Shri Kiran Gitte, Secretary IT, Government of Tripura, Shri Amitabh Nag, Chief Executive Officer (CEO), DIBD, MeitY and Shri Jeya Ragul Geshan B, Director IT, Government of Tripura. Bhashini is a revolutionary initiative under the Digital India program, to ensure seamless communication and internet accessibility for all Citizens in 22 Indian languages. With Voice as a medium, Bhashini aims to bridge digital as well as the literacy divides.

The workshop outlined Bhashini’s vision for Digital Inclusivity, showcasing its software capabilities such as real-time translation, speech-to-text, text-to-speech, and voice-to-voice translation between Indian Regional Languages and English. It highlighted the use of Artificial Intelligence (AI) and Natural Language Processing (NLP) for high accuracy translations and emphasized the State’s, DIBD’s roles and responsibilities in the mission. Additionally, strategies for promoting regional languages on digital platforms and software applications for the Government of Tripura were discussed to reduce the digital divide and increase inclusivity for diverse linguistic communities in Tripura.

Currently many citizens of Tripura face challenges due to language barriers, especially those in rural and tribal areas who struggle with software systems in English or Hindi. Bhashini can integrate with existing systems like the CM Helpline, eVidhan, Kisan Sahayata App and e-Districts to enable multilingual communication. It can enhance local governance through apps like Amar Sarkar and improve education with multilingual technologies. Bhashini can also support the CCTNS Platform by translating FIRs and enabling voice-based data entry. Bhashini would reduce the digital divide by easing access to Internet in regional and local languages of Tripura.

Tripura proudly stands as the first north-eastern state, the first in eastern India, and the eighth state in the country to sign a Memorandum of Understanding (MOU) with Bhashini. This pioneering step underscores Tripura’s commitment to digital inclusivity and leveraging technology for enhanced citizen centric governance. Tripura’s initiative places it among pro-Citizen states that have conducted focused workshops on Bhashini, with only four other states having taken similar steps before.

Integrating Bhashini into Tripura’s e-Governance software will bridge the digital divide, providing cost-effective translations, promoting inclusive policy implementation, and enhancing regional identity. This MOU marks a pivotal step in ensuring the seamless integration of Bhashini with Tripura’s governance systems. Supported by the Digital India Bhashini Division (DIBD) of MeitY, this initiative empowers citizens by eliminating language barriers and enabling multilingual access to essential services. Implementing Bhashini will further unify Tripura’s linguistic diversity, fostering a more inclusive and connected society.

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Dharmendra Tewari/Kshitij Singha

(Release ID: 2096998) Visitor Counter : 48

MIL OSI Asia Pacific News –

January 29, 2025

MIL-OSI: DIAGNOS to Present at The Microcap Conference 2025

Source: GlobeNewswire (MIL-OSI)

BROSSARD, Quebec, Jan. 28, 2025 (GLOBE NEWSWIRE) — Diagnos Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK, OTCQB: DGNOF, FWB: 4D4A), a pioneer in early detection of critical health issues through the use of its FLAIRE platform based on Artificial Intelligence (AI), is pleased to announce its participation in The Microcap Conference 2025, the premier event for growth-focused companies and investors. The conference will take place January 28-30, 2025, at the Borgata Hotel Spa & Casino in Atlantic City, NJ.

Details of the presentation:

Event:	The Microcap Conference
Date and Time:	January 29, 2025, at 4:30 p.m., ET
Location:	Borgata Hotel Casino & Spa, Studio C, Atlantic City, NJ
Presenter:	André Larente, Chief Executive Officer

DIAGNOS will engage in one-on-one meetings with institutional and individual investors to discuss the Company’s recent developments, growth strategy, and investment opportunities. This event provides a unique platform to highlight DIAGNOS’ AI technology and its vision for disrupting medical detection landscape.

“Our Investor Relations strategy is to connect with U.S. investors who recognize the importance of innovation in healthcare. This event provides an excellent opportunity to increase awareness with family offices, wealth management advisors, and high-net-worth individuals. With expected deployments with customers, as well as a partnership with the largest eyecare company in the world that validated our technology and will commercialize to its customer base, 2025 could be a milestone year for DIAGNOS,” said André Larente, CEO of DIAGNOS.

To register for the conference or one-on-one meeting, visit

https://themicrocapconference.com/tickets/

About The Microcap Conference 2025

The Microcap Conference is the largest independent microcap event in the U.S., bringing together top-tier investors and executives from microcap companies. The event offers a platform for companies to showcase their value propositions through presentations, one-on-one meetings, and networking opportunity.

The 2025 event will feature:

Keynote Speakers: Renowned industry figures, including Jon Ledecky, Co-Owner of the New York Islanders, who will engage in a fireside chat with CNBC’s Bob Pisani, and Tom Gardner, CEO of Motley Fool, who will share insights on investing, market trends, and entrepreneurial success.

Expert Panels and Presentations: Financial commentators Ron Insana (CNBC) and Charlie Gasparino (FOX Business) will cover critical topics for the US equity markets, from capital formation to regulatory updates and market trends.

Entertainment Headliner: A special performance by Tom Papa, celebrated comedian and host of Netflix specials, ensuring a memorable evening for attendees.

Hosted by DealFlow Events, The Microcap Conference is renowned for its blend of high-quality content, engaging networking, and exceptional entertainment.

About DIAGNOS
DIAGNOS is a publicly traded Canadian corporation dedicated to early detection of critical health problems based on its FLAIRE Artificial Intelligence (AI) platform. FLAIRE allows for quick modifying and developing of applications such as CARA (Computer Assisted Retina Analysis). CARA’s image enhancement algorithms provide sharper, clearer and easier-to-analyze retinal images. CARA is a cost-effective tool for real-time screening of large volumes of patients.

Additional information is available at www.diagnos.ca and www.sedarplus.com.

This news release contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

January 29, 2025

MIL-OSI Europe: Written question – Non-conformity of feed used in the production of ‘Prosciutto di Parma’ PDO – E-000204/2025

Source: European Parliament

Question for written answer E-000204/2025
to the Commission
Rule 144
Cristina Guarda (Verts/ALE), Benedetta Scuderi (Verts/ALE)

Article 47(2) of Regulation (EU) 2024/1143 on geographical indications provides that the amount of feed not originating in the demarcated geographical area may not exceed 50 % of dry matter each year. The product specification for ‘Prosciutto di Parma’ (Parma ham) has recently been amended to ensure compliance with this requirement regarding the origin of feed.

A recent television investigation[1] carried out by RAI – Italian Radio Television – into Parma ham revealed a failure to comply with Article 47(2) of Regulation (EU) 2024/1143, highlighting in particular the clear failure to verify the origin of the feed for pigs intended for the production of such ham.

In view of the above, can the Commission answer the following questions:

1.Is the Commission aware of this situation and the infringement of EU law?
2.Does it consider it appropriate to take action and request an intervention by the Italian Ministry of Agriculture, Food Sovereignty and Forestry to put an end to this situation that is detrimental to the consumer and to the system of certification of geographical indications?
3.What is its assessment of hams from pigs reared on feed of unverified origin and their placing on the market following the entry into force of the new specification?

Submitted: 17.1.2025

[1] Minuto 31 https://www.rai.it/programmi/report/inchieste/Il-virus-e-il-nemico-in-casa-bf8df870-3e2b-40f7-a0e0-f66979e908a4.html.

Last updated: 28 January 2025

MIL OSI Europe News –

January 29, 2025

MIL-OSI Europe: Highlights – Visit to Washinton DC – Committee on the Internal Market and Consumer Protection

Source: European Parliament

Reinforcing the transatlantic bonds © European Parliament

Between 24 and 28 February 2025, IMCO Members are going to visit Washington DC. The main aim of this visit is to strengthen the transatlantic cooperation on key policy IMCO areas while obtaining feedback from U.S. stakeholders on the implementation and impact of major EU legislation, including the Digital Services Act (DSA), Digital Markets Act (DMA), EU AI Act, Cyber Resilience Act (CRA), Data Act, and Political Advertising Regulation.

The visit will also address shared challenges in digital innovation, cybersecurity, AI, and fair competition, while informing IMCO’s parliamentary oversight and future legislative priorities.

MIL OSI Europe News –

January 29, 2025

MIL-OSI Europe: Hearings – Hearing on adapting non-contractual civil liability rules to artificial intelligence – 30-01-2025 – Committee on Legal Affairs

Source: European Parliament

On 30 January 2025, the Committee on Legal Affairs will hold a public hearing on the Commission proposal for a Directive on adapting non-contractual civil liability rules to artificial intelligence (AILD – 2022/303(COD)).

The public hearing would focus on the content of the Commission proposal, which aims to address very specific aspects on non-contractual liability of the Member States, which have not been subject to harmonisation at the Union level yet. The proposal aims to adapt civil non-contractual liability rules to new challenges posed by AI.

Speakers will address topics essential for understanding AI civil non-contractual liability, such as on existing national civil liability rules, burden of proof and its reversal in civil procedure, use of presumptions in civil procedure, debate on the additional impact assessment as requested by JURI, etc.

MIL OSI Europe News –

January 29, 2025

MIL-OSI Europe: Highlights – Vote on discharge and exchange of views with Commissioner McGrath – Committee on Legal Affairs

Source: European Parliament

On 29 January 2025, the JURI committee will hold a public hearing on Harmonising certain aspects of insolvency law. The Committee will also hold an exchange of views with Michael McGrath, Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection.

On 30 January 2025, the JURI committee will vote on 2023 discharge: General budget of the EU – Court of Justice of the European Union. Finally, the Committee will hear a presentation of the EPRS study on the ‘Proposal for a directive on adapting non-contractual civil liability rules to artificial intelligence: Complementary impact assessment’. Th Committee will also hold a hearing on the proposal for a Directive of the European Parliament and of the Council on adapting non-contractual civil liability rules to artificial intelligence (AI Liability Directive).

MIL OSI Europe News –

January 29, 2025

MIL-OSI Global: Global wildlife trade is an enormous market – a look at the billions of animals the US imports from nearly 30,000 species

Source: The Conversation – USA – By Michael Tlusty, Professor of Sustainability and Food Solutions, UMass Boston

U.S. Fish and Wildlife agents inspect a shipment of reptiles at the Port of Miami. U.S. GAO

When people think of wildlife trade, they often picture smugglers sneaking in rare and endangered species from far-off countries. Yet most wildlife trade is actually legal, and the United States is one of the world’s biggest wildlife importers.

New research that we and a team of colleagues published in the Proceedings of the National Academy of Sciences shows that, over the last 22 years, people in the U.S. legally imported nearly 2.85 billion individual animals representing almost 30,000 species.

Some of these wild animals become pets, such as reptiles, spiders, clownfish, chimpanzees and even tigers. Thousands end up in zoos and aquariums, where many species on display come directly from the wild.

Medical research uses macaque monkeys and imports up to 39,000 of them every year. The fashion trade imports around 1 million to 2 million crocodile skins every year. Hunting trophies are also included in wildlife.

How many species are legally traded worldwide?
Benjamin Marshall, et al., 2024, PNAS, CC BY-SA

The largest number of imported species are birds – 4,985 different species are imported each year, led by Muscovy ducks, with over 6 million imported. Reptiles are next, with 3,048 species, led by iguanas and royal pythons. These largely become pets.

Not all wildlife are wild

We found that just over half of the animals imported into the U.S. come from the wild.

Capturing wildlife to sell to exporters can be an important income source for rural communities around the world, especially in Africa. However, wild imported species can also spread diseases or parasites or become invasive. In fact, these risks are so worrying that many imported animals are classed as “injurious wildlife” due to their potential role in transmitting diseases to native species.

Captive breeding has played an increasingly dominant role in recent years as a way to limit the impact on wild populations and to try to reduce disease spread.

However over half the individual animals from most groups of species, such as amphibians or mammals, still come from the wild, and there is no data on the impact of the wildlife trade on most wild populations.

Trade may pose a particular risk when species are already rare or have small ranges. Where studies have been done, the wild populations of traded species decreased by an average of 62% across the periods monitored.

Sustainable wildlife trade is possible, but it relies on careful monitoring to balance wild harvest and captive breeding.

Data is thin in many ways

For most species in the wildlife trade, there is still a lot that remains unknown, including even the number of species traded.

With so many species and shipments, wildlife inspectors are overwhelmed. Trade data may not include the full species name for groups like butterflies or fish. The values in many customs databases are reported by companies but never verified.

Macaques, used in medical research, are the most-traded primates globally, according to an analysis of U.S. Fish and Wildlife data.
Davidvraju, CC BY-SA

In our study, we relied on the U.S. Fish and Wildlife Service’s Law Enforcement Management Information System, a wildlife import-export data collection system. However, few countries collate and release data in such a standardized way; meaning that for the majority of species legally traded around the world there is no available data.

For example, millions of Tokay geckos are imported as pets and for medicine, and are often reported to be bred in captivity. However, investigators cannot confirm that they weren’t actually caught in the wild.

Why tracking the wildlife trade is important

Biodiversity has a great number of economic and ecological benefits. There are also risks to importing wildlife. Understanding the many species and number of animals entering the country, and whether they were once wild or farmed, is important, because imported wildlife can cause health and ecological problems.

Wildlife can spread diseases to humans and to other animals. Wild-caught monkeys imported for medical research may carry diseases, including ones of particular risk to humans. Those with diseases are more likely to be wild than captive-bred.

The most-traded mammals worldwide are minks, which are valued for their fur but can spread viruses to humans and other species. About 48 million minks are legally traded annually, about 2.8% wild-caught and the majority raised, according to U.S. Fish and Wildlife data.
Colin Canterbury/USFWS

Species that aren’t native to the U.S. may also escape or be released into the wild. Invasive species can cause billions of dollars in damage by consuming and outcompeting native wildlife and spreading diseases.

We believe better data on the wildlife trade could be used to set management goals, such as harvest quotas or no-take policies for those species in their country of origin.

What’s next

The researchers involved in this study come from institutes around the world and are all interested in improving data systems for wildlife trade.

Some of us focus on how e-commerce platforms such as Etsy and Instagram have become hotspots of wildlife trade and can be challenging to monitor without automation. Esty announced in 2024 that it would remove listings of endangered or threatened species. Others build tools to help wildlife inspectors process the large number of shipments in real time. Many of us examine the problems imported species cause when they become invasive.

In the age of machine learning, artificial intelligence and big data, it’s possible to better understand the wildlife trade. Consumers can help by buying less, and making informed decisions.

Michael Tlusty is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data..

Andrew Rhyne is currently on sabbatical funded by the Canada Border Services Agency (CBSA), focused on the wildlife trade data. He is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data.

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

– ref. Global wildlife trade is an enormous market – a look at the billions of animals the US imports from nearly 30,000 species – https://theconversation.com/global-wildlife-trade-is-an-enormous-market-a-look-at-the-billions-of-animals-the-us-imports-from-nearly-30-000-species-247197

MIL OSI – Global Reports –

January 29, 2025

MIL-OSI Global: The US stock market does better under Democrat presidents than Republicans – here’s what the data shows

Source: The Conversation – UK – By Paul Whiteley, Professor, Department of Government, University of Essex

The US has been experiencing a long “bull” stock market, that is rapid growth in stock prices, although this week tech stocks tumbled over the future prospects for US-built AI.

But could the market hit a significant downturn during Trump’s second term in the White House? At first sight this seems unlikely because it did well during his first term, from 2016 to 2020 (see chart below). However, long term trends in the US stock market reveal a pattern suggesting that stock prices might be quite vulnerable during his second term.

The Nobel prize-winning economist, Robert Shiller, who studies financial markets thinks that the US stock market has peaked, and future returns will be much more modest than in recent history although he does not suggest that a crash is on the horizon.

The market under different presidents

Shiller’s data makes it possible to look at the relationship between who is the president and stock prices since 1925. By examining the performance of the stock market over that period we can identify the extent to which eight Democrat and nine Republican presidents have influenced the growth of the market.

Changes in stock prices during Republican presidents 1925 to 2024:

The chart shows the percentage changes in the Standard and Poor’s monthly stock price index (which gives a snapshot of the market), corrected for inflation, during the incumbencies of Republican presidents since January 1925.

The average increase in stock prices for Republican presidents was 25%. But the thing that stands out in the chart is that three major crashes in the stock market also took place under these Republicans incumbents.

The first of these, known as the Wall Street Crash, occurred on October 28 1929 when Herbert Hoover was president. This was the trigger event for the Great Depression of the 1930s and resulted in a fall of 64% in the stock market during his presidency.

His reaction to the crash (when share values fell dramatically) was to do nothing in the belief that the economy would eventually recover on its own. This cost him the 1932 presidential election when Democrat Franklin D. Roosevelt was elected for the first time. He was subsequently elected a record four times, thanks to his New Deal policies for dealing with the crisis.

The second crash occurred during Richard Nixon’s incumbency. He would have been impeached by Congress had he not resigned in August 1974 following the revelations of the Watergate scandal.

This occurred when the White House employed burglars to break into the Democrat party headquarters in the Watergate building in Washington DC. Once Nixon’s attempt to spy on his opponents became public he was forced to resign and overall the stock market fell by 47% during his incumbency.

The third crash occurred in December 2007 when George W Bush was the president. It had its origins in the deregulation of the financial sector which had occurred in the US after Ronald Reagan became president in 1980. Lax financial regulations led to ever increasingly risky assets and trading practices on Wall Street starting in the real estate market.

US stock market opens.

The crisis spread rapidly throughout the world’s financial system and a recession of the scale of the 1930s was only averted by prompt action by the Federal Reserve chairman, Ben Bernanke, who worked with political leaders in other countries such as UK prime minister Gordon Brown to stabilise the system. The stock market fell by 45% during Bush’s period of office.

Many factors are at work to explain this, but the overriding fact is that Republicans are less likely to regulate the financial sector, or across the board, than Democrats. Their voters are more likely to be optimistic about the prospects for the economy, and therefore to take risks when investing in the stock market, when a Republican is in the White House.

Changes in stock prices during Democratic presidents 1925 to 2024:

The second chart shows changes in stock prices during the incumbencies of eight Democratic presidents during this period. It is very different from the Republican chart, since, of those presidents shown, only Jimmy Carter left office with the stock market lower than when he arrived, and that by a modest 13%.

Bill Clinton was the most successful president, achieving an increase of 151% during his two terms in the White House. Overall, the stock market rose by an average of 51% during Democrat incumbencies, more than twice the size of the Republican increases.

These results are surprising given that the Republicans are the traditional party of big business and so might be expected to be good for the stock market.

Donald Trump has promised to increase tariffs on imports from the rest of the world, particularly those from China. In addition, there is a burgeoning budget deficit caused by the gap between spending and taxation.

Most economists think these policies will create inflation and slow growth.

Many investors are currently quite nervous about a possible recession after the long bull market of the last few years. The drop in the price of tech stocks this week confirms this. One effect of this has been to cause a rise in yields on US Treasury long-term bonds, reflecting fears of further inflation.

Recent comparative research shows that countries can pay a high price for populist economic policies. So, it would be well worth Trump studying the history of US stock markets rises and falls, if he wants to avoid a severe economic downturn during his second term.

Paul Whiteley has received funding from the British Academy and the ESRC.

– ref. The US stock market does better under Democrat presidents than Republicans – here’s what the data shows – https://theconversation.com/the-us-stock-market-does-better-under-democrat-presidents-than-republicans-heres-what-the-data-shows-246652

MIL OSI – Global Reports –

January 29, 2025

MIL-OSI Economics: Microsoft is celebrating its 50-year anniversary. Check out our press pack, history timeline and more

Source: Microsoft

Headline: Microsoft is celebrating its 50-year anniversary. Check out our press pack, history timeline and more

Frequently asked questions

How is the company celebrating its 50th anniversary?

Microsoft is commemorating our 50-year anniversary by celebrating the achievements of our employees, customers, and partners that have dreamt, built, and used Microsoft technology as a force for good, while also looking ahead to the future.

Microsoft recognizes that our success and growth globally would not have been possible without the support of the place we call home, the Puget Sound. We are honoring and awarding 50 local changemakers with $50,000 grants each to support the important work they do to address the needs of the region. Read more about the One Future, One Sound initiative.

What were Microsoft’s biggest accomplishments over the last 50 years?

Over the past five decades, Microsoft has driven innovation that has transformed the way that society uses technology both at work and at home, from revolutionizing personal computing with MS-DOS and Windows, and bringing the joy and community of gaming to everyone on the planet with Xbox, to driving the future of cloud computing with Azure, and AI transformation with Copilot and our AI platform. We are proud of our employees, past and present, who have seized the opportunity to reinvent our company as tech paradigms shift, to stay relevant and earn the trust of our customers and partners.

For more information on the company’s key milestones, explore this timeline of Microsoft’s journey.

How has the company’s mission evolved?

The heart of Microsoft’s mission has always been about empowering people through technology, and this will continue as we look to the future.

In its beginnings, Bill Gates and Paul Allen articulated an ambitious vision for Microsoft and the industry, “a computer on every desk and in every home.” In 2002, the mission changed “to enable people and businesses throughout the world to realize their full potential,” which was later expanded to include creating technology that transforms the way people learn, work, play, and communicate. In 2015, CEO Satya Nadella evolved Microsoft’s mission “to empower every person and every organization on the planet to achieve more.”

What has Microsoft learned over the past 50 years that drives the company today?

As a platform company, we’ve learned that we do well when the world does well. That is embodied in our mission, our business model, our practices and our culture. Our cultural journey is ongoing and adaptive, and over the last decade, we’ve grounded ourselves in a Growth Mindset culture. Internally, this has helped our employees embrace challenges, be curious, learn from failures, and continuously seek improvement. Externally, this cultural transformation has enabled Microsoft to better understand and meet our customers’ needs and work to earn their trust every day.

We also believe deeply in the power of partnership and that no one person, company, or government can solve the world’s problems alone. This insight drives Microsoft’s approach to partnerships, collaboration, openness, and transparency, rooted in bringing people and organizations together to tackle challenges.

What is Microsoft focused on for the next 50 years?

As we look to the future, our mission remains to empower every person and organization, and our success hinges on how we harness AI and other technologies to amplify human achievement and create positive change for society.

The innovations we’re developing today will define the next five decades. And we remain focused on translating innovation into enduring value for our customers.

We are also recommitting ourselves to the framework that has made us successful – investing in our people, living up to our mission, earning the trust of our customers and the countries we operate in, innovating responsibly, prioritizing fundamentals with security above all else, and building products where the world can benefit.

MIL OSI Economics –

January 29, 2025

MIL-OSI Economics: The value of AI: How Microsoft’s customers and partners are reinventing how they do business today

Source: Microsoft

Headline: The value of AI: How Microsoft’s customers and partners are reinventing how they do business today

Organizational leaders in every industry around the world are evaluating ways AI can unlock opportunities, drive pragmatic innovation and yield value across their business. At Microsoft, we are dedicated to helping our customers accelerate AI Transformation by empowering human ambition with Copilots and agents, developing differentiated AI solutions and building scalable cybersecurity foundations. At Microsoft Ignite we made over 100 announcements that bring the latest innovation directly to our customers and partners, and shared how Microsoft is the only technology leader to offer three distinct AI platforms for them to build AI solutions:

Copilot is your UI for AI, with Copilot Studio enabling low-code creation of agents and extensibility to your data.
Azure AI Foundry is the only AI app server for building real-world, world-class, AI-native applications.
Microsoft Fabric is the AI data platform that provides one common way to reason over your data —no matter where it lives.

All three of these platforms are open and work synchronously to enable the development of modern AI solutions; and each is surrounded by our world-class security offerings so leaders can move their AI-first strategies forward with confidence.

As we look ahead to what we can achieve together, I remain inspired by the work we are doing today. Below are a handful of the many stories from the past quarter highlighting the differentiated AI solutions our customers and partners are driving to move business forward across industries and realize pragmatic value. Their success clearly illustrates that real results can be harnessed from AI today, and it is changing the way organizations do business.

To power its industrial IoT and AI platform, ABB Group leveraged Microsoft Azure OpenAI Service to create Genix Copilot: a generative AI-powered analytics suite aimed at solving some of the most complex industrial problems. The solution helps customers analyze key functions in their operations —such as asset and process performance, energy optimization and emission monitoring — with real-time operational insights. As a result, customers are seeing up to 35% savings in operations and maintenance, and up to 20% improvement in energy and emission optimization. ABB also saw an 80% decrease in service calls with the self-service capabilities of Genix Copilot.

Serving government healthcare agencies across the US, Acentra Health turned to Microsoft to help introduce the latest AI capabilities that maximize talent and cut costs in a secure, HIPAA-compliant manner. Using Azure OpenAI Service, the company developed MedScribe — an AI-powered tool reducing the time specially trained nursing staff spend on appeal determination letters. This innovation saved 11,000 nursing hours and nearly $800,000, reducing time spent on each appeal determination letter by about 50%. MedScribe also significantly enhanced operational efficiency, enabling nurses to process 20 to 30 letters daily with a 99% approval rate.

To ease challenges for small farmers, Romanian agribusiness group Agricover revolutionized access to credit by developing MyAgricover. Built with help from partner Avaelgo, the scalable digital platform utilizes Microsoft Azure, Azure API Management and Microsoft Fabric to automate the loan process and enable faster approvals and disbursements. This has empowered small farmers to grow their businesses and receive faster access to financing by reducing loan approval time by 90 percent — from 10 working days to a maximum of 24 hours.

Building on its status as a world-class airline with a strong Indian identity, Air India sought ways to enhance customer support while managing costs. By developing AI.g, one of the industry’s first generative AI virtual assistants built on Azure OpenAI Service, the airline upgraded the customer experience. Today, 97% of customer queries are handled with full automation, resulting in millions of dollars of support costs saved and improved customer satisfaction — further positioning the airline for continued growth.

BMW Group aimed to enhance data delivery efficiency and improve vehicle development and prototyping cycles by implementing a Mobile Data Recorder (MDR) solution with Azure App Service, Azure AI and Azure Kubernetes Service (AKS). The solution achieved 10 times more efficient data delivery, significantly improved data accessibility and elevated overall development quality. The MDR monitors and records more than 10,000 signals twice per second in every vehicle of BMW’s fleet of 3,500 development cars and transmits data within seconds to a centralized cloud back end. Using Azure AI Foundry and Azure OpenAI Service, BMW Group created an MDR copilot fueled by GPT-4o. Engineers can now chat with the interface using natural language, and the MDR copilot converts the conversations into KQL queries, simplifying access to technical insights. Moving from on-premises tools to a cloud-based system with faster data management also helps engineers troubleshoot in real time. The vehicle data covered by the system has doubled, and data delivery and analysis happen 10 times faster.

Coles Group modernized its logistics and administrative applications using Microsoft Azure Stack HCI to scale its edge AI capabilities and improve efficiency and customer experience across its 1,800 stores. By expanding its Azure Stack HCI footprint from two stores to over 500, Coles achieved a six-fold increase in the pace of application deployment, significantly enhancing operational efficiency and enabling rapid innovation without disrupting workloads. The retailer is also using Azure Machine Learning to train and develop edge AI models, speeding up data annotation time for training models by 50%.

Multinational advertising and media company Dentsu wanted to speed time to insights for its team of data scientists and media analysts to support its media planning and budget optimization. Using Microsoft Azure AI Foundry and Azure OpenAI Service, Dentsu developers built a predictive analytics copilot that uses conversational chat and draws on deep expertise in media forecasting, budgeting and optimization. This AI-driven tool has reduced time to media insights for employees and clients by 90% and cut analysis costs.

To overcome the limitations of its current systems, scale operations and automate processes across millions of workflows, Docusign created the Intelligent Agreement Management (IAM) platform on Azure. Using Azure AI, Azure Cosmos DB, Azure Logic Apps and AKS, the platform transforms agreement data into actionable insights to enhance productivity and accelerate contract review cycles. IAM also ensures better collaboration and unification across business systems to provide secure solutions tailored to diverse customer needs. For example, its customer KPC Private funds reported a 70% reduction in time and resources dedicated to agreement processes.

Emirates Global Aluminium (EGA) transformed its manufacturing operations by leveraging a hybrid environment with Azure Arc, Azure Stack HCI and Azure Kubernetes Service. This digital manufacturing platform resulted in 86% cost savings for AI image and video analytics and a 13-fold improvement in AI response times. The seamless hybrid cloud architecture has enhanced EGA’s operational efficiency and agility, supporting its Industry 4.0 transformation strategy.

EY collaborated with Microsoft to enhance the inclusivity of AI development using Azure AI Studio. By involving neurodivergent technologists from EY’s Neuro-Diverse Centers of Excellence, they improved the accessibility and productivity of AI tools, resulting in more inclusive AI solutions, fostering innovation and ensuring that AI tools unlock the potential of all users. With an estimated 20% of the global workforce identifying as neurodivergent, inclusive AI solutions are crucial for maximizing creativity and productivity. Neurodivergent EY technologists also collaborated with Microsoft developers to make Azure AI Foundry more inclusive and help all users work productively to create innovative AI solutions.

Colombian household appliance manufacturer Haceb integrated AI to optimize processes, reduce costs and improve service quality. Using Microsoft Copilot Studio and Azure OpenAI Service, the company created a virtual technical support assistant, saving its 245 technicians 5 minutes per visit — a total of 5,000 minutes saved daily. This AI solution has enhanced efficiency and boosted customer satisfaction by allowing for faster issue resolution. Haceb’s AI adoption has also empowered employees, boosted productivity and positioned the company as a leader in AI innovation in Colombia.

To better serve its global patients, Operation Smile — in collaboration with partner Squadra — leveraged Azure AI, Machine Learning and Microsoft Fabric to develop an AI-powered solution to predict surgical outcomes and optimize resource allocation. This innovation resulted in a 30% increase in surgical efficiency, a 90% reduction in translation errors and improved patient outcomes. Additionally, report generation is now up to 95% quicker, and repeated medical events have decreased by 15%, enabling Operation Smile to provide better care to more children worldwide.

Ontada — a McKesson business dedicated to oncology data and evidence, clinical education and point-of-care technologies — needed a way to generate key insights across 150 million unstructured oncology documents. Using Microsoft Azure AI and Azure OpenAI Service, Ontada developed a data platform solution called ON.Genuity to provide AI-driven insights into the patient journey, enhance patient trial matching and identify care gaps. The company also implemented large language models to target nearly 100 critical oncology data elements across 39 cancer types, enabling the company to analyze an estimated 70% of previously inaccessible data, reduce processing time by 75% and accelerate product time-to-market from months to just one week.

As the UK’s largest pet care company, Pets at Home sought a way to combat fraud across its retail operations — particularly as its online business continued to grow. Working closely with its fraud team, it adopted Copilot Studio to develop an AI agent that quickly identifies suspicious transactions. The agent autonomously gathers relevant information, performs analysis and shares it with a fraud agent to enable a manual, data-intensive investigative process while ensuring a human remains in the loop. With this low-code agent extending and seamlessly integrating into existing systems, the company’s fraud department can act more quickly; what used to take 20 to 30 minutes is now handled by the AI agent within seconds. The company is identifying fraud 10 times faster and is processing 20 times more cases a day. Now, the company can operate at scale with speed, efficiency and accuracy — with savings expected to be in the seven figures as it continues to build more agents.

Revenue Grid, a technology company specializing in sales engagement and revenue optimization solutions, partnered with Cloud Services to modernize its data infrastructure and develop a unified data warehouse capable of handling unstructured, semi-structured and structured data. By migrating to Microsoft Fabric, Revenue Grid can now deliver data-powered revenue intelligence, driven by a unified platform, elastic scalability, enhanced analytics capabilities and streamlined operations. Revenue Grid has reduced infrastructure costs by 60% while enhancing its analytical capabilities to improve real-time data processing, empowering sales teams with accurate and diverse data.

To better manage and integrate employee data across diverse regions and systems, UST built a comprehensive Employee Data platform on Microsoft Fabric. In under a year, UST migrated 20 years of employee data with all security measures to enhance data accessibility and employee productivity. The Meta Data Driven Integration (MDDI) framework in Fabric also helped the company cut data ingestion time by 50% so employees can focus more on analysis than preparation. As a result of this implementation, the company has seen an increase in collaboration and innovation from employees, helping put its values into action.

The Microsoft Commercial Marketplace offers millions of customers worldwide a convenient place to find, try and buy software and services across 140 countries. As a Marketplace partner, WeTransact is helping independent software vendors (ISVs) list and transact their software solutions — and find opportunities for co-selling and extending their reach to enterprise customers through development of the WeTransact platform. Powered by Azure OpenAI Service, the platform is changing the way partnerships are being built by using AI pairing to facilitate a “plug and play” reseller network. More than 300 ISVs worldwide have joined the Microsoft Commercial Marketplace using the WeTransact platform, cutting their time to publish by 75%.

The opportunity for AI to create value is no longer an ambition for the future — it is happening now, and organizational leaders across industries are investing in AI-first strategies to change the way they do business. We believe AI should empower human achievement and enrich the lives of employees; and we are uniquely differentiated to help you accelerate your AI Transformation responsibly and securely. Choosing the right technology provider comes down to trust, and I look forward to what we will achieve together as we partner with you on your AI journey.

MIL OSI Economics –

January 29, 2025

MIL-OSI Global: Why not all plans for a four-day working week would be a win for health

Source: The Conversation – UK – By Anne Skeldon, Professor of Mathematics, Head of School, School of Mathematics & Physics, University of Surrey

Dusan Petkovic/Shutterstock

The right to request a short working week, with four longer “shifts” and three days off is being proposed as part of new flexible working legislation in the UK. Also known as working “compressed hours”, this schedule can sound attractive, with reports claiming improved efficiency and productivity. And, of course, no pay cut for workers.

It could result in fewer commutes, which saves time for workers and can be more environmentally friendly. And it could provide more flexibility for workers with childcare or care for other dependants, for example.

But there could be negative consequences to squeezing typical workloads into fewer days. Under these plans, there is no suggestion that by compressing the working week, people will work fewer hours.

Compressed hours mean that, instead of working 7.5 hours a day for five days, you would work 9.4 hours per day for four days – putting in almost two hours more work every working day. There is strong evidence that longer work hours result in more errors and accidents. Long work hours are also linked to poorer decision-making and make it more likely people will have an accident on their drive home.

For example, it has long been understood that working longer shifts increases the risk of workplace accident and injuries. The risk of a workplace accident is on average 13% higher for a ten-hour shift than an eight-hour shift.

Accident risk remains more or less constant for the first eight or so hours of work but then rises rapidly, so that the risk of an accident in the tenth hour of work is 90% higher than in the first eight hours.

To function effectively and safely at work relies on sufficient sleep, ideally at the right time of day and in a regular pattern. This is based on fundamental physiological factors that cannot be changed by training, motivation or professionalism.

Getting into sleep debt

These factors that determine our ability to function are driven by time of day, how long we have been awake and accumulated sleep debt. For example, humans are sleepier during the night than the day, and it can take between two and four hours after waking to achieve full alertness.

What’s more, our ability to function decreases rapidly after we have been awake for 16 hours, and especially so at night.

But what are the health consequences of a compressed hours schedule? It is already commonplace for people to have shorter periods of sleep during the working week and then try to catch up with sleep at the weekend, with mixed results.

If people work compressed hours, then on working days they have to fit in two extra hours of work but still carry out all the other activities in their daily lives. They still need to wash, eat, communicate, provide care for children and others.

So there’s a real chance that compressed hours then also lead to “compressed sleep” and accentuate irregular patterns of rest or chronic sleep debt. Irregular or insufficient sleep is increasingly associated with a higher risk of diabetes, cardiovascular disease, obesity, certain cancers and dementia – the leading causes of mortality in wealthy nations. In 2017, the economic cost of insufficient sleep in the UK alone was estimated as US$50 billion (£40 billion), up to 1.86% of GDP.

The negative effect of chronic sleep loss accumulates more rapidly than experts previously realised. This knock-on effect is most severe during night shifts, especially when those shifts are long. There are good reasons why the UK regulator, the Health and Safety Executive, supports the EU working time directive, which imposes constraints on the length, timing and number of shifts.

If the concept of fewer but longer work shifts is accepted, what happens next? Why not propose three 12.5-hour workdays a week, or two 18.75-hour workdays? Why not work 24 hours a day and then work only eight days a month?

And at the end of a long day, many workers have to get behind the wheel.
Andrey_Popov/Shutterstock

This sounds fanciful, and yet it is happening. Several UK fire services have moved to 24-hour shifts, following the trend in North America where 24, 48 or even longer duty hours are common for firefighters. Also in North America, many physicians work 24-hour shifts or longer, with well-documented negative consequences including higher rates of serious medical errors and surgical complications, and increased accident risk on the drive home when compared to shorter shifts.

It’s certainly true that some workers prefer to work longer days, for example to have longer blocks of time off for childcare. But at what point do concerns over the safety of employees and the people they interact with – as well as the negative effects (and financial costs) on long-term health – outweigh employee preference?

Compressed hours of work may be effective in some scenarios for some people and businesses. But if compressed hours of work lead to compressed sleep, then we need to recognise the negative consequences.

New legislation should build in sufficient guidance and protections for both employers and employees, plus it should be evidence-based. With wearable tech like smartwatches to track behaviour, it should be feasible to collect information on sleep, health, near misses and accidents. Then mathematical models and AI could be used to design individualised work schedules that are healthy and productive for everyone.

Anne Skeldon has received funding from Transport for London and from Scotia Gas Network.

Derk-Jan Dijk received funding from AFOSR USA.

Steven W Lockley is a consultant to Timeshifter Inc, KBR Wyle Services, Apex 2100 Ltd and Illumalife Inc.

– ref. Why not all plans for a four-day working week would be a win for health – https://theconversation.com/why-not-all-plans-for-a-four-day-working-week-would-be-a-win-for-health-247839

MIL OSI – Global Reports –

January 29, 2025

MIL-Evening Report: As the ‘digital oligarchy’ grows in power, NZ will struggle to regulate its global reach and influence

Source: The Conversation (Au and NZ) – By Alexandra Andhov, Chair in Law and Technology, University of Auckland, Waipapa Taumata Rau

The images of President Donald Trump at his inauguration surrounded by the titans of the global tech industry is a warning of what could come: a global digital oligarchy dominated by a tiny tech elite.

Companies like Meta, Google, Microsoft, Amazon, X Corp, and OpenAI (all based in the United States) now operate beyond the control of most governments. Countries like New Zealand are increasingly struggling to keep these companies in check.

In the past decade, New Zealand has taken several measures to curb the influence of powerful tech companies through voluntary agreements and tax legislation.

But the digital age has fundamentally changed national sovereignty – the right of individual countries to decide the rules within their own borders.

Big tech companies are gradually taking on functions traditionally reserved for government institutions. For example, these companies have begun to function as the arbiters of speech, controlling the visibility of certain ideas and comments.

As recently as this month, Meta obscured searches for left-leaning topics including “Democrats”, later blaming the issue on a “technical glitch”.

And as was widely covered in the media, Amnesty International released a report claiming that Facebook’s algorithms “proactively amplified” anti-Rohingya content in Myanmar, substantially contributing to human rights violations against the ethnic group.

New Zealand’s attempts to regulate big tech

A number of governments are now facing the question of how to temper the influence of these companies within their current legal frameworks.

As New Zealand (among others) has discovered in the past decade, influencing the behaviour of these companies is easier said than done. It has repeatedly found itself struggling to effectively manage big tech’s impact on its society and economy.

In 2018, for example, New Zealand’s Privacy Commissioner said Facebook had failed to comply with its obligations under the New Zealand Privacy Act. The company told the commission the Privacy Act did not apply to it.

When the Christchurch terrorist attack was livestreamed on Facebook (owned by Meta), New Zealand authorities found themselves largely powerless to prevent the video’s spread across global platforms.

This crisis prompted then-prime minister Jacinda Ardern to launch the Christchurch Call initiative aimed at combating online extremism by fostering collaboration between governments and tech companies.

The goal was to develop and enforce measures such as improved content moderation, removal of extremist material, and the creation of safer online environments.

While gaining support from more than 120 countries and tech companies, its effect depends on voluntary ongoing cooperation. Recent events suggest this ongoing cooperation is unlikely.

In January, Meta CEO Mark Zuckerberg announced plans to get rid of content moderation in the US and possibly elsewhere. Zuckerberg has also pushed back against European Union regulations, claiming the EU’s data laws censored social media.

Taxing big tech

In 2019, New Zealand proposed a 3% digital tax on big tech revenue. A similar measure was introduced by France in 2020 and by Canada and Australia last year.

While these proposals signify important steps toward holding big tech accountable, their implementation remains uncertain.

Although the relevant tax provisions have been adopted in New Zealand, the law includes clauses allowing tax collections to be deferred until as late as 2030.

Meanwhile, big tech continues to push back aggressively against regulation in various ways. These have included threatening reduced services (such as the brief closure of TikTok in the US) to leveraging their relationships with the Trump government against other countries.

Using competition regulation to rein in big tech

In December 2024, the Australian government unveiled draft legislation on big tech to level the playing field.

The proposed law seeks to foster fair competition, prevent price gouging, and give smaller tech and news companies a chance to thrive in a landscape increasingly dominated by global giants.

The legislation would grant the Australian Competition and Consumer Commission the authority to investigate and penalise companies with fines of up to A$50 million for restricting competition.

The targeted behaviour includes tactics such as restricting data transfers between platforms (for example, moving contacts or photos from iPhone to Android) and limiting third-party payment options in app stores.

The proposed law aims to put an end to these unfair advantages, ensuring a level playing field where businesses of all sizes can compete and consumers have more choices.

Democractic governance in the digital age

The growing power of tech platforms raises critical questions about democratic governance in the digital age.

There is an urgent need to reconcile the global influence of tech companies with local democratic processes and to create mechanisms that safeguard individual and national sovereignty in an increasingly digital world.

Governments need to recognise these platforms are not immutable forces of nature, but human-created systems that can be challenged, reformed or dismantled. The same digital connectivity that has empowered these corporations can become the very tool of their transformation.

Alexandra Andhov is conducting research on Big Tech Governance, funded by the Independent Research Fund Denmark under the Inge Lehmann Programme. The author is grateful for this support and wishes to acknowledge that the research was conducted entirely independently.

– ref. As the ‘digital oligarchy’ grows in power, NZ will struggle to regulate its global reach and influence – https://theconversation.com/as-the-digital-oligarchy-grows-in-power-nz-will-struggle-to-regulate-its-global-reach-and-influence-247899

MIL OSI Analysis – EveningReport.nz –

January 29, 2025

MIL-OSI: Mattermost to Deliver AI-Powered Collaboration for Azure Secret and Top Secret Environments

Source: GlobeNewswire (MIL-OSI)

Palo Alto, California, Jan. 28, 2025 (GLOBE NEWSWIRE) — At the AFCEA West 2025 conference, Mattermost, the leading collaborative workflow platform for air-gapped edge operations, today announced its intent to develop an AI-ready platform for Azure Secret and Top Secret cloud environments. This initiative will leverage the power of Azure AI, including OpenAI’s GPT-4o, which recently received authorization for use in Microsoft’s Azure Government Top Secret cloud, as announced by Microsoft on January 16, 2025.

Mattermost is purpose-built for disconnected, edge-based environments, enabling secure collaboration and workflow execution even in the most isolated and sensitive operations. This includes one-to-one and group messaging, file sharing, systems integration, automation, audio calling, and screen share. This new initiative will extend these capabilities to Azure’s air-gapped cloud environments, empowering defense and intelligence agencies to leverage the latest advancements in AI while maintaining the highest levels of security and compliance.

Key Use Cases:

Out-of-Band Incident Response: Securely coordinate and manage incident response activities in disconnected environments. This is critical for maintaining communication and operational continuity when primary communications infrastructure may be breached or unavailable, especially in emergency situations to prevent data spillage of classified information to other platforms.
Red Team and Pen Test Workflows: Facilitate collaboration and information sharing for red teaming and penetration testing exercises within a protected, segregated environment designed to manage highly sensitive classified information about vulnerabilities in critical infrastructure.
DevSecOps in Classified Environments: Enable secure collaboration and automation for software development and security operations, including integrations with continuous integration/continuous delivery (CI/CD) platforms and popular developer infrastructure like on-premise versions of GitLab, GitHub Enterprise, Jira, Jenkins, and other similar platforms.
Mission Operations and Command and Control: Provide a reliable and secure platform for critical communications and coordination.

Key Features and Benefits:

Secure Collaboration: Enables secure chat operations, file sharing, audio calling, and screen sharing, along with integration with legacy and custom systems, automation and customization, all within classified environments.
Workflow Automation: Streamlines repetitive tasks, boosts efficiency with secure workflows and digital playbooks, and speeds up the execution of standard operating procedures, training, and onboarding.
AI-Powered Assistance: Acts as a force multiplier to address talent and personnel shortages by leveraging Azure AI and OpenAI to provide real-time analysis, automated workflows, and intelligent insights, alleviating the stress of spreading mission-critical teams too thinly across responsibilities.
Integration with Microsoft Teams: Offers interoperability options with Microsoft Teams, allowing for collaboration across different security domains.
Compliance with Stringent Standards: Meets the rigorous security and compliance requirements of Intelligence Community Directive (ICD) 503.

“The material rise in geopolitical instability and the dramatic increase in global cyber threats, including adversarial use of AI and digital attack vectors, requires rapid augmentation of capabilities within air-gapped environments to more rapidly detect, analyze, and defend against new categories of threats,” said Corey Hulen, CEO of Mattermost Federal Inc. “This initiative represents a significant step forward in our commitment to providing the secure and innovative solutions required for mission success in this challenging environment.”

About Mattermost:

Mattermost is the leading collaborative workflow platform for air-gapped edge environments. We serve national security, government, and critical infrastructure enterprises, from the U.S. Department of Defense, to global tech giants, to utilities, banks and other vital services. We accelerate out-of-band incident response, DevSecOps workflow, mission operations, and self-sovereign collaboration to bolster the focus, adaptability and resilience of the world’s most important organizations.

Our enterprise software and single-tenant SaaS platforms are built to meet the custom needs of rigorous and complex environments while offering a secure and unrivaled collaboration experience across web, desktop and mobile with channel-based messaging, file sharing, audio calling and screen share, with integrated tooling, workflow automation and AI assistance.

For more information visit mattermost.com.

The MIL Network –

January 29, 2025

MIL-OSI: Bybit Web3 Launches Telegram Mini Wallet to Simplify Wallet Creation for Web2 Users

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Jan. 28, 2025 (GLOBE NEWSWIRE) — Bybit Web3, the Web3 division of Bybit, today announced the launch of its Telegram Mini Wallet, a significant step towards bridging the gap between Web2 and Web3. This innovative feature empowers users to seamlessly create and manage their Bybit Wallets directly within the popular Telegram messaging app, eliminating the need for separate app downloads and streamlining their Web3 journey. This integration reflects Bybit’s strategic commitment to simplifying access to blockchain technology for a broader audience, particularly Telegram’s active user base.

Key Features and Benefits of the Bybit Telegram Mini Wallet:

Simplified Onboarding: Allows users to create a Bybit Wallet easily within the Telegram interface.
Integrated Asset Management: Enables depositing, withdrawing, and managing crypto assets directly within Telegram.
Improved User Experience: Offers opportunities to participate in campaigns, engage with the Bybit ecosystem, and explore Web3 within Telegram.
Enhanced Accessibility: Aims to break down the barriers to entry for Web2 users and support broader blockchain adoption.

“We’re thrilled to introduce the Telegram Mini Wallet — it’s a big step in our mission to bridge CeDeFi and become the gateway to everything on-chain,” said Emily Bao, Head of Spot and Web3. “By making wallet creation and management simpler, we’re opening the door for more people to experience the amazing possibilities of Web3. It’s all about making blockchain technology easy and accessible for everyone.”

Exploring New Possibilities: Bybit Telegram Mini Wallet and FarmX Campaign

The launch of the Telegram Mini Wallet aligns with the latest edition of FarmX, Bybit SpaceS’ flagship token farming initiative. This campaign features a prize pool exceeding $100,000, and an expanded selection of token rewards, including $PinEye, $FLOCK, and $USDT (via Tanssi).

Over 20,000 users have already won USDT in previous FarmX campaigns, with more than 5,000 joining within 24 hours during a first-come, first-served event. One user earned around 50 USDT, demonstrating the potential rewards available. The upcoming campaign provides an expanded scope, featuring 50,000 slots available for users to claim potential rewards.

The Telegram Mini Wallet addresses a common industry challenge: for many beginners, getting started with DeFi can be confusing, especially when it comes to choosing and setting up a Web3 wallet. By leveraging Telegram, a trusted platform familiar to millions, the Bybit Mini Telegram Wallet simplifies the process by allowing users to create and manage their Web3 wallet directly within the app. This seamless integration provides an easy and secure way for users to explore decentralized finance, offering a smoother introduction to owning and managing digital assets.

Users can seamlessly connect via the Telegram Mini Wallet or their Bybit Wallet, streamlining their participation in FarmX. Moreover, holding or staking $TON unlocks exclusive perks, such as boosted rewards in the TON Pool, further enhancing the earning potential.

Bybit’s Telegram Mini Wallet and FarmX campaign exemplifies its innovative approach to integrating social engagement with blockchain technology, empowering users with intuitive tools and generous rewards.

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/663c0477-8b1e-44e7-a7f4-fdd6a69a6018

The MIL Network –

January 29, 2025

Category: Machine Learning

Commerce: A sprawling bureauocracy

Challenge No. 1: Another census is just around the corner

Challenge No. 2: NOAA on the front lines of climate change fight

Challenge No. 3: The patent problem

Far-reaching and harmful consequences for any person who can become pregnant

About the Global Gag Rule

Not all wildlife are wild

Data is thin in many ways

Why tracking the wildlife trade is important

What’s next

The market under different presidents

Frequently asked questions

Getting into sleep debt

New Zealand’s attempts to regulate big tech

Taxing big tech

Using competition regulation to rein in big tech

Democractic governance in the digital age