Category: Politics

  • MIL-OSI USA: Ken Iliff: Engineering 40 Years of Success

    Source: NASA

    Editor’s note: This article was published May 23, 2003, in NASA Armstrong’s X-Press newsletter. NASA’s Dryden Flight Research Center in Edwards, California, was redesignated Armstrong Flight Research Center on March 1, 2014. Ken Iliff was inducted into the National Hall of Fame for Persons with Disabilities in 1987. He died Jan. 4, 2016.

    As an Iowa State University engineering student in the early 1960s, Ken Iliff was hard at work on a glider flight simulation.
    Upon examining the final results – which, in those early days of the computer revolution, were viewed on a long paper printout – he noticed one glaring imperfection: the way he had programmed it, his doomed glider would determinedly accelerate as it headed for the ground.
    The culprit was a single keystroke. At the time, programming was based on data that had been painstakingly entered into the computer by hand, on punch cards and piece by piece. Somewhere, Iliff had entered a plus sign instead of a minus sign.
    The seemingly minor incident was to foreshadow great things to come in Iliff’s career.
    Not long after graduation, the West Union, Iowa, native found himself at what was then called simply the NASA Flight Research Center located on Edwards Air Force Base.
    “I just knew I didn’t want to be sitting somewhere in a big room full of engineers who were all doing the same thing,” Iliff said of choosing Dryden over other jobs and other NASA centers. “It was a small center doing important things, and it was in California. I knew I wanted to be there.”
    Once at Dryden, the issue of data tidbits was central to the new hire’s workday. Iliff’s post called for him and many of his colleagues to spend much of their time “reading up” data – a laborious process of measuring data from film using a single reference line and a ruler. Measurements were made every tenth of a second; for a ten-second maneuver, a total of one hundred “traces” were taken for every quantity being recorded.
    “I watched talented people spending entire days analyzing data,” he recalled. “And then, maybe two people would arrive at two entirely different conclusions” from the same data sets.
    As has happened so often at the birth of revolutionary ideas, then, one day Iliff had a single, simple thought about the time-intensive and maddeningly inexact data analysis process:
    “There just has to be a better way to do this.”
    The remedy he devised was to result in a sea change at Dryden, and would reverberate throughout the world of computer-based scientific research.
    Iliff’s work spanned the decades that encompassed some of Dryden’s greatest achievements, from the X-15 through the XB-70 and the tentative beginnings of the shuttle program. The solution he created to the problem of inaccuracy in data analysis focused on aerodynamic performance – how to formulate questions about an aircraft’s performance once answers about it are already known, how to determine the “why?” when the “what happens?” has already happened.
    The work is known as “parameter estimation,” and is used in aerospace applications to extract precise definitions of aerodynamic, structural and performance parameters from flight data.
    His methodology – cemented in computer coding Iliff developed using Fortran’s lumbering binary forerunner, machine code – allowed researchers to determine precisely the type of information previously derived only as best-estimate guesses through analysis of data collected in wind tunnels and other flight-condition simulators. In addition to aerospace science, parameter estimation is also used today in a wide array of research applications, including those involving submarines, economic models, and biomedicine.
    With characteristic deference, Iliff now brushes off any suggestion of his discovery’s significance. Instead, he credits other factors for his successes, such as a Midwestern work ethic and Iowa State University’s early commitment to giving its engineering students good access to the new and emerging computer technology.
    To hear him tell it, “all good engineers are a little bit lazy. We know how to innovate – how to find an easier way.
    “I’d been trained well, and given the right tools – I was just in the right place at the right time.”
    But however modestly he might choose to see it characterized, it’s fair to number Iliff’s among the longest and most distinguished careers to take root in the ranks of Dryden research engineers. Though his groundbreaking work will live forever in research science, when Iliff retired in December he brought to a close his official role in some of the most important chapters in Dryden history.

    His pioneering work with parameter estimation carried through years of aerodynamic assessment and data analysis involving lifting-body and wing-body aircraft, from the X-15 through the M2-F1, M2-F2 and M2-F3 projects, the HL-10, the X-24B and NASA’s entire fleet of space shuttles. His contributions aided in flight research on the forward-swept-wing X-29 and the F/A-18 High Angle of Attack program, on F-15 spin research vehicles, on thrust vectoring and supermaneuverability.
    Iliff began work on the space shuttle program when it was little more than a speculative “what’s next?” chapter in manned spaceflight, long before it reached officially sanctioned program status. Together with a group spearheaded by the late NASA research pilot and long-time Dryden Chief Engineer Milt Thompson – who Iliff describes unflinchingly as “my hero” – Iliff helped explore the vast range of possibilities for a new orbiting craft that would push NASA to its next frontier after landing on the moon.
    In an environment much more informal than today’s, when there were few designations of “program manager” or “task monitor” or “deputy director” among NASA engineers like Iliff and Thompson, a handful of creative, disciplined minds were at work dreaming up a reusable aircraft that would launch, orbit the Earth and return. Iliff’s role was to offer up the rigor of comparison in size, speed and performance among potential aircraft designs; Thompson and Iliff’s group was responsible, for example, for the decision to abandon the notion of jet engines on the orbiter, decreeing them too heavy, too risky and too inefficient.
    Month in and month out, Iliff and his colleagues painstakingly researched and developed the myriad design details that eventually materialized into the shuttle fleet. There was, in Iliff’s words, “a love affair between the shuttle and the engineers.”
    And in a display typifying the charged environment of creative collaboration that governed the effort – an effort many observe wryly that it would be difficult to replicate at NASA, today or anytime – the body of research was compiled into the now-legendary aero-data book, a living document that records in minute detail every scrap of design and performance data recorded about the shuttles’ flight activity.
    Usually with more than a touch of irony, the compiling of the aero-data book has been described with phrases like “a remarkably democratic process,” involving as it did the need for a hundred independent minds and strong personalities to agree on indisputable facts about heat, air flow, turbulence, drag, stability and a dozen other aerodynamic principles. But Iliff says the success of the mammoth project, last updated in 1996, was ultimately enabled by a shared commitment to a culture that was unique to Dryden, one that made the Center great.
    “Well, big, complicated things don’t always come out like you think they will,” Iliff said.
    “But we understood completely the idea of ‘informed risk.’ We had a thorough understanding of risks before taking them – nobody ever did anything on the shuttle that they thought was dangerous, or likely to fail.
    “The truly great thing (about that era at Dryden) was that they mentored us, and let us take those risks, and helped us get good right away. That was how we were able to do what we did.”
    It was an era that Iliff says he was thrilled to be a part of, and which he admits was difficult to leave. It was also, he adds with a note of uncharacteristic nostalgia, a time that would be hard to reinvent today after the intrusion of so many bureaucratic tentacles into the hot zone that spawned Dryden’s greatest achievements.
    A man not much given to dwelling on the past, however, Iliff has moved on to a retirement he is making the most of. Together with his wife, Mary Shafer, also retired from her career as a Dryden engineer, he plans to dedicate time to cataloging the couple’s extensive travel experiences with new video and graphics software, and adding to the travel library with footage from new trips. Iraq ranks high on the short list.
    During his 40-year tenure, Iliff held the post of senior staff scientist of Dryden’s research division from 1988 to 1994, when he became the Center’s chief scientist. Among numerous awards he received were the prestigious Kelly Johnson Award from the Society of Flight Test Engineers (1989), an award permanently housed in the Smithsonian National Air and Space Museum, and NASA’s highest scientific honor, the NASA Exceptional Scientific Achievement Award (1976).
    He was inducted into the National Hall of Fame for Persons with Disabilities in 1987, and served on many national aeronautic and aerospace committees throughout his career. He is a Fellow in the American Institute of Aeronautics and Astronautics (AIAA) and is the author of more than 100 technical papers and reports. He has given eleven invited lectures for NATO and AGARD (Advisory Group for Aerospace Research and Development), and served on four international panels as an expert in aircraft and spacecraft dynamics. Recently, he retired from his position as an adjunct professor of electrical engineering at the University of California, Los Angeles.
    Iliff holds dual bachelor of science degrees in mathematics and aerospace engineering from Iowa State University; a master of science in mechanical engineering from the University of Southern California; a master of engineering degree in engineering management and a Ph.D. in electrical engineering, both from UCLA.
    Iliff’s is the kind of legacy shared by a select group of American engineers, and to read the papers these days, there’s the suggestion that his is a vanishing breed. NASA and other science-based organizations are often depicted as scrambling for new engineering talent – particularly of the sort personified by Iliff and his pioneering achievements.
    But, typical of the visionary approach he applies to life in general as well as to science, Iliff takes a wider view.
    “I remember, after the X-1 – people figured all the good things had been done,” he said, with a smile in his voice. “And of course, they had not.
    “If I was starting out now, I’d be starting in work with DNA, or biomedicine – improving lives with drug research. There are so many exciting things to be discovered there. They might not be as showy as lighting off a rocket, but they’re there.
    “I’ve seen cycles. We’re at a low spot right now – but military, or space, will eventually be at the center again.”
    And when that day comes, Iliff says he hopes officials in the flight research world will heed the example of Dryden’s early years, and give its engineers every opportunity to succeed unfettered – as he had been.
    “Beware the ‘Chicken Littles’ out there,” he said. “I hope the government will be strong enough to resist them.”

    Sarah MerlinFormer X-Press newsletter assistant editor
    Former Dryden historian Curtis Peebles contributed to this article.

    MIL OSI USA News

  • MIL-OSI USA: DBEDT NEWS RELEASE: Small Business Regulatory Review Board Elects 2024-2025 Officers

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: Small Business Regulatory Review Board Elects 2024-2025 Officers

    Posted on Oct 29, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

     

    SMALL BUSINESS REGULATORY REVIEW BOARD

     

    JOSH GREEN, M.D.
    GOVERNOR

    JAMES KUNANE TOKIOKA
    DIRECTOR

    DORI PALCOVICH
    SBRRB ADMINISTRATOR

    FOR IMMEDIATE RELEASE

    October 29, 2024

    SMALL BUSINESS REGULATORY REVIEW BOARD ELECTS 2024-2025 OFFICERS

     

    HONOLULU – The Department of Business, Economic Development and Tourism (DBEDT) Small Business Regulatory Review Board (SBRRB) has announced its officers for fiscal year 2024 to 2025.

    Jonathan Shick, chair (O‘ahu) – Mr. Shick works for Pono Consulting Group LLC, has been a member for five years and was previously the SBRRB’s second vice chair.

    Mary Albitz, vice chair (Maui) – Ms. Albitz is the owner of Island Art Party, a paint and sip studio located in Kīhei. She has been a member since 2018, most recently as chair of the SBRRB.

    Sanford Morioka, second vice-chair (O‘ahu) – Mr. Morioka is president of Edward Enterprises, Inc. and has been a member since 2022.

    Other board members are Robert Cundiff (O‘ahu), Mark Ritchie (DBEDT Ex Officio), Garth Yamanaka (Hawai‘i), James (Kimo) Lee (Hawai‘i) and Tessa Gomes (O‘ahu), as well as recent Governor Josh Green, M.D. appointees Nikki Ige (Kauaʻi) and Jennifer Salisbury (Maui).

    “Mahalo to the SBRRB members for their dedication and commitment to improving Hawai‘i’s small business landscape,” said DBEDT Director James Kunane Tokioka. “These collaborative efforts encourage and support the vitality of small businesses in Hawai‘i.”

    “The SBRRB oversees rules and regulations for Hawai‘i small businesses promulgated by both state and county agencies,” said SBRRB Administrator Dori Palcovich. “Navigating government agencies at various levels – federal, state, county and city is very difficult for our small businesses. However, in my 23 years as its administrator, I fully believe that the SBRRB is very committed to improving the regulatory climate in the state for the benefit of small businesses.”

    The SBRRB meets monthly both in-person and by electronic means. We encourage those small businesses that may have specific regulatory concerns with Hawai‘i Administrative Rules to learn more about the monthly meetings at sbrrb.hawaii.gov.

    About Small Business Regulatory Review Board (SBRRB)

     

    The SBRRB was established on July 1, 1998 with the passage of the Small Business Regulatory Flexibility Act. The responsibilities of the SBRRB include:

    1) Commentary on small business impact statements to the rule-drafting agencies.

    2) Identification and commentary on business impact of existing administrative rules.

    3) Recommendations to the Governor’s Office, state agencies or legislature, on any proposed new or amended administrative rules or changes in legislation.

    4) Recommendations to the mayors or county councils regarding county rules; and

    5) Review of small business petitions and complaints on business impact.

    The SBRRB comprises 10 volunteer members who are current or former owners or officers of businesses from across the state, as well as the director of DBEDT or the director’s designated representative, who serves as an “ex officio” member. Three members are appointed by the Senate President, three members by the Speaker of the House, two members by the SBRRB, and two are appointed by the Governor.

    Further, the appointments reflect a representation of a variety of businesses in the state with no more than two members from the same type of business and at least one representative from each county.

    About Department of Business, Economic Development and Tourism (DBEDT)


    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation sector job growth.

     

    # # #

     

    Media Contact:

     

    Laci Goshi

    Department of Business, Economic Development and Tourism 

    808-518-5480

    [email protected]

    dbedt.hawaii.gov 

    MIL OSI USA News

  • MIL-OSI USA: Office of the Governor – News Release –Gov. Green Makes Appointments to Several Boards and Commissions

    Source: US State of Hawaii

    JOSH GREEN, M.D.

    GOVERNOR
    KE KIAʻĀINA

    GOVERNOR GREEN MAKES APPOINTMENTS TO SEVERAL BOARDS AND COMMISSIONS 

    FOR IMMEDIATE RELEASE
    October 29, 2024

    HONOLULU – Governor Josh Green, M.D., is pleased to announce the appointment of V.R. Hinano Rodrigues to the Commission on Water Resource Management. Per the process outlined in state statute, Rodrigues will serve as interim until he is confirmed by the Hawai’i State Senate.

    Rodrigues has more than two decades of dedicated service in cultural preservation and community engagement, and a wealth of knowledge relating to Hawai‘i’s unique environment and cultural heritage. A native of Olowalu on Maui, Rodrigues is well-respected for leading multidisciplinary teams and championing initiatives for the benefit of the state’s natural resources.

    His extensive years as a History and Culture Branch chief at the Department of Land and Natural Resources (DLNR) have equipped him with the insights and skills necessary to navigate the complex challenges facing our water resources today.

    “All three candidates nominated for this role were incredible individuals, each with unique qualifications and deep commitments to serving our communities,” said Governor Green. “Hinano stood out as best suited for the commission due to his extensive experience and understanding of Hawai‘i’s cultural and environmental landscape. This role is essential for ensuring the sustainable management of our most precious resource — water — and requires a leader who can honor the balance between housing needs and cultural preservation. I am confident that Hinano’s knowledge, dedication and passion for safeguarding Hawai‘i’s heritage will serve the people of our islands well in this vital role.”

    In his new role on the commission, Rodrigues will work collaboratively with stakeholders to ensure sustainable management of Hawai‘i’s precious water resources while honoring cultural values. His exceptional communication and conflict resolution skills will be invaluable in fostering partnerships between government agencies, local communities and environmental organizations. This term is expected to end on June 30, 2028.

    Green recently appointed Ciara Kahahane as first deputy of the Commission on Water Resource Management. Kahahane, a Lahaina native and former deputy with the Attorney General’s office, joins Department of Land and Natural Resources First Deputy Director Ryan Kanakaʻole and Chair Dawn Chang in leading DLNR as an all-Native Hawaiian executive team.

    A photo of Hinano Rodrigues can be found here.

    Office of Hawaiian Affairs Salary Commission:
    Governor Green also announced today the appointment of distinguished members to the Office of Hawaiian Affairs Salary Commission. Hawai‘i Revised Statutes (HRS) Section 10-9.5 requires the Governor to appoint an OHA Salary Commission every four years. The commission studies and makes recommendations for the salaries of the members of the board of trustees for the Office of Hawaiian Affairs.

    Appointees: 
    Ian Custino
    Tyler Gomes
    Kawehi Inaba
    Reyn Kaupiko
    Anita Naone
    Dennis Rose
    Venus Rosete-Medeiros

    Hawai‘i Commission on Salaries:
    Governor Josh Green also announced today the appointment of distinguished members to the state Commission on Salaries. As established by law, the commission will review and recommend salaries for justices, judges, legislators, department heads, executive officers and deputies within the executive branch, excluding the University of Hawaiʻi and Department of Education. It will also make recommendations for the salaries of the administrative director of the state or equivalent position, the governor and the lieutenant governor. Salaries set under this provision cannot be reduced during a term unless by general law affecting all state salaried officers of the state.

    Appointees: 
    Beth Amaro
    Susan Arnett
    Pankaj Banjot
    Cathy Betts
    Margery Bronster
    Colleen Hanabusa
    Wesley Machida

    # # #

     
    Media Contacts:   

    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Phone: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News

  • MIL-OSI USA: Governor activates National Guard to support law enforcement on Election Day

    Source: US State of Nevada

    Las Vegas, NV – October 28, 2024

    LAS VEGAS, NV – Today, Governor Joe Lombardo announced that, in preparation for a safe and smooth Election Day, he will activate a limited contingent of National Guard personnel to be available on Election Day. The activation will be limited to supporting state and local resources on November 5, 2024.

    This decision, which mirrors the state’s routine preparation for past elections, was made after consultation with election officials and state leaders. It is one of many proactive steps the state is taking to ensure all possible resources are in place for a timely response to any challenges that arise. For example, a major weather event on top of elections could pose significant demands on public safety personnel, which the National Guard would then be in a position to help alleviate.

    Pursuant to procedure, 60 total members of the National Guard will be activated on standby status and stationed in Nevada National Guard facilities in both Carson City and Las Vegas. They will be available to support existing law enforcement preparations for Election Day on things like traffic enforcement and building security, and to coordinate and facilitate communication across the state if additional support is needed.

    This is one more way Nevada officials are preparing to ensure a smooth, secure, and safe election for the people of Nevada in 2024.

    “After consulting with stakeholders across the state, I have decided that a precautionary activation of the National Guard makes sense at this time. We do not expect that these personnel will need to be deployed,” said Governor Joe Lombardo. “As a first responder, I know first-hand the importance of being prepared, and this decision reflects my commitment to safety and preparedness on Election Day.  As always, I am deeply grateful to the men and women of our National Guard, and I appreciate their service to our state and country.”

    “I share Governor Lombardo’s commitment to safety, preparedness, and transparency,” said Secretary of State Francisco V. Aguilar. “This proactive decision helps ensure that we’ve made the most of our available resources across Nevada. Our election officials and law enforcement leaders have been preparing for the November 5 election for years. This frees up their resources on Election Day so they can focus on delivering a safe and secure election.”

    ### 

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces local accountability, transparency rules for new round of homeless funding

    Source: US State of California 2

    Oct 29, 2024

    What you need to know: Governor Newsom today announced 37 new grant awards totaling more than $827 million to help more than 100 local communities and organizations create long-term solutions to address homelessness. The grant agreements include strong accountability and transparency measures and clear expectations to ensure that local strategies to address homelessness are measurable and effective. 

    LOS ANGELES — Expanding California’s unprecedented support for local efforts to create long-term solutions to address homelessness, Governor Newsom today announced that 37 regional grantees — representing 100 local communities and organizations statewide — will receive more than $827 million in new state investments to create new housing, shelter, and support for those experiencing homelessness. The funding comes with strong accountability measures and reporting requirements to ensure funding is used effectively and outcomes can be tracked and measured.

    “We’ve given our local partners the tools and resources they need — it’s time to end this crisis now. These new funds represent the hard work, accountability, and strategic planning needed to address homelessness with real, long-lasting results.”

    Governor Gavin Newsom

    Investing in impactful solutions to address homelessness 

    California has made unprecedented investments to address the housing and homelessness crises, with $40 billion invested to help communities create more housing and $27 billion provided to communities to help prevent and end homelessness. Today’s new grant awards are part of the state’s Homeless Housing, Assistance and Prevention (HHAP) grant program, which provides flexible grant funding to help communities support people experiencing homelessness by creating permanent housing, rental and move-in assistance, case management services, and rental subsidies, among other eligible uses. 

    The Governor announced the awards in Downtown Los Angeles, where he was joined by city and county officials. 

    “The only way we can be successful in solving homelessness is by locking arms and implementing a comprehensive approach that shows results,” said Los Angeles Mayor Karen Bass. “The Homelessness Housing, Assistance and Prevention program is critical to our success here in Los Angeles, and has helped reduce homelessness for the first time in years. I want to thank Governor Newsom and our state elected partners for working together to bring people off of the streets and into housing as urgently as this crisis requires.”

    Greater accountability 

    As a condition of receiving the funding, the awardees must agree to increased accountability, transparency, and compliance measures. These new measures will help enhance the ability for these state investments to drive real, measurable results and will help improve the tracking of data and outcomes. This ensures that grant recipients remain accountable and protects state funding.

    Regional approach

    Grantees were required to work regionally on these applications. Cities, counties, and Continuums of Care were required to explicitly commit to coordinating with one another, clearly stating who was responsible for which parts of their joint regional homeless efforts, as a condition of receiving funding. This will drive coordination and make sure homelessness is solved regionally — not treated as a problem that stops at the city limits. 

    Greater transparency

    Grantees will report monthly fiscal progress that will be available live on the California Housing and Community Development’s (HCD) website through the HHAP fiscal dashboard. Grantees will also upload HHAP program outcomes to the California Homeless Data Integration System on a quarterly basis.

    More support 

    This round of HHAP funding embraces an inclusive process — helping California regions to assess and build on their existing capacity to address their unique homelessness challenges, transition homeless individuals and families into affordable permanent housing, and support those individuals and families in maintaining stable permanent housing. The funding requires grantees to commit to addressing racial inequities in homelessness, prioritize permanent housing rather than temporary shelters, and include people with lived experience of homelessness in program design.

    “The HHAP Round 5 grants demonstrate how the state can support and amplify regional strategies and coordination to help our most vulnerable residents move into safe and stable housing,” said Business, Consumer Services and Housing Secretary Tomiquia Moss. “The accountability in this round of funding ensures we are empowering local partners to design local solutions to prevent and end homelessness, and produce measurable results. By working together to address the unique needs in their communities we get that much closer to reducing unsheltered homelessness across the State.”

    HHAP funds build on ongoing state investments and are intended to be paired strategically with other state, local, and federal funds, including other HCD programs like Homekey+

    Care, compassion, collaboration 

    Today’s announcement follows the Governor’s executive order urging local governments to adopt policies and plans consistent with the California Department of Transportation’s (Caltrans) existing encampment policy.

    Prioritizing encampments that pose a threat to the life, health, and safety of the community, Caltrans provides advance notice of clearance and works with local service providers to support those experiencing homelessness at the encampment, and stores personal property collected at the site for at least 60 days.  Earlier this month, Governor Newsom also provided local communities with $131 million, as part of the state’s $1 billion of Encampment Resolution Funds to address homelessness, to help local governments address homeless encampments and provide shelter, care, and support.

    As required by the Governor’s executive order, the California Interagency Council on Homelessness today is releasing new guidance to assist local communities in addressing encampments. The guidance provides local communities with best practices for resolving encampments and connecting individuals in encampments with services and housing.

    California is also transforming behavioral health care by improving access, accountability, transparency, and capacity. This includes through the Community Assistance, Recovery, and Empowerment (CARE) Court, a first-in-the-nation approach to create accountability for connecting individuals with untreated psychosis to the treatment and housing they need. It also includes Proposition 1, which is expanding the behavioral health continuum using existing dollars and providing care to individuals experiencing mental health conditions and substance use disorders — with a particular focus on people who are the most seriously ill, vulnerable, and at risk of homelessness or homeless. 

    HHAP Funding provided by region

    Local communities and organizations are required to coordinate and apply together through Regionally Coordinated Homelessness Action Plans. The 37 California regions awarded HHAP funds today have approved plans that demonstrated a commitment to the priorities of creating permanent housing solutions and sustaining existing interim housing. 

    For a list of regions receiving the award, view here.

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    MIL OSI USA News

  • MIL-OSI USA: NEWS RELEASE – MONTHLY SIREN TEST

    Source: US State of Hawaii

    NEWS RELEASE – MONTHLY SIREN TEST

    Posted on Oct 29, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF DEFENSE

    KA ʻOIHANA PILI KAUA

     

    HAWAI‘I EMERGENCY MANAGEMENT AGENCY

    KEʻENA HOʻOMALU PŌULIA O HAWAIʻI

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

    MAJOR GENERAL STEPHEN F. LOGAN

    DIRECTOR OF EMERGENCY MANAGEMENT
    LUNA HOʻOMALU PŌULIA

    JAMES DS. BARROS

    ADMINISTRATOR OF EMERGENCY MANAGEMENT
    KAHU HOʻOMALU PŌULIA

     

     

    MONTHLY SIREN AND EMERGENCY ALERT SYSTEM TEST FOR NOVEMBER 2024

     

     

    FOR IMMEDIATE RELEASE                                                                                                                                                                                                                                 2024-078

    OCTOBER 29, 2024

     

    HONOLULU — The monthly test of the all-hazard Statewide Outdoor Warning Siren System is scheduled for Friday, November 1, 2024, at 11:45 a.m. The siren test will be coordinated with a test of the Live Audio Broadcast segment of the Emergency Alert System.

     

    During this monthly test, all Statewide Outdoor Warning Sirens will sound a one-minute Attention Alert Signal (steady tone). A test of the Live Audio Broadcast segment of the Emergency Alert System is conducted at roughly the same time as the monthly siren sounding, in cooperation with the Hawai‘i broadcast industry. There will be no exercise or drill accompanying the test.

     

    The all-hazard Outdoor Siren Warning System for Public Safety is one part of the Hawai‘i Statewide Alert and Warning System used to notify the public during emergencies. If you hear this siren tone in circumstances other than a test, follow emergency information and instructions provided by official government channels. These may be in the form of a local radio or television station broadcast and/or a cellular Wireless Emergency Alert.

     

    Wireless Emergency Alerts deliver sound-and-text warnings to compatible mobile cellular phones. The Emergency Alert System and Wireless Emergency Alert notifications are sent via the Integrated Public Alert and Warning System, the nation’s alert and warning infrastructure, managed by the Federal Emergency Management Agency.

    Emergency management and disaster preparedness information may be found in the front section of telephone directories in most counties as well as online in the “Get Ready” section of ready.hawaii.gov. For the latest information from the Hawai‘i Emergency Management Agency (HI-EMA), or to sign up for county alerts, visit ready.hawaii.gov.

    The public may contact emergency management and county civil defense agencies to report siren operation issues through the following numbers.

    City and County of Honolulu: 808-723-8960
    Maui County: 808-270-7285
    Kauaʻi County: 808-241-1800
    Hawaiʻi County: 808-935-0031

     

     

    # # #

     

    Contact:

    1. Kīele Amundson

    Communications Director

    808-733-4300 Ext 522

    [email protected]

    MIL OSI USA News

  • MIL-OSI Security: Pembroke Township Man Sentenced to 6 ½ Years in Prison for Filing False Tax Returns

    Source: Office of United States Attorneys

    URBANA, Ill. – Larry Dean Gibbs, 63, of Pembroke Township in Kankakee County, Illinois, was sentenced on October 28, 2024, to 6 ½ years of imprisonment for filing false tax returns.

    Gibbs was convicted of filing three false federal tax returns following a jury trial held at the U.S. Courthouse in Urbana in March of this year. During the trial, the government presented evidence to establish that, in January 2017, Gibbs filed three federal income tax returns for the tax years 2012, 2013, and 2014, each falsely claiming that he had earned $10 million in annual income from the “Larry Dean Gibbs Estate.” Gibbs further falsely claimed that the IRS withheld over $3 million per year from his earnings each year and that he was entitled to refunds totaling over $6.8 million. In contemporaneous filings, Gibbs claimed that he had changed his name to Mulumbua Humraukn El Taikem Bey and that he was the Ambassador for the Al Moroccan Empire National Republic, which is not officially recognized by the U.S. State Department. At the time Gibbs filed the three false tax returns, he had just been released from federal prison for a prior conviction for filing a false federal tax return in 2005, when he had obtained a $66,282 refund to which he was not entitled.

    At the sentencing hearing, U.S. District Judge Colin S. Bruce found that Gibbs had obstructed justice during the trial by falsely claiming that he was a member of the Maipuri Arauan Nation and that a treaty between that tribe and the United States required tribal members to be seated on his jury. Judge Bruce found that Gibbs “continues to file nonsensical sovereign citizen documents with the court, despite the court’s clear warnings against such frivolous, docket-clogging activity.”

    The statutory penalties for filing a false tax return are up to three years of imprisonment and up to a $100,000 fine on each of the three counts of conviction. In addition to imprisonment, Judge Bruce sentenced Gibbs to serve one year of supervised release following his release from the federal Bureau of Prisons.

    Judge Bruce directed Gibbs to report to the Bureau of Prisons to begin serving his sentence of imprisonment on January 7, 2025. In the meantime, Gibbs remains released on conditions of bond, which include home detention.

    “Fraud upon the government ultimately harms honest taxpayers,” said U.S. Attorney Gregory K. Harris. “Our office will vigorously prosecute these important cases, including those involving repeat offenders such as the defendant. We are grateful to our federal law enforcement partners for their dedicated work on this case.”

    “Tax fraud undermines the trust between taxpayers and their government,” said Ramsey E. Covington, Acting Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “By filing false tax returns, Larry Gibbs not only cheated the system but also imposed an unjust burden on honest taxpayers. His frivolous court filings further clogged our legal system, wasting valuable resources that could be better used to serve the community. IRS Criminal Investigation and its fellow law enforcement partners remain committed to holding accountable those who seek to exploit our tax laws for personal gain.”

    “The FBI is proud to work with its law enforcement and prosecutorial partners to ensure that taxpayer dollars aren’t used to line the pockets of repeat offenders,” said Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI. “Our tax system is predicated on the principal that every American pays their fair share, and this sentencing reflects the government’s commitment to ensuring equity for hardworking Americans.”

    The IRS Criminal Investigation, Chicago Field Office, and FBI, Chicago Field Office, investigated the case. Supervisory Assistant United States Attorney Eugene L. Miller represented the government in the prosecution.

    MIL Security OSI

  • MIL-OSI Security: Federal jury convicts Belgrade man of unlawful possession of firearm and ammunition

    Source: Office of United States Attorneys

    MISSOULA — A federal jury on Monday convicted a Belgrade man of a firearms crime after he was accused of illegally possessing two handguns and ammunition while he was the subject of a court restraining order, U.S. Attorney Jesse Laslovich said.

    After a one-day trial that began on Oct. 28, the jury found the defendant, Jordan Charles Kirsch, 34, guilty of being a prohibited person in possession of a firearm and ammunition. Kirsch faces a maximum of 15 years in prison, a $250,000 fine and three years of supervised release.

    U.S. District Judge Dana L. Christensen presided. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing was set for March 12, 2025. Kirsch was detained pending further proceedings.

    “Firearms involved in domestic disputes often lead to tragic results. Here, Kirsch was under a court order of protection restraining him from any violence against the petitioner, and yet he illegally possessed two guns in violation of federal law. I am pleased the jury agreed with us and convicted him, and I am grateful to our prosecution team and law enforcement partners for their work to protect the safety of our fellow Montanans,” U.S. Attorney Laslovich said.

    In court documents and at trial, the government alleged that on Dec. 19, 2023, a state district court judge in Gallatin County conducted a hearing and issued a final Order of Protection for 10 years against Kirsch. The court’s order found that the petitioner was in danger of harm, restrained Kirsch from committing or threatening to commit any acts of violence to the petitioner and ordered Kirsch not to threaten, harass, abuse, follow, stalk, annoy or disturb the petitioner.

    In April 2024, a court order was issued for Kirsch to be removed from a Belgrade residence and for possession of the residence to be delivered to the petitioner. A sheriff’s office detective conducting surveillance observed Kirsch exit the residence with a black semi-automatic handgun and fire it 10 to 20 times toward a berm near the property. On May 2, 2024, Kirsch was arrested and evicted from the property. A search warrant was executed on the property, and law enforcement found two firearms and hundreds of rounds of ammunition in various calibers.

    The U.S. Attorney’s Office is prosecuting the case. The FBI, Missouri River Drug Task Force and Gallatin County Sheriff’s Office conducted the investigation.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    XXX

    MIL Security OSI

  • MIL-OSI Submissions: Crypto – Bitcoin to hit fresh all-time highs on Trump victory, deVere CEO predicts

    Source: deVere Group


    October 29 2024 – Bitcoin is likely to reach fresh all-time highs should Donald Trump win the US presidential election, predicts the CEO of one of the world’s largest independent financial advisory and asset management organizations.


    The bullish prediction from deVere Group’s Nigel Green comes a week ahead of the down-to-the-wire race for the White House between former president Trump and Vice President Kamala Harris.


    Bitcoin is currently around $71,000 (on Tuesday morning, GMT). The highest price paid for Bitcoin (BTC) is $73,737 which was recorded on March 14 2024.


    The deVere CEO comments: “A Trump victory could be the catalyst that pushes the world’s first and largest cryptocurrency into uncharted territory as his return to office would likely have a renewed emphasis on deregulation, tax incentives, and economic policies favorable to alternative investments, such as Bitcoin.”


    He continues: “During the campaign, he’s positioned himself as the pro-Bitcoin candidate, speaking in favor of digital currencies. 


    “Trump has also criticized the excessive influence of centralized financial institutions and has pledged to reduce regulatory constraints on digital assets if re-elected. 


    “This outspoken support has earned him recognition within the crypto community, with many investors viewing his potential return to office as an important bullish signal for Bitcoin.”


    Investor anticipation of policy shifts that many expect from a second Trump administration is likely to fuel a rally.


    The former president’s pro-business stance is often associated with easing regulatory constraints and implementing fiscal policies that encourage investment in unconventional assets. 


    “Should he return to office, Trump’s focus on deregulation might extend to cryptocurrency markets, providing a friendlier environment for digital assets like Bitcoin,” notes Nigel Green.


    Furthermore, Trump’s previous term was marked by substantial corporate tax cuts, which injected additional liquidity into markets, fostering investment in high-growth assets. 


    “Similar fiscal policies could be reintroduced, creating an environment ripe for Bitcoin’s price appreciation. This potential policy outlook adds a sense of urgency for investors to secure their positions in the leading crypto.”


    The former President’s economic stance, often marked by bold decisions and an ‘America First’ approach, could heighten concerns about potential shifts in global trade and US foreign policy. 


    The deVere CEO affirms: “This uncertain landscape makes Bitcoin an attractive alternative for investors looking to hedge against traditional market risks, spurring a demand that could propel Bitcoin to new highs.”


    In recent years, institutional interest in Bitcoin has grown, with large-scale investors, hedge funds, and even public companies allocating portions of their capital to digital assets. This trend has lent additional legitimacy to Bitcoin and has reduced volatility, making it more accessible to mainstream investors.


    A Trump victory might accelerate this trend by promoting a regulatory environment conducive to institutional involvement in the cryptocurrency market. 


    “Such a scenario would bring even more institutional money into Bitcoin, driving its price higher. If Trump advocates for more crypto-friendly policies, it would reinforce the digital asset’s standing in mainstream finance.”


    His potential re-election could also impact the Federal Reserve’s monetary policy stance and the strength of the US dollar, factors that indirectly affect Bitcoin’s price. If his policies lead to a weaker dollar, investors may flock to Bitcoin as a store of value, spurring further demand and pushing prices upward.


    Nigel Green concludes: “A Trump victory, we believe, could spark a substantial rally for Bitcoin as investors look to capitalize on potential policy shifts and a pro-business outlook. 


    “Given Bitcoin’s current positioning just below its all-time high, this election may be the spark that sends it to new records.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.

    MIL OSI – Submitted News

  • MIL-OSI Submissions: Finance – Visa Expands Push-to-Wallet for Virtual Cards Across Commercial Solutions Ecosystem

    Source: Visa Inc.
     
    New capabilities enable seamless issuance and deployment; provide robust controls and unlock new efficiencies

    SAN FRANCISCO – Visa (NYSE:V), a global leader in digital payments, announced new capabilities that enable frictionless, provisioned virtual card push-to-wallet experiences. Users can now seamlessly push virtual cards to mobile wallet ecosystems including Apple Pay and Google Pay, with control and security that allows for precise spending limits and monitoring of transactions, thereby minimizing the risk of fraud and unauthorized expenditures.

    Visa is an early mover in virtual card push-to-wallet, recognizing the importance of creating seamless, digitally native B2B payment experiences that mirror the consumer ones we have all come to expect. Virtual card transactions will exceed 121 billion globally by 2027, increasing 340% from 28 billion in 20221, according to Juniper Research. Virtual cards can significantly enhance operational efficiency by automating payment processes and reducing the administrative burden associated with traditional payment methods, and they can facilitate improved working capital management by accelerating payment cycles and offering greater transparency into financial transactions, empowering businesses to optimize their cash flow and financial planning.

    “These new capabilities underscore Visa’s commitment to innovating the B2B payment landscape, ensuring that businesses have access to secure and efficient payment solutions,” said Gloria Colgan, SVP and Global Head of Product for Visa Commercial Solutions. “By enabling push-to-wallet for virtual cards across our commercial products, we are making it easier for our clients to manage their finances in a digitally native environment.”

    These advancements empower businesses to operate efficiently and securely in today’s fast-paced digital economy. Visa’s sophisticated virtual card capabilities enable businesses of all sizes to utilize enterprise-grade payment solutions for better control, security and financial management. As the use of virtual cards continues to accelerate, Visa remains committed to driving innovation and providing tools that help businesses navigate and thrive in the evolving financial landscape.

    About Visa Inc.

    Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

    1 “Virtual Cards: Sector Analysis, Competitor Leaderboard & Market Forecast 2022-2027,” Juniper Research, 2022.

    MIL OSI – Submitted News

  • MIL-OSI Video: UNRWA, Ukraine, Biodiversity & other topics – Daily Press Briefing (29 Oct 2024) | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    -Briefings
    -Biodiversity
    -UNRWA
    -Occupied Palestinian territory
    -Security Council
    -Lebanon/Israel
    -Lebanon
    -Financial contribution
    -Ukraine
    -Democratic Republic of the Congo
    -Sudan
    -International Day of Care and Support

    BRIEFINGS
    Tomorrow, you will have a heavy day. We’ve asked Amy Pope, the head of the International Organization for Migration who is currently in Sudan to brief you. She will be here at 11 a.m. vie videoconference from Port Sudan to brief you on her ongoing trip. At noon you will have to deal with me. Then at 1 p.m., there will be a briefing here by the Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel and that Commission includes Navid Pillay, Miloon Kothari and Chris Sidoti. Then at 2:00 p.m., Francesca Albanese, the UN Special Rapporteur on the situation of human rights in the Palestinian Territory occupied since 1967 will be here live in person in this very room.

    BIODIVERISTY
    This morning, the Secretary-General is in Cali, in Colombia, where he is attending the high-level segment of the 16th meeting of the Conference of Parties to the Convention on Biological Diversity (COP16). In his remarks, he highlighted that nature is life, and yet we are waging a war against it, a war where there can be no winner. He is in fact about to deliver those remarks and he is expected to warn that no country, rich or poor, is immune to the devastation inflicted by climate change, biodiversity loss, land degradation and pollution, adding that these environmental crises are intertwined, they know no borders.
    The Secretary-General noted that when the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century. He said that we must now turn these promises into acts.
    This morning, he had a series of bilaterals. He met with Leslie Voltaire, the President of the Transitional Presidential Council of Haiti. They agreed on the need to expedite the political transition towards holding elections. In the meeting, the Secretary-General appealed to Haitian stakeholders to set aside their differences and work together for Haiti’s peace and security.
    This afternoon, the Secretary-General will engage in discussions with indigenous people and local communities, as well as representatives of civil society, including youth and women.
    And I think he just met with Gustavo Petro, the President of Colombia.  Tomorrow, on the sidelines he will speak at an event on plastic pollution organized by the UN Environment Programme. He will also speak to journalists at a press conference before heading out of Cali and coming back to New York.

    UNRWA
    You saw that last night we issued a statement in the Secretary-General’s name in which he expressed his deep concern at the adoption yesterday by the Israeli Knesset of two laws concerning the United Nations Relief and Works Agency for Palestine Refugees in the Near East, better known to all of us as UNRWA, and the laws which, if implemented, would likely prevent UNRWA from continuing its essential work in the Occupied Palestinian Territory, including East Jerusalem, as mandated by the General Assembly of these United Nations.
    The Secretary-General emphasized that UNRWA is the principal means by which essential assistance is supplied to Palestine refugees in the Occupied Palestinian Territory. There is no alternative to UNRWA.
    He calls on Israel to act consistently with its obligations under the Charter of the UN and its other obligations under international law, including international humanitarian law and those concerning the privileges and immunities of the United Nations. National legislation cannot alter those obligations. He is bringing this matter to the attention of the General Assembly and will keep the Assembly closely informed on the situation as it develops. 
    Philippe Lazzarini, the Commissioner General of UNRWA, added that these bills will only deepen the suffering of Palestinians, especially in Gaza, where people have been going through more than a year of sheer hell. He said that these bills increase the suffering of the Palestinians and are nothing less than collective punishment. Mr. Lazzarini also sent a letter to the President of the General Assembly to express those concerns in detail.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=29%20October%202024

    https://www.youtube.com/watch?v=GvOsMwPEo38

    MIL OSI Video

  • MIL-OSI Video: Reporters Without Borders RSF report shows press freedom shortcomings in key swing states ahead of 2024 election

    Source: Reporters Without Borders (RSF) (Video Release)

    “Swing States” and press freedom in the #UnitedStates: the deep concern.
    We analyzed 4 key states – and found many gaps in press freedom at a time when voters need concrete information to understand the issues and candidates before them.

    As the U.S. presidential election looms, we have released a new report analyzing four key swing states — and found that none are a model of press freedom. Clayton Weimers, the Executive Director of RSF’s Washington-based US office, talks about how the journalists and media experts in these states are highly concerned about the media’s dire economic situation, a lack of responsiveness from government officials, and growing hostility from local political leaders.

    There can be no democracy without press freedom, so it’s critically important to understand the issues confronting the news media in the places that are most pivotal in American presidential elections. We hope that this report will provide a starting point for all Americans to demand improvements in their states’ media ecosystems: greater transparency, better access to information, and a marketplace that enables journalism to thrive.

    Find the full report here: https://rsf.org/en/usa-rsf-report-shows-press-freedom-shortcomings-key-swing-states-ahead-2024-election

    #media #journalisme #freespeech #freepress #journalists #journaliste #condemningabuses #reportersindanger #rsf

    https://www.youtube.com/watch?v=djEZgtiLY8I

    MIL OSI Video

  • MIL-OSI Video: Counterterrorism: Protection of human rights – Press Conference | United Nations

    Source: United Nations (Video News)

    Press conference by Ben Saul, Special Rapporteur on the promotion and protection of human rights and fundamental freedoms while countering terrorism.

    ———————————–

    The Special Rapporteur on the Promotion and Protection of Human Rights and Fundamental Freedoms while Countering Terrorism, Ben Saul, today (28 Oct) said, “wars on terror are back with a vengeance, along with their catastrophic humanitarian consequences.”

    Saul, talking to reporters in New York after briefing the General Assembly’s 3rd committee, emphasized the “support for those wars by states which failed to use their influence to prevent violations of international law by other states.”

    He said, “over the past year, I’ve been concerned about excessive counter-terrorism laws in many countries which are misused against political activists, civil society, journalists, universities, students. Often combined with unfair trials and judiciaries which are not independent.”

    Responding to a reporter’s question, Saul said, “we’ve called on all states not to provide weapons or munitions to Israel because that would breach the obligation of other states to ensure respect for humanitarian law. It would breach obligations under the Genocide Convention to prevent genocide, and it would breach for parties to the Arms Trade Treaty their obligations not to provide weapons to another state where they would be used to commit violations of international law.”

    Special Rapporteurs are part of the Special Procedures of the UN Human Rights Council and work on a voluntary basis. They are not UN staff and do not receive a salary for their work. They are independent of any government or organization and serve in their individual capacity.

    https://www.youtube.com/watch?v=Vx6ymFOvIPw

    MIL OSI Video

  • MIL-OSI Australia: All Tasmanian public schools to be fully funded by the beginning of 2026

    Source: Australian Ministers for Education

    All Tasmanian public schools will be fully and fairly funded in 2026 following a historic bilateral agreement signed today by the Albanese and Rockliff Governments.

    The bilateral agreement formalises the Statement of Intent signed by both Governments in September and confirms all Tasmanian public schools will get to 100 per cent of the Schooling Resource Standard (SRS) from January 2026.

    Tasmania becomes the third state or territory to sign on to the Better and Fairer Schools Agreement, delivering record funding to its schools and introducing targeted reforms which will help Tasmanian students to catch up, keep up and finish school. 

    Under the agreement, the Albanese Government will invest an estimated additional $153.5 million from 2025 to 2029 in Tasmanian public schools.

    The Rockliff Government will increase its investment in schools by $195.9 million over the same period. Extra funding will be tied to literacy and numeracy, student wellbeing and workforce initiatives. 

    To meet this commitment additional new funding will be provided by the Tasmanian Government on top of commitments already announced in this year’s budget and the recent teachers wage agreement.

    This means the Commonwealth will increase its share of funding from 20 per cent to 21.25 per cent in January next year and to 22.5 per cent of the SRS from January 2026, and the Tasmanian Government will increase its funding share to at least 77.5 per cent of the SRS from 2026.

    Funding will be tied to reforms in the Better and Fairer Schools Agreement, including: 

    • Year 1 phonics and early years numeracy checks to identify students in the early years of school who need additional help.
    • Evidence-based teaching and targeted and intensive supports such as small-group or catch-up tutoring to help students who fall behind.
    • Accelerating the implementation of the school-based recommendations of Tasmania’s Lifting Literacy implementation plan, including a minimum schooling guarantee for reading across all schools in Tasmania.
    • Support for students to come to school ready to learn, including greater access to mental health supports.
    • Reducing absence at school by prioritising evidence-based approaches to improving attendance and strengthening re-engagement support programs.
    • Establishing and strengthening relationships and collaboration with Tasmanian Aboriginal Community Controlled Organisations and First Nations peoples and communities within Tasmania to support increased cultural safety and responsiveness in the Tasmanian education system.
    • Support for VET specialist teachers and piloting incentive packages for attracting staff into remote and regional areas.

    The Tasmanian bilateral agreement can be accessed here. The BFSA Heads of Agreement can be accessed here

    This Agreement is reliant on the Better and Fairer Schools (Funding and Reform) Bill 2024 being passed by the Parliament.

    The Albanese Government has put a record $16 billion of additional investment for public schools on the table which, if accepted by all jurisdictions, would represent the biggest extra investment in public education by any Commonwealth government. 

    Quotes attributable to Minister for Education Jason Clare:

    “Five weeks ago, we signed a Statement of Intent to fully fund Tassie public schools no later than 2029.

    “Today’s agreement confirms that all Tassie public schools will start to receive full funding in just over 12 months – in January 2026. 

    “This is fantastic news for Tassie students and for public education it shows what can be done when governments work together. 

    “It shows that we can fully fund public schools and invest in the reforms that will make a real difference to the students who really need it.

    “This agreement means that all schools in Tasmania will be fully funded and that funding will be invested in reforms to help students catch up, keep up and finish school.

    “The agreements we have struck with Tasmania, WA and the Northern Territory are not blank cheques. Funding will be tied to real and practical reforms to deliver a better and fairer education system, which is what the signing of today’s Bilateral Agreement is all about.”

    Quotes attributable to Tasmanian Minister for Education Jo Palmer:

    “This is an historic milestone for Tasmanian Government schools, and we are really excited about what it means for our students and workforce. 

    “All Tasmanian schools will be fully funded from January 2026, which is nine years earlier than was initially proposed by the Federal Government. 

    “This will support our students to achieve the educational outcomes they need and deserve so they can lead their best lives.

    “We are committed to maximising the new investment delivered through this agreement and making sure it flows to our students and our schools and is used to lift educational outcomes.  

    “Our Government is already rolling out significant educational reform, for example through our Lifting Literacy initiative.

    “We are committed to further improving our education system and look forward to receiving the report of the Independent Review into Education in Tasmania, which is currently underway.”

    MIL OSI News

  • MIL-OSI USA: Governor Murphy Announces Creation of Economic Council

    Source: US State of New Jersey

    TRENTON – Governor Murphy today signed an Executive Order establishing a new Economic Council, which will be supported by a newly established Development Coordination Committee. Under the executive order, the Economic Council will provide a regular forum for the business community and state government to discuss, collaborate, and solve issues important to the public and private sectors, and stimulate economic growth and prosperity. The new Development Coordination Committee will support the Council’s work in advancing development projects that require multiple state, county and local government approvals. 

    “The Economic Council will ensure that we continue to have a healthy collaboration between the business community and the state government,” said Governor Murphy. “Deepening our Administration’s strong relationship with various sectors across our state will stimulate growth within our economy. I look forward to the forum for ongoing dialogue, collaboration, and problem-solving to advance our shared economic goals.” 

    Since the beginning of the Murphy Administration, state officials have worked with legislative partners and industry stakeholders on policies to improve the role and function of the government in facilitating economic development. Since 2018, New Jersey has seen small businesses increase by over 40,000 or 19%, despite the effects of the global COVID-19 pandemic.

    The Economic Council’s co-chairs will be the Deputy Chief of Staff for Economic Growth and the Chief Executive Officer of the New Jersey Economic Development Authority. The co-chairs will designate representatives from industry to participate in working group discussions with the Council. Along with the co-chairs, the Council will also consist of the Governor’s Chief of Staff, Chief Counsel, Chief Policy Advisor, the State Treasurer; and the Executive Director of the Business Action Center, or their respective designees.

    “New Jersey’s economy has grown stronger under Governor Murphy’s leadership, and the Economic Council will build upon the progress we’ve made over the past seven years,” said NJEDA Chief Executive Officer Tim Sullivan. “I’m honored to co-chair the Economic Council and look forward to working with our government partners and key stakeholders to help meet the ambitious economic goals of the administration.”

    “The establishment of the Economic Council is a giant step forward in Governor Murphy’s relationship with the business community,” said Deputy Chief of Staff for Economic Growth Eric Brophy. “Over the past several years, at the governor’s urging, we have made doing business in New Jersey easier. We learned early on that working closely with the business community and legislators is the best way to grow New Jersey’s economy. The Economic Council will further cultivate our ambition to make business in New Jersey less complicated.”

    “Addressing the future economy of our state is vitally important to unleashing our enormous economic potential – as is the need to generate additional organic, reliable revenue to fund our growing state budgets,” said Tom Bracken, President & CEO, New Jersey Chamber of Commerce. “The New Jersey Chamber of Commerce has been advocating for the creation of an economic council for many years to accomplish that goal. Today’s announcement, hopefully, will put in place a mechanism to bring together government and the business community to address collective thoughts and strategies to create a more vibrant, competitive economic landscape. With the Economic Council and Development Coordination Committee structure in place, it will now be up to its organizers to ensure it will quickly and effectively deliver the results we desperately need. We thank Gov. Murphy for creating this forum that we hope transcends administrations – and we look forward to working with the administration and being part of this opportunity.” 

    Within the Council, the Executive Order also establishes a Development Coordination Committee as a subcommittee that will focus on ways to streamline the intergovernmental review of complex development projects, improve communication amongst state, county and local government financing and permitting entities with respect to projects that require a coordinated review. This will enhance information sharing by and between government agencies and project developers.

    The Development Coordination Committee will consist of the Deputy Chief of Staff for Economic Growth; the State Treasurer; the Commissioners of the Departments of Community Affairs, Environmental Protection, and Transportation; and the Executive Directors of the EDA, New Jersey Housing and Mortgage Finance Agency, Schools Development Authority, and Infrastructure Bank, or their respective designees. The Committee will also be tasked with reporting to the Council on recommended policies, initiatives or reforms that may be undertaken to reduce barriers to development or construction project disruptions or delays.

    Read Executive Order No.369 here.

    MIL OSI USA News

  • MIL-OSI Europe: Iran: Statement by the High Representative on behalf of the EU on the execution of Jamshid Sharmahd

    Source: Council of the European Union

    The EU issued a statement condemning in the strongest terms the execution in Iran of German-Iranian national Jamshid Sharmahd, and reiterating its call on Iran to refrain from any future executions and to end the distressing practice of detaining foreign civilians and dual nationals with a view to making political gains.

    MIL OSI Europe News

  • MIL-OSI USA: Pelosi Family Statement on Sentencing in the Violent Assault on Paul Pelosi

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    San Francisco – The Pelosi family issued this statement and released the following letter from Mr. Paul Pelosi:

    “Two grueling years after the defendant violently broke into our family home with zip ties and a hammer yelling ‘where’s Nancy?,’ then kidnapped Mr. Pelosi and nearly killed him, legal justice has been served. Our entire family is grateful to the paramedics and lifesaving General Hospital trauma team, to the prosecution staff and to all who have sent love and prayers. Mostly, we are in awe of Pop’s courage on that horrible night two years ago — as well as on the witness stand at two criminal trials and every day of his recovery from the vicious assault on his life.

    “Since the violent break-in and shouts of ‘where’s Nancy?’ two years ago, not a day goes by that we do not think of this devastating assault, its trauma — or the possibility of future attacks. Today’s sentence of life without parole gives our Pop some measure of legal justice and, we hope, a message to others that political violence against elected officials or their family members will not be tolerated, minimized or condoned. We must each do our part to build a peaceful democracy.”

    ***

    Dear Judge Dorfman,

    The last peaceful sleep I had ended abruptly at 2:00 am on October 28, 2022 when the defendant violently broke into my home, burst into my bedroom and stood over my bed with a hammer and zip ties demanding to see my wife, yelling “Where’s Nancy?”

    Awakened by a large violent man wielding a weapon and threatening to tie up my wife and “take her out,” I did all I could to calm him and save my own life. I tried escaping from my bedroom to the elevator to call the police but he crowded into the elevator with me and prevented my escape or rescue. The defendant knew I was alone and could have left then and there once he learned that my wife Nancy Pelosi, then Speaker of the United States House of Representatives, was in Washington, DC for work — but he kept me hostage in my own home saying he would wait for her. He insisted that he was on a political mission to avenge what he considered to be my wife’s mistreatment of former President Donald Trump — and said he was going to wait for my wife, tie her up and interrogate her about that.

    I managed to make my way into my bathroom to call the police — and again the defendant could have left me there — but he continued to stay even after I dialed 911. I told the 911 operator who I was and tried to get her to understand that I needed help — all the while, the defendant lumbered over me, interrupted my conversation, falsely claimed to be a friend of Nancy’s and mine, and urged me to hang up, so I did. I thought I had a chance of saving my life if I went downstairs. Lord knows what would have happened if I was two floors up and the police arrived. So I convinced the defendant to go downstairs — which we did, slowly because I was still recovering from knee surgery — and just when the police arrived and I thought I would be free, he did not run away out the back patio door that he’d broken into — or even run past the police officers who stood at the door with no guns or tasers in hand. Instead, as he later testified, the defendant made me “take the punishment” with a vicious assault. After the defendant struck me in the head with blows from his hammer, I fell unconscious.

    When I awoke in a pool of my own blood, I had severe head, arm and hand injuries. The paramedics who cut off my pajamas and put tourniquets on my head and arms kept me awake and helped save my life. But even after emergency trauma surgery and six days at San Francisco General Hospital, my injuries were severe and persistent.

    My head injuries continue to affect my life. My hair grew back — but I have bumps on my head from the hammer blows that crushed my skull — and a metal plate that will forever remain in my head. The dizziness has not gone away. In late November of 2023 — 13 months after the assault — I felt vertigo and fell twice at home, leading to extensive medical evaluations including MRIs and nerve block injections in my neck. Treatments continue. To this day, I walk slowly and have difficulty with my balance. Nearly every day I get headaches that become migraines unless quickly addressed. I need to sleep during the day and cannot tolerate bright lights or loud noises for extended periods of time.

    The defendant’s violent attack severely damaged the nerves in my left hand. My forehand was “de-gloved” exposing raw nerves and blood vessels. Surgeries and treatments mostly healed the skin, but underneath I still felt pinched nerves in my left hand for months, making basic tasks like using buttons, cutlery and simple tools more difficult. My right arm had stitches for 8 weeks. Sleeping alone in my home still evokes memories of the defendant breaking into my house.

    It took many months to reclaim my home and well-being. I still keep away from media and video of the attack for my own peace of mind. Even after testifying in federal and state criminal trials, I do not read the coverage or willingly revisit the events. My family and friends were traumatized by the attack — and many political spouses with whom I have grown close during my wife’s service in Congress have been both sympathetic to me and scared for their own safety. To protect my healing, I still do not address the assault with my wife or anyone else. Nor do I discuss the trauma experienced by my wife who remains under 24-hour security two years later even though she is no longer serving as Speaker of the House. Even now, we do not answer our landline phone or our front door due to ongoing threats. We cannot fully remove the stain on the floor in the front entryway where I bled. As recently as this summer, we had to improve security measures at our home due to ongoing threats.

    I ask that you consider the premeditated, violent break-in of my home, kidnapping and vicious assault on my life, and the ongoing physical and mental injuries caused by the defendant.

    Since the violent break-in and shouts of “where’s Nancy?” echoing in my bedroom two years ago, not a day goes by that we do not think of this devastating assault, its trauma — or the possibility of future attacks. For these reasons, my entire family joins me in requesting that you sentence the defendant to the fullest extent the law provides.

    Thank you for your consideration.

    Sincerely,

    Paul Pelosi

    MIL OSI USA News

  • MIL-OSI New Zealand: Pacific Trade Invest – Investment Webinar: EXPANDING the HORIZON for Women in Technology

    Source: Pacific Trade Invest NZ

    Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.

    Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.  

     

    Register here    https://shorturl.at/C34uL

     

    A great line-up of speakers is confirmed:
     
    Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale

    Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.

    Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology

    Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.

    Tenanoia Simona, CEO Tuvalu Telecommunications Corporation

    An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.

     

    The speakers will discuss topics such as: 

      • Technology as a rewarding career path for women
      • The positive role of government and educational institutions, in contributing to this transformation
      • The Fibre Fale model 
      • How technology has evolved over time.
      • Investing in women in technology

    Register here    https://shorturl.at/C34uL

     

    ABOUT PACIFIC TRADE INVEST NZ

    • Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.
    • An agency of Pacific Islands Forum Secretariat (PIFS) and is funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
    • Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

    MIL OSI New Zealand News

  • MIL-OSI Security: Six Charged in Scheme to Defraud the Federal Government

    Source: United States Attorneys General 8

    Six defendants have been charged for their roles in schemes to rig bids, defraud the government and pay bribes and kickbacks in connection with the sale of IT products and services to federal government purchasers, which resulted in overcharges of millions of dollars to the U.S. government, including the Department of Defense (DoD). 

    On Oct. 9 and Oct. 16, a federal grand jury in Baltimore returned indictments against two additional defendants. Four other defendants were also charged. These are the first charges in the Justice Department’s ongoing investigation into IT manufacturers, distributors and resellers who sell products and services to government purchasers, including to the intelligence community. 

    “Antitrust crimes can undermine competition for products and services that are vital to our national security,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “When fraudsters siphon taxpayer funds, the Antitrust Division and its Procurement Collusion Strike Force (PCSF) partners across the government will hold accountable those who collude to subvert competition, line their pockets with federal procurement dollars and compromise the integrity of our intelligence community programs.”

    “This office and our partners will use all available resources to hold accountable those who would undermine and distort the government’s procurement of goods and services, especially those related to our cybersecurity infrastructure,” said U.S. Attorney Erek L. Barron for the District of Maryland. 

    “This investigation demonstrates the vital need to protect the DoD procurement process, particularly within the Intelligence Community,” said Special Agent in Charge Christopher Dillard of the DoD Office of Inspector General, Defense Criminal Investigative Service (DCIS), Mid-Atlantic Field Office. “The Defense Criminal Investigative Service is committed to identifying fraudsters who abuse public trust and enrich themselves through criminal schemes.”

    “There is no place for fraudsters and crooks scheming to manipulate the government bidding process for personal gain,” said Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “The FBI remains steadfastly committed to identifying, investigating and bringing to justice those conspiring to enrich themselves by cheating taxpayers.”

    “Investigating complex fraud schemes is a top priority of ours,” said National Security Agency Acting Inspector General Kevin Gerrity. “I commend our team, our law enforcement partners and the Justice Department for their work protecting the integrity of federal contracting.”

    “Each part of the government must do its part to detect and prosecute instances of waste, fraud and abuse, and CIA’s Office of Inspector General was pleased to join its law enforcement partners in investigating this egregious case,” said CIA Inspector General Robin C. Ashton.

    United States v. Victor Marquez

    Victor M. Marquez, a Maryland resident and owner of two IT companies with significant government contracts, was charged in a four-count indictment with wire fraud conspiracy, wire fraud and major fraud against the United States for rigging bids and inflating the amount of money obtained from valuable IT contracts. 

    Antwann C.K. Rawls, an employee of one of Marquez’s companies, and Scott A. Reefe, an IT sales executive, have been charged for their respective roles in the conspiracy.

    As alleged in the indictment, Marquez, Rawls, Reefe and their co-conspirators used their positions of trust to learn sensitive, confidential procurement information, including procurement budgets for large U.S. government IT contracts. The co-conspirators used that inside information to craft bids at artificially determined, non-competitive and non-independent prices, ensuring Marquez’s company would win the procurement. 

    According to court documents, the co-conspirators shared their bids in advance of submitting them to the government, with one co-conspirator emailing that he would submit a “high price third bid.” Marquez and his co-conspirators submitted their collusive bids despite knowing the government sought independent, competitive bids for the valuable contracts, and despite Marquez’s certification of independent bidding.

    If convicted, Marquez faces maximum penalties of 20 years in prison for each conspiracy and wire fraud count and 10 years in prison for the major fraud charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    United States v. Breal L. Madison Jr.

    Breal L. Madison Jr., a Maryland resident, was charged in a 13-count indictment with conspiracy, bribery of a public official, mail fraud and money laundering for orchestrating a years-long scheme to defraud his employer and the United States out of over $7 million in connection with the sale of IT products to various government agencies.

    Brandon Scott Glisson, an IT contractor providing IT services to the U.S. government, and Glisson’s supervisor, Lawrence A. Eady, a former senior government employee, have also been charged for their respective roles in the scheme.

    According to court documents, through multiple misrepresentations, Madison and his co-conspirators conspired to steal money from Madison’s employer and government agencies, illegally siphoning over $9 million in stolen proceeds to Madison’s shell company, Trident Technology Solutions, and another shell company. They used the money to purchase luxury items and to pay approximately $630,000 in bribes to Eady in exchange for Eady’s ensuring the purchase of additional products sold by Madison. 

    Madison used his ill-gotten gains to buy a Vanquish VQ58 yacht, 2020 Lamborghini Huracan and multiple other vehicles, all of which the United States seeks to forfeit in the indictment. 

    If convicted, Madison faces maximum penalties of five years in prison for the conspiracy count, 15 years in prison for each bribery count, 20 years in prison for each mail fraud count and 10 years for each money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The DCIS, the FBI Baltimore Field Office, CIA Office of Inspector General and NSA Office of Inspector General investigated the case.

    Acting Assistant Chief Michael Sawers and Trial Attorneys Zachary Trotter and Elizabeth French of the Antitrust Division’s Washington Criminal Section and Assistant U.S. Attorneys Aaron S.J. Zelinsky, Sean M. Delaney and Darren Gardner for the District of Maryland are prosecuting the case. 

    Anyone with information about this investigation or other procurement fraud schemes should notify the PCSF at www.justice.gov/atr/webform/pcsf-citizen-complaint. The Justice Department created the PCSF in November 2019. It is a joint law enforcement effort to combat antitrust crimes and related fraudulent schemes that impact government procurement, grant and program funding at all levels of government — federal, state and local. For more information, visit www.justice.gov/procurement-collusion-strike-force.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 

    View the Rawls information.

    View the Eady information.

    View Reefe information.

    View the Glisson information.

    View the Madison indictment.

    View the Marquez indictment.

    MIL Security OSI

  • MIL-OSI: Seaway7 awarded offshore wind contract in UK

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 29 October 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Ørsted for the transport and installation of the inter-array cables of the Hornsea 3 offshore wind project located in the UK sector of the North Sea.

    Seaway7’s scope of work covers the transportation and installation (T&I) of 192 66kV inter-array cables, measuring approximately 500 kilometres in length, with offshore activities scheduled to commence in 2026.

    Stuart Fitzgerald, CEO Seaway7, said: “With this award we look forward to continuing our long-standing relationship with Ørsted. The Hornsea 3 project represents our seventh offshore wind project together, including the inter-array cables on the two previous phases of the Hornsea Wind Zone, Hornsea 1 and Hornsea 2. The award adds to our backlog and leading position in the UK, Europe’s largest offshore wind market.

    (1) Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 (0)20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Nikki Beales
    Communications Manager, Seaway7
    Tel +44 (0)7843895292
    nikki.beales@seaway7.com
    www.seaway7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 29 October 2024 at 21:05 CET.

    Attachment

    The MIL Network

  • MIL-OSI: Enovix Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for third quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri.

    Fellow Shareholders,

    In the third quarter of 2024, we made significant progress on our journey to scale. The unveiling of Fab2 was a major boost in confidence with multiple customers now indicating a desire to launch products with us starting from late 2025.

    Other recent highlights include:

    • Revenue growth: Revenues were $4.3 million in the third quarter, above our guidance midpoint and up from $3.8 million in the second quarter.
    • Manufacturing: The Company formally opened Fab2 in Malaysia and within weeks commenced shipping battery cells to customers.
    • Commercialization: A leading smartphone OEM signed a development agreement for qualification of our battery product and mass production launch in late 2025.
    • Cost reduction: We are on track to further reduce cash consumption by leveraging our new Malaysia operations which will provide runway into 2026.

    We are laser-focused on execution as we see increasing demand across our target markets. The strategy we established early last year prioritized large, high-value segments, such as smartphones and AR/VR headsets, where the need for higher energy density commands a premium. This approach has proven to be visionary, with the recent surge in AI-enabled smartphones further validating our strategy and driving significant pull for our products. We are confident that our go-to-market strategy positions Enovix on an expedient path to profitability while maintaining a competitive edge in innovation.

    Our analysis of recent smartphone launches highlights a critical shortfall in conventional batteries. Energy density improvements in flagship devices released in 2024 have stagnated, with a mere 1% year-over-year increase. We believe this trajectory is insufficient to meet escalating demands of modern devices, especially those powered by AI.

    In contrast, our battery technology roadmap offers a generational leap in energy density. With our Malaysia Fab now gearing up for production, we are in a full sprint to commercialize this transformative technology and meet the pressing needs of the industry. Our focus on rapid execution will enable us to offer substantial benefits to our customers and consumers alike, positioning us as a leader in next-generation battery solutions.

    Business Update

    Manufacturing. We formally opened Fab2 in Malaysia with various stakeholders including several leading smartphone OEMs that provided decidedly positive feedback on ramp quality and speed, as well as the level of automation. A total of 11 customers have now inspected our new facility. The Agility Line is fully operational with initial yields comparable to final levels we achieved with our first manufacturing line in California, with expected improvements on the horizon. Consistent with our plans, we commenced shipping EX-1M cells to customers in the third quarter, supporting their qualification and mass production timelines. We are on track to complete Site Acceptance Testing (SAT) of the High-Volume Line in Q4 2024.

    Commercialization. Our business team has made significant progress toward profitability by securing demand across multiple high-growth markets. We are excited to announce that we have formalized a strategic partnership with a second leading smartphone OEM. This agreement outlines key milestones, and upon meeting them, we are poised to enter the smartphone market in late 2025 with high-volume production from our Fab2 facility. This marks a major step forward in our journey to scale.

    In parallel, we have aligned on a production schedule with a leading IoT customer, which includes a mass production purchase order also slated for 2025. This partnership underscores our ability to diversify into high-value sectors beyond smartphones. Further, we are aggressively expanding our pipeline by engaging with strategic IoT customers to unlock high-growth opportunities and accelerate top-of-the-funnel momentum.

    In the EV space, we are advancing our targeted strategy of developing customized products with two of the world’s largest automotive OEMs. In Q4, we expect to complete our first milestone pursuant to the agreement with one of the major automakers in the EV market, which is a major milestone in our efforts to enter and grow within the EV market. Looking ahead, we are focused on expanding these relationships in 2025, leveraging a capital-efficient, licensing-based business model in the EV space that aligns with the long-term scalability of our technology.

    Products: Our product development team is advancing toward the 2025 mass production of EX-1M, which will highlight the capabilities of our breakthrough active silicon technology. In Q3, we successfully achieved UN38.3 certification, marking a critical milestone for market entry and a strong validation of our products’ safety.

    In addition, we are on track to sample EX-2M to select customers in Q4. We’re now making samples and have identified the product’s advanced electrochemistry. These early samples will be instrumental in accelerating the timeline to full-scale production. Finally, we have made progress on the comprehensive product definition of EX-3M, reaffirming our commitment to pushing the boundaries of innovation and delivering industry-leading solutions to customers across a range of industries.

    Financials: Revenue was $4.3 million in the third quarter of 2024, near the high end of our guidance range and up from $3.8 million in the second quarter of 2024.

    Our GAAP cost of revenue was $5.0 million in the third quarter of 2024 representing a slight reduction sequentially as a percentage of sales and leading to a similar gross income level.

    Our GAAP operating expenses of $48.6 million in the third quarter of 2024 were down from $88.1 million in the second quarter, due largely to lower restructuring costs which were concentrated in the previous quarter as the Company shifted our manufacturing operations from the U.S. to Malaysia. Our non-GAAP operating expenses were $27.2 million in the third quarter of 2024, down 12% from $30.9 million in the second quarter of 2024.

    Our GAAP net loss attributable to Enovix of $22.5 million in the third quarter of 2024 was down from $115.9 million in the second quarter of 2024 due to lower restructuring costs. Our GAAP net loss attributable to Enovix for the third quarter of 2024 also included $29.9 million of income due to a decrease in the fair value of our common stock warrants during the quarter.

    Adjusted EBITDA in the third quarter of 2024 was a loss of $21.6 million compared to an adjusted EBITDA loss of $23.1 million in the second quarter of 2024.

    Earnings per share loss in the third quarter of 2024 was $0.30 on a GAAP basis and $0.17 on a non-GAAP basis compared to second quarter earnings per share loss of $0.67 on a GAAP basis and $0.14 on a non-GAAP basis.

    We exited the third quarter of 2024 with $200.9 million of cash, cash equivalents, and short-term investments due to cash used in operating activities of $30.7 million and capital expenditures of $19.5 million during the quarter.

    A full reconciliation of our GAAP to non-GAAP results is available later in this report.

    Outlook

    For the fourth quarter of 2024, we expect revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.

    Summary

    We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers. We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples.

    Conference Call Information

    Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, October 29, 2024, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of the Enovix’s website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

    Non-GAAP Financial Measures

    EBITDA, Adjusted EBITDA, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.

    However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.

    While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

    Forward-Looking Statements

    This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.

    Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.

    For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For media and investor inquiries, please contact:

    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com

    Enovix Corporation
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      September 29,
    2024
      December 31,
    2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 200,912     $ 233,121  
    Short-term investments         73,694  
    Accounts receivable, net   1,911       909  
    Notes receivable, net         1,514  
    Inventory   9,564       8,737  
    Prepaid expenses and other current assets   11,598       5,202  
    Total current assets   223,985       323,177  
    Property and equipment, net   157,680       166,471  
    Customer relationship intangibles and other intangibles, net   37,583       42,168  
    Operating lease, right-of-use assets   13,810       15,290  
    Goodwill   12,217       12,098  
    Other assets, non-current   2,746       5,100  
    Total assets $ 448,021     $ 564,304  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,046     $ 21,251  
    Accrued expenses   13,855       13,976  
    Accrued compensation   8,038       10,731  
    Short-term debt   11,555       5,917  
    Deferred revenue   6,206       6,708  
    Other liabilities   4,760       2,435  
    Total current liabilities   59,460       61,018  
    Long-term debt, net   168,744       169,099  
    Warrant liability   23,265       42,900  
    Operating lease liabilities, non-current   14,346       15,594  
    Deferred revenue, non-current   3,774       3,774  
    Deferred tax liability   8,178       10,803  
    Other liabilities, non-current   12       13  
    Total liabilities   277,779       303,201  
    Commitments and Contingencies      
    Stockholders’ equity:      
    Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively   18       17  
    Additional paid-in-capital   951,237       857,037  
    Accumulated other comprehensive loss   (42 )     (62 )
    Accumulated deficit   (783,621 )     (598,845 )
    Total Enovix’s stockholders’ equity   167,592       258,147  
    Non-controlling interest   2,650       2,956  
    Total equity   170,242       261,103  
    Total liabilities and equity $ 448,021     $ 564,304  
     
    Enovix Corporation
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    Revenue $ 4,317     $ 200     $ 13,357     $ 263  
    Cost of revenue   4,959       16,809       16,454       43,292  
    Gross margin   (642 )     (16,609 )     (3,097 )     (43,029 )
    Operating expenses:              
    Research and development   24,220       13,508       102,073       53,810  
    Selling, general and administrative   20,744       17,245       61,176       61,207  
    Impairment of equipment                     4,411  
    Restructuring cost   3,661       3,021       41,807       3,021  
    Total operating expenses   48,625       33,774       205,056       122,449  
    Loss from operations   (49,267 )     (50,383 )     (208,153 )     (165,478 )
    Other income (expense):              
    Change in fair value of common stock warrants   29,899       31,320       17,359       4,140  
    Interest income   2,859       4,326       9,745       9,942  
    Interest expense   (1,718 )     (1,557 )     (5,068 )     (2,827 )
    Other income (loss), net   (2,217 )     109       (1,509 )     129  
    Total other income, net   28,823       34,198       20,527       11,384  
    Loss before income tax benefit   (20,444 )     (16,185 )     (187,626 )     (154,094 )
    Income tax expense (benefit)   2,194             (2,544 )      
    Net loss   (22,638 )     (16,185 )     (185,082 )     (154,094 )
    Net loss attributable to non-controlling interests   (102 )           (306 )      
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
                   
    Net loss per share attributable to Enovix shareholders, basic $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    Weighted average number of common shares outstanding, basic   176,680,578       159,829,716       172,393,869       157,559,138  
    Net loss per share attributable to Enovix shareholders, diluted $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    Weighted average number of common shares outstanding, diluted   176,872,382       161,371,417       172,393,869       158,260,393  
                                   
    Enovix Corporation
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
    (In Thousands)
     
      Fiscal Years-to-Date Ended
      September 29, 2024   October 1, 2023
    Cash flows used in operating activities:      
    Net loss $ (185,082 )   $ (154,094 )
    Adjustments to reconcile net loss to net cash used in operating activities      
    Depreciation, accretion and amortization   37,417       10,000  
    Stock-based compensation   48,630       57,832  
    Changes in fair value of common stock warrants   (17,359 )     (4,140 )
    Impairment and loss on disposals of long-lived assets   38,249       4,411  
    Others   174        
    Changes in operating assets and liabilities:      
    Accounts and notes receivables   494       169  
    Inventory   (827 )     418  
    Prepaid expenses and other assets   (3,913 )     546  
    Accounts payable   (10,018 )     4,338  
    Accrued expenses and compensation   3,175       3,113  
    Deferred revenue   (502 )      
    Deferred tax liability   (3,303 )      
    Other liabilities   190       (1 )
    Net cash used in operating activities   (92,675 )     (77,408 )
    Cash flows from investing activities:      
    Purchase of property and equipment   (59,830 )     (32,979 )
    Purchases of investments   (31,812 )     (115,736 )
    Maturities of investments   106,621       16,700  
    Net cash provided by (used in) investing activities   14,979       (132,015 )
    Cash flows from financing activities:      
    Proceeds from issuance of Convertible Senior Notes and loans   4,572       172,500  
    Repayment of debt   (180 )      
    Payments of debt issuance costs         (5,251 )
    Purchase of Capped Calls         (17,250 )
    Payroll tax payments for shares withheld upon vesting of RSUs   (5,601 )     (2,988 )
    Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs   44,285       9,232  
    Proceeds from issuance of common stock under employee stock purchase plan   1,145       1,169  
    Repurchase of unvested restricted common stock   (4 )     (23 )
    Net cash provided by financing activities   44,217       157,389  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,303        
    Change in cash, cash equivalents, and restricted cash   (32,176 )     (52,034 )
    Cash and cash equivalents and restricted cash, beginning of period   235,123       322,976  
    Cash and cash equivalents, and restricted cash, end of period $ 202,947     $ 270,942  
           

    Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

    While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

    These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.

    We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

    “EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

    Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):

      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Interest expense   1,718       1,557       5,068       2,827  
    Income tax expense (benefit)   2,194             (2,544 )      
    Depreciation and amortization   6,500       2,900       37,417       10,000  
    EBITDA   (12,124 )     (11,728 )     (144,835 )     (141,267 )
    Stock-based compensation expense (1)   16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants   (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up               1,907        
    Impairment of equipment                     4,411  
    Restructuring cost (1)   3,661       3,021       41,807       3,021  
    Acquisition cost         1,115             1,115  
    Adjusted EBITDA $ (21,640 )   $ (25,638 )   $ (71,066 )   $ (79,387 )
       
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
     

    Free Cash Flow Reconciliation

    We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):

      Fiscal Years-to-Date Ended
      September 29,
    2024
      October 1,
    2023
    Net cash used in operating activities $ (92,675 )   $ (77,408 )
    Capital expenditures   (59,830 )     (32,979 )
    Free Cash Flow $ (152,505 )   $ (110,387 )
     

    Other Non-GAAP Financial Measures Reconciliation
    (In Thousands, Except Share and per Share Amounts)

        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    Revenue   $ 4,317     $ 200     $ 13,357     $ 263  
                     
    GAAP cost of revenue   $ 4,959     $ 16,809     $ 16,454     $ 43,292  
    Stock-based compensation expense     (101 )     (2,396 )     (196 )     (5,001 )
    Inventory step-up                 (1,907 )      
    Non-GAAP cost of revenue   $ 4,858     $ 14,413     $ 14,351     $ 38,291  
                     
    GAAP gross margin   $ (642 )   $ (16,609 )   $ (3,097 )   $ (43,029 )
    Stock-based compensation expense     101       2,396       196       5,001  
    Inventory step-up                 1,907        
    Non-GAAP gross margin   $ (541 )   $ (14,213 )   $ (994 )   $ (38,028 )
                     
    GAAP research and development (R&D) expense   $ 24,220     $ 13,508     $ 102,073     $ 53,810  
    Stock-based compensation expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Amortization of intangible assets     (417 )           (1,248 )      
    Non-GAAP R&D expense   $ 17,889     $ 8,559     $ 81,054     $ 31,738  
                     
    GAAP selling, general and administrative (SG&A) expense   $ 20,744     $ 17,245     $ 61,176     $ 61,207  
    Stock-based compensation expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (774 )           (2,304 )      
    Acquisition cost           (1,115 )           (1,115 )
    Non-GAAP SG&A expense   $ 9,263     $ 10,201     $ 31,425     $ 29,692  
                     
    GAAP operating expenses   $ 48,625     $ 33,774     $ 205,056     $ 122,449  
    Stock-based compensation expense included in R&D expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Stock-based compensation expense included in SG&A expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (1,191 )           (3,552 )      
    Impairment of equipment                       (4,411 )
    Restructuring cost (1)     (3,661 )     (3,021 )     (41,807 )     (3,021 )
    Acquisition cost           (1,115 )           (1,115 )
    Non-GAAP operating expenses   $ 27,152     $ 18,760     $ 112,479     $ 61,430  
                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       
        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    GAAP loss from operations   $ (49,267 )   $ (50,383 )   $ (208,153 )   $ (165,478 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Amortization of intangible assets     1,191             3,552        
    Inventory step-up                 1,907        
    Impairment of equipment                       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost           1,115             1,115  
    Non-GAAP loss from operations   $ (27,693 )   $ (32,973 )   $ (113,473 )   $ (99,458 )
                     
    GAAP net loss attributable to Enovix   $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants     (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up                 1,907        
    Amortization of intangible assets     1,191             3,552        
    Impairment of equipment                       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost           1,115             1,115  
    Non-GAAP net loss attributable to Enovix shareholders   $ (30,861 )   $ (30,095 )   $ (107,455 )   $ (92,214 )
                     
    GAAP net loss per share attributable to Enovix, basic   $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    GAAP net loss per share attributable to Enovix, diluted   $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                     
    Non-GAAP net loss per share attributable to Enovix, basic   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.59 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    Non-GAAP net loss per share attributable to Enovix, diluted   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.58 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       

    The MIL Network

  • MIL-OSI: Heartland Financial USA, Inc. (“HTLF”) Reports Quarterly Results as of September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Highlights

    • Quarterly net income available to common stockholders of $62.1 million or $1.44 per common share
    • Adjusted earnings available to common stockholders of $50.6 million or $1.17 adjusted diluted earnings per common share (non-GAAP), which excludes:
      • Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
      • Loss on security sales of $9.5 million.
      • Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
    • Common equity to total assets increased to 11.11%; while the tangible common equity ratio (non-GAAP) improved 86 basis points to 8.14%.
    • Net interest margin, full tax-equivalent (non-GAAP) increased to 3.78% for the quarter ended September 30, 2024 up from 3.73% for the quarter ended June 30, 2024.
    • Nonperforming loans were $69.9 million or 0.61% of total loans, a decrease of $33.8 million or 33% from the quarter ended June 30, 2024.
      • Charge-offs of $32.1 million, of which the majority have been reserved for in prior periods, were recorded for the third quarter.
      For the Quarter Ended   For the Nine Months Ended
    September 30,
      9/30/2024   6/30/2024   9/30/2023   2024   2023
    Earnings Summary:                  
    Net income/(loss) available to common stockholders (in millions) $ 62.1     $ 37.7     $ 46.1     $ 149.6     $ 144.2  
    Diluted earnings/(loss) per common share   1.44       0.88       1.08       3.47       3.37  
    Annualized return on average assets   1.38 %     0.84 %     0.94 %     1.10 %     1.00 %
    Annualized return on average common equity   12.60       8.14       10.47       10.59       11.28  
    Annualized return on average tangible common equity (non-GAAP)(1)   18.32       12.28       16.32       15.77       17.82  
    Net interest margin   3.73       3.68       3.14       3.65       3.23  
    Net interest margin, fully tax-equivalent (non-GAAP)(1)   3.78       3.73       3.18       3.69       3.27  
    Efficiency ratio   48.58       65.69       63.77       58.94       61.86  
    Adjusted efficiency ratio, fully-tax equivalent (non-GAAP)(1)   57.98       57.73       59.95       58.16       58.98  
                       
    Adjusted Earnings Summary (1):                  
    Adjusted earnings available to common stockholders (in millions) $ 50.6     $ 49.6     $ 48.1     $ 152.7     $ 148.3  
    Adjusted diluted earnings per common share   1.17       1.15       1.12       3.54       3.47  
    Adjusted annualized return on average assets   1.14 %     1.09 %     0.98 %     1.12 %     1.02 %
    Adjusted annualized return on average common equity   10.27       10.71       10.92       10.81       11.60  
    Adjusted annualized return on average tangible common equity   14.98       16.05       17.02       16.09       18.31  
                       

    (1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables for reconciliations to the most directly comparable GAAP measures.

    “HTLF delivered a solid third quarter. Net interest margin increased as we continue to pay down high cost wholesale deposits. Our tangible common equity ratio improved to 8.14%. In July we completed the strategic sale of Rocky Mountain Bank in Montana, resulting in a net gain of $29.7 million. We continue to work closely with our partners at UMB on integration planning for our two companies and we’re excited about closing the transaction, expected in Q1 2025.”
    Bruce K. Lee, President and Chief Executive Officer, HTLF

    DENVER, Oct. 29, 2024 (GLOBE NEWSWIRE) — Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported the following results for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023:

    • Net income available to common stockholders of $62.1 million compared to $46.1 million, an increase of $16.1 million or 35%.
    • Earnings per diluted common share of $1.44 compared to $1.08, an increase of $0.36 or 33%.
    • Adjusted earnings available to common stockholders(1) of $50.6 million or $1.17 per diluted common share compared to $48.1 million or $1.12 per diluted common share, which excludes:
      • Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
      • Loss on security sales of $9.5 million.
      • Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
    • Net interest income of $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
    • Annualized return on average assets of 1.38% compared to 0.94%. Adjusted annualized return on average assets(1) of 1.14% compared to 0.98%.
    • Annualized return on average common equity of 12.60% compared to 10.47%. Adjusted annualized return on average common equity(1) of 10.27% compared to 10.92%.
    • Annualized return on average tangible common equity(1) of 18.32% compared to 16.32%. Adjusted annualized return on average tangible common equity(1) of 14.98% compared to 17.02%.

    Rocky Mountain Bank Sale

    HTLF Bank closed on the sale of the Rocky Mountain Bank branches in Montana in mid-July to two purchasers, which included loans of $343.8 million, deposits of $531.9 million and fixed assets of $13.8 million. The gain on sale, net, of $29.7 million was realized in the third quarter of 2024.

    Net Interest Income and Net Interest Margin

    Net interest margin, expressed as a percentage of average earning assets, was 3.73% (3.78% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2024 compared to 3.68% (3.73% on a fully tax-equivalent basis, non-GAAP) for the second quarter of 2024, and 3.14% (3.18% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2023.

    Total interest income and average earning asset changes for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Total interest income was $253.8 million compared to $245.4 million, an increase of $8.4 million or 3%, primarily attributable to an increase in yields on average earning assets. During the third quarter of 2024, HTLF recorded $5.3 million in additional interest income for a security that paid off.
    • Total interest income on a tax-equivalent basis (non-GAAP) was $255.8 million, an increase of $8.2 million or 3%, from $247.6 million. Subsequent to September 30, 2024, the fair value hedges were terminated in favorable market conditions in early October. HTLF recorded $10.3 million of interest income associated with the fair value hedges in the third quarter of 2024 in comparison to $5.6 million in the third quarter of 2023. As a result of the fair value hedge terminations, no additional interest income will be recorded.
    • Average earning assets decreased $1.60 billion or 9% to $16.84 billion compared to $18.44 billion, primarily due to the sale of $865.4 million of securities during the fourth quarter of 2023, $108.4 million of securities sold during the second quarter of 2024, and $40.3 million of securities sold during the third quarter of 2024. The proceeds were utilized to pay down high-cost wholesale deposits and borrowings.
    • The average rate on earning assets increased 71 basis points to 6.04% from 5.33%, primarily due to recent interest rate increases on earning assets.

    Total interest expense and average interest-bearing liability changes for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Total interest expense was $95.9 million, a decrease of $3.8 million from $99.7 million, primarily due to a decrease in average interest-bearing liabilities.
    • The average interest rate paid on interest-bearing liabilities increased 17 basis points to 3.18% from 3.01%.
    • Average interest-bearing deposits decreased $1.65 billion or 13% to $11.03 billion from $12.68 billion.
    • The average interest rate paid on interest-bearing deposits decreased 4 basis points to 2.86% from 2.90%.
    • Average borrowings and term debt increased $478.2 million to $953.9 million from $475.7 million, and the average interest rate paid on borrowings decreased 40 basis points to 5.39% from 5.78%.

    Net interest income changes for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Net interest income totaled $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
    • Net interest income on a tax-equivalent basis (non-GAAP) totaled $159.9 million compared to $147.9 million, an increase of $12.0 million or 8%.

    Noninterest Income and Noninterest Expense

    Total noninterest income was $19.0 million during the third quarter of 2024 compared to $28.4 million during the third quarter of 2023, a decrease of $9.4 million or 33%. Significant changes within the noninterest income category for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Service charges and fees decreased $1.5 million or 8% to $17.1 million from $18.6 million, primarily attributable to a decrease in consumer NSF and overdraft fees. In the fourth quarter of 2023, HTLF instituted a new fee policy across our single charter customer base in response to industry changes related to consumer overdraft fees.
    • Net security losses increased $9.4 million to $9.5 million compared to net security losses of $114,000.
    • Net gains on sales of loans held for sale decreased to $0 from $905,000, due to HTLF ceasing originations of residential mortgage loans to be sold to the secondary market.
    • Other noninterest income increased $957,000 to $1.6 million from $619,000, primarily due to an increase in deferred compensation income of $1.0 million to $1.5 million from $433,000.  

    Total noninterest expense was $85.9 million during the third quarter of 2024 compared to $111.1 million during the third quarter of 2023, a decrease of $25.1 million or 23%. Significant changes within the noninterest expense category for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Salaries and employee benefits totaled $62.7 million compared to $62.3 million, an increase of $480,000 or 1%. The increase was attributable to higher benefit costs including incentive compensation and benefit expenses partially offset by a reduction of full-time equivalent employees. Full-time equivalent employees totaled 1,725 compared to 1,965, a decrease of 240 or 12%.
    • Professional fees totaled $17.4 million compared to $13.6 million, an increase of $3.8 million or 28%, primarily due to an increase legal expenses, including those associated with special asset loans.
    • Gain on sale of assets, net, totaled $26.4 million compared to a loss on sale of assets of $108,000. As discussed earlier, Rocky Mountain Bank, a division of HTLF Bank, was sold during the third quarter of 2024 which generated a gain on sale, net, of $29.7 million.

    The effective tax rate was 24.25% for the third quarter of 2024 compared to 21.89% for third quarter of 2023. The following items impacted the third quarter 2024 and 2023 tax calculations:

    • Various tax credits of $629,000 compared to $1.6 million.
    • Tax-exempt interest income as a percentage of pre-tax income of 8.92% compared to 13.14%.
    • Tax benefit of $140,000 compared to a tax expense of $41,000 resulting from the vesting of restricted stock units.
    • Tax expense of $1.1 million compared to $1.6 million resulting from the disallowed interest expense related to tax-exempt loans and securities.

    Total Assets, Total Loans and Total Deposits

    Total assets were $18.27 billion at September 30, 2024, compared to $18.81 billion at June 30, 2024, and $19.41 billion at December 31, 2023. Total assets decreased $540.1 million or 3% during the third quarter of 2024 and $1.14 billion or 6% since year-end 2023. Securities represented 27% and 29% of total assets at September 30, 2024, and December 31, 2023, respectively.

    Total loans held to maturity were $11.44 billion at September 30, 2024, compared to $11.61 billion at June 30, 2024, and $12.07 billion at December 31, 2023. Loans decreased $167.4 million or 1% during the third quarter of 2024 and $627.7 million or 5% since year-end 2023. Excluding the impact of Rocky Mountain Bank, loans held to maturity decreased $172.4 million or 1% during the third quarter of 2024 and decreased $284.0 million or 2% since year-end 2023.

    Significant changes by loan category at September 30, 2024 compared to June 30, 2024 included:

    • Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $262.7 million or 4% to $5.99 billion compared to $6.26 billion. Excluding the impact of Rocky Mountain Bank, commercial and business lending decreased $119.4 million or 2%.
    • Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, decreased $3.3 million, or less than 1%, to $3.58 billion compared to $3.58 billion. Excluding the impact of Rocky Mountain Bank, commercial real estate lending increased $67.0 million or 2%.
    • Agricultural and agricultural real estate loans decreased $167.2 million or 19% to $701.2 million compared to $868.4 million. Excluding the impact of Rocky Mountain Bank, agricultural and agricultural real estate loans decreased $99.9 million or 12%.
    • Residential mortgage loans decreased $56.7 million or 7% to $708.0 million compared to $764.7 million. Excluding the impact of Rocky Mountain Bank, residential mortgage loans decreased $25.7 million or 3%.

    Significant changes by loan category at September 30, 2024 compared to December 31, 2023 included:

    • Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $298.6 million or 5% to $5.99 billion compared to $6.29 billion. Excluding the Rocky Mountain Bank loans sold of $143.3 million, commercial and business lending decreased $155.3 million or 2%.
    • Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, increased $9.9 million or less than 1% to $3.58 billion compared to $3.57 billion. Excluding the Rocky Mountain Bank loans sold of $70.3 million, commercial real estate lending increased $80.2 million or 2%.
    • Agricultural and agricultural real estate loans decreased $218.0 million or 24% to $701.2 million compared to $919.2 million. Excluding the Rocky Mountain Bank loans sold of $67.3 million, agricultural and agricultural real estate loans decreased $150.7 million or 16%.
    • Residential mortgage loans decreased $89.8 million or 11% to $708.0 million compared to $797.8 million. Excluding the Rocky Mountain Bank loans sold of $31.0 million, residential mortgage loans decreased $58.9 million or 7%.

    Total deposits were $14.95 billion as of September 30, 2024, compared to $14.96 billion as of June 30, 2024, a decrease of $3.4 million or less than 1%. Total deposits were $14.95 billion as of September 30, 2024, compared to $16.20 billion at December 31, 2023, which was a decrease of $1.25 billion or 8%. Excluding the impact of Rocky Mountain Bank, deposits decreased $9.8 million or less than 1% during the third quarter of 2024 and decreased $716.6 million or 4% since year-end 2023.

    Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.13 billion at June 30, 2024, an increase of $217.6 million or 2%. Excluding the impact of Rocky Mountain Bank, customer deposits increased $211.2 million or 1%. Significant customer deposit changes by category at September 30, 2024, compared to June 30, 2024, included:

    • Customer demand deposits decreased $367.6 million or 8% to $4.01 billion compared to $4.38 billion. Excluding the impact of Rocky Mountain Bank, customer demand deposits decreased $235.9 million or 6%.
    • Customer savings deposits increased $270.0 million or 3% to $8.71 billion compared to $8.44 billion. Excluding the impact of Rocky Mountain Bank, customer savings deposits increased $554.4 million or 7%.
    • Customer time deposits decreased $223.1 million or 12% to $1.63 billion compared to $1.85 billion. Excluding the impact of Rocky Mountain Bank, customer time deposits decreased $107.3 million or 6%.

    Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.86 billion at December 31, 2023, a decrease of $505.1 million or 3%. Excluding the Rocky Mountain Bank customer deposits sold of $531.9 million, customer deposits increased $26.7 million. Significant customer deposit changes by category at September 30, 2024, compared to December 31, 2023, included:

    • Customer demand deposits decreased $491.1 million or 11% to $4.01 billion compared to $4.50 billion. Excluding the Rocky Mountain Bank customer demand deposits sold of $131.7 million, customer demand deposits decreased $359.3 million or 8%.
    • Customer savings deposits increased $302.0 million or 4% to $8.71 billion compared to $8.41 billion. Excluding the Rocky Mountain Bank customer savings deposits sold of $284.3 million, customer savings deposits increased $586.3 million or 7%.
    • Customer time deposits decreased $316.0 million or 16% to $1.63 billion compared to $1.94 billion. Excluding the Rocky Mountain Bank customer time deposits sold of $115.8 million, customer time deposits decreased $200.2 million or 10%.

    Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, a decrease of $221.0 million or 27% from $822.9 million at June 30, 2024. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to June 30, 2024 included:

    • Wholesale and institutional savings deposits decreased $105.7 million or 33% to $213.0 million compared to $318.6 million.
    • Wholesale time deposits decreased $115.3 million or 23% to $389.0 million compared to $504.3 million.

    Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, which was a decrease of $743.4 million or 55% from $1.35 billion at December 31, 2023. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to December 31, 2023 included:

    • Wholesale and institutional savings deposits decreased $181.4 million or 46% to $213.0 million compared to $394.4 million.
    • Wholesale time deposits decreased $562.0 million or 59% to $389.0 million compared to $950.9 million.

    Provision and Allowance

    Provision and Allowance for Credit Losses for Loans
    Provision for credit losses for loans for the third quarter of 2024 was $8.9 million, an increase of $6.2 million from $2.7 million recorded in the third quarter of 2023.

    The allowance for credit losses for loans totaled $106.8 million at September 30, 2024 and $122.6 million at December 31, 2023. The following items impacted the allowance for credit losses for loans at September 30, 2024:

    • Provision expense for the nine months ended September 30, 2024, totaled $22.3 million. Provision expense was primarily impacted in the third quarter of 2024 by a nonperforming food manufacturing syndication loan currently in bankruptcy proceedings. HTLF recorded a charge-off of $19.2 million for this credit during the third quarter of 2024, of which $10.0 million was reserved for in a prior period.
    • Net charge-offs of $38.0 million, of which the majority have been reserved for in prior periods, were recorded for the first nine months of 2024.

    Provision and Allowance for Credit Losses for Unfunded Commitments
    The allowance for unfunded commitments decreased $6.0 million or 36% to $10.5 million at September 30, 2024, from $16.5 million at December 31, 2023. The following impacted HTLF’s allowance for credit losses for unfunded commitments during 2024:

    • Provision benefit for the nine months ended September 30, 2024, totaled $6.0 million.
    • Reduction of $82.9 million in unfunded commitments for construction loans, which carry the highest loss rate.
    • Total unfunded commitments decreased $684.5 million or 15% to $3.94 billion at September 30, 2024 compared to $4.63 billion at December 31, 2023.

    Total Provision and Allowance for Lending Related Credit Losses
    The total provision expense for lending related credit losses was $6.3 million for the third quarter of 2024 compared to $1.5 million for the third quarter of 2023. The total allowance for lending related credit losses was $117.3 million or 1.02% of total loans at September 30, 2024, compared to $139.0 million or 1.15% of total loans as of December 31, 2023.

    Nonperforming Assets

    Nonperforming assets were $76.8 million or 0.42% of total assets at September 30, 2024, compared to $110.5 million or 0.57% of total assets at December 31, 2023. Nonperforming assets were reduced by charge-offs of $32.1 million and the return to performing status of a $10.4 million owner occupied commercial real estate loan relationship. The reduction was partially offset by the addition of a $10.1 million non-owner commercial real estate loan relationship. Nonperforming loans were $69.9 million or 0.61% of total loans at September 30, 2024, compared to $97.9 million or 0.81% of total loans at December 31, 2023. At September 30, 2024, loans delinquent 30-89 days were 0.26% of total loans compared to 0.09% of total loans at December 31, 2023. The increase in the 30-89 day delinquencies was due to a single $12.8 million real estate construction loan. Other real estate owned, net, decreased $5.7 million or 46% to $6.8 million at September 30, 2024 from $12.5 million at December 31, 2023.

    Non-GAAP Financial Measures

    This earnings release contains references to financial measures which are not defined by generally accepted accounting principles (“GAAP”). Management believes the non-GAAP measures are helpful for investors to analyze and evaluate the company’s financial condition and operating results. However, these non-GAAP measures have inherent limitations and should not be considered a substitute for operating results determined in accordance with GAAP. Additionally, because non-GAAP measures are not standardized, it may not be possible to compare the non-GAAP measures in this earnings release with other companies’ non-GAAP measures. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure may be found in the financial tables in this earnings release.

    Below are the non-GAAP measures included in this earnings release, management’s reason for including each measure and the method of calculating each measure:

    • Adjusted earnings available to common stockholders and adjusted diluted earnings per common share, adjust net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes these measures enhance the comparability net income available to common stockholders as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Adjusted annualized return on average assets, adjusts net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Annualized net interest margin, fully tax-equivalent, adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.
    • Adjusted efficiency ratio, fully tax equivalent, expresses noninterest expenses as a percentage of fully tax-equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax-equivalent basis which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities, and tax credit projects. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items as noted in reconciliation contained in this earnings release.
    • Net interest income, fully tax equivalent, is net income adjusted for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. Net interest margin, fully tax equivalent, is net interest income adjusted for the tax-favored status of certain loans and securities divided by average earning assets.
    • Tangible book value per common share is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by common shares outstanding, net of treasury. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
    • Tangible common equity ratio is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by total assets less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength.
    • Adjusted annualized return on average common equity, adjusts net income for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Annualized return on average tangible common equity is net income excluding intangible amortization calculated as (1) net income excluding tax-effected core deposit and customer relationship intangibles amortization, divided by (2) average common equity less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
    • Adjusted annualized return on average tangible common equity, adjusts net income available to common stockholders for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Annualized ratio of core expenses to average assets adjusts noninterest expenses to exclude specific items noted in the reconciliation. Management includes this measure as it is considered to be a critical metric to analyze and evaluate controllable expenses related to primary business operations.

    About HTLF

    Heartland Financial USA, Inc., is a Denver, Colorado-based bank holding company operating under the brand name HTLF, with assets of $18.27 billion as of September 30, 2024. HTLF’s banks serve customers in the West, Southwest and Midwest regions. HTLF is committed to serving the banking needs of privately owned businesses, their owners, executives and employees. Our core commercial business is supported by a strong retail banking operation, in addition to a diversified line of financial services including treasury management, wealth management and investments. Additional information is available at www.htlf.com.

    Safe Harbor Statement

    This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF.

    Any statements about the company’s expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements may include information about possible or assumed future results of the company’s operations or performance. These forward-looking statements are generally identified by the use of the words such as “believe”, “expect”, “intent”, “anticipate”, “plan”, “intend”, “estimate”, “project”, “may”, “will”, “would”, “could”, “should”, “may”, “view”, “opportunity”, “potential”, or similar or negative expressions of these words or phrases that are used in this release, and future oral and written statements of the company and its management. Although the company may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects, are detailed below and in the risk factors in HTLF’s reports filed with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2023 and updates in HTLF’s Forms 10-Q filed thereafter, and include, among others:

    • Economic and Market Conditions Risks, including risks related to the deterioration of the U.S. economy in general and in the local economies in which HTLF conducts its operations and future civil unrest, natural disasters, pandemics and governmental measures addressing them, climate change and climate-related regulations, persistent inflation, higher interest rates, supply chain issues, labor shortages, terrorist threats or acts of war;
    • Credit Risks, including risks of increasing credit losses due to deterioration in the financial condition of HTLF’s borrowers, changes in asset and collateral values due to climate and other borrower industry risks, which may impact the provision for credit losses and net charge-offs;
    • Liquidity and Interest Rate Risks, including the impact of capital market conditions, rising interest rates and changes in monetary policy on our borrowings and net interest income;
    • Risks related to the planned merger with UMB Financial Corporation (the “Merger”), the fluctuation of the market value of the merger consideration, risks related to combining our businesses, including expenses related to the Merger and integration of the combined entity, risks that the Merger may not occur, and the risk of litigation related to the Merger;
    • Operational Risks, including processing, information systems, cybersecurity, vendor, business interruption, and fraud risks;
    • Strategic and External Risks, including economic, political, and competitive forces impacting our business;
    • Legal, Compliance and Reputational Risks, including regulatory and litigation risks; and
    • Risks of Owning Stock in HTLF, including stock price volatility and dilution as a result of future equity offerings and acquisitions.

    There can be no assurance that other factors not currently anticipated by HTLF will not materially and adversely affect HTLF’s business, financial condition and results of operations. Additionally, all statements in this release, including forward-looking statements speak only as of the date they are made. HTLF does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to or correct or update any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or to otherwise update any statement in light of new information or future events. Further information concerning HTLF and its business, including additional factors that could materially affect HTLF’s financial results, is included in HTLF’s filings with the SEC.

    -FINANCIAL TABLES FOLLOW-

    CONTACT:
    Kevin L. Thompson
    Executive Vice President
    Chief Financial Officer
    (563) 589-1994
    kthompson@htlf.com 
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Interest Income              
    Interest and fees on loans $ 192,506     $ 182,394     $ 587,328     $ 505,136  
    Interest on securities:              
    Taxable   51,116       54,800       145,511       168,948  
    Nontaxable   5,979       6,584       18,062       18,990  
    Interest on federal funds sold         3             3  
    Interest on deposits with other banks and short-term investments   4,193       1,651       10,244       4,833  
    Total Interest Income   253,794       245,432       761,145       697,910  
    Interest Expense              
    Interest on deposits   82,976       92,744       247,609       231,617  
    Interest on borrowings   7,378       1,167       25,727       4,437  
    Interest on term debt   5,543       5,765       16,956       16,756  
    Total Interest Expense   95,897       99,676       290,292       252,810  
    Net Interest Income   157,897       145,756       470,853       445,100  
    Provision for credit losses   6,276       1,516       16,270       9,969  
    Net Interest Income After Provision for Credit Losses   151,621       144,240       454,583       435,131  
    Noninterest Income              
    Service charges and fees   17,100       18,553       51,127       55,316  
    Loan servicing income   111       278       349       1,403  
    Trust fees   5,272       4,734       15,847       15,810  
    Brokerage and insurance commissions   853       692       2,501       2,065  
    Capital markets fees   2,116       1,845       5,003       8,331  
    Securities gains (losses), net   (9,520 )     (114 )     (19,573 )     (1,532 )
    Unrealized gain on equity securities, net   377       13       605       165  
    Net gains on sale of loans held for sale         905       104       3,786  
    Income on bank owned life insurance   1,107       858       3,610       3,042  
    Other noninterest income   1,576       619       5,289       2,489  
    Total Noninterest Income   18,992       28,383       64,862       90,875  
    Noninterest Expense              
    Salaries and employee benefits   62,742       62,262       191,817       186,510  
    Occupancy   6,318       6,438       19,843       20,338  
    Furniture and equipment   2,062       2,720       6,554       8,698  
    Professional fees   17,448       13,616       48,351       41,607  
    FDIC insurance assessments   3,035       3,313       11,344       9,627  
    Advertising   1,937       1,633       4,663       6,670  
    Core deposit intangibles amortization   1,345       1,625       4,258       5,128  
    Other real estate and loan collection expenses, net   395       481       1,422       984  
    (Gain) loss on sales/valuations of assets, net   (26,419 )     108       (26,012 )     (2,149 )
    Acquisition, integration and restructuring costs   2,026       2,429       9,374       5,994  
    Partnership investment in tax credit projects   222       1,136       938       1,828  
    Other noninterest expense   14,816       15,292       43,214       46,307  
    Total Noninterest Expense   85,927       111,053       315,766       331,542  
    Income Before Income Taxes   84,686       61,570       203,679       194,464  
    Income taxes   20,533       13,479       48,077       44,181  
    Net Income/(Loss)   64,153       48,091       155,602       150,283  
    Preferred dividends   (2,013 )     (2,013 )     (6,038 )     (6,038 )
    Net Income/(Loss) Available to Common Stockholders $ 62,140     $ 46,078     $ 149,564     $ 144,245  
    Earnings/(loss) per common share-diluted $ 1.44     $ 1.08     $ 3.47     $ 3.37  
    Weighted average shares outstanding-diluted   43,195,257       42,812,563       43,080,422       42,769,872  
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest Income                  
    Interest and fees on loans $ 192,506     $ 199,161     $ 195,661     $ 192,861     $ 182,394  
    Interest on securities:                  
    Taxable   51,116       47,381       47,014       54,573       54,800  
    Nontaxable   5,979       6,042       6,041       6,278       6,584  
    Interest on federal funds sold                           3  
    Interest on deposits with other banks and short-term investments   4,193       3,045       3,006       2,174       1,651  
    Total Interest Income   253,794       255,629       251,722       255,886       245,432  
    Interest Expense                  
    Interest on deposits   82,976       80,499       84,134       88,071       92,744  
    Interest on borrowings   7,378       10,825       7,524       5,874       1,167  
    Interest on term debt   5,543       5,564       5,849       5,804       5,765  
    Total Interest Expense   95,897       96,888       97,507       99,749       99,676  
    Net Interest Income   157,897       158,741       154,215       156,137       145,756  
    Provision for credit losses   6,276       9,008       986       11,738       1,516  
    Net Interest Income After Provision for Credit Losses   151,621       149,733       153,229       144,399       144,240  
    Noninterest Income                  
    Service charges and fees   17,100       16,964       17,063       18,708       18,553  
    Loan servicing income   111       107       131       158       278  
    Trust fees   5,272       5,532       5,043       4,905       4,734  
    Brokerage and insurance commissions   853       894       754       729       692  
    Capital markets fees   2,116       1,996       891       1,676       1,845  
    Securities gains (losses), net   (9,520 )     (10,111 )     58       (140,007 )     (114 )
    Unrealized gain on equity securities, net   377       133       95       75       13  
    Net gains on sale of loans held for sale               104       94       905  
    Income on bank owned life insurance   1,107       1,326       1,177       729       858  
    Other noninterest income   1,576       1,366       2,347       1,132       619  
    Total Noninterest Income   18,992       18,207       27,663       (111,801 )     28,383  
    Noninterest Expense                  
    Salaries and employee benefits   62,742       65,120       63,955       64,766       62,262  
    Occupancy   6,318       6,262       7,263       6,509       6,438  
    Furniture and equipment   2,062       2,155       2,337       2,901       2,720  
    Professional fees   17,448       15,372       15,531       17,060       13,616  
    FDIC insurance assessments   3,035       3,340       4,969       10,313       3,313  
    Advertising   1,937       1,368       1,358       1,677       1,633  
    Core deposit intangibles amortization   1,345       1,421       1,492       1,611       1,625  
    Other real estate and loan collection expenses, net   395       515       512       505       481  
    (Gain) loss on sales/valuations of assets, net   (26,419 )     193       214       2,072       108  
    Acquisition, integration and restructuring costs   2,026       5,973       1,375       4,365       2,429  
    Partnership investment in tax credit projects   222       222       494       3,573       1,136  
    Other noninterest expense   14,816       14,303       14,095       14,933       15,292  
    Total Noninterest Expense   85,927       116,244       113,595       130,285       111,053  
    Income Before Income Taxes   84,686       51,696       67,297       (97,687 )     61,570  
    Income taxes   20,533       11,954       15,590       (27,324 )     13,479  
    Net Income/(Loss)   64,153       39,742       51,707       (70,363 )     48,091  
    Preferred dividends   (2,013 )     (2,012 )     (2,013 )     (2,012 )     (2,013 )
    Net Income/(Loss) Available to Common Stockholders $ 62,140     $ 37,730     $ 49,694     $ (72,375 )   $ 46,078  
    Earnings/(loss) per common share-diluted $ 1.44     $ 0.88     $ 1.16     $ (1.69 )   $ 1.08  
    Weighted average shares outstanding-diluted   43,195,257       43,060,354       42,915,768       42,838,405       42,812,563  
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      As of
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Assets                  
    Cash and due from banks $ 228,719     $ 226,735     $ 208,176     $ 275,554     $ 248,756  
    Interest-bearing deposits with other banks and short-term investments   359,675       147,211       236,190       47,459       99,239  
    Cash and cash equivalents   588,394       373,946       444,366       323,013       347,995  
    Time deposits in other financial institutions   1,050       1,340       1,240       1,240       1,490  
    Securities:                  
    Carried at fair value   4,057,335       4,185,054       4,418,222       4,646,891       5,482,687  
    Held to maturity, at cost   839,623       842,980       841,055       838,241       835,468  
    Other investments, at cost   69,511       70,684       68,524       91,277       90,001  
    Loans held for sale         348,761       352,744       5,071       6,262  
    Loans:                  
    Held to maturity   11,440,917       11,608,309       11,644,641       12,068,645       11,872,436  
    Allowance for credit losses   (106,797 )     (126,861 )     (123,934 )     (122,566 )     (110,208 )
    Loans, net   11,334,120       11,481,448       11,520,707       11,946,079       11,762,228  
    Premises, furniture and equipment, net   155,140       175,953       176,582       181,070       187,436  
    Goodwill   576,005       576,005       576,005       576,005       576,005  
    Core deposit intangibles, net   14,157       15,501       16,923       18,415       20,026  
    Cash surrender value on life insurance   199,998       199,036       197,671       197,085       196,694  
    Other real estate, net   6,805       7,533       2,590       12,548       14,362  
    Other assets   430,155       534,429       516,198       574,772       609,139  
    Total Assets $ 18,272,293     $ 18,812,670     $ 19,132,827     $ 19,411,707     $ 20,129,793  
    Liabilities and Equity                  
    Liabilities                  
    Deposits:                  
    Demand $ 4,009,218     $ 4,244,169     $ 4,264,390     $ 4,500,304     $ 4,792,813  
    Savings   8,926,192       8,470,416       8,669,221       8,805,597       8,754,911  
    Time   2,017,806       2,242,005       2,368,555       2,895,813       3,553,269  
    Total deposits   14,953,216       14,956,590       15,302,166       16,201,714       17,100,993  
    Deposits held for sale         538,308       596,328              
    Borrowings   546,219       694,909       650,033       622,255       392,634  
    Term debt   373,324       372,988       372,652       372,396       372,059  
    Accrued expenses and other liabilities   259,161       222,025       232,815       282,225       438,577  
    Total Liabilities   16,131,920       16,784,820       17,153,994       17,478,590       18,304,263  
    Stockholders’ Equity                  
    Preferred equity   110,705       110,705       110,705       110,705       110,705  
    Common stock   42,884       42,852       42,784       42,688       42,656  
    Capital surplus   1,098,837       1,096,619       1,093,207       1,090,740       1,088,267  
    Retained earnings   1,252,247       1,203,092       1,178,330       1,141,501       1,226,740  
    Accumulated other comprehensive income/(loss)   (364,300 )     (425,418 )     (446,193 )     (452,517 )     (642,838 )
    Total Equity   2,140,373       2,027,850       1,978,833       1,933,117       1,825,530  
    Total Liabilities and Equity $ 18,272,293     $ 18,812,670     $ 19,132,827     $ 19,411,707     $ 20,129,793  
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Average Balances                  
    Assets $ 18,439,910     $ 19,043,362     $ 19,296,638     $ 19,667,825     $ 20,207,920  
    Loans, net of unearned   11,584,999       12,010,289       12,021,930       11,938,272       11,800,064  
    Total deposits   15,148,944       15,562,920       16,042,402       16,709,394       17,507,813  
    Customer deposits   14,347,965       14,768,407       14,816,652       14,969,948       14,699,235  
    Earning assets   16,838,131       17,331,435       17,597,068       17,853,957       18,439,010  
    Interest-bearing liabilities   11,986,220       12,461,957       12,607,745       12,721,680       13,158,631  
    Common equity   1,962,334       1,863,236       1,832,959       1,729,086       1,746,818  
    Total stockholders’ equity   2,073,039       1,973,941       1,943,664       1,839,791       1,857,523  
    Tangible common equity (non-GAAP)(1)   1,371,515       1,271,046       1,239,313       1,133,888       1,149,992  
                       
    Key Performance Ratios                  
    Annualized return on average assets   1.38 %     0.84 %     1.08 %   (1.42 )%     0.94 %
    Adjusted annualized return on average assets (non-GAAP)(1)   1.14       1.09       1.13       0.96       0.98  
    Annualized return on average common equity (GAAP)   12.60       8.14       10.90       (16.61 )     10.47  
    Adjusted annualized return on average common equity (non-GAAP)(1)   10.27       10.71       11.50       10.46       10.92  
    Annualized return on average tangible common equity (non-GAAP)(1)   18.32       12.28       16.49       (24.89 )     16.32  
    Adjusted annualized return on average tangible common equity (non-GAAP)(1)   14.98       16.05       17.38       16.38       17.02  
    Annualized ratio of net charge-offs/(recoveries) to average loans   0.99       0.23       0.08       0.01       0.12  
    Annualized net interest margin (GAAP)   3.73       3.68       3.52       3.47       3.14  
    Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)   3.78       3.73       3.57       3.52       3.18  
    Annualized cost of deposits   2.18       2.08       2.11       2.09       2.10  
    Efficiency ratio (GAAP)   48.58       65.69       62.46       293.86       63.77  
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)(1)   57.98       57.73       58.77       59.31       59.95  
    Annualized ratio of total noninterest expenses to average assets (GAAP)   1.85       2.46       2.37       2.63       2.18  
    Annualized ratio of core expenses to average assets (non-GAAP)(1)   2.35       2.30       2.25       2.23       2.08  
                       
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Average Balances              
    Assets $ 18,439,910     $ 20,207,920     $ 18,924,862     $ 20,182,808  
    Loans, net of unearned   11,584,999       11,800,064       11,871,358       11,602,741  
    Total deposits   15,148,944       17,507,813       15,583,165       17,567,614  
    Customer deposits   14,347,965       14,699,235       14,642,347       14,778,030  
    Earning assets   16,838,131       18,439,010       17,254,023       18,451,907  
    Interest-bearing liabilities   11,986,220       13,158,631       12,350,640       12,985,665  
    Common equity   1,962,334       1,746,818       1,886,454       1,710,230  
    Total stockholders’ equity   2,073,039       1,857,523       1,997,159       1,820,935  
    Tangible common equity (non-GAAP)(1)   1,371,515       1,149,992       1,294,241       1,111,724  
                   
    Key Performance Ratios              
    Annualized return on average assets   1.38 %     0.94 %     1.10 %     1.00 %
    Adjusted annualized return on average assets (non-GAAP)(1)   1.14       0.98       1.12       1.02  
    Annualized return on average common equity (GAAP)   12.60       10.47       10.59       11.28  
    Adjusted annualized return on average common equity (non-GAAP)(1)   10.27       10.92       10.81       11.60  
    Annualized return on average tangible common equity (non-GAAP)(1)   18.32       16.32       15.77       17.82  
    Adjusted annualized return on average tangible common equity (non-GAAP)(1)   14.98       17.02       16.09       18.31  
    Annualized ratio of net charge-offs/(recoveries) to average loans   0.99       0.12       0.43       0.14  
    Annualized net interest margin (GAAP)   3.73       3.14       3.65       3.23  
    Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)   3.78       3.18       3.69       3.27  
    Annualized cost of deposits   2.18       2.10       2.12       1.76  
    Efficiency ratio (GAAP)   48.58       63.77       58.94       61.86  
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)(1)   57.98       59.95       58.16       58.98  
    Annualized ratio of total noninterest expenses to average assets (GAAP)   1.85       2.18       2.23       2.20  
    Annualized ratio of core expenses to average assets (non-GAAP)(1)   2.35       2.08       2.30       2.12  
                   
    (1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA
      As of and for the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Common Share Data                  
    Book value per common share $ 47.33     $ 44.74     $ 43.66     $ 42.69     $ 40.20  
    Tangible book value per common share (non-GAAP)(1)   33.57       30.94       29.81       28.77       26.23  
    ASC 320 effect on book value per common share   (8.78 )     (10.82 )     (11.18 )     (11.00 )     (16.27 )
                       
    Common shares outstanding, net of treasury stock   42,883,865       42,852,180       42,783,670       42,688,008       42,656,303  
                       
    Capital Ratios                  
    Common equity to total assets   11.11 %     10.19 %     9.76 %     9.39 %     8.52 %
    Tangible common equity ratio (non-GAAP)(1)   8.14       7.28       6.88       6.53       5.73  
    Tier 1 leverage ratio   10.77       10.13       9.84       9.44       9.59  
    Common equity tier 1 ratio(2)   12.66       11.68       11.40       10.97       11.37  
    Total risk based capital ratio(2)   16.34       15.32       14.99       14.53       14.90  
                       
    Other Selected Trend Information                  
    Effective tax rate   24.25 %     23.12 %     23.17 %     27.97 %     21.89 %
    Full time equivalent employees   1,725       1,843       1,888       1,970       1,965  
                       
    Loans Held to Maturity                  
    Commercial and industrial $ 3,503,093     $ 3,541,239     $ 3,545,051     $ 3,652,047     $ 3,591,809  
    Paycheck Protection Program (“PPP”)   1,582       1,864       2,172       2,777       3,750  
    Owner occupied commercial real estate   2,489,697       2,555,964       2,545,033       2,638,175       2,429,659  
    Commercial and business lending   5,994,372       6,099,067       6,092,256       6,292,999       6,025,218  
    Non-owner occupied commercial real estate   2,455,396       2,434,258       2,495,068       2,553,711       2,656,358  
    Real estate construction   1,119,922       1,082,726       1,041,583       1,011,716       1,029,554  
    Commercial real estate lending   3,575,318       3,516,984       3,536,651       3,565,427       3,685,912  
    Total commercial lending   9,569,690       9,616,051       9,628,907       9,858,426       9,711,130  
    Agricultural and agricultural real estate   701,211       802,958       809,876       919,184       842,116  
    Residential mortgage   707,984       733,401       756,021       797,829       813,803  
    Consumer   462,032       455,899       449,837       493,206       505,387  
    Total loans held to maturity $ 11,440,917     $ 11,608,309     $ 11,644,641     $ 12,068,645     $ 11,872,436  
                       
    Total unfunded loan commitments $ 3,941,268     $ 4,381,565     $ 4,537,718     $ 4,625,768     $ 4,813,798  
                       
    Deposits                  
    Demand-customer $ 4,009,218     $ 4,244,169     $ 4,264,390     $ 4,500,304     $ 4,792,813  
    Savings-customer   8,713,228       8,151,794       8,269,956       8,411,240       8,190,430  
    Savings-wholesale and institutional   212,964       318,622       399,265       394,357       564,481  
    Total savings   8,926,192       8,470,416       8,669,221       8,805,597       8,754,911  
    Time-customer   1,628,856       1,737,723       1,734,971       1,944,884       1,814,335  
    Time-wholesale   388,950       504,282       633,584       950,929       1,738,934  
    Total time   2,017,806       2,242,005       2,368,555       2,895,813       3,553,269  
    Total deposits $ 14,953,216     $ 14,956,590     $ 15,302,166     $ 16,201,714     $ 17,100,993  
                       
    Total customer deposits $ 14,351,302     $ 14,133,686     $ 14,269,317     $ 14,856,428     $ 14,797,578  
    Total wholesale and institutional deposits   601,914       822,904       1,032,849       1,345,286       2,303,415  
    Total deposits $ 14,953,216     $ 14,956,590     $ 15,302,166     $ 16,201,714     $ 17,100,993  
                       
    (1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    (2) September 30, 2024 calculation is preliminary.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      As of and for the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Allowance for Credit Losses-Loans                  
    Balance, beginning of period $ 126,861     $ 123,934     $ 122,566     $ 110,208     $ 111,198  
    Provision for credit losses   8,871       9,737       3,668       12,750       2,672  
    Charge-offs   (32,137 )     (7,388 )     (4,093 )     (3,886 )     (3,964 )
    Recoveries   3,202       578       1,793       3,494       302  
    Balance, end of period $ 106,797     $ 126,861     $ 123,934     $ 122,566     $ 110,208  
                       
    Allowance for Unfunded Commitments                  
    Balance, beginning of period $ 13,057     $ 13,786     $ 16,468     $ 17,480     $ 18,636  
    Provision for credit losses   (2,595 )     (729 )     (2,682 )     (1,012 )     (1,156 )
    Balance, end of period $ 10,462     $ 13,057     $ 13,786     $ 16,468     $ 17,480  
                       
    Allowance for lending related credit losses $ 117,259     $ 139,918     $ 137,720     $ 139,034     $ 127,688  
                       
    Provision for Credit Losses                  
    Provision for credit losses-loans $ 8,871     $ 9,737     $ 3,668     $ 12,750     $ 2,672  
    Provision for credit losses-unfunded commitments   (2,595 )     (729 )     (2,682 )     (1,012 )     (1,156 )
    Total provision (benefit) for credit losses $ 6,276     $ 9,008     $ 986     $ 11,738     $ 1,516  
                       
    Asset Quality                  
    Nonaccrual loans $ 69,115     $ 103,123     $ 94,800     $ 95,426     $ 51,304  
    Loans past due ninety days or more   832       663       611       2,507       511  
    Other real estate owned   6,805       7,533       2,590       12,548       14,362  
    Other repossessed assets                           1  
    Total nonperforming assets $ 76,752     $ 111,319     $ 98,001     $ 110,481     $ 66,178  
                       
    Nonperforming Assets Activity                  
    Balance, beginning of period $ 111,319     $ 98,001     $ 110,481     $ 66,178     $ 66,097  
    Net loan (charge-offs) recoveries   (28,935 )     (6,810 )     (2,300 )     (392 )     (3,662 )
    New nonperforming loans   25,441       48,346       5,470       61,193       19,295  
    Reduction of nonperforming loans(1)   (30,240 )     (28,050 )     (5,692 )     (14,278 )     (14,691 )
    OREO/Repossessed assets sales proceeds   (833 )     (168 )     (9,958 )     (2,220 )     (861 )
    Balance, end of period $ 76,752     $ 111,319     $ 98,001     $ 110,481     $ 66,178  
                       
    Asset Quality Ratios                  
    Ratio of nonperforming loans to total loans   0.61 %     0.89 %     0.82 %     0.81 %     0.44 %
    Ratio of nonperforming assets to total assets   0.42       0.59       0.51       0.57       0.33  
    Annualized ratio of net loan charge-offs (recoveries) to average loans   0.99       0.23       0.08       0.01       0.12  
    Allowance for loan credit losses as a percent of loans   0.93       1.09       1.06       1.02       0.93  
    Allowance for lending related credit losses as a percent of loans   1.02       1.21       1.18       1.15       1.08  
    Allowance for loan credit losses as a percent of nonperforming loans   152.68       122.23       129.89       125.15       212.70  
    Loans delinquent 30-89 days as a percent of total loans   0.26       0.25       0.31       0.09       0.12  
                       
    (1) Includes principal reductions, transfers to performing status and transfers to OREO.
    HEARTLAND FINANCIAL USA, INC.    
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS
      For the Quarter Ended
      September 30, 2024   June 30, 2024   September 30, 2023
      Average
    Balance
      Interest   Rate   Average
    Balance
      Interest   Rate   Average
    Balance
      Interest   Rate
    Earning Assets                                  
    Securities:                                  
    Taxable $ 4,254,529     $ 51,116   4.78 %   $ 4,490,407     $ 47,381   4.24 %   $ 5,726,057     $ 54,800   3.80 %
    Nontaxable(1)   768,483       7,313   3.79       759,234       7,383   3.91       881,162       8,085   3.64  
    Total securities   5,023,012       58,429   4.63       5,249,641       54,764   4.20       6,607,219       62,885   3.78  
    Interest on deposits with other banks and
    short-term investments
      355,394       4,193   4.69       194,824       3,045   6.29       142,301       1,651   4.60  
    Federal funds sold                               152       3   7.83  
    Loans:(2)                                  
    Commercial and industrial(1)   3,531,206       65,972   7.43       3,638,004       69,469   7.68       3,610,677       63,001   6.92  
    PPP loans   1,759       5   1.13       2,242       7   1.26       3,948       11   1.11  
    Owner occupied commercial real estate   2,527,006       35,189   5.54       2,615,504       37,028   5.69       2,412,501       30,127   4.95  
    Non-owner occupied commercial real estate   2,474,036       39,536   6.36       2,519,346       39,272   6.27       2,586,011       38,779   5.95  
    Real estate construction   1,106,387       22,878   8.23       1,093,399       21,770   8.01       1,027,544       19,448   7.51  
    Agricultural and agricultural real estate   757,745       11,536   6.06       879,707       13,390   6.12       822,957       12,582   6.07  
    Residential real estate   725,901       9,110   4.99       776,821       9,454   4.89       827,402       9,482   4.55  
    Consumer   460,959       8,956   7.73       485,266       9,421   7.81       509,024       9,615   7.49  
    Less: allowance for credit losses   (125,274 )             (123,319 )             (110,726 )        
    Net loans   11,459,725       193,182   6.71       11,886,970       199,811   6.76       11,689,338       183,045   6.21  
    Total earning assets   16,838,131       255,804   6.04 %     17,331,435       257,620   5.98 %     18,439,010       247,584   5.33 %
    Nonearning Assets   1,601,779               1,711,927               1,768,910          
    Total Assets $ 18,439,910             $ 19,043,362             $ 20,207,920          
    Interest-bearing Liabilities                                  
    Savings $ 8,842,494     $ 59,307   2.67 %   $ 8,834,746     $ 55,440   2.52 %   $ 8,737,581     $ 49,195   2.23 %
    Time deposits   2,189,861       23,669   4.30       2,372,653       25,059   4.25       3,945,371       43,549   4.38  
    Borrowings   580,707       7,378   5.05       881,738       10,825   4.94       103,567       1,167   4.47  
    Term debt   373,158       5,543   5.91       372,820       5,564   6.00       372,112       5,765   6.15  
    Total interest-bearing liabilities   11,986,220       95,897   3.18 %     12,461,957       96,888   3.13 %     13,158,631       99,676   3.01 %
    Noninterest-bearing Liabilities                                  
    Noninterest-bearing deposits   4,116,589               4,355,521               4,824,861          
    Accrued interest and other liabilities   264,062               251,943               366,905          
    Total noninterest-bearing liabilities   4,380,651               4,607,464               5,191,766          
    Stockholders’ Equity   2,073,039               1,973,941               1,857,523          
    Total Liabilities and Stockholders’ Equity $ 18,439,910             $ 19,043,362             $ 20,207,920          
    Net interest income, fully tax-equivalent
    (non-GAAP)
    (1)(3)
        $ 159,907           $ 160,732           $ 147,908    
    Net interest spread(1)         2.86 %           2.85 %           2.32 %
    Net interest income, fully tax-equivalent
    (non-GAAP
    )(1)(3)to total earning assets
            3.78 %           3.73 %           3.18 %
    Interest-bearing liabilities to earning assets   71.18 %             71.90 %             71.36 %        
                                       
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.    
    (2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
    (3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS
      For the Nine Months Ended
      September 30, 2024   September 30, 2023
      Average
    Balance
      Interest   Rate   Average
    Balance
      Interest   Rate
    Earning Assets                      
    Securities:                      
    Taxable $ 4,469,258     $ 145,511   4.35 %   $ 5,927,026     $ 168,948   3.81 %
    Nontaxable(1)   768,782       22,079   3.84       899,613       23,611   3.51  
    Total securities   5,238,040       167,590   4.27       6,826,639       192,559   3.77  
    Interest on deposits with other banks and other short-term investments   268,122       10,244   5.10       133,910       4,833   4.83  
    Federal funds sold                 51       3   7.86  
    Loans:(2)                      
    Commercial and industrial(1)   3,603,668       202,426   7.50       3,547,256       169,552   6.39  
    PPP loans   2,195       19   1.16       6,718       61   1.21  
    Owner occupied commercial real estate   2,583,886       107,734   5.57       2,355,545       84,927   4.82  
    Non-owner occupied commercial real estate   2,514,452       118,657   6.30       2,459,965       105,111   5.71  
    Real estate construction   1,087,280       65,497   8.05       1,051,298       56,107   7.14  
    Agricultural and agricultural real estate   838,395       38,682   6.16       835,673       36,191   5.79  
    Residential mortgage   764,515       28,699   5.01       840,143       28,138   4.48  
    Consumer   476,967       27,578   7.72       506,143       26,925   7.11  
    Less: allowance for credit losses-loans   (123,497 )             (111,434 )        
    Net loans   11,747,861       589,292   6.70       11,491,307       507,012   5.90  
    Total earning assets   17,254,023       767,126   5.94 %     18,451,907       704,407   5.10 %
    Nonearning Assets   1,670,839               1,730,901          
    Total Assets $ 18,924,862             $ 20,182,808          
    Interest-bearing Liabilities                      
    Savings $ 8,828,973     $ 169,414   2.56 %   $ 9,130,980     $ 128,372   1.88 %
    Time deposits   2,447,293       78,195   4.27       3,344,434       103,245   4.13  
    Borrowings   701,548       25,727   4.90       138,157       4,437   4.29  
    Term debt   372,826       16,956   6.08       372,094       16,756   6.02  
    Total interest-bearing liabilities   12,350,640       290,292   3.14 %     12,985,665       252,810   2.60 %
    Noninterest-bearing Liabilities                      
    Noninterest-bearing deposits   4,306,899               5,092,200          
    Accrued interest and other liabilities   270,164               284,008          
    Total noninterest-bearing liabilities   4,577,063               5,376,208          
    Stockholders’ Equity   1,997,159               1,820,935          
    Total Liabilities and Stockholders’ Equity $ 18,924,862             $ 20,182,808          
    Net interest income, fully tax-equivalent (non-GAAP)(1)(3)     $ 476,834           $ 451,597    
    Net interest spread(1)         2.80 %           2.50 %
    Net interest income, fully tax-equivalent (non-GAAP)(1)(3)to total earning assets         3.69 %           3.27 %
    Interest-bearing liabilities to earning assets   71.58 %             70.38 %        
                           
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.    
    (2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
    (3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND FULL TIME EQUIVALENT EMPLOYEE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)                  
    Earnings available to common stockholders (GAAP) $ 62,140     $ 37,730     $ 49,694     $ (72,375 )   $ 46,078  
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,081       1,131       1,229       1,240  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 63,162     $ 38,811     $ 50,825     $ (71,146 )   $ 47,318  
                       
    Average common equity (GAAP) $ 1,962,334     $ 1,863,236     $ 1,832,959     $ 1,729,086     $ 1,746,818  
    Less average goodwill   576,005       576,005       576,005       576,005       576,005  
    Less average core deposit intangibles, net   14,814       16,185       17,641       19,193       20,821  
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,271,046     $ 1,239,313     $ 1,133,888     $ 1,149,992  
    Annualized return on average common equity (GAAP)   12.60 %     8.14 %     10.90 %   (16.61 )%     10.47 %
    Annualized return on average tangible common equity (non-GAAP)   18.32 %     12.28 %     16.49 %   (24.89 )%     16.32 %
                       
    Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)                  
    Net Interest Income (GAAP) $ 157,897     $ 158,741     $ 154,215     $ 156,137     $ 145,756  
    Plus tax-equivalent adjustment(1)   2,010       1,991       1,981       2,058       2,152  
    Net interest income, fully tax-equivalent (non-GAAP) $ 159,907     $ 160,732     $ 156,196     $ 158,195     $ 147,908  
                       
    Average earning assets $ 16,838,131     $ 17,331,435     $ 17,597,068     $ 17,853,957     $ 18,439,010  
                       
    Annualized net interest margin (GAAP)   3.73 %     3.68 %     3.52 %     3.47 %     3.14 %
    Annualized net interest margin, fully tax-equivalent (non-GAAP)   3.78       3.73       3.57       3.52       3.18  
    Net purchase accounting discount amortization on loans included in annualized net interest margin   0.02       0.01       0.02       0.02       0.01  
    Reconciliation of Tangible Book Value Per Common Share (non-GAAP)                  
    Common equity (GAAP) $ 2,029,668     $ 1,917,145     $ 1,868,128     $ 1,822,412     $ 1,714,825  
    Less goodwill   576,005       576,005       576,005       576,005       576,005  
    Less core deposit intangibles, net   14,157       15,501       16,923       18,415       20,026  
    Tangible common equity (non-GAAP) $ 1,439,506     $ 1,325,639     $ 1,275,200     $ 1,227,992     $ 1,118,794  
                       
    Common shares outstanding, net of treasury stock   42,883,865       42,852,180       42,783,670       42,688,008       42,656,303  
    Common equity (book value) per share (GAAP) $ 47.33     $ 44.74     $ 43.66     $ 42.69     $ 40.20  
    Tangible book value per common share (non-GAAP) $ 33.57     $ 30.94     $ 29.81     $ 28.77     $ 26.23  
                       
    Reconciliation of Tangible Common Equity Ratio (non-GAAP)                  
    Tangible common equity (non-GAAP) $ 1,439,506     $ 1,325,639     $ 1,275,200     $ 1,227,992     $ 1,118,794  
                       
    Total assets (GAAP) $ 18,272,293     $ 18,812,670     $ 19,132,827     $ 19,411,707     $ 20,129,793  
    Less goodwill   576,005       576,005       576,005       576,005       576,005  
    Less core deposit intangibles, net   14,157       15,501       16,923       18,415       20,026  
    Total tangible assets (non-GAAP) $ 17,682,131     $ 18,221,164     $ 18,539,899     $ 18,817,287     $ 19,533,762  
    Tangible common equity ratio (non-GAAP)   8.14 %     7.28 %     6.88 %     6.53 %     5.73 %
                       
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Reconciliation of Adjusted Efficiency Ratio, fully tax-equivalent (non-GAAP)  
    Net interest income (GAAP) $ 157,897     $ 158,741     $ 154,215     $ 156,137     $ 145,756  
    Tax-equivalent adjustment(1)   2,010       1,991       1,981       2,058       2,152  
    Fully tax-equivalent net interest income   159,907       160,732       156,196       158,195       147,908  
    Noninterest income   18,992       18,207       27,663       (111,801 )     28,383  
    Securities (gains)/losses, net   9,520       10,111       (58 )     140,007       114  
    Unrealized gain on equity securities, net   (377 )     (133 )     (95 )     (75 )     (13 )
    Adjusted revenue (non-GAAP) $ 188,042     $ 188,917     $ 183,706     $ 186,326     $ 176,392  
                       
    Total noninterest expenses (GAAP) $ 85,927     $ 116,244     $ 113,595     $ 130,285     $ 111,053  
    Less:                  
    Core deposit intangibles amortization   1,345       1,421       1,492       1,611       1,625  
    Partnership investment in tax credit projects   222       222       494       3,573       1,136  
    (Gain) loss on sales/valuation of assets, net   (26,419 )     193       214       2,072       108  
    Acquisition, integration and restructuring costs   2,026       5,973       1,375       4,365       2,429  
    FDIC special assessment   (267 )     (631 )     2,049       8,145        
    Core expenses (non-GAAP) $ 109,020     $ 109,066     $ 107,971     $ 110,519     $ 105,755  
                       
    Efficiency ratio (GAAP)   48.58 %     65.69 %     62.46 %     293.86 %     63.77 %
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)   57.98 %     57.73 %     58.77 %     59.31 %     59.95 %
                       
    Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)                  
    Total noninterest expenses (GAAP) $ 85,927     $ 116,244     $ 113,595     $ 130,285     $ 111,053  
    Core expenses (non-GAAP)   109,020       109,066       107,971       110,519       105,755  
                       
    Average assets $ 18,439,910     $ 19,043,362     $ 19,296,638     $ 19,667,825     $ 20,207,920  
    Total noninterest expenses to average assets (GAAP)   1.85 %     2.46 %     2.37 %     2.63 %     2.18 %
    Core expenses to average assets (non-GAAP)   2.35 %     2.30 %     2.25 %     2.23 %     2.08 %
                       
    Acquisition, integration and restructuring costs                  
    Salaries and employee benefits $ 58     $ 462     $ 168     $ 1,425     $ 94  
    Occupancy                     1,092        
    Furniture and equipment   52       53             19        
    Professional fees   1,674       5,385       931       793       1,617  
    Advertising                     28       178  
    Other noninterest expenses   242       73       276       1,008       540  
    Total acquisition, integration and restructuring costs $ 2,026     $ 5,973     $ 1,375     $ 4,365     $ 2,429  
                       
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Reconciliation of Adjusted Earnings                  
    Net income/(loss) $ 64,153     $ 39,742     $ 51,707     $ (70,363 )   $ 48,091  
    (Gain)/loss from sale of securities   9,520       10,111       (58 )     140,007       114  
    (Gain)/loss on sales/valuation of assets, net   (26,419 )     193       214       2,072       108  
    Acquisition, integration and restructuring costs   2,026       5,973       1,375       4,365       2,429  
    FDIC special assessment   (267 )     (631 )     2,049       8,145        
    Total adjustments   (15,140 )     15,646       3,580       154,589       2,651  
    Tax effect of adjustments(2)   3,634       (3,739 )     (866 )     (36,638 )     (628 )
    Adjusted earnings $ 52,647     $ 51,649     $ 54,421     $ 47,588     $ 50,114  
                       
    Preferred dividends   (2,013 )     (2,012 )     (2,013 )     (2,012 )     (2,013 )
    Adjusted earnings available to common stockholders $ 50,634     $ 49,637     $ 52,408     $ 45,576     $ 48,101  
                       
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,081       1,131       1,229       1,240  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 51,656     $ 50,718     $ 53,539     $ 46,805     $ 49,341  
                       
    Reconciliation of Adjusted Annualized Return on Average Assets                  
    Average assets $ 18,439,910     $ 19,043,362     $ 19,296,638     $ 19,667,825     $ 20,207,920  
    Adjusted annualized return on average assets (non-GAAP)   1.14 %     1.09 %     1.13 %     0.96 %     0.98 %
                       
    Reconciliation of Adjusted Annualized Return on Average Common Equity                  
    Average common stockholders’ equity (GAAP) $ 1,962,334     $ 1,863,236     $ 1,832,959     $ 1,729,086     $ 1,746,818  
    Adjusted annualized average common equity (non-GAAP)   10.27 %     10.71 %     11.50 %     10.46 %     10.92 %
                       
    Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity                  
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,271,046     $ 1,239,313     $ 1,133,888     $ 1,149,992  
    Adjusted annualized average tangible common equity (non-GAAP)   14.98 %     16.05 %     17.38 %     16.38 %     17.02 %
                       
    Reconciliation of Adjusted Diluted Earnings Per Common Share                  
    Weighted average shares outstanding-diluted   43,195,257       43,060,354       42,915,768       42,838,405       42,812,563  
    Adjusted diluted earnings per common share $ 1.17     $ 1.15     $ 1.22     $ 1.06     $ 1.12  
                       
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)              
    Earnings available to common stockholders (GAAP) $ 62,140     $ 46,078     $ 149,564     $ 144,245  
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,240       3,236       3,908  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 63,162     $ 47,318     $ 152,800     $ 148,153  
                   
    Average common equity (GAAP) $ 1,962,334     $ 1,746,818     $ 1,886,454     $ 1,710,230  
    Less average goodwill   576,005       576,005       576,005       576,005  
    Less average core deposit intangibles, net   14,814       20,821       16,208       22,501  
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,149,992     $ 1,294,241     $ 1,111,724  
    Annualized return on average common equity (GAAP)   12.60 %     10.47 %     10.59 %     11.28 %
    Annualized return on average tangible common equity (non-GAAP)   18.32 %     16.32 %     15.77 %     17.82 %
                   
    Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)              
    Net Interest Income (GAAP) $ 157,897     $ 145,756     $ 470,853     $ 445,100  
    Plus tax-equivalent adjustment(1)   2,010       2,152       5,981       6,497  
    Net interest income, fully tax-equivalent (non-GAAP) $ 159,907     $ 147,908     $ 476,834     $ 451,597  
                   
    Average earning assets $ 16,838,131     $ 18,439,010     $ 17,254,023     $ 18,451,907  
                   
    Annualized net interest margin (GAAP)   3.73 %     3.14 %     3.65 %     3.23 %
    Annualized net interest margin, fully tax-equivalent (non-GAAP)   3.78       3.18       3.69       3.27  
    Net purchase accounting discount amortization on loans included in annualized net interest margin   0.02       0.01       0.02       0.02  
                   
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
      2024       2023       2024       2023  
    Reconciliation of Adjusted Efficiency Ratio, Fully Tax-Equivalent (non-GAAP)              
    Net interest income (GAAP) $ 157,897     $ 145,756     $ 470,853     $ 445,100  
    Tax-equivalent adjustment(1)   2,010       2,152       5,981       6,497  
    Fully tax-equivalent net interest income   159,907       147,908       476,834       451,597  
    Noninterest income (GAAP)   18,992       28,383       64,862       90,875  
    Securities (gains)/losses, net   9,520       114       19,573       1,532  
    Unrealized gain on equity securities, net   (377 )     (13 )     (605 )     (165 )
    Adjusted revenue (non-GAAP) $ 188,042     $ 176,392     $ 560,664     $ 543,839  
                   
    Total noninterest expenses (GAAP) $ 85,927     $ 111,053     $ 315,766     $ 331,542  
    Less:              
    Core deposit intangibles amortization   1,345       1,625       4,258       5,128  
    Partnership investment in tax credit projects   222       1,136       938       1,828  
    (Gain)/loss on sales/valuation of assets, net   (26,419 )     108       (26,012 )     (2,149 )
    Acquisition, integration and restructuring costs   2,026       2,429       9,374       5,994  
    FDIC special assessment   (267 )           1,151        
    Core expenses (non-GAAP) $ 109,020     $ 105,755     $ 326,057     $ 320,741  
                   
    Efficiency ratio (GAAP)   48.58 %     63.77 %     58.94 %     61.86 %
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)   57.98 %     59.95 %     58.16 %     58.98 %
                   
    Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)              
    Total noninterest expenses (GAAP) $ 85,927     $ 111,053     $ 315,766     $ 331,542  
    Core expenses (non-GAAP)   109,020       105,755       326,057       320,741  
                   
    Average assets $ 18,439,910     $ 20,207,920     $ 18,924,862     $ 20,182,808  
    Total noninterest expenses to average assets (GAAP)   1.85 %     2.18 %     2.23 %     2.20 %
    Core expenses to average assets (non-GAAP)   2.35 %     2.08 %     2.30 %     2.12 %
                   
    Acquisition, integration and restructuring costs              
    Salaries and employee benefits $ 58     $ 94     $ 689     $ 261  
    Occupancy                      
    Furniture and equipment   52             105        
    Professional fees   1,674       1,617       7,990       3,619  
    Advertising         178             522  
    Other noninterest expenses   242       540       590       1,592  
    Total acquisition, integration and restructuring costs $ 2,026     $ 2,429     $ 9,374     $ 5,994  
                   
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.              
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Reconciliation of Adjusted Earnings (non-GAAP)              
    Net income/(loss) $ 64,153     $ 48,091     $ 155,602     $ 150,283  
    (Gain)/loss from sale of securities   9,520       114       19,573       1,532  
    (Gain)/loss on sales/valuation of assets, net   (26,419 )     108       (26,012 )     (2,149 )
    Acquisition, integration and restructuring costs   2,026       2,429       9,374       5,994  
    FDIC special assessment   (267 )           1,151        
    Total adjustments   (15,140 )     2,651       4,086       5,377  
    Tax effect of adjustments(2)   3,634       (628 )     (981 )     (1,280 )
    Adjusted earnings $ 52,647     $ 50,114     $ 158,707     $ 154,380  
                   
    Preferred dividends   (2,013 )     (2,013 )     (6,038 )     (6,038 )
    Adjusted earnings available to common stockholders $ 50,634     $ 48,101     $ 152,669     $ 148,342  
                   
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,240       3,236       3,908  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 51,656     $ 49,341     $ 155,905     $ 152,250  
                   
    Reconciliation of Adjusted Annualized Return on Average Assets              
    Average assets $ 18,439,910     $ 20,207,920     $ 18,924,862     $ 20,182,808  
    Adjusted annualized return on average assets (non-GAAP)   1.14 %     0.98 %     1.12 %     1.02 %
                   
    Reconciliation of Adjusted Annualized Return on Average Common Equity              
    Average common stockholders’ equity (GAAP) $ 1,962,334     $ 1,746,818     $ 1,886,454     $ 1,710,230  
    Adjusted annualized return on average common equity (non-GAAP)   10.27 %     10.92 %     10.81 %     11.60 %
                   
    Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity              
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,149,992     $ 1,294,241     $ 1,111,724  
    Adjusted annualized return on average tangible common equity (non-GAAP)   14.98 %     17.02 %     16.09 %     18.31 %
                   
    Reconciliation of Adjusted Diluted Earnings Per Common Share              
    Weighted average shares outstanding-diluted   43,195,257       42,812,563       43,080,422       42,769,872  
    Adjusted diluted earnings per common share $ 1.17     $ 1.12     $ 3.54     $ 3.47  
                   
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

    The MIL Network

  • MIL-OSI: AMD Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced revenue for the third quarter of 2024 of $6.8 billion, gross margin of 50%, operating income of $724 million, net income of $771 million and diluted earnings per share of $0.47. On a non-GAAP(*) basis, gross margin was 54%, operating income was $1.7 billion, net income was $1.5 billion and diluted earnings per share was $0.92.

    “We delivered strong third quarter financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors,” said AMD Chair and CEO Dr. Lisa Su. “Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute.”

    “We are pleased with our execution in the third quarter, delivering strong year-over-year expansion in gross margin and earnings per share,” said AMD EVP, CFO and Treasurer Jean Hu. “We are on-track to deliver record annual revenue for 2024 based on significant growth in our Data Center and Client segments.”

    GAAP Quarterly Financial Results
     
      Q3 2024 Q3 2023 Y/Y Q2 2024 Q/Q
    Revenue ($M) $6,819 $5,800  Up 18% $5,835  Up 17%
    Gross profit ($M) $3,419 $2,747  Up 24% $2,864  Up 19%
    Gross margin 50% 47%  Up 3 ppts 49%  Up 1 ppt
    Operating expenses ($M) $2,709 $2,533  Up 7% $2,605  Up 4%
    Operating income ($M) $724 $224  Up 223% $269  Up 169%
    Operating margin 11% 4%  Up 7 ppts 5%  Up 6 ppts
    Net income ($M) $771 $299  Up 158% $265  Up 191%
    Diluted earnings per share $0.47 $0.18  Up 161% $0.16  Up 194%
     
    Non-GAAP(*) Quarterly Financial Results
     
      Q3 2024 Q3 2023 Y/Y Q2 2024 Q/Q
    Revenue ($M) $6,819 $5,800  Up 18% $5,835  Up 17%
    Gross profit ($M) $3,657 $2,963  Up 23% $3,101  Up 18%
    Gross margin 54% 51%  Up 3 ppts 53%  Up 1 ppt
    Operating expenses ($M) $1,956 $1,697  Up 15% $1,847  Up 6%
    Operating income ($M) $1,715 $1,276  Up 34% $1,264  Up 36%
    Operating margin 25% 22%  Up 3 ppts 22%  Up 3 ppts
    Net income ($M) $1,504 $1,135  Up 33% $1,126  Up 34%
    Diluted earnings per share $0.92 $0.70  Up 31% $0.69  Up 33%
     

    Segment Summary

    • Record Data Center segment revenue of $3.5 billion was up 122% year-over-year and 25% sequentially primarily driven by the strong ramp of AMD Instinct™ GPU shipments and growth in AMD EPYC™ CPU sales.
    • Client segment revenue was $1.9 billion, up 29% year-over-year and 26% sequentially primarily driven by strong demand for “Zen 5” AMD Ryzen™ processors. 
    • Gaming segment revenue was $462 million, down 69% year-over-year and 29% sequentially primarily due to a decrease in semi-custom revenue.
    • Embedded segment revenue was $927 million, down 25% year-over-year as customers normalized their inventory levels. On a sequential basis, revenue increased 8% as demand improved in several end markets.

    Recent PR Highlights

    • At the Advancing AI 2024 event this month, AMD and strategic partners including Dell, Google Cloud, HPE, Lenovo, Meta, Microsoft, Oracle Cloud Infrastructure, Supermicro and AI leaders Databricks, Essential AI, Fireworks AI, Luma AI and Reka AI unveiled a broad portfolio of solutions delivering enterprise AI at scale based on the latest AMD Instinct accelerators, EPYC CPUs, AMD networking solutions and Ryzen PRO CPUs:
      • New AMD EPYC 9005 Series processors, with record-breaking performance and energy efficiency for diverse data center needs, available in a wide range of platforms from leading OEMs and ODMs.
      • AMD Instinct MI325X accelerators, delivering leadership performance and memory capabilities for the most demanding AI workloads. AMD also shared new details on next-gen AMD Instinct accelerators planned to launch in 2025 and 2026.
      • An expanded high performance networking portfolio to maximize performance, scalability and efficiency for AI systems, with the new AMD Pensando™ Salina DPU and AMD Pensando Pollara 400 NIC.
      • New Ryzen AI PRO 300 Series mobile processors, powering next-gen AI PCs for the enterprise with 50+ AI TOPS and leadership performance, battery life, security and manageability features.
    • AMD continues to extend leadership AI performance, optimizations and customer adoption for AMD Instinct accelerators and AMD ROCm™ open software:
      • Oracle Cloud Infrastructure selected AMD Instinct MI300X accelerators with AMD ROCm open software to power its latest OCI Compute Supercluster designed for demanding AI workloads.
      • AMD unveiled its first results on leading AI benchmark MLPerf, revealing excellent performance for AMD Instinct MI300X accelerators advanced by the AMD ROCm software platform, on-par with NVIDIA H100.
      • AMD highlighted support for the latest Llama 3.2 release from Meta, enabling developers to build new agentic applications and personalized AI experiences on AMD accelerators and processors from cloud to edge and AI PCs.
    • AMD and ecosystem partners are enabling new AI PC platforms and capabilities:
      • In partnership with Microsoft, AMD announced that Copilot+ will be enabled on AMD CPU-powered AI PCs via a free upgrade planned to be available starting in November 2024.
      • OEM partners including Acer, HP, Lenovo and Asus announced new systems powered by AMD Ryzen AI 300 Series mobile processors, leveraging the leadership gaming, content creation and everyday performance of the new “Zen 5” architecture.
    • AMD expanded its embedded portfolio for a range of applications, including:
    • AMD announced an agreement to acquire ZT Systems, a leading provider of AI and general purpose compute infrastructure for the world’s largest hyperscale providers, to expand the company’s data center AI systems capabilities and accelerate deployment of AMD AI rack scale systems with cloud and enterprise customers. The acquisition is subject to regulatory clearance and other customary closing conditions and is expected to close in the first half of 2025.
    • AMD completed the acquisition of Silo AI to accelerate development and deployment of AI models on AMD hardware.
    • AMD and Intel announced the creation of an x86 ecosystem advisory group with Broadcom, Dell, Google, HPE, HP, Lenovo, Meta, Microsoft, Oracle, Red Hat and industry luminaries Linus Torvalds and Tim Sweeney to collaborate on architectural interoperability and simplify software development.

    Current Outlook

    AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

    For the fourth quarter of 2024, AMD expects revenue to be approximately $7.5 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 22% and sequential growth of approximately 10%. Non-GAAP gross margin is expected to be approximately 54%.

    AMD Teleconference

    AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its third quarter 2024 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

    Media Contact:
    Drew Prairie
    AMD Communications
    512-602-4425
    drew.prairie@amd.com

    Investor Contact:
    Mitch Haws
    AMD Investor Relations
    408-749-3124
    mitch.haws@amd.com

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (in millions, except per share data) (Unaudited)

      Three Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
    GAAP gross profit $ 3,419     $ 2,864     $ 2,747  
    GAAP gross margin   50 %     49 %     47 %
    Stock-based compensation   5       5       6  
    Amortization of acquisition-related intangibles   233       231       210  
    Acquisition-related and other costs(1)         1        
    Non-GAAP gross profit $ 3,657     $ 3,101     $ 2,963  
    Non-GAAP gross margin   54 %     53 %     51 %
               
    GAAP operating expenses $ 2,709     $ 2,605     $ 2,533  
    GAAP operating expenses/revenue %   40 %     45 %     44 %
    Stock-based compensation   346       341       347  
    Amortization of acquisition-related intangibles   352       372       450  
    Acquisition-related and other costs(1)   55       45       39  
    Non-GAAP operating expenses $ 1,956     $ 1,847     $ 1,697  
    Non-GAAP operating expenses/revenue %   29 %     32 %     29 %
               
    GAAP operating income $ 724     $ 269     $ 224  
    GAAP operating margin   11 %     5 %     4 %
    Stock-based compensation   351       346       353  
    Amortization of acquisition-related intangibles   585       603       660  
    Acquisition-related and other costs(1)   55       46       39  
    Non-GAAP operating income $ 1,715     $ 1,264     $ 1,276  
    Non-GAAP operating margin   25 %     22 %     22 %
      Three Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
    GAAP net income / earnings per share $ 771     $ 0.47     $ 265     $ 0.16     $ 299     $ 0.18  
    (Gains) losses on equity investments, net   (1 )                       (4 )      
    Stock-based compensation   351       0.21       346       0.21       353       0.22  
    Equity income in investee   (7 )           (7 )           (3 )      
    Amortization of acquisition-related intangibles   585       0.36       603       0.37       660       0.41  
    Acquisition-related and other costs(1)   56       0.03       46       0.03       39       0.02  
    Income tax provision   (251 )     (0.15 )     (127 )     (0.08 )     (209 )     (0.13 )
    Non-GAAP net income / earnings per share $ 1,504     $ 0.92     $ 1,126     $ 0.69     $ 1,135     $ 0.70  
    (1)   Acquisition-related and other costs primarily comprised of transaction costs, purchase price adjustments for inventory, certain compensation charges, contract termination and workforce rebalancing charges.

    About AMD

    For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

    Cautionary Statement

    This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as AMD’s expectations for future growth in data center, client and embedded businesses; AMD being on track to deliver record annual revenue growth for 2024 based on significant growth in AMD’s Data Center and Client segments; AMD’s expectations about the demand for more compute; the features, functionality, performance, availability, timing and expected benefits of future AMD products; AMD’s anticipated acquisition of ZT Systems and the expected timing of the transaction; and AMD’s expected fourth quarter 2024 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; loss of a significant customer; competitive markets in which AMD’s products are sold; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to introduce products on a timely basis with expected features and performance levels; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; the ability to obtain applicable regulatory approvals for the acquisition of ZT Systems in a timely manner or otherwise and to satisfy other closing conditions to the transaction; impact of acquisitions, joint ventures and/or investments on AMD’s business and AMD’s ability to integrate acquired businesses;  impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q. 

    (*)   In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024, AMD uses a projected non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments, reflecting currently available information. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of October 29, 2024 and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD’s control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.
         

    ©2024 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo,  EPYC, FidelityFX, Instinct, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Millions except per share amounts and percentages) (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Net revenue $ 6,819     $ 5,835     $ 5,800     $ 18,127     $ 16,512  
    Cost of sales   3,167       2,740       2,843       8,590       8,236  
    Amortization of acquisition-related intangibles   233       231       210       694       727  
    Total cost of sales   3,400       2,971       3,053       9,284       8,963  
    Gross profit   3,419       2,864       2,747       8,843       7,549  
    Gross margin   50 %     49 %     47 %     49 %     46 %
    Research and development   1,636       1,583       1,507       4,744       4,361  
    Marketing, general and administrative   721       650       576       1,991       1,708  
    Amortization of acquisition-related intangibles   352       372       450       1,116       1,449  
    Licensing gain   (14 )     (10 )     (10 )     (37 )     (28 )
    Operating income   724       269       224       1,029       59  
    Interest expense   (23 )     (25 )     (26 )     (73 )     (79 )
    Other income (expense), net   36       55       59       144       148  
    Income before income taxes and equity income   737       299       257       1,100       128  
    Income tax provision (benefit)   (27 )     41       (39 )     (38 )     (49 )
    Equity income in investee   7       7       3       21       10  
    Net income $ 771     $ 265     $ 299     $ 1,159     $ 187  
    Earnings per share                  
    Basic $ 0.48     $ 0.16     $ 0.18     $ 0.72     $ 0.12  
    Diluted $ 0.47     $ 0.16     $ 0.18     $ 0.71     $ 0.11  
    Shares used in per share calculation                  
    Basic   1,620       1,618       1,616       1,619       1,613  
    Diluted   1,636       1,637       1,629       1,638       1,625  

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Millions)

      September 28,
    2024
      December 30,
    2023
      (Unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 3,897     $ 3,933  
    Short-term investments   647       1,840  
    Accounts receivable, net   7,241       5,376  
    Inventories   5,374       4,351  
    Receivables from related parties   29       9  
    Prepaid expenses and other current assets   1,547       1,259  
    Total current assets   18,735       16,768  
    Property and equipment, net   1,669       1,589  
    Operating lease right-of-use assets   647       633  
    Goodwill   24,839       24,262  
    Acquisition-related intangibles, net   19,572       21,363  
    Investment: equity method   137       99  
    Deferred tax assets   1,183       366  
    Other non-current assets   2,854       2,805  
    Total Assets $ 69,636     $ 67,885  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 2,530     $ 2,055  
    Payables to related parties   461       363  
    Accrued liabilities   4,120       3,082  
    Current portion of long-term debt, net         751  
    Other current liabilities   389       438  
    Total current liabilities   7,500       6,689  
    Long-term debt, net of current portion   1,720       1,717  
    Long-term operating lease liabilities   518       535  
    Deferred tax liabilities   1,162       1,202  
    Other long-term liabilities   1,751       1,850  
           
    Stockholders’ equity:      
    Capital stock:      
    Common stock, par value   17       17  
    Additional paid-in capital   60,896       59,676  
    Treasury stock, at cost   (5,812 )     (4,514 )
    Retained earnings   1,882       723  
    Accumulated other comprehensive income (loss)   2       (10 )
    Total stockholders’ equity $ 56,985     $ 55,892  
    Total Liabilities and Stockholders’ Equity $ 69,636     $ 67,885  

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Millions) (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Cash flows from operating activities:              
    Net income $ 771     $ 299     $ 1,159     $ 187  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   756       823       2,309       2,654  
    Stock-based compensation   351       353       1,068       1,010  
    Amortization of operating lease right-of-use assets   30       25       82       73  
    Deferred income taxes   (607 )     (218 )     (863 )     (800 )
    Inventory loss at contract manufacturer               65        
    Other   (13 )     (23 )     (50 )     (31 )
    Changes in operating assets and liabilities              
    Accounts receivable, net   (1,489 )     (743 )     (1,862 )     (929 )
    Inventories   (386 )     122       (1,096 )     (674 )
    Prepaid expenses and other assets   (16 )     (143 )     (250 )     (380 )
    Receivables from and payables to related parties, net   36       14       78       (136 )
    Accounts payable   832       (547 )     476       (238 )
    Accrued and other liabilities   363       459       626       550  
    Net cash provided by operating activities   628       421       1,742       1,286  
    Cash flows from investing activities:              
    Purchases of property and equipment   (132 )     (124 )     (428 )     (407 )
    Purchases of short-term investments   (142 )     (496 )     (707 )     (3,312 )
    Proceeds from maturity of short-term investments   149       746       1,351       1,917  
    Proceeds from sale of short-term investments   589             591       248  
    Acquisitions, net of cash acquired   (548 )     (14 )     (548 )     (14 )
    Related party equity method investment   (17 )           (17 )      
    Other   (37 )     (10 )     (129 )     (5 )
    Net cash provided by (used in) investing activities   (138 )     102       113       (1,573 )
    Cash flows from financing activities:              
    Repayment of debt               (750 )      
    Proceeds from sales of common stock through employee equity plans   4       4       152       148  
    Repurchases of common stock   (250 )     (511 )     (606 )     (752 )
    Common stock repurchases for tax withholding on employee equity plans   (460 )     (295 )     (686 )     (382 )
    Other         (1 )     (1 )     1  
    Net cash used in financing activities   (706 )     (803 )     (1,891 )     (987 )
    Net decrease in cash and cash equivalents $ (216 )   $ (280 )   $ (36 )   $ (1,274 )
    Cash and cash equivalents at beginning of period   4,113       3,841       3,933       4,835  
    Cash and cash equivalents at end of period $ 3,897     $ 3,561     $ 3,897     $ 3,561  

    ADVANCED MICRO DEVICES, INC.
    SELECTED CORPORATE DATA
    (Millions) (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Segment and Category Information(1)                  
    Data Center                  
    Net revenue $ 3,549     $ 2,834     $ 1,598     $ 8,720     $ 4,214  
    Operating income $ 1,041     $ 743     $ 306     $ 2,325     $ 601  
    Client                  
    Net revenue $ 1,881     $ 1,492     $ 1,453     $ 4,741     $ 3,190  
    Operating income (loss) $ 276     $ 89     $ 140     $ 451     $ (101 )
    Gaming                  
    Net revenue $ 462     $ 648     $ 1,506     $ 2,032     $ 4,844  
    Operating income $ 12     $ 77     $ 208     $ 240     $ 747  
    Embedded                  
    Net revenue $ 927     $ 861     $ 1,243     $ 2,634     $ 4,264  
    Operating income $ 372     $ 345     $ 612     $ 1,059     $ 2,167  
    All Other                  
    Net revenue $     $     $     $     $  
    Operating loss $ (977 )   $ (985 )   $ (1,042 )   $ (3,046 )   $ (3,355 )
    Total                  
    Net revenue $ 6,819     $ 5,835     $ 5,800     $ 18,127     $ 16,512  
    Operating income $ 724     $ 269     $ 224     $ 1,029     $ 59  
                       
    Other Data                  
    Capital expenditures $ 132     $ 154     $ 124     $ 428     $ 407  
    Adjusted EBITDA(2) $ 1,887     $ 1,430     $ 1,439     $ 4,612     $ 3,920  
    Cash, cash equivalents and short-term investments $ 4,544     $ 5,340     $ 5,785     $ 4,544     $ 5,785  
    Free cash flow(3) $ 496     $ 439     $ 297     $ 1,314     $ 879  
    Total assets $ 69,636     $ 67,886     $ 67,626     $ 69,636     $ 67,626  
    Total debt $ 1,720     $ 1,719     $ 2,467     $ 1,720     $ 2,467  
    (1)   The Data Center segment primarily includes server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs), Artificial Intelligence (AI) accelerators and Adaptive System-on-Chip (SoC) products for data centers.
        The Client segment primarily includes CPUs, APUs, and chipsets for desktop, notebook and handheld personal computers.
        The Gaming segment primarily includes discrete GPUs, and semi-custom SoC products and development services.
        The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products.
        From time to time, the Company may also sell or license portions of its IP portfolio.
        All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangible asset, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer, and licensing gain.
    (2)   Reconciliation of GAAP Net Income to Adjusted EBITDA
      Three Months Ended   Nine Months Ended
    (Millions) (Unaudited) September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP net income $ 771     $ 265     $ 299     $ 1,159     $ 187  
    Interest expense   23       25       26       73       79  
    Other (income) expense, net   (36 )     (55 )     (59 )     (144 )     (148 )
    Income tax provision (benefit)   (27 )     41       (39 )     (38 )     (49 )
    Equity income in investee   (7 )     (7 )     (3 )     (21 )     (10 )
    Stock-based compensation   351       346       353       1,068       1,006  
    Depreciation and amortization   171       166       163       499       478  
    Amortization of acquisition-related intangibles   585       603       660       1,810       2,176  
    Inventory loss at contract manufacturer                     65        
    Acquisition-related and other costs   56       46       39       141       201  
    Adjusted EBITDA $ 1,887     $ 1,430     $ 1,439     $ 4,612     $ 3,920  
     

    The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, and acquisition-related and other costs. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.

    (3)   Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
      Three Months Ended   Nine Months Ended
    (Millions except percentages) (Unaudited) September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP net cash provided by operating activities $ 628     $ 593     $ 421     $ 1,742     $ 1,286  
    Operating cash flow margin %   9 %     10 %     7 %     10 %     8 %
    Purchases of property and equipment   (132 )     (154 )     (124 )     (428 )     (407 )
    Free cash flow $ 496     $ 439     $ 297     $ 1,314     $ 879  
    Free cash flow margin %   7 %     8 %     5 %     7 %     5 %
     

    The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company’s net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.

    The MIL Network

  • MIL-OSI: Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Shreveport, Oct. 29, 2024 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended September 30, 2024, of $941,000 compared to net income of $1.2 million reported for the three months ended September 30, 2023. The Company’s basic and diluted earnings per share were $0.31 for the three months ended September 30, 2024, compared to basic and diluted earnings per share of $0.40 and $0.39, respectively, for the three months ended September 30, 2023.

    The decrease in net income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from a decrease in net interest income of $857,000, or 16.2%, and a decrease in non-interest income of $134,000, or 30.9%, partially offset by a decrease in non-interest expense of $177,000, or 4.2%, a decrease in provision for income taxes of $312,000, or 100.6%, a decrease in the provision of credit losses of $223,000. The decrease in net interest income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from an increase in total interest expense of $524,000, or 18.8%, and a decrease in total interest income of $333,000, or 4.1%.  The Company’s average interest rate spread was 2.23% for the three months ended September 30, 2024, compared to 2.68% for the three months ended September 30, 2023. The Company’s net interest margin was 2.98% for the three months ended September 30, 2024, compared to 3.37% for the three months ended September 30, 2023.

    The following table sets forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

        For the Three Months Ended September 30,  
        2024     2023  
        Average
    Balance
        Average
    Yield/Rate
        Average
    Balance
        Average
    Yield/Rate
     
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 466,170       5.87 %   $ 498,242       5.79 %
    Investment securities     96,749       2.09       113,584       2.18  
    Interest-earning deposits     25,617       5.20       10,066       6.98  
    Total interest-earning assets   $ 588,536       5.22 %   $ 621,892       5.15 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 82,556       1.61 %   $ 78,572       0.38 %
    NOW accounts     72,787       1.10       55,900       0.48  
    Money market accounts     75,216       2.29       108,891       2.26  
    Certificates of deposit     204,019       4.30       194,785       3.73  
    Total interest-bearing deposits      434,578       2.92       438,148       2.47  
    Other bank borrowings     5,989       7.75       8,654       8.39  
    FHLB advances                 1,138       5.23  
    Total interest-bearing liabilities   $ 440,567       2.98 %   $ 447,940       2.47 %

    The $134,000 decrease in non-interest income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from an increase in loss on sale of real estate of $220,000, partially offset by an increase in gain on sale of loans of $58,000, an increase in other non-interest income of $26,000, and an increase in income on bank owned life insurance of $2,000.

    The $177,000 decrease in non-interest expense for the three months ended September 30, 2024, compared to the same period in 2023, resulted from decreases in advertising expense of $86,000, compensation and benefits expense of $54,000, professional fees of $43,000, loan and collection expense of $32,000, data processing expense of $26,000, amortization of core deposit intangible expense of $20,000, and deposit insurance premium expense of $1,000, partially offset by increases in audit and examination fees of $30,000, other non-interest expense of $28,000, occupancy and equipment expense of $15,000, and franchise and bank shares tax expense of $12,000.

    Total assets decreased $9.1 million, or 1.4%, from $637.5 million at June 30, 2024 to $628.4 million at September 30, 2024. The decrease in assets was comprised of decreases in net loans receivable of $16.9 million, or 3.6%, from $470.9 million at June 30, 2024 to $454.0 million at September 30, 2024, real estate owned of $296,000, or 70.8% from $418,000 at June 30, 2024 to $122,000 at September 30, 2024, premises and equipment of $238,000, or 1.3%, from $18.3 million at June 30, 2024 to $18.1 million at September 30, 2024, core deposit intangible of $74,000, or 6.2%, from $1.2 million at June 30, 2024 to $1.1 million at September 30, 2024, and accrued interest receivable of $14,000, or 0.8%, from $1.78 million at June 30, 2024 to $1.76 million at September 30, 2024, partially offset by increases in cash and cash equivalents of $6.1 million, or 17.4%, from $34.9 million at June 30, 2024 to $41.0 million at September 30, 2024, investment securities of $1.4 million, or 1.5%, from $96.0 million at June 30, 2024 to $97.4 million at September 30, 2024, loans-held-for-sale of $535,000, or 30.9%, from $1.7 million at June 30, 2024 to $2.3 million at September 30, 2024, other assets of $224,000, or 16.6%, from $1.3 million at June 30, 2024 to $1.6 million at September 30, 2024, deferred tax asset of $29,000, or 2.5%, from $1.18 million at June 30, 2024 to $1.21 million at September 30, 2024, and bank owned life insurance of $29,000, or 0.4%, from $6.81 million at June 30, 2024 to $6.84 million at September 30, 2024. The increase in investment securities was primarily due to $4.0 million in security purchases and a $1.3 million reduction in unrealized losses on available for sale securities, partially offset by $3.5 million in principal payments. The increase in cash and cash equivalents from $34.9 million at June 30, 2024 to $41.0 million at September 30, 2024 was mainly due to decreases in loans receivable.

    Total liabilities decreased $10.6 million, or 1.8%, from $584.7 million at June 30, 2024 to $574.1 million at September 30, 2024. The decrease in liabilities was comprised of decreases in total deposits of $9.4 million, or 1.6%, from $574.0 million at June 30, 2024 to $564.6 million at September 30, 2024, and other borrowings of $1.5 million, or 21.4%, from $7.0 million at June 30, 2024 to $5.5 million at September 30, 2024, partially offset by increases in other accrued expenses and liabilities of $252,000, or 7.9%, from $3.2 million at June 30, 2024 to $3.4 million at September 30, 2024, and advances from borrowers for taxes and insurance of $123,000, or 23.6%, from $521,000 at June 30, 2024 to $644,000 at September 30, 2024,. The decrease in deposits resulted from decreases in certificates of deposit of $17.5 million, or 8.2%, from $214.9 million at June 30, 2024 to $197.3 million at September 30, 2024, and money market deposits of $5.9 million, or 6.9%, from $85.5 million at June 30, 2024 to $79.6 million at September 30, 2024, partially offset by increases in savings deposits of $9.2 million, or 12.0%, from $76.6 million at June 30, 2024 to $85.8 million at September 30, 2024, non-interest deposits of $3.0 million, or 2.3%, from $130.3 million at June 30, 2024 to $133.3 million at September 30, 2024, and NOW accounts of $1.9 million, or 2.8%, from $66.6 million at June 30, 2024 to $68.5 million at September 30, 2024. The Company had no balances in brokered deposits at September 30, 2024 or June 30, 2024.

    At September 30, 2024, the Company had $1.9 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $2.0 million on non-performing assets at June 30, 2024, consisting of two commercial non-real estate loans, five single-family residential loans, four home equity line-of-credit loans, and one single-family residence in other real estate owned at September 30, 2024, compared to five single-family residential loans, three commercial non-real estate loans, four home equity line-of-credit loans and three single-family residences in other real estate owned at June 30, 2024.  At September 30, 2024 the Company had five commercial non-real-estate loans, one commercial real-estate loan, six single family residential loans, four home-equity line-of-credit loans, and one auto loan classified as substandard, compared to six single family residential loans, five commercial non-real-estate loans, four home equity line-of-credit loans and one auto loan classified as substandard at June 30, 2024.  There were no loans classified as doubtful at September 30, 2024 or June 30, 2024.

    Shareholders’ equity increased $1.5 million, or 2.8%, from $52.8 million at June 30, 2024 to $54.3 million at September 30, 2024. The increase in shareholders’ equity was comprised of net income for the three month period of $941,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $94,000, proceeds from the issuance of common stock from the exercise of stock options of $19,000, and a decrease in the Company’s accumulated other comprehensive loss of $1.0 million, partially offset by dividends paid totaling $409,000, and stock repurchases of $182,000.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words likebelieve,expect,anticipate,estimate, andintend, or future or conditional verbs such aswill,would,should,could, ormay.  We undertake no obligation to update any forward-looking statements.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Companys loans, investment and mortgage-backed securities portfolios; geographic concentration of the Companys business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Companys financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Companys operations, markets, products, services and fees.

    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (In thousands except share and per share data)
        September 30, 2024     June 30, 2024  
        (Unaudited)          
    ASSETS                
                     
    Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $32,743 and $25,505 at September 30, 2024 and June 30, 2024, Respectively)   $ 41,044     $ 34,948  
    Securities Available-for-Sale (amortized cost September 30, 2024: $31,977; June 30, 2024: $30,348, Respectively)     29,934       27,037  
    Securities Held-to-Maturity (fair value September 30, 2024: $56,584; June 30, 2024: $54,450, Respectively)     65,800       67,302  
    Other Securities     1,633       1,614  
    Loans Held-for-Sale     2,268       1,733  
    Loans Receivable, Net of Allowance for Credit Losses (September 30, 2024: $4,703; June 30, 2024: $4,574, Respectively)     454,039       470,852  
    Accrued Interest Receivable     1,761       1,775  
    Premises and Equipment, Net     18,065       18,303  
    Bank Owned Life Insurance     6,839       6,810  
    Goodwill     2,990       2,990  
    Core Deposit Intangible     1,125       1,199  
    Deferred Tax Asset     1,210       1,181  
    Real Estate Owned     122       418  
    Other Assets     1,574       1,350  
                     
    Total Assets   $ 628,404     $ 637,512  
                     
    LIABILITIES AND SHAREHOLDERSEQUITY                
                     
    LIABILITIES                
                     
    Deposits:                
    Non-interest bearing   $ 133,293     $ 130,334  
    Interest-bearing     431,267       443,673  
    Total Deposits     564,560       574,007  
    Advances from Borrowers for Taxes and Insurance     644       521  
    Other Borrowings     5,500       7,000  
    Other Accrued Expenses and Liabilities     3,433       3,181  
                     
    Total Liabilities     574,137       584,709  
                     
    SHAREHOLDERSEQUITY                
                     
    Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding            
    Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,129,668 and 3,144,168 Shares Issued and Outstanding at September 30, 2024 and June 30, 2024, Respectively     32       32  
    Additional Paid-in Capital     41,822       41,739  
    Unearned ESOP Stock     (379 )     (408 )
    Retained Earnings     14,406       14,055  
    Accumulated Other Comprehensive Loss     (1,614 )     (2,615 )
                     
    Total ShareholdersEquity     54,267       52,803  
                     
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 628,404     $ 637,512  
    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited) (In thousands except share and per share data)
        Three Months Ended  
        September 30,  
        2024     2023  
    INTEREST INCOME                
    Loans, including fees   $ 6,895     $ 7,274  
    Investment securities     67       150  
    Mortgage-backed securities     443       473  
    Other interest-earning assets     336       177  
    Total interest income     7,741       8,074  
                     
    INTEREST EXPENSE                
    Deposits     3,197       2,592  
    Federal Home Loan Bank borrowings           15  
    Other bank borrowings     117       183  
    Total interest expense     3,314       2,790  
    Net interest income     4,427       5,284  
                     
    RECOVERY OF CREDIT LOSSES     (223 )      
    Net interest income after recovery of credit losses     4,650       5,284  
                     
    NON-INTEREST INCOME                
    Gain on sale of loans     96       38  
    Loss on sale of real estate     (254 )     (34 )
    Income on bank owned life insurance     28       26  
    Service charges on deposit accounts     391       391  
    Other income     39       13  
                     
    Total non-interest income     300       434  
                     
    NON-INTEREST EXPENSE                
    Compensation and benefits     2,302       2,356  
    Occupancy and equipment     564       549  
    Data processing     219       245  
    Audit and examination fees     132       102  
    Franchise and bank shares tax     168       156  
    Advertising     57       143  
    Professional fees     117       160  
    Loan and collection     28       60  
    Amortization core deposit intangible     74       94  
    Deposit insurance premium     90       91  
    Other expenses     260       232  
    Total non-interest expense     4,011       4,188  
                     
    Income before income taxes     939       1,530  
    PROVISION FOR INCOME TAX EXPENSE     (2 )     310  
                     
    NET INCOME   $ 941     $ 1,220  
                     
    EARNINGS PER SHARE                
    Basic   $ 0.31     $ 0.40  
    Diluted   $ 0.31     $ 0.39  
        Three Months Ended
    September 30,
     
        2024     2023  
                     
    Selected Operating Ratios(1):                
    Average interest rate spread     2.23 %     2.68 %
    Net interest margin     2.98 %     3.37 %
    Return on average assets     0.59 %     0.73 %
    Return on average equity     7.23 %     9.46 %
                     
    Asset Quality Ratios(2):                
    Non-performing assets as a percent of total assets     0.31 %     0.28 %
    Allowance for credit losses as a percent of non-performing loans     258.46 %     403.96 %
    Allowance for credit losses as a percent of total loans receivable     1.03 %     1.00 %
                     
    Per Share Data:                
    Shares outstanding at period end     3,129,668       3,133,351  
    Weighted average shares outstanding:                
    Basic     3,058,286       3,028,597  
    Diluted     3,071,716       3,107,834  
    (1)     Ratios for the three-month period are annualized.
    (2)     Asset quality ratios are end of period ratios.

    The MIL Network

  • MIL-OSI Submissions: Africa – Shelter Afrique Development Bank (ShafDB) and BRVM sign MOU to Mobilize Capital for Affordable Housing Projects in Africa

    Source: Media Fast

    Washington, DC, October 29, 2024 – Shelter Afrique Development Bank (ShafDB), the pan-African housing and urban development multilateral bank and the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange serving the West African Economic and Monetary Union (WAEMU) region, have signed a Memorandum of Understanding (MOU) to mobilize capital for affordable housing projects across Africa.

    The MOU establishes a framework for collaboration between the two organizations to address Africa’s growing housing deficit, currently estimated at over 53 million units. The partnership will focus on mobilizing financial resources through innovative instruments such as Green, Sustainability-linked, and Social (GSSS) bonds, as well as Real Estate Investment Trusts (REITs).

    Dr. Edoh Kossi Amenounve, CEO of BRVM, and Thierno-Habib Hann, CEO of Shelter Afrique, signed the MOU at a ceremony held in Washington DC on the sidelines of the IMF-World Bank Group Annual Meetings last week.

    The collaboration represents a critical step towards enhancing the capacity of African markets to finance sustainable housing development, particularly in the eight WAEMU countries, namely Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

    Key Areas of Collaboration

    ShafDB and BRVM will work together to design and implement an issuance plan for debt securities on the BRVM regional financial market.  

    The parties will explore sustainability-linked Bonds by promoting the use of green, gender, Islamic, and diaspora bonds to support housing finance within the WAEMU region and mobilize capital and encourage capital investment in the community housing sector via Real Estate Investment Funds (REITs).  

    Both parties will also exchange knowledge, provide technical assistance, and collaborate on joint research and publications to promote their common objectives.

    Speaking at the signing ceremony, Thierno-Habib Hann emphasized the significance of the partnership in addressing Africa’s housing crisis.

    “This partnership with BRVM is a significant milestone for Shelter Afrique Development Bank. With Africa’s housing deficit now exceeding 53 million units, we need to scale our efforts rapidly. This MOU offers us the opportunity to mobilize the capital necessary to finance affordable and sustainable housing projects across the continent,” Hann said.

    Commenting on the partnership’s potential impact, Dr. Edoh Kossi Amenounve said, “BRVM is proud to partner with Shelter Afrique Development Bank (ShafDB) to boost investment flows into Africa’s housing market. This collaboration is aligned with our mission to promote capital markets and support sustainable development within the WAEMU region.”

     Note:

    About Shelter Afrique Development Bank:

    Shelter Afrique Development Bank (ShafDB) is the Pan-African Multilateral Development Bank (MDB) dedicated to promoting and financing sustainable green housing, urban development and related infrastructure. It operates through a shareholding of 44 African governments and two institutional shareholders: the African Development Bank (AfDB) and the African Reinsurance Corporation (Africa-Re).

    The institution is involved in financing housing and related infrastructure across the value chain, both on the demand and supply sides, through its four (4) business lines: Financial Institutions Group (FIG), the Project Finance Group (PFG), the Sovereign and Public-Private partnerships (PPP) Group, and the Fund Management Group (FMG).

    About BRVM

    The Bourse Régionale des Valeurs Mobilières (BRVM) is the regional stock exchange serving the WAEMU zone. It facilitates access to capital markets for companies and governments across eight West African countries, promoting investment, economic growth, and regional integration. BRVM is committed to enhancing financial inclusion and sustainable development through innovative market solutions.

    MIL OSI – Submitted News

  • MIL-OSI Submissions: ENERGY SECTOR – OPINION: There’s not a second to lose if the UK is to build a world-class battery industry

    Source and Opinion by Richard Moore, Battery Expert at Greenpower Park

    The Faraday Institution’s latest report on UK Gigafactories finds that they could support 35,000 jobs by 2040, along with a further 65,000 in the supply chain, but warns that the UK is not moving quickly enough. It’s time to put words into action and build the manufacturing capacity that we need to ensure that the UK not only catches up but becomes a world leader, says Richard Moore, Greenpower Park’s Battery Expert

    A question that used to be asked in every job interview was ‘where do you see yourself in five years? The interviewee almost certainly had a detailed list of aspirations to reel off in response If the same question was asked of the UK PLC in relation to the number of gigafactories it will have after that same period of time, the answer would be much shorter and to the point: ‘not enough.’

    That’s a massive problem, because as the Faraday Institution’s ‘UK electric vehicle and battery production potential to 2040’ report makes very clear, the UK is rapidly falling far behind in the global race to build these strategically important assets that are vital to making transport more sustainable, reducing emissions, improving air quality, and delivering net-zero commitments.

    With each gigafactory taking some five years to build1, there’s no time to waste, and in determining the way forward we learn a hard lesson learnt from the past: the lithium-ion battery was invented in the UK but the strategic importance of manufacturing them in the UK was overlooked. This is why today we have just one operational gigafactory which has a capacity of less than 2GWh. And by 2030 – the date that the new Labour government has pledged to ban sales of combustion engine vehicles, the UK is expected to have only three1 up and running.

    That’s around half of what’s needed because the UK’s demand is expected to reach almost 110GWh a year in 2030 – the equivalent of six large gigafactories running at 90% capacity1. That also compares very unfavourably to the 40 expected to be operational in Europe by that time1, and more than 400 worldwide2.

    Even if we broke ground today, the additional sites we need in the UK would only just be ramping up production volumes by the time the last petrol and diesel vehicles will be driven out of the showrooms. Which means that many of the EVs manufactured in the UK will use imported cells, while at the same time the UK will not be in a position to export these highly valuable items to other countries. Compounding the problem are the requirements of Rules of Origin regulations that from 2027 will require EVs made here to use cells manufactured in the UK or Europe to avoid new tariffs when sold in Europe.

    And of course, as well as road transport, there will be huge demand for the cells needed to electrify other industries such as the aviation and marine sectors. It is absolutely vital to our future that we have a world-class battery industry here in the UK, together with a robust, transparent and sustainable supply chain to serve it. And we must be cognizant of the fact that while the UK is forecast to make only 53 per cent of the capacity it will need in 20301, the gulf is expected to grow, with only 29% capacity by 2040, by which time we’ll need some 200GWh of supply1.

    A true centre of excellence in electrification

    The transition from internal combustion engines running on fossil fuels to e-mobility powered by renewables represents nothing less than a paradigm shift, and we simply cannot afford to squander the opportunity to place the UK as the driving force behind it. Greenpower Park, the UK’s Centre of Electrification and Clean Energy, is a trailblazing centre of excellence for electrification, battery technology and manufacturing. With the West Midlands Gigafactory as its anchor tenant, it has unrivalled access to the most highly skilled workforce in the country.

    This ground-breaking location is the first of its kind, offering an all-in-one solution for battery research, industrialisation, manufacturing, testing, recycling and electrified logistics designed to foster the UK’s growing battery ecosystem. Based in the country’s automotive skills heartland, it is at the epicentre of the country’s shift to electrification and is synonymous with both electric vehicle and battery manufacturing.

    The automotive and manufacturing industries run through the blood of generations of the workforce in the West Midlands and will continue to do so in the future with the creation of Greenpower Park. Located closer to almost every vehicle manufacturer’s plant than any other proposed gigafactory in the UK, it is also adjacent to the world-renowned UK Battery Industrialisation Centre as well as nine universities and their 220,000 students. Greenpower Park represents a unique collaboration between academia, industry, government and international partners to create a complete ecosystem purpose-designed to boost accelerated development, growth and innovation across the e-mobility sector.

    Tempus fugit: action this day

    We believe that we can play a pivotal role in helping overcome the battery cell demand issue that’s coming in the next decade and beyond. But to do that we need to act now, and that involves laying out incentive packages to accelerate conversations with potential investors, and to enable us to achieve our goals within the battery manufacturers’ demanding investment timescales – and the vehicle manufacturers’ product development cycles.

    We’ve put all the pieces in place to enable that to happen, and we are the UK’s only proposed Gigafactory site with Investment Zone Status. This offers a compelling package of incentives for investors, including Stamp Duty Land Tax Relief, 100 per cent Business Rate Relief on newly occupied premises, 100 per cent first year Capital Allowances for expenditure on new plant and machinery, zero rate employer national insurance contributions for 36 months for each new job created, enhanced structures and buildings allowance, and additional support for supply chain and skills development, innovation, and R&D. We strongly believe that with inward investment of £2.5bn we can build our state-of-the-art Gigafactory and create 6,000 highly skilled jobs.

    We’re also highly encouraged by the new UK government’s pledge to directly invest in industry via the National Wealth Fund, reward firms that build their manufacturing supply chains in the UK via the British Jobs Bonus, and, in short, ‘secure the future of Britain’s automotive industry.’3 We urge the Prime Minister to deliver on those promises and help us to play our part in full.

    The UK has always been a leader in designing and developing cutting-edge technologies, but hasn’t always fulfilled its potential in successfully mass-producing them. With battery cells and Gigafactories we have an unprecedented opportunity to change this. But we must act now if we are to seize it. Five years from now, we want the UK to be a globally competitive supplier of battery cells and securing the clean energy supply chain for the future, not asking why we allowed ourselves to fall further behind.

    1 https://www.faraday.ac.uk/wp-content/uploads/2024/09/Gigafactory-Report_2024_final_17Sept2024.pdf

    2 https://source.benchmarkminerals.com/article/over-400-gigafactories-in-2030-pipeline-but-overcapacity-fears-loom

    3 https://labour.org.uk/change/make-britain-a-clean-energy-superpower/

    MIL OSI – Submitted News

  • MIL-OSI USA: Congressman Robert Garcia Urges Social Security Administration to Protect Beneficiaries in Guaranteed Income Initiatives

    Source: United States House of Representatives – Congressman Robert Garcia California (42nd District)

    Washington, D.C.  – Today, Congressman Robert Garcia (CA-42) sent a letter to the head of the Social Security Administration (SSA) urging a rule change to ensure that individuals who benefit from guaranteed income programs can still access full Social Security Insurance (SSI) benefits. This change would allow SSI beneficiaries to take part in state and local guaranteed income programs and cash assistance initiatives that help low-income households, without putting their benefits at risk. To read the full letter, click here.

    An excerpt of the letter can be found below: 

    “Dear Administrator O’Malley,

    I am writing to urge the Social Security Administration (SSA) to address a critical issue affecting the interaction between direct cash programs and supplemental security income (SSI) benefits as part of its upcoming Overpayment Recovery rule, scheduled for April 2025. Specifically, SSA should take this opportunity to implement regulatory changes that will better protect SSI recipients who benefit from cash programs. These regulatory changes are urgently needed to clarify the definition of “Assistance Based on Need” (ABON) and ensure that state and local Temporary Assistance for Needy Families (TANF) programs are recognized appropriately in this context.

    Over the past five years, there has been a significant rise in direct cash programs aimed at improving the economic stability of low-income households, including guaranteed income initiatives, state and local tax credits, and TANF-funded cash transfer programs. During my mayoral tenure, I helped launch a transformational universal basic income pilot that provided critical financial support to low-income families.

    The program, funded by the American Rescue Plan Act (ARPA), has since benefitted hundreds of households, offering $500 monthly to families in the city’s lowest-income neighborhoods. Building on this experience, I recently introduced the Guaranteed Income for Foster Youth Act alongside Congresswoman Ilhan Omar and Mayors for a Guaranteed Income (MGI) co-chair Michael Tubbs, which would provide $1,000 monthly to young adults exiting foster care.

    These programs are designed to complement—not undermine—the existing social safety net. However, many SSI beneficiaries cannot participate in these programs without jeopardizing their benefits. SSA has yet to provide clear and comprehensive guidance on how to treat these cash transfers under SSI income determinations.” 

    ###

    MIL OSI USA News

  • MIL-OSI USA: IAM Union Makes Final Push in Battleground States Ahead of 2024 Election

    Source: US GOIAM Union

    WASHINGTON, Oct. 29, 2024—Brian Bryant, International President of the International Association of Machinists and Aerospace Workers (IAM), today issued a statement on the IAM’s extensive political mobilization efforts in battleground states, emphasizing the critical role of union volunteers in getting out the vote for pro-worker candidates:

    “As the nation’s largest aerospace, airline, transportation, and defense labor union, the IAM is committed to electing candidates who prioritize the needs of working families. Our union has already knocked on thousands of doors across key battleground states. From worksite visits to door-to-door efforts, IAM members are bringing our message directly to voters about what’s at stake this Election Day.

    “IAM members will continue to participate in phone banks, labor walks, and other grassroots efforts in coordination with national AFL-CIO political program activities, engaging voters in key states leading up to the election on Nov. 5.

    “Our members are fighting to protect good jobs, pensions, Social Security, and the fundamental right to organize. This election is about electing leaders who will advocate for these priorities. The IAM fully supports Vice President Kamala Harris and Minnesota Gov. Tim Walz for President and Vice President of the United States. Vice President Harris has been a proven champion for working families, driving initiatives like the American Rescue Plan and the CHIPS Act, which directly supported IAM jobs. Her running mate, Gov. Walz, a former union member, has an outstanding record of pro-worker legislation in Minnesota.

    “IAM members will continue their door-to-door efforts over the final weekend, emphasizing the choice between continuing the progress made by the Biden-Harris administration or risking setbacks under former President Donald Trump’s policies.

    “Under Trump, our members experienced the of at least 48 IAM-represented facilities and the loss of tens of thousands of IAM jobs. His failure to protect workers during the COVID-19 crisis and government shutdown had devastating consequences.

    “This election is about rejecting policies that foster division and insecurity. With our members’ dedication and collective strength, we’re committed to building a more just and equitable future for America’s working families.”

    The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.

    goIAM.org | @MachinistsUnion

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    MIL OSI USA News

  • MIL-OSI Australia: NSW Government reaches pay agreement for 50,000 health workers

    Source: New South Wales Premiere

    Published: 30 October 2024

    Released by: Minister for Health, Minister for Industrial Relations


    The NSW Government has reached an agreement with the Health Services Union (HSU) to increase wages and deliver benefits from salary packaging for more than 50,000 health workers across the state.

    The agreement covers a range of professions including allied health roles, hospital cleaners, scientists, security officers, patient transport officers and more.

    Under the Government’s new Fair Pay and Bargaining Policy, the NSW Government and the HSU have agreed to a one year pay increase of 3.5 per cent plus 0.5 per cent in superannuation.

    The agreement will also provide 100 per cent salary packaging, delivering a key election commitment.

    This will increase the share of salary packaging benefits for eligible workers from 70 per cent to 100 per cent with effect from 1 July 2024.

    Under current salary packaging arrangements, the resulting tax savings are split between health workers and NSW Health.

    Cost of living protection has also been agreed with a $1,000, one-off cost of living payment if the 12-month annual average Sydney Consumer Price Index rate exceeds 4.0 per cent in the year to the March quarter of 2025.

    The agreement also includes award reform that commits all parties to working together to create modern, fit for purpose awards.

    This includes a memorandum of understanding (MOU) that commits to working cooperatively to achieve a 3-year wage agreement on the expiry of the 1-year award.

    This deal forms part of the Government’s comprehensive plan to deliver the long-term repair of healthcare across NSW.

    It follows a 4.5 per cent pay rise delivered last year, which was the highest in more than a decade.

    After 12 years of neglect and a lack of investment in our health system, the Minns Labor Government is rebuilding this essential service by investing in the workers that deliver them.

    Quotes attributable to Minister for Health Ryan Park:

    “The NSW Government is pleased to announce an agreement has been reached for a salary increase for more than 50,000 public health workers including Aboriginal Health Workers, dental officers, psychologists, security officers, patient support assistants, hospital cleaners, cooks, technicians, interpreters and administration staff.

    “The NSW Government and the HSU have agreed to work together to identify system changes, productivity outcomes, benefits from award reform and savings.

    “This has been a collaborative approach, which builds on the 4-year agreement reached with paramedics late last year.

    “The agreement delivers on a key election commitment to deliver 100 per cent salary packaging and abolish the wages cap.”

    Quotes attributable to Minister for Industrial Relations Sophie Cotsis:

    “The Minns Labor Government continues the work of rebuilding the state’s essential services and the industrial relations system.

    “That work started with scrapping the Liberals and Nationals wages cap and introducing a new bargaining framework.

    “We were elected on a mandate to fix the recruitment and retention crisis in essential services and that is what we are doing.”

    Quotes attributable to HSU Secretary Gerard Hayes:

    “This is a generational advance for 50,000 health workers who have earned every cent of this pay rise. The reform to salary packaging will be life-changing for hard working people on modest incomes.

    “Health workers deserve 100 per cent of their salary packaging tax benefits and this shows the strength of a union that stands together to get things done.

    “After years of neglect in a struggling workforce, we demanded the government do better and secured a deal that finally recognises health workers. We pay tribute to the Government for honouring its commitment.”

    MIL OSI News

  • MIL-OSI Australia: Internationally renowned mental health researcher Professor Helen Christensen AO named NSW Scientist of the Year

    Source: New South Wales Premiere

    Published: 30 October 2024

    Released by: The Premier, Minister for Innovation, Science and Technology


    Scientia Professor Helen Christensen AO from UNSW Sydney and the Black Dog Institute is being recognised as the NSW Scientist of the Year in the 2024 Premier’s Prizes for Science & Engineering.

    Professor Christensen is one of 10 exceptional researchers, innovators, and educators being honoured at the Premier’s Prizes for Science & Engineering, held at Government House in Sydney tonight.

    Professor Christensen’s selection as Scientist of the Year is in recognition of her pioneering work in digital mental health research, which has significantly influenced mental health care practice both in Australia and internationally.

    In 2000, she developed the digital intervention program, MoodGYM, to reduce depression in young people, which has been used by millions of people across more than 160 countries.

    She served as the Executive Director and Chief Scientist at the Black Dog Institute from 2011 to 2021, while her work creating a model of suicide prevention has been incorporated into national and state suicide prevention plans.

    She will receive a trophy and $60,000 in prize money.

    Nine category winners are also being announced tonight, each receiving a trophy and $5,000 in prize money:

    • Excellence in Mathematics, Earth Sciences, Chemistry or Physics
      Professor Susan Coppersmith, UNSW Sydney
    • Excellence in Biological Sciences (Ecological, environmental, agricultural and organismal) Distinguished Professor Ian Paulsen, Macquarie University
    • Excellence in Medical Biological Sciences (Cell and molecular, medical, veterinary and genetics)
      Professor Stuart Tangye, Garvan Institute of Medical Research
    • Excellence in Engineering or Information and Communications Technologies
      Distinguished Professor Willy Susilo, University of Wollongong
    • NSW Early Career Researcher of the Year (Biological Sciences)
      Dr Ira Deveson, Garvan Institute of Medical Research
    • NSW Early Career Researcher of the Year (Physical Sciences)
      Dr. Jiayan Liao, University of Technology Sydney
    • Leadership in Innovation in NSW
      Distinguished Professor Karu Esselle, University of Technology Sydney
    • Innovation in NSW Public Sector Science and Engineering
      Dr Annette Cowie, NSW Department of Primary Industries and University of New England
    • Innovation in Science, Technology, Engineering or Mathematics Teaching in NSW
      Jodie Attenborough, Tottenham Central School

    Full details of all winners can be found at:

    NSW Premier’s Prizes for Science & Engineering | Chief Scientist

    Premier Chris Minns said:

    “These awards are about recognising and thanking our state’s most outstanding scientists, engineers, and teachers.  

    “Professor Christensen’s work has helped millions of people worldwide.

    “Her online self-help courses to help address common mental health disorders have been pioneering.

    “Mental health support is vital for so many people. Professor Christensen has improved support for people in NSW, and people around the world.

    “Mental health is one of the pressing challenges of our time, and Professor Christensen’s innovations have made an important impact.”

    Minister for Innovation, Science and Technology Anoulack Chanthivong said:

    “Tonight is the NSW Government’s chance to recognise some of the leaders from NSW’s world-class research and innovation community.

    “We celebrate not only research excellence, but visionary work that is driving the establishment of new high-tech companies to tackle some of our state’s most difficult problems.”

    NSW Chief Scientist & Engineer Hugh Durrant-Whyte said:

    “Tonight, we celebrate leading thinkers in areas as diverse as quantum physics, synthetic biology, immunology, cybersecurity and satellite telecommunications.

    “We acknowledge the work of established senior academics as well as lauding the contributions of our best early career researchers.

    “My congratulations to everyone honoured tonight, and especially to 2024 Scientist of the Year, Professor Helen Christensen, for her profound impact in the critically important area of mental health.”   

    2024 NSW Scientist of the Year Professor Helen Christensen said:

    “I’m deeply honoured to receive this award from the NSW Government.

    “It’s exciting to see this recognition for scientific work in mental health—an issue now seen globally as the leading health concern, even surpassing cancer, obesity and COVID.

    “Mental health science has the power to transform lives. We’re at a tipping point, where advancements in genetics, AI, and software engineering, are reshaping our understanding of mental illness, the impact of societal factors, and how technology delivers proven treatments to those who need them.”

    MIL OSI News